Quarterly report pursuant to Section 13 or 15(d)

CONSOLIDATED STATEMENTS OF INCOME (unaudited)

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CONSOLIDATED STATEMENTS OF INCOME (unaudited) (USD $)
In Thousands, except Per Share data, unless otherwise specified
 3 Months Ended
Mar. 31, 2012
Mar. 31, 2011
Interest income    
Loans, including fees $ 13,526 $ 15,582
Securities    
Taxable 318 27
Tax-exempt 42 0
FHLB Stock 85 76
Federal funds sold and other short-term investments 128 168
Total interest income 14,099 15,853
Interest expense    
Deposits 1,650 2,912
Debt and other borrowed funds 1,168 1,343
Total interest expense 2,818 4,255
Net interest income 11,281 11,598
Provision for loan losses (3,600) (1,450)
Net interest income after provision for loan losses 14,881 13,048
Noninterest income    
Service charges and fees 795 949
Net gains on mortgage loans 471 435
Trust fees 609 651
ATM and debit card fees 981 918
Other 855 726
Total noninterest income 3,711 3,679
Noninterest expense    
Salaries and benefits 5,720 5,347
Occupancy of premises 971 1,011
Furniture and equipment 828 817
Legal and professional 212 270
Marketing and promotion 210 224
Data processing 351 304
FDIC assessment 710 978
ATM and debit card processing 288 271
Bond and D&O Insurance 268 379
Losses on repossessed and foreclosed properties 1,596 2,493
Administration of problem assets 1,462 1,941
Other 1,491 1,401
Total noninterest expenses 14,107 15,436
Income (loss) before income tax 4,485 1,291
Income tax expense (benefit) 0 0
Net income (loss) 4,485 1,291
Dividends declared on preferred shares 0 0
Net income (loss) available to common shares $ 4,485 $ 1,291
Basic earnings (loss) per common share (in dollars per share) $ 0.17 $ 0.07
Diluted earnings (loss) per common share (in dollars per share) $ 0.17 $ 0.07
Cash dividends per common share (in dollars per share) $ 0 $ 0