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 6 Months Ended
Jun. 30, 2012
Jun. 30, 2011
Jun. 30, 2012
Jun. 30, 2011
Interest income        
Loans, including fees $ 13,237 $ 15,194 $ 26,763 $ 30,776
Securities        
Taxable 384 85 701 112
Tax-exempt 65 0 108 0
FHLB Stock 84 74 169 150
Federal funds sold and other short-term investments 130 137 257 305
Total interest income 13,900 15,490 27,998 31,343
Interest expense        
Deposits 1,525 2,416 3,175 5,327
Debt and other borrowed funds 1,053 1,292 2,221 2,636
Total interest expense 2,578 3,708 5,396 7,963
Net interest income 11,322 11,782 22,602 23,380
Provision for loan losses (1,750) (2,000) (5,350) (3,450)
Net interest income after provision for loan losses 13,072 13,782 27,952 26,830
Noninterest income        
Service charges and fees 776 969 1,571 1,918
Net gains on mortgage loans 780 262 1,251 697
Trust fees 598 620 1,207 1,270
Gain on sale of securities 59 0 59 0
ATM and debit card fees 1,064 1,027 2,045 1,946
Other 723 738 1,578 1,464
Total noninterest income 4,000 3,616 7,711 7,295
Noninterest expense        
Salaries and benefits 5,723 5,600 11,443 10,947
Occupancy of premises 941 989 1,912 2,001
Furniture and equipment 858 829 1,685 1,646
Legal and professional 180 322 392 591
Marketing and promotion 210 224 420 448
Data processing 368 334 719 638
FDIC assessment 479 841 1,188 1,819
ATM and debit card processing 308 311 596 581
Bond and D&O Insurance 215 378 483 757
Losses on repossessed and foreclosed properties 1,934 2,121 3,531 4,613
Administration and disposition of problem assets 1,256 1,620 2,718 3,562
Other 1,414 1,428 2,905 2,830
Total noninterest expenses 13,886 14,997 27,992 30,433
Income before income tax 3,186 2,401 7,671 3,692
Income tax expense (benefit) 0 0 0 0
Net income 3,186 2,401 7,671 3,692
Dividends declared on preferred shares 0 0 0 0
Net income available to common shares $ 3,186 $ 2,401 $ 7,671 $ 3,692
Basic earnings per common share (in dollars per share) $ 0.12 $ 0.13 $ 0.28 $ 0.20
Diluted earnings per common share (in dollars per share) $ 0.12 $ 0.13 $ 0.28 $ 0.20
Cash dividends per common share (in dollars per share) $ 0 $ 0 $ 0 $ 0