Quarterly Financial Highlights (unaudited) | At and For the Quarters Ended | |||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||
| June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Summary of Operations: | ||||||||||||||||||||
| Interest income - taxable equivalent | $ | 11,488 | $ | 10,457 | $ | 11,055 | $ | 11,675 | $ | 12,308 | ||||||||||
| Interest expense | 2,826 | 2,855 | 3,411 | 3,790 | 4,083 | |||||||||||||||
| Net interest income - taxable equivalent | 8,662 | 7,602 | 7,644 | 7,885 | 8,225 | |||||||||||||||
| Less: Taxable-equivalent adjustment | 69 | 70 | 70 | 79 | 114 | |||||||||||||||
| Net interest income | 8,593 | 7,532 | 7,574 | 7,806 | 8,111 | |||||||||||||||
| Provision for loan losses | 1,700 | 3,000 | 5,000 | 3,000 | 3,000 | |||||||||||||||
| Net interest income after loan loss provision | 6,893 | 4,532 | 2,574 | 4,806 | 5,111 | |||||||||||||||
| Noninterest income | 5,886 | 1,478 | 2,274 | 2,290 | 2,415 | |||||||||||||||
| Noninterest expense | 9,270 | 7,672 | 7,918 | 7,781 | 7,279 | |||||||||||||||
| Net income (loss) before income taxes | 3,509 | (1,662 | ) | (3,070 | ) | (685 | ) | 247 | ||||||||||||
| Income tax expense (benefit) | 1,213 | (771 | ) | (1,331 | ) | (413 | ) | (108 | ) | |||||||||||
| Net income (loss) | 2,296 | (891 | ) | (1,739 | ) | (272 | ) | 355 | ||||||||||||
| Dividends on preferred stock | 256 | 256 | 256 | 256 | 257 | |||||||||||||||
| Net income (loss) available to common shareholders | $ | 2,040 | $ | (1,147 | ) | $ | (1,995 | ) | $ | (528 | ) | $ | 98 | |||||||
| Per Common Share Data: | ||||||||||||||||||||
| Net income (loss): | ||||||||||||||||||||
| Basic | $ | 0.18 | $ | (0.10 | ) | $ | (0.18 | ) | $ | (0.05 | ) | $ | 0.01 | |||||||
| Diluted | 0.18 | (0.10 | ) | (0.18 | ) | (0.05 | ) | 0.01 | ||||||||||||
| Weighted average shares outstanding: | ||||||||||||||||||||
| Basic | 11,455,642 | 11,491,734 | 11,173,174 | 10,844,386 | 9,077,042 | |||||||||||||||
| Diluted | 11,455,642 | 11,491,734 | 11,173,174 | 10,844,386 | 9,077,042 | |||||||||||||||
| End of period shares outstanding | 11,506,324 | 11,508,750 | 11,508,750 | 10,964,146 | 10,965,941 | |||||||||||||||
| Cash dividends declared | $ | 0.01 | $ | 0.01 | $ | 0.01 | $ | 0.04 | $ | 0.04 | ||||||||||
| Book value | 6.44 | 6.22 | 6.32 | 6.86 | 6.91 | |||||||||||||||
| Tangible book value | 6.29 | 6.09 | 6.17 | 6.70 | 6.73 | |||||||||||||||
Selected Financial Performance Ratios (annualized): | ||||||||||||||||||||
| Return on average assets | 0.73 | % | -0.44 | % | -0.74 | % | -0.20 | % | 0.04 | % | ||||||||||
| Return on average common equity | 11.00 | % | -6.39 | % | -10.68 | % | -2.77 | % | 0.56 | % | ||||||||||
| Noninterest income to average total assets | 2.12 | % | 0.56 | % | 0.85 | % | 0.85 | % | 0.87 | % | ||||||||||
| Noninterest expense to average total assets | 3.34 | % | 2.91 | % | 2.95 | % | 2.88 | % | 2.63 | % | ||||||||||
| Operating Earnings (Non-GAAP): | ||||||||||||||||||||
| Net income (loss) available to common shareholders | $ | 2,040 | $ | (1,147 | ) | $ | (1,995 | ) | $ | (528 | ) | $ | 98 | |||||||
| (Gain) loss on acquisition, net of tax | (2,695 | ) | 155 | (90 | ) | (118 | ) | (368 | ) | |||||||||||
| (Gain) loss on sale of investments, net of tax | - | - | - | (186 | ) | (6 | ) | |||||||||||||
| Other-than-temporary impairment on securities, net of tax | - | - | 365 | - | - | |||||||||||||||
| Acquisition and integration expenses, net of tax | 345 | 27 | 26 | 86 | 57 | |||||||||||||||
| Net operating loss | $ | (310 | ) | $ | (965 | ) | $ | (1,694 | ) | $ | (746 | ) | $ | (219 | ) | |||||
| Operating net loss per common share: | ||||||||||||||||||||
| Basic | $ | (0.03 | ) | $ | (0.08 | ) | $ | (0.15 | ) | $ | (0.07 | ) | $ | (0.02 | ) | |||||
| Diluted | (0.03 | ) | (0.08 | ) | (0.15 | ) | (0.07 | ) | (0.02 | ) | ||||||||||
Net Interest Margin (annualized): | ||||||||||||||||||||
| Yield on earning assets | 4.95 | % | 4.62 | % | 4.68 | % | 4.91 | % | 4.96 | % | ||||||||||
| Cost of funds | 1.23 | % | 1.32 | % | 1.51 | % | 1.66 | % | 1.72 | % | ||||||||||
| Net interest rate spread | 3.72 | % | 3.30 | % | 3.17 | % | 3.25 | % | 3.24 | % | ||||||||||
Net interest margin (taxable equivalent) | 3.78 | % | 3.42 | % | 3.25 | % | 3.42 | % | 3.48 | % | ||||||||||
Quarterly Financial Highlights (unaudited) | At and For the Quarters Ended | |||||||||||||||||||
| 2011 | 2010 | |||||||||||||||||||
| June 30 | March 31 | December 31 | September 30 | June 30 | ||||||||||||||||
| (Dollars in thousands, except per share data) | ||||||||||||||||||||
| Selected End of Period Balances: | ||||||||||||||||||||
| Loans, net | $ | 750,650 | $ | 724,655 | $ | 736,510 | $ | 754,740 | $ | 776,234 | ||||||||||
| Investment securities | 156,328 | 154,006 | 111,586 | 87,255 | 97,678 | |||||||||||||||
| Total interest-earning assets | 931,156 | 886,872 | 914,456 | 937,278 | 927,757 | |||||||||||||||
| Total assets | 1,117,993 | 1,041,444 | 1,064,487 | 1,087,558 | 1,077,431 | |||||||||||||||
| Deposits | 904,578 | 832,803 | 850,456 | 865,786 | 853,526 | |||||||||||||||
| Shareholders' equity | 94,771 | 92,276 | 93,443 | 95,682 | 96,410 | |||||||||||||||
| Selected Quarterly Average Balances: | ||||||||||||||||||||
| Loans, net | $ | 753,874 | $ | 726,346 | $ | 747,054 | $ | 767,381 | $ | 780,209 | ||||||||||
| Investment securities | 157,513 | 135,645 | 100,691 | 91,361 | 100,501 | |||||||||||||||
| Total interest-earning assets | 918,118 | 902,141 | 928,756 | 915,882 | 949,130 | |||||||||||||||
| Total assets | 1,110,740 | 1,053,747 | 1,075,338 | 1,080,680 | 1,105,788 | |||||||||||||||
| Deposits | 896,353 | 841,387 | 853,185 | 853,902 | 859,408 | |||||||||||||||
| Shareholders' equity | 95,116 | 93,533 | 94,761 | 96,258 | 96,282 | |||||||||||||||
| Credit Quality Information and Ratios: | ||||||||||||||||||||
| Allowance for loan losses - beginning of period | $ | 12,006 | $ | 11,924 | $ | 10,752 | $ | 9,796 | $ | 9,230 | ||||||||||
| Add: Provision for loan losses | 1,700 | 3,000 | 5,000 | 3,000 | 3,000 | |||||||||||||||
| Less: Net charge-offs | 964 | 2,918 | 3,828 | 2,044 | 2,433 | |||||||||||||||
| Allowance for loan losses - end of period | 12,742 | 12,006 | 11,924 | 10,752 | 9,797 | |||||||||||||||
| Assets not covered by FDIC loss-share agreements: | ||||||||||||||||||||
| Past due loans (30-89 days) accruing | 5,687 | 5,692 | 13,787 | 6,602 | 10,145 | |||||||||||||||
| Past due loans to total non-covered loans | 0.99 | % | 0.97 | % | 2.34 | % | 1.11 | % | 1.68 | % | ||||||||||
| Nonperforming non-covered loans: | ||||||||||||||||||||
| One-to-four family residential | 1,406 | 2,373 | 1,864 | 2,068 | 1,646 | |||||||||||||||
| Construction | - | 72 | 14 | 163 | 896 | |||||||||||||||
| Acquisition and development | 5,155 | 4,675 | 2,560 | 340 | 691 | |||||||||||||||
| Commercial land | 3,167 | 4,653 | 4,360 | 5,034 | 3,252 | |||||||||||||||
| Other commercial real estate | 10,306 | 9,636 | 4,800 | 9,566 | 4,127 | |||||||||||||||
| Commercial business | 201 | 309 | 287 | 720 | 742 | |||||||||||||||
| Consumer | 2,440 | 2,639 | 2,529 | 1,930 | 1,652 | |||||||||||||||
| Total nonperforming non-covered loans | 22,675 | 24,357 | 16,414 | 19,821 | 13,006 | |||||||||||||||
| Other nonperforming non-covered assets | 10,723 | 8,463 | 7,650 | 8,557 | 8,239 | |||||||||||||||
| Total nonperforming non-covered assets | 33,398 | 32,820 | 24,064 | 28,378 | 21,245 | |||||||||||||||
| Allowance for loan losses to total non-covered loans | 2.22 | % | 2.05 | % | 2.02 | % | 1.81 | % | 1.62 | % | ||||||||||
Net charge-offs to average non-covered loans (annualized) | 0.66 | % | 1.99 | % | 2.59 | % | 1.36 | % | 3.22 | % | ||||||||||
| Nonperforming non-covered loans to non-covered loans | 3.95 | % | 4.15 | % | 2.79 | % | 3.33 | % | 2.15 | % | ||||||||||
| Nonperforming non-covered assets to total assets | 2.99 | % | 3.15 | % | 2.26 | % | 2.61 | % | 1.97 | % | ||||||||||
| Nonperforming non-covered assets to total non-covered loans and other real estate owned | 5.72 | % | 5.51 | % | 4.03 | % | 4.71 | % | 3.46 | % | ||||||||||
| Assets covered by FDIC loss-share agreements: | ||||||||||||||||||||
| Past due loans (30-89 days) accruing | 12,987 | 7,006 | 5,767 | 8,701 | 5,257 | |||||||||||||||
| Past due loans to total covered loans | 7.34 | % | 5.09 | % | 3.91 | % | 5.43 | % | 3.07 | % | ||||||||||
| Total covered nonperforming loans | 35,830 | 24,791 | 25,541 | 22,416 | 24,924 | |||||||||||||||
| Other covered nonperforming assets | 14,127 | 8,225 | 7,108 | 3,183 | 2,343 | |||||||||||||||
| Total covered nonperforming assets | 49,957 | 33,016 | 32,649 | 25,599 | 27,267 | |||||||||||||||
| Capital Ratios: | ||||||||||||||||||||
| Tangible common equity | 6.49 | % | 6.73 | % | 6.69 | % | 6.74 | % | 6.86 | % | ||||||||||
| Total Risk-Based Capital (Bank only) | 17.29 | % | 16.70 | % | 16.80 | % | 16.83 | % | 16.78 | % | ||||||||||
| Tier 1 Risk-Based Capital (Bank only) | 16.03 | % | 15.44 | % | 15.54 | % | 15.58 | % | 15.52 | % | ||||||||||
| Tier 1 Leverage Capital (Bank only) | 9.42 | % | 9.89 | % | 9.74 | % | 9.58 | % | 9.74 | % | ||||||||||
