|
Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
|
12 Months Ended |
|
Dec. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
| Interest Income: |
|
|
|
| Loans, including fees |
$ 25,711 |
$ 34,474 |
$ 45,727 |
| Interest and dividends on investment securities: |
|
|
|
| Taxable securities |
6,493 |
6,953 |
7,247 |
| Tax exempt securities |
218 |
294 |
555 |
| Total interest income |
32,422 |
41,721 |
53,529 |
| Interest Expense: |
|
|
|
| Deposits |
6,926 |
13,001 |
18,185 |
| Federal Home Loan Bank advances |
538 |
914 |
1,142 |
| Subordinated debentures |
1,364 |
1,444 |
1,373 |
| Total interest expense |
8,828 |
15,359 |
20,700 |
| Net interest income |
23,594 |
26,362 |
32,829 |
| Provision for loan losses |
(3,086) |
6,797 |
21,210 |
| Net interest income after provision for loan losses |
26,680 |
19,565 |
11,619 |
| Non-interest Income: |
|
|
|
| Customer service fees on deposit accounts |
5,306 |
5,466 |
6,125 |
| Gain on sale of mortgage loans |
938 |
1,653 |
1,200 |
| Gain on sale of investments |
1,257 |
3,384 |
995 |
| Loss on sale and calls of investments |
(1,031) |
(1,131) |
(149) |
| Other than temporary impairment loss: |
|
|
|
| Total other-than-temporary impairment losses |
0 |
(26) |
(168) |
| Portion of loss recognized in other comprehensive income/(loss) (before taxes) |
0 |
0 |
0 |
| Net impairment losses recognized in earnings |
0 |
(26) |
(168) |
| Loss on sale and write downs on real estate acquired through foreclosure |
(2,336) |
(6,051) |
(9,568) |
| Writedowns on other real estate owned-bank lots |
(219) |
0 |
0 |
| Gain on branch divestiture |
0 |
3,124 |
0 |
| Gain on sale of premises and equipment |
0 |
344 |
0 |
| Gain on sale on real estate acquired through foreclosure |
1,953 |
1,318 |
231 |
| Gain on sale of real estate held for development |
0 |
175 |
0 |
| Other income |
2,224 |
2,703 |
1,808 |
| Total non-interest income |
8,092 |
10,959 |
474 |
| Non-interest Expense: |
|
|
|
| Employee compensation and benefits |
15,247 |
15,138 |
16,015 |
| Office occupancy expense and equipment |
2,728 |
3,035 |
3,201 |
| Outside services and data processing |
3,751 |
3,389 |
3,535 |
| Bank franchise tax |
951 |
1,361 |
1,320 |
| FDIC insurance premiums |
2,109 |
2,247 |
3,238 |
| Amortization of intangible assets |
0 |
172 |
370 |
| Real estate acquired through foreclosure expense |
1,764 |
3,723 |
1,879 |
| Loan expense |
1,447 |
1,997 |
2,546 |
| FHLB advance prepayment penalty |
0 |
1,548 |
0 |
| Other expense |
6,031 |
6,325 |
6,133 |
| Total non-interest expense |
34,028 |
38,935 |
38,237 |
| Income (loss) before income taxes |
744 |
(8,411) |
(26,144) |
| Income tax expense/(benefit) |
3 |
(18) |
(2,983) |
| Net Income (Loss) |
741 |
(8,393) |
(23,161) |
| Less: |
|
|
|
| Dividends on preferred stock |
(1,000) |
(1,000) |
(1,000) |
| Accretion on preferred stock |
(54) |
(54) |
(54) |
| Net income (loss) attributable to common shareholders |
$ (313) |
$ (9,447) |
$ (24,215) |
| Shares applicable to basic income (loss) per common share (in shares) |
4,828 |
4,769 |
4,743 |
| Basic income (loss) per common share (in dollars per share) |
$ (0.06) |
$ (1.98) |
$ (5.11) |
| Shares applicable to diluted income (loss) per common share (in shares) |
4,828 |
4,769 |
4,743 |
| Diluted income (loss) per common share (in dollars per share) |
$ (0.06) |
$ (1.98) |
$ (5.11) |
| Cash dividends declared per common share (in dollars per share) |
$ 0 |
$ 0 |
$ 0 |