|
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 |
$ 58,470 |
$ 64,317 |
$ 72,269 |
| Mortgage-related securities |
1,849 |
3,278 |
3,822 |
| Debt securities, federal funds sold and short-term investments |
2,545 |
2,251 |
3,261 |
| Total interest income |
62,864 |
69,846 |
79,352 |
| Interest expense: |
|
|
|
| Deposits |
5,215 |
9,477 |
15,289 |
| Borrowings |
18,443 |
18,424 |
17,547 |
| Total interest expense |
23,658 |
27,901 |
32,836 |
| Net interest income |
39,206 |
41,945 |
46,516 |
| Provision for loan losses |
4,532 |
8,300 |
22,077 |
| Net interest income after provision for loan losses |
34,674 |
33,645 |
24,439 |
| Noninterest income: |
|
|
|
| Service charges on loans and deposits |
1,337 |
1,331 |
1,078 |
| Increase in cash surrender value of life insurance |
1,076 |
1,071 |
1,124 |
| Total other than temporary investment losses |
0 |
(190) |
(1,479) |
| Portion of (gain) loss recognized in other comprehensive income (before tax) |
0 |
(23) |
1,023 |
| Net impairment losses recognized in earnings |
0 |
(213) |
(456) |
| Mortgage banking income |
80,260 |
87,375 |
39,845 |
| Gain on sale of available for sale securities |
(9) |
522 |
53 |
| Other |
5,135 |
1,117 |
1,585 |
| Total noninterest income |
87,799 |
91,203 |
43,229 |
| Noninterest expenses: |
|
|
|
| Compensation, payroll taxes, and other employee benefits |
68,807 |
63,507 |
39,159 |
| Occupancy, office furniture and equipment |
8,165 |
6,968 |
6,488 |
| Advertising |
3,085 |
2,647 |
1,568 |
| Data processing |
2,032 |
1,523 |
1,400 |
| Communications |
1,557 |
1,277 |
968 |
| Professional fees |
2,386 |
2,109 |
1,648 |
| Real estate owned |
255 |
8,746 |
12,140 |
| FDIC insurance premiums |
1,986 |
3,390 |
3,814 |
| Other |
10,871 |
11,971 |
7,394 |
| Total noninterest expenses |
99,144 |
102,138 |
74,579 |
| Income (loss) before income tax |
23,329 |
22,710 |
(6,911) |
| Income tax expense (benefit) |
8,621 |
(12,204) |
562 |
| Net income (loss) |
$ 14,708 |
$ 34,914 |
$ (7,473) |
| Loss per share: |
|
|
|
| Basic (in dollars per share) |
$ 0.43 |
$ 1.02 |
$ (0.22) |
| Diluted (in dollars per share) |
$ 0.43 |
$ 1.02 |
$ (0.22) |
| Weighted average shares outstanding: |
|
|
|
| Basic (in shares) |
34,185 |
34,076 |
33,938 |
| Diluted (in shares) |
34,439 |
34,194 |
33,938 |