Quarterly Financial Data

12 Months Ended

Dec. 31, 2011

18. QUARTERLY FINANCIAL DATA (UNAUDITED)

Summarized unaudited quarterly financial data follows for the three months ended:


	March 31			June 30			September 30			December 31
	(In thousands, except per share amounts)
2011
Interest income	$	37,194		$	37,294		$	38,927		$	48,480
Interest expense		8,311			7,963			7,874			7,929

Net interest income before provision for loan losses		28,883			29,331			31,053			40,551
Provision for loan losses		5,262			10,047			3,483			9,147

Net interest income after provision for loan losses		23,621			19,284			27,570			31,404
Non-interest income		4,510			7,684			4,258			6,678
Non-interest expense		16,695			16,886			16,817			31,836

Income before income tax provision		11,436			10,082			15,011			6,246
Income tax provision		4,690			3,764			5,196			2,010

Net income	$	6,746		$	6,318		$	9,815		$	4,236

Dividends and discount accretion on preferred stock	$	(1,075	)	$	(1,075	)	$	(1,077	)	$	(1,341	)

Net income available to common stockholders	$	5,671		$	5,243		$	8,738		$	2,895

Basic earnings per common share	$	0.15		$	0.14		$	0.23		$	0.05
Diluted earnings per common share	$	0.15		$	0.14		$	0.23		$	0.05


	March 31			June 30			September 30			December 31
	(In thousands, except per share amounts)
2010
Interest income	$	38,661		$	36,593		$	37,130		$	38,052
Interest expense		13,418			9,785			9,520			9,329

Net interest income before provision for loan losses		25,243			26,808			27,610			28,723
Provision for loan losses		25,407			42,323			11,100			5,800

Net interest income after provision for loan losses		(164	)		(15,515	)		16,510			22,923
Non-interest income		9,384			3,460			7,339			4,298
Non-interest expense		14,184			15,967			15,693			17,530

Income (loss) before income tax provision		(4,964	)		(28,022	)		8,156			9,691
Income tax provision (benefit)		(2,432	)		(12,145	)		3,056			3,621

Net income (loss)	$	(2,532	)	$	(15,877	)	$	5,100		$	6,070

Dividends and discount accretion on preferred stock	$	(1,071	)	$	(1,073	)	$	(1,073	)	$	(1,074	)

Net income (loss) available to common stockholders	$	(3,603	)	$	(16,950	)	$	4,027		$	4,996

Basic earnings (loss) per common share	$	(0.10	)	$	(0.45	)	$	0.11		$	0.13
Diluted earnings (loss) per common share	$	(0.10	)	$	(0.45	)	$	0.11		$	0.13

The net loss in the second quarter was primarily due to the higher provision for loan losses related $63.3 million of problem assets being marketed for sale to improve the asset quality.

- Definition

This element can be used to disclose the entire quarterly financial data disclosure in the annual financial statements as a single block of text. The disclosure includes a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income (loss) before extraordinary items and cumulative effect of a change in accounting principle and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished. Alternatively, the details of this disclosure can be reported using the elements in this group, or by using other taxonomy elements and applying the appropriate quarterly date and period contexts when creating an instance document. For example, the element for "Interest and Dividend Income, Operating" may be used by financial institutions from the Statement of Income, applying the appropriate quarterly date and period context when creating an instance document.

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