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Restatement | 6 Months Ended
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Jun. 30, 2011
Restatement [Abstract] |
Restatement |
14. | Restatement
Subsequent to the filing of the Company's June 30, 2011 Quarterly Report on Form 10-Q, management determined that there was an error in the financial statements relating to accounting for the provision and allowance for loan losses. This error, resulting from the misapplication of facts that came to light in the quarter ended June 30, 2011, was discovered following an examination by the Company's regulatory agencies. Certain loans or portions there-of were determined to be uncollectible and were charged-off against the allowance for loan loss and the assigned risk rating for a significant loan was determined to be in error. The charge-offs and risk rating change resulted in an addition to the provision for credit losses. The impact of the restatement is summarized below:
Effect of Restatement |
|  | Three months Ended June 30, 2011 |  |  | Six months Ended June 30, 2011 |
|  | ($ in 000's) |  |  | ($ in 000's) |
|  | As Previously Reported |  |  | Change |  |  | As Restated |  |  | As Previously Reported |  |  | Change |  |  | As Restated |
Income Statement |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Provision for credit losses |  |  | 3,530 |  |  |  | 5,631 |  |  |  | 9,161 |  |  |  | 4,420 |  |  |  | 5,631 |  |  |  | 10,051 |
Provision for income taxes |  |  | (1,282 | ) |  |  | (2,317 | ) |  |  | (3,599 | ) |  |  | (1,232 | ) |  |  | (2,317 | ) |  |  | (3,549 | )
Net income (loss) |  |  | (3,035 | ) |  |  | (3,314 | ) |  |  | (6,349 | ) |  |  | (2,679 | ) |  |  | (3,314 | ) |  |  | (5,993 | )
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | (0.23 | ) |  |  | (0.25 | ) |  |  | (0.48 | ) |  |  | (0.20 | ) |  |  | (0.25 | ) |  |  | (0.45 | )
Diluted |  |  | (0.23 | ) |  |  | (0.25 | ) |  |  | (0.48 | ) |  |  | (0.20 | ) |  |  | (0.25 | ) |  |  | (0.45 | )
|  | As of June 30, 2011 |
|  | ($ in 000's) |
|  | As Previously Reported |  |  | Change |  |  | As Restated |
Balance Sheet |  |  |  |  |  |  |  |  |
Loans and Leases |  |  | 429,913 |  |  |  | (6,055 | ) |  |  | 423,858 |
Allowance for loan losses |  |  | (14,303 | ) |  |  | 424 |  |  |  | (13,879 | )
Deferred income taxes - net |  |  | 7,996 |  |  |  | 2,317 |  |  |  | 10,313 |
Total assets |  |  | 658,963 |  |  |  | (3,314 | ) |  |  | 655,649 |
Retained earnings |  |  | 30,300 |  |  |  | (3,314 | ) |  |  | 26,986 |
Total shareholders' equity |  |  | 70,143 |  |  |  | (3,314 | ) |  |  | 66,829 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 1.N.Q3) -URI http://asc.fasb.org/extlink&oid=6369664&loc=d3e30840-122693 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 45 -Paragraph 23 -URI http://asc.fasb.org/extlink&oid=6368906&loc=d3e21914-107793 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 154 -Paragraph 17, 22, 25, 26 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22499-107794 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 1 -Section N Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22595-107794 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=6801783&loc=d3e22644-107794 + Details
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