|
|
|
For the Three Months
|
|
|
For the Nine Months
|
|
|
|
|
Ended September 30,
|
|
|
Ended September 30,
|
|
|
|
|
2011
|
|
|
2010
|
|
|
2011
|
|
|
2010
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST INCOME
|
|
$
|
7,431
|
|
|
$
|
4,536
|
|
|
$
|
17,607
|
|
|
$
|
15,942
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INTEREST EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investment securities and loans held in securitization trusts
|
|
|
732
|
|
|
|
1,211
|
|
|
|
2,161
|
|
|
|
3,887
|
|
|
Subordinated debentures
|
|
|
471
|
|
|
|
563
|
|
|
|
1,407
|
|
|
|
1,995
|
|
|
Convertible preferred debentures
|
|
|
-
|
|
|
|
537
|
|
|
|
-
|
|
|
|
1,737
|
|
|
Total interest expense
|
|
|
1,203
|
|
|
|
2,311
|
|
|
|
3,568
|
|
|
|
7,619
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
NET INTEREST INCOME
|
|
|
6,228
|
|
|
|
2,225
|
|
|
|
14,039
|
|
|
|
8,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
OTHER (EXPENSE) INCOME:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for loan losses
|
|
|
(435
|
)
|
|
|
(734
|
)
|
|
|
(1,459
|
)
|
|
|
(1,336
|
)
|
|
Income from investment in limited partnership
and limited liability company
|
|
|
479
|
|
|
|
150
|
|
|
|
1,762
|
|
|
|
150
|
|
Realized gain on investment securities
and related hedges
|
|
|
2,526
|
|
|
|
1,860
|
|
|
|
8,000
|
|
|
|
3,958
|
|
Unrealized loss on investment securities
and related hedges
|
|
|
(8,027
|
)
|
|
|
-
|
|
|
|
(8,762
|
)
|
|
|
-
|
|
|
Total other (expense) income
|
|
|
(5,457
|
)
|
|
|
1,276
|
|
|
|
(459
|
)
|
|
|
2,772
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
General, administrative and other expenses
|
|
|
717
|
|
|
|
2,222
|
|
|
|
6,464
|
|
|
|
6,185
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
INCOME FROM CONTINUING OPERATIONS BEFORE
INCOME TAXES
|
|
|
54
|
|
|
|
1,279
|
|
|
|
7,116
|
|
|
|
4,910
|
|
|
Income tax expense
|
|
|
56
|
|
|
|
-
|
|
|
|
419
|
|
|
|
-
|
|
|
(LOSS) INCOME FROM CONTINUING OPERATIONS
|
|
|
(2
|
)
|
|
|
1,279
|
|
|
|
6,697
|
|
|
|
4,910
|
|
|
Income from discontinued operation – net of tax
|
|
|
19
|
|
|
|
298
|
|
|
|
23
|
|
|
|
877
|
|
|
NET INCOME
|
|
|
17
|
|
|
|
1,577
|
|
|
|
6,720
|
|
|
|
5,787
|
|
|
Net income attributable to noncontrolling interest
|
|
|
32
|
|
|
|
-
|
|
|
|
52
|
|
|
|
-
|
|
NET (LOSS) INCOME ATTRIBUTABLE TO COMMON
STOCKHOLDERS
|
|
$
|
(15
|
)
|
|
$
|
1,577
|
|
|
$
|
6,668
|
|
|
$
|
5,787
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic income per common share
|
|
$
|
-
|
|
|
$
|
0.17
|
|
|
$
|
0.67
|
|
|
$
|
0.61
|
|
|
Diluted income per common share
|
|
$
|
-
|
|
|
$
|
0.17
|
|
|
$
|
0.67
|
|
|
$
|
0.61
|
|
|
Dividends declared per common share
|
|
$
|
0.25
|
|
|
$
|
-
|
|
|
$
|
0.65
|
|
|
$
|
0.43
|
|
|
Weighted average shares outstanding-basic
|
|
|
11,146
|
|
|
|
9,425
|
|
|
|
10,015
|
|
|
|
9,421
|
|
|
Weighted average shares outstanding-diluted
|
|
|
11,146
|
|
|
|
9,425
|
|
|
|
10,015
|
|
|
|
9,421
|
|