September 30,

December 31,

2009

2008

Change

(Unaudited)

ASSETS

Cash and cash equivalents

$

112,818

$

43,234

69,584

Certificates of deposit

10,588

10,291

297

Securities available for sale, at fair value

607,674

594,468

13,206

Securities held to maturity, at cost

10,000

—

10,000

Loans held for sale

1,625

—

1,625

Loans, net

1,552,139

1,442,905

109,234

Federal Home Loan Bank stock, at cost

18,172

18,087

85

Premises and equipment, net

35,261

31,852

3,409

Other real estate owned

1,867

1,158

709

Accrued interest receivable

9,938

9,226

712

Goodwill and other intangible assets

33,957

33,957

—

Other assets

59,430

57,688

1,742

Total assets

$

2,453,469

$

2,242,866

210,603

LIABILITIES AND STOCKHOLDERS’ EQUITY

Deposits:

Noninterest bearing

$

219,773

$

198,286

21,487

Interest-bearing

1,549,943

1,260,645

289,298

Total deposits

1,769,716

1,458,931

310,785

Short-term borrowings

119,439

225,809

(106,370

)

Long-term debt

217,970

206,129

11,841

Subordinated debt

29,965

29,965

—

Accrued expenses and other liabilities

21,420

22,475

(1,055

)

Total liabilities

2,158,510

1,943,309

215,201

Stockholders’ equity:

Preferred stock; $0.01 par value, 10,000,000 shares authorized; none issued

—

—

—

Common stock; $0.01 par value, 60,000,000 shares authorized; 22,316,125 shares issued as of September 30, 2009 and December 31, 2008

223

223

—

Additional paid-in capital

224,672

222,555

2,117

Retained earnings

88,780

86,313

2,467

Accumulated other comprehensive income

6,194

4,026

2,168

Unearned restricted shares

(7,209

)

—

(7,209

)

Unearned compensation - ESOP; 1,302,503 and 1,356,030 shares at September 30, 2009 and December 31, 2008, respectively

(13,025

)

(13,560

)

535

Treasury stock, at cost; 362,793 and 0 shares at September 30, 2009 and December 31, 2008, respectively

(4,676

)

—

(4,676

)

Total stockholders’ equity

294,959

299,557

(4,598

)

Total liabilities and stockholders’ equity

$

2,453,469

$

2,242,866

210,603

Three Months Ended

Nine Months Ended

September 30,

September 30,

2009

2008

2009

2008

(In thousands, except per share data)

Interest and dividend income:

Interest and fees on loans

$

22,050

$

21,224

$

63,832

$

62,736

Interest and dividends on securities

6,707

6,021

20,406

19,423

Interest on cash equivalents and certificates of deposit

132

340

353

1,162

Total interest and dividend income

28,889

27,585

84,591

83,321

Interest expense:

Interest on deposits

7,599

8,074

22,779

26,440

Interest on borrowed funds

2,632

2,997

8,066

8,869

Total interest expense

10,231

11,071

30,845

35,309

Net interest income

18,658

16,514

53,746

48,012

Provision for loan losses

1,455

1,275

3,790

3,313

Net interest income, after provision for loan losses

17,203

15,239

49,956

44,699

Non-interest income:

2,740

(1,152

)

8,260

5,143

Non-interest expenses:

28,481

25,701

64,985

68,515

Income before income taxes

(8,538

)

(11,614

)

(6,769

)

(18,673

)

Provision for income taxes

480

1,967

1,221

(2,223

)

Net income

$

(9,018

)

$

(13,581

)

$

(7,990

)

$

(16,450

)

Weighted-average shares outstanding:

Basic

20,136,421

19,114,524

20,467,221

n/a

Diluted

20,208,168

19,117,993

20,512,209

n/a

Earnings (loss) per share:

Basic

$

(0.37

)

$

(0.71

)

$

(0.39

)

n/a

Diluted

$

(0.37

)

$

(0.71

)

$

(0.39

)

n/a