Parent Company only Condensed Financial Information (Tables) (Parent Company)
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12 Months Ended |
Dec. 31, 2012
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Parent Company
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Condensed financial statements |
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Schedule of condensed balance sheets |
Condensed Balance Sheets
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December 31, |
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2012 |
|
2011 |
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(Dollars in thousands)
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|
Assets |
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|
|
|
|
|
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Cash and cash equivalents |
|
$ |
11,193 |
|
$ |
24,347 |
|
Investment in subsidiary bank |
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|
164,949 |
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|
195,041 |
|
Investment in subsidiary trusts |
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|
279 |
|
|
702 |
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Other assets |
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|
2,650 |
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|
2,246 |
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Total assets |
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$ |
179,071 |
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$ |
222,336 |
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Liabilities and Shareholder's Equity |
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Subordinated debt |
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$ |
9,279 |
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$ |
23,702 |
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Other liabilities |
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|
51 |
|
|
803 |
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Shareholder's equity |
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|
169,741 |
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|
197,831 |
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Total liabilities and shareholder's equity |
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$ |
179,071 |
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$ |
222,336 |
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Schedule of condensed statements of operations |
Condensed Statements of Operations
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For the Year Ended December 31, |
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2012 |
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2011 |
|
2010 |
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(Dollars in thousands)
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Interest income |
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$ |
1 |
|
$ |
10 |
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$ |
13 |
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Dividend from subsidiary bank |
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45,000 |
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|
— |
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|
— |
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Interest expense |
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|
(1,383 |
) |
|
(1,871 |
) |
|
(1,878 |
) |
Other expenses |
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(2,615 |
) |
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(2,232 |
) |
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(2,500 |
) |
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Income (loss) before income taxes and undistributed net income (loss) of subsidiary bank |
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41,003 |
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(4,093 |
) |
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(4,365 |
) |
Equity in net income (loss) of subsidiary bank: |
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|
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|
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Reduction in contributed capital and distribution from subsidiary bank |
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(45,000 |
) |
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— |
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— |
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Net income (loss) of subsidiary bank |
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12,710 |
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|
14,348 |
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(52,184 |
) |
Income tax benefit |
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|
1,196 |
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|
1,116 |
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|
692 |
|
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Net income (loss) |
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9,909 |
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|
11,371 |
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(55,857 |
) |
Dividends and discount accretion on preferred stock |
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(1,206 |
) |
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(2,333 |
) |
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(2,398 |
) |
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Net income (loss) available to common shareholders |
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$ |
8,703 |
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$ |
9,038 |
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$ |
(58,255 |
) |
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Schedule of condensed statements of cash flows |
Condensed Statements of Cash Flows
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For the Year Ended December 31, |
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2012 |
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2011 |
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2010 |
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(Dollars in thousands)
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Cash flows from operating activities: |
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Net Income (loss) |
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$ |
9,909 |
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$ |
11,371 |
|
$ |
(55,857 |
) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operations: |
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Amortization of restricted stock award, net of forfeitures and taxes |
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|
148 |
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|
75 |
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|
89 |
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Equity in undistributed loss/(net income) of subsidiary bank |
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|
32,290 |
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(14,348 |
) |
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52,184 |
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Net change in other assets and liabilities |
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(733 |
) |
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(1,182 |
) |
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1,396 |
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Net cash provided by (used in) operating activities |
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41,614 |
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(4,084 |
) |
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(2,188 |
) |
Cash flows from investing activities: |
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Equity investment in subsidiary bank |
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— |
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— |
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(40,000 |
) |
Cash flows from financing activities: |
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Repayment of subordinated debt |
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(14,423 |
) |
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— |
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— |
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Payment of cash dividends — preferred stock |
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(373 |
) |
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(4,672 |
) |
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— |
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Repayment of preferred stock |
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(40,000 |
) |
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— |
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— |
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Issuance of common stock, net of issuance costs |
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28 |
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— |
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— |
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Issuance of preferred stock, net of issuance costs |
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— |
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— |
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69,698 |
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Net cash provided by (used in) financing activities |
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(54,768 |
) |
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(4,672 |
) |
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69,698 |
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Net increase (decrease) in cash and cash equivalents |
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(13,154 |
) |
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(8,756 |
) |
|
27,510 |
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Cash and cash equivalents, beginning of year |
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24,347 |
|
|
33,103 |
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|
5,593 |
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Cash and cash equivalents, end of year |
|
$ |
11,193 |
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$ |
24,347 |
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$ |
33,103 |
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