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Parent Corporation Only Financial Statements (Tables)
12 Months Ended
Dec. 31, 2012
Parent Corporation Only Financial Statements [Abstract]  
Parent Corporation Only Condensed Balance Sheets

CONDENSED BALANCE SHEETS

AS OF DECEMBER 31, 2012 AND 2011

(Dollars in Thousands)

 

 

 

 

 

ASSETS

 

2012

 

2011

 

 

 

 

 

Due from banks

$

4,589 

$

211 

Investment in subsidiaries

 

53,166 

 

51,854 

Other assets

 

667 

 

2,224 

Total Assets

$

58,422 

$

54,289 

 

 

 

 

 

LIABILITIES

 

 

 

 

Accrued interest payable

$

1,484 

$

1,138 

Accrued expenses and other liabilities

 

576 

 

2,332 

Other borrowed money

 

-

 

5,450 

Trust preferred securities

 

16,496 

 

16,496 

Total Liabilities

 

18,556 

 

25,416 

 

 

 

 

 

STOCKHOLDERS’ EQUITY

 

 

 

 

Common stock - $2.00 par value, 50,000,000 shares authorized;  

    21,865,535 and 10,010,178 shares issued and outstanding at

    December 31, 2012 and 2011, respectively

 

43,731 

 

20,020 

Common stock warrants

 

2,056 

 

-

Additional paid capital

 

13,081 

 

21,689 

Retained deficit

 

(19,409)

 

(13,085)

Accumulated other comprehensive income

 

407 

 

249 

Total Stockholders’ Equity

 

39,866 

 

28,873 

Total Liabilities and Stockholders’ Equity

$

58,422 

$

54,289 

 

Parent Corporation Only Condensed Statements Of Operations

CONDENSED STATEMENTS OF OPERATIONS 

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

 

 

 

 

 

 

 

 

(Dollars in Thousands)

 

2012 

 

2011 

 

 

 

 

 

Income

 

 

 

 

Miscellaneous income

$

15 

$

14 

Undistributed loss of subsidiaries

 

(5,847)

 

(7,375)

Total loss

 

(5,832)

 

(7,361)

 

 

 

 

 

Expenses

 

 

 

 

Other borrowed money interest expense

 

128 

 

194 

Trust preferred securities interest expense

 

490 

 

436 

Legal fees

 

61 

 

51 

Accounting fees

 

155 

 

68 

Other operating expenses

 

63 

 

(150)

Total Expenses

 

897 

 

599 

 

 

 

 

 

Loss before Income Taxes

 

(6,729)

 

(7,960)

Income Tax Expense (Benefit)

 

(405)

 

950 

Net Loss

$

(6,324)

$

(8,910)

 

Parent Corporation Only Condensed Statements Of Cash Flows

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2012 AND 2011

 

 

 

 

 

(Dollars and Shares in Thousands)

 

2012

 

2011

 

 

 

 

 

Cash Flows From Operating Activities

 

 

 

 

Net Loss

$

(6,324)

$

(8.910)

Adjustments to reconcile net income to net cash provided by (used) in operating activities:

 

 

 

 

Income of subsidiaries

 

5,847 

 

7,375 

Net change in:

 

 

 

 

Other assets

 

1,556 

 

1,247 

Other liabilities

 

(1,138)

 

(2)

Net Cash Used in Operating Activities

 

(59)

 

(290)

 

 

 

 

 

Cash Flows From Investing Activities

 

 

 

 

Investment in subsidiary

 

(7,000)

 

-

Net Cash Used in Investing Activities

 

(7,000)

 

-

 

 

 

 

 

Cash Flows From Financing Activities

 

 

 

 

Issuance of common stock and common stock warrants

 

11,437 

 

-

Proceeds from (repayments on) line of credit

 

-

 

(4,900)

Proceeds from other borrowings

 

-

 

5,200 

Net Cash Provided by Financing Activities

 

11,437 

 

300 

 

 

 

 

 

Net Increase in Cash and Cash Equivalents

 

4,378 

 

10 

Cash and Cash Equivalents, Beginning of year

 

211 

 

201 

Cash and Cash Equivalents, End of Year

$

4,589 

$

211 

 

 

 

 

 

Supplemental Disclosure of Cash Paid During the Year for:

 

 

 

 

    Interest

$

-

$

50 

    Taxes

$

-

$

-

Supplemental Disclosure of Non Cash Transactions:

 

 

 

 

    Conversion of Director notes in other borrowings to common stock

$

5,450 

$

-

    Conversion of accrued interest payable on Director notes to common stock

$

272 

$

-

    Common stock issued as a result of the conversion of Director notes

$

5,722 

$

-