Parent Corporation Only Financial Statements (Tables)
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12 Months Ended |
Dec. 31, 2012
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Parent Corporation Only Financial Statements [Abstract] |
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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
|
|
|
|
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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
|
|
|
|
|
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STOCKHOLDERS’ EQUITY
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|
|
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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
|
|
|
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|
|
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(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)
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|
(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
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|
|
|
|
(Dollars and Shares in Thousands)
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|
2012
|
|
2011
|
|
|
|
|
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Cash Flows From Operating Activities
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|
|
|
|
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:
|
|
|
|
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Other assets
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|
1,556
|
|
1,247
|
Other liabilities
|
|
(1,138)
|
|
(2)
|
Net Cash Used in Operating Activities
|
|
(59)
|
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(290)
|
|
|
|
|
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Cash Flows From Investing Activities
|
|
|
|
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Investment in subsidiary
|
|
(7,000)
|
|
-
|
Net Cash Used in Investing Activities
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(7,000)
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|
-
|
|
|
|
|
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Cash Flows From Financing Activities
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|
|
|
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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
|
|
|
|
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Supplemental Disclosure of Cash Paid During the Year for:
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|
|
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Interest
|
$
|
-
|
$
|
50
|
Taxes
|
$
|
-
|
$
|
-
|
Supplemental Disclosure of Non Cash Transactions:
|
|
|
|
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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
|
$
|
-
|
|