Note 25: Parent Company Condensed Financial Information
Condensed Balance Sheets as of December 31 were as follows:
|
|
2011 |
|
2010 |
|
Assets |
|
|
|
|
|
Noninterest bearing deposit with bank subsidiary |
|
$ |
4,315 |
|
$ |
4,857 |
|
Investment in subsidiaries |
|
184,058 |
|
190,700 |
|
Securities available-for-sale |
|
— |
|
1,754 |
|
Other assets |
|
2,427 |
|
1,201 |
|
|
|
$ |
190,800 |
|
$ |
198,512 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Junior subordinated debentures |
|
$ |
58,378 |
|
$ |
58,378 |
|
Subordinated debt |
|
45,000 |
|
45,000 |
|
Other liabilities |
|
13,420 |
|
11,176 |
|
Stockholders’ equity |
|
74,002 |
|
83,958 |
|
|
|
$ |
190,800 |
|
$ |
198,512 |
|
Condensed Statements of Operations for the years ended December 31 were as follows:
|
|
2011 |
|
2010 |
|
Operating Income |
|
|
|
|
|
Cash dividends received from subsidiaries |
|
$ |
6,466 |
|
$ |
— |
|
Interest income |
|
20 |
|
129 |
|
Other income |
|
138 |
|
230 |
|
|
|
6,624 |
|
359 |
|
Operating Expenses |
|
|
|
|
|
Junior subordinated debentures interest expense |
|
4,577 |
|
4,309 |
|
Subordinated debt |
|
822 |
|
838 |
|
Other interest expense |
|
16 |
|
13 |
|
Other expenses |
|
1,637 |
|
2,151 |
|
|
|
7,052 |
|
7,311 |
|
Loss before income taxes and equity in undistributed net loss of subsidiaries |
|
(428 |
) |
(6,952 |
) |
Income tax expense |
|
— |
|
6,512 |
|
Loss before equity in undistributed net loss of subsidiaries |
|
(428 |
) |
(13,464 |
) |
Equity in undistributed net loss of subsidiaries |
|
(6,070 |
) |
(95,185 |
) |
Net loss |
|
(6,498 |
) |
(108,649 |
) |
Preferred stock dividends and accretion of discount |
|
4,730 |
|
4,538 |
|
Net loss available to common stockholders |
|
$ |
(11,228 |
) |
$ |
(113,187 |
) |
|
|
|
|
|
|
|
|
|
Condensed Statements of Cash Flows for the years ended December 31 were as follows:
|
|
2011 |
|
2010 |
|
Cash Flows from Operating Activities |
|
|
|
|
|
Net loss |
|
$ |
(6,498 |
) |
$ |
(108,649 |
) |
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
Equity in undistributed net loss income of subsidiaries |
|
6,070 |
|
95,185 |
|
Change in taxes payable |
|
(9,644 |
) |
6,868 |
|
Change in other assets |
|
(43 |
) |
33 |
|
Net premium amortization on securities |
|
4 |
|
122 |
|
Securities gains |
|
— |
|
(40 |
) |
Stock-based compensation |
|
951 |
|
1,062 |
|
Other, net |
|
6,917 |
|
1,898 |
|
Net cash used in operating activities |
|
(2,243 |
) |
(3,521 |
) |
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
Purchase of securities available-for-sale |
|
— |
|
(6,000 |
) |
Proceeds from the sales and maturities of securities available-for-sale |
|
1,750 |
|
45,938 |
|
Net cash provided by investing activities |
|
1,750 |
|
39,938 |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
Dividends paid |
|
— |
|
(3,158 |
) |
Capital infusion to subsidiary bank |
|
— |
|
(33,500 |
) |
Purchases of treasury stock |
|
(49 |
) |
(40 |
) |
Net cash used in financing activities |
|
(49 |
) |
(36,698 |
) |
Net change in cash and cash equivalents |
|
(542 |
) |
(281 |
) |
Cash and cash equivalents at beginning of year |
|
4,857 |
|
5,138 |
|
Cash and cash equivalents at end of year |
|
$ |
4,315 |
|
$ |
4,857 |
| |