Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2011

Parent Company Condensed Financial Information

Parent Company Condensed Financial Information

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