Parent Company Condensed Financial Information (Tables)
|
12 Months Ended |
Dec. 31, 2012
|
Parent Company Condensed Financial Information |
|
Schedule of condensed balance sheets |
|
|
2012 |
|
2011 |
|
Assets |
|
|
|
|
|
Noninterest bearing deposit with bank subsidiary |
|
$ |
3,554 |
|
$ |
4,315 |
|
Investment in subsidiaries |
|
192,988 |
|
184,058 |
|
Other assets |
|
1,712 |
|
2,427 |
|
|
|
$ |
198,254 |
|
$ |
190,800 |
|
|
|
|
|
|
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
Junior subordinated debentures |
|
$ |
58,378 |
|
$ |
58,378 |
|
Subordinated debt |
|
45,000 |
|
45,000 |
|
Other liabilities |
|
22,324 |
|
13,420 |
|
Stockholders’ equity |
|
72,552 |
|
74,002 |
|
|
|
$ |
198,254 |
|
$ |
190,800 |
|
Schedule of condensed statements of operations |
|
|
2012 |
|
2011 |
|
Operating Income |
|
|
|
|
|
Cash dividends received from subsidiaries |
|
$ |
— |
|
$ |
6,466 |
|
Interest income |
|
— |
|
20 |
|
Other income |
|
189 |
|
138 |
|
|
|
189 |
|
6,624 |
|
Operating Expenses |
|
|
|
|
|
Junior subordinated debentures interest expense |
|
4,925 |
|
4,577 |
|
Subordinated debt |
|
903 |
|
822 |
|
Other interest expense |
|
17 |
|
16 |
|
Other expenses |
|
971 |
|
1,637 |
|
|
|
6,816 |
|
7,052 |
|
Loss before income taxes and equity in undistributed net loss of subsidiaries |
|
(6,627 |
) |
(428 |
) |
Income tax expense |
|
— |
|
— |
|
Loss before equity in undistributed net loss of subsidiaries |
|
(6,627 |
) |
(428 |
) |
Equity in undistributed net loss of subsidiaries |
|
6,555 |
|
(6,070 |
) |
Net loss |
|
(72 |
) |
(6,498 |
) |
Preferred stock dividends and accretion of discount |
|
4,987 |
|
4,730 |
|
Net loss available to common stockholders |
|
$ |
(5,059 |
) |
$ |
(11,228 |
) |
|
Schedule of condensed statements of cash Flows |
|
|
2012 |
|
2011 |
|
Cash Flows from Operating Activities |
|
|
|
|
|
Net loss |
|
$ |
(72 |
) |
$ |
(6,498 |
) |
Adjustments to reconcile net loss to net cash from operating activities: |
|
|
|
|
|
Equity in undistributed net (income) loss of subsidiaries |
|
(6,555 |
) |
6,070 |
|
Change in taxes payable |
|
2,445 |
|
(9,644 |
) |
Change in other assets |
|
(100 |
) |
(43 |
) |
Net premium amortization on securities |
|
— |
|
4 |
|
Stock-based compensation |
|
291 |
|
951 |
|
Other, net |
|
3,293 |
|
6,917 |
|
Net cash used in operating activities |
|
(698 |
) |
(2,243 |
) |
|
|
|
|
|
|
Cash Flows from Investing Activities |
|
|
|
|
|
Proceeds from the sales and maturities of securities available-for-sale |
|
— |
|
1,750 |
|
Net cash provided by investing activities |
|
— |
|
1,750 |
|
|
|
|
|
|
|
Cash Flows from Financing Activities |
|
|
|
|
|
Purchases of treasury stock |
|
(63 |
) |
(49 |
) |
Net cash used in financing activities |
|
(63 |
) |
(49 |
) |
Net change in cash and cash equivalents |
|
(761 |
) |
(542 |
) |
Cash and cash equivalents at beginning of year |
|
4,315 |
|
4,857 |
|
Cash and cash equivalents at end of year |
|
$ |
3,554 |
|
$ |
4,315 |
|
|