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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