Holding Company Condensed Financial Information

12 Months Ended

Dec. 31, 2012

Holding Company Condensed Financial Information

21. Holding Company Condensed Financial Information

Since the Company is a holding company and does not conduct operations, its primary sources of liquidity are equity issuances, dividends received from the Bank and funds received through stock option exercises.

The following tables summarize the holding company’s financial condition, results of operations and cash flows at the dates and for the periods indicated (in thousands).

Condensed Balance Sheets

	December 31,
	2012		2011
Assets
Cash and cash equivalents	$	128	$	959
Investment in subsidiary		98,275		102,602
Total assets	$	98,403	$	103,561
Liabilities and shareholders’ equity
Other liabilities	$	23	$	79
Shareholders’ equity		98,380		103,482
Total liabilities and shareholders’ equity	$	98,403	$	103,561

Condensed Statements of Income (Loss)

	For the years ended December 31,
	2012			2011			2010
Interest income from commercial paper (Master notes)	$	—		$	—		$	21
Equity in undistributed loss of subsidiary		(1,738	)		(23,154	)		(59,366	)
Interest expense on commercial paper (Master notes)		—			—			(21	)
Goodwill impairment		—			—			(704	)
Other operating expense		(126	)		(246	)		(132	)
Net loss	$	(1,864	)	$	(23,400	)	$	(60,202	)

Condensed Statements of Cash Flows

	For the years ended December 31,
	2012			2011			2010
Operating Activities
Net loss	$	(1,864	)	$	(23,400	)	$	(60,202	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities
Increase in due from subsidiary		—			—			19,486
Increase in equity in undistributed loss of subsidiary		1,738			23,154			59,366
Goodwill impairment		—			—			704
Decrease in other assets		—			12			102
Increase (decrease) in other liabilities		(55	)		(707	)		30
Net cash provided by (used in) operating activities		(181	)		(941	)		19,486
Investing Activities
Capital contribution in subsidiary		(650	)		(8,556	)		(97,348	)
Net cash used in investing activities		(650	)		(8,556	)		(97,348	)
Financing Activities
Decrease in commercial paper		—			—			(19,061	)
Proceeds from issuance of common stock		—			7,951			98,378
Net cash provided by financing activities		—			7,951			79,317
Net increase (decrease) in cash and cash equivalents		(831	)		(1,546	)		1,455
Cash and cash equivalents, beginning of the period		959			2,505			1,050
Cash and cash equivalents, end of the period	$	128		$	959		$	2,505