PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2011

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note 23 – Parent Company Only Financial Information

Condensed balance sheets of First Banks, Inc. as of December 31, 2011 and 2010 and condensed statements of operations and cash flows for the years ended December 31, 2011, 2010 and 2009 are shown below:

CONDENSED BALANCE SHEETS

	December 31,
	2011		2010
	(dollars expressed in thousands)
Assets
Cash deposited in First Bank (unrestricted cash)	$	2,801	3,619
Cash deposited in unaffiliated financial institutions (restricted cash)		2,008	3,126
Total cash		4,809	6,745
Available-for-sale investment securities		10,678	10,678
Investment in subsidiaries		586,899	596,806
Other assets		3,067	2,948
Total assets	$	605,453	617,177
Liabilities and Stockholders’ Equity
Subordinated debentures	$	354,057	353,981
Derivative instruments		807	2,402
Accrued interest payable		33,179	19,895
Dividends payable		43,045	25,139
Accrued expenses and other liabilities		4,646	5,367
Total liabilities		435,734	406,784
First Banks, Inc. stockholders’ equity		169,719	210,393
Total liabilities and stockholders’ equity	$	605,453	617,177

CONDENSED STATEMENTS OF OPERATIONS

	Years Ended December 31,
	2011			2010		2009
	(dollars expressed in thousands)
Income:
Management fees from subsidiaries	$	28		193		2,120
Loss on available-for-sale investment securities		—		(31	)	(1,205	)
Net loss on derivative instruments		(194	)	(2,929	)	(5,585	)
Other		509		3,154		873
Total income		343		387		(3,797	)
Expense:
Interest		13,623		13,012		15,535
Other		(374	)	809		2,174
Total expense		13,249		13,821		17,709
Loss before benefit for income taxes and equity in undistributed
losses of subsidiaries		(12,906	)	(13,434	)	(21,506	)
Benefit for income taxes		(46	)	(171	)	(17	)
Loss before equity in undistributed losses of subsidiaries		(12,860	)	(13,263	)	(21,489	)
Equity in undistributed losses of subsidiaries		(28,290	)	(178,474	)	(406,132	)
Net loss attributable to First Banks, Inc.	$	(41,150	)	(191,737	)	(427,621	)

CONDENSEDSTATEMENTSOFCASHFLOWS

	Years Ended December 31,
	2011			2010		2009
	(dollars expressed in thousands)
Cash flows from operating activities:
Net loss attributable to First Banks, Inc.	$	(41,150	)	(191,737	)	(427,621	)
Adjustments to reconcile net loss to net cash used in operating activities:
Net loss of subsidiaries		28,290		178,474		406,132
Other, net		12,042		6,012		13,717
Net cash used in operating activities		(818	)	(7,251	)	(7,772	)
Cash flows from investing activities:
Decrease in available-for-sale investment securities		—		3,570		—
Other, net		—		—		(645	)
Net cash provided by (used in) investing activities		—		3,570		(645	)
Cash flows from financing activities:
Capital contributions to subsidiaries		—		(100	)	(80,000	)
Payment of preferred stock dividends		—		—		(6,365	)
Net cash used in financing activities		—		(100	)	(86,365	)
Net decrease in unrestricted cash		(818	)	(3,781	)	(94,782	)
Unrestricted cash, beginning of year		3,619		7,400		102,182
Unrestricted cash, end of year	$	2,801		3,619		7,400
Noncash investing activities:
Cash paid for interest	$	—		—		11,132

The parent company’s unrestricted cash was $2.8 million and $3.6 million at December 31, 2011 and 2010, respectively. The parent company’s restricted cash was $2.0 million and $3.1 million at December 31, 2011 and 2010, respectively. The parent company’s restricted cash of $2.0 million at December 31, 2011 was returned in February 2012, thereby increasing the parent company’s unrestricted cash. On March 24, 2011, the Company entered into a Credit Agreement that provides for a $5.0 million secured revolving line of credit to be utilized for general working capital needs, as further described in Note 11 to the consolidated financial statements. This borrowing arrangement has a maturity date of December 31, 2012 and is intended to supplement, if necessary, the parent company’s overall level of unrestricted cash to cover the parent company’s projected operating expenses. There were no balances outstanding with respect to the Credit Agreement as of and for the year ended December 31, 2011.

The parent company has an estimated cash flow obligation of $835,000 on its interest rate swap agreements during 2012 as well as certain other expenses. All obligations related to interest payments on its outstanding junior subordinated debentures relating to its $345.0 million of trust preferred securities and dividends on Class C Preferred Stock and Class D Preferred Stock have been deferred. The Company has until September 2014 to pay the cumulative deferred interest payments on its outstanding junior subordinated debentures without triggering a payment default or penalty. Such payment default or penalty could have a material adverse effect on the Company’s business, financial condition or results of operations.