XML 48 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Parent Corporation Only Financial Statements (Tables)
12 Months Ended
Dec. 31, 2012
Condensed Financial Statements, Captions [Line Items]  
Condensed Statements of Comprehensive Income [Table Text Block]

 

 

 

 

 

 

 

 

 

Years Ended December 31,

 

 

2012

 

2011

 

2010

 

 

(Dollars in Thousands)

Reclassification adjustments for OTTI losses included in income

 

$

870

 

 

$

342

 

 

$

5,576

 

Tax effect

 

 

(265

)

 

 

(119

)

 

 

(1,121

)

Net of tax amount

 

 

605

 

 

 

223

 

 

 

4,455

 

Unrealized gains on available for sale securities

 

 

19,819

 

 

 

8,990

 

 

 

3,822

 

Tax effect

 

 

(7,444

)

 

 

(3,486

)

 

 

(1,791

)

Net of tax amount

 

 

12,375

 

 

 

5,504

 

 

 

2,031

 

Reclassification adjustment for realized gains arising during this period

 

 

(2882

)

 

 

(3,976

)   

 

 

(4,237

)   

Tax effect

 

 

879

 

 

 

1,380

 

 

 

852

 

Net of tax amount

 

 

(2,003

)

 

 

(2,596

)

 

 

(3,385

)

Unrealized holding gains on securities transferred from available-for-sale to held-to-maturity securities

 

 

 

 

 

291

 

 

 

 

Tax effect

 

 

 

 

 

(110

)  

 

 

 

Net of tax amount

 

 

 

 

 

181

 

 

 

 

Unrealized holding gains on securities transferred from available-for-sale to held-to-maturity securities

 

 

(2

)

 

 

(46

 

 

 

Tax effect

 

 

1

 

 

 

28

 

 

 

 

Net of tax amount

 

 

(1

)

 

 

(18

 

 

 

Actuarial loss 

 

 

(790

)

 

 

(1,649

)  

 

 

 

Tax effect

 

 

323

 

 

 

584

 

 

 

 

Net of tax amount

 

 

(467

)

 

 

(1,065

)  

 

 

 

Other comprehensive income, net of tax

 

$

10,509

 

 

$

2,229

 

 

$

3,101

 

Parent Company [Member]
 
Condensed Financial Statements, Captions [Line Items]  
Schedule of Condensed Balance Sheet [Table Text Block]

 

 

 

 

 

 

 

At December 31,

 

 

2012

 

2011

 

 

(Dollars in Thousands)

ASSETS

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

629

 

 

$

2,042

 

Investment in subsidiaries

 

 

165,351

 

 

 

139,107

 

Securities available for sale

 

 

543

 

 

 

419

 

Other assets

 

 

41

 

 

 

191

 

Total assets

 

$

166,564

 

 

$

141,759

 

LIABILITIES AND STOCKHOLDERS' EQUITY

 

 

 

 

 

 

 

 

Other liabilities

 

$

718

 

 

$

688

 

Subordinated debentures

 

 

5,155

 

 

 

5,155

 

Stockholders' equity

 

 

160,691

 

 

 

135,916

 

Total liabilities and stockholders' equity

 

$

166,564

 

 

$

141,759

 

Schedule of Condensed Income Statement [Table Text Block]

 

 

 

 

 

 

 

 

 

For Years Ended December 31,

 

 

2012

 

2011

 

2010

 

 

(Dollars in Thousands)

Income:

 

 

 

 

 

 

 

 

 

 

 

 

Dividend income from subsidiaries

 

$

2,079

 

 

$

785

 

 

$

500

 

Other income

 

 

15

 

 

 

7

 

 

 

8

 

Net gains (losses) on available for sale securities

 

 

26

 

 

 

 

 

 

(97

)   

Management fees

 

 

409

 

 

 

294

 

 

 

290

 

Total Income

 

 

2,529

 

 

 

1,086

 

 

 

701

 

Expenses

 

 

(731

)   

 

 

(615

)   

 

 

(635

)   

Income before equity in undistributed earnings of subsidiaries

 

 

1,798

 

 

 

471

 

 

 

66

 

Equity in undistributed earnings of subsidiaries

 

 

15,709

 

 

 

13,455

 

 

 

6,938

 

Net Income

 

$

17,507

 

 

$

13,926

 

 

$

7,004

 

Condensed Statements of Comprehensive Income [Table Text Block]

 

 

 

 

 

 

 

 

 

Consolidated

Subsidiaries

 

Parent

 

Consolidated

Total

 

 

(Dollars in Thousands)

For the year ended 2012:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,507

 

 

$

 

 

$

17,507

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

  Net unrealized gain on investment securities

 

 

10,935

 

 

 

41

 

 

 

10,976

 

  Actuarial loss

 

 

(467

)

 

 

 

 

 

(467

)

Total other comprehensive income

 

 

10,468

 

 

 

41

 

 

 

10,509

 

Total comprehensive income

 

$

27,975

 

 

$

41

 

 

$

28,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended 2011:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

13,926

 

 

$

 

 

$

13,926

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

  Net unrealized gain on investment securities

 

 

3,301

 

 

 

(7

)

 

 

3,294

 

  Actuarial loss

 

 

(1,065

)

 

 

 

 

 

(1,065

)

Total other comprehensive income

 

 

2,236

 

 

 

(7

)

 

 

2,229

 

Total comprehensive income

 

$

16,162

 

 

$

(7

)

 

$

16,155

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the year ended 2010:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

7,004

 

 

$

 

 

$

7,004

 

Other comprehensive income, net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

  Net unrealized gain on investment securities

 

 

2,989

 

 

 

112

 

 

 

3,101

 

Total other comprehensive income

 

 

2,989

 

 

 

112

 

 

 

3,101

 

Total comprehensive income

 

$

9,993

 

 

$

112

 

 

$

10,105

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Schedule of Condensed Cash Flow Statement [Table Text Block]

 

 

 

 

 

 

 

 

 

For Years Ended December 31

 

 

2012

 

2011

 

2010

 

 

(Dollars in Thousands)

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

17,507

 

 

$

13,926

 

 

$

7,004

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net (gains) losses on available for sale securities

 

 

(26

 

 

 

 

 

97

 

Equity in undistributed earnings of subsidiary

 

 

(15,709

 

 

(13,455

)

 

 

(6,938

)  

Change in deferred tax asset

 

 

 

 

 

3

 

 

 

224

 

Decrease (increase) in other assets

 

 

563

 

 

 

(298

 

 

(44

)  

(Decrease) increase in other liabilities

 

 

(772

 

 

220

 

 

 

70

 

Stock based compensation

 

 

39

 

 

 

35

 

 

 

51

 

Net cash provided by operating activities

 

 

1,602

 

 

 

431

 

 

 

464

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Maturity of available-for-sale securities

 

 

 

 

 

 

 

 

130

 

Proceeds from sales of available-for-sale securities

 

 

375

 

 

 

 

 

 

 

Purchase of available-for-sale securities

 

 

(410)

 

 

 

 

 

 

 

Investments in subsidiaries

 

 

 

 

 

(1,250

)

 

 

(8,000

)  

Net cash used in investing activities

 

 

(35

 

 

(1,250

 

 

(7,870

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

 

 

 

Net decrease in borrowings

 

 

 

 

 

(310

)

 

 

(82

)  

Cash dividends on common stock

 

 

(2,778

)

 

 

(1,955

)  

 

 

(1,800

)  

Cash dividends on preferred stock

 

 

(363

)  

 

 

(417

)  

 

 

(500

)  

Proceeds from issuance of Series B preferred stock

 

 

 

 

 

11,250

 

 

 

 

Redemption of Series A preferred stock

 

 

 

 

 

(10,000

)  

 

 

 

Warrant repurchased

 

 

 

 

 

(245

)  

 

 

 

Issuance cost of common stock

 

 

(8

)  

 

 

(5

)  

 

 

(6

)  

Issuance cost of Series B preferred stock

 

 

 

 

 

(84

)  

 

 

 

Proceeds from exercise of stock options

 

 

141

 

 

 

328

 

 

 

 

Proceeds from restricted stock

 

 

 

 

 

 

 

 

25

 

Proceeds from issuance of shares from stock offerings

 

 

 

 

 

 

 

 

12,148

 

Issuance cost of common stock from common stock offering

 

 

 

 

 

 

 

 

(770

)   

Tax expense from stock based compensation

 

 

28

 

 

 

 

 

 

7

 

Net cash (used in) provided by financing activities

 

 

(2,980

)   

 

 

(1,438

)   

 

 

9,022

 

Increase (decrease) in cash and cash equivalents

 

 

(1,413

)   

 

 

(2,257

)   

 

 

1,616

 

Cash and cash equivalents at beginning of year

 

 

2,042

 

 

 

4,299

 

 

 

2,683

 

Cash and cash equivalents at the end of year

 

$

629

 

 

$

2,042

 

 

$

4,299