Note 19 - Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

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

19.  Parent Company Financial Statements

Condensed Balance Sheets

December 31, (In thousands)	2011		2010
Assets
Cash and cash equivalents	$	18,362	$	16,249
Investment in subsidiaries		192,486		183,158
Other assets		793		3,752
Total assets	$	211,641	$	203,159
Liabilities
Dividends payable	$	188	$	188
Subordinated notes payable to unconsolidated trusts		48,970		48,970
Other liabilities		5,426		4,105
Total liabilities		54,584		53,263
Shareholders’ Equity
Preferred stock		29,115		28,719
Common stock		931		926
Capital surplus		50,848		50,675
Retained earnings		69,520		68,678
Accumulated other comprehensive income		6,643		898
Total shareholders’ equity		157,057		149,896
Total liabilities and shareholders’ equity	$	211,641	$	203,159

Condensed Statements of Operations

Years Ended December 31, (In thousands)	2011			2010		2009
Income
Dividends from subsidiaries	$	4,511		$	6,627	$	7,465
Interest		16			12		53
Other noninterest income		3,369			3,637		3,457
Total income		7,896			10,276		10,975
Expense
Interest expense-subordinated notes payable to unconsolidated trusts		2,026			2,035		2,178
Interest expense on other borrowed funds		2			2
Noninterest expense		3,484			3,689		4,097
Total expense		5,512			5,726		6,275
Income before income tax (benefit) expense and equity in undistributed income of subsidiaries		2,384			4,550		4,700
Income tax (benefit) expense		(854	)		411		(949	)
Income before equity in undistributed income of subsidiaries		3,238			4,139		5,649
Equity in undistributed (loss) income of subsidiaries		(500	)		2,793		(50,391	)
Net income (loss)	$	2,738		$	6,932	$	(44,742	)

Condensed Statements of Cash Flows

Years Ended December 31, (In thousands)	2011			2010			2009
Cash Flows From Operating Activities
Net income (loss)	$	2,738		$	6,932		$	(44,742	)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Equity in undistributed loss (income) of subsidiaries		500			(2,793	)		50,391
Noncash employee stock purchase plan expense		3			2			5
Change in other assets and liabilities, net		1,253			1,917			(1,043	)
Deferred income tax expense (benefit)		735			(850	)		253
Net cash provided by operating activities		5,229			5,208			4,864
Cash Flows From Investing Activities
Return of equity from nonbank subsidiary					1,150
Investment in nonbank subsidiaries					(800	)		(100	)
Investment in bank subsidiaries		(4,000	)		(3,350	)		(22,500	)
Proceeds from liquidation of company-owned life insurance		2,248			8,567
Net cash (used in) provided by investing activities		(1,752	)		5,567			(22,600	)
Cash Flows From Financing Activities
Proceeds from issuance of preferred stock, net of issue costs								29,961
Dividends paid, common and preferred stock		(1,500	)		(2,237	)		(9,222	)
Shares issued under Employee Stock Purchase Plan		136			157			249
Net cash (used in) provided by financing activities		(1,364	)		(2,080	)		20,988
Net increase in cash and cash equivalents		2,113			8,695			3,252
Cash and cash equivalents at beginning of year		16,249			7,554			4,302
Cash and cash equivalents at end of year	$	18,362		$	16,249		$	7,554