Parent company financial information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

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

Parent company financial information

Condensed financial information for Bancorp (Parent company only) is presented as follows (dollars in thousands):

CONDENSED BALANCE SHEETS

	December 31,
	2013		2012
Assets:
Cash and cash equivalents	$	127	$	119
Investment in subsidiary	186,580		140,474
Deferred tax asset	1,820		—
Other assets	188		182
Total assets	$	188,715	$	140,775
Liabilities and stockholders' equity:
Stockholders' equity	$	188,715	$	140,775
Total liabilities and stockholders' equity	$	188,715	$	140,775

20. Parent company financial information  - (continued)

CONDENSED STATEMENTS OF OPERATIONS

	Years ended December 31,
	2013			2012			2011 (1)
Income:
Interest income	$	5		$	7		$	6
Expenses:
Administrative	1,031			1,168			758
Interest	—			—			158
Other	202			220			257
Total expenses	1,233			1,388			1,173
Loss before income taxes, extraordinary net gain, and equity in undistributed net losses of subsidiary	(1,228		)	(1,381		)	(1,167		)
Credit for income taxes	1,797			35			22,074
Gain (loss) before extraordinary net gain and equity in undistributed net losses of subsidiary	569			(1,346		)	20,907
Extraordinary gain on extinguishment of junior subordinated debentures, net of income taxes	—			—			32,840
Gain (loss) before equity in undistributed net losses of subsidiary	569			(1,346		)	53,747
Equity in undistributed net losses of subsidiary	50,276			7,297			(101,023		)
Net income (loss)	$	50,845		$	5,951		$	(47,276	)
Comprehensive income (loss)	$	47,125		$	6,926		$	(45,915	)

(1) Adjusted to correct an error in the computation of the Bank's regulatory capital at December 31, 2011. See note 16 to the Company's condensed consolidated financial statements included in the Company's Quarterly Report on the Form 10-Q for the quarter ended June 30, 2012.

20. Parent company financial information  - (continued)

CONDENSED STATEMENTS OF CASH FLOWS

	Years ended December 31,
	2013			2012			2011
Cash flows from operating activities:
Net income (loss)	$	50,845		$	5,951		$	(47,276	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in undistributed net loss of subsidiary	(50,276		)	(7,297		)	101,023
Tax benefit from consolidated tax return	—			—			(22,094		)
Stock-based compensation expense	889			1,050			649
Increase in deferred tax asset	(1,820		)	—			—
Increase in other assets	(6		)	(6		)	(7		)
(Decrease) increase in other liabilities	—			(9		)	(5,410		)
Net cash provided by (used in) operating activities before extraordinary gain	(368		)	(311		)	26,885
Extraordinary gain on extinguishment of junior subordinated debentures, net of tax	—			—			(32,840		)
Net cash used in operating activities	(368		)	(311		)	(5,955		)
Cash flows provided by investing activities -  Investment in subsidiary	—			—			(150,400		)
Cash flows from financing activities:
Tax effect of nonvested restricted stock	(104		)	(82		)	17
Proceeds from issuance of common stock	—			—			168,074
Stock options exercised	30			—			—
Dividend from Bank	450			—			—
Extinguishment of junior subordinated debentures, net	—			—			(11,567		)
Net cash provided by (used in) financing activities	376			(82		)	156,524
Net increase (decrease) in cash and cash equivalents	8			(393		)	169
Cash and cash equivalents at beginning of year	119			512			343
Cash and cash equivalents at end of year	$	127		$	119		$	512

These consolidated financial statements have not been reviewed or confirmed for accuracy or relevance by the Federal Deposit Insurance Corporation.