Parent company financial information

12 Months Ended

Dec. 31, 2012

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

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

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

CONDENSED BALANCE SHEETS


	December 31,
	2012		2011⁽¹⁾
Assets:
Cash and cash equivalents	$	119	$	512
Investment in subsidiary		140,474		132,202
Other assets		182		177
Total assets	$	140,775	$	132,891
Liabilities and stockholders' equity:
Other liabilities		—		10
Stockholders' equity		140,775		132,881
Total liabilities and stockholders' equity	$	140,775	$	132,891

(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 Form 10-Q for the quarter ended June 30, 2012.

CONDENSED STATEMENTS OF OPERATIONS


	Years ended December 31,
	2012			2011			2010
Income:
Interest income	$	7		$	6		$	6
Expenses:
Administrative		1,168			758			1,071
Interest		—			158			2,031
Other		220			257			587
Total expenses		1,388			1,173			3,689
Loss before income taxes, extraordinary net gain, and equity in undistributed net losses of subsidiary		(1,381	)		(1,167	)		(3,683	)
Credit for income taxes		35			22,074			—
Loss before extraordinary net gain and equity in undistributed net losses of subsidiary		(1,346	)		20,907			(3,683	)
Extraordinary gain on extinguishment of junior subordinated debentures, net of income taxes		—			32,840			—
Gain (loss) before equity in undistributed net losses of subsidiary		(1,346	)		53,747			(3,683	)
Equity in undistributed net losses of subsidiary		7,297			(101,023	)		(9,972	)
Net income (loss)	$	5,951		$	(47,276	)	$	(13,655	)
Comprehensive income (loss)	$	6,926		$	(45,915	)	$	(13,961	)

(1)

CONDENSED STATEMENTS OF CASH FLOWS


	Years ended December 31,
	2012			2011			2010
Cash flows from operating activities:
Net income (loss)	$	5,951		$	(47,276	)	$	(13,655	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in undistributed net loss of subsidiary		(7,297	)		101,023			9,972
Tax benefit from consolidated tax return		—			(22,094	)		—
Stock-based compensation expense		1,050			649			846
Increase in other assets		(6	)		(7	)		(5	)
(Decrease) increase in other liabilities		(9	)		(5,410	)		669
Net cash provided by (used in) operating activities before extraordinary gain		(311	)		26,885			(2,173	)
Extraordinary gain on extinguishment of junior subordinated debentures, net of tax		—			(32,840	)		—
Net cash used in operating activities		(311	)		(5,955	)		(2,173	)
Cash flows provided by investing activities – Investment in subsidiary		—			(150,400	)		—
Cash flows from financing activities:
Tax effect of nonvested restricted stock		(82	)		17			(147	)
Proceeds from issuance of common stock		—			168,074			—
Extinguishment of junior subordinated debentures, net		—			(11,567	)		—
Net cash provided by (used in) financing activities		(82	)		156,524			(147	)
Net increase (decrease) in cash and cash equivalents		(393	)		169			(2,320	)
Cash and cash equivalents at beginning of year		512			343			2,663
Cash and cash equivalents at end of year	$	119		$	512		$	343

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

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