Parent Company Statements

12 Months Ended

Dec. 31, 2011

Parent Company Statements

Parent Company Statements

(22) Parent Company Statements

CONDENSED BALANCE SHEETS
(Dollars in thousands)	December 31,
	2011		2010
ASSETS
Cash and cash equivalents	$	50	$	115
Investment in subsidiaries		53,322		48,043
Prepaid expense		—		1
Other assets		80		42
Total assets	$	53,452	$	48,201
LIABILITIES AND SHAREHOLDERS' EQUITY
Shareholders' equity	$	53,452	$	48,201
Total shareholders' equity	$	53,452	$	48,201

CONDENSED STATEMENTS OF OPERATIONS
(Dollars in thousands)	For Years Ended December 31,
	2011			2010			2009
Dividends from subsidiaries	$	1,246		$	575		$	2,498
Undistributed earnings (loss) of subsidiaries		3,398			2,301			(4,673	)
Other expenses		(153	)		(193	)		(182	)
Income tax benefit		52			65			62
Net income (loss)	$	4,543		$	2,748		$	(2,295	)

CONDENSED STATEMENTS OF CASH FLOWS
(Dollars in thousands)	For Years Ended December 31,
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)	$	4,543		$	2,748		$	(2,295	)
Undistributed (earnings) loss of subsidiaries		(3,398	)		(2,301	)		4,673
Decrease in other liabilities		(52	)		—			—
Net cash provided by operating activities		1,093			447			2,378
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from the maturity of investment securities		—			—			9,000
Net cash provided by investing activities		—			—			9,000
CASH FLOWS FROM FINANCING ACTIVITIES
Investment in subsidiaries		—			(5	)		(9,000	)
Dividends paid		(1,196	)		(500	)		(2,262	)
Employee Stock Purchase Plan		38			—			—
Net cash used in financing activities		(1,158	)		(505	)		(11,262	)
Net (decrease) increase in cash and cash equivalents		(65	)		(58	)		116
Cash and cash equivalents at beginning of period		115			173			57
Cash and cash equivalents at end of period	$	50		$	115		$	173