PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2011

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 21 - PARENT COMPANY FINANCIAL STATEMENTS

CONDENSED BALANCE SHEETS
December 31
	2011		2010
ASSETS
Cash	$	7,795	$	5,780
Investment in subsidiaries		152,819		145,894
Premises and equipment		140		129
Other assets		1,981		631
Total assets	$	162,735	$	152,434
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	598	$	860
Other borrowed funds		18,130		20,177
Total liabilities		18,728		21,037
Stockholders' equity
Preferred stock		21,949		21,841
Common stock		71,571		71,465
Retained earnings		45,474		39,526
Accumulated other comprehensive income (loss)		5,013		(1,435	)
Total stockholders' equity		144,007		131,397
Total liabilities and stockholders' equity	$	162,735	$	152,434

Condensed Statement of Operations
Years Ended December 31
	2011			2010			2009
Income
Dividends from subsidiaries	$	6,165		$	5,860		$	7,730
Interest and dividend income		23			24			47
Gain on bargain purchase of subsidiary		-			-			3,552
Other income		1,132			1,016			801
Total income		7,320			6,900			12,130
Expenses
Interest expense		852			698			488
Salaries and employee benefits		1,952			1,780			1,558
Professional fees		113			142			563
Other expenses		1,079			1,187			855
Total expenses		3,996			3,807			3,464
Income before income taxes and equity in undistributed income of subsidiaries		3,324			3,093			8,666
Income tax (benefit)		(1,034	)		(1,405	)		(838	)
Income before equity in undistributed income of subsidiaries		4,358			4,498			9,504
Equity in undistributed income (excess distributions) of subsidiaries		2,810			4,674			(386	)
Net income	$	7,168		$	9,172		$	9,118

Condensed Statement of Cash Flows
Years Ended December 31
	2011			2010			2009
Cash flows from operating activities
Net income	$	7,168		$	9,172		$	9,118
Adjustments to reconcile net income to net cash from operating activities
Depreciation		70			64			71
Stock compensation expense		106			53			51
Gain from sales of assets		-			(55	)		-
Gain on bargain purchase		-			-			(3,552	)
Dividends in excess of net income of subsidiaries		-			-			386
Equity in undistributed earnings of subsidiaries		(2,810	)		(4,674	)		-
Change in other assets		652			(199	)		(203	)
Change in other liabilities		(44	)		150			(406	)
Net cash from operating activities		5,142			4,511			5,465
Cash flows from investing activities
Cash from merger of subsidiaries		391			-			-
Additional investments in subsidiaries		-			(7,375	)		(22,876	)
Purchases of fixed assets, net of proceeds from asset sales		(81	)		246			(23	)
Net cash from investing activities		310			(7,129	)		(22,899	)
Cash flows from financing activities
Cash dividends on preferred stock		(1,390	)		(835	)		(133	)
Cash dividends paid to shareholders		-			(1,746	)		(2,982	)
Issuance of preferred stock		-			-			22,252
Proceeds from borrowings		-			11,300			2,400
Payments on other borrowed funds		(2,047	)		(7,150	)		(1,933	)
Net cash from financing activities		(3,437	)		1,569			19,604
Net change in cash and cash equivalents		2,015			(1,049	)		2,170
Cash and cash equivalents at beginning of year		5,780			6,829			4,659
Cash and cash equivalents at end of year	$	7,795		$	5,780		$	6,829