PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2012

PARENT COMPANY FINANCIAL STATEMENTS [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

NOTE 21 - PARENT COMPANY FINANCIAL STATEMENTS

Condensed Balance Sheets
December 31
	2012		2011
ASSETS
Cash	$	6,130	$	7,795
Investment in subsidiaries		152,885		152,819
Premises and equipment		191		140
Other assets		1,957		1,981
Total assets	$	161,163	$	162,735
LIABILITIES AND STOCKHOLDERS' EQUITY
Other liabilities	$	818	$	598
Other borrowed funds		16,049		18,130
Total liabilities		16,867		18,728
Stockholders' equity
Preferred stock		11,896		21,949
Common stock		72,849		71,571
Retained earnings		52,975		45,474
Accumulated other comprehensive income		6,576		5,013
Total stockholders' equity		144,296		144,007
Total liabilities and stockholders' equity	$	161,163	$	162,735

Condensed Statement of Operations
Years Ended December 31
	2012			2011			2010
Income
Dividends from subsidiaries	$	13,915		$	6,165		$	5,860
Interest and dividend income		22			23			24
Other income		1,201			1,132			1,016
Total income		15,138			7,320			6,900
Expenses
Interest expense		754			852			698
Salaries and employee benefits		2,318			1,952			1,780
Professional fees		337			113			142
Other expenses		1,053			1,079			1,187
Total expenses		4,462			3,996			3,807
Income before income taxes and equity in undistributed income of subsidiaries		10,676			3,324			3,093
Income tax (benefit)		(1,144	)		(1,034	)		(1,405	)
Income before equity in undistributed income of subsidiaries		11,820			4,358			4,498
Equity in undistributed income (excess distributions) of subsidiaries		(1,497	)		2,810			4,674
Net income	$	10,323		$	7,168		$	9,172

Condensed Statement of Cash Flows
Years Ended December 31
	2012			2011			2010
Cash flows from operating activities
Net income	$	10,323		$	7,168		$	9,172
Adjustments to reconcile net income to net cash from operating activities
Depreciation		57			70			64
Stock compensation expense		181			106			53
Gain from sales of assets		-			-			(55	)
Dividends in excess of net income of subsidiaries		1,497			-			-
Equity in undistributed earnings of subsidiaries		-			(2,810	)		(4,674	)
Change in other assets		24			652			(199	)
Change in other liabilities		220			(44	)		150
Net cash from operating activities		12,302			5,142			4,511
Cash flows from investing activities
Cash from merger of subsidiaries		-			391			-
Additional investments in subsidiaries		-			-			(7,375	)
Purchases of fixed assets, net of proceeds from asset sales		(108	)		(81	)		246
Net cash from investing activities		(108	)		310			(7,129	)
Cash flows from financing activities
Cash dividends on preferred stock		(984	)		(1,390	)		(835	)
Cash dividends paid to shareholders		(1,749	)		-			(1,746	)
Repurchase of preferred stock		(9,237	)		-			-
Proceeds from stock option exercises		192			-			-
Proceeds from borrowings		-			-			11,300
Payments on other borrowed funds		(2,081	)		(2,047	)		(7,150	)
Net cash from financing activities		(13,859	)		(3,437	)		1,569
Net change in cash and cash equivalents		(1,665	)		2,015			(1,049	)
Cash and cash equivalents at beginning of year		7,795			5,780			6,829
Cash and cash equivalents at end of year	$	6,130		$	7,795		$	5,780