Condensed Financial Information Parent Corporation Only

12 Months Ended

Dec. 31, 2011

Condensed Financial Information - Parent Corporation Only [Abstract]

Condensed Financial Information - Parent Corporation Only

Note 21. Condensed Financial Information – Parent Corporation Only

BALANCE SHEETS
	December 31,
	2011		2010
	(In Thousands)
ASSETS
Cash on deposit with subsidiary bank	$	493	$	1,940
Money market fund	7		7
Investment securities available for sale	11		13
Investment in subsidiaries	103,999		92,801
Goodwill	5,289		5,289
Intangible assets, net	900		1,071
Other assets	736		1,048
TOTAL ASSETS	$	111,435	$	102,169
LIABILITIES
Trust-preferred capital notes	$	5,155	$	5,155
Other liabilities	368		61
TOTAL LIABILITIES	5,523		5,216
SHAREHOLDERS' EQUITY
Common stock	17,331		17,314
Capital surplus	43,498		43,058
Retained earnings	41,157		37,593
Accumulated other comprehensive income (loss), net	3,926		(1,012		)
TOTAL SHAREHOLDERS' EQUITY	105,912		96,953
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	111,435	$	102,169

STATEMENTS OF OPERATIONS
	Year End December 31,
	2011			2010			2009
	(In Thousands)
INCOME:
Dividends from subsidiaries	$	1,047		$	1,732		$	2,360
Interest and dividends from investments		5			5			4
Management fees from subsidiaries		-			-			40
Other income (loss)		(2	)		10			(40	)
Total income		1,050			1,747			2,364
EXPENSES:
Salaries and employee benefits		540			366			132
Amortization		171			171			213
Legal and professional fees		177			141			293
Directors fees		192			100			68
Interest expense		280			184			191
Other		221			339			93
Total expenses		1,581			1,301			990
Income (loss) before allocated tax benefits and undistributed (distributions in excess of) income of subsidiaries		(531	)		446			1,374
Income tax (benefit)		(539	)		(387	)		(365	)
Income before equity in undistributed (distributions in excess of) income of subsidiaries		8			833			1,739
Equity in undistributed (distributions in excess of) income of subsidiaries		4,952			(3,521	)		1,783
Net income (loss)	$	4,960		$	(2,688	)	$	3,522

STATEMENTS OF CASH FLOWS
	December 31,
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES	(In Thousands)
Net income (loss)	$	4,960		$	(2,688	)	$	3,522
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Amortization		171			171			213
Equity in undistributed (earnings) losses of subsidiaries		(5,138	)		3,350			(971	)
Share-based compensation		471			159			119
Deferred income taxes		-			-			929
(Increase) decrease in other assets		(508	)		(519	)		1,535
Increase (decrease) in defined benefit pension		-			-			(3,032	)
Increase (decrease) in other liabilities		(7	)		-			(34	)
Net cash provided by (used in) operating activities		(51	)		473			2,281
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of securities available for sale		-			-			-
Investment in subsidiary bank		-			-			(19,000	)
Net cash (used in) investing activities		-			-			(19,000	)
CASH FLOWS FROM FINANCING ACTIVITIES
Net proceeds from issuance of common stock		-			134			24,229
Net proceeds from issuance of preferred stock		-			-			22,000
Repayment of preferred stock		-			-			(22,000	)
Cash dividends paid on preferred stock		-			-			(987	)
Cash dividends paid on common stock		(1,396	)		(2,425	)		(2,955	)
Net cash provided by (used in) financing activities		(1,396	)		(2,291	)		20,287
Increase (decrease) in cash and cash equivalents		(1,447	)		(1,818	)		3,568
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD		1,947			3,765			197
CASH AND CASH EQUIVALENTS AT END OF PERIOD	$	500		$	1,947		$	3,765