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CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY
12 Months Ended
Dec. 31, 2012
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY  
CONDENSED FINANCIAL INFORMATION - PARENT COMPANY ONLY

Note 20.  CONDENSED FINANCIAL INFORMATION — PARENT COMPANY ONLY

 

Condensed parent company only financial information is as follows:

 

Condensed Statements of Condition

 

 

 

December 31,

 

(in thousands)

 

2012

 

2011

 

Assets

 

 

 

 

 

Cash

 

$

355

 

$

353

 

Investment in statutory trust

 

358

 

351

 

Investment in subsidiary (equity method)

 

77,301

 

77,842

 

Other assets

 

46

 

 

Total assets

 

$

78,060

 

$

78,546

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

Junior subordinated debentures

 

$

10,310

 

$

10,310

 

Subordinated debentures

 

25,000

 

25,000

 

Accrued interest payable

 

5,822

 

3,310

 

Other liabilities

 

3

 

1

 

Shareholders’ equity

 

36,925

 

39,925

 

Total liabilities and shareholders’ equity

 

$

78,060

 

$

78,546

 

 

Condensed Statements of Operations

 

 

 

Year Ended December 31,

 

(in thousands)

 

2012

 

2011

 

2010

 

Income

 

 

 

 

 

 

 

Equity in undistributed (loss) income of subsidiary

 

$

(11,206

)

$

2,248

 

$

(29,076

)

Equity in trust

 

7

 

4

 

6

 

Total (loss) income

 

(11,199

)

2,252

 

(29,070

)

 

 

 

 

 

 

 

 

Expense

 

2,512

 

2,587

 

2,650

 

Net loss

 

$

(13,711

)

$

(335

)

$

(31,720

)

 

Condensed Statements of Cash Flows

 

 

 

For the Year Ended

 

(in thousands)

 

2012

 

2011

 

2010

 

Cash Flows from Operating Activities:

 

 

 

 

 

 

 

Net loss

 

$

(13,711

)

$

(335

)

$

(31,720

)

Adjustments to reconcile net loss to net cash provided (used) by operating activities:

 

 

 

 

 

 

 

Equity in undistributed loss (income) of subsidiary

 

11,206

 

(2,248

)

29,076

 

Equity in trust

 

(7

)

(4

)

(6

)

Stock-based compensation

 

46

 

 

 

Increase in other assets

 

(46

)

 

 

Increase in accrued interest payable

 

2,512

 

2,486

 

628

 

Increase in other liabilities

 

2

 

 

 

Net cash used by operating activities

 

2

 

(101

)

(2,022

)

Cash Flows from Investing Activities:

 

 

 

 

 

 

 

Investment in capital of subsidiary

 

 

(3,000

)

(1,520

)

Net cash used by investing activities

 

 

(3,000

)

(1,520

)

Cash Flows from Financing Activities:

 

 

 

 

 

 

 

Increase in borrowed funds

 

 

 

1,900

 

Cash dividends

 

 

 

 

Proceeds from issuance of common stock, net of stock issuance costs

 

 

29

 

528

 

Net cash provided by financing activities

 

 

29

 

2,428

 

Increase (decrease) in cash

 

2

 

(3,072

)

(1,114

)

Cash at beginning of year

 

353

 

3,425

 

4,539

 

Cash at end of year

 

$

355

 

$

353

 

$

3,425