Condensed Financial Statements of Parent Company

12 Months Ended

Dec. 31, 2011

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Statements of Parent Company

Condensed Financial Statements of Parent Company

Balance Sheets

	December 31,
(in thousands)	2011		2010
Assets
Cash	$	19,641	$	26,237
Investment in subsidiaries:
Banking subsidiary	221,578		203,623
Non-banking subsidiaries	1,200		1,400
Other assets	2,321		4,119
Total assets	$	244,740	$	235,379
Liabilities
Long-term debt	$	24,200	$	29,400
Other liabilities	520		628
Total liabilities	24,720		30,028
Stockholders' Equity
Preferred stock - Series A noncumulative; $10.00 par value;
(1,000,000 shares authorized; 40,000 shares issued and outstanding)	400		400
Common stock - $1.00 par value; 25,000,000 shares authorized;
(issued and outstanding shares 2011: 14,125,346;  2010: 13,748,384)	14,125		13,748
Surplus	156,184		151,545
Retained earnings	45,497		45,288
Accumulated other comprehensive income (loss)	3,814		(5,630		)
Total stockholders' equity	220,020		205,351
Total liabilities and stockholders' equity	$	244,740	$	235,379

Statements of Operations

	Years Ended December 31,
(in thousands)	2011			2010			2009
Income
Dividends from bank subsidiary	$	—		$	—		$	2,818
Interest income	122			124			124
Debt prepayment charge	(75		)	—			—
	47			124			2,942
Expenses
Interest expense	2,611			2,645			2,645
Other	2,293			1,149			1,668
	4,904			3,794			4,313
Loss before income tax benefit and equity in undistributed net income of subsidiaries	(4,857		)	(3,670		)	(1,371		)
Income tax benefit	1,651			1,248			1,466
	(3,206		)	(2,422		)	95
Equity in undistributed net income (loss) of bank subsidiary	3,495			(1,915		)	(1,993		)
Net income (loss)	$	289		$	(4,337	)	$	(1,898	)

Statements of Cash Flows

	Years Ended December 31,
(in thousands)	2011			2010			2009
Operating Activities
Net income (loss)	$	289		$	(4,337	)	$	(1,898	)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Amortization of financing costs	8			8			8
Stock-based compensation	1,250			1,244			1,439
Debt prepayment charge	75			—			—
(Decrease) increase in other liabilities	(108		)	(4,742		)	4,325
Decrease (increase) in other assets	1,990			610			(4,350		)
Equity in undistributed net (income) loss of bank subsidiary	(3,495		)	1,915			1,993
Net cash (used in) provided by operating activities	9			(5,302		)	1,517
Investing Activities
Investment in bank subsidiary	(5,052		)	(4,478		)	(48,970		)
Net cash used by investing activities	(5,052		)	(4,478		)	(48,970		)
Financing Activities
Proceeds from common stock options exercised	—			78			633
Proceeds from issuance of common stock under stock purchase plan	3,802			3,156			1,174
Repayment of long-term debt	(5,275		)	—			—
Proceeds from issuance of common stock in connection with stock offering	—			—			77,792
Cash dividends on preferred stock	(80		)	(80		)	(80		)
Net cash (used in) provided by financing activities	(1,553		)	3,154			79,519
(Decrease) increase in cash and cash equivalents	(6,596		)	(6,626		)	32,066
Cash and cash equivalents at beginning of the year	26,237			32,863			797
Cash and cash equivalents at end of year	$	19,641		$	26,237		$	32,863