PARENT COMPANY FINANCIAL DATA

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

PARENT COMPANY FINANCIAL DATA

Crescent Financial, which is the parent holding company of the Bank, was acquired by Piedmont on November 18, 2011. Due to the change in reporting entity described in Note A "Organization and Operations," historical financial results of Crescent Financial are not included in the consolidated financial statements prior to the acquisition date.

The following tables present the parent company-only condensed balance sheets as of December 31, 2012 and 2011 and related condensed statements of operations and cash flows for the 2012 Successor Period, the 2012 Predecessor Period, and the predecessor period ended December 31, 2011 following the Piedmont acquisition:

Condensed Balance Sheets

	Successor Company			Predecessor Company
	2012			2011
Assets
Cash and due from banks	$	1,944		5,760
Investment in subsidiaries	178,308			170,646
Other assets	710			186
Total assets	$	180,962		$	176,592
Liabilities
Long-term debt	$	5,497		$	5,437
Deferred tax liability	601			997
Accrued interest payable and other liabilities	923			649
Total liabilities	7,021			7,083
Stockholders' equity
Preferred stock	24,657			24,442
Common stock	36			36
Common stock warrant	1,325			1,325
Additional paid-in capital	147,510			152,515
Accumulated deficit	(1,405		)	(9,089		)
Accumulated other comprehensive income	1,818			280
Total stockholders' equity	173,941			169,509
Total liabilities and stockholders' equity	$	180,962		$	176,592

Condensed Statements of Operations

	Successor Company			Predecessor  Company
	February 1 to December 31, 2012			January 1 to January 31, 2012			November 19 to December 31, 2011
Income:
Interest and dividend income	$	15		$	2		$	166
Other income	123			2			9
Total income	138			4			175
Expense:
Interest expense	467			46			65
Other expense	529			13			13
Total expense	996			59			78
Income (loss) before income tax benefit and equity in undistributed earnings (losses) of subsidiaries	(858		)	(55		)	97
Income tax benefit	(292		)	(18		)	(82		)
Income (loss) before equity in undistributed earnings (losses) of subsidiary	(566		)	(37		)	179
Equity in undistributed earnings (losses) of subsidiary	4,359			566			(1,259		)
Net income (loss)	3,793			529			(1,080		)
Effective dividend on preferred stock	1,346			122			182
Net income (loss) available to common stockholders	$	2,447		$	407		$	(1,262	)

Condensed Statements of Cash Flows

	Successor Company			Predecessor  Company
	February 1 to December 31, 2012			January 1 to January 31, 2012			November 19 to December 31, 2011
Cash flows from operating activities:
Net income (loss)	$	3,793		$	529		$	(1,080	)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Deferred income taxes	(292		)	(18		)	(82		)
Amortization of discount on long-term debt	55			5			7
Stock based compensation	25			4			46
Equity in (earnings) loss of subsidiary	(4,359		)	(566		)	1,259
Changes in assets and liabilities:
(Increase) decrease in other assets	(756		)	7			(27		)
Increase (decrease) in accrued expenses and other liabilities	282			(7		)	49
Net cash provided by (used in) operating activities	(1,252		)	(46		)	172
Cash flows from investing activities:
Investment in subsidiary	—			—			(71,500		)
Cash flows from financing activities:
Proceeds from exercise of stock options	31			—			—
Dividends paid on preferred stock	(2,549		)	—			—
Net cash provided by financing activities	(2,518		)	—			—
Net increase (decrease) in cash and cash equivalents	(3,770		)	(46		)	(71,328		)
Cash and cash equivalents, beginning	5,714			5,760			77,088
Cash and cash equivalents, ending	$	1,944		$	5,714		$	5,760
Supplemental disclosure of non-cash investing activities
Change in fair value of cash flow hedge, net of tax	$	(138	)	$	—		$	—