Parent Corporation Only Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Corporation Only Financial Statements [Abstract]

Parent Corporation Only Financial Statements

NOTE 26 PARENT CORPORATION ONLY FINANCIAL STATEMENTS:

CONDENSED BALANCE SHEETS
AS OF DECEMBER 31, 2011 AND 2010
(Dollars in Thousands)
ASSETS		2011			2010
Due from banks	$	211		$	201
Investment in subsidiaries		51,854			58,970
Other assets		2,224			3,470
Total Assets	$	54,289		$	62,641
LIABILITIES
Accrued interest payable	$	1,138		$	557
Accrued expenses and other liabilities		2,332			2,915
Other borrowed money		5,450			5,150
Trust preferred securities		16,496			16,496
Total Liabilities		25,416			25,118
STOCKHOLDERS' EQUITY
Common stock-$2.00 par value, 50,000,000 shares authorized; 10,010,178
shares issued and outstanding for 2011 and 2010, respectively		20,020			20,020
Additional paid capital		21,689			21,689
Retained earnings (deficit)		(13,085	)		(4,175	)
Accumulated other comprehensive income		249			(11	)
Total Stockholders' Equity		28,873			37,523
Total Liabilities and Stockholders' Equity	$	54,289		$	62,641

CONDENSED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010
(Dollars in Thousands)		2011			2010
Income
Miscellaneous income	$	14		$	14
Undistributed loss of subsidiaries		(7,375	)		(8,520	)
Total Income (loss)		(7,361	)		(8,506	)
Expenses
Other borrowed money interest expense		194			246
Trust preferred securities interest expense		436			454
Legal fees		51			31
Accounting fees		68			107
Other operating expenses		(150	)		2
Total Expenses		599			840
Income (loss) before Income Taxes		(7,960	)		(9,346	)
Income Tax Expense (Benefit)		950			(281	)
Net Income (Loss)	$	(8,910	)	$	(9,065	)

CONDENSED STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31, 2011 AND 2010

(Dollars and Shares in Thousands)		2011			2010
Cash Flows From Operating Activities
Net Loss	$	(8,910	)	$	(9,065	)
Adjustments to reconcile net income to net cash provided by
(used) in operating activities:
Income of subsidiaries		7,375			8,520
Net change in:
Other assets		1,247			(2,137	)
Other liabilities		(2	)		2,521
Net Cash Used in Operating Activities		(290	)		(161	)
Cash Flows From Investing Activities
Investment in subsidiary		-			-
Net Cash Used (Provided) Investing Activities		-			-
Cash Flows From Financing Activities
Proceeds from (repayments on) line of credit		(4,900	)		-
Proceeds from other borrowings		5,200			250
Dividends received from subsidiary		-			-
Exercise of stock options		-			8
Net Cash Provided by Financing Activities		300			258
Net Increase in Cash and Cash Equivalents		10			97
Cash and Cash Equivalents, Beginning of year		201			104
Cash and Cash Equivalents, End of Year	$	211		$	201