Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2011

Parent Company Condensed Financial Information [Abstract]

Parent Company Condensed Financial Information

PARENT COMPANY CONDENSED FINANCIAL INFORMATION

During the May 24, 2006 annual meeting, the shareholders approved the formation of the Company whereby each share of the Bank was automatically converted to one share of the Company. The Company’s authorized capital consists of 50,000,000 shares of common stock, par value $1.00 per share, and 1,000,000 shares of preferred stock, no par value, whose rights, privileges, and preferences will be established by the Board of Directors on issuance. As of the conversion date, 10,648,300 common shares and no preferred shares were issued and outstanding. The following table presents condensed financial data for the parent company only:

Condensed Balance Sheets
	2011		2010
Assets:	(Amounts in thousands)
Cash on deposit with bank subsidiary	$	6,797	$	849
Investment in subsidiary	169,654		179,659
Other investments	1,864		2,351
Other assets	352		585
Total	$	178,667	$	183,444
Liabilities and Shareholders' Equity:
Dividends payable	$	2,163	$	411
Other liabilities	35,918		35,576
Shareholders' equity	140,586		147,457
Total	$	178,667	$	183,444

Condensed Results of Operations
	2011			2010			2009
Equity in earnings of subsidiary bank:
Dividends received	$	—		$	—		$	1,658
Undistributed earnings (loss)	(13,511		)	1,364			(75,886		)
Income (expenses), net	(884		)	(1,376		)	(829		)
Net income (loss)	(14,395		)	(12		)	(75,057		)
Preferred stock dividend and accretion of preferred stock discount	2,987			3,181			2,435
Net income (loss) to common shareholders	$	(17,382	)	$	(3,193	)	$	(77,492	)

Condensed Statements of Cash Flows
	2011			2010			2009
Cash flows from operating activities:	(Amounts in thousands)
Net income (loss) from continuing operations	$	(14,395	)	$	(12	)	$	(75,057	)
Adjustments to reconcile net income (loss) to net cash from operating activities:
Equity (loss) in undistributed earnings of subsidiaries	13,511			(1,364		)	75,886
Other-than-temporary impairment of investments	116			482			201
Loss on sale of other investments	80			—			—
Change in other assets	315			53			2,578
Change in other liabilities	270			114			(611		)
Net cash provided by (used in) operating activities	(103		)	(727		)	2,997
Cash flows from investing activities:
Purchase of investments	(250		)	—			(291		)
Maturities, call and repayments of investments	55			19			22
Proceeds from sale of other investments	460			—			—
Additional investment in bank subsidiary	—			—			(45,006		)
Net cash provided by (used in) investing activities	265			19			(45,275		)
Cash flows from financing activities:
Issuance of preferred stock and warrants	—			—			49,312
Issuance of common stock	6,402			—			—
Dividends paid	(616		)	(2,563		)	(3,672		)
Proceeds from exercise of stock options	—			—			1
Net cash provided by (used in) financing activities	5,786			(2,563		)	45,641
Net increase (decrease) in cash	5,948			(3,271		)	3,363
Cash at beginning of year	849			4,120			757
Cash at end of year	$	6,797		$	849		$	4,120