Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [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 100,000,000 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. The following table presents condensed financial data for the parent company only:

Condensed Balance Sheets
	2012		2011
Assets:	(Amounts in thousands)
Cash on deposit with bank subsidiary	$	5,212	$	6,797
Investment in subsidiary	199,680		169,654
Other investments	1,765		1,864
Other assets	351		352
Total	$	207,008	$	178,667
Liabilities and Shareholders' Equity:
Dividends payable	$	183	$	2,163
Other liabilities	36,031		35,918
Shareholders' equity	170,794		140,586
Total	$	207,008	$	178,667

Condensed Results of Operations
	2012			2011			2010
Equity in earnings of subsidiary bank:	(Amounts in thousands)
Undistributed earnings (loss)	$	(7,684	)	$	(13,511	)	$	1,364
Income (expenses), net	(990		)	(884		)	(1,376		)
Net loss	(8,674		)	(14,395		)	(12		)
Preferred stock dividend and accretion of preferred stock discount	3,911			2,987			3,181
Net loss to common shareholders	$	(12,585	)	$	(17,382	)	$	(3,193	)

Condensed Statements of Cash Flows
	2012			2011			2010
Cash flows from operating activities:	(Amounts in thousands)
Net loss from continuing operations	$	(8,674	)	$	(14,395	)	$	(12	)
Adjustments to reconcile net loss to net cash from operating activities:
Equity (loss) in undistributed earnings of subsidiaries	7,684			13,511			(1,364		)
Other-than-temporary impairment of investments	50			116			482
Loss on sale of other investments	—			80			—
Change in other assets	(18		)	315			53
Change in other liabilities	113			270			114
Net cash used in operating activities	(845		)	(103		)	(727		)
Cash flows from investing activities:
Purchase of investments	—			(250		)	—
Maturities, call and repayments of investments	99			55			19
Proceeds from sale of other investments	—			460			—
Additional investment in bank subsidiary	(37,000		)	—			—
Net cash provided by (used in) investing activities	(36,901		)	265			19
Cash flows from financing activities:
Issuance of preferred stock	40,592			—			—
Issuance of common stock	—			6,402			—
Dividends paid	(4,431		)	(616		)	(2,563		)
Net cash provided by (used in) financing activities	36,161			5,786			(2,563		)
Net increase (decrease) in cash	(1,585		)	5,948			(3,271		)
Cash at beginning of year	6,797			849			4,120
Cash at end of year	$	5,212		$	6,797		$	849