Parent Company Condensed Financial Information

12 Months Ended

Dec. 31, 2013

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 33,333,333 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
	2013		2012
Assets:	(Amounts in thousands)
Cash on deposit with bank subsidiary	$	1,889	$	5,212
Investment in subsidiary	215,562		199,680
Other investments	2,451		1,765
Other assets	108		351
Total	$	220,010	$	207,008
Liabilities and Shareholders' Equity:
Dividends payable	$	177	$	183
Other liabilities	35,363		36,031
Shareholders' equity	184,470		170,794
Total	$	220,010	$	207,008

Condensed Results of Operations
	2013			2012			2011
Equity in earnings of subsidiary bank:	(Amounts in thousands)
Undistributed earnings (loss)	$	19,840		$	(7,684	)	$	(13,511	)
Income (expenses), net	(1,014		)	(990		)	(884		)
Net income (loss)	18,826			(8,674		)	(14,395		)
Preferred stock dividend and accretion of preferred stock discount	1,877			3,911			2,987
Net income (loss) to common shareholders	$	16,949		$	(12,585	)	$	(17,382	)

Condensed Statements of Cash Flows
	2013			2012			2011
Cash flows from operating activities:	(Amounts in thousands)
Net loss from continuing operations	$	18,826		$	(8,674	)	$	(14,395	)
Adjustments to reconcile net loss to net cash from operating activities:
Equity (loss) in undistributed earnings of subsidiaries	(19,840		)	7,684			13,511
Other-than-temporary impairment of investments	39			50			116
Loss on sale of other investments	—			—			80
Change in other assets	243			(18		)	315
Change in other liabilities	(851		)	113			270
Net cash used in operating activities	(1,583		)	(845		)	(103		)
Cash flows from investing activities:
Purchase of investments	(267		)	—			(250		)
Maturities, call and repayments of investments	—			99			55
Proceeds from sale of other investments	—			—			460
Additional investment in bank subsidiary	—			(37,000		)	—
Net cash provided by (used in) investing activities	(267		)	(36,901		)	265
Cash flows from financing activities:
Issuance of preferred stock	—			40,592			—
Issuance of common stock	—			—			6,402
Dividends paid	(1,414		)	(4,431		)	(616		)
Payment of fractional shares in the 1-for-3 stock split	(39		)	—			—
Repurchase and cancellations of warrants	(20		)	—			—
Net cash provided by (used in) financing activities	(1,473		)	36,161			5,786
Net increase (decrease) in cash	(3,323		)	(1,585		)	5,948
Cash at beginning of year	5,212			6,797			849
Cash at end of year	$	1,889		$	5,212		$	6,797