PARENT COMPANY ONLY FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2012

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

PARENT COMPANY ONLY FINANCIAL INFORMATION

NOTE 26—PARENT COMPANY ONLY FINANCIAL INFORMATION

The following financial information presents the condensed balance sheet of the Company on a parent-only basis as of December 31, 2012 and 2011, and the related condensed statements of income and cash flows for each of the years in the three-year period ended December 31, 2012.

Balance Sheet

	December 31,
	2012			2011
	(in thousands)
Cash and due from banks	$	1,134		$	3,218
Investment in subsidiary bank		260,199			246,977
Other assets		1,047			1,991
Total assets	$	262,380		$	252,186
Junior subordinated debentures	$	26,805		$	26,805
Other liabilities		1,457			2,274
Total liabilities		28,262			29,079
Shareholders’ equity:
Preferred stock		26,000			26,000
Common stock		292			292
Additional paid-in-capital		175,188			173,062
Treasury stock		(255	)		—
Retained earnings		33,451			25,427
Accumulated other comprehensive loss		(558	)		(1,674	)
Total shareholders’ equity		234,118			223,107
Total liabilities and shareholders’ equity	$	262,380		$	252,186

Statements of Income

	Year ended December 31,
	2012			2011			2010
	(in thousands)
Interest income	$	36		$	88		$	121
Interest expense		787			1,342			1,736
Net interest expense		(751	)		(1,254	)		(1,615	)
Other operating income		—			—			—
Other operating expense		3,952			2,757			1,278
Loss before equity in net income of the Bank		(4,703	)		(4,011	)		(2,893	)
Equity in net income of subsidiaries		12,095			25,712			3,340
Income before income tax benefit		7,392			21,701			447
Income tax benefit		(1,882	)		(1,682	)		(963	)
Net income	$	9,274		$	23,383		$	1,410

Statements of Cash Flow

	Year ended December 31,
	2012			2011			2010
	(in thousands)
Cash flows from operating activities:
Net income	$	9,2747		$	23,383		$	1,410
Adjustment to reconcile net income to net cash provided by operating activities:
Equity in net income of subsidiaries, net		(12,095	)		(25,712	)		(3,340	)
Stock-based compensation costs		1,888			1,630			542
Net increase (decrease) in other assets and other liabilities		320			1,113			(190	)
Net cash provided by (used in) operations		(613	)		414			(1,578	)
Cash flows from investing activities:
Investment in subsidiary		—			—			(36,000	)
Net cash used in investing activities		—			—			(36,000	)
Cash flows from financing activities:
Proceeds from exercise of stock options		34			—			—
Issuance of common stock		—			—			38,091
Repurchase of warrant		—			(599	)		—
Purchases of treasury stock		(255	)		—			—
Dividends paid on preferred stock		(1,250	)		(1,097	)		(1,250	)
Net cash (used in) provided by financing activities		(1,471	)		(1,696	)		36,841
Net decrease in cash and cash equivalents		(2,084	)		(1,282	)		(737	)
Cash and cash equivalents, beginning of year		3,218			4,500			5,237
Cash and cash equivalents, end of year	$	1,134		$	3,218		$	4,500
Supplemental disclosures of cash flow information:
Cash paid for interest	$	714		$	1,317		$	1,755
Cash paid for income taxes, net	$	15,325		$	8,200		$	1,000