Shareholders' Equity

3 Months Ended

Mar. 31, 2013

Shareholders' Equity

11. Shareholders’ Equity

Common Shares

At March 31, 2013, the Company had 75,000,000 authorized shares of common stock of which 12,762,452 shares were issued and outstanding. As disclosed in Note 14, Equity Based Compensation, as of April 22, 2013 the Company has reserved a total of 416,964 shares for future issuance under various equity incentive plans.

For disclosure regarding actual and potential share issuances under the 2008 Restricted Stock plan, see Note 14, Equity Based Compensation.

Accumulated Other Comprehensive Loss

The following table summarizes the changes in accumulated other comprehensive loss by component, net of tax impact, at the dates and for the periods indicated (in thousands).

	Net unrealized gains on investment securities available for sale			Net unrealized losses on defined benefit pension plan			Total
Balance, December 31, 2011	$	6,678		$	(9,048	)	$	(2,370	)
Other comprehensive loss before reclassifications		(845	)		—			(845	)
Less: Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—
Net current-period other comprehensive loss		(845	)		—			(845	)
Balance, March 31, 2012	$	5,833		$	(9,048	)	$	(3,215	)
Balance, December 31, 2012	$	1,491		$	(8,208	)	$	(6,717	)
Other comprehensive loss before reclassifications		(1,075	)		—			(1,075	)
Less: Amounts reclassified from accumulated other comprehensive income (loss)		—			—			—
Net current-period other comprehensive loss		(1,075	)		—			(1,075	)
Balance, March 31, 2013	$	416		$	(8,208	)	$	(7,792	)

Authorized Preferred Shares

The Company has authorized preferred stock of 2,500,000 shares with such preferences, limitations and relative rights within legal limits of the class, or one or more series within the class, as are set by the Board of Directors. To date, the Company has not issued any preferred shares.

Cash Dividends

The Board of Directors has not declared or paid a dividend on the Company’s common stock since 2009. Currently, the Company must obtain prior approval from the Federal Reserve Bank of Richmond to pay a dividend to its shareholders. Dividends from the Bank are the Company’s primary source of funds for payment of dividends to its common shareholders. The Bank is currently prohibited from paying dividends to the Company without the prior approval of the FDIC, as our primary federal regulator and deposit insurer, and the South Carolina State Board of Financial Institutions (the “State Board”), our chartering agency (collectively, the “Supervisory Authorities”).