Note 11 - Shareholders' Equity

6 Months Ended

Jun. 30, 2013

Stockholders' Equity Note Disclosure [Text Block]

Stockholders' Equity Note Disclosure [Text Block]

11.   Shareholders’ Equity

Common Shares

At June 30, 2013, the Company had 75,000,000 authorized shares of common stock of which 12,772,344 shares were issued and outstanding. As disclosed in Note 14, Equity Based Compensation, as of July 22, 2013 the Company has reserved a total of 601,570 shares for future issuance under various equity incentive plans.

For disclosure regarding actual and potential share issuances under the Company’s equity award plans, see Note 14, Equity Based Compensation.

Accumulated Other Comprehensive Income (Loss)

The following table summarizes the changes in accumulated other comprehensive income (loss) by component at the dates and for the periods indicated (in thousands). With regard to net unrealized gain (loss) on investment securities available for sale during both periods presented, amounts reclassified from accumulated other comprehensive income (loss) are included in the Investment securities gains, net line item of the Consolidated Statement of Income (Loss). See Note 13, Benefit Plans, for disclosure regarding the amortization of defined benefit pension plan cost components from accumulated other comprehensive income (loss).

	Net unrealized gain (loss) on investment securities available for sale			Net unrealized loss on defined benefit pension plan			Total
Balance, December 31, 2012	$	1,491		$	(8,208	)	$	(6,717	)
Other comprehensive loss before reclassifications		(5,426	)		(485	)		(5,911	)
Less: Amounts reclassified from accumulated other comprehensive income (loss)		331			(485	)		(154	)
Net current-period other comprehensive loss		(5,757	)		-			(5,757	)
Benefit for income taxes		2,185			-			2,185
Balance, June 30, 2013	$	(2,081	)	$	(8,208	)	$	(10,289	)
Balance, December 31, 2011	$	6,678		$	(9,048	)	$	(2,370	)
Other comprehensive loss before reclassifications		(755	)		(466	)		(1,221	)
Less: Amounts reclassified from accumulated other comprehensive income (loss)		9,859			(466	)		(9,393	)
Net current-period other comprehensive loss		(10,614	)		-			(10,614	)
Benefit for income taxes		4,028			-			4,028
Balance, June 30, 2012	$	92		$	(9,048	)	$	(8,956	)

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, and the South Carolina State Board of Financial Institutions (the “State Board” and together with the FDIC, the “Supervisory Authorities”).