Note 23 - Holding Company Condensed Financial Information

12 Months Ended

Dec. 31, 2013

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

23.     Holding Company Condensed Financial Information

Since the Company is a holding company and does not conduct operations, its primary sources of liquidity are equity issuances, dividends received from the Bank and funds received through stock option exercises.

The following tables summarize the holding company’s financial condition, results of operations and cash flows at the dates and for the periods indicated (in thousands).

Condensed Balance Sheets

	December 31,
	2013		2012
Assets
Cash and cash equivalents	$	87	$	128
Deferred tax asset, net		364		-
Investment in subsidiary		123,366		98,275
Total assets	$	123,817	$	98,403
Liabilities and shareholders' equity
Other liabilities	$	-	$	23
Shareholders' equity		123,817		98,380
Total liabilities and shareholders' equity	$	123,817	$	98,403

Condensed Statements of Income (Loss)

	For the years ended December 31,
	2013			2012			2011
Equity in undistributed income (loss) of subsidiary	$	27,509		$	(1,738	)	$	(23,154	)
Other operating expense		(142	)		(126	)		(246	)
Net income (loss) before benefit for income taxes		27,367			(1,864	)		(23,400	)
Benefit for income taxes		(364	)		-			-
Net income (loss)	$	27,731		$	(1,864	)	$	(23,400	)

Condensed Statements of Cash Flows

	For the years ended December 31,
	2013			2012			2011
Operating Activities
Net income (loss)	$	27,731		$	(1,864	)	$	(23,400	)
Adjustments to reconcile net income (loss) to net cash used in operating activities
Increase in equity in undistributed (income) loss of subsidiary		(27,509	)		1,738			23,154
Increase in deferred tax assets, net		(364	)		-			-
Decrease in other assets		-			-			12
Decrease in other liabilities		(23	)		(55	)		(707	)
Net cash used in operating activities		(165	)		(181	)		(941	)
Investing Activities
Capital contribution in subsidiary		-			(650	)		(8,556	)
Net cash used in investing activities		-			(650	)		(8,556	)
Financing Activities
Proceeds from issuance of common stock, net		-			-			7,951
Proceeds from exercise of stock options		124			-			-
Net cash provided by financing activities		124			-			7,951
Net change in cash and due from banks		(41	)		(831	)		(1,546	)
Cash and due from banks, beginning of period		128			959			2,505
Cash and due from banks, end of period	$	87		$	128		$	959