PARENT ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2011

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

PARENT ONLY CONDENSED FINANCIAL STATEMENTS

NOTE 26 — PARENT ONLY CONDENSED FINANCIAL STATEMENTS

Parent Only Condensed Balance Sheets

December 31	2011		2010
Assets
Cash and cash equivalents	$	8,022	$	14,284
Securities available for sale		899		899
Investment in subsidiaries		372,476		332,091
Other assets		11,482		9,774
Total assets	$	392,879	$	357,048
Liabilities
Subordinated debentures	$	50,267	$	50,117
Other liabilities		6,059		4,361
Total liabilities		56,326		54,478
Shareholders' equity		336,553		302,570
Total liabilities and shareholders' equity	$	392,879	$	357,048

Parent Only Condensed Statements of Operations

Year Ended December 31	2011			2010			2009
Income
Dividends from subsidiaries	$	2,825		$	1,119		$	450
Fees from subsidiaries		19,624			17,669			16,178
Other Income		176			233			482
Total income		22,625			19,021			17,110
Expenses
Interest expense		1,737			1,755			2,072
Salaries and benefits		11,388			11,062			9,249
Professional fees		2,534			1,275			1,189
Other expenses		13,173			12,223			11,497
Total expenses		28,832			26,315			24,007
Income (loss) before income taxes and equity in undistributed income of subsidiaries		(6,207	)		(7,294	)		(6,897	)
Income tax expense (benefit)		(3,069	)		(2,989	)		(3,245	)
Income (loss) before equity in undistributed income of subsidiaries		(3,138	)		(4,305	)		(3,652	)
Equity in undistributed income (loss) of subsidiaries		26,951			19,107			(60,487	)
Net income (loss)	$	23,813		$	14,802		$	(64,139	)

Parent Only Condensed Statements of Cash Flows

Year Ended December 31	2011			2010			2009
Operating Activities
Net income (loss)	$	23,813		$	14,802		$	(64,139	)
Undistributed (income)/loss of subsidiaries		(26,951	)		(19,107	)		60,487
Changes in other assets and liabilities		2,699			1,838			(1,242	)
Net cash used by operating activities		(439	)		(2,467	)		(4,894	)
Investing Activities
Capital contributed to subsidiary		—			—			(11,000	)
Cash received from subsidiaries		—			1,287			—
Purchase of security AFS		—			(39	)		—
Purchases of equipment		(2,166	)		(1,766	)		(2,569	)
Net cash used by investing activities		(2,166	)		(518	)		(13,569	)
Financing Activities
Issuance of preferred shares, net of issuance costs		—			—			55,783
Issuance of warrants to purchase common shares		—			—			1,116
Cash dividends on preferred stock		(2,850	)		(2,850	)		(2,367	)
Net change in other borrowings		—			—			(10,500	)
Cash dividends on common stock		(807	)		(805	)		(5,135	)
Net cash provided (used) by financing activities		(3,657	)		(3,655	)		38,897
Net change in cash and cash equivalents		(6,262	)		(6,640	)		20,434
Cash and cash equivalents, beginning of year		14,284			20,924			490
Cash and cash equivalents, end of year	$	8,022		$	14,284		$	20,924