Parent Company Condensed Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Condensed Financial Statements [Abstract]

Parent Company Condensed Financial Statements

Note 19 - Parent Company Condensed Financial Statements

(Table amounts in $ 000s)

Following are condensed parent company financial statements.

Condensed Balance Sheets
December 31,	2011		2010
Assets
Cash on deposit at subsidiary bank - noninterest bearing	$	538	$	1,132
Interest-bearing deposits in unaffiliated bank		0		0
Total cash and cash equivalents		538		1,132
Investment in wholly-owned subsidiary bank		40,989		44,454
Investment in wholly-owned subsidiary company		26		26
Other assets		339		325
Total assets	$	41,892	$	45,937
Liabilities and Stockholders' Equity
Accounts payable and other liabilities	$	3,043	$	2,342
Subordinated debentures		10,310		10,310
Total liabilities		13,353		12,652
Stockholders' equity		28,539		33,285
Total liabilities and stockholders' equity	$	41,892	$	45,937

Condensed Statements of Operations
Years ended December 31,	2011			2010			2009
Operating income
Dividends from NorProperties, Inc	$	0		$	0		$	5,473
Other operating income		7			11			0
Total operating income		7			11			5,473
Operating expenses
Interest expense		234			381			455
Other operating expenses		354			438			417
Total operating expenses		588			819			872
Income (loss) before income taxes and equity in  undistributed losses of wholly-owned subsidiaries		(581	)		(808	)		4,601
Income tax expense		0			0			52
Income (loss) before equity in undistributed losses of wholly-owned owned subsidiaries		(581	)		(808	)		4,549
Equity in undistributed losses of  NorStates Bank		(6,106	)		(5,554	)		(32,894	)
Equity in undistributed losses of  NorProperties, Inc		0			0			(7,213	)
Net loss	$	(6,687	)	$	(6,362	)	$	(35,558	)

Condensed Statements of Cash Flows
Years ended December 31,	2011			2010			2009
Cash flows from operating activities
Net loss	$	(6,687	)	$	(6,362	)	$	(35,558	)
Adjustments to reconcile net loss to net cash from operating activities
Equity in undistributed losses of NorStates Bank		6,106			5,554			32,894
Equity in undistributed losses of NorProperties, Inc		0			0			7,213
Write-down of goodwill		0			0			85
Restricted stock awards expense		238			0			0
(Increase) decrease in other assets		(14	)		(322	)		45
Increase (decrease) in other liabilities		(237	)		1,238			398
Net cash provided (used) from operating activities		(594	)		108			5,077
Cash flows from investing activities
Investment in NorStates Bank		0			0			(22,450	)
Net cash used from investing activities		0			0			(22,450	)
Cash flows from financing activities
Net proceeds from the issuance of preferred stock		0			0			17,211
Dividends paid on preferred stock		0			0			(418	)
Net cash provided from financing activities		0			0			16,793
Decrease (increase) in cash and cash equivalents		(594	)		108			(580	)
Cash and cash equivalents at beginning of year		1,132			1,024			1,604
Cash and cash equivalents at end of year	$	538		$	1,132		$	1,024