FNB United Corp. (Parent Company)

12 Months Ended

Dec. 31, 2011

FNB United Corp. (Parent Company) [Abstract]

FNB United Corp. (Parent Company)

Note 16 – FNB United Corp. (Parent Company)

The parent company's principal asset is its investments in its bank subsidiaries, CommunityOne and through Granite Corp.

The condensed financial position as of December 31, 2011 and 2010, and the condensed results of operations and cash flows for each of the years in the three-year period ended December 31, 2011 of FNB, parent company only, are presented below.

(dollars in thousands)
				2011			2010
Condensed Balance Sheets
Assets:
Cash				$	2,808		$	180
Investment in subsidiaries					188,877			26,457
Other assets					28			1,659
Total Assets				$	191,713		$	28,296
Liabilities and shareholders' equity:
Accrued liabilities				$	5,996		$	431
Borrowed funds					56,702			56,702
Shareholders' equity					129,015			(28,837	)
Total Shareholders' Equity and Liabilities				$	191,713		$	28,296
	2011			2010			2009
Condensed Statements of Income
Dividends from subsidiaries	$	—		$	—		$	1,200
Noninterest income		32			33			42
Interest expense		(1,072	)		(1,521	)		(1,741	)
Noninterest expense		(3,351	)		(343	)		(406	)
Loss before tax (benefit)/expense		(4,391	)		(1,831	)		(905	)
Income tax expense/(benefit)		723			—			(744	)
Loss before equity in undistributed net loss of subsidiaries		(5,114	)		(1,831	)		(161	)
Equity in undistributed net loss of subsidiaries		(132,200	)		(129,996	)		(101,535	)
Net loss		(137,314	)		(131,827	)		(101,696	)
Preferred stock gain on retirement, net of accretion, and dividends		44,592			(3,294	)		(2,871	)
Net Loss to Common Shareholders	$	(92,722	)	$	(135,121	)	$	(104,567	)
	2011			2010			2009
Condensed Statements of Cash Flows
Cash flows from operating activities
Net Loss	$	(137,314	)	$	(131,827	)	$	(101,696	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed net loss of subsidiaries		132,200			129,996			101,535
Other, net		6,638			(451	)		215
Net cash provided by/(used in) operating activities		1,524			(2,282	)		54
Cash flows from investing activities
Downstream cash investment in subsidiary		(287,711	)		(1,000	)		—
Net cash used in investing activities		(287,711	)		(1,000	)		—
Cash flows from financing activities
Increase in borrowed funds		—			—			4,000
Proceeds from issuance of common stock		289,571			—			—
Cash dividends paid on preferred stock		(756	)		(644	)		(3,660	)
Net cash provided by/(used in) financing activities		288,815			(644	)		340
Net increase/(decrease) in cash		2,628			(3,926	)		394
Cash at beginning of period		180			4,106			3,712
Cash at end of period	$	2,808		$	180		$	4,106