| CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY) |
NOTE 18 – CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY ONLY)
Following are condensed parent company only financial statements (dollars in thousands):
CONDENSED BALANCE SHEETS
| |
|
2012 |
|
|
2011 |
|
ASSETS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
9,787 |
|
|
$ |
10,535 |
|
Investment in Bank subsidiary |
|
|
164,127 |
|
|
|
128,231 |
|
Investment in other subsidiaries |
|
|
1,654 |
|
|
|
1,620 |
|
Other assets |
|
|
2,532 |
|
|
|
109 |
|
| |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
178,100 |
|
|
$ |
140,495 |
|
| |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Subordinated debt |
|
$ |
1,650 |
|
|
$ |
1,650 |
|
Long-term debt |
|
|
41,238 |
|
|
|
41,238 |
|
Other liabilities |
|
|
4,705 |
|
|
|
3,181 |
|
Total liabilities |
|
|
47,593 |
|
|
|
46,069 |
|
| |
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
130,507 |
|
|
|
94,426 |
|
| |
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
178,100 |
|
|
$ |
140,495 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
| |
|
2012 |
|
|
2011 |
|
Income |
|
|
|
|
|
|
Dividends from subsidiaries |
|
$ |
--- |
|
|
$ |
--- |
|
Other |
|
|
--- |
|
|
|
--- |
|
Total income |
|
|
--- |
|
|
|
--- |
|
| |
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,719 |
|
|
|
1,598 |
|
Other expense |
|
|
555 |
|
|
|
588 |
|
Total expense |
|
|
2,274 |
|
|
|
2,186 |
|
| |
|
|
|
|
|
|
|
|
Income (loss) before income tax and equity in undistributed earnings of subsidiaries |
|
|
(2,274 |
) |
|
|
(2,186 |
) |
Equity in undistributed earnings of subsidiaries |
|
|
35,338 |
|
|
|
8,015 |
|
| |
|
|
|
|
|
|
|
|
Income before income tax |
|
|
33,064 |
|
|
|
5,829 |
|
Income tax benefit |
|
|
(2,426 |
) |
|
|
--- |
|
| |
|
|
|
|
|
|
|
|
Net income |
|
|
35,490 |
|
|
|
5,829 |
|
Dividends declared on preferred shares |
|
|
--- |
|
|
|
--- |
|
Net income available to common stock |
|
$ |
35,490 |
|
|
$ |
5,829 |
|
Comprehensive income |
|
$ |
36,072 |
|
|
$ |
6,196 |
|
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2012 |
|
|
2011 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income |
|
$ |
35,490 |
|
|
$ |
5,829 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
|
|
(35,338 |
) |
|
|
(8,015 |
) |
(Increase) decrease in other assets |
|
|
(2,424 |
) |
|
|
428 |
|
Increase in other liabilities |
|
|
1,524 |
|
|
|
1,395 |
|
Net cash from operating activities |
|
|
(748 |
) |
|
|
(363 |
) |
| |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Investment in subsidiaries |
|
|
--- |
|
|
|
(10,000 |
) |
Net cash from investing activities |
|
|
--- |
|
|
|
(10,000 |
) |
| |
|
|
|
|
|
|
|
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
Proceeds from issuance of subordinated note and conversion to common stock |
|
|
--- |
|
|
|
1,000 |
|
Proceeds from issuance of common stock |
|
|
--- |
|
|
|
19,319 |
|
Cash dividends paid |
|
|
--- |
|
|
|
--- |
|
Net cash from financing activities |
|
|
--- |
|
|
|
20,319 |
|
| |
|
|
|
|
|
|
|
|
Net change in cash and cash equivalents |
|
|
(748 |
) |
|
|
9,956 |
|
Cash and cash equivalents at beginning of year |
|
|
10,535 |
|
|
|
579 |
|
Cash and cash equivalents at end of year |
|
$ |
9,787 |
|
|
$ |
10,535 |
|
| |
|
|
|
|
|
|
|
|
Supplemental noncash disclosures: |
|
|
|
|
|
|
|
|
Preferred stock dividends accrued, paid in subsequent quarter |
|
$ |
--- |
|
|
$ |
--- |
|
|