| 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
|
|
2013 |
|
|
2012 |
|
ASSETS |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
1,910 |
|
|
$ |
9,787 |
|
Investment in Bank subsidiary |
|
|
167,292 |
|
|
|
164,127 |
|
Investment in other subsidiaries |
|
|
1,504 |
|
|
|
1,654 |
|
Other assets |
|
|
3,272 |
|
|
|
2,532 |
|
Total assets |
|
$ |
173,978 |
|
|
$ |
178,100 |
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
Subordinated debt |
|
|
--- |
|
|
|
1,650 |
|
Long-term debt |
|
|
41,238 |
|
|
|
41,238 |
|
Other liabilities |
|
|
218 |
|
|
|
4,705 |
|
Total liabilities |
|
|
41,456 |
|
|
|
47,593 |
|
Total shareholders' equity |
|
|
132,522 |
|
|
|
130,507 |
|
Total liabilities and shareholders' equity |
|
$ |
173,978 |
|
|
$ |
178,100 |
|
CONDENSED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
INCOME |
|
|
|
|
|
|
|
|
|
Dividends from subsidiaries |
|
$ |
5,179 |
|
|
$ |
--- |
|
|
$ |
--- |
|
Other |
|
|
--- |
|
|
|
--- |
|
|
|
--- |
|
Total income |
|
|
5,179 |
|
|
|
--- |
|
|
|
--- |
|
EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,563 |
|
|
|
1,719 |
|
|
|
1,598 |
|
Other expense |
|
|
575 |
|
|
|
555 |
|
|
|
588 |
|
Total expense |
|
|
2,138 |
|
|
|
2,274 |
|
|
|
2,186 |
|
Income (loss) before income tax and equity in undistributed earnings of subsidiaries |
|
|
3,041 |
|
|
|
(2,274 |
) |
|
|
(2,186 |
) |
Equity in undistributed earnings of subsidiaries |
|
|
5,770 |
|
|
|
35,338 |
|
|
|
8,015 |
|
Income before income tax |
|
|
8,811 |
|
|
|
33,064 |
|
|
|
5,829 |
|
Income tax benefit |
|
|
(738 |
) |
|
|
(2,426 |
) |
|
|
--- |
|
Net income |
|
$ |
9,549 |
|
|
$ |
35,490 |
|
|
$ |
5,829 |
|
Net income (loss) available to common shares |
|
$ |
(8,026 |
) |
|
$ |
35,490 |
|
|
$ |
5,829 |
|
Comprehensive income |
|
$ |
6,634 |
|
|
$ |
36,072 |
|
|
$ |
6,196 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CONDENSED STATEMENTS OF CASH FLOWS
|
|
2013 |
|
|
2012 |
|
|
2011 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
Net income |
|
$ |
9,549 |
|
|
$ |
35,490 |
|
|
$ |
5,829 |
|
Adjustments to reconcile net income to net cash from operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
Equity in undistributed earnings of subsidiaries |
|
|
(5,770 |
) |
|
|
(35,338 |
) |
|
|
(8,015 |
) |
(Increase) decrease in other assets |
|
|
(740 |
) |
|
|
(2,424 |
) |
|
|
428 |
|
Increase (decrease) in other liabilities |
|
|
(4,487 |
) |
|
|
1,524 |
|
|
|
1,395 |
|
Net cash from operating activities |
|
|
(1,448 |
) |
|
|
(748 |
) |
|
|
(363 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Investment in subsidiaries |
|
|
--- |
|
|
|
--- |
|
|
|
(10,000 |
) |
Net cash from investing activities |
|
|
--- |
|
|
|
--- |
|
|
|
(10,000 |
) |
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
Proceeds from issuance of subordinated note and conversion to common stock |
|
|
--- |
|
|
|
--- |
|
|
|
1,000 |
|
Proceeds from issuance of common stock |
|
|
--- |
|
|
|
--- |
|
|
|
19,319 |
|
Redemption of subordinated debt |
|
|
(1,650 |
) |
|
|
--- |
|
|
|
--- |
|
Repurchases of shares |
|
|
(45 |
) |
|
|
--- |
|
|
|
--- |
|
Cash paid in preferred stock exchange |
|
|
(4,734 |
) |
|
|
--- |
|
|
|
--- |
|
Net cash from financing activities |
|
|
(6,429 |
) |
|
|
--- |
|
|
|
20,319 |
|
Net change in cash and cash equivalents |
|
|
(7,877 |
) |
|
|
(748 |
) |
|
|
9,956 |
|
Cash and cash equivalents at beginning of year |
|
|
9,787 |
|
|
|
10,535 |
|
|
|
579 |
|
Cash and cash equivalents at end of year |
|
$ |
1,910 |
|
|
$ |
9,787 |
|
|
$ |
10,535 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental noncash disclosures: |
|
|
|
|
|
|
|
|
|
|
|
|
Conversion of subordinated note to 491,830 shares of common stock |
|
$ |
--- |
|
|
$ |
--- |
|
|
$ |
1,003 |
|
Conversion of 300 shares of Preferred Series B to 50,000 shares of common stock |
|
|
300 |
|
|
|
--- |
|
|
|
--- |
|
Exchange of 31,290 shares of Preferred Series A to 5,973,519 shares of common stock |
|
|
30,604 |
|
|
|
--- |
|
|
|
--- |
|
Exchange of 2,300 shares of Preferred Series B to 457,159 shares of common stock |
|
|
2,260 |
|
|
|
--- |
|
|
|
--- |
|
|