| 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
| |
|
2011 |
|
|
2010 |
|
ASSETS |
|
|
|
|
|
|
| |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
10,535 |
|
|
$ |
579 |
|
Investment in Bank subsidiary |
|
|
128,231 |
|
|
|
109,812 |
|
Investment in other subsidiaries |
|
|
1,620 |
|
|
|
1,591 |
|
Other assets |
|
|
109 |
|
|
|
537 |
|
| |
|
|
|
|
|
|
|
|
Total assets |
|
$ |
140,495 |
|
|
$ |
112,519 |
|
| |
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
Subordinated debt |
|
$ |
1,650 |
|
|
$ |
1,650 |
|
Long-term debt |
|
|
41,238 |
|
|
|
41,238 |
|
Other liabilities |
|
|
3,181 |
|
|
|
1,789 |
|
Total liabilities |
|
|
46,069 |
|
|
|
44,677 |
|
| |
|
|
|
|
|
|
|
|
Total shareholders' equity |
|
|
94,426 |
|
|
|
67,842 |
|
| |
|
|
|
|
|
|
|
|
Total liabilities and shareholders' equity |
|
$ |
140,495 |
|
|
$ |
112,519 |
|
CONDENSED STATEMENTS OF INCOME
| |
|
2011 |
|
|
2010 |
|
Income |
|
|
|
|
|
|
Dividends from subsidiaries |
|
$ |
--- |
|
|
$ |
--- |
|
Other |
|
|
--- |
|
|
|
--- |
|
Total income |
|
|
--- |
|
|
|
--- |
|
| |
|
|
|
|
|
|
|
|
Expense |
|
|
|
|
|
|
|
|
Interest expense |
|
|
1,598 |
|
|
|
1,562 |
|
Other expense |
|
|
588 |
|
|
|
761 |
|
Total expense |
|
|
2,186 |
|
|
|
2,323 |
|
| |
|
|
|
|
|
|
|
|
Income (loss) before income tax and equity in undistributed earnings (loss) of subsidiaries |
|
|
(2,186 |
) |
|
|
(2,323 |
) |
Equity in undistributed earnings (loss) of subsidiaries |
|
|
8,015 |
|
|
|
(15,531 |
) |
| |
|
|
|
|
|
|
|
|
Income (loss) before income tax |
|
|
5,829 |
|
|
|
(17,854 |
) |
Income tax benefit |
|
|
--- |
|
|
|
--- |
|
| |
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
5,829 |
|
|
|
(17,854 |
) |
Dividends declared on preferred shares |
|
|
--- |
|
|
|
--- |
|
Net income (loss) available to common stock |
|
$ |
5,829 |
|
|
$ |
(17,854 |
) |
CONDENSED STATEMENTS OF CASH FLOWS
| |
|
2011 |
|
|
2010 |
|
Cash flows from operating activities |
|
|
|
|
|
|
Net income (loss) |
|
$ |
5,829 |
|
|
$ |
(17,854 |
) |
Adjustments to reconcile net income (loss) to net cash from operating activities: |
|
|
|
|
|
|
|
|
Equity in undistributed (earnings) loss of subsidiaries |
|
|
(8,015 |
) |
|
|
16,402 |
|
Decrease in other assets |
|
|
428 |
|
|
|
359 |
|
Increase in other liabilities |
|
|
1,352 |
|
|
|
1,400 |
|
Net cash from operating activities |
|
|
(363 |
) |
|
|
307 |
|
| |
|
|
|
|
|
|
|
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
Investment in subsidiaries |
|
|
(10,000 |
) |
|
|
(871 |
) |
Net cash from investing activities |
|
|
(10,000 |
) |
|
|
(871 |
) |
| |
|
|
|
|
|
|
|
|
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 |
|
|
9,956 |
|
|
|
(564 |
) |
Cash and cash equivalents at beginning of year |
|
|
579 |
|
|
|
1,143 |
|
Cash and cash equivalents at end of year |
|
$ |
10,535 |
|
|
$ |
579 |
|
| |
|
|
|
|
|
|
|
|
Supplemental noncash disclosures: |
|
|
|
|
|
|
|
|
Preferred stock dividends accrued, paid in subsequent quarter |
|
$ |
--- |
|
|
$ |
--- |
|
|