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PARENT COMPANY FINANCIAL STATEMENTS
12 Months Ended
Dec. 31, 2011
PARENT COMPANY FINANCIAL STATEMENTS

NOTE 20 - PARENT COMPANY FINANCIAL STATEMENTS

 

Presented below are condensed balance sheets and the related statements of income and cash flows for the parent company:

 

CONDENSED BALANCE SHEETS

December 31, 2011 and 2010

 

    2011     2010  
Assets                
Cash   $ 221     $ 3,163  
Investment in bank subsidiary     173,795       173,841  
Investment in unconsolidated trust     557       557  
Other assets     571       538  
                 
    $ 175,144     $ 178,099  
                 
Liabilities and shareholders’ equity                
Subordinated debentures     18,557       18,557  
Other liabilities     17       172  
Total liabilities     18,574       18,729  
                 
Shareholders’ equity     156,570       159,370  
                 
    $ 175,144     $ 178,099  

 

CONDENSED STATEMENTS OF INCOME

Years ended December 31, 2011, 2010 and 2009

 

    2011     2010     2009  
                         
Dividends from subsidiary   $ 19,500     $ 3,000     $ 3,000  
Interest expense     (326 )     (330 )     (465 )
Operating expenses     (405 )     (520 )     (681 )
Tax benefit     185       188       246  
                         
Income before equity in undistributed income of the Bank     18,954       2,338       2,100  
                         
Equity in undistributed income (dividends in excess of earnings) of the Bank     (2,465 )     9,333       6,660  
                         
Net income   $ 16,489     $ 11,671     $ 8,760  
                         
Preferred stock dividend and discount accretion     (972 )     (2,246 )     (1,792 )
                         
Net income available to common shareholders   $ 15,517     $ 9,425     $ 6,968  

   

CONDENSED STATEMENTS OF CASH FLOWS

Years ended December 31, 2011, 2010 and 2009

 

    2011     2010     2009  
Cash flows from operating activities                        
Net income   $ 16,489     $ 11,671     $ 8,760  
Adjustments to reconcile net income to net cash from operating activities                        
(Equity in undistributed income)/dividends in excess of earnings     2,465       (9,333 )     (6,660 )
Other changes     120       430       701  
Net cash from operating activities     19,074       2,768       2,801  
                         
Cash flows from investing activities                        
Contribution to Bank     -       (9,000 )     (25,000 )
Net cash from investing activities     -       (9,000 )     (25,000 )
                         
Cash flows from financing activities                        
Net change in short-term borrowings     -       -       (4,400 )
Proceeds from issuance of common stock     -       28,173       -  
Proceeds from issuance of preferred stock and warrant net     -       -       33,946  
Redemption of preferred stock     (17,000 )     (17,000 )     -  
Dividends paid on common stock     (4,162 )     (3,174 )     (3,144 )
Dividends paid on preferred stock     (869 )     (1,787 )     (1,284 )
Exercise of stock options     15       -       206  
Stock repurchase and retirement     -       -       -  
Net cash from financing activities     (22,016 )     6,212       25,324  
                         
Net change in cash     (2,942 )     (20 )     3,125  
                         
Cash at beginning of year     3,163       3,183       58  
                         
Cash at end of year   $ 221     $ 3,163     $ 3,183