| 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 |
|