| PARENT COMPANY FINANCIAL INFORMATION |
Note 20
PARENT COMPANY FINANCIAL INFORMATION
The operating results of the parent company for the three
years ended December 31 are shown below:
Parent Company Statements of Operations
| (Dollars in Thousands) |
2011 |
|
|
2010 |
|
|
2009 |
|
| OPERATING INCOME |
|
|
|
|
|
|
|
|
| Income Received from Subsidiary Bank: |
|
|
|
|
|
|
|
|
| Dividends |
$ |
- |
|
|
$ |
- |
|
|
$ |
35,000 |
|
| Overhead Fees |
|
3,364 |
|
|
|
3,059 |
|
|
|
3,209 |
|
| Other Income |
|
48 |
|
|
|
74 |
|
|
|
121 |
|
| Total Operating Income |
|
3,412 |
|
|
|
3,133 |
|
|
|
38,330 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
| Salaries and Associate Benefits |
|
1,974 |
|
|
|
1,359 |
|
|
|
1,694 |
|
| Interest on Subordinated Notes Payable |
|
1,380 |
|
|
|
2,008 |
|
|
|
3,730 |
|
| Professional Fees |
|
1,251 |
|
|
|
1,185 |
|
|
|
999 |
|
| Advertising |
|
135 |
|
|
|
96 |
|
|
|
202 |
|
| Legal Fees |
|
249 |
|
|
|
226 |
|
|
|
176 |
|
| Other |
|
440 |
|
|
|
623 |
|
|
|
813 |
|
| Total Operating Expense |
|
5,429 |
|
|
|
5,497 |
|
|
|
7,614 |
|
| Income Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank |
|
(2,017 |
) |
|
|
(2,364 |
) |
|
|
30,716 |
|
| Income Tax Benefit |
|
(666 |
) |
|
|
(771 |
) |
|
|
(1,430 |
) |
| Income Before Equity in Undistributed Earnings of Subsidiary Bank |
|
(1,351 |
) |
|
|
(1,593 |
) |
|
|
32,146 |
|
| Equity in Undistributed Earnings of Subsidiary Bank |
|
6,248 |
|
|
|
1,180 |
|
|
|
(35,617 |
) |
| Net Income (Loss) |
$ |
4,897 |
|
|
$ |
(413 |
) |
|
$ |
(3,471 |
) |
The following are condensed statements of financial condition of
the parent company at December 31:
Parent Company Statements of Financial Condition
| (Dollars in Thousands, Except Per Share Data) |
2011 |
|
|
2010 |
|
| ASSETS |
|
|
|
|
|
| Cash and Due From Subsidiary Bank |
$ |
6,269 |
|
|
$ |
10,986 |
|
| Investment in Subsidiary Bank |
|
313,372 |
|
|
|
314,874 |
|
| Other Assets |
|
3,016 |
|
|
|
2,693 |
|
| Total Assets |
$ |
322,657 |
|
|
$ |
328,553 |
|
| |
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
| Subordinated Notes Payable |
$ |
62,887 |
|
|
$ |
62,887 |
|
| Other Liabilities |
|
7,828 |
|
|
|
6,647 |
|
| Total Liabilities |
|
70,715 |
|
|
|
69,534 |
|
| |
|
|
|
|
|
|
|
| SHAREOWNERS' EQUITY |
|
|
|
|
|
|
|
| Preferred Stock, $.01 par value, 3,000,000 shares authorized; no shares issued and outstanding |
|
- |
|
|
|
- |
|
| Common Stock, $.01 par value; 90,000,000 shares authorized; 17,160,274 and 17,100,081 shares issued and outstanding at December 31, 2011 and December 31, 2010, respectively |
|
172 |
|
|
|
171 |
|
| Additional Paid-In Capital |
|
37,838 |
|
|
|
36,920 |
|
| Retained Earnings |
|
237,461 |
|
|
|
237,679 |
|
| Accumulated Other Comprehensive Loss, Net of Tax |
|
(23,529 |
) |
|
|
(15,751 |
) |
| Total Shareowners' Equity |
|
251,942 |
|
|
|
259,019 |
|
| Total Liabilities and Shareowners' Equity |
$ |
322,657 |
|
|
$ |
328,553 |
|
The cash flows for the parent company for the three years ended
December 31 were as follows:
Parent Company Statements of Cash Flows
| (Dollars in Thousands) |
2011 |
|
|
2010 |
|
|
2009 |
|
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
| Net Income (Loss) |
$ |
4,897 |
|
|
$ |
(413 |
) |
|
$ |
(3,471 |
) |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
| Equity in Undistributed Earnings of Subsidiary Bank |
|
(6,248 |
) |
|
|
(1,180 |
) |
|
|
35,617 |
|
| Increase in Other Assets |
|
(324 |
) |
|
|
(97 |
) |
|
|
(528 |
) |
| Increase in Other Liabilities |
|
1,182 |
|
|
|
(203 |
) |
|
|
1,325 |
|
| Net Cash (Used In) Provided by Operating Activities |
|
(493 |
) |
|
|
(1,893 |
) |
|
|
32,943 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
| CASH FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
| Payment of Dividends |
|
(5,142 |
) |
|
|
(8,368 |
) |
|
|
(12,959 |
) |
| Repurchase of Common Stock |
|
- |
|
|
|
- |
|
|
|
(1,561 |
) |
| Issuance of Common Stock |
|
918 |
|
|
|
822 |
|
|
|
1,052 |
|
| Net Cash Used in Financing Activities |
|
(4,224 |
) |
|
|
(7,546 |
) |
|
|
(13,468 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
| Net (Decrease) Increase in Cash |
|
(4,717 |
) |
|
|
(9,439 |
) |
|
|
19,475 |
|
| Cash at Beginning of Period |
|
10,986 |
|
|
|
20,425 |
|
|
|
950 |
|
| Cash at End of Period |
$ |
6,269 |
|
|
$ |
10,986 |
|
|
$ |
20,425 |
|
|