| PARENT COMPANY FINANCIAL INFORMATION |
Note 19
PARENT COMPANY FINANCIAL INFORMATION
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) |
|
2012 |
|
2011 |
| ASSETS |
|
|
|
|
|
|
|
|
| Cash and Due From Subsidiary Bank |
|
$ |
7,061 |
|
|
$ |
6,269 |
|
| Investment in Subsidiary Bank |
|
|
309,114 |
|
|
|
313,372 |
|
| Other Assets |
|
|
3,435 |
|
|
|
3,016 |
|
| Total Assets |
|
$ |
319,610 |
|
|
$ |
322,657 |
|
| |
|
|
|
|
|
|
|
|
| LIABILITIES |
|
|
|
|
|
|
|
|
| Subordinated Notes Payable |
|
$ |
62,887 |
|
|
$ |
62,887 |
|
| Other Liabilities |
|
|
9,834 |
|
|
|
7,828 |
|
| Total Liabilities |
|
|
72,721 |
|
|
|
70,715 |
|
| |
|
|
|
|
|
|
|
|
| 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; 17,232,380 and 17,160,274 shares issued and outstanding at December 31, 2012 and December 31, 2011, respectively |
|
|
172 |
|
|
|
172 |
|
| Additional Paid-In Capital |
|
|
38,707 |
|
|
|
37,838 |
|
| Retained Earnings |
|
|
237,569 |
|
|
|
237,461 |
|
| Accumulated Other Comprehensive Loss, Net of Tax |
|
|
(29,559 |
) |
|
|
(23,529 |
) |
| Total Shareowners' Equity |
|
|
246,889 |
|
|
|
251,942 |
|
| Total Liabilities and Shareowners Equity |
|
$ |
319,610 |
|
|
$ |
322,657 |
|
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) |
|
2012 |
|
2011 |
|
2010 |
| OPERATING INCOME |
|
|
|
|
|
|
|
|
|
|
|
|
| Income Received from Subsidiary Bank: |
|
|
|
|
|
|
|
|
|
|
|
|
| Dividends |
|
$ |
|
|
|
$ |
|
|
|
$ |
|
|
| Overhead Fees |
|
|
4,536 |
|
|
|
3,364 |
|
|
|
3,059 |
|
| Other Income |
|
|
130 |
|
|
|
48 |
|
|
|
74 |
|
| Total Operating Income |
|
|
4,666 |
|
|
|
3,412 |
|
|
|
3,133 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| OPERATING EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
|
| Salaries and Associate Benefits |
|
|
2,059 |
|
|
|
1,974 |
|
|
|
1,359 |
|
| Interest on Subordinated Notes Payable |
|
|
1,477 |
|
|
|
1,380 |
|
|
|
2,008 |
|
| Professional Fees |
|
|
1,781 |
|
|
|
1,251 |
|
|
|
1,185 |
|
| Advertising |
|
|
140 |
|
|
|
135 |
|
|
|
96 |
|
| Legal Fees |
|
|
332 |
|
|
|
249 |
|
|
|
226 |
|
| Other |
|
|
478 |
|
|
|
440 |
|
|
|
623 |
|
| Total Operating Expense |
|
|
6,267 |
|
|
|
5,429 |
|
|
|
5,497 |
|
| Loss Before Income Taxes and Equity in Undistributed Earnings of Subsidiary Bank |
|
|
(1,601 |
) |
|
|
(2,017 |
) |
|
|
(2,364 |
) |
| Income Tax Benefit |
|
|
(10 |
) |
|
|
(666 |
) |
|
|
(771 |
) |
| Loss Before Equity in Undistributed Earnings of Subsidiary Bank |
|
|
(1,591 |
) |
|
|
(1,351 |
) |
|
|
(1,593 |
) |
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
1,699 |
|
|
|
6,248 |
|
|
|
1,180 |
|
| Net Income (Loss) |
|
$ |
108 |
|
|
$ |
4,897 |
|
|
$ |
(413 |
) |
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) |
|
2012 |
|
2011 |
|
2010 |
| CASH FLOWS FROM OPERATING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income (Loss) |
|
$ |
108 |
|
|
$ |
4,897 |
|
|
$ |
(413 |
) |
| Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: |
|
|
|
|
|
|
|
|
|
|
|
|
| Equity in Undistributed Earnings of Subsidiary Bank |
|
|
(1,699 |
) |
|
|
(6,248 |
) |
|
|
(1,180 |
) |
| Stock-Based Compensation |
|
|
262 |
|
|
|
|
|
|
|
|
|
| Increase in Other Assets |
|
|
(491 |
) |
|
|
(324 |
) |
|
|
(97 |
) |
| Increase (Decrease) in Other Liabilities |
|
|
2,005 |
|
|
|
1,181 |
|
|
|
(203 |
) |
| Net Cash Provided By (Used In) Operating Activities |
|
|
185 |
|
|
|
(494 |
) |
|
|
(1,893 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| CASH FROM FINANCING ACTIVITIES: |
|
|
|
|
|
|
|
|
|
|
|
|
| Payment of Dividends |
|
|
|
|
|
|
(5,142 |
) |
|
|
(8,368 |
) |
| Issuance of Common Stock |
|
|
607 |
|
|
|
919 |
|
|
|
822 |
|
| Net Cash Provided By (Used In) in Financing Activities |
|
|
607 |
|
|
|
(4,223 |
) |
|
|
(7,546 |
) |
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Cash |
|
|
792 |
|
|
|
(4,717 |
) |
|
|
(9,439 |
) |
| Cash at Beginning of Year |
|
|
6,269 |
|
|
|
10,986 |
|
|
|
20,425 |
|
| Cash at End of Year |
|
$ |
7,061 |
|
|
$ |
6,269 |
|
|
$ |
10,986 |
|
|