Annual report pursuant to Section 13 and 15(d)

PARENT COMPANY FINANCIAL INFORMATION

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PARENT COMPANY FINANCIAL INFORMATION
12 Months Ended
Dec. 31, 2012
Condensed Financial Information of Parent Company Only Disclosure [Abstract]  
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