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 23.             PARENT COMPANY FINANCIAL INFORMATION

 

The following information presents the condensed balance sheet of the Company as of December 31, 2012 and 2011 and the condensed statements of income and cash flows for the years ended December 31, 2012, 2011 and 2010.

 

BALANCE SHEETS DECEMBER 31, 2012 AND 2011

(In Thousands)

 

    2012     2011  
ASSETS                
Cash and due from banks   $ 3,264     $ 2,908  
Investment in subsidiary     265,229       223,753  
Other assets     18       293  
Total assets   $ 268,511     $ 226,954  
                 
LIABILITIES AND STOCKHOLDERS' EQUITY                
Liabilities:                
Other borrowings   $ 19,917     $ -  
Subordinated debentures     15,050       30,514  
Other liabilities     287       148  
Total liabilities     35,254       30,662  
Stockholders' equity:                
Preferred stock, Series A Senior Non-Cumulative Perpetual, par value $.001 (liquidation preference $1,000), net of discount; 40,000 shares authorized, 40,000 shares issued and outstanding at December 31, 2012 and no shares authorized, issued and outstanding at December 31, 2011     39,958       39,958  
Common stock, par value $.001 per share; 50,000,000 shares authorized; 6,268,812 shares issued and outstanding at December 31, 2012 and 5,932,182 shares issued and outstanding at December 31, 2011     6       6  
Additional paid-in capital     93,505       87,805  
Retained earnings     92,492       61,581  
Accumulated other comprehensive income     7,296       6,942  
Total stockholders' equity     233,257       196,292  
Total liabilites and stockholders' equity   $ 268,511     $ 226,954  

 

STATEMENTS OF INCOME

FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)

 

    2012     2011     2010  
Income:                        
Dividends received from subsidiary   $ -     $ 800     $ 1,230  
Other income     41       43       42  
Total income     41       843       1,272  
Interest on borrowings     2,213       2,345       2,236  
Other operating expenses     325       291       295  
Total expenses     2,538       2,636       2,531  
undistributed earnings of subsidiary     (2,497 )     (1,793 )     (1,259 )
Income tax benefit     (944 )     (976 )     (924 )
earnings of subsidiary     (1,553 )     (817 )     (335 )
Equity in undistributed earnings of subsidiary     35,998       24,255       17,713  
Net income     34,445       23,438       17,378  
Dividends on preferred stock     400       200       -  
Net income available to common stockholders   $ 34,045     $ 23,238     $ 17,378  

 

STATEMENT OF CASH FLOWS

FOR THE YEARS ENDED DECEMBER 31,

(In Thousands)

 

    2012     2011     2010  
Operating activities                        
Net income   $ 34,445     $ 23,438     $ 17,378  
Adjustments to reconcile net income to net cash used in operating activities:                        
Other     878       (50 )     241  
Equity in undistributed earnings of subsidiary     (35,998 )     (24,255 )     (17,713 )
Net cash (used in) provided by operating activities     (675 )     (867 )     (94 )
Investing activities                        
Investment in subsidiary     -       (46,200 )     (15,000 )
Net cash used in investing activities     -       (46,200 )     (15,000 )
Financing activities                        
Proceeds from other borrowings     19,917       -       -  
Repayment of subordinated debentures     (15,464 )     -       -  
Proceeds from issuance of subordinated debentures     -       -       15,050  
Proceeds from issuance of preferred stock     -       39,958       -  
Proceeds from issuance of common stock     112       10,166       -  
Dividends on preferred stock     (400 )     (200 )     -  
Dividends on common stock     (3,134 )     -       -  
Net cash provided by financing activities     1,031       49,924       15,050  
(Decrease) increase in cash and cash equivalents   $ 356     $ 2,857     $ (44 )
Cash and cash equivalents at beginning of year     2,908       51       95  
Cash and cash equivalents at end of year   $ 3,264     $ 2,908     $ 51  

 

QUARTERLY FINANCIAL DATA (UNAUDITED)

 

The following table sets forth certain unaudited quarterly financial data derived from our consolidated financial statements. Such data is only a summary and should be read in conjunction with our historical consolidated financial statements and related notes continued in this annual report on Form 10-K.

 

    2012 Quarter Ended  
    (Dollars in thousands, except per share data)  
    March 31     June 30     September 30     December 31  
Interest income   $ 25,571     $ 26,654     $ 27,743     $ 29,055  
Interest expense     3,833       3,749       3,695       3,624  
Net interest income     21,738       22,905       24,048       25,431  
Provision for loan losses     2,383       3,083       1,185       2,449  
Net income available to common stockholders     8,155       8,231       9,202       8,457  
Net income per common share, basic   $ 1.37     $ 1.38     $ 1.53     $ 1.40  
Net income per common share, diluted   $ 1.20     $ 1.21     $ 1.35     $ 1.23  
                                 

 

    2011 Quarter Ended  
    (Dollars in thousands, except per share data)  
    March 31     June 30     September 30     December 31  
Interest income   $ 20,961     $ 22,080     $ 23,312     $ 25,058  
Interest expense     3,985       4,032       4,093       3,970  
Net interest income     16,976       18,048       19,219       21,088  
Provision for loan losses     2,231       1,494       2,740       2,507  
Net income available to common stockholders     4,871       5,845       6,035       6,487  
Net income per common share, basic   $ 0.88     $ 1.02     $ 1.03     $ 1.10  
Net income per common share, diluted   $ 0.77     $ 0.89     $ 0.90     $ 0.97