XML 52 R26.htm IDEA: XBRL DOCUMENT
v2.4.0.6

Parent Corporation Only Financial Statements | 12 Months Ended
--- | ---
Dec. 31, 2011
Parent Corporation Only Financial Statements |
Parent Corporation Only Financial Statements | ## Note 19 — Parent Corporation Only Financial Statements The Parent Corporation operates its wholly-owned subsidiary, Union Center National Bank. The earnings of this subsidiary are recognized by the Corporation using the equity method of accounting. Accordingly, earnings are recorded as increases in the Corporation's investment in the subsidiaries and dividends paid reduce the investment in the subsidiaries. The ability of the Parent Corporation to pay dividends will largely depend upon the dividends paid to it by the Bank. Dividends payable by the Bank to the Corporation are restricted under supervisory regulations (see Note 17 of the Notes to Consolidated Financial Statements). Condensed financial statements of the Parent Corporation only are as follows: # Condensed Statements of Condition
|  | At December 31,
|  | 2011 |  | 2010
|  | (Dollars in Thousands)
ASSETS |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2,042 |  |  | $ | 4,299 |
Investment in subsidiaries |  |  | 139,107 |  |  |  | 122,129 |
Securities available for sale |  |  | 419 |  |  |  | 432 |
Other assets |  |  | 191 |  |  |  | 22 |
Total assets |  | $ | 141,759 |  |  | $ | 126,882 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |  |  |  |
Other liabilities |  | $ | 688 |  |  | $ | 460 |
Securities sold under repurchase agreement |  |  | — |  |  |  | 310 |
Subordinated debentures |  |  | 5,155 |  |  |  | 5,155 |
Stockholders' equity |  |  | 135,916 |  |  |  | 120,957 |
Total liabilities and stockholders' equity |  | $ | 141,759 |  |  | $ | 126,882 |
# Condensed Statements of Income
|  | For Years Ended December 31,
|  | 2011 |  | 2010 |  | 2009
|  | (Dollars in Thousands)
Income: |  |  |  |  |  |  |  |  |  |  |  |
Dividend income from subsidiaries |  | $ | 785 |  |  | $ | 500 |  |  | $ | 2,474 |
Other income |  |  | 7 |  |  |  | 8 |  |  |  | 3 |
Net losses on available for sale securities |  |  | — |  |  |  | (97 | ) |  |  | (325 | )
Management fees |  |  | 294 |  |  |  | 290 |  |  |  | 298 |
Total Income |  |  | 1,086 |  |  |  | 701 |  |  |  | 2,450 |
Expenses |  |  | (615 | ) |  |  | (635 | ) |  |  | (604 | )
Income before equity in undistributed earnings of subsidiaries |  |  | 471 |  |  |  | 66 |  |  |  | 1,846 |
Equity in undistributed earnings of subsidiaries |  |  | 13,455 |  |  |  | 6,938 |  |  |  | 1,925 |
Net Income |  | $ | 13,926 |  |  | $ | 7,004 |  |  | $ | 3,771 |
# Condensed Statements of Cash Flows
|  | For Years Ended December 31
|  | 2011 |  | 2010 |  | 2009
|  | (Dollars in Thousands)
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 13,926 |  |  | $ | 7,004 |  |  | $ | 3,771 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net losses on available for sale securities |  |  | — |  |  |  | 97 |  |  |  | 325 |
Equity in undistributed earnings of subsidiary |  |  | (13,455 | ) |  |  | (6,938 | ) |  |  | (1,925 | )
Change in deferred tax asset |  |  | 3 |  |  |  | 224 |  |  |  | (111 | )
(Increase) decrease in other assets |  |  | (298 | ) |  |  | (44 | ) |  |  | 1,838 |
Increase (decrease) in other liabilities |  |  | 220 |  |  |  | 70 |  |  |  | (844 | )
Stock based compensation |  |  | 35 |  |  |  | 51 |  |  |  | 77 |
Net cash provided by operating activities |  |  | 431 |  |  |  | 464 |  |  |  | 3,131 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |  |  |
Maturity of available-for-sale securities |  |  | — |  |  |  | 130 |  |  |  | 659 |
Investments in subsidiaries |  |  | (1,250 | ) |  |  | (8,000 | ) |  |  | (19,000 | )
Net cash used in investing activities |  |  | (1,250 | ) |  |  | (7,870 | ) |  |  | (18,341 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |  |  |
Net decrease in borrowings |  |  | (310 | ) |  |  | (82 | ) |  |  | (411 | )
Cash dividends on common stock |  |  | (1,955 | ) |  |  | (1,800 | ) |  |  | (3,166 | )
Cash dividends on preferred stock |  |  | (417 | ) |  |  | (500 | ) |  |  | (425 | )
Proceeds from issuance of Series B preferred stock |  |  | 11,250 |  |  |  | — |  |  |  | — |
Redemption of Series A preferred stock |  |  | (10,000 | ) |  |  | — |  |  |  | — |
Warrant repurchased |  |  | (245 | ) |  |  | — |  |  |  | — |
Issuance cost of common stock |  |  | (5 | ) |  |  | (6 | ) |  |  | (11 | )
Issuance cost of Series B preferred stock |  |  | (84 | ) |  |  | — |  |  |  | — |
Proceeds from exercise of stock options |  |  | 328 |  |  |  | — |  |  |  | 57 |
Proceeds from restricted stock |  |  | — |  |  |  | 25 |  |  |  | — |
Proceeds from issuance of preferred stock and warrants |  |  | — |  |  |  | — |  |  |  | 10,000 |
Proceeds from issuance of shares from stock offerings |  |  | — |  |  |  | 12,148 |  |  |  | 11,000 |
Issuance cost of common stock from common stock offering |  |  | — |  |  |  | (770 | ) |  |  |  |
Tax (expense) from stock based compensation |  |  | — |  |  |  | 7 |  |  |  | (73 | )
Net cash (used in) provided by financing activities |  |  | (1,438 | ) |  |  | 9,022 |  |  |  | 16,971 |
Increase (decrease) in cash and cash equivalents |  |  | (2,257 | ) |  |  | 1,616 |  |  |  | 1,761 |
Cash and cash equivalents at beginning of year |  |  | 4,299 |  |  |  | 2,683 |  |  |  | 922 |
Cash and cash equivalents at the end of year |  | $ | 2,042 |  |  | $ | 4,299 |  |  | $ | 2,683 |

X
- Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 9 -Section 06 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Article 7 -Section 05 -Paragraph c Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04) -URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e24072-122690 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher AICPA -Name Accounting Research Bulletin (ARB) -Number 51 -Paragraph 24 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6921628&loc=d3e5283-111683 + Details
Name: | us-gaap_CondensedFinancialInformationOfParentCompanyOnlyDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration