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Parent Corporation Only Financial Statements | 12 Months Ended
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Dec. 31, 2013
Parent Corporation Only Financial Statements [Abstract] |
PARENT CORPORATION ONLY FINANCIAL STATEMENTS | Note 20 — 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 18 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, |
|  | 2013 |  | 2012 |
|  | (Dollars in Thousands) |
ASSETS |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 285 |  | $ | 629 |
Investment in subsidiaries |  |  | 173,658 |  |  | 165,351 |
Securities available for sale |  |  | 442 |  |  | 543 |
Other assets |  |  | 271 |  |  | 41 |
Total assets |  | $ | 174,656 |  | $ | 166,564 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |
Other liabilities |  | $ | 917 |  | $ | 718 |
Subordinated debentures |  |  | 5,155 |  |  | 5,155 |
Stockholders’ equity |  |  | 168,584 |  |  | 160,691 |
Total liabilities and stockholders’ equity |  | $ | 174,656 |  | $ | 166,564 |
Condensed Statements of Income
|  | For Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in Thousands) |
Income: |  |  |  |  |  |  |  |  |  |
Dividend income from subsidiaries |  | $ | 4,393 |  | $ | 2,079 |  | $ | 785 |
Other income |  |  | 6 |  |  | 15 |  |  | 7 |
Net gains on available for sale securities |  |  | 22 |  |  | 26 |  |  | — |
Management fees |  |  | 353 |  |  | 409 |  |  | 294 |
Total Income |  |  | 4,774 |  |  | 2,529 |  |  | 1,086 |
Expenses |  |  | (765) |  |  | (731) |  |  | (615) |
Income before equity in undistributed earnings of subsidiaries |  |  | 4,009 |  |  | 1,798 |  |  | 471 |
Equity in undistributed earnings of subsidiaries |  |  | 15,916 |  |  | 15,709 |  |  | 13,455 |
Net Income |  | $ | 19,925 |  | $ | 17,507 |  | $ | 13,926 |
Condensed Statements of Comprehensive Income
|  | Consolidated Subsidiaries |  | Parent |  | Consolidated Total |
|  | (Dollars in Thousands) |
For the year ended 2013: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,925 |  | $ | — |  | $ | 19,925 |
Other comprehensive (loss) income, net of tax: |  |  |  |  |  |  |  |  |  |
Net unrealized loss on investment securities |  |  | (8,073) |  |  | 79 |  |  | (7,994) |
Actuarial gain |  |  | 387 |  |  | — |  |  | 387 |
Total other comprehensive (loss) income |  |  | (7,686) |  |  | 79 |  |  | (7,607) |
Total comprehensive income |  | $ | 12,239 |  | $ | 79 |  | $ | 12,318 |
For the year ended 2012: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 17,507 |  | $ | — |  | $ | 17,507 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |
Net unrealized gain on investment securities |  |  | 10,935 |  |  | 41 |  |  | 10,976 |
Actuarial loss |  |  | (467) |  |  | — |  |  | (467) |
Total other comprehensive income |  |  | 10,468 |  |  | 41 |  |  | 10,509 |
Total comprehensive income |  | $ | 27,975 |  | $ | 41 |  | $ | 28,016 |
For the year ended 2011: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 13,926 |  | $ | — |  | $ | 13,926 |
Other comprehensive income, net of tax: |  |  |  |  |  |  |  |  |  |
Net unrealized gain (loss) on investment securities |  |  | 3,301 |  |  | (7) |  |  | 3,294 |
Actuarial loss |  |  | (1,065) |  |  | — |  |  | (1,065) |
Total other comprehensive income (loss) |  |  | 2,236 |  |  | (7) |  |  | 2,229 |
Total comprehensive income |  | $ | 16,162 |  | $ | (7) |  | $ | 16,155 |
Condensed Statements of Cash Flows
|  | For Years Ended December 31 |
|  | 2013 |  | 2012 |  | 2011 |
|  | (Dollars in Thousands) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 19,925 |  | $ | 17,507 |  | $ | 13,926 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |  |  |  |
Net gains on available for sale securities |  |  | (22) |  |  | (26) |  |  | — |
Equity in undistributed earnings of subsidiary |  |  | (15,916) |  |  | (15,709) |  |  | (13,455) |
Change in deferred tax asset |  |  | — |  |  | — |  |  | 3 |
(Increase) decrease in other assets |  |  | (167) |  |  | 563 |  |  | (298) |
(Decrease) increase in other liabilities |  |  | (276) |  |  | (772) |  |  | 220 |
Stock based compensation |  |  | 59 |  |  | 39 |  |  | 35 |
Net cash provided by operating activities |  |  | 3,603 |  |  | 1,602 |  |  | 431 |
Cash flows from investing activities: |  |  |  |  |  |  |  |  |  |
Proceeds from sales of available-for-sale securities |  |  | 181 |  |  | 375 |  |  | — |
Purchase of available-for-sale securities |  |  | — |  |  | (410) |  |  | — |
Investments in subsidiaries |  |  | — |  |  | — |  |  | (1,250) |
Net cash provided by (used in) investing activities |  |  | 181 |  |  | (35) |  |  | (1,250) |
Cash flows from financing activities: |  |  |  |  |  |  |  |  |  |
Net decrease in borrowings |  |  | — |  |  | — |  |  | (310) |
Cash dividends on common stock |  |  | (4,254) |  |  | (2,778) |  |  | (1,955) |
Cash dividends on preferred stock |  |  | (141) |  |  | (363) |  |  | (417) |
Proceeds from issuance of Series B preferred stock |  |  | — |  |  | — |  |  | 11,250 |
Redemption of Series A preferred stock |  |  | — |  |  | — |  |  | (10,000) |
Warrant repurchased |  |  | — |  |  | — |  |  | (245) |
Issuance of restricted stock award |  |  | 243 |  |  | — |  |  | — |
Issuance cost of common stock |  |  | (13) |  |  | (8) |  |  | (5) |
Issuance cost of Series B preferred stock |  |  | — |  |  | — |  |  | (84) |
Proceeds from exercise of stock options |  |  | 21 |  |  | 141 |  |  | 328 |
Tax expense from stock based compensation |  |  | 16 |  |  | 28 |  |  | — |
Net cash used in financing activities |  |  | (4,128) |  |  | (2,980) |  |  | (1,438) |
Decrease in cash and cash equivalents |  |  | (344) |  |  | (1,413) |  |  | (2,257) |
Cash and cash equivalents at beginning of year |  |  | 629 |  |  | 2,042 |  |  | 4,299 |
Cash and cash equivalents at the end of year |  | $ | 285 |  | $ | 629 |  | $ | 2,042 |

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- 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 -Section 06 -Article 9 Reference 2: 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=26873400&loc=d3e24072-122690 Reference 3: 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=7656940&loc=d3e5283-111683 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Article 12 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Article 5 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 05 -Paragraph c -Article 7 + Details
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