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Parent Only Condensed Financial Statements | 12 Months Ended
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Dec. 31, 2011
Condensed Financial Information of Parent Company Only Disclosure [Abstract] |
Parent Only Condensed Financial Statements | PARENT ONLY CONDENSED FINANCIAL STATEMENTS CONDENSED BALANCE SHEETS December 31, 2011 and 2010 (In thousands)
| 2011 |  | 2010
ASSETS |  |  |  |  |
Cash and cash equivalents | $ | 969 |  |  | $ | 1,071 |
Investment in Bank subsidiary | 111,357 |  |  | 101,346 |
Other assets | 508 |  |  | 305 |
Total assets | $ | 112,834 |  |  | $ | 102,722 |
LIABILITIES AND SHAREHOLDERS’ EQUITY |  |  |  |  |
Liabilities: |  |  |  |  |
Junior subordinated debentures due to subsidiary grantor trust | $ | 5,155 |  |  | $ | 5,155 |
Other liabilities | 197 |  |  | 176 |
Total liabilities | 5,352 |  |  | 5,331 |
Shareholders’ equity: |  |  |  |  |
Preferred stock, Series A | — |  |  | 6,864 |
Preferred stock, Series B | — |  |  | 1,317 |
Preferred stock, Series C | 7,000 |  |  | — |
Common stock | 40,552 |  |  | 38,428 |
Retained earnings | 55,806 |  |  | 49,815 |
Accumulated other comprehensive income, net of taxes | 4,124 |  |  | 967 |
Total shareholders’ equity | 107,482 |  |  | 97,391 |
Total liabilities and shareholders’ equity | $ | 112,834 |  |  | $ | 102,722 |
CONDENSED STATEMENTS OF INCOME For the Years Ended December 31, 2011, 2010, and 2009 (In thousands)
| 2011 |  | 2010 |  | 2009
Income: |  |  |  |  |  |  |  |
Other income | $ | 3 |  |  | $ | 3 |  |  | $ | 13 |
Total income | 3 |  |  | 3 |  |  | 13 |
Expenses: |  |  |  |  |  |  |  |
Interest on junior subordinated deferrable interest debentures | 100 |  |  | 102 |  |  | 129 |
Professional fees | 148 |  |  | 147 |  |  | 30 |
Other expenses | 352 |  |  | 329 |  |  | 295 |
Total expenses | 600 |  |  | 578 |  |  | 454 |
Loss before equity in undistributed net income of Subsidiary | (597 | ) |  | (575 | ) |  | (441 | )
Equity in undistributed net income of Subsidiary, net of distributions | 6,854 |  |  | 3,657 |  |  | 2,871 |
Income before income tax benefit | 6,257 |  |  | 3,082 |  |  | 2,430 |
Benefit from income taxes | 220 |  |  | 197 |  |  | 158 |
Net income | 6,477 |  |  | 3,279 |  |  | 2,588 |
Preferred stock dividend and accretion of discount | 486 |  |  | 395 |  |  | 365 |
Income available to common shareholders | $ | 5,991 |  |  | $ | 2,884 |  |  | $ | 2,223 |
CONDENSED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2011, 2010, and 2009 (In thousands)
| 2011 |  | 2010 |  | 2009
Cash flows from operating activities: |  |  |  |  |  |  |  |
Net income | $ | 6,477 |  |  | $ | 3,279 |  |  | $ | 2,588 |
Adjustments to reconcile net income to net cash (used in) provided by operating activities: |  |  |  |  |  |  |
Undistributed net income of subsidiary, net of distributions | (6,854 | ) |  | (3,657 | ) |  | (2,871 | )
Stock-based compensation | 196 |  |  | 239 |  |  | 284 |
Tax benefit from exercise of stock options | (116 | ) |  | (28 | ) |  | (7 | )
Net (increase) decrease in other assets | (50 | ) |  | 170 |  |  | 1,765 |
Net (decrease) increase in other liabilities | (23 | ) |  | 23 |  |  | (140 | )
Provision for deferred income taxes | (36 | ) |  | (43 | ) |  | 68 |
Net cash (used in) provided by operating activities | (406 | ) |  | (17 | ) |  | 1,687 |
Cash flows used in investing activities: |  |  |  |  |  |  |  |
Investment in subsidiary | — |  |  | — |  |  | (16,578 | )
Cash flows from financing activities: |  |  |  |  |  |  |  |
Net proceeds from issuance of common stock | — |  |  | — |  |  | 6,441 |
Proceeds from issuance of Series A preferred stock and warrants | — |  |  | — |  |  | 7,000 |
Proceeds from issuance of Series B preferred stock | — |  |  | — |  |  | 1,317 |
Cash dividend payments | (307 | ) |  | (349 | ) |  | (277 | )
Proceeds from exercise of stock options | 680 |  |  | 550 |  |  | 175 |
Warrant purchase | (185 | ) |  | — |  |  | — |
Tax benefit from exercise of stock options | 116 |  |  | 28 |  |  | 7 |
Net cash provided in financing activities | 304 |  |  | 229 |  |  | 14,663 |
(Decrease) increase in cash and cash equivalents | (102 | ) |  | 212 |  |  | (228 | )
Cash and cash equivalents at beginning of year | 1,071 |  |  | 859 |  |  | 1,087 |
Cash and cash equivalents at end of year | $ | 969 |  |  | $ | 1,071 |  |  | $ | 859 |
Cash paid during the year for interest | $ | 98 |  |  | $ | 101 |  |  | $ | 182 |
Non-Cash Investing and Financing Activities: |  |  |  |  |  |  |
Redemption of preferred stock Series A and issuance of preferred stock Series C | $ | 7,000 |  |  | $ | — |  |  | $ | — |
Accrued Preferred Stock Dividend | $ | 88 |  |  | $ | 45 |  |  | $ | 44 |
SUPPLEMENTARY FINANCIAL INFORMATION The following supplementary financial information is not a part of the Company’s financial statements. Unaudited Quarterly Statement of Operations Data (Dollars in thousands, except per share data)
| Q4 2011 |  | Q3 2011 |  | Q2 2011 |  | Q1 2011 |  | Q4 2010 |  | Q3 2010 |  | Q2 2010 |  | Q1 2010
Net interest income | $ | 8,016 |  |  | $ | 7,949 |  |  | $ | 7,794 |  |  | $ | 7,598 |  |  | $ | 7,641 |  |  | $ | 8,173 |  |  | $ | 7,930 |  |  | $ | 7,986 |
Provision for credit losses | 300 |  |  | 400 |  |  | 250 |  |  | 100 |  |  | 900 |  |  | 1,300 |  |  | 1,000 |  |  | 600 |
Net interest income after provision for credit losses | 7,716 |  |  | 7,549 |  |  | 7,544 |  |  | 7,498 |  |  | 6,741 |  |  | 6,873 |  |  | 6,930 |  |  | 7,386 |
Total non-interest income | 1,336 |  |  | 1,595 |  |  | 1,597 |  |  | 1,748 |  |  | 347 |  |  | 1,293 |  |  | 747 |  |  | 1,334 |
Total non-interest expense | 6,803 |  |  | 7,222 |  |  | 7,067 |  |  | 7,153 |  |  | 6,986 |  |  | 7,409 |  |  | 7,142 |  |  | 7,204 |
(Benefit from) Provision for income taxes | 541 |  |  | 514 |  |  | 301 |  |  | 505 |  |  | (517 | ) |  | (107 | ) |  | 31 |  |  | 224 |
Net income | $ | 1,708 |  |  | $ | 1,408 |  |  | $ | 1,773 |  |  | $ | 1,588 |  |  | $ | 619 |  |  | $ | 864 |  |  | $ | 504 |  |  | $ | 1,292 |
Net income available to common shareholders | $ | 1,622 |  |  | $ | 1,206 |  |  | $ | 1,674 |  |  | $ | 1,489 |  |  | $ | 520 |  |  | $ | 766 |  |  | $ | 405 |  |  | $ | 1,193 |
Basic earnings per share | $ | 0.17 |  |  | $ | 0.13 |  |  | $ | 0.18 |  |  | $ | 0.16 |  |  | $ | 0.06 |  |  | $ | 0.08 |  |  | $ | 0.04 |  |  | $ | 0.13 |
Diluted earnings per share | $ | 0.17 |  |  | $ | 0.13 |  |  | $ | 0.18 |  |  | $ | 0.16 |  |  | $ | 0.06 |  |  | $ | 0.08 |  |  | $ | 0.04 |  |  | $ | 0.13 |

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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 -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
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