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Condensed Financial Information of the Parent Company Only (Tables) | 12 Months Ended
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Dec. 31, 2013
Condensed Financial Information of the Parent Company Only |
Condensed Balance Sheets |
|  | December 31, |
(in thousands) |  | 2013 |  | 2012 |
Assets |  |  |  |  |
Cash and due from bank subsidiaries |  | $ | 450 |  | $ | 1,863 |
Investment in equity securities |  | 1,486 |  | 1,486 |
Investment in subsidiaries |  | 122,413 |  | 139,849 |
Premises and equipment |  | 0 |  | 1 |
Deferred tax asset |  | 130 |  | 1,424 |
Other assets |  | 1,011 |  | 1,022 |
Total assets |  | $ | 125,490 |  | $ | 145,645 |
Liabilities and Stockholders’ Equity |  |  |  |  |
Subordinated notes |  | $ | 49,486 |  | $ | 49,486 |
Other liabilities |  | 1,624 |  | 3,939 |
Stockholders’ equity |  | 74,380 |  | 92,220 |
Total liabilities and stockholders’ equity |  | $ | 125,490 |  | $ | 145,645 |
Schedule of Condensed Statements of Income |
|  | For the Years Ended December 31, |
|  | 2013 |  | 2012 |  | 2011 |
Income |  |  |  |  |  |  |
Interest and dividends received from subsidiaries |  | $ | 15,039 |  | $ | 4,596 |  | $ | 5,191 |
Total income |  | 15,039 |  | 4,596 |  | 5,191 |
Expenses |  |  |  |  |  |  |
Interest on subordinated notes |  | 1,284 |  | 1,381 |  | 1,301 |
Other |  | 1,778 |  | 2,889 |  | 2,605 |
Total expenses |  | 3,062 |  | 4,270 |  | 3,906 |
Income before income tax benefit and |  |  |  |  |  |  |
equity in undistributed income of subsidiaries |  | 11,977 |  | 326 |  | 1,285 |
Income tax benefit |  | 1,126 |  | 2,257 |  | 1,368 |
Equity in undistributed (losses) income of subsidiaries |  | (8,129 | ) | 239 |  | 204 |
Net income |  | $ | 4,974 |  | $ | 2,822 |  | $ | 2,857 |
Schedule of Condensed Statements of Cash Flows |
|  | For the Years Ended December 31, |
(in thousands) |  | 2013 |  | 2012 |  | 2011 |
Cash flows from operating activities: |  |  |  |  |  |  |
Net income |  | $ | 4,974 |  | $ | 2,822 |  | $ | 2,857 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |  |  |  |
Depreciation |  | 1 |  | 1 |  | 2 |
Equity in undistributed losses (income) of subsidiaries |  | 8,129 |  | (239 | ) | (204 | )
Stock based compensation expense |  | 19 |  | 29 |  | 58 |
Decrease (increase) in deferred tax asset |  | 1,325 |  | (148 | ) | (274 | )
Other, net |  | (182 | ) | (813 | ) | (89 | )
Net cash provided by operating activities |  | 14,266 |  | 1,652 |  | 2,350 |
Cash flows from investing activities: |  |  |  |  |  |  |
Investment in subsidiary |  | 4,550 |  | 1,072 |  | 900 |
Net cash provided by investing activities |  | 4,550 |  | 1,072 |  | 900 |
Cash flows from financing activities: |  |  |  |  |  |  |
Redemption of 18,255 and 12,000 shares, respectively, of preferred stock |  | (18,255 | ) | (12,000 | ) | 0 |
Cash dividends paid - preferred stock |  | (456 | ) | (1,203 | ) | (1,513 | )
Cash dividends paid - common stock |  | (978 | ) | (940 | ) | (904 | )
Warrant redemption |  | (540 | ) | 0 |  | 0 |
Net cash used in financing activities |  | (20,229 | ) | (14,143 | ) | (2,417 | )
Net (decrease) increase in cash and due from banks |  | (1,413 | ) | (11,419 | ) | 833 |
Cash and due from banks at beginning of year |  | 1,863 |  | 13,282 |  | 12,449 |
Cash and due from banks at end of year |  | $ | 450 |  | $ | 1,863 |  | $ | 13,282 |

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