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Capital Requirements
 9 Months Ended
Sep. 30, 2012
Capital Requirements [Abstract]  
Capital Requirements

Note 7. Capital Requirements

A comparison of the capital of the Company and the Bank at September 30, 2012 and December 31, 2011 with the minimum regulatory guidelines were as follows:

 

                                                 
                            Minimum  
                (dollars in thousands)     To Be Well  
                            Capitalized Under  
                Minimum Capital     Prompt Corrective  
    Actual     Requirement     Action Provisions  
    Amount     Ratio     Amount     Ratio     Amount     Ratio  

September 30, 2012:

                                                

Total Capital (to Risk Weighted Assets):

                                                

Consolidated

   $ 59,050       15.39 %    $ 30,705       8.00 %      N/A       N/A  

First Bank

   $ 51,926       13.55 %    $ 30,653       8.00 %    $ 38,316       10.00 % 

Tier 1 Capital (to Risk Weighted Assets):

                                                

Consolidated

   $ 54,138       14.11 %    $ 15,352       4.00 %      N/A       N/A  

First Bank

   $ 47,022       12.27 %    $ 15,327       4.00 %    $ 22,990       6.00 % 

Tier 1 Capital (to Average Assets):

                                                

Consolidated

   $ 54,138       10.28 %    $ 21,071       4.00 %      N/A       N/A  

First Bank

   $ 47,022       8.93 %    $ 21,060       4.00 %    $ 26,325       5.00 % 

December 31, 2011:

                                                

Total Capital (to Risk Weighted Assets):

                                                

Consolidated

   $ 50,359       12.51 %    $ 32,192       8.00 %      N/A       N/A  

First Bank

   $ 49,761       12.38 %    $ 32,154       8.00 %    $ 40,193       10.00 % 

Tier 1 Capital (to Risk Weighted Assets):

                                                

Consolidated

   $ 45,231       11.24 %    $ 16,096       4.00 %      N/A       N/A  

First Bank

   $ 44,639       11.11 %    $ 16,077       4.00 %    $ 24,116       6.00 % 

Tier 1 Capital (to Average Assets):

                                                

Consolidated

   $ 45,231       8.45 %    $ 21,408       4.00 %      N/A       N/A  

First Bank

   $ 44,639       8.30 %    $ 21,517       4.00 %    $ 26,896       5.00 % 

On June 29, 2012, the Company completed the sale of 1,945,815 shares of common stock in its previously announced rights offering and to certain standby investors. The Company’s existing shareholders exercised subscription rights to purchase 1,520,815 shares at a subscription price of $4.00 per share, and the standby investors purchased an additional 425,000 shares at the same price of $4.00 per share. In total, the Company raised net proceeds of $7.6 million.