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Capital Requirements
 9 Months Ended
Sep. 30, 2013
Banking And Thrift [Abstract]  
Capital Requirements
Note 7. Capital Requirements

A comparison of the capital of the Company and the Bank at September 30, 2013 and December 31, 2012 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, 2013:

                

Total Capital (to Risk Weighted Assets):

                

Consolidated

    $ 61,565         16.57 %    $ 29,732         8.00 %      N/A         N/A   

First Bank

    $ 55,397         14.92 %    $ 29,695         8.00 %    $ 37,118         10.00 % 

Tier 1 Capital (to Risk Weighted Assets):

                

Consolidated

    $ 56,830         15.29 %    $ 14,866         4.00 %      N/A         N/A   

First Bank

    $ 50,668         13.65 %    $ 14,847         4.00 %    $ 22,271         6.00 % 

Tier 1 Capital (to Average Assets):

                

Consolidated

    $ 56,830         10.61 %    $ 21,431         4.00 %      N/A         N/A   

First Bank

    $ 50,668         9.46 %    $ 21,415         4.00 %    $ 26,769         5.00 % 

December 31, 2012:

                

Total Capital (to Risk Weighted Assets):

                

Consolidated

    $ 59,876         15.34 %    $ 31,220         8.00 %      N/A         N/A   

First Bank

    $ 52,980         13.59 %    $ 31,197         8.00 %    $ 38,996         10.00 % 

Tier 1 Capital (to Risk Weighted Assets):

                

Consolidated

    $ 54,897         14.07 %    $ 15,610         4.00 %      N/A         N/A   

First Bank

    $ 48,004         12.31 %    $ 15,599         4.00 %    $ 23,398         6.00 % 

Tier 1 Capital (to Average Assets):

                

Consolidated

    $ 54,897         10.47 %    $ 20,971         4.00 %      N/A         N/A   

First Bank

    $ 48,004         9.15 %    $ 20,974         4.00 %    $ 26,218         5.00 % 

 

On June 29, 2012, the Company completed the sale of 1,945,815 shares of common stock in a 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.