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Note 13 - Shareholders' Equity
 12 Months Ended
Dec. 31, 2014
Stockholders' Equity Note [Abstract]  
Stockholders' Equity Note Disclosure [Text Block]

Note 13.

Shareholders’ Equity


Common Stock


On December 16, 2009, the Company entered into a Securities Purchase Agreement (the “Securities Purchase Agreement”) with the Bank and PNBK Holdings, LLC, a limited liability company controlled by Michael Carrazza (“Holdings”). Pursuant to the Securities Purchase Agreement, on October 15, 2010, the Company issued and sold to Holdings 3.36 million shares of its common stock at a purchase price of $15.00 per share for an aggregate purchase price of $50.4 million. The shares sold to Holdings represent 87.6% of the Company’s current issued and outstanding common stock. Also in connection with that sale, certain directors and officers of both the Company and the Bank resigned and were replaced with nominees of Holdings and Michael Carrazza became Chairman of the Board of the Company.


In connection with that sale, the Company reduced the par value of its common stock to $0.01 per share and increased the number of its authorized common shares to 100 million. Also in connection with that sale, the Company entered into a Registration Rights Agreement with Holdings. The Registration Rights Agreement provides Holdings with customary demand, shelf and piggyback registration rights.


Income (loss) Per Share


The Company is required to present basic income (loss) per share and diluted income (loss) per share in its consolidated statements of operations. Basic income (loss) per share amounts are computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted income (loss) per share reflects additional common shares that would have been outstanding if potentially dilutive common shares had been issued, as well as any adjustment to income that would result from the assumed issuance. Potential common shares that may be issued by the Company relate to outstanding stock options and would be determined using the treasury stock method. The Company is also required to provide a reconciliation of the numerator and denominator used in the computation of both basic and diluted income (loss) per share.


Non-vested restricted stock awards did not have an impact on the diluted earnings per share. The Company had no outstanding stock options. The following tables represent information about the computation of basic and diluted loss per share for the years ended December 31, 2014, 2013 and 2012:  


   

2014

 
   

Net

   

Weighted Average

   

Per Share

 
   

Income

   

Common Shares O/S (1)

   

Amount (1)

 

Basic and Diluted Income Per Share

                       
                         

Income attributable to common shareholders

  $ 15,709,000       3,850,042     $ 4.08  

   

2013

 
   

Net

   

Weighted Average

   

Per Share

 
   

Loss

   

Common Shares O/S

   

Amount

 

Basic and Diluted Loss Per Share

                       
                         

Loss attributable to common shareholders

  $ (7,289,000 )     3,842,353     $ (1.90 )

   

2012

 
   

Net

   

Weighted Average

   

Per Share

 
   

Loss

   

Common Shares O/S

   

Amount

 

Basic and Diluted Loss Per Share

                       
                         

Loss attributable to common shareholders

  $ (536,000 )     3,840,189     $ (0.14 )

(1) On March 4, 2015, the Company affected a 1-for- 10 reverse stock split. All common stock and per share data have been restated to give effect to the reverse stock split.


For the years ended December 31, 2014, 2013 and 2012, there were no dilutive securities.