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PARENT COMPANY FINANCIAL INFORMATION (Tables)

12 Months Ended

Dec. 31, 2012

PARENT COMPANY FINANCIAL INFORMATION [Abstract]

Balance Sheets


		AT DECEMBER 31,
		2012				2011
		(IN THOUSANDS)
ASSETS
Cash		$	100			$	100
Short-term investments in money market funds			6,085				4,430
Investment securities available for sale			10,534				11,269
Equity investment in banking subsidiary			99,121				103,010
Equity investment in non-banking subsidiaries			5,017				4,888
Guaranteed junior subordinated deferrable interest debenture issuance costs			240				256
Other assets			2,713				2,604
TOTAL ASSETS		$	123,810			$	126,557
LIABILITIES
Guaranteed junior subordinated deferrable interest debentures		$	13,085			$	13,085
Other liabilities			257				1,120
TOTAL LIABILITIES			13,342				14,205
STOCKHOLDERS' EQUITY
Total stockholders' equity			110,468				112,352
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY		$	123,810			$	126,557

Statements of Operations


		YEAR ENDED DECEMBER 31,
		2012				2011				2010
		(IN THOUSANDS)
INCOME
Inter-entity management and other fees		$	2,355			$	2,329			$	2,362
Dividends from banking subsidiary			8,000				2,500				-
Dividends from non-banking subsidiaries			710				620				205
Interest and dividend income			306				415				499
TOTAL INCOME			11,371				5,864				3,066
EXPENSE
Interest expense			1,121				1,121				1,121
Salaries and employee benefits			2,368				2,394				2,333
Other expense			1,582				1,477				1,529
TOTAL EXPENSE			5,071				4,992				4,983
INCOME (LOSS) BEFORE INCOME TAXES AND EQUITY IN UNDISTRIBUTED EARNINGS OF SUBSIDIARIES			6,300				872				(1,917	)
Benefit for income taxes			819				764				722
Equity in undistributed earnings of subsidiaries			(2,080)				4,901				2,477
NET INCOME		$	5,039			$	6,537			$	1,282
COMPREHENSIVE INCOME		$	3,320			$	7,739			$	793

Statements of Cash Flows


		YEAR ENDED DECEMBER 31,
		2012				2011				2010
		(IN THOUSANDS)
OPERATING ACTIVITIES
Net income		$	5,039			$	6,537			$	1,282
Adjustment to reconcile net income to net cash provided by (used in) operating activities:
Equity in undistributed earnings of subsidiaries			2,080				(4,901	)			(2,477	)
Stock compensation expense			38				15				61
Other - net			(989)				(285	)			(107	)
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES			6,168				1,366				(1,241	)
INVESTING ACTIVITIES
Purchase of investment securities - available for sale			(2,077)				(3,049	)			(4,044	)
Proceeds from maturity of investment securities - available for sale			2,809				5,942				7,050
Capital contribution to banking subsidiary			-				-				(1,000	)
NET CASH PROVIDED BY INVESTING ACTIVITIES			732				2,893				2,006
FINANCING ACTIVITIES
Purchase of treasury stock			(4,417)				(582	)			-
Warrant repurchase			-				(825	)			-
Preferred stock dividends paid			(828)				(1,054	)			(1,050	)
NET CASH USED IN FINANCING ACTIVITIES			(5,245)				(2,461	)			(1,050	)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS			1,655				1,798				(285	)
CASH AND CASH EQUIVALENTS AT JANUARY 1			4,530				2,732				3,017
CASH AND CASH EQUIVALENTS AT DECEMBER 31		$	6,185			$	4,530			$	2,732