CONDENSED PARENT COMPANY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2012

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

Schedule of condensed balance sheets of parent Company

	At December 31,
	2012		2011
	(In thousands)
ASSETS
Non-interest bearing deposit in the Bank	$	4,840	$	745
Loan to the Bank for ESOP	1,153		343
Investment in subsidiary	24,556		19,239
Other assets	14		5
Total assets	$	30,563	$	20,332
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	—	$	3
Stockholders’ equity	30,563		20,329
Total liabilities and stockholders’ equity	$	30,563	$	20,332

Schedule of net income of operations of parent Company

	Years Ended
	December 31,
	2012			2011
	(In thousands)
Interest income on ESOP loan	$	33		$	54
Non-interest expense	105			65
Loss before income taxes and equity in undistributed net income of the Bank	(72		)	(11		)
Applicable income tax benefit	29			4
Loss before equity in undistributed net income of subsidiary	(43		)	(7		)
Equity in undistributed net income of subsidiary	991			1,018
Net income	$	948		$	1,011

Schedule of condensed statements of cash flows of parent Company

	Years Ended
	December 31,
	2012			2011
	(In thousands)
Cash flows from operating activities:
Net income	$	948		$	1,011
Adjustments to reconcile net income to net cash provided by operating activities:
Repayment of ESOP loan	85			83
Equity in undistributed income of subsidiary	(991		)	(1,018		)
Other, net	(28		)	(43		)
Net cash provided by operating activities	14			33
Cash flows from investing activities:
Capital contribution to the Bank	(4,966		)	—
Net cash used by investing activities	(4,966		)	—
Cash flows from financing activities:
Net proceeds from issuance of common stock	9,050			—
Purchase of treasury stock	(8		)
Cash received from Georgetown Bancorp, MHC due to reorganization	5
Net cash provided by financing activities	9,047			—
Net change in cash and cash equivalents	4,095			33
Cash and cash equivalents at beginning of period	745			712
Cash and cash equivalents at end of period	$	4,840		$	745
Supplementary information:
Transfer from other assets to ESOP loan with the Bank	$	15		$	—