Condensed Parent Company Financial Statements (Tables)

12 Months Ended

Dec. 31, 2014

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

Schedule of condensed balance sheets of parent Company

	At December 31,
	2014		2013
	(In thousands)
ASSETS
Non-interest bearing deposit in the Bank	$	2,143	$	2,716
Loan to the Bank for ESOP	1,018		1,086
Investment in subsidiary	27,436		25,065
Other assets	169		118
Total assets	$	30,766	$	28,985
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	54	$	43
Stockholders’ equity	30,712		28,942
Total liabilities and stockholders’ equity	$	30,766	$	28,985

Schedule of net income of parent Company

	Years Ended
	December 31,
	2014			2013
	(In thousands)
Interest income on ESOP loan	$	36		$	37
Non-interest expense	148			160
Loss before income taxes and equity in undistributed net income of the Bank	(112		)	(123		)
Applicable income tax benefit	45			49
Loss before equity in undistributed net income of subsidiary	(67		)	(74		)
Equity in undistributed net income of subsidiary	1,546			809
Net income	$	1,479		$	735

Schedule of condensed statements of cash flows of parent Company

	Years Ended
	December 31,
	2014			2013
	(In thousands)
Cash flows from operating activities:
Net income	$	1,479		$	735
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed income of subsidiary	(1,546		)	(809		)
Other, net	(18		)	(42		)
Net cash used by operating activities	(85		)	(116		)
Cash flows from investing activities:
Repayment of ESOP loan	68			67
Net cash provided by investing activities	68			67
Cash flows from financing activities:
Repurchase of common stock	(288		)	(1,770		)
Cash dividends paid on common stock	(274		)	(305		)
Exercise of stock options	6			—
Net cash used by financing activities	(556		)	(2,075		)
Net change in cash and cash equivalents	(573		)	(2,124		)
Cash and cash equivalents at beginning of period	2,716			4,840
Cash and cash equivalents at end of period	$	2,143		$	2,716