CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS (Tables)

12 Months Ended

Dec. 31, 2015

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

Schedule of condensed balance sheets of parent Company

	At December 31,
	2015		2014
	(In thousands)
ASSETS
Non-interest bearing deposit in the Bank	$	1,472	$	2,143
Loan to the Bank for ESOP		947		1,018
Investment in subsidiary		29,340		27,436
Other assets		191		169
Total assets	$	31,950	$	30,766
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	42	$	54
Stockholders’ equity		31,908		30,712
Total liabilities and stockholders’ equity	$	31,950	$	30,766

Schedule of net income of parent Company

	Years Ended
	December 31,
	2015		2014
	(In thousands)
Interest income on ESOP loan	$	33	$	36
Non-interest expense		119		148
Loss before income taxes and equity in undistributed net income of the Bank		(86)		(112)
Applicable income tax benefit		34		45
Loss before equity in undistributed net income of subsidiary		(52)		(67)
Equity in undistributed net income of subsidiary		1,570		1,546
Net income	$	1,518	$	1,479

Schedule of condensed statements of cash flows of parent Company

	Years Ended
	December 31,
	2015		2014
	(In thousands)
Cash flows from operating activities:
Net income	$	1,518	$	1,479
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed income of subsidiary		(1,570)		(1,546)
Other, net		(9)		(18)
Net cash used by operating activities		(61)		(85)
Cash flows from investing activities:
Repayment of ESOP loan		71		68
Net cash provided by investing activities		71		68
Cash flows from financing activities:
Repurchase of common stock		(369)		(288)
Cash dividends paid on common stock		(323)		(274)
Exercise of stock options		11		6
Net cash used by financing activities		(681)		(556)
Net change in cash and cash equivalents		(671)		(573)
Cash and cash equivalents at beginning of period		2,143		2,716
Cash and cash equivalents at end of period	$	1,472	$	2,143