CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2016

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

19.CONDENSED PARENT COMPANY ONLY FINANCIAL STATEMENTS

The condensed balance sheets of the parent company only are as follows:

BALANCE SHEETS

	At December 31,
	2016		2015
	(In thousands)
ASSETS
Non-interest bearing deposit in the Bank	$	604	$	1,472
Loan to the Bank for ESOP		874		947
Investment in subsidiary		30,531		29,340
Other assets		266		191
Total assets	$	32,275	$	31,950
LIABILITIES AND STOCKHOLDERS’ EQUITY
Other liabilities	$	119	$	42
Stockholders’ equity		32,156		31,908
Total liabilities and stockholders’ equity	$	32,275	$	31,950

The condensed statements of net income of the parent company only are as follows:

STATEMENTS OF INCOME

	Years Ended
	December 31,
	2016		2015
	(In thousands)
Interest income on ESOP loan	$	31	$	33
Non-interest expense		627		119
Loss before income taxes and equity in undistributed net income of the Bank		(596)		(86)
Applicable income tax benefit		48		34
Loss before equity in undistributed net income of subsidiary		(548)		(52)
Equity in undistributed net income of subsidiary		742		1,570
Net income	$	194	$	1,518

The condensed statements of cash flows of the parent company only are as follows:

	Years Ended
	December 31,
	2016		2015
	(In thousands)
Cash flows from operating activities:
Net income	$	194	$	1,518
Adjustments to reconcile net income to net cash used by operating activities:
Equity in undistributed net income of subsidiary		(742)		(1,570)
Other, net		28		(9)
Net cash used by operating activities		(520)		(61)
Cash flows from investing activities:
Repayment of ESOP loan		73		71
Net cash provided by investing activities		73		71
Cash flows from financing activities:
Repurchase of common stock		(74)		(369)
Cash dividends paid on common stock		(347)		(323)
Exercise of stock options		—		11
Net cash used by financing activities		(421)		(681)
Net change in cash and cash equivalents		(868)		(671)
Cash and cash equivalents at beginning of period		1,472		2,143
Cash and cash equivalents at end of period	$	604	$	1,472