Note 20 - Condensed Financial Statements of Parent Company

12 Months Ended

Mar. 31, 2017

Notes to Financial Statements

Condensed Financial Information of Parent Company Only Disclosure [Text Block]

Note

20:

     

Condensed Financial Statements of Parent Company

Presented below are the condensed statements of financial condition as of

March 31, 2017

and

2016,

and the related condensed statements of operations and condensed statements of cash flows for Hamilton Bancorp, Inc. for the years ended

March 31, 2017

and

2016.

Condensed Statements of Financial Condition
	March 31, 2017			March 31, 2016
Assets
Cash and due from bank	$	3,250,700		$	5,725,430
Investment securities available-for-sale		2,016,730			1,000,250
Loans and leases, net of unearned income		479,473			632,786
ESOP loan receivable		2,332,992			2,449,810
Investment in bank subsidiary		51,487,261			51,548,080
Other assets		224,074			214,581
Total Assets	$	59,791,230		$	61,570,937
Liabilities	$	-		$	26,354
Shareholders' Equity
Common stock		34,111			34,136
Additional paid in capital		31,656,235			31,242,731
Retained earnings		31,730,673			32,659,455
Unearned ESOP shares		(2,221,800	)		(2,369,920	)
Accumulated other comprehensive loss		(1,407,989	)		(21,819	)
Total Shareholders' Equity		59,791,230			61,544,583
Total Liabilities and Shareholders' Equity	$	59,791,230		$	61,570,937

Condensed Statements of Operations
	March 31, 2017			March 31, 2016
Interest revenue
Interest on loans, including fees	$	30,464		$	16,086
Interest on bank deposits		5,307			7,139
Interest on investments		18,932			22,500
Interest on ESOP loan		87,710			82,432
Total interest revenue		142,413			128,157
Noninterest expenses
Legal		25,232			48,866
Other professional services		587			43,285
Merger related expenses		219,417			891,378
Other operating		171,516			232,680
Total noninterest expenses		416,752			1,216,209
Loss before income tax benefit and equity in net loss of bank subsidiary		(274,339	)		(1,088,052	)
Income tax benefit		(16,013	)		(66,869	)
Loss before equity in net loss of bank subsidiary		(258,326	)		(1,021,183	)
Equity in net (loss) income of bank subsidiary		(670,456	)		928,567
Net loss	$	(928,782	)	$	(92,616	)

Condensed Statements of Cash Flows
	March 31, 2017			March 31, 2016
Cash flows from operating activities:
Net loss	$	(928,782	)	$	(92,616	)
Adjustments to reconcile net loss to net cash used by operating activities:
Equity in undistributed net (loss) income of subsidiary		670,456			(928,567	)
Amortization of premium on investment securities		4,707			-
Increase in other assets		(9,593	)		(96,962	)
Decrease in other liabilities		(23,976	)		(51,458	)
Net cash used by operating activities		(287,188	)		(1,169,603	)
Cash flows from investing activities:
Acquistion, net of cash acquired		(22,430,749	)		(13,804,370	)
Principal collected on ESOP loan		116,819			115,409
Principal repayments on loans		153,313			23,146
Proceeds from maturing and called certificates of deposit		-			264,510
Proceeds from maturing and called securities available for sale, including principal pay downs		1,000,000			-
Purchase of investment securities available-for-sale		(2,026,900	)		-
Net cash used by investing activities		(23,187,517	)		(13,401,305	)
Cash flows from financing activities:
Dividend from Bank subsidiary		24,000,000			10,000,000
Dividend to Bank subsidiary		(3,000,000	)		-
Issuance of restricted stock		20			-
Redemption of restricted stock		(45	)		-
Net cash provided by financing activities		20,999,975			10,000,000
Net decrease in cash and cash equivalents		(2,474,730	)		(4,570,908	)
Cash and cash equivalents at beginning of period		5,725,430			10,296,338
Cash and cash equivalents at end of period	$	3,250,700		$	5,725,430