CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

12 Months Ended

Dec. 31, 2015

Condensed Financial Information of Parent Company Only Disclosure [Abstract]

CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

NOTE 21 – CONDENSED FINANCIAL STATEMENTS OF PARENT COMPANY

Financial information as of December 31, 2015 and 2014, for the year ended December 31, 2015, for the twelve months ended December 31, 2014, for the six months ended December 31, 2014 and for the years ended June 30, 2014 and 2013, pertaining only to Alamogordo Financial Corp. is as follows: 

BALANCE SHEETS

	December 31,
	2015			2014
ASSETS
Cash and due from banks	$	394,074		$	514,887
Investment in wholly owned subsidiary		29,618,697			29,185,530
ESOP note receivable		283,887			331,790
Prepaid and other assets		8,541			5,799
TOTAL ASSETS	$	30,305,199		$	30,038,006
LIABILITIES AND STOCKHOLDERS’ EQUITY
Liabilities
Income taxes payable	$	646,054		$	651,675
Accrued interest and other liabilities		15,421			50,000
Total liabilities		661,475			701,675
Stockholders’ equity
Common stock, $0.10 par value; 20,000,000 shares authorized,
1,685,132 issued, 1,679,500 outstanding at
December 31, 2015 and 2014.		168,513			168,552
Additional paid-in capital		9,713,894			9,714,459
Retained earnings		20,404,880			20,084,266
Accumulated other comprehensive loss		(216,047	)		(148,446	)
Treasury stock, at cost; 5,632 shares		(139,332	)		(139,332	)
Unearned employee stock ownership plan (ESOP) shares		(288,184	)		(343,168	)
Total stockholders’ equity		29,643,724			29,336,331
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	30,305,199		$	30,038,006

STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
				Twelve Months		Six Months
	Year Ended			Ended		Ended
	December 31,			December 31,		December 31,		Years Ended June 30,
	2015			2014		2014		2014			2013
				(Unaudited)
Interest income on ESOP note receivable	$	12,986		$	30,422	$	11,560	$	18,862		$	-
Noninterest income
Equity in income (loss) of subsidiary		446,390			540,326		1,047,091		(1,027,871	)		12,600
Noninterest expense
Professional fees and other		138,762			245,164		109,678		225,567			145,122
Income (loss) before income  taxes		320,614			325,584		948,973		(1,234,576	)		(132,522	)
Provision for income taxes		-			-		-		-			-
Net income (loss)		320,614			325,584		948,973		(1,234,576	)		(132,522	)
Other comprehensive (loss) income
Unrealized (loss) gain on available-for-sale securities		(67,601	)		916,352		401,181		(38,184	)		(635,904	)
COMPREHENSIVE INCOME (LOSS)	$	253,013		$	1,241,936	$	1,350,154	$	(1,272,760	)	$	(768,426	)

STATEMENTS OF CASH FLOWS
				Twelve Months			Six Months
	Year Ended			Ended			Ended
	December 31,			December 31,			December 31,			Years Ended June 30,
	2015			2014			2014			2014			2013
				(Unaudited)
Cash flows from operating activities
Net income (loss)	$	320,614		$	325,584		$	948,973		$	(1,234,576	)	$	(132,522	)
Adjustments to reconcile net income (loss) to net cash from operating activities
Equity in (income) loss of subsidiary		(446,390	)		(540,326	)		(1,047,091	)		1,027,871			(12,600	)
Changes in operating assets and liabilities
Income taxes payable		(5,621	)		460,682			150,352			310,330			190,943
Prepaid and other assets		(2,742	)		(5,799	)		41,370			(47,169	)		360,804
Accrued interest and other liabilities		(34,579	)		70,957			(42,559	)		33,361			(211,792	)
Other, net		2			24,545			7,499			21			-
Net cash (used for) provided by operating activities		(168,716	)		335,643			58,544			89,838			194,833
Cash flows from investing activities -
Principal collections on ESOP note receivable		47,903			29,197			29,197			-			-
Funding of ESOP		-			(106,919	)		-			(106,919	)		-
Net cash provided by (used for) investing activities		47,903			(77,722	)		29,197			(106,919	)		-
Cash flows from financing activities -
Stock repurchases		-			-			-			-			(320,781	)
Net (decrease) increase in cash and due from banks		(120,813	)		257,921			87,741			(17,081	)		(125,948	)
Cash and due from banks, beginning of period		514,887			256,966			427,146			444,227			570,175
Cash and due from banks, end of period	$	394,074		$	514,887		$	514,887		$	427,146		$	444,227
Supplemental disclosures:
Noncash investing and financing activities:
Sale of treasury shares to ESOP	$	-		$	345,074		$	-		$	345,074		$	-
Issuance of common stock in merger	$	-		$	5,783,428		$	5,783,428		$	-		$	-