Condensed Financial Information (Parent Company Only)

12 Months Ended

Dec. 31, 2011

Condensed Financial Information (Parent Company Only)

Note 20: Condensed Financial Information (Parent Company Only)

Presented below is condensed financial information as to financial position, results of operations and cash flows of the Company:

Condensed Balance Sheets

	December 31,
	2011		2010
	(In thousands)
Assets
Cash and cash equivalents	$	1,820	$	1,812
Investment in the Bank		38,393		37,958
Corporate owned life insurance		272		272
Other assets		1,583		1,129
Total assets	$	42,068	$	41,171
Liabilities and Stockholders’ Equity
Subordinated debentures	$	4,000	$	4,000
Other liabilities		1,886		1,590
Stockholders’ equity		36,182		35,581
Total liabilities and stockholders’ equity	$	42,068	$	41,171

Condensed Statements of Income

	Years Ended December 31,
	2011		2010
	(In thousands)
Operating Income
Dividends from subsidiary	$	4,448	$	3,154
Interest and dividend income from securities and federal funds		-		10
Total operating income		4,448		3,164
General, Administrative and Other Expenses		1,959		1,907
Income Before Income Taxes and Equity in Undistributed Income of Subsidiary		2,489		1,257
Income Tax Benefits		572		563
Income Before Equity in Undistributed Income of Subsidiary		3,061		1,820
Equity in Undistributed Income of Subsidiary		30		727
Net Income	$	3,091	$	2,547

Condensed Statements of Cash Flows

	Years Ended December 31,
	2011			2010
	(In thousands)
Operating Activities
Net income	$	3,091		$	2,547
Items not requiring (providing) cash
Depreciation and amortization		12			12
Equity in undistributed income of subsidiary		(30	)		(727	)
Amortization of ESOP and share-based compensation plans		403			421
Net change in other assets and other liabilities		(788	)		531
Net cash provided by operating activities		2,688			2,784
Financing Activities
Dividends paid to stockholders		(2,988	)		(2,960	)
Proceeds from purchases of common stock by the dividend reinvestment plan		236			458
Shares purchased for deferred compensation plan		72			104
Net cash used in financing activities		(2,680	)		(2,398	)
Net Change in Cash and Cash Equivalents		8			386
Cash and Cash Equivalents at Beginning of Year		1,812			1,426
Cash and Cash Equivalents at End of Year	$	1,820		$	1,812