ESB Financial Corporation - Condensed Financial Statements (Parent Company Only)

12 Months Ended

Dec. 31, 2012

ESB Financial Corporation Condensed Financial Statements (Parent Company Only) [Abstract]

ESB Financial Corporation Condensed Financial Statements (Parent Company Only)

16. ESB Financial Corporation – Condensed Financial Statements (Parent Company Only)

Following are condensed financial statements for the parent company as of and for the years ended December 31, 2012 and 2011:

Condensed Statements of Financial Condition
(Dollar amounts in thousands)	2012		2011
Assets:
Interest-earning deposits	$	1,091	$	6,658
Securities available for sale		34,889		30,607
Equity in net assets of subsidiaries		227,695		216,883
Other assets		5,969		6,447
Total assets	$	269,644	$	260,595
Liabilities and stockholders’ equity:
Subordinated debt, net	$	46,393	$	46,393
Accrued expenses and other liabilities		27,553		33,958
Stockholders’ equity		195,698		180,244
Total liabilities and stockholders’ equity	$	269,644	$	260,595

Condensed Statements of Operations
(Dollar amounts in thousands)	2012			2011			2010
Income:
Equity in undistributed earnings of subsidiaries	$	6,356		$	1,664		$	8,024
Dividends from subsidiaries		10,000			15,000			8,000
Management fee income, from subsidiaries		48			36			36
Net gain on sale of securities available for sale		629			141			-
Other than temporary impairment losses on securities available for sale		(26	)		(317	)		(217	)
Interest and other income		1,126			1,365			1,432
Total income		18,133			17,889			17,275
Expense:
Interest expense, to subsidiary		2,957			3,257			3,326
Compensation and employee benefits		632			432			423
Other		657			445			376
Total expense		4,246			4,134			4,125
Income before benefit from income taxes		13,887			13,755			13,150
Benefit from income taxes		(1,016	)		(1,155	)		(1,081	)
Net income	$	14,903		$	14,910		$	14,231

Condensed Statements of Comprehensive Income
(Dollar amounts in thousands)	2012			2011			2010
Net Income before noncontrolling interest	$	15,822		$	15,821		$	14,664
Other comprehensive income (loss) (net of tax and reclassifications)
Net change in unrealized gains (losses):
Gains (losses) arising during the period		741			368			240
Income tax effect		(259	)		(129	)		(82	)
		482			239			158
(Gains) losses recognized in earnings		(629	)		(141	)		-
Income tax effect		221			49			-
		(408	)		(92	)		-
Unrealized holding gains on securities available for sale not other-than-temporarily-impaired, net of tax		74			147			158
Fair value adjustment on derivatives		(211	)		(2,631	)		(3,070	)
Income tax effect		74			921			1,044
		(137	)		(1,710	)		(2,026	)
Other comprehensive income (loss) of bank subsidiary		4,262			7,133			(5,456	)
Total Comprehensive income (loss), net of tax		4,199			5,570			(7,324	)
Net comprehensive income before noncontrolling interest		20,021			21,391			7,340
Less: net income attributable to the noncontrolling interest		919			911			433
Net comprehensive income attributable to ESB Financial Corporation	$	19,102		$	20,480		$	6,907

Condensed Statements of Cash Flows
(Dollar amounts in thousands)	2012			2011			2010
Operating activities:
Net income	$	14,903		$	14,910		$	14,231
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed earnings of subsidiaries		(6,356	)		(1,664	)		(8,024	)
Net realized gain on securities available for sale		(629	)		(141	)		-
Other than temporary impairment losses on securities available for sale		26			317			217
Compensation expense on ESOP and MRP		1,602			1,445			1,232
Other, net		1,148			(2,190	)		(1,835	)
Net cash provided by operating activities		10,694			12,677			5,821
Investing activities:
Purchases of securities		(14,411	)		(6,733	)		(10,178	)
Principal repayments of securities		9,405			7,698			9,217
Proceeds from the sale of securities available for sale		1,342			204			-
Net cash (used in) provided by investing activities		(3,664	)		1,169			(961	)
Financing activities:
Proceeds from long term borrowings		(5,200	)		-			-
Proceeds received from exercise of stock options		794			832			614
Dividends paid		(7,321	)		(5,409	)		(4,815	)
Payments to acquire treasury stock		(541	)		(4,754	)		(1,143	)
Stock purchased by ESOP		(329	)		(504	)		(189	)
Net cash used in financing activities		(12,597	)		(9,835	)		(5,533	)
(Decrease) increase in cash equivalents		(5,567	)		4,011			(673	)
Cash equivalents at beginning of period		6,658			2,647			3,320
Cash equivalents at end of period	$	1,091		$	6,658		$	2,647