XML 40 R24.htm IDEA: XBRL DOCUMENT

17. Parent Company Financial Information

12 Months Ended

Jun. 30, 2013

17. Parent Company Financial Information

17. Parent Company Financial Information

The Company’s principal asset is its investment in its subsidiary, the Bank. The following presents condensed financial information of the Company as of June 30, 2013. Since the Company became the holding company of the Bank in July 2012, prior years are not applicable.

Condensed balance sheet

	June 30,
		2013
Assets
Cash	$	43,045
Certificates of deposit in other banks		10,197
Total loans		23,947
Allowance for loan losses		(224)
Net loans		23,723
Real estate owned		3,529
Investment in bank subsidiary		276,669
ESOP loan receivable		10,152
Other assets		602
Total Assets	$	367,917

Liabilities and Stockholders’ Equity
Other liabilities		402
Stockholders’ Equity		367,515
Total Liabilities and Stockholders’ Equity	$	367,917

Condensed statement of income

	June 30,
		2013

Income
Interest income	$	1,615
Other income		8
Equity earnings in Bank subsidiary		10,123
Total income		11,746

Expense
Management fee expense		354
Real estate owned expense		195
Loss on sale and impairment of real estate owned		638
Provision for loan losses		1,300
Other expense		47
Total expense		2,534

Income Before Income Taxes		9,212
Income Tax Expense		159
Net Income	$	9,053

Condensed statement of cash flows

	June 30,
		2013
Operating Activities:
Net income	$	9,053
Adjustments to reconcile net income to net cash provided by operating activities:
Provision for loan losses		1,300
Loss on sale and impairment of real estate owned		638
Increase in accrued interest receivable and other assets		(602)
Equity in undistributed income of Bank		(10,123)
ESOP compensation expense		749
Restricted stock and stock option expense		1,113
Increase in other liabilities		402
Net cash provided by operating activities		2,530

Investing Activities:
Purchase of certificates of deposit in other banks		(10,446)
Maturities of certificates of deposit in other banks		249
Purchase of loans from Bank subsidiary		(32,332)
Repayment of loans		7,149
Purchase of real estate owned from Bank subsidiary		(5,892)
Capital improvements to real estate owned		(240)
Increase in investment in Bank subsidiary		(104,851)
ESOP loan		(10,580)
ESOP principal payments received		428
Proceeds from sale of real estate owned		2,125
Net cash used in investing activities		(154,390)

Financing Activities:
Proceeds from stock conversion		208,204
Common stock repurchased		(13,299)
Net cash provided by financing activities		194,905
Net Increase in Cash and Cash Equivalents		43,045
Cash and Cash Equivalents at Beginning of Period		-
Cash and Cash Equivalents at End of Period{end}	$	43,045

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details