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Parent Company Only Condensed Financial Information
 6 Months Ended
Jun. 30, 2012
Parent Company Only Condensed Financial Information [Abstract]  
PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

NOTE 17 – PARENT COMPANY ONLY CONDENSED FINANCIAL INFORMATION

Condensed financial information of the Holding Company follows:

CONDENSED BALANCE SHEETS

 

                 
    June 30, 2012     December 31, 2011  
    (unaudited)        

Assets

                

Cash and cash equivalents

   $ 247     $ 560  

Investment in banking subsidiary

     12,572       13,827  

Investment in and advances to other subsidiaries

     1,214       1,212  

Other assets

     469       264  
   

 

 

    

 

 

  

Total assets

   $ 14,502     $ 15,863  
   

 

 

    

 

 

  

Liabilities and Equity

                

Subordinated debentures

   $ 5,155     $ 5,155  

Accrued expenses and other liabilities

     1,065       764  

Stockholders’ equity

     8,282       9,944  
   

 

 

    

 

 

  

Total liabilities and stockholders’ equity

   $ 14,502     $ 15,863  
   

 

 

    

 

 

  

CONDENSED STATEMENTS OF OPERATIONS

(unaudited)

 

                                 
    Three months ended June 30,     Six months ended June 30,  
    2012     2011     2012     2011  

Interest expense

   $ 45     $ 42     $ 92     $ 83  

Other expense

     (16 )      187       135       402  
   

 

 

    

 

 

    

 

 

    

 

 

  

Loss before undistributed subsidiaries’ operations

     (29 )      (229 )      (227 )      (485 ) 

Effect of subsidiaries’ operations

     (655 )      (1,688 )      (1,196 )      (3,146 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

Net loss

   $ (684 )    $ (1,917 )    $ (1,423 )    $ (3,631 ) 
   

 

 

    

 

 

    

 

 

    

 

 

  

CONDENSED STATEMENTS OF CASH FLOWS

(unaudited)

 

                 
    Six months ended June 30,  
    2012     2011  

Cash flows from operating activities

                

Net loss

   $ (1,423 )    $ (3,631 ) 

Adjustments:

                

Effect of subsidiaries’ operations

     1,196       3,146  

Change in other assets and other liabilities

     (85 )      (45 ) 
   

 

 

    

 

 

  

Net cash used by operating activities

     (312 )      (530 ) 
     

Cash flows from investing activities

                

Investments in other subsidiaries

     (1 )      525  
   

 

 

    

 

 

  

Net cash from (used by) investing activities

     (1 )      525  
   

 

 

    

 

 

  

Net change in cash and cash equivalents

     (313 )      (5 ) 
     

Beginning cash and cash equivalents

     560       745  
   

 

 

    

 

 

  

Ending cash and cash equivalents

   $ 247     $ 740  
   

 

 

    

 

 

  

If CFBank is unable to pay dividends, the Holding Company may not have sufficient funds to be able to pay its obligations, which would have a material adverse impact on our financial condition and could result in the Holding Company becoming insolvent without the addition of new capital. See Note 2– Going Concern Considerations and Management’s Plans for additional information regarding regulatory matters and Holding Company liquidity.