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PARENT COMPANY CONDENSED FINANCIAL INFORMATION
 12 Months Ended
Dec. 31, 2011
PARENT COMPANY CONDENSED FINANCIAL INFORMATION
(22) PARENT COMPANY CONDENSED FINANCIAL INFORMATION (In thousands)

Condensed financial information for the Company (parent company only) follows:

 

Balance Sheets   
     As of December 31,  
     2011     2010  

Assets:

     

Cash and cash equivalents

    $ 278      $ 369   

Other assets

      139        139   

Investment in subsidiaries

      50,525        47,389   
  

 

 

    

 

 

  
   $ 50,942      $ 47,897   
  

 

 

    

 

 

  

Liabilities and Equity:

     

Accrued expenses

    $ 0      $ 4   

Stockholders’ equity

      50,942        47,893   
  

 

 

    

 

 

  
   $ 50,942      $ 47,897   
  

 

 

    

 

 

  
Statements of Income   
     Years Ended December 31,  
     2011     2010  

Interest income

    $ 1      $ 2   

Dividend income

      2,207        1,356   

Other operating expenses

      (222 )      (196 ) 
  

 

 

    

 

 

  

Income before income taxes and equity in undistributed net income of subsidiaries

      1,986        1,162   

Income tax benefit

      71        81   
  

 

 

    

 

 

  

Income before equity in undistributed net income of subsidiaries

      2,057        1,243   

Equity in undistributed net income of subsidiaries

      1,915        2,622   
  

 

 

    

 

 

  

Net income

    $ 3,972      $ 3,865   
  

 

 

    

 

 

  
Statements of Cash Flows   
     Years Ended December 31,  
     2011     2010  

Operating Activities:

     

Net income

    $ 3,972      $ 3,865   

Adjustments to reconcile net income to cash and cash equivalents provided by operating activities:

     

Equity in undistributed net income of subsidiaries

      (1,915 )      (2,622 ) 

Net change in other assets and liabilities

      (4 )      (2 ) 
  

 

 

    

 

 

  

Net cash provided by operating activities

      2,054        1,241   
  

 

 

    

 

 

  

Financing Activities:

     

Exercise of stock options

      0        282   

Purchase of treasury stock

      (27 )      (43 ) 

Cash dividends paid

      (2,117 )      (2,063 ) 
  

 

 

    

 

 

  

Net cash used in financing activities

      (2,144 )      (1,824 ) 
  

 

 

    

 

 

  

Net decrease in cash and cash equivalents

      (91 )      (583 ) 

Cash and cash equivalents at beginning of year

      369        952   
  

 

 

    

 

 

  

Cash and cash equivalents at end of year

    $ 278      $ 369