North Central Bancshares, Inc. (Parent Company Only) Condensed Financial Statements

12 Months Ended

Dec. 31, 2011

North Central Bancshares, Inc. (Parent Company Only) Condensed Financial Statements [Abstract]

North Central Bancshares, Inc. (Parent Company Only) Condensed Financial Statements

Note 19.   North Central Bancshares, Inc. (Parent Company Only) Condensed Financial Statements

	Statements of Financial Condition
	December 31,
	2011		2010
ASSETS
Cash	$	160,272	$	202,722
Loans receivable, net		1,500,000		2,075,000
Investment in First Federal Savings Bank of Iowa		40,395,085		46,860,296
Deferred taxes		10,000		2,455
Prepaid and other assets		46,676		49,332
Total assets	$	42,112,033	$	49,189,805
LIABILITIES AND EQUITY
LIABILITIES
Accrued expenses and other liabilities	$	14,551	$	14,515
Total liabilities		14,551		14,515
EQUITY
Preferred stock		-		10,137,381
Common stock		13,557		13,502
Additional paid-in capital		18,167,895		18,066,437
Retained earnings		23,017,789		21,047,295
Accumulated other comprehensive income (loss)		898,241		(89,325	)
Total equity		42,097,482		49,175,290
Total liabilities and equity	$	42,112,033	$	49,189,805

	Statements of Income
	Years Ended December 31,
	2011			2010			2009
Operating income:
Equity in net income of subsidiary	$	2,686,890		$	1,770,807		$	3,252,339
Interest income		60,902			78,365			73,662
		2,747,792			1,849,172			3,326,001
Operating expenses:
Compensation and employee benefits		18,000			18,000			17,575
Other		154,329			168,047			151,810
		172,329			186,047			169,385
Income before income tax		2,575,463			1,663,125			3,156,616
Income tax (benefit)		(62,900	)		(42,200	)		(32,600	)
Net income	$	2,638,363		$	1,705,325		$	3,189,216

Statements of Cash Flows
Years Ended December 31, 2011, 2010 and 2009
	2011			2010			2009
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	$	2,638,363		$	1,705,325		$	3,189,216
Adjustments to reconcile net income to net cash
provided by (used in) operating activities:
Equity in net (income) of First Federal Savings
Bank of Iowa		(2,686,890	)		(1,770,807	)		(3,252,339	)
Dividends received from First Federal Savings
Bank of Iowa		10,200,000			-			-
Change in deferred income taxes		(7,545	)		-			-
Change in assets and liabilities:
Prepaid expenses and other assets		2,656			(49,332	)		16,665
Accrued expenses and other liabilities		-			(65,360	)		66,362
Net cash provided by (used in) operating activities		10,146,584			(180,174	)		19,904
CASH FLOWS FROM INVESTING ACTIVITIES, net
(increase) decrease in loans receivable		575,000			825,000			(2,841,822	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, preferred
stock and common stock warrant		41,180			-			10,230,000
Redemption of preferred stock		(10,200,000	)		-			-
Capital contribution to subsidiary		-			-			(6,800,000	)
Common and preferred dividends paid		(605,214	)		(563,998	)		(487,298	)
Net cash provided by (used in) financing activities		(10,764,034	)		(563,998	)		2,942,702
Net change in cash and cash equivalents		(42,450	)		80,828			120,784
CASH
Beginning		202,722			121,894			1,110
Ending	$	160,272		$	202,722		$	121,894