CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2012

CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

17.    CONDENSED PARENT COMPANY FINANCIAL STATEMENTS

The condensed balance sheets of the parent company are as follows:

	December 31,
	2012		2011
	(In thousands)
ASSETS:
Cash equivalents	$	572	$	791
Securities available for sale		2,772		2,308
Investment in subsidiaries		179,784		210,989
ESOP loan receivable		9,716		10,162
Other assets		6,142		5,310
TOTAL ASSETS		198,986	$	229,560
LIABILITIES:
ESOP loan payable		9,716	$	10,162
Other liabilities		83		410
EQUITY		189,187		218,988
TOTAL LIABILITIES AND EQUITY	$	198,986	$	229,560

The condensed statements of income for the parent company are as follows:

	Years Ended December 31,
	2012			2011			2010
	(In thousands)
INCOME:
Dividends from subsidiaries	$	42,372		$	21,661		$	19,500
Interest income from securities		68			98			247
ESOP loan interest income		813			848			884
Gain (loss) on sale of securities, net		-			134			(22	)
Other income		-			1			2
Total income		43,253			22,742			20,611
OPERATING EXPENSE:
Salaries and employee benefits		2,262			2,670			2,710
ESOP interest expense		813			848			884
Other		511			762			426
Total operating expense		3,586			4,280			4,020
INCOME BEFORE EQUITY IN UNDISTRIBUTED
INCOME OF SUBSIDIARIES AND INCOME TAXES		39,667			18,462			16,591
DIVIDENDS IN EXCESS OF EARNINGS OF SUBSIDIARIES		(34,130	)		(13,237	)		(13,600	)
NET INCOME BEFORE TAXES		5,537			5,225			2,991
INCOME TAX BENEFIT		(717	)		(649	)		(15	)
NET INCOME	$	6,254		$	5,874		$	3,006

The condensed statements of cash flows of the parent company are as follows:

	Years Ended December 31,
	2012			2011			2010
	(In thousands)
OPERATING ACTIVITIES:
Net income	$	6,254		$	5,874		$	3,006
Dividends in excess of earnings of subsidiaries		34,130			13,237			13,600
Net amortization of premiums and discounts on securities		-			1			14
Net realized securities (gains) losses		-			(134	)		22
Change in other liabilities		36			(10	)		21
Change in other assets		(271	)		29			813
Other, net		2,089			2,439			2,110
Net cash provided by operating activities		42,238			21,799			19,586
INVESTING ACTIVITIES:
Purchase of securities		(1,533	)		(1,095	)		(759	)
Proceeds from principal collections		575			1			1,160
Sale of securities		566			3,299			5,023
Net cash (used in) provided by investing activities		(392	)		2,205			5,424
FINANCING ACTIVITIES:
Cash dividends paid		(10,721	)		(14,305	)		(14,295	)
Common stock repurchased		(32,083	)		(9,708	)		(16,127	)
Excess tax benefit (shortfall) from share-based compensation		144			(4	)		383
Issuance of common stock to ESOP		-			15			-
Issuance of common stock in connection with stock     option exercises		1,041			359			1,477
Repayment of long-term debt		(446	)		(446	)		(446	)
Net cash used in financing activities		(42,065	)		(24,452	)		(29,008	)
NET DECREASE IN CASH AND
CASH EQUIVALENTS:		(219	)		(448	)		(3,998	)
CASH AND CASH EQUIVALENTS:
Beginning of year		791			1,239			5,237
End of year	$	572		$	791		$	1,239