Condensed Parent Company Financial Statements

12 Months Ended

Jun. 30, 2012

Condensed Parent Company Financial Statements

NOTE 22: Condensed Parent Company Financial Statements

Set forth below is the condensed statements of financial condition as of June 30, 2012 and 2011, of Eagle Bancorp Montana, Inc. together with the related condensed statements of income and cash flows for the years ended June 30, 2012 and 2011.

Condensed Statements of Financial Condition
(Dollars in Thousands)
	2012		2011
Assets
Cash and cash equivalents	$	2,500	$	337
Securities available for sale		12,290		14,230
Investment in Eagle Bancorp Statutory Trust I		155		155
Investment in American Federal Savings Bank		43,714		42,744
Other assets		341		253
Total assets	$	59,000	$	57,719
Liabilities and stockholders' equity
Accounts payable and accrued expenses		195		79
Long-term subordinated debt		5,155		5,155
Stockholders' Equity		53,650		52,485
Total liabilities and stockholders' equity	$	59,000	$	57,719

Condensed Statements of Income
(Dollars in Thousands)
	2012			2011
Interest income	$	430		$	467
Interest expense		(96	)		(191	)
Noninterest expense		(778	)		(389	)
Loss before income taxes		(444	)		(113	)
Income tax benefit		(117	)		(35	)
Loss before equity in undistributed
earnings of American Federal Savings Bank		(327	)		(78	)
Equity in undistributed earnings
of American Federal Savings Bank		2,505			2,488
Net income	$	2,178		$	2,410

Condensed Statements of Cash Flow
(Dollars in Thousands)
	2012			2011
Cash flows from operating activities
Net income	$	2,178		$	2,410
Adjustments to reconcile net income
to net cash used in operating activities:
Equity in undistributed earnings
of American Federal Savings Bank		(2,505	)		(2,488	)
Other adjustments, net		(92	)		16
Net cash used in operating activities		(419	)		(62	)
Cash flows from investing activities
Cash contribution from American Federal Savings Bank		1,766			2,053
Cash contribution to American Federal Savings Bank		-			-
Activity in available for sale securities
Sales		351			1,552
Maturities, prepayments and calls		1,806			3,581
Purchases		-			(4,311	)
Net cash provided by investing activities		3,923			2,875
Cash flows from financing activities
ESOP payments and dividends		179			163
Payments to purchase treasury stock		(414	)		(1,796	)
Dividends paid		(1,106	)		(1,144	)
Net cash used in financing activities		(1,341	)		(2,777	)
Net change in cash and cash equivalents		2,163			36
Cash and cash equivalents at beginning of period		337			301
Cash and cash equivalents at end of period	$	2,500		$	337