Parent Company Financial Statements

12 Months Ended

Dec. 31, 2011

Parent Company Financial Statements [Abstract]

PARENT COMPANY FINANCIAL STATEMENTS

22. PARENT COMPANY FINANCIAL STATEMENTS

Condensed Statements of Financial Condition

		September 30,		September 30,
	December 31,
	2011		2010
	(Dollars in thousands)
Assets
Cash and deposits with banks	$	3,575	$	2,619
Federal funds sold and other		4		2
Total cash and cash equivalents		3,579		2,621
Securities:
Available for sale		263		394
Investment in subsidiary-Home Savings		184,833		173,407
Other assets		473		6
Total assets	$	189,148	$	176,428
Liabilities and Shareholders’ Equity
Accrued expenses and other liabilities	$	403	$	373
Total liabilities		403		373
Total shareholders’ equity		188,745		176,055
Total liabilities and shareholders’ equity	$	189,148	$	176,428

Condensed Statements of Income

		September 30,			September 30,			September 30,
	Year ended December 31,
	2011			2010			2009
	(Dollars in thousands)
Income
Cash dividends from Butler Wick	$	—		$	—		$	11,890
Interest income		5			349			847
Non-interest income (loss)		(65	)		228			(681	)
Total income (loss)		(60	)		577			12,056
Expenses
Interest expense		—			—			48
Non-interest expenses		775			1,957			2,190
Total expenses		775			1,957			2,238
Income (loss) before income taxes		(835	)		(1,380	)		9,818
Income tax benefit		—			—			(721	)
Income (loss) before equity in undistributed net earnings of subsidiaries		(835	)		(1,380	)		10,539
Increase (decrease) in undistributed earnings of subsidiaries		1,065			(35,893	)		(27,312	)
Net income (loss)	$	230		$	(37,273	)	$	(16,773	)

Condensed Statements of Cash Flows

		September 30,			September 30,			September 30,
	Year ended December 31,
	2011			2010			2009
	(Dollars in thousands)
Cash Flows from Operating Activities
Net income (loss)	$	230		$	(37,273	)	$	(16,773	)
Adjustments to reconcile net income to net cash provided by operating activities:
(Increase) decrease in undistributed earnings of the subsidiaries		(1,065	)		35,893			27,312
Gains on available for sale securities sold		—			(255	)		—
Security impairment charges		89			58			752
Decrease (increase) in other assets		(467	)		266			1,903
Decrease in accrued interest payable		—			—			(46	)
Stock based compensation		49			52			30
Decrease in other liabilities		30			(662	)		(3,641	)
Net cash from operating activities		(1,134	)		(1,921	)		9,537
Cash Flows from Investing Activities
Sales of:
Securities available for sale		33			359			—
Equity investment in Home Savings		—			(12,498	)		—
ESOP loan repayment		—			8,657			2,294
Net cash from investing activities		33			(3,482	)		2,294
Cash Flows from Financing Activities
Issuance of common stock, net		2,059			—			—
Net decrease in borrowed funds		—			—			(6,900	)
Net cash from (used in) financing activities		2,059			—			(6,900	)
Increase (decrease) in cash and cash equivalents		958			(5,403	)		4,931
Cash and cash equivalents, beginning of year		2,621			8,024			3,093
Cash and cash equivalents, end of year	$	3,579		$	2,621		$	8,024