| Condensed Financial Statements of Parent Company |
| 15. |
CONDENSED FINANCIAL
STATEMENTS OF PARENT COMPANY |
Financial
information pertaining only to Meridian Interstate Bancorp, Inc. is
as follows:
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December 31, |
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2013 |
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2012 |
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(In
thousands) |
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BALANCE
SHEETS
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Assets
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Cash and cash
equivalents—subsidiary
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$ |
183 |
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$ |
718 |
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Cash and cash
equivalents—other
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— |
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63 |
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Total cash and cash
equivalents
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183 |
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|
781 |
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Securities available for
sale, at fair value
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1,026 |
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24,378 |
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Investment in
subsidiaries
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245,762 |
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207,162 |
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Other assets
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2,305 |
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2,131 |
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Total assets
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$ |
249,276 |
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$ |
234,452 |
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Liabilities and
Stockholders’ Equity
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Accrued expenses and other
liabilities
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$ |
71 |
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$ |
509 |
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Stockholders’
equity
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249,205 |
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233,943 |
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Total liabilities and
stockholders’ equity
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$ |
249,276 |
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$ |
234,452 |
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Years Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(In
thousands) |
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STATEMENTS OF
INCOME
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Income:
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Interest and dividend
income
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$ |
260 |
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$ |
361 |
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$ |
220 |
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Gain on sales of securities,
net
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940 |
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364 |
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— |
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Equity income on investment
in affliate bank
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— |
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310 |
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|
1,110 |
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Gain on sale of investment
in affiliate bank
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— |
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4,819 |
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— |
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Total income
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1,200 |
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5,854 |
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1,330 |
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Operating
expenses
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958 |
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880 |
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800 |
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Income before income taxes
and equity in undistributed earnings of subsidiaries
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242 |
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4,974 |
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530 |
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Applicable income tax
provision
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63 |
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1,986 |
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210 |
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179 |
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2,988 |
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320 |
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Equity in undistributed
earnings of subsidiaries
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15,250 |
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9,438 |
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11,650 |
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Net income
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$ |
15,429 |
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$ |
12,426 |
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$ |
11,970 |
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Years Ended
December 31, |
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2013 |
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2012 |
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2011 |
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(In
thousands) |
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STATEMENTS OF CASH
FLOWS
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Cash flows from operating
activities:
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Net income
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$ |
15,429 |
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$ |
12,426 |
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$ |
11,970 |
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Adjustments to reconcile net
income to net cash used by operating activities:
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Equity in undistributed
earnings of subsidiaries
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(15,250 |
) |
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(9,438 |
) |
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(11,650 |
) |
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Equity income on investment
in affliate bank
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— |
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(310 |
) |
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(1,110 |
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Net amortization of
securities available for sale
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3 |
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3 |
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4 |
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Gain on sales of securities,
net
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(940 |
) |
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(364 |
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— |
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Gain on sale of investment
in affiliate bank
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— |
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(4,819 |
) |
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— |
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Share-based compensation
expense
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287 |
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295 |
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294 |
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Increase in other
assets
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(76 |
) |
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(66 |
) |
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(125 |
) |
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(Decrease) increase in other
liabilities
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(438 |
) |
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270 |
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226 |
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Net cash used by operating
activities
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(985 |
) |
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(2,003 |
) |
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(391 |
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Cash flows from investing
activities:
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Purchases of certificates of
deposit
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— |
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— |
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(2,500 |
) |
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Maturities of certificates
of deposit
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— |
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2,500 |
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— |
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Activity in securities
available for sale:
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Proceeds from maturities,
calls and principal payments
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— |
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— |
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2,000 |
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Redemption (purchase) of
mutual funds, net
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11,784 |
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(4,764 |
) |
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3,509 |
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Proceeds from
sales
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12,266 |
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4,518 |
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— |
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Proceeds from sale of
investment in affiliate bank
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— |
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6,600 |
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— |
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Capital contribution to bank
subsidiary
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(22,000 |
) |
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(5,000 |
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— |
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Net cash provided by
investing activities
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2,050 |
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3,854 |
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3,009 |
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Cash flows from financing
activities:
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Purchase of treasury
stock
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(1,698 |
) |
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(1,160 |
) |
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(5,196 |
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Stock options
exercised
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35 |
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27 |
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— |
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Net cash used by financing
activities
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(1,663 |
) |
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(1,133 |
) |
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(5,196 |
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Net change in cash and cash
equivalents
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(598 |
) |
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718 |
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(2,578 |
) |
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Cash and cash equivalents at
beginning of year
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781 |
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63 |
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2,641 |
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Cash and cash equivalents at
end of year
|
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$ |
183 |
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$ |
781 |
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$ |
63 |
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