PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2012

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

Note 18. PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS

The condensed parent company financial statements of Manhattan Bancorp at and for the years ended December 31, 2012 and December 31, 2011 follow:

Manhattan Bancorp
Balance Sheets
(in thousands)

	December 31, 2012		December 31, 2011

*Assets*
Cash	$	600	$	160
Investment in Subsidiaries		56,167		32,166
Receivable from affiliate		59		—
Prepaid expenses & other assets		542		255

Total assets		57,368		32,581

*Liabilities and Stockholders' Equity*
Payable to affiliate		19
Accrued expenses and other payables		221		84

Total liabilities		240		84
Stockholders' equity		57,128		32,497

Total liabilities and stockholders' equity	$	57,368	$	32,581

Manhattan Bancorp
Statements of Operations
(in thousands)

	For the Year Ended December 31,

	2012			2011
Interest income
Interest and fees on loans	$	170		$	—
Interest on time deposits-other financial institutions		—			12

Total interest income		170			12
Interest expense
FHLB advances and other borrowed funds		171			—

Total interest expense		171			—

Net interest income		(1	)		12
Provision for allowance for loan losses		—			—

Net interest income after provision for loan losses		(1	)		12

Non-interest income
Equity in earnings (loss) of subsidiaries		888			(87	)
Rental income		144			—

Total non-interest income		1,032			(87	)
Non-interest expenses
Other non-interest expenses		292			163

Total non-interest expenses		292			163

Income (loss) before income taxes		739			(238	)
Provision for income taxes		—			—

Net income (loss)	$	739		$	(238	)

Manhattan Bancorp
Statements of Cash Flows
(in thousands)

	For the Year Ended December 31,

	2012			2011
Cash flows from operating activities
Net income (loss)	$	739		$	(238	)
Adjustments to reconcile net income to net cash provided by operating activities:
Equity in undistributed (earnings) losses of subsidiaries		(888	)		87
Net change in other liabilities		269			84
Net change in other assets		(125	)		(255	)
Other, net		(327	)		—

Net cash used in operating activities		(332	)		(322	)

Cash flows from investing activities
Cash provided by business combination		572			—
Cash provided by spinoff of business to affiliated party		200			—

Net cash provided by investing activities		772			—

Cash flows from financing activities
Net cash provided by financing activities		—			—

Net increase (decrease) in cash and cash equivalents	$	440		$	(322	)

Cash at beginning of period	$	160		$	482
Cash at end of period	$	600		$	160
Supplemental Schedule of Noncash Investing and Financing Activities
Issuance of common stock in subsidiary spinoff	$	717		$	—

- Definition

The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document.

+ References+ Details

Manhattan Bancorp 10-K