COMMUNITY FIRST BANCORPORATION (PARENT COMPANY ONLY)

12 Months Ended

Dec. 31, 2011

COMMUNITY FIRST BANCORPORATION (PARENT COMPANY ONLY)

COMMUNITY FIRST BANCORPORATION (PARENT COMPANY ONLY)

NOTE R — COMMUNITY FIRST BANCORPORATION (PARENT COMPANY ONLY)

	December 31,
	2011		2010
Condensed Balance Sheets
Assets
Cash	$	466,229	$	766,351
Investment in banking subsidiary	38,376,211		40,206,729
Investment in nonbanking subsidiary	4,074,678		4,140,850
Land held for sale	138,551		138,551
Other assets	100,828		58,948
Total assets	$	43,156,497	$	45,311,429

Liabilities
Due to nonbanking subsidiry	$	91,634	$	—
Shareholders’ equity	43,064,863		45,311,429
Total liabilities and shareholders’ equity	$	43,156,497	$	45,311,429

	Years Ended December 31,
	2011			2010			2009
Condensed Statements of Income
Income
Interest income	$	4,838		$	11,147		$	13,690
Total income	4,838			11,147			13,690
Expenses
Interest expense	—			—			47,119
Other expenses	104,280			184,524			138,030
Total expenses	104,280			184,524			185,149
Income (loss) before income taxes and equity in undistributed earnings of subsidiaries	(99,442		)	(173,377		)	(171,459		)
Income tax expense (credit)	—			(58,948		)	(58,296		)
Equity in undistributed earnings (loss) of banking subsidiary	(3,256,426		)	1,236,477			1,213,877
Equity in undistributed earnings (loss) of nonbanking subsidiary	(66,172		)	(9,150		)	—
Net income (loss)	$	(3,422,040	)	$	1,112,898		$	1,100,714

	Years Ended December 31,
	2011			2010			2009
Condensed Statements of Cash Flows
Operating activities
Net income (loss)	$	(3,422,040	)	$	1,112,898		$	1,100,714
Adjustments to reconcile net income (loss) to net cash used by operating activities
Equity in undistributed loss (earnings) of banking subsidiary	3,256,426			(1,236,477		)	(1,213,877		)
Equity in undistributed loss of nonbanking subsidiary	66,172			9,150			—
Increase in other assets	(41,880		)	(652		)	(33,621		)
Other	1			(2		)	—
Net cash used by operating activities	(141,321		)	(115,083		)	(146,784		)
Investing activities
Investment in nonbanking subsidiary	—			—			(4,150,000		)
Net cash used by investing activities	—			—			(4,150,000		)
Financing activities
Exercise of employee stock options	—			16,873			486,232
Proceeds borrowed from nonbanking subsidiary	91,634			—			—
Net proceeds from issuing preferred stock (costs of $23,785)	—			—			3,126,215
Common stock repurchased and cancelled	(91,634		)	—			(79,985		)
Payment of dividends on preferred stock	(157,500		)	(157,500		)	—
Payment of cash in lieu of fractional shares for common stock dividend	(1,301		)	(2,070		)	(6,515		)
Net cash (used) provided by financing activities	(158,801		)	(142,697		)	3,525,947
Decrease in cash and cash equivalents	(300,122		)	(257,780		)	(770,837		)
Cash and cash equivalents, beginning	766,351			1,024,131			1,794,968
Cash and cash equivalents, ending	$	466,229		$	766,351		$	1,024,131

- 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

COMMUNITY FIRST BANCORP 10-K