Condensed Parent Company Financial Statements

12 Months Ended

Sep. 30, 2011

Condensed Financial Information Of Parent Company Only Disclosure [Abstract]

Condensed Parent Company Financial Statements

(22)	Condensed Parent Company Financial Statements

Set forth below are the condensed statements of financial condition and related condensed statements of income and cash flows as of September 30, 2011 and 2010:

	2011		2010
	(In thousands)
Condensed Statements of Financial Condition
Assets:
Cash	$	1,579	$	2,602
Loans receivable from ESOP		2,479		2,641
Investment in Brooklyn Federal Savings Bank		37,909		40,443
Other investments		100		100
Accrued interest receivable		61		79
Other assets		366		374
Total assets	$	42,494	$	46,239

Liabilities	$	62	$	500
Stockholders’ equity		42,432		45,739
Total liabilities and stockholders’ equity	$	42,494	$	46,239

	2011			2010
	(In thousands)
Condensed Statements of Income
Interest income	$	81		$	88
Non-interest expense		944			1,431
Income tax expense (benefit)		(3	)		276
Loss before equity in undistributed earnings of subsidiary		(860	)		(1,619	)
Equity in undistributed earnings of Brooklyn Federal Savings Bank		(4,767	)		(37,312	)
Net loss	$	(5,627	)	$	(38,931	)

	2011			2010
	(In thousands)
Condensed Statements of Cash Flows
Cash flows from operating activities:
Net loss:	$	(5,627	)	$	(38,931	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Equity in undistributed (losses) earnings of the Bank		4,767			37,312
Stock-based incentive plan		95			207
Decrease in accrued interest receivable		18			22
(Increase) decrease in other assets		8			858
(Decrease) increase in other liabilities		(438	)		(521	)
Net cash (used in) provided by operating activities		(1,177	)		(1,053	)

Cash flows from investing activities:
Repayment on ESOP loan		162			127
Net cash provided by investing activities		162			127

Cash flows from financing activities:
Purchase of treasury stock		(8	)		(13	)
Payment of cash dividend		-			(1,053	)
Net cash used in financing activities		(8	)		(1,066	)

Net decrease in cash		(1,023	)		(1,992	)
Cash at beginning of period		2,602			4,594
Cash at end of period	$	1,579		$	2,602

- 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

Brooklyn Federal Bancorp, Inc. 10-K