CENTRAL BANCORP INC /MA/

CIK:0001076394|SEC Filings

Other Comprehensive Income

6 Months Ended

Jun. 30, 2012

Other Comprehensive Income [Abstract]

(7)

Other Comprehensive Income

The Company has established standards for reporting and displaying comprehensive income, which is defined as all changes to equity except investments by, and distributions to, stockholders. Net income is a component of comprehensive income, with all other components referred to, in the aggregate, as other comprehensive income.

The Company’s other comprehensive income and related tax effect for the three months ended June 30, 2012 and 2011 are as follows (in thousands):


	For the Three Months Ended						For the Three Months Ended
	June 30, 2012						June 30, 2011
	Before Tax Amount		Tax Effect		After Tax Amount		Before Tax Amount			Tax Effect			After Tax Amount
Unrealized gains (losses) on securities:

Unrealized net holding gains during period	$	139	$	57	$	82	$	166		$	83		$	83
Less: reclassification adjustment for Net gains included in net income		4		2		2		490			197			293

Other comprehensive income (loss)	$	135	$	55	$	80	$	(324	)	$	(114	)	$	(210	)

Information on the Company’s accumulated other comprehensive income, net of tax is comprised of the following components as of the period indicated:


	Unrealized Gain on Securities			Unrealized Gain on Pension Benefits		Total
	(In Thousands)
	2012
Accumulated other comprehensive income March 31, 2012	$	727		$	144	$	871
Net change in other comprehensive income		80			—		80

Accumulated other comprehensive income June 30, 2012	$	807		$	144	$	951


	2011
Accumulated other comprehensive income March 31, 2011	$	732		$	160	$	892
Net change in other comprehensive income		(210	)		—		(210	)


Accumulated other comprehensive income June 30, 2011	$	522		$	160	$	6 82

Consolidated Statements of Cash Flows (Unaudited) (USD $) In Thousands, unless otherwise specified	3 Months Ended
	Jun. 30, 2012	Jun. 30, 2011
Cash flows from operating activities:
Net income	$ (482)	$ 236
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	104	145
Amortization of premiums	53	33
Provision for loan losses	150	500
Stock-based compensation and amortization of unearned compensation - ESOP	173	210
Net gain, from sales and write-downs of investment securities	(4)	(490)
Bank-owned life insurance income	(85)	(72)
Gains on sales of loans held for sale		(9)
Originations of loans held for sale	(75)	(806)
Proceeds from sale of loans originated for sale		619
(Increase) decrease in accrued interest receivable	(6)	97
Decrease in other assets, net	506	206
Increase in accrued expenses and other liabilities, net	92	791
Net cash provided by operating activities	426	1,460
Cash flows from investing activities:
Loan principal originations, net	(41,747)	(23,513)
Principal payments on mortgage-backed securities	1,582	1,372
Proceeds from sales of investment securities	163	6,310
Purchases of investment securities		(9,842)
Purchase of banking premises and equipment	(13)	(77)
Net cash used in by investing activities	(40,015)	(25,750)
Cash flows from financing activities:
Net increase in deposits	12,366	8,422
Increase (decrease) in advance payments by borrowers for taxes and insurance	169	395
Proceeds from (repayments of) advances from FHLB of Boston	29,969	(30)
Cash dividends paid	(202)	(201)
Net cash provided by financing activities	42,302	8,586
Net increase (decrease) in cash and cash equivalents	2,713	(15,704)
Cash and cash equivalents at beginning of period	7,341	40,918
Cash and cash equivalents at end of period	10,054	25,214
Cash paid (received) during the period for:
Interest	1,696	1,629
Income taxes		(609)
Supplemental disclosure of non-cash investing and financing activities:
Accretion of Series A preferred stock issuance costs		31
Accretion of Series B preferred stock issuance costs	5
Loans transferred to other real estate owned	$ 532

Consolidated Statements of Financial Condition (Unaudited) (USD $) In Thousands, unless otherwise specified	Jun. 30, 2012	Mar. 31, 2012
ASSETS
Cash and due from banks	$ 5,104	$ 4,117
Short-term investments	4,950	3,224
Cash and cash equivalents	10,054	7,341
Investment securities available for sale, at fair value (Note 3)	37,401	39,060
Stock in Federal Home Loan Bank of Boston, at cost (Notes 3)	8,203	8,203
The Co-operative Central Bank Reserve Fund, at cost (Note 3)	1,576	1,576
Total investments	47,180	48,839
Loans held for sale, at fair value	75	0
Loans (Note 4)	489,832	448,886
Less allowance for loan losses (Note4)	(4,153)	(4,272)
Loans, net	485,679	444,614
Accrued interest receivable	1,365	1,359
Banking premises and equipment, net	2,603	2,694
Deferred tax asset, net	3,198	3,253
Other real estate owned	665	133
Goodwill	2,232	2,232
Bank-owned life insurance	9,733	9,648
Other assets	2,953	3,459
Total assets	565,737	523,572
Liabilities:
Deposits (Note5)	356,900	344,534
Federal Home Loan Bank advances	147,197	117,228
Subordinated debentures (Note 6)	11,341	11,341
Advance payments by borrowers for taxes and insurance	3,124	2,955
Accrued expenses and other liabilities	2,260	2,168
Total liabilities	520,822	478,226
Commitments and Contingencies (Note 8)
Stockholders' equity
Common stock $1.00 par value; 15,000,000 shares authorized;0 and 1,690,951 shares issued and outstanding at June 30, 2012 and March 31, 2012, respectively	1,691	1,691
Additional paid-in capital	2,202	2,201
Retained income	34,277	34,966
Accumulated other comprehensive income (Note 7)	951	871
Unearned compensation Employee Stock Ownership Plan(Note 11)	(4,177)	(4,349)
Total stockholders' equity	44,915	45,346
Total liabilities and stockholders' equity	$ 565,737	$ 523,572