NOTE 12 - PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS
Condensed financial information of Western Ohio Financial Corporation is as follows:
Condensed Balance Sheets
December 31, 2001 and 2000
2001
2000
Assets
Cash and cash equivalents
Investment in bank subsidiary
Intercompany receivables
Other assets
Total assets
$
1,674
39,254
1,218
50
$ 42,196
$
2,531
38,357
1,133
50
$ 42,071
$
$
Liabilities and shareholders’ equity
Other liabilities
Shareholders’ equity
Total liabilities and shareholders’ equity
251
41,945
$ 42,196
261
41,810
$ 42,071
Condensed Statements of Income
Years ended December 31, 2001, 2000 and 1999
2001
2000
1999
Interest and dividend income
Dividends from subsidiaries
Loan to ESOP
Other
$
Total interest and dividend income
Income tax benefit
Income before distributions in excess of
earnings of subsidiary
Undistributed subsidiary earnings/(Distributions
in excess of earnings of subsidiary)
$
3,000
90
47
3,137
(429)
(516)
1,669
2,691
2,621
113
105
129
1,782
2,796
2,750
93
$
3,000
72
48
3,120
(412)
Income before income taxes and distributions
in excess of earnings of subsidiary
34
$
2,081
Operating expenses
Net Income
2,000
54
27
1,875
(945)
$
1,851
(1,067)
$
1,683
Western Ohio Financial Corporation
NOTE 12 - PARENT COMPANY ONLY CONDENSED FINANCIAL STATEMENTS (continued)
Condensed Statements of Cash Flows
Years ended December 31, 2001, 2000 and 1999
2001
2000
1999
$ 1,851
$ 1,683
(93)
313
945
333
1,067
480
-(11)
134
52
Cash flows from operating activities:
Net income
Adjustments to reconcile net income to cash
provided by operations:
(Undistributed subsidiary earnings)/
Distributions in excess of earnings of subsidiary
Compensation expense on ESOP and MRP shares
Changes in:
Other assets
Other liabilities
$
Net cash from operating activities
1,875
2,084
Cash flows from investing activities
Change in intercompany advances
3,315
116
(16)
3,330
(85)
(63)
(166)
(85)
(63)
(166)
Cash flows from financing activities
Cash dividends paid
Proceeds from stock options exercised
Purchase of treasury stock
(1,709)
53
(1,200)
(1,846)
(2,934)
(1,974)
69
(2,826)
Net cash from financing activities
(2,856)
(4,780)
(4,731)
(857)
(1,528)
(1,567)
2,531
4,059
5,626
1,674
$ 2,531
$ 4,059
Net cash from investing activities
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
2001 Annual Report to Shareholders
$
35