Annual Report 2011 - SNL Financial

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Annual Report 2011 - SNL Financial

Eastern Insurance Holdings, Inc.

Schedule II—Condensed Financial Information of Parent Company

Condensed Balance Sheets

December 31, 2011 and 2010

(In thousands, except share data)

2011 2010

ASSETS

Investment in common stock of subsidiaries (1) ........................................... $106,509 $ 95,111

Cash and cash equivalents ............................................................ 575 1,649

Fixed income securities, at estimated fair value (amortized cost, $1,415; $17,044) ................ 1,460 17,022

Equity securities, at estimated fair value (cost, $251; $251) .................................. 404 354

Intangible assets .................................................................... 5,137 6,163

Goodwill .......................................................................... 10,752 10,752

Federal income taxes recoverable ...................................................... 176 181

Other assets ........................................................................ 5,742 5,999

Due from subsidiaries, net ............................................................ 43 —

Total assets ........................................................................ $130,798 $137,231

LIABILITIES AND STOCKHOLDERS’ EQUITY

Liabilities:

Accounts payable and accrued expenses ............................................. $ 2,100 $ 1,060

Deferred tax liability, net ......................................................... 439 1,144

Due to subsidiaries, net .......................................................... — 316

Total liabilities ............................................................. 2,539 2,520

Equity:

Series A preferred stock, par value $0; authorized shares—5,000,000; no shares issued and

outstanding .................................................................. — —

Common stock, par value $0, authorized shares—20,000,000; issued—11,786,014 and

11,784,514, respectively; outstanding—7,935,446 and 8,964,344, respectively ............. — —

Unearned ESOP compensation ..................................................... (3,364) (4,111)

Additional paid-in capital ......................................................... 116,272 114,472

Treasury stock, at cost (3,850,568 and 2,820,170 shares, respectively) ..................... (54,109) (40,835)

Accumulated other comprehensive income:

Unrealized gains in investments, net of taxes ..................................... 3,817 4,425

Unrecognized benefit plan gains, net of taxes ..................................... (1,267) (604)

Retained Earnings ............................................................... 66,910 61,364

Total stockholders’ equity .................................................... 128,259 134,711

Total liabilities and stockholders’ equity ................................................. $130,798 $137,231

(1) Uses proportionate share of subsidiaries’ net assets method.

See accompanying notes to consolidated financial statements.

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