UNITED STATES
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SECURITIES AND EXCHANGE COMMISSION
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Washington, DC 20549
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FORM 10-Q
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(Mark One)
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[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the quarterly period ended:
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March 31, 2011
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OR
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[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
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For the transition period from
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to
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Commission file number:
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000-52694
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QUAINT OAK BANCORP, INC.
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(Exact name of registrant as specified in its charter)
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Pennsylvania
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35-2293957
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(State or other jurisdiction of
incorporation or organization)
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(IRS Employer Identification No.)
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607 Lakeside Drive, Southampton, Pennsylvania 18966
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(Address of principal executive offices)
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(215) 364-4059
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(Registrant’s telephone number)
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(Former name, former address and former fiscal year, if changed since last report)
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes [X ] No [ ]
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Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes [ ] No [ ]
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Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company" in Rule 12b-2 of the Exchange Act. (Check one):
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Large accelerated filer [ ] |
Accelerated filer [ ]
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|||
Non-accelerated filer [ ] |
Smaller reporting company [X]
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(Do not check if a smaller reporting company)
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Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). [ ] Yes [X] No
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Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date: As of May 13, 2011, 1,992,436 shares of common stock were issued and outstanding.
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Page
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PART I
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-
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FINANCIAL INFORMATION
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Item 1:
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Financial Statements:
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Consolidated Balance Sheets as of March 31, 2011 and December 31, 2010 (Unaudited)
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1
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Consolidated Statements of Income for the Three Months Ended March 31, 2011 and 2010 (Unaudited)
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2
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Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2011 (Unaudited)
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3
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Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2011 and 2010 (Unaudited)
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4
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Notes to Unaudited Consolidated Financial Statements
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5
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|||
Item 2:
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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29
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Item 3:
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Quantitative and Qualitative Disclosures About Market Risk
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37
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Item 4:
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Controls and Procedures
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37
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PART II
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-
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OTHER INFORMATION
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Item 1:
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Legal Proceedings
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38
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Item 1A:
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Risk Factors
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38
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||
Item 2:
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Unregistered Sales of Equity Securities and Use of Proceeds
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38
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Item 3:
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Defaults upon Senior Securities
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38
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Item 4:
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(Removed and Reserved)
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38
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Item 5:
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Other Information
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39
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Item 6:
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Exhibits
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39
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SIGNATURES
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At March 31, | At December 31, | |||||||||
2011 | 2010 | |||||||||
Assets | (In thousands, except share data) | |||||||||
Due from banks, non-interest-bearing
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$ | 910 | $ | 973 | ||||||
Due from banks, interest-bearing
|
9,655 | 7,677 | ||||||||
Cash and cash equivalents
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10,565 | 8,650 | ||||||||
Investment in interest-earning time deposits
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5,457 | 6,001 | ||||||||
Investment securities available for sale at fair value (cost-2011
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||||||||||
$3,904; 2010 $3,290) | 3,882 | 3,271 | ||||||||
Mortgage-backed securities held to maturity (fair value-2011
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||||||||||
$5,371; 2010 $5,810) | 4,982 | 5,406 | ||||||||
Loans receivable, net of allowance for loan losses
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||||||||||
$2011 823; 2010 $871 | 74,374 | 74,710 | ||||||||
Accrued interest receivable
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466 | 423 | ||||||||
Investment in Federal Home Loan Bank stock, at cost
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719 | 757 | ||||||||
Premises and equipment, net
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1,103 | 1,073 | ||||||||
Other real estate owned, net
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1,401 | 1,191 | ||||||||
Prepaid expenses and other assets
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678 | 619 | ||||||||
Total Assets
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$ | 103,627 | $ | 102,101 | ||||||
Liabilities and Stockholders’ Equity
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||||||||||
Liabilities
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||||||||||
Deposits, interest-bearing
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$ | 81,514 | $ | 79,691 | ||||||
Federal Home Loan Bank advances
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5,600 | 5,600 | ||||||||
Other borrowings
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417 | 423 | ||||||||
Accrued interest payable
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104 | 107 | ||||||||
Advances from borrowers for taxes and insurance
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493 | 746 | ||||||||
Accrued expenses and other liabilities
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135 | 343 | ||||||||
Total Liabilities
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88,263 | 86,910 | ||||||||
Stockholders’ Equity
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||||||||||
Preferred stock– $0.01 par value, 1,000,000 shares authorized;
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||||||||||
none issued or outstanding | - | - | ||||||||
Common stock – $0.01 par value; 9,000,000 shares
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||||||||||
authorized; 1,388,625 issued and 992,436 outstanding at March 31, 2011 and December 31, 2010
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14 | 14 | ||||||||
Additional paid-in capital
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13,508 | 13,478 | ||||||||
Treasury stock, at cost: 2011 396,189 shares; 2010 396,189 shares
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(3,636 | ) | (3,636 | ) | ||||||
Unallocated common stock held by: | ||||||||||
Employee Stock Ownership Plan (ESOP)
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(796 | ) | (813 | ) | ||||||
Recognition & Retention Plan Trust (RRP)
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(360 | ) | (360 | ) | ||||||
Accumulated other comprehensive (loss)
|
(14 | ) | (13 | ) | ||||||
Retained earnings
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6,648 | 6,521 | ||||||||
Total Stockholders' Equity
|
15,364 | 15,191 | ||||||||
Total Liabilities and Stockholders’ Equity
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$ | 103,627 | $ | 102,101 |
For the Three Months Ended
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|||
March 31,
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|||
2011
|
2010
|
Interest Income | (In thousands, except share data) |
Interest on loans
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$ 1,236
|
$ 1,188
|
|
Interest and dividends on short-term investments and investment securities
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121
|
119
|
Total Interest Income
|
1,357
|
1,307
|
Interest Expense
|
|
Interest on deposits
|
406
|
415
|
|
Interest on Federal Home Loan Bank advances
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54
|
67
|
|
Interest on other borrowings
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6
|
6
|
Total Interest Expense
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466
|
488
|
Net Interest Income
|
891
|
819
|
Provision for Loan Losses
|
27
|
29
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Net Interest Income after Provision for Loan Losses
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864
|
790
|
Non-Interest Income
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|||
Mortgage banking and title abstract fees
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46
|
39
|
|
Other fees and services charges
|
10
|
12
|
|
Other
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23
|
20
|
|
Total Non-Interest Income, net
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79
|
71
|
|
Non-Interest Expense
|
|
Salaries and employee benefits
|
385
|
321
|
|
Directors’ fees and expenses
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58
|
52
|
|
Occupancy and equipment
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51
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49
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|
Professional fees
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76
|
86
|
|
FDIC deposit insurance assessment
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39
|
38
|
|
Other real estate owned expenses
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13
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8
|
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Advertising
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11
|
9
|
|
Other
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46
|
47
|
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Total Other Expenses
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679
|
610
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Income before Income Taxes
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264
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251
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Income Taxes
|
107
|
98
|
Net Income
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$ 157
|
$ 153
|
Earnings per share – basic
|
$ 0.16
|
$ 0.14
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Average shares outstanding - basic
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967,913
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1,125,384
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Earnings per share - diluted
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$ 0.16
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$ 0.14
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Average shares outstanding - diluted
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975,670
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1,131,539
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Three Months Ended March 31, 2011
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Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
(In thousands, except share | Number of |
Additional
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Stock Held | Other |
Total
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|||||||||||||||||||||||||||
data) | Shares | Paid-in | Treasury | by Benefit | Comprehensive |
Retained
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Stockholders’
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|||||||||||||||||||||||||
Outstanding
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Amount
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Capital
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Stock | Plans | Income |
Earnings
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Equity
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|||||||||||||||||||||||||
BALANCE – January 1, 2011
|
992,436 | $ | 14 | $ | 13,478 | $ | (3,636 | ) | $ | (1,173 | ) | $ | (13 | ) | $ | 6,521 | $ | 15,191 | ||||||||||||||
Common stock allocated by ESOP
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17 | 17 | ||||||||||||||||||||||||||||||
Stock based compensation expense
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30 | 30 | ||||||||||||||||||||||||||||||
Cash dividends declared ($0.03 per share)
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(30 | ) | (30 | ) | ||||||||||||||||||||||||||||
Net income
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157 | 157 | ||||||||||||||||||||||||||||||
Unrealized loss on investment securities available for sale, net of deferred taxes
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(1 | ) | (1 | ) | ||||||||||||||||||||||||||||
Comprehensive Income
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$ | 156 | ||||||||||||||||||||||||||||||
BALANCE – March 31, 2011
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992,436 | $ | 14 | $ | 13,508 | $ | (3,636 | ) | $ | (1,156 | ) | $ | (14 | ) | $ | 6,648 | $ | 15,364 |
For the Three Months Ended | ||||||||
March 31, | ||||||||
2011 | 2010 | |||||||
Cash Flows from Operating Activities | ||||||||
Net income
|
$ | 157 | $ | 153 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Provision for loan losses
|
27 | 29 | ||||||
Depreciation expense
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13 | 13 | ||||||
Net accretion of securities discounts
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(2 | ) | (2 | ) | ||||
Amortization of deferred loan (fees) and costs
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7 | (1 | ) | |||||
Deferred income taxes
|
(2 | ) | ||||||
Stock-based compensation expense
|
47 | 47 | ||||||
Changes in assets and liabilities which provided (used) cash:
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||||||||
Accrued interest receivable
|
(43 | ) | 4 | |||||
Prepaid expenses and other assets
|
(56 | ) | (11 | ) | ||||
Accrued interest payable
|
(3 | ) | (4 | ) | ||||
Accrued expenses and other liabilities
|
(208 | ) | (8 | ) | ||||
Net Cash Provided by (Used in) Operating Activities
|
(63 | ) | 220 |
Net decrease in investment in interest-earning time deposits
|
544 | 235 | ||||||
Purchase of investment securities available for sale
|
(613 | ) | (504 | ) | ||||
Principal payments received on mortgage-backed securities held to maturity
|
426 | 600 | ||||||
Net (increase) decrease in loans receivable
|
92 | (662 | ) | |||||
Net decrease in Federal Home Loan Bank stock
|
38 | - | ||||||
Capitalized expenditures on other real estate owned
|
- | (25 | ) | |||||
Purchase of premises and equipment
|
(43 | ) | (5 | ) | ||||
Net Cash Provided by (Used in) Investing Activities
|
444 | (361 | ) |
Net increase in deposits
|
1,823 | 2,901 | ||||||
Repayment of other borrowings
|
(6 | ) | (5 | ) | ||||
Dividends paid
|
(30 | ) | (33 | ) | ||||
Purchase of treasury stock
|
- | (1,007 | ) | |||||
Decrease in advances from borrowers for taxes and insurance
|
(253 | ) | (221 | ) | ||||
Net Cash Provided by Financing Activities
|
1,534 | 1,635 | ||||||
Net Increase in Cash and Cash Equivalents
|
1,915 | 1,494 | ||||||
Cash and Cash Equivalents – Beginning of Period
|
8,650 | 5,420 | ||||||
Cash and Cash Equivalents – End of Period
|
$ | 10,565 | $ | 6,914 |
Supplementary Disclosure of Cash Flow and Non-Cash Information:
|
|
Cash payments for interest
|
$ | 469 | $ | 492 | ||||
Cash payments for income taxes
|
$ | 290 | $ | 115 | ||||
Transfer of loans to other real estate owned
|
$ | 210 | $ | - |
March 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
U.S. Government agency securities
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||||||||||||||||
Due after 1 year through 5 years
|
$ | 1,550 | $ | 1 | $ | (4 | ) | $ | 1,547 | |||||||
Due after 5 year through 10 years
|
800 | - | (11 | ) | 789 | |||||||||||
Short-term bond fund
|
1,047 | 2 | - | 1,049 | ||||||||||||
Limited-term bond fund
|
507 | - | (10 | ) | 497 | |||||||||||
$ | 3,904 | $ | 3 | $ | (25 | ) | $ | 3,882 |
December 31, 2010
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
U.S. Government agency securities
|
||||||||||||||||
Due after 1 year through 5 years
|
$ | 1,250 | $ | 2 | $ | - | $ | 1,252 | ||||||||
Due after 5 year through 10 years
|
500 | - | (15 | ) | 485 | |||||||||||
Short-term bond fund
|
1,035 | 2 | - | 1,037 | ||||||||||||
Limited-term bond fund
|
505 | - | (8 | ) | 497 | |||||||||||
$ | 3,290 | $ | 4 | $ | (23 | ) | $ | 3,271 |
March 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Held to Maturity:
|
||||||||||||||||
FNMA pass-through certificates
|
$ | 2,641 | $ | 215 | $ | - | $ | 2,856 | ||||||||
FHLMC pass-through certificates
|
2,341 | 174 | - | 2,515 | ||||||||||||
|
$ | 4,982 | $ | 389 | $ | - | $ | 5,371 | ||||||||
December 31, 2010
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Held to Maturity:
|
||||||||||||||||
FNMA pass-through certificates
|
$ | 2,803 | $ | 222 | $ | - | $ | 3,025 | ||||||||
FHLMC pass-through certificates
|
2,603 | 182 | - | 2,785 | ||||||||||||
|
$ | 5,406 | $ | 404 | $ | - | $ | 5,810 |
|
March 31,
2011
|
December 31,
2010
|
||||||
Real estate loans:
|
||||||||
One-to four-family residential:
|
||||||||
Owner occupied
|
$ | 13,041 | $ | 13,428 | ||||
Non-owner occupied
|
27,225 | 26,263 | ||||||
Total one-to-four family residential
|
40,266 | 39,691 | ||||||
Multi-family(five or more) residential
|
3,483 | 3,226 | ||||||
Commercial real estate
|
18,235 | 18,773 | ||||||
Construction
|
5,657 | 5,773 | ||||||
Commercial lines of credit
|
1,618 | 1,854 | ||||||
Home equity loans
|
5,861 | 6,181 | ||||||
Total real estate loans
|
75,120 | 75,498 | ||||||
Auto loans
|
70 | 75 | ||||||
Loans secured by deposits
|
24 | 15 | ||||||
Total loans
|
75,214 | 75,588 | ||||||
Deferred loan fees and costs
|
(17 | ) | (7 | ) | ||||
Allowance for loan losses
|
(823 | ) | (871 | ) | ||||
Net loans
|
$ | 74,374 | $ | 74,710 |
March 31,
2011
|
March 31,
2010
|
|||||||
Balance, beginning of the year
|
$ | 871 | $ | 835 | ||||
Provision for loan losses
|
27 | 29 | ||||||
Charge-offs
|
(75 | ) | - | |||||
Recoveries
|
- | - | ||||||
Net charge-offs
|
(75 | ) | - | |||||
Balance, end of period
|
$ | 823 | $ | 864 |
March 31, 2011
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 11,697 | $ | 234 | $ | 642 | $ | 468 | $ | 13,041 | ||||||||||
One-to-four family residential non-owner occupied
|
26,084 | 57 | 994 | 90 | 27,225 | |||||||||||||||
Multi-family residential
|
3,279 | 204 | - | - | 3,483 | |||||||||||||||
Commercial real estate and lines of credit
|
19,492 | 361 | - | - | 19,853 | |||||||||||||||
Construction
|
5,657 | - | - | - | 5,657 | |||||||||||||||
Home equity
|
5,223 | 96 | 542 | - | 5,861 | |||||||||||||||
Consumer non-real estate
|
80 | - | 14 | - | 94 | |||||||||||||||
$ | 71,512 | $ | 952 | $ | 2,192 | $ | 558 | $ | 75,214 |
December 31, 2010
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 12,139 | $ | 742 | $ | 79 | $ | 468 | $ | 13,428 | ||||||||||
One-to-four family residential non-owner occupied
|
24,700 | 109 | 1,079 | 375 | 26,263 | |||||||||||||||
Multi-family residential
|
3,022 | 204 | - | - | 3,226 | |||||||||||||||
Commercial real estate and lines of credit
|
20,202 | 318 | 107 | - | 20,627 | |||||||||||||||
Construction
|
5,773 | - | - | - | 5,773 | |||||||||||||||
Home equity
|
5,757 | 350 | 74 | - | 6,181 | |||||||||||||||
Consumer non-real estate
|
75 | - | 15 | - | 90 | |||||||||||||||
$ | 71,668 | $ | 1,723 | $ | 1,354 | $ | 843 | $ | 75,588 |
March 31, 2011 | ||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied
|
- | - | - | - | - | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 1,110 | $ | 1,110 | $ | 121 | $ | 1,081 | $ | 3 | ||||||||||
One-to-four family residential non-owner occupied
|
1,084 | 1,084 | 61 | 1,085 | 12 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
542 | 542 | 30 | 546 | 8 | |||||||||||||||
Consumer non-real estate
|
14 | 14 | 1 | 15 | - | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 1,110 | $ | 1,110 | $ | 121 | $ | 1,081 | $ | 3 | ||||||||||
One-to-four family residential non-owner occupied
|
1,084 | 1,084 | 61 | 1,085 | 12 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
542 | 542 | 30 | 546 | 8 | |||||||||||||||
Consumer non-real estate
|
14 | 14 | 1 | 15 | - | |||||||||||||||
December 31, 2010 | ||||||||||||||||||||
Unpaid | Average | Interest | ||||||||||||||||||
Recorded | Principal | Related | Recorded | Income | ||||||||||||||||
Investment | Balance | Allowance | Investment | Recognized | ||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied
|
- | - | - | - | - | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | - | - | - | - | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 547 | $ | 547 | $ | 108 | $ | 547 | $ | 12 | ||||||||||
One-to-four family residential non-owner occupied
|
1,454 | 1,454 | 136 | 1,462 | 76 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
107 | 107 | 1 | 108 | 6 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
74 | 74 | 25 | 75 | 5 | |||||||||||||||
Consumer non-real estate
|
15 | 15 | 1 | 18 | 1 | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 546 | $ | 546 | $ | 108 | $ | 547 | $ | 12 | ||||||||||
One-to-four family residential non-owner occupied
|
1,454 | 1,454 | 136 | 1,462 | 76 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
107 | 107 | 1 | 108 | 6 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
74 | 74 | 25 | 75 | 5 | |||||||||||||||
Consumer non-real estate
|
15 | 15 | 1 | 18 | 1 | |||||||||||||||
March 31, 2011 | ||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction |
Home
Equity
|
Consumer
Non-Real
Estate
|
Unallocated | Total | ||||||||||||||||||||||||||||
Allowance for loan
losses:
|
Beginning balance
|
$ | 185 | $ | 335 | $ | 23 | $ | 155 | $ | 40 | $ | 92 | $ | 1 | $ | 40 | $ | 871 | ||||||||||||||||||
Charge-offs
|
- | (75 | ) | - | - | - | - | - | - | (75 | ) | |||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision
|
7 | 24 | 1 | (6 | ) | - | - | - | 1 | 27 | ||||||||||||||||||||||||||
Ending balance
|
$ | 192 | $ | 284 | $ | 24 | $ | 149 | $ | 40 | $ | 92 | $ | 1 | $ | 41 | $ | 823 | ||||||||||||||||||
Ending balance: Individually evaluated for impairment
|
$ | 121 | $ | 61 | $ | - | $ | - | $ | - | $ | 30 | $ | 1 | $ | - | $ | 213 | ||||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 71 | $ | 223 | $ | 24 | $ | 149 | $ | 40 | $ | 62 | $ | - | $ | 41 | $ | 610 |
Ending balance
|
$ | 13,041 | $ | 27,225 | $ | 3,483 | $ | 19,853 | $ | 5,657 | $ | 5,861 | $ | 94 | $ | 75,214 | ||||||||||||||||
Ending balance:
Individually
evaluated for
impairment
|
$ | 1,110 | $ | 1,084 | $ | - | $ | - | $ | - | $ | 542 | $ | 14 | $ | 2,750 | ||||||||||||||||
Ending balance:
collectively
evaluated for
impairment
|
$ | 11,931 | $ | 26,141 | $ | 3,483 | $ | 19,853 | $ | 5,657 | $ | 5,319 | $ | 80 | $ | 72,464 |
December 31, 2010 | ||||||||||||||||||||||||||||||||||||
1-4 Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction |
Home
Equity
|
Consumer
Non-Real
Estate
|
Unallocated | Total | ||||||||||||||||||||||||||||
Allowance for loan
losses:
|
Beginning balance
|
$ | 83 | $ | 202 | $ | 22 | $ | 194 | $ | 35 | $ | 41 | $ | 1 | $ | 256 | $ | 834 | ||||||||||||||||||
Charge-offs
|
- | (78 | ) | - | - | - | - | - | - | (78 | ) | |||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision
|
102 | 211 | 1 | (39 | ) | 5 | 51 | - | (216 | ) | 115 | |||||||||||||||||||||||||
Ending balance
|
$ | 185 | $ | 335 | $ | 23 | $ | 155 | $ | 40 | $ | 92 | $ | 1 | $ | 40 | $ | 871 | ||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 108 | $ | 136 | $ | - | $ | 1 | $ | - | $ | 25 | $ | 1 | $ | - | $ | 271 | ||||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 77 | $ | 199 | $ | 23 | $ | 154 | $ | 40 | $ | 67 | $ | - | $ | 40 | $ | 600 |
Ending balance
|
$ | 13,428 | $ | 26,263 | $ | 3,226 | $ | 20,627 | $ | 5,773 | $ | 6,181 | $ | 90 | $ | 75,588 | ||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 547 | $ | 1,454 | $ | - | $ | 107 | $ | - | $ | 74 | $ | 15 | $ | 2,197 | ||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 12,881 | $ | 24,809 | $ | 3,226 | $ | 20,520 | $ | 5,773 | $ | 6,107 | $ | 75 | $ | 73,391 |
March 31, 2011
|
December 31, 2010
|
|||||||
One-to-four family residential owner occupied
|
$ | 1,054 | $ | 539 | ||||
One-to-four family residential non-owner occupied
|
431 | 422 | ||||||
Multi-family residential
|
- | - | ||||||
Commercial real estate and lines of credit
|
- | - | ||||||
Construction
|
- | - | ||||||
Home equity
|
240 | 23 | ||||||
Consumer non-real estate
|
- | - | ||||||
$ | 1,725 | $ | 984 |
March 31, 2011
|
||||||||||||||||||||||||
30-90
Days Past Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans Receivable
|
Loans Receivable > 90 Days and Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 284 | $ | 284 | $ | 568 | $ | 12,473 | $ | 13,041 | $ | 284 | ||||||||||||
One-to-four family residential non-owner
occupied
|
1,150 | 340 | 1,490 | 25,735 | 27,225 | 340 | ||||||||||||||||||
Multi-family residential
|
368 | - | 368 | 3,115 | 3,483 | - | ||||||||||||||||||
Commercial real estate and lines of credit
|
1,659 | - | 1,659 | 18,194 | 19,853 | - | ||||||||||||||||||
Construction
|
320 | - | 320 | 5,337 | 5,657 | - | ||||||||||||||||||
Home equity
|
528 | 74 | 602 | 5,259 | 5,861 | 74 | ||||||||||||||||||
Consumer non-real estate
|
14 | - | 14 | 80 | 94 | - | ||||||||||||||||||
$ | 4,323 | $ | 698 | $ | 5,021 | $ | 70,193 | $ | 75,214 | $ | 698 |
December 31, 2010
|
||||||||||||||||||||||||
30-90
Days Past Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans Receivable
|
Loans Receivable > 90 Days and Accruing
|
|||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 810 | $ | 61 | $ | 871 | $ | 12,557 | $ | 13,428 | $ | 61 | ||||||||||||
One-to-four family residential non-owner
occupied
|
1,106 | 353 | 1,459 | 24,804 | 26,263 | 353 | ||||||||||||||||||
Multi-family residential
|
204 | - | 204 | 3,022 | 3,226 | - | ||||||||||||||||||
Commercial real estate and lines of credit
|
1,061 | 108 | 1,169 | 19,458 | 20,627 | 108 | ||||||||||||||||||
Construction
|
- | - | - | 5,773 | 5,773 | - | ||||||||||||||||||
Home equity
|
437 | - | 437 | 5,744 | 6,181 | - | ||||||||||||||||||
Consumer non-real estate
|
15 | - | 15 | 75 | 90 | - | ||||||||||||||||||
$ | 3,633 | $ | 522 | $ | 4,155 | $ | 71,433 | $ | 75,588 | $ | 522 |
March 31,
2011
|
December 31, 2010
|
|||||||
Passbook savings accounts
|
$ | 3,092 | $ | 3,079 | ||||
Statement savings accounts
|
6,932 | 6,798 | ||||||
eSavings accounts
|
2,706 | 2,253 | ||||||
Certificates of deposit
|
68,784 | 67,561 | ||||||
Total deposits
|
$ | 81,514 | $ | 79,691 | ||||
Maturity Period
|
Amount
|
Weighted
Interest Rate
|
||||||
1 to 12 months
|
$ | 1,800 | 3.66 | % | ||||
13 to 24 months
|
1,800 | 3.98 | % | |||||
37 to 48 months
|
2,000 | 4.19 | % | |||||
Total
|
$ | 5,600 | 3.95 | % |
March 31, 2011
|
March 31, 2010
|
|||||||||||||||
Number of
Shares
|
Weighted
Average Grant Date Fair Value
|
Number of
Shares
|
Weighted
Average Grant Date Fair Value
|
|||||||||||||
Unvested at the beginning of the year
|
25,969 | $ | 9.05 | 34,498 | $ | 9.05 | ||||||||||
Granted
|
- | - | - | - | ||||||||||||
Vested
|
- | - | - | - | ||||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Unvested at the end of the period
|
25,969 | $ | 9.05 | 34,498 | $ | 9.05 |
March 31, 2011
|
March 31, 2010
|
|||||||||||||||||||
Number of
Shares
|
Weighted
Average Exercise
Price
|
Number of
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average Remaining Contractual Life (in years)
|
||||||||||||||||
Outstanding at the beginning of the year
|
107,570 | $ | 10.00 | 107,718 | $ | 10.00 | 7.4 | |||||||||||||
Granted
|
-- | -- | -- | -- | -- | |||||||||||||||
Exercised
|
-- | -- | -- | -- | -- | |||||||||||||||
Forfeited
|
-- | -- | -- | -- | -- | |||||||||||||||
Outstanding at the end of the period
|
107,570 | $ | 10.00 | 107,718 | $ | 10.00 | 7.1 | |||||||||||||
Exercisable at the end of the period
|
42,666 | $ | 10.00 | 21,333 | 7.1 |
|
Level 1:
|
Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
|
|
Level 2:
|
Quoted prices in markets that are not active, or inputs that are observable either directly or indirectly, for substantially the full term of the asset or liability.
|
|
Level 3:
|
Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported with little or no market activity).
|
March 31, 2011
|
||||||||||||||||
Total Fair
Value
|
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Observable
Inputs
(Level 3)
|
|||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Government agency securities
|
$ | 2,336 | $ | - | $ | 2,336 | $ | - | ||||||||
Short-term bond fund
|
1,049 | 1,049 | - | - | ||||||||||||
Limited-term bond fund
|
497 | 497 | - | - | ||||||||||||
$ | 3,882 | $ | 1,546 | $ | 2,336 | $ | - |
December 31, 2010
|
||||||||||||||||
Total Fair
Value
|
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Observable
Inputs
(Level 3)
|
|||||||||||||
Investment securities available for sale:
|
||||||||||||||||
U.S. Government agency securities
|
$ | 1,737 | $ | - | $ | 1,737 | $ | - | ||||||||
Short-term bond fund
|
1,037 | 1,037 | - | - | ||||||||||||
Limited-term bond fund
|
497 | 497 | - | - | ||||||||||||
$ | 3,271 | $ | 1,534 | $ | 1,737 | $ | - |
March 31, 2011
|
||||||||||||||||
Carrying Amount
|
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Observable
Inputs
(Level 3)
|
|||||||||||||
Impaired loans
|
$ | 2,537 | $ | - | $ | - | $ | 2,537 | ||||||||
Other real estate owned
|
$ | 1,401 | $ | - | $ | - | $ | 1,401 | ||||||||
December 31, 2010
|
||||||||||||||||
Carrying Amount
|
Quoted Prices in Active Markets for Identical Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Significant Other Observable
Inputs
(Level 3)
|
|||||||||||||
Impaired loans
|
$ | 1,926 | $ | - | $ | - | $ | 1,926 | ||||||||
Other real estate owned
|
$ | 1,191 | $ | - | $ | - | $ | 1,191 | ||||||||
March 31, 2011 | December 31, 2010 | |||||||||||||||
Carrying
Amount
|
Estimated
Fair Value
|
Carrying
Amount
|
Estimated
Fair Value
|
|||||||||||||
(In Thousands) | ||||||||||||||||
Assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 10,565 | $ | 10,656 | $ | 8,650 | $ | 8,650 | ||||||||
Investment in interest-earning time deposits
|
5,457 | 5,478 | 6,001 | 6,019 | ||||||||||||
Investment securities available for sale
|
3,882 | 3,882 | 3,271 | 3,271 | ||||||||||||
Mortgage-backed securities held to maturity
|
4,982 | 5,371 | 5,406 | 5,810 | ||||||||||||
Loans receivable, net
|
74,374 | 75,630 | 74,710 | 76,212 | ||||||||||||
Investment in FHLB stock
|
719 | 719 | 757 | 757 | ||||||||||||
Accrued interest receivable
|
466 | 466 | 423 | 423 | ||||||||||||
Liabilities:
|
||||||||||||||||
Deposits
|
81,514 | 82,158 | 79,691 | 80,526 | ||||||||||||
FHLB advances, long-term
|
3,800 | 3,998 | 3,800 | 4,020 | ||||||||||||
FHLB advances, short-term
|
1,800 | 1,800 | 1,800 | 1,800 | ||||||||||||
Other borrowings
|
417 | 417 | 423 | 423 | ||||||||||||
Accrued interest payable
|
104 | 104 | 107 | 107 | ||||||||||||
Off-balance sheet financial instruments
|
- | - | - | - | ||||||||||||
Three Months Ended March 31,
|
||||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars in thousands)
|
|||||||||||||||||||||||
Short-term investments and investment securities
|
$ | 18,763 | $ | 58 | 1.24 | $ | 10,053 | $ | 30 | 1.19 | % | |||||||||||||
Mortgage-backed securities
|
5,210 | 63 | 4.84 | 7,455 | 89 | 4.78 | ||||||||||||||||||
Loans receivable, net (1)
|
74,152 | 1,236 | 6.67 | 72,624 | 1,188 | 6.54 | ||||||||||||||||||
Total interest-earning assets
|
98,125 | 1,357 | 5.53 | % | 90,132 | 1,307 | 5.80 | % | ||||||||||||||||
Non-interest-earning assets
|
5,024 | 4,688 | ||||||||||||||||||||||
Total assets
|
$ | 103,149 | $ | 94,820 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 3,091 | 3 | 0.39 | % | $ | 3,296 | 6 | 0.73 | % | ||||||||||||||
Statement savings accounts
|
6,911 | 13 | 0.75 | 6,549 | 19 | 1.16 | ||||||||||||||||||
eSavings accounts
|
2,432 | 6 | 0.99 | 1,942 | 7 | 1.44 | ||||||||||||||||||
Certificate of deposit accounts
|
68,377 | 384 | 2.55 | 57,596 | 383 | 2.66 | ||||||||||||||||||
Total deposits
|
80,811 | 406 | 2.01 | 69,383 | 415 | 2.39 | ||||||||||||||||||
FHLB advances
|
5,600 | 54 | 3.86 | 6,850 | 67 | 3.91 | ||||||||||||||||||
Other borrowings
|
419 | 6 | 5.73 | 439 | 6 | 5.47 | ||||||||||||||||||
Total interest-bearing liabilities
|
86,830 | 466 | 2.15 | % | 76,672 | 488 | 2.55 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
980 | 893 | ||||||||||||||||||||||
Total liabilities
|
87,810 | 77,565 | ||||||||||||||||||||||
Stockholders’ Equity
|
15,339 | 17,255 | ||||||||||||||||||||||
Total liabilities and Stockholders’ Equity
|
$ | 103,149 | $ | 94,820 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 11,295 | $ | 13,460 | ||||||||||||||||||||
Net interest income; average interest rate
spread
|
$ | 891 | 3.38 | % | $ | 819 | 3.25 | % | ||||||||||||||||
Net interest margin (2)
|
3.63 | % | 3.63 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
113.01 | % | 117.56 | % |
(1)
|
Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses.
|
(2)
|
Equals net interest income divided by average interest-earning assets.
|
Period
|
Total Number of Shares
Purchased
|
Average Price Paid per Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs
|
Maximum
Number of Shares
that May Yet Be Purchased Under
the Plans or
Programs (1)
|
||||||||||||
January 1, 2011 – January 31, 2011
|
- | $ | - | - | 68,535 | |||||||||||
February 1, 2011 – February 28, 2011
|
- | - | - | - | ||||||||||||
March 1, 2011 – March 31, 2011
|
- | - | - | - | ||||||||||||
Total
|
- | $ | - | - | 68.535 |
(1)
|
On September 10, 2010, the Company announced by press release its third repurchase program to repurchase up to an additional 69,431 shares, or approximately 6.2% of the Company's current outstanding shares of common stock as of September 30, 2010. The Company commenced this third stock repurchase program upon the completion of its prior repurchase program on December 3, 2010.
|
No.
|
Description
|
||
31.1
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer
|
||
31.2
|
Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer
|
||
32.0 |
Certification Pursuant to 18 U.S.C Section 1350
|
Date: | May 16, 2011 | By: | /s/Robert T. Strong |
Robert T. Strong | |||
President and Chief Executive Officer | |||
Date: | May 16, 2011 | By: | /s/John J. Augustine |
John J. Augustine | |||
Chief Financial Officer |