(Mark One)
|
||||||||||||
X
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
|||||||||||
EXCHANGE ACT OF 1934
|
||||||||||||
For the quarterly period ended
|
December 31, 2011
|
|||||||||||
OR
|
||||||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
|
||||||||||||
EXCHANGE ACT OF 1934
|
||||||||||||
For the transition period from
|
to
|
|||||||||||
Commission File Number 001-33246
|
||||||||||||
MSB FINANCIAL CORP.
|
||||||||||||
(Exact name of registrant as specified in its charter)
|
||||||||||||
UNITED STATES
|
34-1981437
|
|||||||||||
(State or other jurisdiction of
|
(I.R.S. Employer
|
|||||||||||
incorporation or organization)
|
Identification Number)
|
|||||||||||
1902 Long Hill Road, Millington, New Jersey
|
07946-0417
|
|||||||||||
(Address of principal executive offices)
|
(Zip Code)
|
|||||||||||
Registrant’s telephone number, including area code
|
(908) 647-4000
|
|||||||||||
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 [ ]
|
||||||||||||
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 [X] No [ ]
|
||||||||||||
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 definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.
|
||||||||||||
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
|||||||||||
Non-accelerated filer [ ]
|
Smaller reporting company [X]
|
|||||||||||
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes [ ] No [X]
|
||||||||||||
The number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: February 10, 2012:
|
||||||||||||
$0.10 par value common stock 5,087,792 shares outstanding
|
Page
|
|||
Number
|
|||
PART I - FINANCIAL INFORMATION
|
|||
Item 1:
|
Consolidated Financial Statements (Unaudited)
|
||
Consolidated Statements of Financial Condition
|
|||
at December 31, 2011 and June 30, 2011
|
2
|
||
Consolidated Statements of Income and Comprehensive Income for the
|
|||
Three and Six Months Ended December 31, 2011 and 2010
|
3
|
||
Consolidated Statements of Cash Flows for the Three and Six Months
|
|||
Ended December 31, 2011 and 2010
|
4
|
||
Notes to Consolidated Financial Statements (Unaudited)
|
5
|
||
Item 2:
|
Management’s Discussion and Analysis of
|
31
|
|
Financial Condition and Results of Operations
|
|||
Item 3:
|
Quantitative and Qualitative Disclosures About Market Risk
|
37
|
|
Item 4:
|
Controls and Procedures
|
37
|
|
PART II - OTHER INFORMATION
|
|||
Item 1:
|
Legal Proceedings
|
38
|
|
Item 1A:
|
Risk Factors
|
38
|
|
Item 2:
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
38
|
|
Item 3:
|
Defaults Upon Senior Securities
|
38
|
|
Item 4:
|
Mine Safety Disclosures
|
38
|
|
Item 5:
|
Other Information
|
38
|
|
Item 6:
|
Exhibits
|
39
|
|
SIGNATURES
|
40
|
||
CERTIFICATIONS
|
December 31,
|
June 30,
|
|||||||
2011
|
2011
|
|||||||
(Dollars in thousands,
except per share amount)
|
||||||||
Cash and due from banks
|
$
|
12,773
|
$
|
22,117
|
||||
Interest-earning demand deposits with banks
|
5,745
|
8,859
|
||||||
Cash and Cash Equivalents
|
18,518
|
30,976
|
||||||
Trading securities
|
48
|
60
|
||||||
Securities held to maturity (fair value of $65,057 and $41,602,
respectively) |
64,276
|
41,693
|
||||||
Loans receivable, net of allowance for loan losses of $2,663 and
$2,170, respectively |
244,684
|
253,251
|
||||||
Other real estate owned
|
—
|
861
|
||||||
Premises and equipment
|
9,596
|
9,838
|
||||||
Federal Home Loan Bank of New York stock, at cost
|
1,384
|
1,384
|
||||||
Bank owned life insurance
|
6,014
|
5,913
|
||||||
Accrued interest receivable
|
1,487
|
1,334
|
||||||
Other assets
|
4,349
|
4,149
|
||||||
Total Assets
|
$
|
350,356
|
$
|
349,459
|
||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$
|
15,735
|
$
|
17,494
|
||||
Interest bearing
|
271,355
|
268,681
|
||||||
Total Deposits
|
287,090
|
286,175
|
||||||
Advances from Federal Home Loan Bank of New York
|
20,000
|
20,000
|
||||||
Advance payments by borrowers for taxes and insurance
|
13
|
177
|
||||||
Other liabilities
|
2,494
|
2,427
|
||||||
Total Liabilities
|
309,597
|
308,779
|
||||||
Commitments and Contingencies
|
—
|
—
|
||||||
Stockholders’ Equity
|
||||||||
Common stock, par value $0.10; 10,000,000 shares authorized; 5,620,625
issued; 5,094,736 and 5,166,503 shares outstanding, respectively |
562
|
562
|
||||||
Paid-in capital
|
24,075
|
23,940
|
||||||
Retained earnings
|
22,106
|
21,880
|
||||||
Unallocated common stock held by ESOP (118,033 and 126,463 shares, respectively)
|
(1,180
|
)
|
(1,265
|
)
|
||||
Treasury stock, at cost, 525,889 and 454,122 shares, respectively
|
(4,719
|
)
|
(4,345
|
)
|
||||
Accumulated other comprehensive loss
|
(85
|
)
|
(92
|
)
|
||||
Total Stockholders’ Equity
|
40,759
|
40,680
|
||||||
Total Liabilities and Stockholders’ Equity
|
$
|
350,356
|
$
|
349,459
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(In thousands, except per share amounts)
|
||||||||||||||||
Interest Income:
|
||||||||||||||||
Loans receivable, including fees
|
$ | 3,010 | $ | 3,374 | $ | 6,113 | $ | 6,818 | ||||||||
Securities held to maturity
|
518 | 421 | 1,003 | 853 | ||||||||||||
Other
|
21 | 31 | 44 | 58 | ||||||||||||
Total Interest Income
|
3,549 | 3,826 | 7,160 | 7,729 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
710 | 907 | 1,450 | 1,920 | ||||||||||||
Borrowings
|
172 | 172 | 345 | 345 | ||||||||||||
Total Interest Expense
|
882 | 1,079 | 1,795 | 2,265 | ||||||||||||
Net Interest Income
|
2,667 | 2,747 | 5,365 | 5,464 | ||||||||||||
Provision for Loan Losses
|
375 | 350 | 988 | 825 | ||||||||||||
|
||||||||||||||||
Net Interest Income after Provision for Loan Losses
|
2,292 | 2,397 | 4,377 | 4,639 | ||||||||||||
Non-Interest Income
|
||||||||||||||||
Fees and service charges
|
82 | 101 | 165 | 278 | ||||||||||||
Income from bank owned life insurance
|
51 | 49 | 101 | 98 | ||||||||||||
Unrealized gain (loss) on trading securities
|
3 | 13 | (12 | ) | 18 | |||||||||||
Other
|
37 | 26 | 63 | 52 | ||||||||||||
Total Non-Interest Income
|
173 | 189 | 317 | 446 | ||||||||||||
Non-Interest Expenses
|
||||||||||||||||
Salaries and employee benefits
|
957 | 984 | 1,942 | 1,953 | ||||||||||||
Directors compensation
|
116 | 111 | 231 | 220 | ||||||||||||
Occupancy and equipment
|
377 | 420 | 787 | 805 | ||||||||||||
Service bureau fees
|
108 | 107 | 216 | 206 | ||||||||||||
Advertising
|
48 | 52 | 96 | 118 | ||||||||||||
FDIC assessment
|
75 | 127 | 148 | 253 | ||||||||||||
Professional services
|
125 | 120 | 262 | 236 | ||||||||||||
Other
|
253 | 446 | 437 | 729 | ||||||||||||
Total Non-Interest Expenses
|
2,059 | 2,367 | 4,119 | 4,520 | ||||||||||||
Income before Income Taxes
|
406 | 219 | 575 | 565 | ||||||||||||
Income Taxes
|
182 | 99 | 240 | 230 | ||||||||||||
Net Income
|
224 | 120 | 335 | 335 | ||||||||||||
Amortization component of net periodic pension cost,
|
||||||||||||||||
net of tax
|
4 | -- | 7 | 1 | ||||||||||||
Total Comprehensive Income
|
$ | 228 | $ | 120 | $ | 342 | $ | 336 | ||||||||
Weighted average number of shares of common stock
|
||||||||||||||||
outstanding - basic and diluted
|
5,015 | 5,042 | 5,028 | 5,041 | ||||||||||||
Earnings per common share - basic and diluted
|
$ | .04 | $ | .02 | $ | .07 | $ | .07 | ||||||||
Dividends declared per common share
|
$ | .03 | $ | .03 | $ | .06 | $ | .06 |
Six Months Ended December 31,
|
||||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Cash Flows from operating activities:
|
||||||||
Net Income
|
$ | 335 | $ | 335 | ||||
Adjustments to reconcile net income to net
|
||||||||
cash provided by (used in) operating activities:
|
||||||||
Net accretion of securities discounts and deferred loan fees and costs
|
(65 | ) | (38 | ) | ||||
Depreciation and amortization of premises and equipment
|
301 | 326 | ||||||
Stock based compensation and allocation of ESOP stock
|
220 | 232 | ||||||
Provision for loan losses
|
988 | 825 | ||||||
(Gain) loss on sale of other real estate owned
|
(9 | ) | 71 | |||||
Income from bank owned life insurance
|
(101 | ) | (98 | ) | ||||
Unrealized (gain) loss on trading securities
|
12 | (18 | ) | |||||
Increase in accrued interest receivable
|
(153 | ) | (16 | ) | ||||
(Increase) decrease in other assets
|
(200 | ) | 465 | |||||
Increase in other liabilities
|
74 | 107 | ||||||
Net Cash Provided by Operating Activities
|
1,402 | 2,191 | ||||||
|
||||||||
Cash Flows from Investing Activities:
|
||||||||
Activity in held to maturity securities:
|
||||||||
Purchases
|
(39,970 | ) | (21,247 | ) | ||||
Maturities, calls and principal repayments
|
17,421 | 19,864 | ||||||
Net decrease in loans receivable
|
7,610 | 1,319 | ||||||
Purchase of premises and equipment
|
(59 | ) | (57 | ) | ||||
Proceeds from the sale of other real estate owned
|
870 | 619 | ||||||
Net Cash Provided by (Used in) Investing Activities
|
(14,128 | ) | 498 | |||||
|
||||||||
Cash Flows from Financing Activities:
|
||||||||
Net increase (decrease) in deposits
|
915 | (8,472 | ) | |||||
Decrease in advance payments by borrowers for taxes and insurance
|
(164 | ) | (171 | ) | ||||
Dividends paid to minority shareholders
|
(109 | ) | (125 | ) | ||||
Purchase of treasury stock
|
(374 | ) | (58 | ) | ||||
Net Cash Provided by (Used in) Financing Activities
|
268 | (8,826 | ) | |||||
Net (Decrease) in Cash and Cash Equivalents
|
(12,458 | ) | (6,137 | ) | ||||
Cash and Cash Equivalents – Beginning
|
30,976 | 21,144 | ||||||
Cash and Cash Equivalents – Ending
|
$ | 18,518 | $ | 15,007 | ||||
Supplementary Cash Flows Information
|
||||||||
Interest paid
|
$ | 1,789 | $ | 2,264 | ||||
Income taxes paid
|
$ | - | $ | 97 | ||||
Loan receivable transferred to other real estate owned
|
$ | - | $ | 930 |
·
|
Level 1 Inputs – Unadjusted quoted prices in active markets for identical assets or liabilities that the reporting entity has the ability to access at the measurement date.
|
·
|
Level 2 Inputs – Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These might include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (such as interest rates, volatilities, prepayment speeds, credit risks, etc.) or inputs that are derived principally from or corroborated by market data by correlation or other means.
|
·
|
Level 3 Inputs – Unobservable inputs for determining the fair values of assets or liabilities that reflect an entity’s own assumptions about the assumptions that market participants would use in pricing the assets or liabilities.
|
December 31, 2011
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||
|
||||||||||||||||||
Trading securities
|
$ | 48 | $ | — | $ | — | $ | 48 |
June 30, 2011
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||
Trading securities
|
$ | 60 | $ | — | $ | — | $ | 60 |
December 31, 2011
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||
Impaired loans
|
$ | — | $ | — | $ | 7,488 | $ | 7,488 |
June 30, 2011
|
||||||||||||||||||
Level 1
Inputs
|
Level 2
Inputs
|
Level 3
Inputs
|
Total Fair
Value
|
|||||||||||||||
(In Thousands)
|
||||||||||||||||||
Impaired loans
|
$ | — | $ | — | $ | 2,918 | $ | 2,918 |
December 31, 2011
|
June 30, 2011
|
|||||||||||||||
Estimated
|
Estimated
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 18,518 | $ | 18,518 | $ | 30,976 | $ | 30,976 | ||||||||
Trading securities
|
48 | 48 | 60 | 60 | ||||||||||||
Securities held to maturity
|
64,276 | 65,057 | 41,693 | 41,602 | ||||||||||||
Loans receivable (1)
|
244,684 | 249,200 | 253,251 | 259,165 | ||||||||||||
Federal Home Loan Bank stock
|
1,384 | 1,384 | 1,384 | 1,384 | ||||||||||||
Accrued interest receivable
|
1,487 | 1,487 | 1,334 | 1,334 | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
287,090 | 289,826 | 286,175 | 282,191 | ||||||||||||
Advances from Federal Home Loan Bank of New York
|
20,000 | 23,117 | 20,000 | 19,917 | ||||||||||||
Accrued interest payable
|
74 | 74 | 68 | 68 | ||||||||||||
(1) Includes impaired loans measured at fair value on a non-recurring basis as discussed above.
|
December 31, 2011
|
June 30, 2011
|
||||||
(In Thousands)
|
|||||||
Residential mortgage:
|
|||||||
One-to-four family
|
$
|
144,533
|
$
|
149,399
|
|||
Home equity
|
50,132
|
50,240
|
|||||
194,665
|
199,639
|
||||||
Commercial real estate
|
31,685
|
32,559
|
|||||
Construction
|
12,965
|
16,633
|
|||||
Commercial and industrial
|
9,989
|
9,325
|
|||||
54,639
|
58,517
|
||||||
Consumer:
|
|||||||
Deposit accounts
|
786
|
491
|
|||||
Automobile
|
224
|
236
|
|||||
Personal
|
19
|
20
|
|||||
Overdraft protection
|
186
|
194
|
|||||
1,215
|
941
|
||||||
250,519
|
259,097
|
||||||
Loans in process
|
(2,901
|
)
|
(3,452
|
)
|
|||
Deferred loan fees
|
(271
|
)
|
(224
|
)
|
|||
$
|
247,347
|
$
|
255,421
|
1.
|
Lending policies and procedures, including underwriting standards and collection, charge-off, and recovery practices.
|
2.
|
National, regional, and local economic and business conditions as well as the condition of various market segments, including the value of underlying collateral for collateral dependent loans.
|
3.
|
Nature and volume of the portfolio and terms of loans.
|
4.
|
Experience, ability, and depth of lending management and staff.
|
5.
|
Volume and severity of past due, classified and nonaccrual loans as well as and other loan modifications.
|
6.
|
Quality of the Company’s loan review system, and the degree of oversight by the Company’s Board of Directors.
|
7.
|
Existence and effect of any concentrations of credit and changes in the level of such concentrations.
|
8.
|
Effect of external factors, such as competition and legal and regulatory requirements.
|
As of December 31, 2011
|
||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
||||||||||
(In Thousands)
|
||||||||||||
With no related allowance recorded:
|
||||||||||||
Residential mortgage
|
||||||||||||
One-to-four family
|
$
|
10,782
|
$
|
11,265
|
$
|
-
|
||||||
Home equity
|
2,866
|
3,036
|
-
|
|||||||||
Commercial real estate
|
2,713
|
2,728
|
-
|
|||||||||
Construction
|
-
|
|||||||||||
One-to-four family occupied
|
-
|
-
|
-
|
|||||||||
Other
|
-
|
-
|
-
|
|||||||||
Commercial and industrial
|
343
|
343
|
-
|
|||||||||
16,704
|
17,372
|
-
|
||||||||||
With an allowance recorded:
|
||||||||||||
Residential mortgage
|
||||||||||||
One-to-four family
|
3,106
|
3,413
|
212
|
|||||||||
Home equity
|
1,099
|
1,464
|
276
|
|||||||||
Commercial real estate
|
459
|
459
|
35
|
|||||||||
Construction
|
||||||||||||
One-to-four family occupied
|
1,940
|
1,940
|
85
|
|||||||||
Other
|
1,028
|
1,007
|
149
|
|||||||||
Commercial and industrial
|
740
|
740
|
127
|
|||||||||
8,372
|
9,023
|
884
|
||||||||||
Total: (1)
|
||||||||||||
Residential mortgage
|
||||||||||||
One-to-four family
|
13,888
|
14,678
|
212
|
|||||||||
Home equity
|
3,965
|
4,500
|
276
|
|||||||||
Commercial real estate
|
3,172
|
3,187
|
35
|
|||||||||
Construction
|
||||||||||||
One-to-four family occupied
|
1,940
|
1,940
|
85
|
|||||||||
Other
|
1,028
|
1,007
|
149
|
|||||||||
Commercial and industrial
|
1,083
|
1,083
|
127
|
|||||||||
$
|
25,076
|
$
|
26,395
|
$
|
884
|
Three months ended
|
Six months ended
|
|||||||||||||||
December 31, 2011
|
December 31, 2011
|
|||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||
Residential mortgage
|
||||||||||||||||
One-to-four family
|
$
|
10,710
|
$
|
67
|
$
|
8,807
|
$
|
168
|
||||||||
Home equity
|
2,836
|
36
|
1,970
|
67
|
||||||||||||
Commercial real estate
|
3,134
|
18
|
3,165
|
57
|
||||||||||||
Construction
|
||||||||||||||||
One-to-four family occupied
|
-
|
-
|
-
|
-
|
||||||||||||
Other
|
-
|
-
|
-
|
-
|
||||||||||||
Commercial and industrial
|
409
|
3
|
243
|
4
|
||||||||||||
17,089
|
124
|
14,185
|
296
|
|||||||||||||
With an allowance recorded:
|
||||||||||||||||
Residential mortgage
|
||||||||||||||||
One-to-four family
|
4,086
|
16
|
2,198
|
38
|
||||||||||||
Home equity
|
1,182
|
-
|
943
|
2
|
||||||||||||
Commercial real estate
|
459
|
13
|
229
|
13
|
||||||||||||
Construction
|
||||||||||||||||
One-to-four family occupied
|
970
|
21
|
970
|
42
|
||||||||||||
Other
|
1,997
|
-
|
1,027
|
-
|
||||||||||||
Commercial and industrial
|
747
|
7
|
620
|
7
|
||||||||||||
9,441
|
57
|
5,987
|
102
|
|||||||||||||
Total:
|
||||||||||||||||
Residential mortgage
|
||||||||||||||||
One-to-four family
|
14,796
|
83
|
11,005
|
206
|
||||||||||||
Home equity
|
4,018
|
36
|
2,913
|
69
|
||||||||||||
Commercial real estate
|
3,593
|
31
|
3,394
|
70
|
||||||||||||
Construction
|
||||||||||||||||
One-to-four family occupied
|
970
|
21
|
970
|
42
|
||||||||||||
Other
|
1,997
|
-
|
1,027
|
-
|
||||||||||||
Commercial and industrial
|
1,156
|
10
|
863
|
11
|
||||||||||||
$
|
26,530
|
$
|
181
|
$
|
20,172
|
$
|
398
|
As of June 30, 2011
|
|||||||||||||
Recorded
Investment
|
Unpaid
Principal
Balance
|
Related
Allowance
|
|||||||||||
(In Thousands)
|
|||||||||||||
With no related allowance recorded:
|
|||||||||||||
Residential mortgage
|
|||||||||||||
One-to-four family
|
$
|
6,833
|
$
|
7,671
|
$
|
-
|
|||||||
Home equity
|
1,074
|
1,267
|
-
|
||||||||||
Commercial real estate
|
3,618
|
3,633
|
-
|
||||||||||
Commercial and industrial
|
142
|
142
|
-
|
||||||||||
11,667
|
12,713
|
-
|
|||||||||||
With an allowance recorded:
|
|||||||||||||
Residential mortgage
|
|||||||||||||
One-to-four family
|
1,290
|
1,357
|
113
|
||||||||||
Home equity
|
786
|
1,031
|
149
|
||||||||||
Construction
|
|||||||||||||
Other
|
1,027
|
1,014
|
323
|
||||||||||
Commercial and industrial
|
500
|
500
|
100
|
||||||||||
3,603
|
3,902
|
685
|
|||||||||||
Total:
|
|||||||||||||
Residential mortgage
|
|||||||||||||
One-to-four family
|
8,123
|
9,028
|
113
|
||||||||||
Home equity
|
1,860
|
2,298
|
149
|
||||||||||
Commercial real estate
|
3,618
|
3,633
|
-
|
||||||||||
Construction
|
|||||||||||||
Other
|
1,027
|
1,014
|
323
|
||||||||||
Commercial and industrial
|
642
|
642
|
100
|
||||||||||
$
|
15,270
|
$
|
16,615
|
$
|
685
|
As of December 31, 2011
|
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Total
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
28,078
|
$
|
895
|
$
|
2,650
|
$
|
-
|
$
|
35
|
$
|
31,658
|
||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner occupied
|
3,207
|
-
|
1,855
|
-
|
85
|
5,147
|
||||||||||||||||||
Other
|
3,898
|
-
|
-
|
858
|
149
|
4,905
|
||||||||||||||||||
Commercial and Industrial
|
8,526
|
192
|
211
|
921
|
127
|
9,977
|
||||||||||||||||||
Total
|
$
|
43,709
|
$
|
1,087
|
$
|
4,716
|
$
|
1,779
|
$
|
396
|
$
|
51,687
|
As of June 30, 2011
|
Pass
|
Special
Mention |
Substandard
|
Doubtful
|
Loss
|
Total
|
||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Commercial real estate
|
$
|
28,017
|
$
|
900
|
$
|
3,144
|
$
|
474
|
$
|
-
|
$
|
32,535
|
||||||||||||
Construction
|
||||||||||||||||||||||||
One-to-four family owner occupied
|
7,113
|
-
|
-
|
-
|
-
|
7,113
|
||||||||||||||||||
Other
|
306
|
-
|
4,726
|
704
|
323
|
6,050
|
||||||||||||||||||
Commercial and Industrial
|
8,220
|
327
|
264
|
401
|
99
|
9,311
|
||||||||||||||||||
Total
|
$
|
43,656
|
$
|
1,227
|
$
|
8,134
|
$
|
1,579
|
$
|
422
|
$
|
55,018
|
As of December 31, 2011
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days
|
Total
Past Due
|
Current
|
Total Loans
Receivables
|
Nonaccrual
Loans
|
Loans Receivable >
90 Days and
Accruing
|
||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Residential Mortgage
|
||||||||||||||||||||||||||||||||
One-to-four family
|
$
|
1,667
|
1,337
|
9,201
|
12,205
|
$
|
132,109
|
$
|
144,314
|
$
|
8,757
|
$
|
981
|
|||||||||||||||||||
Home equity
|
778
|
720
|
1,246
|
2,744
|
47,387
|
50,131
|
789
|
869
|
||||||||||||||||||||||||
Commercial real estate
|
1,083
|
-
|
1,995
|
3,078
|
28,580
|
31,658
|
2,360
|
-
|
||||||||||||||||||||||||
Construction
|
||||||||||||||||||||||||||||||||
One-to-four family owner
occupied
|
-
|
-
|
-
|
-
|
5,147
|
5,147
|
-
|
-
|
||||||||||||||||||||||||
Other
|
-
|
-
|
1,028
|
1,028
|
3,877
|
4,905
|
1,028
|
-
|
||||||||||||||||||||||||
Commercial and industrial
|
300
|
-
|
947
|
1,247
|
8,730
|
9,977
|
947
|
-
|
||||||||||||||||||||||||
Consumer
|
5
|
-
|
-
|
5
|
1,210
|
1,215
|
-
|
-
|
||||||||||||||||||||||||
Total
|
$
|
3,833
|
$
|
2,057
|
$
|
14,417
|
$
|
20,307
|
$
|
227,040
|
$
|
247,347
|
$
|
13,881
|
$
|
1,850
|
As of June 30, 2011
|
30-59 Days Past Due
|
60-89 Days Past Due
|
Greater than 90 Days
|
Total
Past Due
|
Current
|
Total Loans
Receivables
|
Nonaccrual
Loans
|
Loans Receivable >
90 Days and
Accruing
|
||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Residential Mortgage
|
||||||||||||||||||||||||||||||||
One-to-four family
|
$
|
2,896
|
501
|
8,065
|
11,462
|
$
|
137,761
|
$
|
149,223
|
$
|
8,317
|
$
|
1,369
|
|||||||||||||||||||
Home equity
|
594
|
42
|
1,315
|
1,951
|
48,288
|
50,239
|
950
|
934
|
||||||||||||||||||||||||
Commercial real estate
|
1,856
|
-
|
1,628
|
3,484
|
29,051
|
32,535
|
3,132
|
-
|
||||||||||||||||||||||||
Construction
|
||||||||||||||||||||||||||||||||
One-to-four family owner
occupied
|
-
|
-
|
-
|
-
|
7,113
|
7,113
|
-
|
-
|
||||||||||||||||||||||||
Other
|
-
|
-
|
1,027
|
1,027
|
5,032
|
6,059
|
1,027
|
-
|
||||||||||||||||||||||||
Commercial and industrial
|
165
|
-
|
642
|
807
|
8,504
|
9,311
|
642
|
-
|
||||||||||||||||||||||||
Consumer
|
7
|
6
|
-
|
13
|
928
|
941
|
2
|
-
|
||||||||||||||||||||||||
Total
|
$
|
5,518
|
$
|
549
|
$
|
12,677
|
$
|
18,744
|
$
|
236,677
|
$
|
255,421
|
$
|
14,070
|
$
|
2,303
|
As of December 31, 2011
|
||||||||||||||||||||||||||||
Residential
Mortgage
|
Commercial
Real Estate |
Construction
|
Commercial and
Industrial
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Ending balance
|
$
|
1,637
|
$
|
337
|
$
|
393
|
$
|
270
|
$
|
14
|
$
|
12
|
2,663
|
|||||||||||||||
Ending balance: individually evaluated for impairment
|
$
|
488
|
$
|
35
|
$
|
234
|
$
|
127
|
$
|
-
|
$
|
-
|
$
|
884
|
||||||||||||||
Ending balance: collectively evaluated
for impairment
|
$
|
1,149
|
$
|
302
|
$
|
159
|
$
|
143
|
$
|
14
|
$
|
12
|
$
|
1,779
|
||||||||||||||
Loans receivables:
|
||||||||||||||||||||||||||||
Ending balance
|
$
|
194,445
|
$
|
31,658
|
$
|
10,052
|
$
|
9,977
|
$
|
1,215
|
$
|
-
|
$
|
247,347
|
||||||||||||||
Ending balance: individually evaluated for impairment
|
$
|
17,853
|
$
|
3,172
|
$
|
2,968
|
$
|
1,083
|
$
|
-
|
$
|
-
|
$
|
25,076
|
||||||||||||||
Ending balance: collectively evaluated
for impairment
|
$
|
176,592
|
$
|
24,486
|
$
|
7,084
|
$
|
8,894
|
$
|
1,215
|
$
|
-
|
$
|
222,271
|
As of June 30, 2011
|
||||||||||||||||||||||||
Residential
Mortgage
|
Commercial
Real Estate |
Construction
|
Commercial and
Industrial
|
Consumer
|
Total
|
|||||||||||||||||||
Allowance for loan
|
||||||||||||||||||||||||
losses:
|
||||||||||||||||||||||||
Ending Balance
|
$
|
1,130
|
$
|
303
|
$
|
514
|
$
|
211
|
$
|
12
|
$
|
2,170
|
||||||||||||
Ending balance: individually evaluated for impairment
|
$
|
262
|
$
|
-
|
$
|
323
|
$
|
100
|
$
|
-
|
$
|
685
|
||||||||||||
Ending balance: collectively evaluated for impairment
|
$
|
868
|
$
|
303
|
$
|
191
|
$
|
111
|
$
|
12
|
$
|
1,485
|
||||||||||||
Loans receivables:
|