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Share Name | Share Symbol | Market | Type |
---|---|---|---|
(MM) | NASDAQ:PSBH | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.35 | 0 | 01:00:00 |
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 March 31, 2013 | |
o |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
|
For the transition period from ________________ to ________________
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Commission file number
0-50970
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PSB Holdings, Inc.
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(Exact name of registrant as specified in its charter)
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United States
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42-1597948
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(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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40 Main Street, Putnam, Connecticut 06260
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(Address of principal executive offices)
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(Zip Code)
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(860) 928-6501
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(Issuer’s telephone number)
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N/A
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(Former name, former address and former fiscal year, if changed since last report)
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Large accelerated filer
o
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Accelerated filer
o
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|
Non-accelerated filer
o
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Smaller reporting company
x
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(Do not check if a smaller reporting company)
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Table of Contents |
Part I.
|
FINANCIAL INFORMATION
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|
Page No.
|
||
Item 1.
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Financial Statements (Unaudited)
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Consolidated Balance Sheets at March 31, 2013 and June 30, 2012
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1
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Consolidated Statements of Net Income for the Three and Nine Months Ended March 31, 2013 and 2012
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2
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|
Consolidated Statements of Comprehensive Income for the Three and Nine Months Ended March 31, 2013 and 2012
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3
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Consolidated Statements of Changes in Stockholders’ Equity for the Nine Months March 31, 2013 and 2012
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4
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Consolidated Statements of Cash Flows for the Nine Months Ended March 31, 2013 and 2012
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5
|
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Notes to Consolidated Financial Statements
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6
|
|
Item 2.
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Management’s Discussion and Analysis of Financial Condition and Results of Operations
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32
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Item 3.
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Quantitative and Qualitative Disclosures About Market Risk
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44
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Item 4.
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Controls and Procedures
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44
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Part II.
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OTHER INFORMATION
|
|
Item 1.
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Legal Proceedings
|
45
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Item 1A.
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Risk Factors
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45
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Item 2.
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Unregistered Sales of Equity Securities and Use of Proceeds
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45
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Item 3.
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Defaults Upon Senior Securities
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45
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Item 4.
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Mine Safety Disclosures
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45
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Item 5.
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Other Information
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45
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Item 6.
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Exhibits
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45
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SIGNATURES
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46
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|
Three Months Ended
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Nine Months Ended
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|||||||||||||||
March 31,
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March 31,
|
|||||||||||||||
2013
|
2012
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2013
|
2012
|
|||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||
Interest and fees on loans
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$ | 2,786 | $ | 3,181 | $ | 8,795 | $ | 9,797 | ||||||||
Interest and dividends on investments
|
901 | 1,161 | 2,877 | 3,680 | ||||||||||||
Total interest and dividend income
|
3,687 | 4,342 | 11,672 | 13,477 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
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741 | 911 | 2,364 | 3,008 | ||||||||||||
Borrowed funds
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389 | 653 | 1,327 | 2,284 | ||||||||||||
Total interest expense
|
1,130 | 1,564 | 3,691 | 5,292 | ||||||||||||
Net interest and dividend income
|
2,557 | 2,778 | 7,981 | 8,185 | ||||||||||||
Provision for loan losses
|
135 | 190 | 700 | 791 | ||||||||||||
Net interest and dividend income after provision
for loan losses
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2,422 | 2,588 | 7,281 | 7,394 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Total other-than-temporary impairment losses on debt securities
|
(238 | ) | (1,193 | ) | (767 | ) | (3,421 | ) | ||||||||
Portion of losses recognized in other comprehensive income
|
201 | 700 | 329 | 1,916 | ||||||||||||
Net impairment losses recognized in earnings
|
(37 | ) | (493 | ) | (438 | ) | (1,505 | ) | ||||||||
Fees for services
|
416 | 427 | 1,322 | 1,404 | ||||||||||||
Mortgage banking activities
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59 | 40 | 193 | 71 | ||||||||||||
Net commissions from brokerage service
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26 | 35 | 89 | 99 | ||||||||||||
Income from bank-owned life insurance
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74 | 81 | 412 | 245 | ||||||||||||
Gain on sales and calls of available-for-sale securities, net
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- | - | 206 | 235 | ||||||||||||
Income from legal settlement
|
- | - | - | 1,452 | ||||||||||||
Other income
|
45 | 30 | 108 | 102 | ||||||||||||
Total non-interest income
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583 | 120 | 1,892 | 2,103 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Compensation and benefits
|
1,433 | 1,441 | 4,347 | 4,475 | ||||||||||||
Occupancy and equipment
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335 | 306 | 978 | 927 | ||||||||||||
Data processing
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142 | 136 | 422 | 629 | ||||||||||||
LAN/WAN network expense
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37 | 38 | 110 | 106 | ||||||||||||
Advertising and marketing
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41 | 62 | 126 | 212 | ||||||||||||
OCC assessment
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47 | 46 | 140 | 138 | ||||||||||||
FDIC deposit insurance
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150 | 158 | 447 | 452 | ||||||||||||
Other real estate owned
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35 | 14 | 99 | 80 | ||||||||||||
Write-down of other real estate owned
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- | - | 48 | 15 | ||||||||||||
Other non-interest expense
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457 | 440 | 1,337 | 1,336 | ||||||||||||
Total non-interest expense
|
2,677 | 2,641 | 8,054 | 8,370 | ||||||||||||
Income before income tax expense
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328 | 67 | 1,119 | 1,127 | ||||||||||||
Income tax expense
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68 | 31 | 175 | 275 | ||||||||||||
NET INCOME
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$ | 260 | $ | 36 | $ | 944 | $ | 852 | ||||||||
Earnings per common share
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||||||||||||||||
Basic
|
$ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.13 | ||||||||
Diluted
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$ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.13 |
Three Months Ended
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Nine Months Ended
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|||||||||||||||
March 31,
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March 31,
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|||||||||||||||
2013
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2012
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2013
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2012
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|||||||||||||
(in thousands)
|
||||||||||||||||
Net Income
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$ | 260 | $ | 36 | $ | 944 | $ | 852 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Net unrealized holding gains on
available-for-sale securities
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1,648 | 3,595 | 3,185 | 905 | ||||||||||||
Reclassification adjustment for losses
realized in income on available-for-sale securities (1)
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37 | 493 | 232 | 1,270 | ||||||||||||
Non credit portion of other-than-temporary losses on
available-for-sale securities
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(201 | ) | (700 | ) | (329 | ) | (1,916 | ) | ||||||||
Other comprehensive income before tax
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1,484 | 3,388 | 3,088 | 259 | ||||||||||||
Income tax expense related to other
comprehensive income
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(504 | ) | (1,152 | ) | (1,049 | ) | (88 | ) | ||||||||
Other comprehensive income net of tax
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980 | 2,236 | 2,039 | 171 | ||||||||||||
Total comprehensive income
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$ | 1,240 | $ | 2,272 | $ | 2,983 | $ | 1,023 |
(1) | Amounts are included in net impairment losses recognized in earnings and gains on sales and calls of available-for-sale securities, net in non-interest income on the consolidated statements of net income. Income tax expense associated with the reclassification adjustments was approximately $13,000 and $167,000 for the three months ended March 31, 2013 and 2012, respectively, and $79,000 and $432,000 for the nine months ended March 31, 2013 and 2012, respectively. |
Common Stock
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Additional
Paid-in Capital |
Retained Earnings
|
Accumulated
Other Comprehensive Income (Loss) |
Unearned ESOP
Shares |
Unearned
Stock Awards |
Treasury
Stock |
Total Stockholders' Equity
|
|||||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||||||
Balances at June 30, 2011
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$ | 694 | $ | 30,594 | $ | 22,648 | $ | (1,267 | ) | $ | (1,693 | ) | $ | (16 | ) | $ | (4,213 | ) | $ | 46,747 | ||||||||||||
Comprehensive income
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- | - | 852 | 171 | - | - | - | 1,023 | ||||||||||||||||||||||||
ESOP shares committed to be released
(9,585 shares)
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- | - | (51 | ) | - | 96 | - | - | 45 | |||||||||||||||||||||||
Stock-based compensation
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- | 7 | - | - | - | 14 | - | 21 | ||||||||||||||||||||||||
Balances at March 31, 2012
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$ | 694 | $ | 30,601 | $ | 23,449 | $ | (1,096 | ) | $ | (1,597 | ) | $ | (2 | ) | $ | (4,213 | ) | $ | 47,836 | ||||||||||||
Balances at June 30, 2012
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$ | 694 | $ | 30,602 | $ | 23,630 | $ | (1,013 | ) | $ | (1,565 | ) | $ | - | $ | (4,213 | ) | $ | 48,135 | |||||||||||||
Comprehensive income
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- | - | 944 | 2,039 | - | - | - | 2,983 | ||||||||||||||||||||||||
ESOP shares committed to be released
(9,585 shares)
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- | - | (49 | ) | - | 96 | - | - | 47 | |||||||||||||||||||||||
Shares issued in connection with Rabbi
Trust plan
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- | - | (69 | ) | - | - | - | 122 | 53 | |||||||||||||||||||||||
Balances at March 31, 2013
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$ | 694 | $ | 30,602 | $ | 24,456 | $ | 1,026 | $ | (1,469 | ) | $ | - | $ | (4,091 | ) | $ | 51,218 |
Consolidated Statements of Cash Flows
|
||||||||
(Unaudited) | ||||||||
For the Nine Months
|
||||||||
Ended March 31,
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||||||||
2013
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2012
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|||||||
(in thousands)
|
||||||||
Cash flows from operating activities
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||||||||
Net income
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$ | 944 | $ | 852 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Amortization of securities, net
|
987 | 1,019 | ||||||
Gain on sales and calls of securities, net
|
(206 | ) | (235 | ) | ||||
Impairment losses on securities
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438 | 1,505 | ||||||
Net (increase) decrease in loans held-for-sale
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(671 | ) | 1,253 | |||||
Accretion of deferred loan fees, net
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(48 | ) | (225 | ) | ||||
Provision for loan losses
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700 | 791 | ||||||
Gain on sale of other real estate owned, net
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(10 | ) | (18 | ) | ||||
Write-down of other real estate owned
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48 | 15 | ||||||
Loss on sale of premises and equipment
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1 | - | ||||||
Depreciation and amortization
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343 | 308 | ||||||
Amortization of core deposit intangible
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69 | 91 | ||||||
Decrease in accrued interest receivable and other assets
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632 | 1,261 | ||||||
Increase in cash surrender value of bank-owned life insurance
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(235 | ) | (245 | ) | ||||
Bank-owned life insurance death benefit income
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(176 | ) | - | |||||
(Decrease) increase in other liabilities
|
(69 | ) | 131 | |||||
Amortization of ESOP expense
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47 | 45 | ||||||
Stock-based compensation
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- | 21 | ||||||
Net cash provided by operating activities
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2,794 | 6,569 | ||||||
Cash flows from investing activities
|
||||||||
Purchase of available-for-sale securities
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(1,000 | ) | (5,457 | ) | ||||
Proceeds from sales, calls, pay downs and maturities of available-for-sale securities
|
11,539 | 9,126 | ||||||
Purchase of held-to-maturity securities
|
(51,247 | ) | (16,189 | ) | ||||
Proceeds from calls, pay downs and maturities of held-to-maturity securities
|
29,229 | 31,308 | ||||||
Redemption of Federal Home Loan Bank Stock
|
583 | 520 | ||||||
Loan repayments net of originations
|
9,675 | 918 | ||||||
Purchase of bank-owned life insurance
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- | (2,000 | ) | |||||
Recoveries of loans previously charged off
|
173 | 33 | ||||||
Proceeds from the surrender of bank-owned life insurance policy
|
386 | - | ||||||
Proceeds from sale of other real estate owned
|
477 | 626 | ||||||
Capital expenditures - premises and equipment
|
(67 | ) | (82 | ) | ||||
Net cash (used in) provided by investing activities
|
(252 | ) | 18,803 | |||||
Cash flows from financing activities
|
||||||||
Net (decrease) increase in deposit accounts
|
(1,398 | ) | 5,831 | |||||
Net decrease in mortgagors' escrow accounts
|
(884 | ) | (658 | ) | ||||
Proceeds from Federal Home Loan Bank advances
|
87,030 | 2,000 | ||||||
Repayments of Federal Home Loans Bank advances
|
(87,030 | ) | (29,000 | ) | ||||
Net increase (decrease) in securities sold under agreements to repurchase
|
2,799 | (232 | ) | |||||
Shares issued in connection with Rabbi Trust plan
|
53 | - | ||||||
Net cash provided by (used in) financing activities
|
570 | (22,059 | ) | |||||
Increase in cash and cash equivalents
|
3,112 | 3,313 | ||||||
Cash and cash equivalents at beginning of year
|
11,413 | 8,273 | ||||||
Cash and cash equivalents at end of period
|
$ | 14,525 | $ | 11,586 | ||||
Supplemental disclosures
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 3,712 | $ | 5,389 | ||||
Income taxes refunded
|
(146 | ) | (433 | ) | ||||
Loans transferred to other real estate owned
|
283 | 1,702 | ||||||
Decrease in due from broker
|
2,000 | - |
Three Months Ended
|
Three Months Ended
|
Nine Months Ended
|
Nine Months Ended
|
|||||||||||||
March 31, 2013
|
March 31, 2012
|
March 31, 2013
|
March 31, 2012
|
|||||||||||||
Net income
|
$ | 260,000 | $ | 36,000 | $ | 944,000 | $ | 852,000 | ||||||||
Average basic common shares
|
6,391,438 | 6,365,960 | 6,381,417 | 6,362,753 | ||||||||||||
Dilutive effect of stock options (1)
|
- | - | - | - | ||||||||||||
Average diluted common shares
|
6,391,438 | 6,365,960 | 6,381,417 | 6,362,753 | ||||||||||||
Basic EPS:
|
$ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.13 | ||||||||
Diluted EPS:
|
$ | 0.04 | $ | 0.01 | $ | 0.15 | $ | 0.13 |
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost Basis
|
Gain
|
(Loss)
|
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
June 30, 2012:
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
Debt securities:
|
||||||||||||||||
U.S. government and government-sponsored securities:
|
||||||||||||||||
From one through five years
|
$ | 450 | $ | 9 | $ | - | $ | 459 | ||||||||
Corporate bonds and other securities:
|
||||||||||||||||
After ten years
|
5,998 | - | (1,344 | ) | 4,654 | |||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||
mortgage-backed securities:
|
||||||||||||||||
Due in one year or less
|
1 | - | - | 1 | ||||||||||||
From one through five years
|
416 | 24 | - | 440 | ||||||||||||
From five through ten years
|
2,564 | 140 | - | 2,704 | ||||||||||||
After ten years
|
19,717 | 1,265 | (14 | ) | 20,968 | |||||||||||
22,698 | 1,429 | (14 | ) | 24,113 | ||||||||||||
Non-agency mortgage-backed securities:
|
||||||||||||||||
After ten years
|
9,601 | - | (1,250 | ) | 8,351 | |||||||||||
Total debt securities
|
38,747 | 1,438 | (2,608 | ) | 37,577 | |||||||||||
Equity securities:
|
||||||||||||||||
Auction rate preferred stock
|
10,000 | 11 | (375 | ) | 9,636 | |||||||||||
Total available-for-sale securities
|
$ | 48,747 | $ | 1,449 | $ | (2,983 | ) | $ | 47,213 | |||||||
Held-to-maturity:
|
||||||||||||||||
U.S. government and government-sponsored securities:
|
||||||||||||||||
From one through five years
|
$ | 5,996 | $ | 34 | $ | - | $ | 6,030 | ||||||||
From five through ten years
|
3,196 | 149 | (7 | ) | 3,338 | |||||||||||
9,192 | 183 | (7 | ) | 9,368 | ||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||
mortgage-backed securities:
|
||||||||||||||||
From five through ten years
|
6,767 | 192 | - | 6,959 | ||||||||||||
After ten years
|
89,236 | 2,783 | (10 | ) | 92,009 | |||||||||||
96,003 | 2,975 | (10 | ) | 98,968 | ||||||||||||
Total held-to-maturity securities
|
$ | 105,195 | $ | 3,158 | $ | (17 | ) | $ | 108,336 |
March 31, 2013:
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
Available-for-sale:
|
(in thousands)
|
|||||||||||||||||||||||
Debt securities:
|
||||||||||||||||||||||||
U.S. Government and government-sponsored
securities
|
$ | 994 | $ | 6 | $ | - | $ | - | $ | 994 | $ | 6 | ||||||||||||
Corporate bonds and other securities
|
- | - | 4,905 | 1,094 | 4,905 | 1,094 | ||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
- | - | 1,563 | 12 | 1,563 | 12 | ||||||||||||||||||
Total temporarily impaired available-for-sale
|
994 | 6 | 6,468 | 1,106 | 7,462 | 1,112 | ||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||
U.S. Government and government-sponsored
securities
|
2,253 | 6 | - | - | 2,253 | 6 | ||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
31,813 | 124 | - | - | 31,813 | 124 | ||||||||||||||||||
Total temporarily impaired held-to-maturity
|
34,066 | 130 | - | - | 34,066 | 130 | ||||||||||||||||||
Other-than-temporarily impaired debt
securities (1):
|
||||||||||||||||||||||||
Non-agency mortgage-backed securities
|
2,682 | 82 | 2,068 | 286 | 4,750 | 368 | ||||||||||||||||||
Total temporarily-impaired and other-
|
||||||||||||||||||||||||
than-temporarily impaired securities
|
$ | 37,742 | $ | 218 | $ | 8,536 | $ | 1,392 | $ | 46,278 | $ | 1,610 | ||||||||||||
June 30, 2012:
|
Less than 12 months
|
12 months or more
|
Total
|
|||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
Available-for-sale:
|
(in thousands)
|
|||||||||||||||||||||||
Debt securities:
|
||||||||||||||||||||||||
Corporate bonds and other obligations
|
$ | - | $ | - | $ | 4,654 | $ | 1,344 | $ | 4,654 | $ | 1,344 | ||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
1,826 | 14 | - | - | 1,826 | 14 | ||||||||||||||||||
Equity securities
|
7,625 | 375 | - | - | 7,625 | 375 | ||||||||||||||||||
Total temporarily impaired available-for-sale
|
9,451 | 389 | 4,654 | 1,344 | 14,105 | 1,733 | ||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||
U.S. Government and government-sponsored
securities
|
2,257 | 7 | - | - | 2,257 | 7 | ||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
10,141 | 10 | - | - | 10,141 | 10 | ||||||||||||||||||
Total temporarily impaired held-to-maturity
|
12,398 | 17 | - | - | 12,398 | 17 | ||||||||||||||||||
Other-than-temporarily impaired debt
securities (1):
|
||||||||||||||||||||||||
Non-agency mortgage-backed securities
|
1,767 | 21 | 6,512 | 1,229 | 8,279 | 1,250 | ||||||||||||||||||
Total temporarily-impaired and other-
|
||||||||||||||||||||||||
than-temporarily impaired securities
|
$ | 23,616 | $ | 427 | $ | 11,166 | $ | 2,573 | $ | 34,782 | $ | 3,000 |
Balance as of June 30, 2011
|
$ | 13,307 | ||
Credit losses on securities for which other-than-temporary impairment
|
||||
was not previously recorded
|
- | |||
Additional credit losses on securities for which an other-than-temporary
|
||||
impairment charge was previously recorded
|
1,964 | |||
Reductions for securities sold during the period
|
- | |||
Balance as of June 30, 2012
|
15,271 | |||
Credit losses on securities for which other-than-temporary impairment
|
||||
was not previously recorded
|
- | |||
Additional credit losses on securities for which an other-than-temporary
|
||||
impairment charge was previously recorded
|
438 | |||
Reductions for securities sold during the period
|
- | |||
Balance as of March 31, 2013
|
$ | 15,709 |
Issuer
|
Goldman Sachs
|
Merrill Lynch
|
Bank of America
|
||
Par amount
|
$3,000,000
|
$5,000,000
|
$2,000,000
|
||
Book Value
|
$3,000,000
|
$5,000,000
|
$2,000,000
|
||
Purchase Date
|
12-12-07
|
09-04-07
|
11-20-07
|
||
Maturity Date
|
08-23-26
|
05-28-27
|
08-17-47
|
||
Next Reset Date
|
05-21-13
|
05-24-13
|
05-16-13
|
||
Reset Frequency
|
Quarterly
|
Quarterly
|
Quarterly
|
||
Failed Auction
|
Yes
|
Yes
|
Yes
|
||
Receiving Default Rates
|
Yes
|
Yes
|
Yes
|
||
Current Rate
|
4.54%
|
4.66%
|
4.79%
|
||
Dividends Current:
|
Yes
|
Yes
|
Yes
|
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Mortgage Loans:
|
||||||||
Residential (1)
|
$ | 191,005 | $ | 200,148 | ||||
Commercial real estate
|
45,499 | 45,032 | ||||||
Residential construction
|
1,987 | 3,044 | ||||||
Commercial
|
2,479 | 3,459 | ||||||
Consumer and other
|
735 | 898 | ||||||
Total loans
|
241,705 | 252,581 | ||||||
Unadvanced construction loans
|
(1,591 | ) | (1,559 | ) | ||||
240,114 | 251,022 | |||||||
Net deferred loan costs
|
605 | 463 | ||||||
Allowance for loan losses
|
(2,930 | ) | (2,913 | ) | ||||
Loans, net
|
$ | 237,789 | $ | 248,572 |
Residential
|
Commercial
|
Residential
|
Consumer
|
|||||||||||||||||||||
March 31, 2013
|
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Total
|
||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||
Pass
|
$ | 186,868 | $ | 30,384 | $ | 1,452 | $ | 1,985 | $ | 735 | $ | 221,424 | ||||||||||||
Special Mention
|
331 | 4,763 | - | 494 | - | 5,588 | ||||||||||||||||||
Substandard
|
3,123 | 7,478 | - | - | - | 10,601 | ||||||||||||||||||
Doubtful
|
683 | 1,818 | - | - | - | 2,501 | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 191,005 | $ | 44,443 | $ | 1,452 | $ | 2,479 | $ | 735 | $ | 240,114 | ||||||||||||
Residential
|
Commercial
|
Residential
|
Consumer
|
|||||||||||||||||||||
June 30, 2012
|
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Total
|
||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||
Pass
|
$ | 195,825 | $ | 32,032 | $ | 1,875 | $ | 2,834 | $ | 898 | $ | 233,464 | ||||||||||||
Special Mention
|
338 | 1,719 | - | 625 | - | 2,682 | ||||||||||||||||||
Substandard
|
3,605 | 9,998 | 424 | - | - | 14,027 | ||||||||||||||||||
Doubtful
|
380 | 469 | - | - | - | 849 | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 200,148 | $ | 44,218 | $ | 2,299 | $ | 3,459 | $ | 898 | $ | 251,022 |
Nine months ended
|
Nine months ended
|
|||||||||||||||
March 31, 2013
|
March 31, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
Contracts
|
Investment
|
Contracts
|
Investment
|
|||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
1 | $ | 30 | 2 | $ | 209 | ||||||||||
Commercial
|
- | - | 1 | 223 | ||||||||||||
Total
|
1 | $ | 30 | 3 | $ | 432 |
At
March 31,
|
At June 30,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Non-accrual loans:
|
||||||||
Residential
|
$ | 3,806 | $ | 3,985 | ||||
Commercial real estate
|
4,269 | 3,975 | ||||||
Residential construction
|
- | 424 | ||||||
Total non-accrual loans
|
8,075 | 8,384 | ||||||
Accruing loans past due 90 days or more:
|
- | - | ||||||
Total non-performing loans
|
8,075 | 8,384 | ||||||
Other real estate owned
|
1,451 | 1,683 | ||||||
Total non-performing assets
|
$ | 9,526 | $ | 10,067 | ||||
Total non-performing loans to total loans
|
3.35 | % | 3.33 | % | ||||
Total non-performing assets to total assets
|
2.09 | % | 2.23 | % |
90 days
|
||||||||||||||||
30–59 Days
|
60–89 Days
|
or greater
|
Total
|
|||||||||||||
At March 31, 2013
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
||||||||||||
(in thousands) | ||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
$ | 1,077 | $ | 228 | $ | 1,168 | $ | 2,473 | ||||||||
Commercial
|
- | 395 | 3,246 | 3,641 | ||||||||||||
Total
|
$ | 1,077 | $ | 623 | $ | 4,414 | $ | 6,114 | ||||||||
At June 30, 2012
|
||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
$ | 363 | $ | 162 | $ | 940 | $ | 1,465 | ||||||||
Commercial
|
159 | - | 1,573 | 1,732 | ||||||||||||
Residential Construction
|
- | - | 424 | 424 | ||||||||||||
Total
|
$ | 522 | $ | 162 | $ | 2,937 | $ | 3,621 |
At March 31, 2013 | At June 30, 2012 | |||||||||||||||||||||||
Unpaid
|
Unpaid
|
|||||||||||||||||||||||
Recorded
|
Principal
|
Related
|
Recorded
|
Principal
|
Related
|
|||||||||||||||||||
Investment
|
Balance
|
Allowance
|
Investment
|
Balance
|
Allowance
|
|||||||||||||||||||
Impaired loans without a valuation allowance:
|
(in thousands) | |||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
$ | 3,142 | $ | 3,386 | $ | - | $ | 1,415 | $ | 1,415 | $ | - | ||||||||||||
Commercial
|
3,959 | 4,457 | - | 6,668 | 6,754 | - | ||||||||||||||||||
Residential construction
|
- | - | - | 424 | 424 | - | ||||||||||||||||||
Consumer and other
|
21 | 21 | - | 27 | 27 | - | ||||||||||||||||||
Total impaired with no specific reserves
|
7,122 | 7,864 | - | 8,534 | 8,620 | - | ||||||||||||||||||
Impaired loans with a valuation allowance:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
1,694 | 1,697 | 115 | 3,431 | 3,527 | 185 | ||||||||||||||||||
Commercial
|
- | - | - | 3,402 | 3,768 | 190 | ||||||||||||||||||
Total impaired with a specific reserve
|
1,694 | 1,697 | 115 | 6,833 | 7,295 | 375 | ||||||||||||||||||
Total Impaired Loans:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
4,836 | 5,083 | 115 | 4,846 | 4,942 | 185 | ||||||||||||||||||
Commercial
|
3,959 | 4,457 | - | 10,070 | 10,522 | 190 | ||||||||||||||||||
Residential construction
|
- | - | - | 424 | 424 | - | ||||||||||||||||||
Consumer and other
|
21 | 21 | - | 27 | 27 | - | ||||||||||||||||||
Total impaired loans
|
$ | 8,816 | $ | 9,561 | $ | 115 | $ | 15,367 | $ | 15,915 | $ | 375 |
Three months ended
March 31, 2013 |
Three months ended
March 31, 2012
|
|||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Interest Income
Recognized
on Cash Basis
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Interest Income
Recognized
on Cash Basis
|
|||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
$ | 4,576 | $ | 29 | $ | 16 | $ | 3,551 | $ | 20 | $ | 7 | ||||||||||||
Commercial
|
4,661 | 32 | 5 | 7,473 | 51 | 22 | ||||||||||||||||||
Residential Construction
|
214 | - | - | 65 | - | - | ||||||||||||||||||
Consumer and other
|
21 | - | - | 38 | 1 | - | ||||||||||||||||||
Total impaired loans
|
$ | 9,472 | $ | 61 | $ | 21 | $ | 11,127 | $ | 72 | $ | 29 |
Nine months ended
March 31, 2013 |
Nine months ended
March 31, 2012 |
|||||||||||||||||||||||
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Interest Income
Recognized
on Cash Basis
|
Average
Recorded
Investment
|
Interest
Income
Recognized
|
Interest Income
Recognized
on Cash Basis
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
$ | 4,701 | $ | 77 | $ | 36 | $ | 3,258 | $ | 47 | $ | 25 | ||||||||||||
Commercial
|
5,983 | 123 | 22 | 7,044 | 145 | 57 | ||||||||||||||||||
Residential Construction
|
320 | - | - | 33 | 4 | 5 | ||||||||||||||||||
Consumer and other
|
23 | 1 | - | 44 | 3 | - | ||||||||||||||||||
Total impaired loans
|
$ | 11,027 | $ | 201 | $ | 58 | $ | 10,379 | $ | 199 | $ | 87 |
Three months ended
|
||||||||||||||||||||||||||||
March 31, 2013
|
Residential
Real Estate
|
Commercial
Real Estate
|
Residential
Construction
|
Commercial
|
Consumer
and other
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
(in thousands) | |||||||||||||||||||||||||||
Beginning balance
|
$ | 1,402 | $ | 1,320 | $ | 16 | $ | 21 | $ | 37 | $ | 139 | $ | 2,935 | ||||||||||||||
Charge-offs
|
(65 | ) | (148 | ) | (9 | ) | - | (12 | ) | - | (234 | ) | ||||||||||||||||
Recoveries
|
21 | 65 | 2 | 2 | 4 | - | 94 | |||||||||||||||||||||
Provision (credit)
|
(75 | ) | 170 | 17 | - | - | 23 | 135 | ||||||||||||||||||||
Ending Balance
|
$ | 1,283 | $ | 1,407 | $ | 26 | $ | 23 | $ | 29 | $ | 162 | $ | 2,930 |
Three months ended | ||||||||||||||||||||||||||||
March 31, 2012
|
Residential
Real Estate
|
Commercial
Real Estate
|
Residential
Construction
|
Commercial
|
Consumer
and other
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
(in thousands) | |||||||||||||||||||||||||||
Beginning balance
|
$ | 1,633 | $ | 1,253 | $ | 17 | $ | 82 | $ | 8 | $ | 88 | $ | 3,081 | ||||||||||||||
Charge-offs
|
(195 | ) | (33 | ) | - | - | (14 | ) | - | (242 | ) | |||||||||||||||||
Recoveries
|
2 | - | - | 3 | 8 | - | 13 | |||||||||||||||||||||
Provision (credit)
|
109 | 66 | 23 | (66 | ) | 8 | 50 | 190 | ||||||||||||||||||||
Ending Balance
|
$ | 1,549 | $ | 1,286 | $ | 40 | $ | 19 | $ | 10 | $ | 138 | $ | 3,042 |
Nine months ended
|
||||||||||||||||||||||||||||
March 31, 2013
|
Residential
Real Estate
|
Commercial
Real Estate
|
Residential
Construction
|
Commercial
|
Consumer
and other
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
(in thousands) | |||||||||||||||||||||||||||
Beginning balance
|
$ | 1,485 | $ | 1,347 | $ | 20 | $ | 17 | $ | 37 | $ | 7 | $ | 2,913 | ||||||||||||||
Charge-offs
|
(238 | ) | (564 | ) | (9 | ) | - | (45 | ) | - | (856 | ) | ||||||||||||||||
Recoveries
|
71 | 84 | 2 | 3 | 13 | - | 173 | |||||||||||||||||||||
Provision (credit)
|
(35 | ) | 540 | 13 | 3 | 24 | 155 | 700 | ||||||||||||||||||||
Ending Balance
|
$ | 1,283 | $ | 1,407 | $ | 26 | $ | 23 | $ | 29 | $ | 162 | $ | 2,930 |
Nine months ended
|
||||||||||||||||||||||||||||
March 31, 2012
|
Residential
Real Estate
|
Commercial
Real Estate
|
Residential
Construction
|
Commercial
|
Consumer
and other
|
Unallocated
|
Total
|
|||||||||||||||||||||
Allowance for loan losses:
|
(in thousands) | |||||||||||||||||||||||||||
Beginning balance
|
$ | 1,520 | $ | 1,286 | $ | 28 | $ | 140 | $ | 11 | $ | 87 | $ | 3,072 | ||||||||||||||
Charge-offs
|
(301 | ) | (509 | ) | - | - | (44 | ) | - | (854 | ) | |||||||||||||||||
Recoveries
|
5 | - | - | 9 | 19 | - | 33 | |||||||||||||||||||||
Provision (credit)
|
325 | 509 | 12 | (130 | ) | 24 | 51 | 791 | ||||||||||||||||||||
Ending Balance
|
$ | 1,549 | $ | 1,286 | $ | 40 | $ | 19 | $ | 10 | $ | 138 | $ | 3,042 |
At March 31, 2013
|
Residential
|
Commercial
|
Residential
|
|||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Ending balance: Amount of allowance for loan losses for impaired loans
|
$ | 115 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 115 | ||||||||||||||
Ending balance: Amount of allowance for loan
losses for non-impaired loans
|
$ | 1,168 | $ | 1,407 | $ | 26 | $ | 23 | $ | 29 | $ | 162 | $ | 2,815 | ||||||||||||||
Ending balance: Impaired loans
|
$ | 4,836 | $ | 3,959 | $ | - | $ | - | $ | 21 | $ | - | $ | 8,816 | ||||||||||||||
Ending balance: Non-impaired loans
|
$ | 186,165 | $ | 40,484 | $ | 1,452 | $ | 2,479 | $ | 714 | $ | - | $ | 231,294 | ||||||||||||||
At June 30, 2012
|
Residential
|
Commercial
|
Residential
|
|||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Ending balance: Amount of allowance for loan losses for impaired loans
|
$ | 185 | $ | 190 | $ | - | $ | - | $ | - | $ | - | $ | 375 | ||||||||||||||
Ending balance: Amount of allowance for loan
losses for non-impaired loans
|
$ | 1,300 | $ | 1,157 | $ | 20 | $ | 17 | $ | 37 | $ | 7 | $ | 2,538 | ||||||||||||||
Ending balance: Impaired loans
|
$ | 4,846 | $ | 10,070 | $ | 424 | $ | - | $ | 27 | $ | - | $ | 15,367 | ||||||||||||||
Ending balance: Non-impaired loans
|
$ | 195,302 | $ | 34,148 | $ | 1,875 | $ | 3,459 | $ | 871 | $ | - | $ | 235,655 |
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Net unrealized gain on securities available-for-sale
|
$ | 1,554 | $ | (1,534 | ) | |||
Tax effect
|
528 | (521 | ) | |||||
Accumulated other comprehensive income (loss)
|
$ | 1,026 | $ | (1,013 | ) |
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Other Observable
|
Unobservable
|
||||||||||||||
At March 31, 2013
|
Total Fair
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||
(in thousands)
|
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government and government-sponsored securities
|
$ | 994 | $ | - | $ | 994 | $ | - | ||||||||
Corporate bonds and other securities
|
4,905 | - | 4,905 | - | ||||||||||||
U.S. Government-sponsored and guaranteed
mortgage-backed securities
|
13,638 | - | 13,638 | - | ||||||||||||
Non-agency mortgage-backed securities
|
7,989 | - | 7,989 | - | ||||||||||||
Equity securities
|
11,980 | - | - | 11,980 | ||||||||||||
Total
|
$ | 39,506 | $ | - | $ | 27,526 | $ | 11,980 | ||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Other Observable
|
Unobservable
|
||||||||||||||
At June 30, 2012
|
Total Fair
|
Identical Assets
|
Inputs
|
Inputs
|
||||||||||||
(in thousands)
|
Value
|
Level 1
|
Level 2
|
Level 3
|
||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government and government-sponsored securities
|
$ | 459 | $ | - | $ | 459 | $ | - | ||||||||
Corporate bonds and other securities
|
4,654 | - | 4,654 | - | ||||||||||||
U.S. Government-sponsored and guaranteed
mortgage-backed securities
|
24,113 | - | 24,113 | - | ||||||||||||
Non-agency mortgage-backed securities
|
8,351 | - | 8,351 | - | ||||||||||||
Equity securities
|
9,636 | - | - | 9,636 | ||||||||||||
Total
|
$ | 47,213 | $ | - | $ | 37,577 | $ | 9,636 |
(in thousands)
|
||||
Beginning balance, June 30, 2012
|
$ | 9,636 | ||
Unrealized gains included in other comprehensive income
|
2,344 | |||
Ending balance, March 31, 2013
|
$ | 11,980 |
Quoted Prices in
|
Total Losses
|
Total Losses
|
||||||||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
for the three
|
for the nine
|
||||||||||||||||||||
At March 31, 2013
|
Total Fair
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
months ended
|
months ended
|
||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
March 31, 2013
|
March 31, 2013
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Other real estate owned
|
$ | 290 | $ | - | $ | - | $ | 290 | $ | - | $ | (48 | ) | |||||||||||
Quoted Prices in
|
Total Losses
|
Total Losses
|
||||||||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
for the three
|
for the nine
|
||||||||||||||||||||
At March 31, 2012
|
Total Fair
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
months ended
|
months ended
|
||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
March 31, 2012
|
March 31, 2012
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Other real estate owned
|
$ | 363 | $ | - | $ | - | $ | 363 | $ | (44 | ) | $ | (98 | ) |
March 31,
2013 |
||||||||||||||||||||
Carrying
|
Fair Value Hierarchy
|
Fair
|
||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 14,525 | $ | 14,525 | $ | - | $ | - | $ | 14,525 | ||||||||||
Securities available-for-sale
|
39,506 | - | 27,526 | 11,980 | 39,506 | |||||||||||||||
Securities held-to-maturity
|
128,251 | - | 131,350 | - | 131,350 | |||||||||||||||
Federal Home Loan Bank stock
|
6,953 | - | - | 6,953 | 6,953 | |||||||||||||||
Loans held-for-sale
|
1,447 | - | - | 1,447 | 1,447 | |||||||||||||||
Loans, net
|
237,789 | - | - | 243,716 | 243,716 | |||||||||||||||
Accrued interest receivable
|
1,119 | - | - | 1,119 | 1,119 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
340,940 | - | - | 343,593 | 343,593 | |||||||||||||||
Mortgagors’ escrow accounts
|
1,150 | - | - | 1,150 | 1,150 | |||||||||||||||
Federal Home Loan Bank advances
|
53,500 | - | 56,491 | - | 56,491 | |||||||||||||||
Securities sold under agreements to repurchase
|
6,452 | - | 6,452 | - | 6,452 | |||||||||||||||
Accrued interest payable
|
145 | - | - | 145 | 145 |
June 30,
2012 |
||||||||||||||||||||
Carrying
|
Fair Value Hierarchy
|
Fair
|
||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 11,413 | $ | 11,413 | $ | - | $ | - | $ | 11,413 | ||||||||||
Securities available-for-sale
|
47,213 | - | 37,577 | 9,636 | 47,213 | |||||||||||||||
Securities held-to-maturity
|
105,195 | - | 108,336 | - | 108,336 | |||||||||||||||
Federal Home Loan Bank stock
|
7,536 | - | - | 7,536 | 7,536 | |||||||||||||||
Loans held-for-sale
|
776 | - | - | 794 | 794 | |||||||||||||||
Loans, net
|
248,572 | - | - | 255,075 | 255,075 | |||||||||||||||
Accrued interest receivable
|
1,158 | - | - | 1,158 | 1,158 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
342,338 | - | - | 344,675 | 344,675 | |||||||||||||||
Mortgagors’ escrow accounts
|
2,034 | - | - | 2,034 | 2,034 | |||||||||||||||
Federal Home Loan Bank advances
|
53,500 | - | 55,340 | - | 55,340 | |||||||||||||||
Securities sold under agreements to repurchase
|
3,653 | - | 3,653 | - | 3,653 | |||||||||||||||
Accrued interest payable
|
166 | - | - | 166 | 166 |
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Commitments to extend credit:
|
||||||||
Loan commitments
|
$ | 3,512 | $ | 3,646 | ||||
Unadvanced construction loans
|
1,591 | 1,559 | ||||||
Unadvanced lines of credit
|
11,963 | 12,690 | ||||||
Standby letters of credit
|
842 | 842 | ||||||
Outstanding commitments
|
$ | 17,908 | $ | 18,737 |
March 31,
|
June 30,
|
|||||||
2013
|
2012
|
|||||||
(Dollars in thousands)
|
||||||||
Allowance for loan losses
|
$ | 2,930 | $ | 2,913 | ||||
Gross loans outstanding
|
240,719 | 251,485 | ||||||
Non-performing loans
|
8,075 | 8,384 | ||||||
Allowance/gross loans outstanding
|
1.22 | % | 1.16 | % | ||||
Allowance/non-performing loans
|
36.3 | % | 34.7 | % |
For the Three Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Interest
|
Yield/
|
Average
|
Interest
|
Yield/
|
|||||||||||||||||||
Interest-earning assets:
|
Balance
|
Income/Expense
|
Cost
|
Balance
|
Income/Expense
|
Cost
|
||||||||||||||||||
Investment securities
|
$ | 170,094 | $ | 896 | 2.14 | % | $ | 162,048 | $ | 1,157 | 2.87 | % | ||||||||||||
Loans
|
243,705 | 2,786 | 4.64 | % | 255,689 | 3,181 | 5.00 | % | ||||||||||||||||
Other earning assets
|
9,184 | 5 | 0.22 | % | 8,357 | 4 | 0.19 | % | ||||||||||||||||
Total interest-earning assets
|
422,983 | 3,687 | 3.54 | % | 426,094 | 4,342 | 4.10 | % | ||||||||||||||||
Non-interest-earning assets
|
30,126 | 31,653 | ||||||||||||||||||||||
Total assets
|
$ | 453,109 | $ | 457,747 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 92,709 | 118 | 0.52 | % | $ | 92,263 | 154 | 0.67 | % | ||||||||||||||
Savings accounts
|
56,950 | 27 | 0.19 | % | 51,500 | 44 | 0.34 | % | ||||||||||||||||
Money market accounts
|
13,713 | 13 | 0.38 | % | 15,094 | 21 | 0.56 | % | ||||||||||||||||
Time deposits
|
131,321 | 583 | 1.80 | % | 135,454 | 692 | 2.05 | % | ||||||||||||||||
Borrowed money
|
63,767 | 389 | 2.47 | % | 75,604 | 653 | 3.47 | % | ||||||||||||||||
Total interest-bearing liabilities
|
358,460 | 1,130 | 1.28 | % | 369,915 | 1,564 | 1.70 | % | ||||||||||||||||
Non-interest-bearing demand deposits
|
40,035 | 38,963 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
4,093 | 2,389 | ||||||||||||||||||||||
Capital accounts
|
50,521 | 46,480 | ||||||||||||||||||||||
Total liabilities and capital accounts
|
$ | 453,109 | $ | 457,747 | ||||||||||||||||||||
Net interest income
|
$ | 2,557 | $ | 2,778 | ||||||||||||||||||||
Interest rate spread
|
2.26 | % | 2.40 | % | ||||||||||||||||||||
Net interest-earning assets
|
$ | 64,523 | $ | 56,179 | ||||||||||||||||||||
Net interest margin
|
2.45 | % | 2.62 | % | ||||||||||||||||||||
Average earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
118.00 | % | 115.19 | % |
For the Nine Months Ended March 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Interest/
|
Yield/
|
Average
|
Interest/
|
Yield/
|
|||||||||||||||||||
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
Investment securities
|
$ | 166,686 | $ | 2,867 | 2.29 | % | $ | 171,143 | $ | 3,672 | 2.86 | % | ||||||||||||
Loans
|
247,705 | 8,795 | 4.73 | % | 256,151 | 9,797 | 5.09 | % | ||||||||||||||||
Other earning assets
|
6,620 | 10 | 0.20 | % | 7,293 | 8 | 0.15 | % | ||||||||||||||||
Total interest-earning assets
|
421,011 | 11,672 | 3.69 | % | 434,587 | 13,477 | 4.13 | % | ||||||||||||||||
Non-interest-earning assets
|
29,454 | 31,923 | ||||||||||||||||||||||
Total assets
|
$ | 450,465 | $ | 466,510 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 92,868 | 396 | 0.57 | % | $ | 91,406 | 545 | 0.79 | % | ||||||||||||||
Savings accounts
|
55,378 | 80 | 0.19 | % | 50,131 | 130 | 0.35 | % | ||||||||||||||||
Money market accounts
|
14,286 | 43 | 0.40 | % | 14,869 | 73 | 0.65 | % | ||||||||||||||||
Time deposits
|
132,427 | 1,845 | 1.86 | % | 138,123 | 2,260 | 2.18 | % | ||||||||||||||||
Borrowed money
|
61,175 | 1,327 | 2.89 | % | 85,453 | 2,284 | 3.56 | % | ||||||||||||||||
Total interest-bearing liabilities
|
356,134 | 3,691 | 1.38 | % | 379,982 | 5,292 | 1.85 | % | ||||||||||||||||
Non-interest-bearing demand deposits
|
42,054 | 37,967 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
2,506 | 2,308 | ||||||||||||||||||||||
Capital accounts
|
49,771 | 46,253 | ||||||||||||||||||||||
Total liabilities and capital accounts
|
$ | 450,465 | $ | 466,510 | ||||||||||||||||||||
Net interest income
|
$ | 7,981 | $ | 8,185 | ||||||||||||||||||||
Interest rate spread
|
2.31 | % | 2.28 | % | ||||||||||||||||||||
Net interest-earning assets
|
$ | 64,877 | $ | 54,605 | ||||||||||||||||||||
Net interest margin
|
2.53 | % | 2.51 | % | ||||||||||||||||||||
Average earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
118.22 | % | 114.37 | % |
For the Three Months Ended March 31, 2013
|
||||||||||||
Compared to the Three Months Ended March 31, 2012
|
||||||||||||
Increase (Decrease) Due to
|
||||||||||||
INTEREST INCOME
|
Rate
|
Volume
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Investment securities
|
$ | (606 | ) | $ | 345 | $ | (261 | ) | ||||
Loans
|
(241 | ) | (154 | ) | (395 | ) | ||||||
Other interest-earning assets
|
1 | - | 1 | |||||||||
TOTAL INTEREST INCOME
|
(846 | ) | 191 | (655 | ) | |||||||
INTEREST EXPENSE
|
||||||||||||
NOW accounts
|
(41 | ) | 5 | (36 | ) | |||||||
Savings accounts
|
(44 | ) | 27 | (17 | ) | |||||||
Money Market accounts
|
(6 | ) | (2 | ) | (8 | ) | ||||||
Time deposits
|
(87 | ) | (22 | ) | (109 | ) | ||||||
Borrowed money
|
(171 | ) | (93 | ) | (264 | ) | ||||||
TOTAL INTEREST EXPENSE
|
(349 | ) | (85 | ) | (434 | ) | ||||||
CHANGE IN NET INTEREST INCOME
|
$ | (497 | ) | $ | 276 | $ | (221 | ) |
For the Nine Months Ended March 31, 2013
|
||||||||||||
Compared to the Nine Months Ended March 31, 2012
|
||||||||||||
Increase (Decrease) Due to
|
||||||||||||
INTEREST INCOME
|
Rate
|
Volume
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Investment securities
|
$ | (711 | ) | $ | (94 | ) | $ | (805 | ) | |||
Loans
|
(684 | ) | (318 | ) | (1,002 | ) | ||||||
Other interest-earning assets
|
3 | (1 | ) | 2 | ||||||||
TOTAL INTEREST INCOME
|
(1,392 | ) | (413 | ) | (1,805 | ) | ||||||
INTEREST EXPENSE
|
||||||||||||
NOW accounts
|
(163 | ) | 14 | (149 | ) | |||||||
Savings accounts
|
(70 | ) | 20 | (50 | ) | |||||||
Money Market accounts
|
(27 | ) | (3 | ) | (30 | ) | ||||||
Time deposits
|
(324 | ) | (91 | ) | (415 | ) | ||||||
Borrowed money
|
(381 | ) | (576 | ) | (957 | ) | ||||||
TOTAL INTEREST EXPENSE
|
(965 | ) | (636 | ) | (1,601 | ) | ||||||
CHANGE IN NET INTEREST INCOME
|
$ | (427 | ) | $ | 223 | $ | (204 | ) |
Net Interest Income At-Risk
|
||||
Estimated Increase (Decrease)
|
Estimated Increase (Decrease)
|
|||
Change in Interest Rates
|
in NII
|
in NII
|
||
(Basis Points)
|
March 31, 2013
|
June 30, 2012
|
||
Stable
|
||||
+ 100
|
-1.67%
|
-0.56%
|
||
+ 200
|
-7.34%
|
-4.81%
|
NPV as a Percentage of Present
|
||||||||||||||||||||
Value of Assets (3)
|
||||||||||||||||||||
Estimated Increase (Decrease) in
|
||||||||||||||||||||
Change in
|
NPV
|
Increase
|
||||||||||||||||||
Interest Rates
|
Estimated
|
(Decrease)
|
||||||||||||||||||
(basis points) (1)
|
NPV (2)
|
Amount
|
Percent
|
NPV Ratio (4)
|
(basis points)
|
|||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||
+300
|
$ | 32,646 | $ | (18,178 | ) | -35.77 | % | 7.77 | % | -332 | ||||||||||
+200
|
$ | 41,713 | $ | (9,111 | ) | -17.93 | % | 9.61 | % | -149 | ||||||||||
+100
|
$ | 48,138 | $ | (2,686 | ) | -5.29 | % | 10.77 | % | -33 | ||||||||||
0
|
$ | 50,824 | $ | - | 0.00 | % | 11.10 | % | 0 | |||||||||||
-100
|
$ | 52,957 | $ | 2,133 | 4.20 | % | 11.35 | % | 26 |
|
(1)
|
Assumes an instantaneous uniform change in interest rates at all maturities.
|
|
(2)
|
NPV is the discounted present value of expected cash flows from assets, liabilities and off-balance sheet contracts.
|
|
(3)
|
Present value of assets represents the discounted present value of incoming cash flows on interest-earning assets.
|
|
(4)
|
NPV ratio represents NPV divided by the present value of assets.
|
Required
|
Actual
|
|||
Ratio of Tier 1 Capital to total assets
|
4%
|
8.48%
|
||
Ratio of Total Risk Based Capital to risk-weighted assets
|
8%
|
17.76%
|
||
Ratio of Tier 1 Risk Based Capital to risk-weighted assets
|
4%
|
16.57%
|
||
|
a.
|
Not applicable.
|
|
31.1
|
Chief Executive Officer Certification pursuant to 17 CFR 240.13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
31.2
|
Chief Financial Officer Certification pursuant to 17 CFR 240.13a-14 as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
|
32.1
|
Chief Executive Officer Certification pursuant to 18 U.S.C. Section 1350.
|
|
32.2
|
Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350.
|
|
101
|
The following materials from the Company’s Quarterly Report on Form 10-Q for the three months ended March 31, 2013, formatted in XBRL: (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Net Income, (iii) the Consolidated Statements of Changes in Stockholders’ Equity, (iv) the Consolidated Statements of Cash Flows and (v) the Notes to Consolidated Financial Statements.
|
PSB HOLDINGS, INC. | |||
(Registrant) | |||
Date
May 13, 2013
|
/s/ Thomas A. Borner | ||
Thomas A. Borner | |||
President and Chief Executive Officer |
Date
May 13, 2013
|
/s/ Robert J. Halloran, Jr. | ||
Robert J. Halloran, Jr. | |||
Executive Vice-President, Chief Financial Officer and Treasurer |
1 Year (MM) Chart |
1 Month (MM) Chart |
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