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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 |
x
|
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
PSB Holdings, Inc. | |
(Exact name of registrant as specified in its charter)
|
|
United States | 42-1597948 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
40 Main Street, Putnam, Connecticut 06260 | |
(Address of principal executive offices)
|
|
(Zip Code) | |
(860) 928-6501 | |
(Issuer’s telephone number)
|
|
N/A | |
(Former name, former address and former fiscal year, if changed since last report)
|
Table of Contents
|
||
Part I.
|
FINANCIAL INFORMATION
|
|
Page No.
|
||
Item 1.
|
Financial Statements (Unaudited)
|
|
Consolidated Balance Sheets at December 31, 2013 and June 30, 2013
|
1
|
|
Consolidated Statements of Net Income for the Three and Six Months Ended
December 31, 2013 and 2012
|
2
|
|
Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended
December 31, 2013 and 2012
|
3
|
|
Consolidated Statements of Changes in Stockholders’ Equity for the Six Months
December 31, 2013 and 2012
|
4
|
|
Consolidated Statements of Cash Flows for the Six Months Ended
December 31, 2013 and 2012
|
5
|
|
Notes to Consolidated Financial Statements
|
6
|
|
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
31
|
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
43
|
Item 4.
|
Controls and Procedures
|
43
|
Part II.
|
OTHER INFORMATION
|
|
Item 1.
|
Legal Proceedings
|
44
|
Item 1A.
|
Risk Factors
|
44
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
44
|
Item 3.
|
Defaults Upon Senior Securities
|
44
|
Item 4.
|
Mine Safety Disclosures
|
44
|
Item 5.
|
Other Information
|
44
|
Item 6.
|
Exhibits
|
44
|
SIGNATURES
|
45
|
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Interest and dividend income:
|
||||||||||||||||
Interest and fees on loans
|
$ | 2,575 | $ | 2,955 | $ | 5,194 | $ | 6,009 | ||||||||
Interest and dividends on investments
|
914 | 941 | 1,753 | 1,976 | ||||||||||||
Total interest and dividend income
|
3,489 | 3,896 | 6,947 | 7,985 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits and escrow
|
613 | 784 | 1,278 | 1,622 | ||||||||||||
Borrowed funds
|
393 | 468 | 786 | 938 | ||||||||||||
Total interest expense
|
1,006 | 1,252 | 2,064 | 2,560 | ||||||||||||
Net interest and dividend income
|
2,483 | 2,644 | 4,883 | 5,425 | ||||||||||||
Provision for loan losses
|
20 | 315 | 40 | 565 | ||||||||||||
Net interest and dividend income after provision
|
||||||||||||||||
for loan losses
|
2,463 | 2,329 | 4,843 | 4,860 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Total other-than-temporary impairment losses on debt securities
|
(47 | ) | (418 | ) | (50 | ) | (529 | ) | ||||||||
Portion of losses recognized in other comprehensive income
|
43 | 106 | 43 | 128 | ||||||||||||
Net impairment losses recognized in earnings
|
(4 | ) | (312 | ) | (7 | ) | (401 | ) | ||||||||
Fees for services
|
449 | 468 | 892 | 906 | ||||||||||||
Mortgage banking activities
|
12 | 95 | 39 | 134 | ||||||||||||
Net commissions from brokerage service
|
53 | 28 | 80 | 63 | ||||||||||||
Income from bank-owned life insurance
|
74 | 79 | 152 | 337 | ||||||||||||
Gain on sales and calls of available-for-sale securities, net
|
- | 206 | - | 206 | ||||||||||||
Other income
|
45 | 33 | 80 | 63 | ||||||||||||
Total non-interest income
|
629 | 597 | 1,236 | 1,308 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Compensation and benefits
|
1,510 | 1,478 | 2,957 | 2,915 | ||||||||||||
Occupancy and equipment
|
287 | 328 | 590 | 643 | ||||||||||||
Data processing
|
213 | 116 | 402 | 280 | ||||||||||||
LAN/WAN network expense
|
37 | 38 | 73 | 73 | ||||||||||||
Advertising and marketing
|
38 | 50 | 81 | 85 | ||||||||||||
OCC assessment
|
48 | 46 | 95 | 93 | ||||||||||||
FDIC deposit insurance
|
151 | 151 | 304 | 296 | ||||||||||||
Other real estate owned
|
40 | 24 | 63 | 63 | ||||||||||||
Write-down of other real estate owned
|
30 | - | 96 | 48 | ||||||||||||
Other non-interest expense
|
466 | 485 | 873 | 881 | ||||||||||||
Total non-interest expense
|
2,820 | 2,716 | 5,534 | 5,377 | ||||||||||||
Income before income tax expense
|
272 | 210 | 545 | 791 | ||||||||||||
Income tax expense
|
32 | 29 | 62 | 107 | ||||||||||||
NET INCOME
|
$ | 240 | $ | 181 | $ | 483 | $ | 684 | ||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.11 | ||||||||
Diluted
|
$ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.11 |
Three Months Ended
|
Six Months Ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(in thousands)
|
||||||||||||||||
Net Income
|
$ | 240 | $ | 181 | $ | 483 | $ | 684 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Net unrealized holding (losses) gains on
available-for-sale securities
|
(588 | ) | 57 | (557 | ) | 1,538 | ||||||||||
Reclassification adjustment for losses
realized in income on available-for-sale securities (1)
|
4 | 106 | 7 | 195 | ||||||||||||
Non credit portion of other-than-temporary losses on
available-for-sale securities
|
(43 | ) | (106 | ) | (43 | ) | (128 | ) | ||||||||
Other comprehensive (loss) income before tax
|
(627 | ) | 57 | (593 | ) | 1,605 | ||||||||||
Income tax benefit (expense) related to other
comprehensive income
|
214 | (19 | ) | 202 | (546 | ) | ||||||||||
Other comprehensive (loss) income net of tax
|
(413 | ) | 38 | (391 | ) | 1,059 | ||||||||||
Total comprehensive (loss) income
|
$ | (173 | ) | $ | 219 | $ | 92 | $ | 1,743 |
(1) | Amounts are reported in net impairment losses recognized in earnings and gain on sales and calls of available-for-sale securities, net, included in non-interest income on the consolidated statements of net income. Income tax benefit associated with the reclassification adjustments was $1,000 and $41,000 for the three months ended December 31, 2013 and 2012, respectively. Income tax benefit associated with the reclassification adjustments was $3,000 and $76,000 for the six months ended December 31, 2013 and 2012, respectively. |
3 |
Common
Stock |
Additional
Paid-in Capital |
Retained
Earnings
|
Accumulated
Other Comprehensive Income (Loss)
|
Unearned
ESOP Shares |
Treasury
Stock |
Total
Stockholders
’
Equity
|
||||||||||||||||||||||
(dollars in thousands)
|
||||||||||||||||||||||||||||
Balances at June 30, 2012
|
$ | 694 | $ | 30,602 | $ | 23,630 | $ | (1,013 | ) | $ | (1,565 | ) | $ | (4,213 | ) | $ | 48,135 | |||||||||||
Comprehensive income
|
- | - | 684 | 1,059 | - | - | 1,743 | |||||||||||||||||||||
ESOP shares committed to be released
(6,390 shares)
|
- | - | (35 | ) | - | 64 | - | 29 | ||||||||||||||||||||
Shares issued
|
- | - | (69 | ) | - | - | 122 | 53 | ||||||||||||||||||||
Balances at December 31, 2012
|
$ | 694 | $ | 30,602 | $ | 24,210 | $ | 46 | $ | (1,501 | ) | $ | (4,091 | ) | $ | 49,960 | ||||||||||||
Balances at June 30, 2013
|
$ | 694 | $ | 30,602 | $ | 24,836 | $ | (523 | ) | $ | (1,437 | ) | $ | (4,091 | ) | $ | 50,081 | |||||||||||
Comprehensive income (loss)
|
- | - | 483 | (391 | ) | - | - | 92 | ||||||||||||||||||||
ESOP shares committed to be released
(6,390 shares)
|
- | - | (24 | ) | - | 63 | - | 39 | ||||||||||||||||||||
Balances at December 31, 2013
|
$ | 694 | $ | 30,602 | $ | 25,295 | $ | (914 | ) | $ | (1,374 | ) | $ | (4,091 | ) | $ | 50,212 |
4 |
For the Six Months
|
||||||||
Ended December 31,
|
||||||||
2013
|
2012
|
|||||||
(in thousands)
|
||||||||
Cash flows from operating activities
|
||||||||
Net income
|
$ | 483 | $ | 684 | ||||
Adjustments to reconcile net income to net cash
|
||||||||
provided by operating activities:
|
||||||||
Amortization of securities, net
|
707 | 659 | ||||||
Gain on sales and calls of securities, net
|
- | (206 | ) | |||||
Impairment losses on securities
|
7 | 401 | ||||||
Net decrease (increase) in loans held-for-sale
|
887 | (497 | ) | |||||
Amortization of deferred loan costs, net
|
24 | 39 | ||||||
Provision for loan losses
|
40 | 565 | ||||||
Gain on sale of other real estate owned, net
|
(15 | ) | (21 | ) | ||||
Write-down of other real estate owned
|
96 | 48 | ||||||
Loss on sale of premises and equipment
|
1 | - | ||||||
Depreciation and amortization
|
217 | 230 | ||||||
Decrease (increase) in accrued interest receivable and other assets
|
751 | (90 | ) | |||||
Increase in cash surrender value of bank-owned life insurance
|
(152 | ) | (161 | ) | ||||
Bank-owned life insurance death benefit income
|
- | (176 | ) | |||||
Decrease in other liabilities
|
(51 | ) | (212 | ) | ||||
Deferred tax expense
|
92 | 738 | ||||||
Amortization of ESOP expense
|
39 | 29 | ||||||
Net cash provided by operating activities
|
3,126 | 2,030 | ||||||
Cash flows from investing activities
|
||||||||
Purchase of available-for-sale securities
|
(15,986 | ) | (1,000 | ) | ||||
Proceeds from sales, calls, pay downs and maturities of available-for-sale securities
|
4,106 | 9,792 | ||||||
Purchase of held-to-maturity securities
|
(11,335 | ) | (34,376 | ) | ||||
Proceeds from calls, pay downs and maturities of held-to-maturity securities
|
15,614 | 21,991 | ||||||
Loan repayments net of originations
|
3,649 | 6,150 | ||||||
Recoveries of loans previously charged off
|
41 | 79 | ||||||
Proceeds from the surrender of bank-owned life insurance policy
|
- | 386 | ||||||
Proceeds from sale of other real estate owned
|
275 | 383 | ||||||
Capital expenditures - premises and equipment
|
(105 | ) | (26 | ) | ||||
Net cash (used in) provided by investing activities
|
(3,741 | ) | 3,379 | |||||
Cash flows from financing activities
|
||||||||
Net decrease in deposit accounts
|
(5,393 | ) | (9,558 | ) | ||||
Net decrease in mortgagors’ escrow accounts
|
(31 | ) | (90 | ) | ||||
Net increase in securities sold under agreements to repurchase
|
5,285 | 1,270 | ||||||
Shares issued
|
- | 53 | ||||||
Net cash used in financing activities
|
(139 | ) | (8,325 | ) | ||||
Decrease in cash and cash equivalents
|
(754 | ) | (2,916 | ) | ||||
Cash and cash equivalents at beginning of year
|
12,793 | 11,413 | ||||||
Cash and cash equivalents at end of period
|
$ | 12,039 | $ | 8,497 | ||||
Supplemental disclosures
|
||||||||
Cash paid during the period for:
|
||||||||
Interest
|
$ | 2,074 | $ | 2,565 | ||||
Income taxes paid (refunded), net
|
1 | (146 | ) | |||||
Loans transferred to other real estate owned
|
823 | 283 | ||||||
Decrease in due from broker
|
- | 2,000 |
6 |
7 |
8 |
9 |
Three Months Ended
|
Three Months Ended
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||
December 31, 2013
|
December 31, 2012
|
December 31, 2013
|
December 31, 2012
|
|||||||||||||
Net income
|
$ | 240,000 | $ | 181,000 | $ | 483,000 | $ | 684,000 | ||||||||
Weighted average common shares applicable to EPS
|
6,401,021 | 6,380,684 | 6,399,423 | 6,376,516 | ||||||||||||
Effect of dilutive potential common shares (1)
|
- | - | - | - | ||||||||||||
Weighted average common shares applicable to diluted EPS
|
6,401,021 | 6,380,684 | 6,399,423 | 6,376,516 | ||||||||||||
Earnings per share:
|
||||||||||||||||
Basic
|
$ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.11 | ||||||||
Diluted
|
$ | 0.04 | $ | 0.03 | $ | 0.08 | $ | 0.11 |
10 |
11 |
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost Basis
|
Gain
|
(Loss)
|
Value
|
|||||||||||||
(in thousands)
|
||||||||||||||||
June 30, 2013:
|
||||||||||||||||
Available-for-sale:
|
||||||||||||||||
Debt securities:
|
||||||||||||||||
U.S. government and government-sponsored securities:
|
||||||||||||||||
Due from five through ten years
|
$ | 1,000 | $ | - | $ | (39 | ) | $ | 961 | |||||||
Corporate bonds and other securities:
|
||||||||||||||||
Due after ten years
|
5,999 | - | (1,126 | ) | 4,873 | |||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||
mortgage-backed securities:
|
||||||||||||||||
Due in one year or less
|
21 | 1 | - | 22 | ||||||||||||
From one through five years
|
1,217 | 71 | - | 1,288 | ||||||||||||
From five through ten years
|
143 | - | - | 143 | ||||||||||||
After ten years
|
13,108 | 593 | (89 | ) | 13,612 | |||||||||||
14,489 | 665 | (89 | ) | 15,065 | ||||||||||||
Non-agency mortgage-backed securities:
|
||||||||||||||||
Due after ten years
|
7,757 | 269 | (475 | ) | 7,551 | |||||||||||
Total debt securities
|
29,245 | 934 | (1,729 | ) | 28,450 | |||||||||||
Equity securities:
|
||||||||||||||||
Auction rate preferred
|
10,000 | - | - | 10,000 | ||||||||||||
Total available-for-sale securities
|
$ | 39,245 | $ | 934 | $ | (1,729 | ) | $ | 38,450 | |||||||
Held-to-maturity:
|
||||||||||||||||
U.S. government and government-sponsored securities:
|
||||||||||||||||
Due in one through five years
|
$ | 5,259 | $ | 3 | $ | (76 | ) | $ | 5,186 | |||||||
From five through ten years
|
939 | 96 | - | 1,035 | ||||||||||||
6,198 | 99 | (76 | ) | 6,221 | ||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||
mortgage-backed securities:
|
||||||||||||||||
Due in five through ten years
|
4,652 | 133 | - | 4,785 | ||||||||||||
After ten years
|
124,139 | 2,004 | (1,731 | ) | 124,412 | |||||||||||
128,791 | 2,137 | (1,731 | ) | 129,197 | ||||||||||||
Total held-to-maturity securities
|
$ | 134,989 | $ | 2,236 | $ | (1,807 | ) | $ | 135,418 |
12 |
December 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:
|
||||||||||||||||||||||||
Corporate bonds and other securities
|
$ | - | $ | - | $ | 4,810 | $ | 1,189 | $ | 4,810 | $ | 1,189 | ||||||||||||
U.S. Government and government-sponsored
|
||||||||||||||||||||||||
securities
|
960 | 40 | - | - | 960 | 40 | ||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
8,121 | 151 | 1,294 | 13 | 9,415 | 164 | ||||||||||||||||||
Equity securities
|
7,646 | 354 | - | - | 7,646 | 354 | ||||||||||||||||||
Total temporarily impaired available-for-sale
|
16,727 | 545 | 6,104 | 1,202 | 22,831 | 1,747 | ||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||
U.S. Government and government-sponsored
|
9,103 | 134 | - | - | 9,103 | 134 | ||||||||||||||||||
securities
|
||||||||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
57,690 | 1,799 | 8,646 | 328 | 66,336 | 2,127 | ||||||||||||||||||
Total temporarily impaired held-to-maturity
|
66,793 | 1,933 | 8,646 | 328 | 75,439 | 2,261 | ||||||||||||||||||
Other-than-temporarily impaired debt
|
||||||||||||||||||||||||
securities (1):
|
||||||||||||||||||||||||
Non-agency mortgage-backed securities
|
625 | 2 | 3,428 | 431 | 4,053 | 433 | ||||||||||||||||||
Total temporarily-impaired and other-
|
||||||||||||||||||||||||
than-temporarily impaired securities
|
$ | 84,145 | $ | 2,480 | $ | 18,178 | $ | 1,961 | $ | 102,323 | $ | 4,441 | ||||||||||||
June 30, 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:
|
||||||||||||||||||||||||
Corporate bonds and other obligations
|
$ | - | $ | - | $ | 4,873 | $ | 1,126 | $ | 4,873 | $ | 1,126 | ||||||||||||
U.S. Government and government-sponsored guaranteed
securities
|
961 | 39 | - | - | 961 | 39 | ||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
3,004 | 77 | 1,449 | 12 | 4,453 | 89 | ||||||||||||||||||
Total temporarily impaired available-for-sale
|
3,965 | 116 | 6,322 | 1,138 | 10,287 | 1,254 | ||||||||||||||||||
Held-to-maturity:
|
||||||||||||||||||||||||
U.S. Government and government-sponsored
|
3,183 | 76 | - | - | 3,183 | 76 | ||||||||||||||||||
securities
|
||||||||||||||||||||||||
U.S. Government-sponsored and guaranteed
|
||||||||||||||||||||||||
mortgage-backed securities
|
68,663 | 1,731 | - | - | 68,663 | 1,731 | ||||||||||||||||||
Total temporarily impaired held-to-maturity
|
71,846 | 1,807 | - | - | 71,846 | 1,807 | ||||||||||||||||||
Other-than-temporarily impaired debt
|
||||||||||||||||||||||||
securities (1):
|
||||||||||||||||||||||||
Non-agency mortgage-backed securities
|
2,525 | 190 | 1,958 | 285 | 4,483 | 475 | ||||||||||||||||||
Total temporarily-impaired and other-
|
||||||||||||||||||||||||
than-temporarily impaired securities
|
$ | 78,336 | $ | 2,113 | $ | 8,280 | $ | 1,423 | $ | 86,616 | $ | 3,536 |
13 |
14 |
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
|
462 | |||
Reductions for securities sold during the period
|
- | |||
Balance as of June 30, 2013
|
15,733 | |||
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
|
7 | |||
Reductions for securities sold during the period
|
- | |||
Balance as of December 31, 2013
|
$ | 15,740 |
December 31,
|
June 30,
|
|||||||
2013
|
2013
|
|||||||
(in thousands)
|
||||||||
Real Estate:
|
||||||||
Residential (1)
|
$ | 183,243 | $ | 187,116 | ||||
Commercial
|
43,438 | 43,423 | ||||||
Residential construction
|
3,071 | 2,775 | ||||||
Commercial
|
1,607 | 1,980 | ||||||
Consumer and other
|
672 | 707 | ||||||
Total loans
|
232,031 | 236,001 | ||||||
Unadvanced construction loans
|
(2,483 | ) | (1,745 | ) | ||||
229,548 | 234,256 | |||||||
Net deferred loan costs
|
655 | 608 | ||||||
Allowance for loan losses
|
(2,609 | ) | (2,693 | ) | ||||
Loans, net
|
$ | 227,594 | $ | 232,171 |
15 |
Residential
|
Commercial
|
Residential
|
Consumer
|
|||||||||||||||||||||
December 31, 2013
|
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Total
|
||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Grade:
|
|
|
||||||||||||||||||||||
Pass
|
$ | 180,439 | $ | 31,863 | $ | 1,512 | $ | 1,418 | $ | 672 | $ | 215,904 | ||||||||||||
Special Mention
|
323 | 3,514 | - | 114 | - | 3,951 | ||||||||||||||||||
Substandard
|
2,481 | 5,330 | - | 75 | - | 7,886 | ||||||||||||||||||
Doubtful
|
- | 1,807 | - | - | - | 1,807 | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 183,243 | $ | 42,514 | $ | 1,512 | $ | 1,607 | $ | 672 | $ | 229,548 | ||||||||||||
Residential
|
Commercial
|
Residential
|
Consumer
|
|||||||||||||||||||||
June 30, 2013
|
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Total
|
||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Grade:
|
||||||||||||||||||||||||
Pass
|
$ | 183,403 | $ | 30,477 | $ | 1,706 | $ | 1,667 | $ | 707 | $ | 217,960 | ||||||||||||
Special Mention
|
329 | 4,784 | - | 233 | - | 5,346 | ||||||||||||||||||
Substandard
|
2,968 | 5,598 | - | 80 | - | 8,646 | ||||||||||||||||||
Doubtful
|
416 | 1,888 | - | - | - | 2,304 | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 187,116 | $ | 42,747 | $ | 1,706 | $ | 1,980 | $ | 707 | $ | 234,256 |
16 |
Pre-Modifcation
|
Post-Modification
|
|||||||||||
|
Outstanding
|
Outstanding
|
||||||||||
Number of
|
Recorded
|
Recorded
|
||||||||||
Contracts
|
Investment
|
Investment
|
||||||||||
(Dollars in thousands
)
|
||||||||||||
Real Estate:
|
||||||||||||
Commercial
|
1
|
$
|
198
|
$
|
210
|
Three months ended
|
Three months ended
|
|||||||||||||||
December 31, 2013
|
December 31, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
|
Contracts
|
Investment
|
Contracts
|
Investment
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
- | $ | - | 1 | $ | 30 | ||||||||||
Six months ended
|
Six months ended
|
|||||||||||||||
December 31, 2013
|
December 31, 2012
|
|||||||||||||||
Number of
|
Recorded
|
Number of
|
Recorded
|
|||||||||||||
|
Contracts
|
Investment
|
Contracts
|
Investment
|
||||||||||||
(Dollars in thousands)
|
||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
- | $ | - | 1 | $ | 30 |
17 |
At December 31,
|
At June 30,
|
|||||||
2013
|
2013
|
|||||||
(Dollars in thousands)
|
||||||||
Non-accrual loans:
|
||||||||
Real Estate:
|
||||||||
Residential
|
$ | 2,472 | $ | 2,865 | ||||
Commercial
|
2,987 | 3,365 | ||||||
Total non-accrual loans
|
5,459 | 6,230 | ||||||
Accruing loans past due 90 days or more:
|
- | 112 | ||||||
Total non-performing loans
|
5,459 | 6,342 | ||||||
Other real estate owned
|
2,132 | 1,665 | ||||||
Total non-performing assets
|
$ | 7,591 | $ | 8,007 | ||||
Total non-performing loans to total loans
|
2.38 | % | 2.71 | % | ||||
Total non-performing assets to total assets
|
1.67 | % | 1.76 | % |
18 |
|
|
|
90 days
|
|||||||||||||
|
30–59 Days
|
60–89 Days
|
or greater
|
Total
|
||||||||||||
At December 31, 2013
|
Past Due
|
Past Due
|
Past Due
|
Past Due
|
||||||||||||
(in thousands)
|
||||||||||||||||
Real Estate:
|
|
|
||||||||||||||
Residential
|
$ | 2,500 | $ | 792 | $ | 1,367 | $ | 4,659 | ||||||||
Commercial
|
1,300 | 421 | 1,196 | 2,917 | ||||||||||||
Commercial
|
75 | - | - | 75 | ||||||||||||
Consumer and other
|
13 | - | - | 13 | ||||||||||||
Total
|
$ | 3,888 | $ | 1,213 | $ | 2,563 | $ | 7,664 | ||||||||
At June 30, 2013
|
||||||||||||||||
Real Estate:
|
||||||||||||||||
Residential
|
$ | 447 | $ | 195 | $ | 1,844 | $ | 2,486 | ||||||||
Commercial
|
- | - | 2,876 | 2,876 | ||||||||||||
Commercial
|
9 | - | - | 9 | ||||||||||||
Consumer and other
|
4 | - | - | 4 | ||||||||||||
Total
|
$ | 460 | $ | 195 | $ | 4,720 | $ | 5,375 |
19 |
At December 31, 2013
|
At June 30, 2013
|
|||||||||||||||||||||||
|
|
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
|
$ | 1,670 | $ | 1,797 | $ | 1,497 | $ | 1,630 | ||||||||||||||||
Commercial
|
1,623 | 1,704 | 3,297 | 3,800 | ||||||||||||||||||||
Consumer and other
|
- | - | 17 | 17 | ||||||||||||||||||||
Total impaired with no valuation allowance
|
3,293 | 3,501 | 4,811 | 5,447 | ||||||||||||||||||||
Impaired loans with a valuation allowance:
|
|
|||||||||||||||||||||||
Real Estate:
|
|
|||||||||||||||||||||||
Residential
|
1,794 | 1,855 | $ | 104 | 2,515 | 2,663 | $ | 156 | ||||||||||||||||
Commercial
|
1,563 | 1,823 | 87 | 180 | 180 | 2 | ||||||||||||||||||
Total impaired with a valuation allowance
|
3,357 | 3,678 | 191 | 2,695 | 2,843 | 158 | ||||||||||||||||||
Total Impaired Loans:
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
3,464 | 3,652 | 104 | 4,012 | 4,293 | 156 | ||||||||||||||||||
Commercial
|
3,186 | 3,527 | 87 | 3,477 | 3,980 | 2 | ||||||||||||||||||
Consumer and other
|
- | - | - | 17 | 17 | - | ||||||||||||||||||
Total impaired loans
|
$ | 6,650 | $ | 7,179 | $ | 191 | $ | 7,506 | $ | 8,290 | $ | 158 |
20 |
Three months ended
|
Three months ended
|
|||||||||||||||||||||||
December 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||
|
Average
|
Interest
|
Interest Income
|
Average
|
Interest
|
Interest Income
|
||||||||||||||||||
|
Recorded
|
Income
|
Recognized
|
Recorded
|
Income
|
Recognized
|
||||||||||||||||||
Investment
|
Recognized
|
on Cash Basis
|
Investment
|
Recognized
|
on Cash Basis
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
$ | 3,562 | $ | 15 | $ | 3 | $ | 4,560 | $ | 18 | $ | 10 | ||||||||||||
Commercial
|
3,353 | 36 | 33 | 5,185 | 29 | 2 | ||||||||||||||||||
Residential Construction
|
- | - | - | 429 | - | - | ||||||||||||||||||
Consumer and other
|
8 | - | - | 22 | - | - | ||||||||||||||||||
Total impaired loans
|
$ | 6,923 | $ | 51 | $ | 36 | $ | 10,196 | $ | 47 | $ | 12 | ||||||||||||
Six months ended
|
Six months ended
|
|||||||||||||||||||||||
December 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||
|
Average
|
Interest
|
Interest Income
|
Average
|
Interest
|
Interest Income
|
||||||||||||||||||
|
Recorded
|
Income
|
Recognized
|
Recorded
|
Income
|
Recognized
|
||||||||||||||||||
Investment
|
Recognized
|
on Cash Basis
|
Investment
|
Recognized
|
on Cash Basis
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Real Estate:
|
||||||||||||||||||||||||
Residential
|
$ | 3,716 | $ | 34 | $ | 10 | $ | 4,655 | $ | 48 | $ | 27 | ||||||||||||
Commercial
|
3,390 | 38 | 33 | 6,658 | 91 | 16 | ||||||||||||||||||
Residential Construction
|
- | - | - | 427 | - | - | ||||||||||||||||||
Consumer and other
|
11 | 1 | - | 24 | 1 | - | ||||||||||||||||||
Total impaired loans
|
$ | 7,117 | $ | 73 | $ | 43 | $ | 11,764 | $ | 140 | $ | 43 |
21 |
Three months ended
|
||||||||||||||||||||||||||||
December 31, 2013
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
(in thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$ | 1,238 | $ | 1,164 | $ | 15 | $ | 19 | $ | 29 | $ | 108 | $ | 2,573 | ||||||||||||||
Charge-offs
|
- | - | - | - | (11 | ) | - | (11 | ) | |||||||||||||||||||
Recoveries
|
11 | - | 3 | 5 | 8 | - | 27 | |||||||||||||||||||||
Provision (credit)
|
(2 | ) | 3 | (4 | ) | (10 | ) | (1 | ) | 34 | 20 | |||||||||||||||||
Ending Balance
|
$ | 1,247 | $ | 1,167 | $ | 14 | $ | 14 | $ | 25 | $ | 142 | $ | 2,609 | ||||||||||||||
Three months ended
|
||||||||||||||||||||||||||||
December 31, 2012
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
(in thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$ | 1,536 | $ | 1,229 | $ | 19 | $ | 32 | $ | 36 | $ | 175 | $ | 3,027 | ||||||||||||||
Charge-offs
|
(132 | ) | (293 | ) | - | - | (15 | ) | - | (440 | ) | |||||||||||||||||
Recoveries
|
10 | 19 | - | - | 4 | - | 33 | |||||||||||||||||||||
Provision (credit)
|
(12 | ) | 365 | (3 | ) | (11 | ) | 12 | (36 | ) | 315 | |||||||||||||||||
Ending Balance
|
$ | 1,402 | $ | 1,320 | $ | 16 | $ | 21 | $ | 37 | $ | 139 | $ | 2,935 | ||||||||||||||
Six months ended
|
||||||||||||||||||||||||||||
December 31, 2013
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
(in thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$ | 1,201 | $ | 1,315 | $ | 22 | $ | 17 | $ | 36 | $ | 102 | $ | 2,693 | ||||||||||||||
Charge-offs
|
(141 | ) | - | - | - | (24 | ) | - | (165 | ) | ||||||||||||||||||
Recoveries
|
14 | - | 6 | 8 | 13 | - | 41 | |||||||||||||||||||||
Provision (credit)
|
173 | (148 | ) | (14 | ) | (11 | ) | - | 40 | 40 | ||||||||||||||||||
Ending Balance
|
$ | 1,247 | $ | 1,167 | $ | 14 | $ | 14 | $ | 25 | $ | 142 | $ | 2,609 | ||||||||||||||
Six months ended
|
||||||||||||||||||||||||||||
December 31, 2012
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and other
|
Unallocated
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
(in thousands)
|
|||||||||||||||||||||||||||
Beginning balance
|
$ | 1,485 | $ | 1,347 | $ | 20 | $ | 17 | $ | 37 | $ | 7 | $ | 2,913 | ||||||||||||||
Charge-offs
|
(174 | ) | (416 | ) | - | - | (32 | ) | - | (622 | ) | |||||||||||||||||
Recoveries
|
50 | 19 | - | 1 | 9 | - | 79 | |||||||||||||||||||||
Provision (credit)
|
41 | 370 | (4 | ) | 3 | 23 | 132 | 565 | ||||||||||||||||||||
Ending Balance
|
$ | 1,402 | $ | 1,320 | $ | 16 | $ | 21 | $ | 37 | $ | 139 | $ | 2,935 |
22 |
At December 31, 2013
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Ending balance: Amount of allowance for loan losses for impaired loans
|
$ | 104 | $ | 87 | $ | - | $ | - | $ | - | $ | - | $ | 191 | ||||||||||||||
Ending balance: Amount of allowance for loan
|
||||||||||||||||||||||||||||
losses for non-impaired loans
|
$ | 1,143 | $ | 1,080 | $ | 14 | $ | 14 | $ | 25 | $ | 142 | $ | 2,418 | ||||||||||||||
Ending balance: Impaired loans
|
$ | 3,464 | $ | 3,186 | $ | - | $ | - | $ | - | $ | - | $ | 6,650 | ||||||||||||||
Ending balance: Non-impaired loans
|
$ | 179,779 | $ | 39,328 | $ | 1,512 | $ | 1,607 | $ | 672 | $ | - | $ | 222,898 | ||||||||||||||
At June 30, 2013
|
Residential
|
Commercial
|
Residential
|
Consumer
|
||||||||||||||||||||||||
Real Estate
|
Real Estate
|
Construction
|
Commercial
|
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||||||
Ending balance: Amount of allowance for loan losses for impaired loans
|
$ | 156 | $ | 2 | $ | - | $ | - | $ | - | $ | - | $ | 158 | ||||||||||||||
Ending balance: Amount of allowance for loan
|
||||||||||||||||||||||||||||
losses for non-impaired loans
|
$ | 1,045 | $ | 1,313 | $ | 22 | $ | 17 | $ | 36 | $ | 102 | $ | 2,535 | ||||||||||||||
Ending balance: Impaired loans
|
$ | 4,012 | $ | 3,477 | $ | - | $ | - | $ | 17 | $ | - | $ | 7,506 | ||||||||||||||
Ending balance: Non-impaired loans
|
$ | 183,104 | $ | 39,270 | $ | 1,706 | $ | 1,980 | $ | 690 | $ | - | $ | 226,750 |
23 |
December 31,
|
June 30,
|
|||||||
2013
|
2013
|
|||||||
(in thousands)
|
||||||||
Net unrealized loss on securities available-for-sale
|
$ | (1,388 | ) | $ | (795 | ) | ||
Tax effect
|
474 | 272 | ||||||
Accumulated other comprehensive loss
|
$ | (914 | ) | $ | (523 | ) | ||
24 |
25 |
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Other Observable
|
Unobservable
|
||||||||||||||
At December 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
|
$ | 960 | $ | - | $ | 960 | $ | - | ||||||||
Corporate bonds and other securities
|
4,810 | - | 4,810 | - | ||||||||||||
U.S. Government-sponsored and guaranteed
mortgage-backed securities
|
27,352 | - | 27,352 | - | ||||||||||||
Non-agency mortgage-backed securities
|
6,884 | - | 6,884 | - | ||||||||||||
Equity securities
|
9,646 | - | - | 9,646 | ||||||||||||
Total
|
$ | 49,652 | $ | - | $ | 40,006 | $ | 9,646 | ||||||||
Quoted Prices in
|
Significant
|
Significant
|
||||||||||||||
Active Markets for
|
Other Observable
|
Unobservable
|
||||||||||||||
At June 30, 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
|
$ | 961 | $ | - | $ | 961 | $ | - | ||||||||
Corporate bonds and other securities
|
4,873 | - | 4,873 | - | ||||||||||||
U.S. Government-sponsored and guaranteed
mortgage-backed securities
|
15,065 | - | 15,065 | - | ||||||||||||
Non-agency mortgage-backed securities
|
7,551 | - | 7,551 | - | ||||||||||||
Equity securities
|
10,000 | - | - | 10,000 | ||||||||||||
Total
|
$ | 38,450 | $ | - | $ | 28,450 | $ | 10,000 | ||||||||
(in thousands)
|
||||
Beginning balance, June 30, 2013
|
$ | 10,000 | ||
Unrealized losses included in other comprehensive income
|
(354 | ) | ||
Ending balance, December 31, 2013
|
$ | 9,646 |
26 |
Quoted Prices in
|
Total Losses
|
Total Losses
|
||||||||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
for the three
|
for the six
|
||||||||||||||||||||
At December 31, 2013
|
Total Fair
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
months ended
|
months ended
|
||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
December 31, 2013
|
December 31, 2013
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Impaired loans
|
$ | 121 | $ | - | $ | - | $ | 121 | $ | (31 | ) | $ | (31 | ) | ||||||||||
Other real estate owned
|
773 | - | - | 773 | (30 | ) | (96 | ) | ||||||||||||||||
$ | 894 | $ | - | $ | - | $ | 894 | $ | (61 | ) | $ | (127 | ) | |||||||||||
Quoted Prices in
|
Total Losses
|
Total Losses
|
||||||||||||||||||||||
Active Markets for
|
Significant Other
|
Significant
|
for the three
|
for the six
|
||||||||||||||||||||
At December 31, 2012
|
Total Fair
|
Identical Assets
|
Observable Inputs
|
Unobservable Inputs
|
months ended
|
months ended
|
||||||||||||||||||
Value
|
Level 1
|
Level 2
|
Level 3
|
December 31, 2012
|
December 31, 2012
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Other real estate owned
|
$ | 290 | $ | - | $ | - | $ | 290 | $ | - | $ | (48 | ) |
27 |
28 |
December 31, 2013
|
||||||||||||||||||||
Carrying
|
Fair Value Hierarchy
|
Fair
|
||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 12,039 | $ | 12,039 | $ | - | $ | - | $ | 12,039 | ||||||||||
Securities available-for-sale
|
49,652 | - | 40,006 | 9,646 | 49,652 | |||||||||||||||
Securities held-to-maturity
|
130,081 | - | 129,671 | - | 129,671 | |||||||||||||||
Federal Home Loan Bank stock
|
6,953 | - | - | 6,953 | 6,953 | |||||||||||||||
Loans held-for-sale
|
150 | - | - | 150 | 150 | |||||||||||||||
Loans, net
|
227,594 | - | - | 229,207 | 229,207 | |||||||||||||||
Accrued interest receivable
|
1,007 | - | - | 1,007 | 1,007 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
335,892 | - | - | 338,028 | 338,028 | |||||||||||||||
Mortgagors
’
escrow accounts
|
2,089 | - | - | 2,089 | 2,089 | |||||||||||||||
Federal Home Loan Bank advances
|
53,500 | - | 55,383 | - | 55,383 | |||||||||||||||
Securities sold under agreements to repurchase
|
10,134 | - | 10,134 | - | 10,134 | |||||||||||||||
Accrued interest payable
|
133 | - | - | 133 | 133 |
June 30, 2013
|
||||||||||||||||||||
Carrying
|
Fair Value Hierarchy
|
Fair
|
||||||||||||||||||
Amount
|
Level 1
|
Level 2
|
Level 3
|
Value
|
||||||||||||||||
(in thousands)
|
||||||||||||||||||||
Financial assets:
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 12,793 | $ | 12,793 | $ | - | $ | - | $ | 12,793 | ||||||||||
Securities available-for-sale
|
38,450 | - | 28,450 | 10,000 | 38,450 | |||||||||||||||
Securities held-to-maturity
|
134,989 | - | 135,418 | - | 135,418 | |||||||||||||||
Federal Home Loan Bank stock
|
6,953 | - | - | 6,953 | 6,953 | |||||||||||||||
Loans held-for-sale
|
1,037 | - | - | 1,006 | 1,006 | |||||||||||||||
Loans, net
|
232,171 | - | - | 234,923 | 234,923 | |||||||||||||||
Accrued interest receivable
|
1,013 | - | - | 1,013 | 1,013 | |||||||||||||||
Financial liabilities:
|
||||||||||||||||||||
Deposits
|
341,285 | - | - | 343,492 | 343,492 | |||||||||||||||
Mortgagors’ escrow accounts
|
2,120 | - | - | 2,120 | 2,120 | |||||||||||||||
Federal Home Loan Bank advances
|
53,500 | - | 55,260 | - | 55,260 | |||||||||||||||
Securities sold under agreements to repurchase
|
4,849 | - | 4,849 | - | 4,849 | |||||||||||||||
Accrued interest payable
|
143 | - | - | 143 | 143 |
29 |
30 |
December 31,
|
June 30,
|
|||||||
2013
|
2013
|
|||||||
(in thousands)
|
||||||||
Commitments to extend credit:
|
||||||||
Loan commitments
|
$ | 3,657 | $ | 3,537 | ||||
Unadvanced construction loans
|
2,483 | 1,745 | ||||||
Unadvanced lines of credit
|
11,902 | 11,912 | ||||||
Standby letters of credit
|
614 | 746 | ||||||
Outstanding commitments
|
$ | 18,656 | $ | 17,940 |
31 |
32 |
December 31,
|
June 30,
|
|||||||
2013
|
2013
|
|||||||
(Dollars in thousands)
|
||||||||
Allowance for loan losses
|
$ | 2,609 | $ | 2,693 | ||||
Gross loans outstanding
|
230,203 | 234,864 | ||||||
Non-performing loans
|
5,459 | 6,342 | ||||||
Allowance/gross loans outstanding
|
1.13 | % | 1.15 | % | ||||
Allowance/non-performing loans
|
47.8 | % | 42.5 | % |
33 |
34 |
35 |
36 |
37 |
For the Six Months Ended December 31,
|
||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||
(Dollars in thousands)
|
||||||||||||||||||||||||
Average
|
Interest/
|
Yield/
|
Average
|
Interest/
|
Yield/
|
|||||||||||||||||||
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
Investment securities
|
$ | 185,266 | $ | 1,748 | 1.87 | % | $ | 165,019 | $ | 1,971 | 2.37 | % | ||||||||||||
Loans
|
233,650 | 5,194 | 4.41 | % | 249,661 | 6,009 | 4.77 | % | ||||||||||||||||
Other earning assets
|
4,631 | 5 | 0.21 | % | 5,366 | 5 | 0.18 | % | ||||||||||||||||
Total interest-earning assets
|
423,547 | 6,947 | 3.25 | % | 420,046 | 7,985 | 3.77 | % | ||||||||||||||||
Non-interest-earning assets
|
28,929 | 29,932 | ||||||||||||||||||||||
Total assets
|
$ | 452,476 | $ | 449,978 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 90,261 | 224 | 0.49 | % | $ | 92,946 | 277 | 0.59 | % | ||||||||||||||
Savings accounts
|
59,319 | 44 | 0.15 | % | 54,609 | 53 | 0.19 | % | ||||||||||||||||
Money market accounts
|
15,294 | 29 | 0.38 | % | 14,566 | 30 | 0.41 | % | ||||||||||||||||
Time deposits
|
126,566 | 981 | 1.54 | % | 132,969 | 1,262 | 1.88 | % | ||||||||||||||||
Borrowed money
|
61,594 | 786 | 2.53 | % | 59,908 | 938 | 3.11 | % | ||||||||||||||||
Total interest-bearing liabilities
|
353,034 | 2,064 | 1.16 | % | 354,998 | 2,560 | 1.43 | % | ||||||||||||||||
Non-interest-bearing demand deposits
|
46,643 | 43,041 | ||||||||||||||||||||||
Other non-interest-bearing liabilities
|
2,450 | 2,535 | ||||||||||||||||||||||
Capital accounts
|
50,349 | 49,404 | ||||||||||||||||||||||
Total liabilities and capital accounts
|
$ | 452,476 | $ | 449,978 | ||||||||||||||||||||
Net interest income
|
$ | 4,883 | $ | 5,425 | ||||||||||||||||||||
Interest rate spread
|
2.09 | % | 2.34 | % | ||||||||||||||||||||
Net interest-earning assets
|
$ | 70,513 | $ | 65,048 | ||||||||||||||||||||
Net interest margin
|
2.29 | % | 2.56 | % | ||||||||||||||||||||
Average earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
119.97 | % | 118.32 | % |
38 |
For the Three Months Ended December 31, 2013
|
||||||||||||
Compared to the Three Months Ended December 31, 2012
|
||||||||||||
Increase (Decrease) Due to change in
|
||||||||||||
INTEREST INCOME
|
Rate
|
Volume
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Investment securities
|
$ | (480 | ) | $ | 452 | $ | (28 | ) | ||||
Loans
|
(194 | ) | (186 | ) | (380 | ) | ||||||
Other interest-earning assets
|
1 | - | 1 | |||||||||
TOTAL INTEREST INCOME
|
(673 | ) | 266 | (407 | ) | |||||||
INTEREST EXPENSE
|
||||||||||||
NOW accounts
|
(12 | ) | (4 | ) | (16 | ) | ||||||
Savings accounts
|
(16 | ) | 11 | (5 | ) | |||||||
Money Market accounts
|
- | 2 | 2 | |||||||||
Time deposits
|
(123 | ) | (29 | ) | (152 | ) | ||||||
Borrowed money
|
(165 | ) | 90 | (75 | ) | |||||||
TOTAL INTEREST EXPENSE
|
(316 | ) | 70 | (246 | ) | |||||||
CHANGE IN NET INTEREST INCOME
|
$ | (357 | ) | $ | 196 | $ | (161 | ) |
39 |
For the Six Months Ended December 31, 2013
|
||||||||||||
Compared to the Six Months Ended December 31, 2012
|
||||||||||||
Increase (Decrease) Due to change in
|
||||||||||||
INTEREST INCOME
|
Rate
|
Volume
|
Net
|
|||||||||
(In thousands)
|
||||||||||||
Investment securities
|
$ | (746 | ) | $ | 523 | $ | (223 | ) | ||||
Loans
|
(443 | ) | (372 | ) | (815 | ) | ||||||
Other interest-earning assets
|
1 | (1 | ) | - | ||||||||
TOTAL INTEREST INCOME
|
(1,188 | ) | 150 | (1,038 | ) | |||||||
INTEREST EXPENSE
|
||||||||||||
NOW accounts
|
(45 | ) | (8 | ) | (53 | ) | ||||||
Savings accounts
|
(20 | ) | 11 | (9 | ) | |||||||
Money Market accounts
|
(4 | ) | 3 | (1 | ) | |||||||
Time deposits
|
(223 | ) | (58 | ) | (281 | ) | ||||||
Borrowed money
|
(223 | ) | 71 | (152 | ) | |||||||
TOTAL INTEREST EXPENSE
|
(515 | ) | 19 | (496 | ) | |||||||
CHANGE IN NET INTEREST INCOME
|
$ | (673 | ) | $ | 131 | $ | (542 | ) |
40 |
Net Interest Income At-Risk
|
||||
Estimated Increase (Decrease)
|
Estimated Increase (Decrease)
|
|||
Change in Interest Rates
|
in NII
|
in NII
|
||
(Basis Points)
|
December 31, 2013
|
June 30, 2013
|
||
Stable
|
||||
+ 100
|
-0.13%
|
0.29%
|
||
+ 200
|
-3.57%
|
-2.99%
|
41 |
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
|
$ | 22,966 | $ | (22,213 | ) | -49.17 | % | 5.69 | % | -441 | ||||||||||
+200
|
$ | 33,578 | $ | (11,601 | ) | -25.68 | % | 8.00 | % | -209 | ||||||||||
+100
|
$ | 40,945 | $ | (4,234 | ) | -9.37 | % | 9.43 | % | -66 | ||||||||||
0
|
$ | 45,179 | $ | - | 0.00 | % | 10.09 | % | 0 | |||||||||||
-100
|
$ | 48,679 | $ | 3,500 | 7.75 | % | 10.63 | % | 54 |
|
(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.
|
42 |
Required
|
Actual
|
|
Ratio of Tier 1 Capital to total assets
|
4%
|
8.75%
|
Ratio of Total Risk Based Capital to risk-w eighted assets
|
8%
|
18.56%
|
Ratio of Tier 1 Risk Based Capital to risk-w eighted assets
|
4%
|
17.38%
|
43 |
|
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 and six months ended December 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.
|
44 |
PSB HOLDINGS, INC. | ||||||
(Registrant) | ||||||
Date
|
February 13 , 2014 | /s/ Thomas A. Borner | ||||
Thomas A. Borner | ||||||
President and Chief Executive Officer | ||||||
Date | February 13 , 2014 | /s/ Robert J. Halloran, Jr. | ||||
Robert J. Halloran, Jr. | ||||||
Executive Vice-President, Chief Financial Officer | ||||||
and Treasurer
|
||||||
45 |
1 Year (MM) Chart |
1 Month (MM) Chart |
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