![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
ES Bancshares Inc (QX) | USOTC:ESBS | OTCMarkets | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.06 | 1.00% | 6.06 | 6.05 | 6.06 | 6.06 | 6.03 | 6.03 | 1,000 | 20:21:29 |
MARYLAND
|
20-4663714
|
|||
(State or other jurisdiction of
|
(I.R.S. Employer Identification No.)
|
|||
Incorporation or organization)
|
Large accelerated filer [ ]
|
Accelerated filer [ ]
|
Non-accelerated filer [ ] (Do not check if a smaller reporting company)
|
Smaller reporting company [X]
|
Page | ||
Item 1.
|
Financial Statements (Unaudited)
|
|
Consolidated Balance Sheets at June 30, 2011 and December 31, 2010
|
1 | |
Consolidated Statements of Operations for the Three and Six Months Ended | ||
June 30, 2011, and 2010
|
2 | |
Consolidated Statements of Changes in Stockholders’ Equity | ||
For the Six Months Ended June 30, 2011 and 2010
|
3 | |
Consolidated Statements of Cash Flows for the Six Months Ended | ||
June 30, 2011 and 2010
|
4 | |
Notes to Unaudited Consolidated Financial Statements
|
5 | |
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and
|
|
Results of Operations
|
25 | |
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
37
|
Item 4T.
|
Controls and Procedures
|
37
|
PART II – OTHER INFORMATION
|
||
Item 1.
|
Legal Procedures
|
37
|
Item 1A
|
Risk Factors
|
37
|
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
38
|
Item 3
|
Defaults Upon Senior Securities
|
38
|
Item 4.
|
[Reserved]
|
38
|
Item 5.
|
Other Information
|
38
|
Item 6.
|
Exhibits
|
38
|
Signatures
|
39 |
June 30,
2011
|
December 31,
2010
|
|||||||
ASSETS
|
(Unaudited)
|
|||||||
Cash and cash equivalents:
|
||||||||
Cash and due from banks
|
$ | 12,215 | $ | 13,027 | ||||
Federal funds sold and other money market investments
|
11 | 12 | ||||||
Total cash and cash equivalents
|
12,226 | 13,039 | ||||||
Certificates of deposit at other financial institutions
|
1,055 | 2,110 | ||||||
Securities available for sale, at fair value
|
20,811 | 20,120 | ||||||
Real estate mortgage loans held for sale
|
907 | 400 | ||||||
Loans receivable
|
123,759 | 122,683 | ||||||
Deferred cost
|
530 | 542 | ||||||
Allowance for loan losses
|
(2,017 | ) | (2,017 | ) | ||||
Total loans receivable, net
|
122,272 | 121,208 | ||||||
Accrued interest receivable
|
598 | 608 | ||||||
Federal Reserve Bank stock
|
407 | 392 | ||||||
Federal Home Loan Bank stock
|
522 | 558 | ||||||
Goodwill
|
581 | 581 | ||||||
Premises and equipment, net
|
1,742 | 485 | ||||||
Prepaid FDIC Assessment
|
377 | 543 | ||||||
Real estate owned
|
292 | 325 | ||||||
Other assets
|
428 | 441 | ||||||
Total assets
|
$ | 162,218 | $ | 160,810 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
Liabilities:
|
||||||||
Deposits:
|
||||||||
Non-interest bearing
|
$ | 19,777 | $ | 17,896 | ||||
Interest bearing
|
118,905 | 120,321 | ||||||
Total deposits
|
138,682 | 138,217 | ||||||
Borrowed funds
|
9,920 | 10,364 | ||||||
Accrued interest payable
|
137 | 141 | ||||||
Other liabilities
|
2,405 | 1,310 | ||||||
Total liabilities
|
151,144 | 150,032 | ||||||
Commitments and contingencies (Note 7)
|
||||||||
Stockholders' equity
|
||||||||
Capital stock (par value $0.01; 5,000,000 shares authorized;
2,269,070 shares issued at June 30, 2011
2,269,070 shares issued at December 31, 2010
|
22 | 22 | ||||||
Additional paid-in-capital
|
19,754 | 19,761 | ||||||
Accumulated deficit
|
(9,026 | ) | (9,228 | ) | ||||
Accumulated other comprehensive income
|
324 | 223 | ||||||
Total stockholders' equity
|
11,074 | 10,778 | ||||||
Total liabilities and stockholders' equity
|
$ | 162,218 | $ | 160,810 |
For the Three Months
Ended June 30,
|
For the Six Months
Ended June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
Interest and dividend income:
|
||||||||||||||||
Loans
|
$ | 1,675 | $ | 1,622 | $ | 3,363 | $ | 3,186 | ||||||||
Securities
|
197 | 317 | 373 | 648 | ||||||||||||
Certificates of deposit
|
11 | 18 | 23 | 35 | ||||||||||||
Fed Funds and other earning assets
|
18 | 19 | 37 | 44 | ||||||||||||
Total interest and dividend income
|
1,901 | 1,976 | 3,796 | 3,913 | ||||||||||||
Interest expense:
|
||||||||||||||||
Deposits
|
531 | 637 | 1,061 | 1,279 | ||||||||||||
Borrowed funds
|
96 | 117 | 194 | 213 | ||||||||||||
Total interest expense
|
627 | 754 | 1,255 | 1,492 | ||||||||||||
Net interest income
|
1,274 | 1,222 | 2,541 | 2,421 | ||||||||||||
Provision for loan losses
|
130 | 120 | 140 | 179 | ||||||||||||
Net interest income after provision for loan losses
|
1,144 | 1,102 | 2,401 | 2,242 | ||||||||||||
Non-interest income:
|
||||||||||||||||
Service charges and fees
|
172 | 134 | 326 | 239 | ||||||||||||
Gain on sale of securities
|
- | 146 | - | 146 | ||||||||||||
Net gain on sale of loans
|
21 | 22 | 83 | 57 | ||||||||||||
Other
|
200 | 37 | 221 | 62 | ||||||||||||
Total non-interest income
|
393 | 339 | 630 | 504 | ||||||||||||
Non-interest expense:
|
||||||||||||||||
Compensation and benefits
|
669 | 614 | 1,334 | 1,196 | ||||||||||||
Occupancy and equipment
|
146 | 191 | 329 | 381 | ||||||||||||
Data processing service fees
|
48 | 85 | 145 | 158 | ||||||||||||
Other
|
484 | 488 | 985 | 892 | ||||||||||||
Total non-interest expense
|
1,347 | 1,378 | 2,793 | 2,627 | ||||||||||||
Net income before income taxes
|
190 | 63 | 238 | 119 | ||||||||||||
Income tax expense
|
26 | - | 36 | - | ||||||||||||
Net income
|
$ | 164 | $ | 63 | $ | 202 | $ | 119 | ||||||||
Other comprehensive income:
|
||||||||||||||||
Net unrealized gain on available-for-sale securities
|
115 | 543 | 101 | 726 | ||||||||||||
Comprehensive income
|
$ | 279 | $ | 606 | $ | 303 | $ | 845 | ||||||||
Weighted average:
|
||||||||||||||||
Common shares
|
2,269,070 | 2,071,070 | 2,269,070 | 2,071,070 | ||||||||||||
Earnings per common share:
|
||||||||||||||||
Basic
|
$ | 0.07 | $ | 0.03 | $ | 0.09 | $ | 0.06 | ||||||||
Diluted
|
$ | 0.07 | $ | 0.03 | $ | 0.09 | $ | 0.06 |
Capital Stock |
Additional
Paid-In
|
Accumulated |
Accumulated
Other
|
|||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Deficit
|
Income
|
Total
|
|||||||||||||||||||
Balance at January 1, 2010
|
2,071,070 | $ | 20 | $ | 18,970 | $ | (9,716 | ) | $ | 207 | $ | 9,481 | ||||||||||||
Stock based compensation, net
|
- | - | 8 | - | - | 8 | ||||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||
Net income for the period
|
- | - | - | 119 | - | 119 | ||||||||||||||||||
Net unrealized gain on available-
for-sale securities
|
- | - | - | - | 726 | 726 | ||||||||||||||||||
Total comprehensive income | 845 | |||||||||||||||||||||||
Balance at June 30, 2010
|
2,071,070 | $ | 20 | $ | 18,978 | $ | (9,597 | ) | $ | 933 | $ | 10,334 | ||||||||||||
Balance at January 1, 2011
|
2,269,070 | $ | 22 | $ | 19,761 | $ | (9,228 | ) | $ | 223 | $ | 10,778 | ||||||||||||
Stock based compensation, net
|
- | - | (7 | ) | - | - | (7 | ) | ||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||
Net income for the period
|
- | - | - | 202 | - | 202 | ||||||||||||||||||
Net unrealized gain on available-
for-sale securities
|
- | - | - | - | 101 | 101 | ||||||||||||||||||
Total comprehensive income
|
303 | |||||||||||||||||||||||
Balance at June 30, 2011
|
2,269,070 | $ | 22 | $ | 19,754 | $ | (9,026 | ) | $ | 324 | $ | 11,074 |
2011
|
2010
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income for period
|
$ | 202 | $ | 119 | ||||
Adjustments to reconcile net income to net cash
provided by operating activities:
|
||||||||
Provision for loan losses
|
140 | 179 | ||||||
Depreciation expense
|
98 | 132 | ||||||
Amortization (accretion) of deferred fees, discounts and premiums, net
|
(24 | ) | (96 | ) | ||||
Mortgage loans originated for sale
|
(6,457 | ) | (545 | ) | ||||
Proceeds from sale of mortgage loans held for sale
|
6,033 | - | ||||||
Net gain on sales of mortgage loans
|
(83 | ) | (57 | ) | ||||
Stock based compensation expense
|
(7 | ) | 8 | |||||
Net gain on sales of investment securities
|
- | (146 | ) | |||||
Loss on impairment of foreclosed asset
|
33 | - | ||||||
Changes in assets and liabilities:
|
||||||||
Increase (decrease) in other assets
|
176 | 30 | ||||||
(Decrease) increase in accrued expenses and other liabilities
|
1,048 | 269 | ||||||
Net cash used in operating activities
|
1,159 | (107 | ) | |||||
Cash flows from investing activities:
|
||||||||
Maturity of certificates of deposit at other financial institutions
|
1,055 | 1,575 | ||||||
Purchase of available-for-sale securities
|
(2,494 | ) | (5,934 | ) | ||||
Proceeds from sales of available-for-sale securities
|
- | 3,511 | ||||||
Proceeds from principal payments and maturities of securities
|
1,996 | 3,400 | ||||||
Net disbursements (repayments) for loan originations
|
(676 | ) | (5,793 | ) | ||||
Purchases of loans
|
(540 | ) | - | |||||
Redemption/ (purchase) of Federal Home Loan Bank stock
|
36 | (7 | ) | |||||
Purchase of Federal Reserve Bank stock
|
(15 | ) | (64 | ) | ||||
Leasehold improvements and acquisitions of capital assets, net of disposals
|
(1,355 | ) | (74 | ) | ||||
Net cash used in investing activities
|
(1,993 | ) | (3,386 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net increase in deposits
|
465 | 4,580 | ||||||
Proceeds of advances from line of credit & FHLB
|
61 | 1,130 | ||||||
Repayment of advances
|
(505 | ) | (488 | ) | ||||
Net proceeds from common stock issuance
|
- | - | ||||||
Net cash provided by financing activities
|
21 | 5,222 | ||||||
Net decrease in cash and cash equivalents
|
(813 | ) | 1,729 | |||||
Cash and cash equivalents at beginning of period
|
13,039 | 14,785 | ||||||
Cash and cash equivalents at end of period
|
$ | 12,226 | $ | 16,514 | ||||
Supplemental cash flow information
|
||||||||
Interest paid
|
$ | 1,259 | $ | 1,507 | ||||
Income taxes paid
|
$ | 57 | $ | - |
Three Months Ended
June 30,
|
Six Months Ended
June 30,
|
|||||||||||||||
2011
|
2010
|
2011
|
2010
|
|||||||||||||
(in thousands, except per share data)
|
||||||||||||||||
Net income attributable to Common Shareholders
|
$ | 164 | $ | 63 | $ | 202 | $ | 119 | ||||||||
Average number of Common Shares Outstanding-basic
|
2,269 | 2,071 | 2,269 | 2,071 | ||||||||||||
Average number of common shares outstanding-diluted
|
2,269 | 2,071 | 2,269 | 2,071 | ||||||||||||
Income per common share attributable
to common shareholders:
|
||||||||||||||||
Basic
|
$ | 0.07 | $ | 0.03 | $ | 0.09 | $ | 0.06 | ||||||||
Diluted
|
0.07 | 0.03 | 0.09 | 0.06 |
June 30, 2011
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Mortgage-backed securities-residential
|
$ | 18,372 | $ | 477 | $ | -- | $ | 18,849 | ||||||||
U.S. Government Agencies
|
600 | 5 | -- | 605 | ||||||||||||
Trust Preferred Securities
|
1,300 | 57 | -- | 1,357 | ||||||||||||
Total
|
$ | 20,272 | $ | 539 | $ | -- | $ | 20,811 |
December 31, 2010
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
Amortized
|
Gross Unrealized
|
Fair
|
||||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
Mortgage-backed securities-residential
|
$ | 17,838 | $ | 290 | $ | -- | $ | 18,128 | ||||||||
U.S. Government Agencies
|
600 | 14 | -- | 614 | ||||||||||||
Trust Preferred Securities
|
1,300 | 78 | -- | 1,378 | ||||||||||||
Total
|
$ | 19,738 | $ | 382 | $ | -- | $ | 20,120 |
June 30, 2011
|
||||||||
(in thousands)
|
||||||||
Amortized
Cost
|
Fair
Value
|
|||||||
Available-for-Sale:
|
||||||||
Mortgaged-backed securities
|
$ | 18,372 | $ | 18,849 | ||||
U.S. Government Agencies and Trust Preferred Securities
|
||||||||
Due less than one year
|
600 | 605 | ||||||
One year to less than three years
|
-- | -- | ||||||
Three years to less than five years
|
-- | -- | ||||||
Five years to ten years
|
-- | -- | ||||||
More than ten years
|
1,300 | 1,357 | ||||||
Total
|
$ | 20,272 | $ | 20,811 |
June 30,
2011
|
December 31,
2010
|
|||||||
(In thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to four family
|
$ | 28,429 | $ | 28,037 | ||||
Commercial
|
||||||||
Owner Occupied
|
20,838 | 20,039 | ||||||
Non Owner Occupied
|
16,193 | 15,552 | ||||||
Multi-family
|
12,136 | 11,634 | ||||||
Construction or development
|
2,907 | 2,566 | ||||||
Home equity
|
||||||||
Open Ended/Revolving
|
7,704 | 7,468 | ||||||
Closed Ended
|
1,532 | 1,620 | ||||||
Total real estate loans
|
89,739 | 86,916 | ||||||
Other loans:
|
||||||||
Commercial business
|
||||||||
Taxi Medallion
|
9,054 | 9,679 | ||||||
USDA Guaranteed*
|
5,476 | 5,110 | ||||||
Commercial Lines of Credit and Term Loans
|
20,001 | 20,571 | ||||||
Consumer
|
396 | 407 | ||||||
Total other loans
|
34,927 | 35,767 | ||||||
Total loans
|
124,666 | 122,683 | ||||||
Deferred loan costs net
|
530 | 542 | ||||||
Allowance for loan losses
|
(2,017 | ) | (2,017 | ) | ||||
Total loans receivable, net
|
$ | 123,179 | $ | 121,208 | ||||
* Includes premiums of $495 thousand which are not guaranteed
|
Unpaid Principal
Balance
|
Recorded
Investment
|
Allowance
For Loan
Losses
Allocated
|
||||||||||
(In thousands)
|
||||||||||||
With no related allowance recorded:
|
||||||||||||
Real estate loans:
|
||||||||||||
One-to four family
|
$ | - | $ | - | $ | - | ||||||
Commercial
|
||||||||||||
Owner Occupied
|
- | - | - | |||||||||
Non Owner Occupied
|
1,118 | 1,118 | - | |||||||||
Multi-family
|
- | - | - | |||||||||
Construction or development
|
816 | 750 | - | |||||||||
Home equity
|
||||||||||||
Open Ended/Revolving
|
75 | - | - | |||||||||
Closed Ended
|
- | - | - | |||||||||
Total real estate loans
|
2,009 | 1,868 | - | |||||||||
Other loans:
|
||||||||||||
Commercial business
|
||||||||||||
Taxi Medallion
|
- | - | - | |||||||||
USDA Guaranteed
|
- | - | - | |||||||||
All Other
|
719 | 608 | - | |||||||||
Consumer
|
- | - | - | |||||||||
Total other loans
|
719 | 608 | - | |||||||||
Total loans
|
$ | 2,728 | $ | 2,476 | $ | - | ||||||
With an allowance recorded:
|
||||||||||||
Real estate loans:
|
||||||||||||
One-to four family
|
$ | - | $ | - | $ | - | ||||||
Commercial
|
||||||||||||
Owner Occupied
|
- | - | - | |||||||||
Non Owner Occupied
|
- | - | - | |||||||||
Multi-family
|
- | - | - | |||||||||
Construction or development
|
- | - | - | |||||||||
Home equity
|
||||||||||||
Open Ended/Revolving
|
- | - | - | |||||||||
Closed Ended
|
- | - | - | |||||||||
Total real estate loans
|
- | - | - | |||||||||
Other loans:
|
||||||||||||
Commercial business
|
||||||||||||
Taxi Medallion
|
- | - | - | |||||||||
USDA Guaranteed
|
- | - | - | |||||||||
All Other
|
- | - | - | |||||||||
Consumer
|
- | - | - | |||||||||
Total other loans
|
- | - | - | |||||||||
Total loans
|
$ | - | $ | - | $ | - |
Unpaid Principal
Balance
|
Recorded
Investment
|
Allowance
For Loan
Losses
Allocated
|
||||||||||
(In thousands)
|
||||||||||||
With no related allowance recorded:
|
||||||||||||
Real estate loans:
|
||||||||||||
One-to four family
|
$ | - | $ | - | $ | - | ||||||
Commercial
|
||||||||||||
Owner Occupied
|
- | - | - | |||||||||
Non Owner Occupied
|
1,826 | 1,826 | - | |||||||||
Multi-family
|
1,068 | 1,068 | - | |||||||||
Construction or development
|
816 | 775 | - | |||||||||
Home equity
|
||||||||||||
Open Ended/Revolving
|
- | - | - | |||||||||
Closed Ended
|
- | - | - | |||||||||
Total real estate loans
|
3,710 | 3,669 | - | |||||||||
Other loans:
|
||||||||||||
Commercial business
|
||||||||||||
Taxi Medallion
|
- | - | - | |||||||||
USDA Guaranteed
|
- | - | - | |||||||||
All Other
|
668 | 594 | - | |||||||||
Consumer
|
- | - | - | |||||||||
Total other loans
|
668 | 594 | - | |||||||||
Total loans
|
$ | 4,378 | $ | 4,263 | $ | - | ||||||
With an allowance recorded:
|
||||||||||||
Real estate loans:
|
||||||||||||
One-to four family
|
$ | - | $ | - | $ | - | ||||||
Commercial
|
||||||||||||
Owner Occupied
|
- | - | - | |||||||||
Non Owner Occupied
|
- | - | - | |||||||||
Multi-family
|
- | - | - | |||||||||
Construction or development
|
- | - | - | |||||||||
Home equity
|
||||||||||||
Open Ended/Revolving
|
75 | 55 | 3 | |||||||||
Closed Ended
|
- | - | - | |||||||||
Total real estate loans
|
75 | 55 | 3 | |||||||||
Other loans:
|
||||||||||||
Commercial business
|
||||||||||||
Taxi Medallion
|
- | - | - | |||||||||
USDA Guaranteed
|
- | - | - | |||||||||
All Other
|
138 | 138 | 42 | |||||||||
Consumer
|
- | - | - | |||||||||
Total other loans
|
138 | 138 | 42 | |||||||||
Total loans
|
$ | 213 | $ | 193 | $ | 45 |
Average of Individually Impaired Loans During Six Months Ended June 30, 2011 | Interest Income Recognized During Impairment | Cash-Basis Interest Income Recognized | ||||||||||
Real estate loans:
|
||||||||||||
One-to four family
|
$ | - | $ | - | $ | - | ||||||
Commercial
|
||||||||||||
Owner Occupied
|
- | - | - | |||||||||
Non Owner Occupied
|
1,468 | - | - | |||||||||
Multi-family
|
711 | - | - | |||||||||
Construction or development
|
771 | - | - | |||||||||
Home equity
|
||||||||||||
Open Ended/Revolving
|
39 | - | - | |||||||||
Closed Ended
|
- | - | - | |||||||||
Total real estate loans
|
2,989 | - | - | |||||||||
Other loans:
|
||||||||||||
Commercial business
|
||||||||||||
Taxi Medallion
|
- | - | - | |||||||||
USDA Guaranteed
|
- | - | - | |||||||||
All Other
|
524 | - | - | |||||||||
Consumer
|
- | - | - | |||||||||
Total other loans
|
524 | - | - | |||||||||
Total loans
|
$ | 3,513 | $ | - | $ | - |
Six months ended
|
||||
June 30,
|
||||
2010
|
||||
Average of individually impaired loans during period
|
4,744 | |||
Interest income recognized during impairment
|
1 | |||
Cash-basis interest income recognized
|
- |
30 - 59 Days Past Due
|
60 - 89 Days Past Due
|
Loans Past Due Over 90 Days Still Accruing
|
Non Accrual
|
Total Past Due
|
Loans Not Past Due
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
One-to four family
|
$ | 1,409 | $ | - | $ | - | $ | - | $ | 1,409 | $ | 27,020 | $ | 28,429 | ||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Owner Occupied
|
945 | - | - | - | 945 | 19,893 | 20,838 | |||||||||||||||||||||
Non Owner Occupied
|
- | - | - | 1,118 | 1,118 | 15,075 | 16,193 | |||||||||||||||||||||
Multi-family
|
- | - | - | - | - | 12,136 | 12,136 | |||||||||||||||||||||
Construction or development
|
- | - | - | 750 | 750 | 2,157 | 2,907 | |||||||||||||||||||||
Home equity
|
||||||||||||||||||||||||||||
Open Ended/Revolving
|
251 | 151 | - | - | 402 | 7,302 | 7,704 | |||||||||||||||||||||
Closed Ended
|
156 | - | - | - | 156 | 1,376 | 1,532 | |||||||||||||||||||||
Total real estate loans
|
2,761 | 151 | - | 1,868 | 4,780 | 84,959 | 89,739 | |||||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||||||
Commercial business
|
||||||||||||||||||||||||||||
Taxi Medallion
|
- | - | - | - | - | 9,054 | 9,054 | |||||||||||||||||||||
USDA Guaranteed
|
- | - | - | - | - | 5,476 | 5,476 | |||||||||||||||||||||
All Other
|
- | - | - | 608 | 608 | 19,393 | 20,001 | |||||||||||||||||||||
Consumer
|
- | - | - | - | - | 396 | 396 | |||||||||||||||||||||
Total other loans
|
- | - | - | 608 | 608 | 34,319 | 34,927 | |||||||||||||||||||||
Total loans
|
$ | 2,761 | $ | 151 | $ | - | $ | 2,476 | $ | 5,388 | $ | 119,278 | $ | 124,666 |
30 - 59 Days Past Due
|
60 - 89 Days Past Due
|
Loans Past Due Over 90 Days Still Accruing
|
Non Accrual
|
Total Past Due
|
Loans Not Past Due
|
Total
|
||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||||||
One-to four family
|
$ | 584 | $ | - | $ | - | $ | - | $ | 584 | $ | 27,453 | $ | 28,037 | ||||||||||||||
Commercial
|
||||||||||||||||||||||||||||
Owner Occupied
|
817 | - | - | - | 817 | 19,222 | 20,039 | |||||||||||||||||||||
Non Owner Occupied
|
- | - | - | 1,174 | 1,174 | 14,378 | 15,552 | |||||||||||||||||||||
Multi-family
|
- | - | - | - | - | 11,634 | 11,634 | |||||||||||||||||||||
Construction or development
|
- | - | - | 775 | 775 | 1,791 | 2,566 | |||||||||||||||||||||
Home equity
|
||||||||||||||||||||||||||||
Open Ended/Revolving
|
- | - | - | 55 | 55 | 7,413 | 7,468 | |||||||||||||||||||||
Closed Ended
|
278 | - | - | - | 278 | 1,342 | 1,620 | |||||||||||||||||||||
Total real estate loans
|
1,679 | - | - | 2,004 | 3,683 | 83,233 | 86,916 | |||||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||||||
Commercial business
|
||||||||||||||||||||||||||||
Taxi Medallion
|
- | - | - | - | - | 9,679 | 9,679 | |||||||||||||||||||||
USDA Guaranteed
|
- | - | - | - | - | 5,110 | 5,110 | |||||||||||||||||||||
All Other
|
276 | - | - | 505 | 781 | 19,790 | 20,571 | |||||||||||||||||||||
Consumer
|
- | - | - | - | - | 407 | 407 | |||||||||||||||||||||
Total other loans
|
276 | - | - | 505 | 781 | 34,986 | 35,767 | |||||||||||||||||||||
Total loans
|
$ | 1,955 | $ | - | $ | - | $ | 2,509 | $ | 4,464 | $ | 118,219 | $ | 122,683 |
At June 30, 2011
|
||||||||||||||||||||||||
Not Classified
|
Special Mention
|
Sub- standard
|
Doubtful
|
Loss
|
Total Loans
|
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to four family
|
$ | 27,967 | $ | - | $ | 462 | $ | - | $ | - | $ | 28,429 | ||||||||||||
Commercial
|
||||||||||||||||||||||||
Owner Occupied
|
15,499 | 3,993 | 1,346 | - | - | 20,838 | ||||||||||||||||||
Non Owner Occupied
|
14,052 | 1,022 | 1,119 | - | - | 16,193 | ||||||||||||||||||
Multi-family
|
10,882 | 188 | 1,066 | - | - | 12,136 | ||||||||||||||||||
Construction or development
|
997 | - | 1,910 | - | - | 2,907 | ||||||||||||||||||
Home equity
|
||||||||||||||||||||||||
Open Ended/Revolving
|
7,102 | 602 | - | - | - | 7,704 | ||||||||||||||||||
Closed Ended
|
1,376 | - | 156 | - | - | 1,532 | ||||||||||||||||||
Total real estate loans
|
77,875 | 5,805 | 6,059 | - | - | 89,739 | ||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||
Commercial business
|
||||||||||||||||||||||||
Taxi Medallion
|
9,054 | - | - | - | - | 9,054 | ||||||||||||||||||
USDA Guaranteed
|
5,476 | - | - | - | - | 5,476 | ||||||||||||||||||
All Other
|
18,552 | 423 | 1,026 | - | - | 20,001 | ||||||||||||||||||
Consumer
|
396 | - | - | - | - | 396 | ||||||||||||||||||
Total other loans
|
33,478 | 423 | 1,026 | - | - | 34,927 | ||||||||||||||||||
Total loans
|
$ | 111,353 | $ | 6,228 | $ | 7,085 | $ | - | $ | - | $ | 124,666 |
Not Classified
|
Special Mention
|
Sub- standard
|
Doubtful
|
Loss
|
Total Loans
|
|||||||||||||||||||
Real estate loans:
|
||||||||||||||||||||||||
One-to four family
|
$ | 27,572 | $ | - | $ | 465 | $ | - | $ | - | $ | 28,037 | ||||||||||||
Commercial
|
||||||||||||||||||||||||
Owner Occupied
|
15,039 | 3,661 | 1,339 | - | - | 20,039 | ||||||||||||||||||
Non Owner Occupied
|
13,726 | 652 | 1,174 | - | - | 15,552 | ||||||||||||||||||
Multi-family
|
10,566 | - | 1,068 | - | - | 11,634 | ||||||||||||||||||
Construction or development
|
1,791 | - | 775 | - | - | 2,566 | ||||||||||||||||||
Home equity
|
||||||||||||||||||||||||
Open Ended/Revolving
|
6,862 | 551 | 55 | - | - | 7,468 | ||||||||||||||||||
Closed Ended
|
1,463 | - | 157 | - | - | 1,620 | ||||||||||||||||||
Total real estate loans
|
77,019 | 4,864 | 5,033 | - | - | 86,916 | ||||||||||||||||||
Other loans:
|
||||||||||||||||||||||||
Commercial business
|
||||||||||||||||||||||||
Taxi Medallion
|
9,679 | - | - | - | - | 9,679 | ||||||||||||||||||
USDA Guaranteed
|
5,110 | - | - | - | - | 5,110 | ||||||||||||||||||
All Other
|
18,969 | 382 | 1,220 | - | - | 20,571 | ||||||||||||||||||
Consumer
|
407 | - | - | - | - | 407 | ||||||||||||||||||
Total other loans
|
34,165 | 382 | 1,220 | - | - | 35,767 | ||||||||||||||||||
Total loans
|
$ | 111,184 | $ | 5,246 | $ | 6,253 | $ | - | $ | - | $ | 122,683 |
Six Months Ended
June 30,
|
Three Months Ended
June 30,
|
||||||||||||||||
2011
|
2010
|
2011
|
2010
|
||||||||||||||
(Dollars in thousands)
|
(Dollars in thousands)
|
||||||||||||||||
Balance at beginning of year
|
2,017 | 1,824 | 1,926 | 1,884 | |||||||||||||
Charge-offs
|
|||||||||||||||||
One-to-four family
|
- | - | - | - | |||||||||||||
Commercial
|
|||||||||||||||||
Owner Occupied
|
- | - | - | - | |||||||||||||
Non Owner Occupied
|
- | (124 | ) | - | (124 | ) | |||||||||||
Multi-family
|
- | - | - | - | |||||||||||||
Construction or development
|
(25 | ) | (40 | ) | (25 | ) | (40 | ) | |||||||||
Home equity
|
|||||||||||||||||
Open Ended / Revolving
|
(55 | ) | - | (41 | ) | - | |||||||||||
Closed Ended
|
- | - | - | - | |||||||||||||
Commercial business
|
|||||||||||||||||
Taxi Medallion
|
- | - | - | - | |||||||||||||
USDA Guaranteed
|
- | - | - | - | |||||||||||||
Commercial Business Lines of Credit and Term Loans
|
(87 | ) | (94 | ) | - | (94 | ) | ||||||||||
Consumer
|
- | (2 | ) | - | (2 | ) | |||||||||||
Total charge-offs | (167 | ) | (260 | ) | (66 | ) | (260 | ) | |||||||||
Recoveries
|
|||||||||||||||||
One-to-four family
|
- | - | - | - | |||||||||||||
Commercial
|
|||||||||||||||||
Owner Occupied
|
- | - | - | - | |||||||||||||
Non Owner Occupied
|
- | - | - | - | |||||||||||||
Multi-family
|
- | - | - | - | |||||||||||||
Construction or development
|
- | - | - | - | |||||||||||||
Home equity
|
|||||||||||||||||
Open Ended / Revolving
|
- | - | - | - | |||||||||||||
Closed Ended
|
- | - | - | - | |||||||||||||
Commercial business
|
|||||||||||||||||
Taxi Medallion
|
- | - | - | - | |||||||||||||
USDA Guaranteed
|
- | - | - | - | |||||||||||||
Commercial Business Lines of Credit and Term Loans
|
26 | - | 26 | - | |||||||||||||
Consumer
|
1 | 1 | 1 | - | |||||||||||||
Total recoveries | 27 | 1 | 27 | - | |||||||||||||
Provision for losses
|
140 | 179 | 130 | 120 | |||||||||||||
Balance at end of period
|
2,017 | 1,744 | 2,017 | 1,744 |
For the Three Months Ended June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family
|
Commercial RE Owner Occupied
|
Commercial RE Non Owner Occupied
|
Multi-Family
|
Construction or Development
|
Home Equity- Open Ended
|
Home Equity- Closed Ended
|
Taxi Medallion
|
USDA Guaranteed
|
Commercial LOC's/ Term Loans
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||||||||||||||
Beginning Balance
|
136 | 386 | 236 | 237 | 36 | 118 | 6 | 147 | - | 412 | 4 | 208 | 1,926 | |||||||||||||||||||||||||||||||||||||||
Charge-offs
|
- | - | - | - | (25 | ) | - | (41 | ) | - | - | - | - | - | (66 | ) | ||||||||||||||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | 26 | 1 | - | 27 | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses
|
(21 | ) | (19 | ) | 30 | 5 | 157 | 30 | 38 | 20 | - | (116 | ) | - | 6 | 130 | ||||||||||||||||||||||||||||||||||||
Ending Balance
|
115 | 367 | 266 | 242 | 168 | 148 | 3 | 167 | - | 322 | 5 | 214 | 2,017 |
For the Six Months Ended June 30, 2011
|
||||||||||||||||||||||||||||||||||||||||||||||||||||
One-to-Four Family
|
Commercial RE Owner Occupied
|
Commercial RE Non Owner Occupied
|
Multi-Family
|
Construction or Development
|
Home Equity- Open Ended
|
Home Equity- Closed Ended
|
Taxi Medallion
|
USDA Guaranteed
|
Commercial LOC's/ Term Loans
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||||||||||||||
Beginning Balance
|
115 | 367 | 224 | 237 | 36 | 116 | 27 | 167 | - | 466 | 5 | 257 | 2,017 | |||||||||||||||||||||||||||||||||||||||
Charge-offs
|
- | - | - | - | (25 | ) | - | (55 | ) | - | - | (87 | ) | - | - | (167 | ) | |||||||||||||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | 26 | 1 | - | 27 | |||||||||||||||||||||||||||||||||||||||
Provision for loan losses
|
- | - | 42 | 5 | 157 | 32 | 32 | - | - | (83 | ) | (2 | ) | (43 | ) | 140 | ||||||||||||||||||||||||||||||||||||
Ending Balance
|
115 | 367 | 266 | 242 | 168 | 148 | 4 | 167 | - | 322 | 4 | 214 | 2,017 |
1-4 Family Residential Real Estate
|
Commercial Real Estate
|
Multifamily Real Estate
|
Construction or Development
|
Home Equity
|
Commercial Business
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Collectively evaluated for impairment
|
115 | 633 | 242 | 168 | 152 | 489 | 4 | 214 | 2,018 | |||||||||||||||||||||||||||
Acquired with deteriorated credit quality
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total allowance balance
|
$ | 115 | $ | 633 | $ | 242 | $ | 168 | $ | 152 | $ | 489 | $ | 4 | $ | 214 | $ | 2,018 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
- | 1,093 | - | 750 | - | 608 | - | - | 2,451 | |||||||||||||||||||||||||||
Loans collectively evaluated for impairment
|
28,429 | 35,938 | 12,136 | 2,157 | 9,236 | 33,923 | 396 | - | 122,215 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total ending loans balance
|
$ | 28,429 | $ | 37,031 | $ | 12,136 | $ | 2,907 | $ | 9,236 | $ | 34,531 | $ | 396 | $ | - | 124,666 |
At December 31, 2010
|
||||||||||||||||||||||||||||||||||||
1-4 Family Residential Real Estate
|
Commercial Real Estate
|
Multifamily Real Estate
|
Construction or Development
|
Home Equity
|
Commercial Business
|
Consumer
|
Unallocated
|
Total
|
||||||||||||||||||||||||||||
(In thousands)
|
||||||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||||||
Individually evaluated for impairment
|
- | - | - | - | 3 | 42 | - | - | 45 | |||||||||||||||||||||||||||
Collectively evaluated for impairment
|
115 | 591 | 237 | 36 | 140 | 591 | 5 | 257 | 1,972 | |||||||||||||||||||||||||||
Acquired with deteriorated credit quality
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total allowance balance
|
$ | 115 | $ | 591 | $ | 237 | $ | 36 | $ | 143 | $ | 633 | $ | 5 | $ | 257 | $ | 2,017 | ||||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||||||
Loans individually evaluated for impairment
|
- | 1,826 | 1,068 | 775 | 55 | 732 | - | - | 4,456 | |||||||||||||||||||||||||||
Loans collectively evaluated for impairment
|
28,037 | 33,765 | 10,566 | 1,791 | 9,033 | 34,628 | 407 | - | 118,227 | |||||||||||||||||||||||||||
Loans acquired with deteriorated credit quality
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Total ending loans balance
|
$ | 28,037 | $ | 35,591 | $ | 11,634 | $ | 2,566 | $ | 9,088 | $ | 35,360 | $ | 407 | $ | - | 122,683 |
Level 1 – |
Quoted prices (unadjusted) for identical assets or liabilities in active markets that the entity has the ability to access as of the measurement date.
|
Level 2 – |
Significant other observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data.
|
Level 3 – |
Significant unobservable inputs that reflect a company’s own assumptions about the assumptions that market participants would use in pricing an asset or liability.
|
Fair Value Measurements at
|
||||||||||
June 30, 2011 Using:
|
||||||||||
Significant
|
||||||||||
Quoted Prices in
|
Other
|
Significant
|
||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||
Carrying
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||
(Dollars in thousands)
|
||||||||||
Financial Assets
|
||||||||||
Investment securities available-for sale:
|
||||||||||
Mortgage-backed securities –
residential
|
$
|
18,849
|
$
|
18,849
|
||||||
U.S. government agencies
|
605
|
605
|
||||||||
Other securities
|
1,357
|
1,357
|
||||||||
Total available- for-sale
|
20,811
|
20,811
|
Fair Value Measurements at
|
||||||||||
December 31, 2010 Using:
|
||||||||||
Significant
|
||||||||||
Quoted Prices in
|
Other
|
Significant
|
||||||||
Active Markets for
|
Observable
|
Unobservable
|
||||||||
Carrying
|
Identical Assets
|
Inputs
|
Inputs
|
|||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||
(Dollars in thousands)
|
||||||||||
Financial Assets
|
||||||||||
Investment securities available-for sale:
|
||||||||||
Mortgage-backed securities –
residential
|
$
|
18,128
|
$
|
18,128
|
||||||
U.S. government agencies
|
614
|
614
|
||||||||
Other securities
|
1,378
|
1,378
|
||||||||
Total available- for-sale
|
20,120
|
20,120
|
Fair Value Measurements
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
at June 30, 2011 Using
|
||||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans
|
$ | - | $ | - | $ | - | $ | - | ||||||||
REO Property
|
292 | - | - | 292 |
Fair Value Measurements
|
||||||||||||||||
(in thousands)
|
||||||||||||||||
at December 31, 2010 Using
|
||||||||||||||||
Identical
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
Assets:
|
||||||||||||||||
Impaired Loans
|
$ | 148 | $ | - | $ | - | $ | 148 | ||||||||
REO Property
|
325 | - | - | 325 |
June 30,
|
December 31,
|
|||||||||||||||
2011
|
2010
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Financial assets
|
||||||||||||||||
Cash and due from banks
|
$ | 12,215 | $ | 12,215 | $ | 13,027 | $ | 13,027 | ||||||||
Federal Funds Sold and money market investments
|
11 | 11 | 12 | 12 | ||||||||||||
Certificate of deposit placements
|
1,055 | 1,055 | 2,110 | 2,110 | ||||||||||||
Securities available for sale
|
20,811 | 20,811 | 20,120 | 20,120 | ||||||||||||
Loans held for sale
|
907 | 920 | 400 | 404 | ||||||||||||
Loans, net
|
122,272 | 124,106 | 121,208 | 124,469 | ||||||||||||
Federal Home Loan Bank stock
|
522 | N/A | 558 | N/A | ||||||||||||
Federal Reserve Bank stock
|
407 | N/A | 392 | N/A | ||||||||||||
Accrued interest receivable
|
598 | 598 | 608 | 608 | ||||||||||||
Financial Liabilities
|
||||||||||||||||
Deposits
|
138,682 | 139,070 | 138,217 | 139,764 | ||||||||||||
Federal Home Loan Bank advances
|
7,018 | 7,245 | 7,523 | 7,684 | ||||||||||||
Other borrowings
|
2,902 | 2,996 | 2,841 | 2,902 | ||||||||||||
Accrued interest payable
|
137 | 137 | 141 | 141 |
June 30,
|
December 31,
|
|||||||
2011
|
2010
|
|||||||
(In thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to four family
|
$ | 28,429 | $ | 28,037 | ||||
Commercial
|
||||||||
Owner Occupied
|
20,838 | 20,039 | ||||||
Non Owner Occupied
|
16,193 | 15,552 | ||||||
Multi-family
|
12,136 | 11,634 | ||||||
Construction or development
|
2,907 | 2,566 | ||||||
Home equity
|
||||||||
Open Ended/Revolving
|
7,704 | 7,468 | ||||||
Closed Ended
|
1,532 | 1,620 | ||||||
Total real estate loans
|
89,739 | 86,916 | ||||||
Other loans:
|
||||||||
Commercial business
|
||||||||
Taxi Medallion
|
9,054 | 9,679 | ||||||
USDA Guaranteed*
|
5,476 | 5,110 | ||||||
Commercial Lines of Credit and Term Loans
|
20,001 | 20,571 | ||||||
Consumer
|
396 | 407 | ||||||
Total other loans
|
34,927 | 35,767 | ||||||
Total loans
|
124,666 | 122,683 | ||||||
Deferred loan costs net
|
530 | 542 | ||||||
Allowance for loan losses
|
(2,017 | ) | (2,017 | ) | ||||
Total loans receivable, net
|
$ | 123,179 | $ | 121,208 | ||||
* Includes premiums of $495 thousand which are not guaranteed
|
At June 30,
|
At December 31,
|
|||||||
2011
|
2010
|
|||||||
(Dollars in thousands)
|
||||||||
Non-accrual loans:
|
||||||||
Real estate loans:
|
||||||||
One-to-four family
|
$ | - | $ | - | ||||
Commercial
|
||||||||
Owner Occupied
|
- | - | ||||||
Non Owner Occupied
|
1,093 | 1,174 | ||||||
Multi-family
|
- | - | ||||||
Construction or development
|
750 | 775 | ||||||
Home equity
|
||||||||
Open Ended / Revolving
|
- | 55 | ||||||
Closed Ended
|
- | - | ||||||
Total real estate loans
|
1,843 | 2,004 | ||||||
Other Loans:
|
||||||||
Commercial business
|
||||||||
Taxi Medallion
|
- | - | ||||||
USDA Guaranteed
|
- | - | ||||||
Commercial Business Lines of Credit and Term Loans
|
608 | 505 | ||||||
Consumer
|
- | - | ||||||
Total non-performing loans
|
$ | 2,451 | $ | 2,509 | ||||
REO, net
|
292 | 325 | ||||||
Total non-performing assets
|
$ | 2,743 | $ | 2,834 | ||||
Ratios:
|
||||||||
Non-performing loans to total loans
|
1.98 | % | 2.05 | % | ||||
Non-performing loans to total assets
|
1.51 | % | 1.56 | % | ||||
Non-performing assets to total assets
|
1.69 | % | 1.76 | % |
Six Months Ended
|
|||||||||
June 30,
|
|||||||||
2011
|
2010
|
||||||||
(Dollars in thousands)
|
|||||||||
Balance at beginning of year
|
2,017 | 1,824 | |||||||
Charge-offs
|
|||||||||
One-to-four family
|
- | - | |||||||
Commercial
|
|||||||||
Owner Occupied
|
- | - | |||||||
Non Owner Occupied
|
- | (124 | ) | ||||||
Multi-family
|
- | - | |||||||
Construction or development
|
(25 | ) | (40 | ) | |||||
Home equity
|
|||||||||
Open Ended / Revolving
|
(55 | ) | - | ||||||
Closed Ended
|
- | - | |||||||
Commercial business
|
|||||||||
Taxi Medallion
|
- | - | |||||||
USDA Guaranteed
|
- | - | |||||||
Commercial Business Lines of Credit and Term Loans
|
(87 | ) | (94 | ) | |||||
Consumer
|
- | (2 | ) | ||||||
Total charge-offs | (167 | ) | (260 | ) | |||||
Recoveries
|
|||||||||
One-to-four family
|
- | - | |||||||
Commercial
|
|||||||||
Owner Occupied
|
- | - | |||||||
Non Owner Occupied
|
- | - | |||||||
Multi-family
|
- | - | |||||||
Construction or development
|
- | - | |||||||
Home equity
|
|||||||||
Open Ended / Revolving
|
- | - | |||||||
Closed Ended
|
- | - | |||||||
Commercial business
|
|||||||||
Taxi Medallion
|
- | - | |||||||
USDA Guaranteed
|
- | - | |||||||
Commercial Business Lines of Credit and Term Loans
|
26 | - | |||||||
Consumer
|
1 | 1 | |||||||
Total recoveries | 27 | 1 | |||||||
Provision for losses
|
140 | 179 | |||||||
Balance at end of period
|
2,017 | 1,744 | |||||||
Ratio of net annualized charge-offs to average total loans
|
0.23 | % | 0.46 | % | |||||
Ratio of allowance for loan losses to total loans
|
1.62 | % | 1.55 | % |
For the Three Months Ended
|
||||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
123,608 | $ | 1,675 | 5.42 | % | 113,693 | $ | 1,622 | 5.64 | % | ||||||||||||||
Fed Funds & other investments
|
10,760 | 7 | 0.24 | % | 10,832 | 8 | 0.29 | % | ||||||||||||||||
Certificates of deposit
|
1,722 | 11 | 2.53 | % | 2,947 | 18 | 2.45 | % | ||||||||||||||||
FRB & FHLB stock
|
932 | 11 | 4.58 | % | 921 | 11 | 4.78 | % | ||||||||||||||||
Securities
|
20,517 | 197 | 3.85 | % | 31,031 | 317 | 4.09 | % | ||||||||||||||||
Total interest-earning assets
|
$ | 157,539 | $ | 1,901 | 4.83 | % | $ | 159,424 | $ | 1,976 | 4.90 | % | ||||||||||||
Allowance for loan losses
|
(1,945 | ) | (1,831 | ) | ||||||||||||||||||||
Cash & Due from banks
|
1,932 | 1,885 | ||||||||||||||||||||||
Other Non-interest earning assets
|
4,402 | 3,276 | ||||||||||||||||||||||
Total assets
|
$ | 161,928 | $ | 162,754 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 6,925 | $ | 12 | 0.71 | % | $ | 6,547 | $ | 17 | 1.04 | % | ||||||||||||
Money Market accounts
|
33,731 | 83 | 0.99 | % | 36,858 | 107 | 1.16 | % | ||||||||||||||||
Regular savings accounts
|
9,754 | 20 | 0.84 | % | 11,405 | 29 | 1.02 | % | ||||||||||||||||
Certficates of Deposit
|
69,665 | 416 | 2.39 | % | 70,835 | 484 | 2.74 | % | ||||||||||||||||
Total interest-bearing deposits
|
$ | 120,075 | 531 | 1.77 | % | $ | 125,645 | 637 | 2.03 | % | ||||||||||||||
Borrowings
|
9,994 | 96 | 3.80 | % | 10,820 | 117 | 4.34 | % | ||||||||||||||||
Total interest-bearing liabilities
|
$ | 130,069 | $ | 627 | 1.93 | % | $ | 136,465 | $ | 754 | 2.22 | % | ||||||||||||
Non-interest-bearing liabilities
|
21,223 | 16,295 | . | |||||||||||||||||||||
Total liabilities
|
151,292 | 152,760 | ||||||||||||||||||||||
Stockholders' equity
|
10,636 | 9,994 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 161,928 | $ | 162,754 | ||||||||||||||||||||
Net interest income
|
$ | 1,274 | $ | 1,222 |
Average interest rate spread
(1)
|
2.90 | % | 2.68 | % | ||||||||||||||||||||
Net interest margin (2)
|
|
3.23 | % |
|
3.07 | % | ||||||||||||||||||
Net interest-earning assets
(3)
|
$ | 27,470 | $ | 22,959 | ||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities
|
121.12 | % | 116.82 | % |
For the Six Months Ended
|
||||||||||||||||||||||||
June 30,
|
June 30,
|
|||||||||||||||||||||||
2011
|
2010
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Yield/Cost
|
Balance
|
Interest
|
Yield/Cost
|
|||||||||||||||||||
Assets
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$ | 123,302 | $ | 3,363 | 5.42 | % | 111,556 | $ | 3,186 | 5.68 | % | |||||||||||||
Fed Funds & other investments
|
10,419 | 23 | 0.44 | % | 11,143 | 19 | 0.34 | % | ||||||||||||||||
Certificates of deposit
|
1,820 | 14 | 1.55 | % | 3,179 | 35 | 2.22 | % | ||||||||||||||||
FRB & FHLB stock
|
469 | 23 | 9.81 | % | 910 | 25 | 5.49 | % | ||||||||||||||||
Securities
|
20,076 | 373 | 3.72 | % | 31,153 | 648 | 4.16 | % | ||||||||||||||||
Total interest-earning assets
|
$ | 156,086 | $ | 3,796 | 4.84 | % | $ | 157,941 | $ | 3,913 | 4.93 | % | ||||||||||||
Allowance for loan losses
|
(1,983 | ) | (1,670 | ) | ||||||||||||||||||||
Cash & Due from banks
|
1,949 | 1,574 | ||||||||||||||||||||||
Other Non-interest earning assets
|
3,879 | 3,256 | ||||||||||||||||||||||
Total assets
|
$ | 159,931 | $ | 161,101 | ||||||||||||||||||||
Liabilities and Stockholders' Equity
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
NOW accounts
|
$ | 7,158 | $ | 24 | 0.69 | % | $ | 6,338 | $ | 24 | 0.76 | % | ||||||||||||
Money Market accounts
|
33,757 | 164 | 0.98 | % | 36,914 | 220 | 1.20 | % | ||||||||||||||||
Regular savings accounts
|
9,825 | 45 | 0.93 | % | 10,657 | 55 | 1.04 | % | ||||||||||||||||
Certficates of Deposit
|
68,755 | 828 | 2.43 | % | 71,052 | 980 | 2.78 | % | ||||||||||||||||
Total interest-bearing deposits
|
$ | 119,495 | 1,061 | 1.79 | % | $ | 124,961 | 1,279 | 2.06 | % | ||||||||||||||
Borrowings
|
10,101 | 194 | 3.82 | % | 10,444 | 213 | 4.11 | % | ||||||||||||||||
Total interest-bearing liabilities
|
$ | 129,596 | $ | 1,255 | 1.95 | % | $ | 135,405 | $ | 1,492 | 2.22 | % | ||||||||||||
Non-interest-bearing liabilities
|
19,824 | 16,004 | . | |||||||||||||||||||||
Total liabilities
|
149,420 | 151,409 | ||||||||||||||||||||||
Stockholders' equity
|
10,511 | 9,692 | ||||||||||||||||||||||
Total liabilities and stockholders' equity
|
$ | 159,931 | $ | 161,101 | ||||||||||||||||||||
Net interest income
|
$ | 2,541 | $ | 2,421 |
Average interest rate spread
(1)
|
2.91 | % | 2.71 | % | ||||||||||||||||||||
Net interest margin (2)
|
|
3.26 | % |
|
3.07 | % | ||||||||||||||||||
Net interest-earning assets
(3)
|
$ | 26,490 | $ | 22,536 | ||||||||||||||||||||
Ratio of average interest-earning assets
to average interest-bearing liabilities
|
120.44 | % | 116.64 | % |
(1)
|
Average interest rate spread represents the difference between the yield on average interest-earning assets and the cost of average interest-bearing liabilities.
|
(2)
|
Net interest margin represents net interest income divided by average total interest-earning assets.
|
(3)
|
Net interest-earning assets represents total interest-earning assets less total interest-bearing liabilities.
|
|
·
|
Centralize responsibility for consumer financial protection by creating a new agency.
|
|
·
|
Apply the same leverage and risk-based capital requirements that currently apply to insured depository institutions to bank holding companies.
|
|
·
|
Require the FDIC to adjust capital timing requirements so that the amount of capital required to be maintained increases in times of economic expansion and decreases in times of economic contraction.
|
|
·
|
Change the assessment base for federal deposit insurance from the amount of insured deposits to consolidated assets less tangible capital.
|
|
·
|
Implement corporate governance revisions, including with regard to executive compensation and proxy access by shareholders, that apply to all public companies, not just financial institutions.
|
|
·
|
Make permanent the $250 thousand limit for federal deposit insurance and increase the cash limit of Securities Investor Protection Corporation protection from $100 thousand to $250 thousand, and provide unlimited federal deposit insurance until January 1, 2013, for non-interest bearing demand transaction accounts at all insured depository institutions.
|
|
·
|
Repeal the federal prohibitions on the payment of interest on demand deposits, thereby permitting depository institutions to pay interest on business transaction and other accounts.
|
|
·
|
Increase the authority of the Federal Reserve.
|
Exhibit Number
|
Document
|
Reference to Previous Filing, If Applicable
|
||
31.1
|
Certification of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
31.2
|
Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
|
|||
32.1
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
32.2
|
Certification of Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
|
|||
101.INS** | XBRL Instance | |||
101.SCH** | XBRL Taxonomy Extension Schema | |||
101.CAL** | XBRL Taxonomy Extension Calculation | |||
101.DEF** | XBRL Taxonomy Extension Definition | |||
101.LAB** | XBRL Taxonomy Extension Labels | |||
101.PRE** | XBRL Taxonomy Extension Presentation |
**
|
XBRL information is furnished and not filed or a part of a registration statement or prospectus for purposes of sections 11 or 12 of the Securities Act of 1933, as amended, is deemed not filed for purposes of section 18 of the Securities Exchange Act of 1934, as amended, and otherwise is not subject to liability under these sections.
|
ES Bancshares, Inc. | |||
Date: August 12, 2011
|
By: /s/ Philip Guarnieri | ||
Philip Guarnieri
|
|||
President and Co-Chief Executive Officer
|
|||
Date: August 12, 2011
|
By: /s/ Thomas Sperzel | ||
Thomas Sperzel | |||
Senior Vice President and Chief Financial Officer
|
|||
1 Year ES Bancshares (QX) Chart |
1 Month ES Bancshares (QX) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions