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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Madison County Financial Inc (PK) | USOTC:MCBK | OTCMarkets | 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% | 22.00 | 22.02 | 23.50 | 0.00 | 17:51:11 |
x
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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
|
MADISON COUNTY FINANCIAL, INC.
|
||
(Exact name of registrant as specified in its charter) |
Maryland
|
46-0658311
|
|||||
(State or other jurisdiction of
Company or organization)
|
(I.R.S. Employer
Identification Number)
|
111 West Third Street, Madison, Nebraska
|
68748
|
|||||
(Address of Principal Executive Offices)
|
Zip Code
|
(402) 454-
6511
|
||
(Registrant’s telephone number) |
N/A
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||
(Former name or former address, if changed since last report) |
Large accelerated filer
o
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Accelerated filer
o
|
|
Non-accelerated filer
o
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Smaller reporting company
x
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(Do not check if smaller reporting company)
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Page
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2
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3
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4
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5
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6
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29
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38
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38
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38
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38
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39
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39
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39
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39
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39
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40
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September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
Assets
|
||||||||
Cash and due from banks
|
$ | 2,400 | $ | 5,647 | ||||
Interest-earning demand accounts
|
754 | 2,271 | ||||||
Cash and cash equivalents
|
3,154 | 7,918 | ||||||
Certificates of deposit
|
1,250 | 1,500 | ||||||
Investment securities:
|
||||||||
Available for sale, at fair value
|
9,572 | 8,982 | ||||||
Held to maturity, at amortized cost (fair value of $33,454
and $25,630, respectively)
|
34,679 | 25,026 | ||||||
Loans held for sale
|
375 | 159 | ||||||
Loans receivable, net of allowance for losses of $5,736
and $4,941, respectively
|
211,502 | 207,157 | ||||||
Stock in Federal Home Loan Bank (
“
FHLB
”
) of Topeka
|
1,469 | 2,076 | ||||||
Premises and equipment, net
|
2,226 | 2,274 | ||||||
Bank-owned life insurance (“BOLI”)
|
4,711 | 4,598 | ||||||
Accrued interest receivable
|
4,275 | 3,845 | ||||||
Core deposit intangible
|
693 | 810 | ||||||
Goodwill
|
481 | 481 | ||||||
Other assets
|
2,664 | 2,431 | ||||||
Total assets
|
$ | 277,051 | $ | 267,257 | ||||
Liabilities and Stockholders
’
Equity
|
||||||||
Liabilities
|
||||||||
Deposits
|
$ | 203,760 | $ | 195,187 | ||||
Borrowings
|
6,000 | 6,300 | ||||||
Accrued interest payable
|
98 | 106 | ||||||
Other liabilities
|
3,780 | 3,600 | ||||||
Total liabilities
|
213,638 | 205,193 | ||||||
Commitments and contingencies
|
||||||||
Stockholders’ Equity
|
||||||||
Common stock, $.01 par value per share:
|
||||||||
Issued and outstanding - 3,193,054 and 3,193,054 respectively
|
32 | 32 | ||||||
Additional paid in capital
|
30,746 | 30,693 | ||||||
Unearned employee stock ownership plan (ESOP)
|
(2,375 | ) | (2,452 | ) | ||||
Retained earnings
|
34,996 | 33,530 | ||||||
Accumulated other comprehensive income
|
14 | 261 | ||||||
Total stockholders’ equity
|
63,413 | 62,064 | ||||||
Total liabilities and stockholders’ equity
|
$ | 277,051 | $ | 267,257 | ||||
See notes to condensed consolidated financial statements
|
1 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Interest and Dividend Income
|
||||||||||||||||
Loans receivable, including fees
|
$ | 2,606 | $ | 2,632 | $ | 7,688 | $ | 8,013 | ||||||||
Investment securities - taxable
|
65 | 89 | 233 | 263 | ||||||||||||
Investment securities - non-taxable
|
232 | 173 | 638 | 478 | ||||||||||||
Other
|
12 | 13 | 57 | 35 | ||||||||||||
Total interest income
|
2,915 | 2,907 | 8,616 | 8,789 | ||||||||||||
Interest Expense
|
||||||||||||||||
Deposits
|
374 | 426 | 1,130 | 1,237 | ||||||||||||
Borrowings
|
55 | 58 | 163 | 171 | ||||||||||||
Total interest expense
|
429 | 484 | 1,293 | 1,408 | ||||||||||||
Net interest income
|
2,486 | 2,423 | 7,323 | 7,381 | ||||||||||||
Provision for loan losses
|
305 | 250 | 815 | 435 | ||||||||||||
Net Interest Income After Provision for Loan Losses
|
2,181 | 2,173 | 6,508 | 6,946 | ||||||||||||
Other Income
|
||||||||||||||||
Service charges on deposit accounts
|
57 | 54 | 159 | 141 | ||||||||||||
ATM and credit card fees
|
35 | 33 | 100 | 97 | ||||||||||||
Loan servicing income, net
|
55 | 41 | 156 | 112 | ||||||||||||
Gain on sale of loans
|
119 | 251 | 413 | 591 | ||||||||||||
Net realized losses on investment securities
|
- | (12 | ) | - | (12 | ) | ||||||||||
Increase in surrender value of life insurance
|
37 | 38 | 113 | 115 | ||||||||||||
Insurance commission income
|
177 | 125 | 360 | 308 | ||||||||||||
Other income
|
17 | 27 | 101 | 109 | ||||||||||||
Total other income
|
497 | 557 | 1,402 | 1,461 | ||||||||||||
|
||||||||||||||||
Other Expense
|
||||||||||||||||
Salaries and employee benefits
|
1,014 | 949 | 2,977 | 2,679 | ||||||||||||
Director fees and benefits
|
24 | 23 | 72 | 68 | ||||||||||||
Net occupancy
|
128 | 125 | 407 | 374 | ||||||||||||
Data processing fees
|
44 | 42 | 142 | 132 | ||||||||||||
Professional fees
|
82 | 12 | 301 | 111 | ||||||||||||
Advertising
|
29 | 16 | 84 | 52 | ||||||||||||
Supplies
|
36 | 34 | 92 | 103 | ||||||||||||
FDIC insurance premiums
|
33 | 29 | 102 | 86 | ||||||||||||
Core deposit intangible amortization
|
39 | 45 | 117 | 134 | ||||||||||||
Other expense
|
151 | 138 | 471 | 466 | ||||||||||||
Total other expense
|
1,580 | 1,413 | 4,765 | 4,205 | ||||||||||||
Income Before Income Tax Expense
|
1,098 | 1,317 | 3,145 | 4,202 | ||||||||||||
Income tax expense
|
298 | 372 | 853 | 1,218 | ||||||||||||
Net Income
|
$ | 800 | $ | 945 | $ | 2,292 | $ | 2,984 | ||||||||
Earnings Per Share:
|
||||||||||||||||
Basic
|
$ | 0.27 | N/A | $ | 0.78 | N/A | ||||||||||
Diluted
|
0.27 | N/A | 0.78 | N/A | ||||||||||||
Dividends Per Share
|
- | - | 0.28 | - | ||||||||||||
See notes to condensed consolidated financial statements.
|
2 |
Three Months Ended September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2013
|
2012
|
2013
|
2012
|
|||||||||||||
(Unaudited)
|
||||||||||||||||
Net Income
|
$ | 800 | $ | 945 | $ | 2,292 | $ | 2,984 | ||||||||
Other Comprehensive Income (Loss)
|
||||||||||||||||
Unrealized gains (losses) on available-for-sale
|
||||||||||||||||
securities, net of taxes of $(18), $8,
|
||||||||||||||||
$(127) and $13, respectively
|
(37 | ) | 14 | (247 | ) | 24 | ||||||||||
Less: reclassification adjustment for realized losses
|
||||||||||||||||
included in net income, net of taxes of $0, $(4),
|
||||||||||||||||
$0 and $(4), respectively
|
- | (8 | ) | - | (8 | ) | ||||||||||
(37 | ) | 22 | (247 | ) | 32 | |||||||||||
Comprehensive Income
|
||||||||||||||||
$ | 763 | $ | 967 | $ | 2,045 | $ | 3,016 | |||||||||
See notes to condensed consolidated financial statements.
|
3 |
Accumulated
|
||||||||||||||||||||||||||||
Common Stock
|
Other
|
Total
|
||||||||||||||||||||||||||
Shares
|
Additional
|
Unearned
|
Retained
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||||
Outstanding
|
Amount
|
Paid-in Capital
|
ESOP Shares
|
Earnings
|
Income (Loss)
|
Equity
|
||||||||||||||||||||||
(Unaudited)
|
||||||||||||||||||||||||||||
Balance, January 1, 2013
|
3,193,054 | $ | 32 | $ | 30,693 | $ | (2,452 | ) | $ | 33,530 | $ | 261 | $ | 62,064 | ||||||||||||||
Net income
|
2,292 | 2,292 | ||||||||||||||||||||||||||
Other comprehensive loss
|
(247 | ) | (247 | ) | ||||||||||||||||||||||||
ESOP shares earned
|
53 | 77 | 130 | |||||||||||||||||||||||||
Dividends paid ($0.28 per share)
|
(826 | ) | (826 | ) | ||||||||||||||||||||||||
Balance, September 30, 2013
|
3,193,054 | $ | 32 | $ | 30,746 | $ | (2,375 | ) | $ | 34,996 | $ | 14 | $ | 63,413 | ||||||||||||||
Balance, January 1, 2012
|
- | $ | - | $ | - | $ | - | $ | 29,900 | $ | 231 | $ | 30,131 | |||||||||||||||
Net income
|
2,984 | 2,984 | ||||||||||||||||||||||||||
Other comprehensive income
|
32 | 32 | ||||||||||||||||||||||||||
Balance, September 30, 2012
|
- | $ | - | $ | - | $ | - | $ | 32,884 | $ | 263 | $ | 33,147 | |||||||||||||||
See notes to condensed consolidated financial statements.
|
4 |
Nine Months Ended September 30,
|
||||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
Operating activities:
|
||||||||
Net income
|
$ | 2,292 | $ | 2,984 | ||||
Items not requiring cash:
|
||||||||
Provision for loan losses
|
815 | 435 | ||||||
Depreciation and amortization
|
165 | 178 | ||||||
Investment securities amortization, net
|
33 | 16 | ||||||
Investment securities gains (losses)
|
- | 12 | ||||||
Core deposit intangible amortization
|
117 | 134 | ||||||
Loans originated for sale in the secondary market
|
(20,473 | ) | (24,354 | ) | ||||
Proceeds from loan sales in the secondary market
|
20,644 | 25,509 | ||||||
Gain on loans sold
|
(413 | ) | (591 | ) | ||||
Increase in surrender value of life insurance
|
(113 | ) | (115 | ) | ||||
Net change in:
|
||||||||
Accrued interest receivable
|
(430 | ) | 117 | |||||
Accrued interest payable
|
(8 | ) | (43 | ) | ||||
Other adjustments
|
483 | (401 | ) | |||||
Net cash provided by operating activities
|
3,112 | 3,881 | ||||||
Investing activities:
|
||||||||
Net change in certificates of deposit
|
250 | (250 | ) | |||||
Purchases of investment securities available for sale
|
(4,148 | ) | (5,362 | ) | ||||
Proceeds from maturities of investment securities available for sale
|
2,650 | 7,200 | ||||||
Purchases of investment securities held to maturity
|
(13,774 | ) | (8,132 | ) | ||||
Proceeds from maturities of investment securities held to maturity
|
4,342 | 755 | ||||||
Proceeds from redemption of FHLB stock
|
634 | - | ||||||
Net change in loans receivable
|
(5,160 | ) | (3,538 | ) | ||||
Purchases of premises and equipment
|
(117 | ) | (36 | ) | ||||
Other investing activities
|
- | 108 | ||||||
Net cash used in investing activities
|
(15,323 | ) | (9,255 | ) | ||||
Financing activities:
|
||||||||
Net change in checking and money market savings accounts
|
9,812 | 11,564 | ||||||
Net change in certificates of deposit
|
(1,239 | ) | (4,954 | ) | ||||
Proceeds from stock conversion
|
- | 26,942 | ||||||
Net change in short-term borrowings
|
- | (20,100 | ) | |||||
Repayment of FHLB advances
|
(300 | ) | (500 | ) | ||||
Dividends paid
|
(826 | ) | - | |||||
Net cash provided by financing activities
|
7,447 | 12,952 | ||||||
Net Change in Cash and Cash Equivalents
|
(4,764 | ) | 7,578 | |||||
Cash and Cash Equivalents, Beginning of Period
|
7,918 | 6,457 | ||||||
Cash and Cash Equivalents, End of Period
|
$ | 3,154 | $ | 14,035 | ||||
Additional Cash Flows Information:
|
||||||||
Interest paid
|
$ | 1,301 | $ | 1,451 | ||||
Taxes paid
|
1,151 | 1,428 | ||||||
See notes to condensed consolidated financial statements.
|
5 |
6 |
Three months ended
|
Nine months ended
|
|||||||
September 30, 2013
|
September 30, 2013
|
|||||||
(Unaudited, Dollars in Thousands
except share and per share data)
|
||||||||
Net income
|
$ | 800 | $ | 2,292 | ||||
Shares outstanding for basic EPS:
|
||||||||
Average shares outstanding
|
3,193,054 | 3,193,054 | ||||||
Less: Average Unearned ESOP Shares
|
239,249 | 241,778 | ||||||
Shares outstanding for basic EPS
|
2,953,805 | 2,951,276 | ||||||
Additional dilutive shares
|
- | - | ||||||
Share outstanding for diluted EPS
|
2,953,805 | 2,951,276 | ||||||
Basic earnings per share
|
$ | 0.27 | $ | 0.78 | ||||
Diluted earnings per share
|
$ | 0.27 | $ | 0.78 |
7 |
September 30, 2013
|
||||||||||||||||
Gross
|
Gross
|
Approximate
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. Treasuries
|
$ | 500 | $ | 1 | $ | - | $ | 501 | ||||||||
Federal agencies
|
9,050 | 272 | (251 | ) | 9,071 | |||||||||||
Total available for sale
|
9,550 | 273 | (251 | ) | 9,572 | |||||||||||
Held to maturity:
|
||||||||||||||||
State and municipal
|
34,679 | 164 | (1,389 | ) | 33,454 | |||||||||||
Total held to maturity
|
34,679 | 164 | (1,389 | ) | 33,454 | |||||||||||
Total investment securities
|
$ | 44,229 | $ | 437 | $ | (1,640 | ) | $ | 43,026 | |||||||
December 31, 2012
|
||||||||||||||||
Gross
|
Gross
|
Approximate
|
||||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. Treasuries
|
$ | 500 | $ | - | $ | - | $ | 500 | ||||||||
Federal agencies
|
8,086 | 408 | (12 | ) | 8,482 | |||||||||||
Total available for sale
|
8,586 | 408 | (12 | ) | 8,982 | |||||||||||
Held to maturity:
|
||||||||||||||||
Federal agencies
|
498 | 10 | - | 508 | ||||||||||||
State and municipal
|
24,528 | 600 | (6 | ) | 25,122 | |||||||||||
Total held to maturity
|
25,026 | 610 | (6 | ) | 25,630 | |||||||||||
Total investment securities
|
$ | 33,612 | $ | 1,018 | $ | (18 | ) | $ | 34,612 |
8 |
September 30, 2013
|
||||||||||||||||
Available for Sale
|
Held to Maturity
|
|||||||||||||||
Amortized
|
Fair
|
Amortized
|
Fair
|
|||||||||||||
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||
Within one year
|
$ | - | $ | - | $ | 1,795 | $ | 1,799 | ||||||||
After one through five years
|
2,284 | 2,458 | 5,474 | 5,486 | ||||||||||||
After five through ten years
|
4,845 | 4,823 | 3,861 | 3,857 | ||||||||||||
After ten years
|
2,421 | 2,291 | 23,549 | 22,312 | ||||||||||||
$ | 9,550 | $ | 9,572 | $ | 34,679 | $ | 33,454 |
9 |
Less than 12 Months
|
12 Months or Longer
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Available for sale-
|
||||||||||||||||||||||||
Federal agencies
|
$ | 5,219 | $ | (246 | ) | $ | 500 | $ | (5 | ) | $ | 5,719 | $ | (251 | ) | |||||||||
Held to maturity-
|
||||||||||||||||||||||||
State and municipal
|
16,710 | (1,243 | ) | 1,285 | (146 | ) | 17,995 | (1,389 | ) | |||||||||||||||
$ | 21,929 | $ | (1,489 | ) | $ | 1,785 | $ | (151 | ) | $ | 23,714 | $ | (1,640 | ) |
Less than 12 Months
|
12 Months or Longer
|
Total
|
||||||||||||||||||||||
Gross
|
Gross
|
Gross
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Available for sale-
|
||||||||||||||||||||||||
Federal agencies
|
$ | 1,807 | $ | (3 | ) | $ | 259 | $ | (9 | ) | $ | 2,066 | $ | (12 | ) | |||||||||
Held to maturity-
|
||||||||||||||||||||||||
State and municipal
|
1,047 | (5 | ) | 50 | (1 | ) | 1,097 | (6 | ) | |||||||||||||||
$ | 2,854 | $ | (8 | ) | $ | 309 | $ | (10 | ) | $ | 3,163 | $ | (18 | ) |
|
The Company’s loan and allowance policies are as follows:
|
10 |
11 |
12 |
September 30,
|
December 31,
|
|||||||
2013
|
2012
|
|||||||
(Unaudited)
|
||||||||
Real estate:
|
||||||||
Agricultural
|
$ | 103,286 | $ | 96,569 | ||||
Commercial and multi-family
|
21,225 | 21,205 | ||||||
One- to four-family residential
|
36,471 | 35,964 | ||||||
Agricultural and commercial non-real estate
|
51,745 | 53,611 | ||||||
Consumer
|
4,511 | 4,749 | ||||||
217,238 | 212,098 | |||||||
Less
|
||||||||
Allowance for losses
|
5,736 | 4,941 | ||||||
Total loans
|
$ | 211,502 | $ | 207,157 |
13 |
14 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Three Months Ended September 30, 2013 (Unaudited)
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 2,879 | $ | 677 | $ | 548 | $ | 1,232 | $ | 95 | $ | 5,431 | ||||||||||||
Provision for loan losses
|
202 | (23 | ) | (67 | ) | 198 | (5 | ) | 305 | |||||||||||||||
Loans charged to the allowance
|
- | - | - | - | - | - | ||||||||||||||||||
Recoveries of loans previously charged off
|
- | - | - | - | - | - | ||||||||||||||||||
Balance, end of period
|
$ | 3,081 | $ | 654 | $ | 481 | $ | 1,430 | $ | 90 | $ | 5,736 | ||||||||||||
Nine Months Ended September 30, 2013 (Unaudited)
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 2,585 | $ | 456 | $ | 467 | $ | 1,337 | $ | 96 | $ | 4,941 | ||||||||||||
Provision for loan losses
|
496 | 198 | 34 | 93 | (6 | ) | 815 | |||||||||||||||||
Loans charged to the allowance
|
- | - | (20 | ) | - | - | (20 | ) | ||||||||||||||||
Recoveries of loans previously charged off
|
- | - | - | - | - | - | ||||||||||||||||||
Balance, end of period
|
$ | 3,081 | $ | 654 | $ | 481 | $ | 1,430 | $ | 90 | $ | 5,736 | ||||||||||||
Three Months Ended September 30, 2012 (Unaudited)
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,976 | $ | 510 | $ | 651 | $ | 1,089 | $ | 70 | $ | 4,296 | ||||||||||||
Provision for loan losses
|
135 | (36 | ) | (109 | ) | 233 | 27 | 250 | ||||||||||||||||
Loans charged to the allowance
|
- | - | - | - | - | - | ||||||||||||||||||
Recoveries of loans previously charged off
|
- | - | - | - | - | - | ||||||||||||||||||
Balance, end of period
|
$ | 2,111 | $ | 474 | $ | 542 | $ | 1,322 | $ | 97 | $ | 4,546 | ||||||||||||
Nine Months Ended September 30, 2012 (Unaudited)
|
||||||||||||||||||||||||
Allowance for Loan Losses:
|
||||||||||||||||||||||||
Balance, beginning of period
|
$ | 1,579 | $ | 556 | $ | 818 | $ | 984 | $ | 80 | $ | 4,017 | ||||||||||||
Provision for loan losses
|
461 | (82 | ) | (299 | ) | 338 | 17 | 435 | ||||||||||||||||
Loans charged to the allowance
|
- | - | - | - | - | - | ||||||||||||||||||
Recoveries of loans previously charged off
|
71 | - | 23 | - | - | 94 | ||||||||||||||||||
Balance, end of period
|
$ | 2,111 | $ | 474 | $ | 542 | $ | 1,322 | $ | 97 | $ | 4,546 |
15 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
At September 30, 2013 (Unaudited):
|
||||||||||||||||||||||||
Allowance:
|
||||||||||||||||||||||||
Ending balance
|
$ | 3,081 | $ | 654 | $ | 481 | $ | 1,430 | $ | 90 | $ | 5,736 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | - | $ | 148 | $ | 5 | $ | - | $ | - | $ | 153 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 3,081 | $ | 506 | $ | 476 | $ | 1,430 | $ | 90 | $ | 5,583 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 103,286 | $ | 21,225 | $ | 36,471 | $ | 51,745 | $ | 4,511 | $ | 217,238 | ||||||||||||
Ending balance individually evaluated for impairment
|
$ | - | $ | 148 | $ | 23 | $ | - | $ | - | $ | 171 | ||||||||||||
Ending balance collectively evaluated for impairment
|
$ | 103,286 | $ | 21,077 | $ | 36,448 | $ | 51,745 | $ | 4,511 | $ | 217,067 | ||||||||||||
At December 31, 2012:
|
||||||||||||||||||||||||
Allowance:
|
||||||||||||||||||||||||
Ending balance
|
$ | 2,585 | $ | 456 | $ | 467 | $ | 1,337 | $ | 96 | $ | 4,941 | ||||||||||||
Ending balance: individually evaluated for impairment
|
$ | - | $ | - | $ | 45 | $ | - | $ | - | $ | 45 | ||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 2,585 | $ | 456 | $ | 422 | $ | 1,337 | $ | 96 | $ | 4,896 | ||||||||||||
Loans:
|
||||||||||||||||||||||||
Ending balance
|
$ | 96,569 | $ | 21,205 | $ | 35,964 | $ | 53,611 | $ | 4,749 | $ | 212,098 | ||||||||||||
Ending balance individually evaluated for impairment
|
$ | - | $ | - | $ | 82 | $ | - | $ | - | $ | 82 | ||||||||||||
Ending balance collectively evaluated for impairment
|
$ | 96,569 | $ | 21,205 | $ | 35,882 | $ | 53,611 | $ | 4,749 | $ | 212,016 |
16 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Pass
|
$ | 103,161 | $ | 21,077 | $ | 35,856 | $ | 51,721 | $ | 4,511 | $ | 216,326 | ||||||||||||
Special Mention
|
- | - | 502 | 24 | - | 526 | ||||||||||||||||||
Substandard
|
125 | 148 | 113 | - | - | 386 | ||||||||||||||||||
Doubtful
|
- | - | - | - | - | - | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 103,286 | $ | 21,225 | $ | 36,471 | $ | 51,745 | $ | 4,511 | $ | 217,238 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Pass
|
$ | 96,444 | $ | 21,205 | $ | 35,290 | $ | 53,546 | $ | 4,747 | $ | 211,232 | ||||||||||||
Special Mention
|
- | 557 | 65 | - | 622 | |||||||||||||||||||
Substandard
|
125 | - | 117 | - | 2 | 244 | ||||||||||||||||||
Doubtful
|
- | - | - | - | - | - | ||||||||||||||||||
Loss
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 96,569 | $ | 21,205 | $ | 35,964 | $ | 53,611 | $ | 4,749 | $ | 212,098 |
17 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Past Due:
|
||||||||||||||||||||||||
30-59 days
|
$ | - | $ | - | $ | 13 | $ | 573 | $ | - | $ | 586 | ||||||||||||
60-89 days
|
146 | 148 | 80 | - | 11 | 385 | ||||||||||||||||||
90 days or more
|
125 | - | 41 | 37 | 2 | 205 | ||||||||||||||||||
Total past due
|
271 | 148 | 134 | 610 | 13 | 1,176 | ||||||||||||||||||
Current
|
103,015 | 21,077 | 36,337 | 51,135 | 4,498 | 216,062 | ||||||||||||||||||
Total loans
|
$ | 103,286 | $ | 21,225 | $ | 36,471 | $ | 51,745 | $ | 4,511 | $ | 217,238 | ||||||||||||
Nonaccrual loans
|
$ | 125 | $ | 148 | $ | 113 | $ | - | $ | - | $ | 386 | ||||||||||||
Loans past due 90 days and still accruing
|
- | - | 41 | 37 | - | 78 | ||||||||||||||||||
$ | 125 | $ | 148 | $ | 154 | $ | 37 | $ | - | $ | 464 |
18 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Past Due:
|
||||||||||||||||||||||||
30-59 days
|
$ | 161 | $ | 162 | $ | 282 | $ | 30 | $ | 2 | $ | 637 | ||||||||||||
60-89 days
|
- | - | 233 | - | - | 233 | ||||||||||||||||||
90 days or more
|
- | - | 144 | - | 2 | 146 | ||||||||||||||||||
Total past due
|
161 | 162 | 659 | 30 | 4 | 1,016 | ||||||||||||||||||
Current
|
96,408 | 21,043 | 35,305 | 53,581 | 4,745 | 211,082 | ||||||||||||||||||
Total loans
|
$ | 96,569 | $ | 21,205 | $ | 35,964 | $ | 53,611 | $ | 4,749 | $ | 212,098 | ||||||||||||
Nonaccrual loans
|
$ | 126 | $ | - | $ | 84 | $ | - | $ | 4 | $ | 214 | ||||||||||||
Loans past due 90 days and still accruing
|
- | - | 79 | - | - | 79 | ||||||||||||||||||
$ | 126 | $ | - | $ | 163 | $ | - | $ | 4 | $ | 293 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Impaired loans with an allowance for
loan losses
|
$ | - | $ | 148 | $ | 23 | $ | - | $ | - | $ | 171 | ||||||||||||
Impaired loans with no allowance for
loan losses
|
- | - | - | - | - | - | ||||||||||||||||||
Total impaired loans
|
$ | - | $ | 148 | $ | 23 | $ | - | $ | - | $ | 171 | ||||||||||||
Unpaid principal balance of impaired
loans
|
$ | - | $ | 148 | $ | 23 | $ | - | $ | - | $ | 171 | ||||||||||||
Allowance for loan losses on impaired
loans
|
- | 148 | 5 | - | - | 153 |
19 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||||||||||
Average recorded investment in
impaired
loans for the three months
|
||||||||||||||||||||||||
ended September 30, 2013
|
$ | - | $ | 151 | $ | 23 | $ | - | $ | - | $ | 174 | ||||||||||||
Average recorded investment in
impaired
loans for the three montths
|
||||||||||||||||||||||||
ended September 30, 2012
|
- | - | 83 | - | - | 83 | ||||||||||||||||||
Average recorded investment in
impaired
loans for the nine months
|
||||||||||||||||||||||||
ended September 30, 2013
|
$ | - | $ | 26 | $ | 30 | $ | - | $ | - | $ | 56 | ||||||||||||
Average recorded investment in
impaired
loans for the nine months
|
||||||||||||||||||||||||
ended September 30, 2012
|
- | - | 42 | - | - | 42 |
Real Estate
|
||||||||||||||||||||||||
Commercial
|
One- to
|
Agricultural
|
||||||||||||||||||||||
and
|
Four-Family
|
and
|
||||||||||||||||||||||
Agricultural
|
Multi-Family
|
Residential
|
Commercial
|
Consumer
|
Total
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Impaired loans with an allowance
for loan losses
|
$ | - | $ | - | $ | 82 | $ | - | $ | - | $ | 82 | ||||||||||||
Impaired loans with no allowance
for loan losses
|
- | - | - | - | - | - | ||||||||||||||||||
Total impaired loans
|
$ | - | $ | - | $ | 82 | $ | - | $ | - | $ | 82 | ||||||||||||
Unpaid principal balance of
impaired loans
|
$ | - | $ | - | $ | 82 | $ | - | $ | - | $ | 82 | ||||||||||||
Allowance for loan losses on
impaired loans
|
- | - | 45 | - | - | 45 | ||||||||||||||||||
Average recorded investment in
impaired loans
|
- | - | 49 | - | - | 49 |
20 |
|
Level 1
|
Quoted prices in active markets for identical assets or liabilities
|
|
Level 2
|
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 for substantially the full term of the assets or liabilities.
|
|
Level 3
|
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
|
21 |
September 30, 2013
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Fair
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Assets
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. Treasuries
|
$ | 501 | $ | 501 | $ | - | $ | - | ||||||||
Federal agencies
|
9,071 | - | 9,071 | - | ||||||||||||
$ | 9,572 | $ | 501 | $ | 9,071 | $ | - | |||||||||
December 31, 2012
|
||||||||||||||||
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Fair
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Assets
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
(In Thousands)
|
||||||||||||||||
Available for sale:
|
||||||||||||||||
U.S. Treasuries
|
$ | 500 | $ | 500 | $ | - | $ | - | ||||||||
Federal agencies
|
8,482 | - | 8,482 | - | ||||||||||||
$ | 8,982 | $ | 500 | $ | 8,482 | $ | - |
22 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Fair
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Assets
|
Value
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
||||||||||||
(In Thousands)
|
||||||||||||||||
September 30, 2013 (Unaudited)
|
||||||||||||||||
Impaired loans
|
$ | 18 | $ | - | $ | - | $ | 18 | ||||||||
December 31, 2012
|
||||||||||||||||
Impaired loans
|
$ | 37 | $ | - | $ | - | $ | 37 |
23 |
|
The following methods were used to estimate the fair value of all other financial instruments recognized in the accompanying balance sheets at amounts other than fair value.
|
24 |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
(Unaudited, In Thousands)
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 3,154 | $ | 3,154 | $ | - | $ | - | ||||||||
Certificates of deposit
|
1,250 | 1,250 | - | - | ||||||||||||
Held to maturity investment securities
|
34,679 | - | 33,454 | - | ||||||||||||
Loans held for sale
|
375 | - | 375 | - | ||||||||||||
Loans, net
|
211,502 | - | - | 218,916 | ||||||||||||
Stock in Federal Home Loan Bank of Topeka
|
1,469 | - | 1,469 | - | ||||||||||||
Accrued interest receivable
|
4,275 | - | 4,275 | - | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
203,760 | 176,724 | - | 27,179 | ||||||||||||
Borrowings
|
6,000 | - | 6,307 | - | ||||||||||||
Accrued interest payable
|
98 | - | 98 | - |
Fair Value Measurements Using
|
||||||||||||||||
Quoted Prices in
|
Significant
|
|||||||||||||||
Active Markets
|
Other
|
Significant
|
||||||||||||||
for Identical
|
Observable
|
Unobservable
|
||||||||||||||
Carrying
|
Assets
|
Inputs
|
Inputs
|
|||||||||||||
Amount
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 7,918 | $ | 7,918 | $ | - | $ | - | ||||||||
Certificates of deposit
|
1,500 | 1,500 | - | - | ||||||||||||
Held to maturity investment securities
|
25,026 | - | 25,630 | - | ||||||||||||
Loans held for sale
|
159 | - | 159 | - | ||||||||||||
Loans, net
|
207,157 | - | - | 220,196 | ||||||||||||
Stock in Federal Home Loan Bank of Topeka
|
2,076 | - | 2,076 | - | ||||||||||||
Accrued interest receivable
|
3,845 | - | 3,845 | - | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
195,187 | 166,912 | - | 28,497 | ||||||||||||
Borrowings
|
6,300 | - | 6,617 | - | ||||||||||||
Accrued interest payable
|
106 | - | 106 | - | ||||||||||||
25 |
26 |
27 |
28 |
|
General
|
|
●
|
statements of our goals, intentions and expectations;
|
|
●
|
statements regarding our business plans, prospects, growth and operating strategies;
|
|
●
|
statements regarding the asset quality of our loan and investment portfolios; and
|
|
●
|
estimates of our risks and future costs and benefits.
|
|
●
|
general economic conditions, either nationally or in our market areas, that are worse than expected;
|
|
●
|
changes in government policy towards farming subsidies, and especially towards the production of ethanol which is highly dependent upon #2 Yellow Corn, the primary commodity produced in our market area;
|
|
●
|
competition among depository and other financial institutions;
|
|
●
|
our success in continuing to emphasize agricultural real estate and agricultural and commercial non-real estate loans;
|
29 |
|
●
|
changes in the interest rate environment that reduce our margins or reduce the fair value of our financial instruments;
|
|
●
|
adverse changes in the securities markets;
|
|
●
|
changes in laws or government regulations or policies affecting financial institutions, including changes in deposit insurance premiums, regulatory fees and capital requirements, which increase our compliance costs;
|
|
●
|
our ability to enter new markets successfully and capitalize on growth opportunities;
|
|
●
|
changes in consumer spending, borrowing and savings habits;
|
|
●
|
changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
|
|
●
|
changes in our organization, compensation and benefit plans;
|
|
●
|
loan delinquencies and changes in the underlying cash flows of our borrowers;
|
|
●
|
changes in our financial condition or results of operations that reduce capital available to pay dividends; and
|
|
●
|
changes in the financial condition or future prospects of issuers of securities that we own.
|
|
Critical Accounting Policies
|
|
Comparison of Financial Condition at September 30, 2013 and December 31, 2012
|
30 |
31 |
|
Comparison of Operating Results for the Three Months Ended September 30, 2013 and 2012
|
32 |
33 |
|
Comparison of Operating Results for the Nine Months Ended September 30, 2013 and 2012
|
34 |
35 |
36 |
37 |
|
|
Quantitative and Qualitative Disclosures About Market Risk
|
|
Controls and Procedures
|
|
Legal Proceedings
|
|
|
Risk Factors
|
38 |
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|
(a)
|
There were no sales of unregistered securities during the period covered by this Report.
|
(b)
|
Not applicable.
|
|
(c)
|
There were no issuer repurchases of securities during the period covered by this Report.
|
|
Defaults Upon Senior Securities
|
|
Mine Safety Disclosures
|
|
Not applicable.
|
|
Other Information
|
|
Exhibits
|
39 |
Madison County Financial, Inc.
|
||
Date: November 8, 2013
|
/s/ David J. Warnemunde
|
|
David J. Warnemunde
|
||
President and Chief Executive Officer
|
||
Date: November 8, 2013
|
/s/ Brenda L. Borchers
|
|
Brenda L. Borchers
|
||
Chief Financial Officer
|
40 |
1 Year Madison County Financial (PK) Chart |
1 Month Madison County Financial (PK) Chart |
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