![](/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 |
---|---|---|---|
Mutual Federal Bancorp Inc (PK) | USOTC:MFDB | 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% | 2.80 | 2.50 | 2.89 | 1 | 11:48:36 |
Federal
(State
or other jurisdiction of incorporation or organization)
|
33-1135091
(IRS
Employer Identification No.)
|
|
1
|
|
1
|
|
24
|
|
24
|
|
24
|
|
24
|
|
24
|
|
25
|
|
38
|
|
38
|
|
38
|
|
38
|
|
39
|
|
39
|
|
39
|
|
39
|
|
40
|
|
40
|
|
40
|
|
F-1
|
|
S-1
|
|
At
December 31,
|
||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||
Amount
|
Percent
|
Amount
|
Percent
|
Amount
|
Percent
|
|||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||
One-
to four-family residential mortgage
|
$ | 34,163 | 63.90 | % | $ | 33,270 | 63.62 | % | $ | 24,424 | 63.70 | % | ||||||||||||
Multi-family
|
19,217 | 35.94 | 18,965 | 36.27 | 13,839 | 36.10 | ||||||||||||||||||
Total
mortgage loans
|
53,380 | 99.84 | 52,235 | 99.89 | 38,263 | 99.80 | ||||||||||||||||||
Consumer
loans
|
88 | 0.16 | 59 | .11 | 77 | 0.20 | ||||||||||||||||||
Total
loans
|
53,468 | 100.00 | % | 52,294 | 100.00 | % | 38,340 | 100.00 | % | |||||||||||||||
Less:
|
||||||||||||||||||||||||
Deferred
loan origination fees, net
|
122 | 121 | 89 | |||||||||||||||||||||
Undisbursed
portion of loans
|
9 | 9 | 51 | |||||||||||||||||||||
Allowance
for loan losses
|
290 | 240 | 170 | |||||||||||||||||||||
Total
loans, net
|
$ | 53,047 | $ | 51,924 | $ | 38,030 |
One-
to Four-Family
|
Multi
Family
|
Consumer
|
Total
|
|||||||||||||||||||||||||||||
Amount
|
Weighted
Average
Rate |
Amount
|
Weighted
Average
Rate |
Amount
|
Weighted
Average
Rate |
Amount
|
Weighted
Average
Rate |
|||||||||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||||||||||
Due
during the years ending December 31, 2008
|
$ | 9 | 6.41 | % | $ | 4 | 11.50 | % | $ | 88 | 3.97 | % | $ | 101 | 4.49 | % | ||||||||||||||||
2009
to 2010
|
50 | 7.08 | 58 | 6.15 | — | — | 108 | 6.58 | ||||||||||||||||||||||||
2011
to 2012
|
255 | 6.65 | 573 | 6.97 | — | — | 828 | 6.87 | ||||||||||||||||||||||||
2013
to 2017
|
3,229 | 6.44 | 1,633 | 6.73 | — | — | 4,862 | 6.54 | ||||||||||||||||||||||||
2018
to 2027
|
14,357 | 6.13 | 14,724 | 6.68 | — | — | 29,081 | 6.41 | ||||||||||||||||||||||||
2028
and beyond
|
16,263 | 6.41 | 2,225 | 6.81 | — | — | 18,488 | 6.46 | ||||||||||||||||||||||||
Total
|
$ | 34,163 | 6.30 | % | $ | 19,217 | 6.70 | % | $ | 88 | 3.97 | % | $ | 53,468 | 6.44 | % |
Due
After December 31, 2008
|
||||||||
Fixed
|
Total
|
|||||||
(dollars
in thousands)
|
||||||||
One-
to four-family residential mortgage loans
|
$ | 34,154 | $ | 34,154 | ||||
Multi-family
|
19,213 | 19,213 | ||||||
Total
mortgage loans
|
53,367 | 53,367 | ||||||
Total
loans
|
$ | 53,367 | $ | 53,367 |
At
December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(dollars
in thousands)
|
||||||||||||
Non-accrual
loans:
|
||||||||||||
One-
to four-family
|
$ | 259 | $ | 226 | $ | 184 | ||||||
Multi-family
|
— | 217 | — | |||||||||
Consumer
|
— | — | — | |||||||||
Total
non-accrual loans
|
259 | 443 | 184 | |||||||||
Accruing
loans delinquent 90 days or more:
|
||||||||||||
One-
to four-family
|
— | — | — | |||||||||
Multi-family
|
— | — | — | |||||||||
Consumer
|
— | — | — | |||||||||
Total
non-performing loans
|
259 | 443 | 184 | |||||||||
Real
estate owned:
|
||||||||||||
Total
real estate owned
|
— | — | — | |||||||||
Total
non-performing assets
|
$ | 259 | $ | 443 | $ | 184 | ||||||
Allowance
for loan losses attributable to non-performing loans
|
— | — | — | |||||||||
Ratios:
|
||||||||||||
Non-performing
loans to total loans
|
0.48 | % | 0.85 | % | 0.48 | % | ||||||
Non-performing
assets to total assets
|
0.35 | 0.59 | 0.29 |
Loans
Delinquent for
|
||||||||||||||||||||||||
60-89
Days
|
90
Days and Over
|
Total
|
||||||||||||||||||||||
Number
|
Amount
|
Number
|
Amount
|
Number
|
Amount
|
|||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||
At
December 31, 2007
|
||||||||||||||||||||||||
One-
to four-family
|
8 | $ | 1,893 | 1 | $ | 259 | 9 | $ | 2,152 | |||||||||||||||
Multi-family
|
2 | 748 | — | — | 2 | 748 | ||||||||||||||||||
Consumer
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
10 | $ | 2,641 | 1 | $ | 259 | 11 | $ | 2,900 | |||||||||||||||
At
December 31, 2006
|
||||||||||||||||||||||||
One-
to four-family
|
1 | $ | 101 | 4 | $ | 226 | 5 | $ | 327 | |||||||||||||||
Multi-family
|
1 | 284 | 1 | 217 | 2 | 501 | ||||||||||||||||||
Consumer
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
2 | $ | 385 | 5 | $ | 443 | 7 | $ | 828 | |||||||||||||||
At
December 31, 2005
|
||||||||||||||||||||||||
One-
to four-family
|
4 | $ | 301 | 2 | $ | 184 | 6 | $ | 485 | |||||||||||||||
Multi-family
|
1 | 217 | — | — | 1 | 217 | ||||||||||||||||||
Consumer
|
— | — | — | — | — | — | ||||||||||||||||||
Total
|
5 | $ | 518 | 2 | $ | 184 | 7 | $ | 702 |
At
or for the Years Ended December 31,
|
||||||||||||
2007
|
2006
|
2005
|
||||||||||
(dollars
in thousands)
|
||||||||||||
Balance
at beginning of year
|
$ | 240 | $ | 170 | $ | 150 | ||||||
Charge-offs:
|
||||||||||||
One-
to four-family
|
— | — | — | |||||||||
Multi-family
|
— | — | — | |||||||||
Consumer
|
— | — | — | |||||||||
Total
charge-offs
|
— | — | — | |||||||||
Recoveries:
|
||||||||||||
One-
to four-family
|
— | — | — | |||||||||
Multi-family
|
— | — | — | |||||||||
Consumer
|
— | — | — | |||||||||
Total
recoveries
|
— | — | — | |||||||||
Net
(charge-offs) recoveries
|
— | — | — | |||||||||
Provision
for loan losses
|
50 | 70 | 20 | |||||||||
Balance
at end of year
|
$ | 290 | $ | 240 | $ | 170 | ||||||
Ratios:
|
||||||||||||
Net
charge-offs to average loans outstanding
|
— | — | — | |||||||||
Allowance
for loan losses to non-performing loans
|
1.12 | 0.54 | 0.92 | |||||||||
Allowance
for loan losses to total loans
|
0.54 | % | 0.46 | % | 0.44 | % |
At
December 31,
|
||||||||||||||||||||||||
2007
|
2006
|
|||||||||||||||||||||||
Allowance
for
Loan
Losses
|
Loan
Balances
by
Category
|
Percent
of
Loans
in Each
Category
to
Total
Loans
|
Allowance
for
Loan
Losses
|
Loan
Balances
by
Category
|
Percent
of
Loans
in
Each
Category
to
Total
Loans
|
|||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||
One-
to four-family
|
$ | 100 | $ | 34,163 | 63.90 | % | $ | 83 | $ | 33,270 | 63.62 | % | ||||||||||||
Multi-family
|
190 | 19,217 | 35.94 | 157 | 18,965 | 36.27 | ||||||||||||||||||
Consumer
|
— | 88 | 0.16 | — | 59 | 0.11 | ||||||||||||||||||
Total
allowance
|
$ | 290 | $ | 53,468 | 100.00 | % | $ | 240 | $ | 52,294 | 100.00 | % |
At
December 31,
|
||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||||||||
(in
thousands)
|
||||||||||||||||||||||||
Investment
Securities:
|
||||||||||||||||||||||||
U.S.
agency and government-sponsored entity bonds
|
$ | 5,496 | $ | 5,605 | $ | 6,695 | $ | 6,654 | $ | 8,694 | $ | 8,584 | ||||||||||||
Mutual
funds
|
2,423 | 2,423 | 2,357 | 2,293 | 2,250 | 2,195 | ||||||||||||||||||
FHLMC
common stock
|
8 | 273 | 8 | 543 | 8 | 523 | ||||||||||||||||||
FHLMC
preferred stock
|
402 | 402 | 500 | 487 | 500 | 505 | ||||||||||||||||||
Mortgage-backed
Securities:
|
||||||||||||||||||||||||
GNMA
|
1,049 | 1,021 | 1,555 | 1,532 | 2,162 | 2,135 | ||||||||||||||||||
FNMA
|
3,596 | 3,618 | 4,582 | 4,489 | 5,757 | 5,654 | ||||||||||||||||||
FHLMC
|
2,524 | 2,531 | 3,067 | 3,000 | 3,798 | 3,721 | ||||||||||||||||||
FNMA,
FHLMC collateralized mortgage obligations
|
486 | 472 | 578 | 561 | 722 | 711 | ||||||||||||||||||
Total
securities available for sale
|
$ | 15,984 | $ | 16,345 | $ | 19,342 | $ | 19,559 | $ | 23,891 | $ | 24,028 |
One
Year or Less
|
More
Than One Year Through Five Years
|
More
Than Five Years Through Ten Years
|
||||||||||||||||||||||
Amortized
Cost |
Weighted
Average
Yield |
Amortized
Cost |
Weighted
Average
Yield |
Amortized
Cost |
Weighted
Average
Yield |
|||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||
Available-for-Sale
|
||||||||||||||||||||||||
Investment
Securities:
|
||||||||||||||||||||||||
U.S.
agency and government-sponsored entity bonds
|
$ | — | — | % | $ | 5,496 | 5.04 | % | $ | — | — | % | ||||||||||||
Mortgage-backed
Securities:
|
||||||||||||||||||||||||
GNMA
|
1 | 6.50 | 11 | 6.50 | 52 | 6.38 | ||||||||||||||||||
FNMA
|
25 | 5.78 | 367 | 5.34 | 1,500 | 4.49 | ||||||||||||||||||
FHLMC
|
1 | 9.41 | 824 | 4.80 | 273 | 4.96 | ||||||||||||||||||
FNMA,
FHLMC collateralized mortgage obligations
|
— | — | — | — | — | — | ||||||||||||||||||
Total
securities available for sale
|
$ | 27 | 5.92 | % | $ | 6,698 | 5.03 | % | $ | 1,825 | 4.61 | % |
More
Than Ten Years
|
Total
Securities
|
|||||||||||||||||||
Amortized
Cost |
Weighted
Average
Yield |
Amortized
Cost |
Fair
Value |
Weighted
Average
Yield |
||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||
Available-for-Sale
|
||||||||||||||||||||
Investment
Securities:
|
||||||||||||||||||||
U.S.
agency and government-sponsored entity bonds
|
$ | — | — | % | $ | 5,496 | $ | 5,605 | 5.04 | % | ||||||||||
Mortgage-backed
Securities:
|
||||||||||||||||||||
GNMA
|
985 | 5.31 | 1,049 | 1,021 | 5.37 | |||||||||||||||
FNMA
|
1,704 | 4.78 | 3,596 | 3,618 | 4.72 | |||||||||||||||
FHLMC
|
1,426 | 5.05 | 2,524 | 2,531 | 4.96 | |||||||||||||||
FNMA,
FHLMC collateralized mortgage obligations
|
486 | 3.31 | 486 | 472 | 3.31 | |||||||||||||||
Total
securities available for sale
|
$ | 4,601 | 4.82 | % | $ | 13,151 | $ | 13,247 | 4.90 | % |
At
December 31,
|
||||||||||||||||||||||||||||||||||||
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||
Balance
|
Percent
|
Weighted
Average Rate |
Balance
|
Percent
|
Weighted
Average Rate |
Balance
|
Percent
|
Weighted
Average Rate |
||||||||||||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||
Savings
deposits
|
$ | 18,854 | 47.47 | % | 1.24 | % | $ | 20,334 | 46.95 | % | 1.24 | % | $ | 21,827 | 50.15 | % | 1.20 | % | ||||||||||||||||||
Certificates
of deposit
|
20,534 | 51.70 | 4.27 | 22,246 | 51.37 | 4.16 | 21,348 | 49.05 | 3.01 | |||||||||||||||||||||||||||
Non-interest-bearing
checking accounts
|
331 | 0.83 | — | 728 | 1.68 | — | 350 | 0.80 | — | |||||||||||||||||||||||||||
Total
deposits
|
$ | 39,719 | 100.00 | % | 2.80 | % | $ | 43,308 | 100.00 | % | 2.72 | % | $ | 43,525 | 100.00 | % | 2.08 | % |
Maturity
|
||||||||||||||||||||
3
Months
or Less |
Over
3 to
6 Months |
Over
6 to
12 Months |
Over
12
Months |
Total
|
||||||||||||||||
(in
thousands)
|
||||||||||||||||||||
Certificates
of deposit less than $100,000
|
$ | 5,264 | $ | 3,307 | $ | 3,157 | $ | 1,795 | $ | 13,523 | ||||||||||
Certificates
of deposit of $100,000 or more
(1)
|
2,351 | 3,224 | 1,017 | 419 | 7,011 | |||||||||||||||
Total
of certificates of deposit
|
$ | 7,615 | $ | 6,531 | $ | 4,174 | $ | 2,214 | $ | 20,534 |
(1)
|
The
weighted average interest rates for these accounts, by maturity period,
are: 4.04% for 3 months or less; 4.53% for 3 to 6 months; 4.22%
for 6 to 12 months; and 4.82% for over 12 months. The overall
weighted average interest rate for accounts of $100,000 or more was
4.34%.
|
At
December 31, 2007
|
||||||||||||||||||||||||
Period
to Maturity
|
||||||||||||||||||||||||
Less
Than
One Year |
One
to
Two Years |
Two
to
Three Years |
More
Than
Three
Years
|
Total
|
Percent
of
Total |
|||||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||||
Interest
Rate Range:
|
||||||||||||||||||||||||
3.00%
to 3.49%
|
$ | 1,546 | $ | — | $ | — | $ | — | $ | 1,546 | 7.53 | % | ||||||||||||
3.50%
to 3.99%
|
4,775 | 99 | 98 | — | 4,972 | 24.21 | ||||||||||||||||||
4.00%
to 4.49%
|
7,808 | 768 | 556 | 149 | 9,281 | 45.20 | ||||||||||||||||||
4.50%
to 4.99%
|
2,314 | 22 | 51 | 14 | 2,401 | 11.69 | ||||||||||||||||||
5.00%
to 5.99%
|
1,878 | 82 | 374 | — | 2,334 | 11.37 | ||||||||||||||||||
Total
|
$ | 18,321 | $ | 971 | $ | 1,079 | $ | 163 | $ | 20,534 | 100.00 | % |
Location
|
Leased
or Owned
|
Year
Acquired
|
Net
Book Value of
Real
Property at
December 31,
2007
|
Net
Book Value of
Real
Property at
December 31,
2006
|
||||||
2212
West Cermak Road
Chicago,
Illinois 60608
|
Owned
|
1964
|
$ | 170,000 | $ | 184,000 |
2007
|
High
|
Low
|
Dividends
Declared
|
|||||||||
First
quarter
|
$ | 14.41 | $ | 12.40 |
—
|
|||||||
Second
quarter
|
14.00 | 12.70 | — | |||||||||
Third
quarter
|
13.15 | 10.05 | — | |||||||||
Fourth
quarter
|
12.05 | 10.35 | — | |||||||||
2006
|
||||||||||||
First
quarter
|
— | — | — | |||||||||
Second
quarter
|
$ | 11.50 | $ | 10.84 | — | |||||||
Third
quarter
|
11.50 | 10.05 | — | |||||||||
Fourth
quarter
|
14.50 | 11.05 | — |
Period
|
Total
number of shares purchased
|
Average
price paid per share
|
Total
number of shares purchased as part of publicly announced plans
or programs
|
Maximum
number of shares that may yet be purchased under the plans or
programs
(1)
|
10/1/07–10/31/07
|
—
|
—
|
—
|
98,544
|
11/1/07–11/30/07
|
—
|
—
|
—
|
98,544
|
12/1/07–12/31/07
|
78,000
|
$11.28
|
78,000
|
20,544
|
(1)
|
On
May 21, 2007 the Company announced that its Board of Directors had
approved a stock repurchase program that authorized the purchase of up to
5%, or 181,844 shares, of the Company’s then outstanding shares of common
stock, from time to time in open market or privately negotiated
transactions. Unless terminated or amended earlier by the Board
of Directors, the stock repurchase program will end when the Company has
repurchased all 181,844 shares authorized for
repurchase.
|
At
December 31,
|
||||||||
2007
|
2006
|
|||||||
(dollars
in thousands)
|
||||||||
Selected
Financial Condition Data:
|
||||||||
Total
assets
|
$ | 73,011 | $ | 75,063 | ||||
Loans,
net
|
53,047 | 51,924 | ||||||
Interest-bearing
deposits
|
1,172 | 855 | ||||||
Securities
available-for-sale
|
16,345 | 19,559 | ||||||
Federal
Home Loan Bank stock, at cost
|
610 | 500 | ||||||
Deposits
|
39,719 | 43,308 | ||||||
Equity
|
26,911 | 28,233 |
Year
Ended December 31,
|
||||||||
2007
|
2006
|
|||||||
(dollars
in thousands)
|
||||||||
Selected
Operating Data:
|
||||||||
Total
interest and dividend income
|
$ | 4,360 | $ | 3,986 | ||||
Total
interest expense
|
1,297 | 1,112 | ||||||
Net
interest income
|
3,063 | 2,874 | ||||||
Provision
for loan losses
|
50 | 70 | ||||||
Net
interest income after provision for loan losses
|
3,013 | 2,804 | ||||||
Loss
on impairment of securities
|
(152 | ) | — | |||||
Other
non-interest income
|
46 | 56 | ||||||
Total
non-interest expense
|
2,393 | 2,026 | ||||||
Income
before income tax expense
|
514 | 834 | ||||||
Income
tax expense
|
219 | 304 | ||||||
Net
income
|
$ | 295 | $ | 530 |
At
or for the Years Ended
December 31,
|
||||||||
2007
|
2006
|
|||||||
Selected
Financial Ratios and Other Data:
|
||||||||
Performance
Ratios:
|
||||||||
Return
on average assets
|
0.40 | % | 0.73 | % | ||||
Return
on average equity
|
1.06 | 2.10 | ||||||
Average
interest rate spread
(1)
|
3.13 | 3.20 | ||||||
Net
interest margin
(2)
|
4.26 | 4.10 | ||||||
Efficiency
ratio
(3)
|
76.97 | 69.15 | ||||||
Non-interest
expense to average total assets
|
3.22 | 2.79 | ||||||
Average
interest-earning assets to average interest-bearing
liabilities
|
162.89 | 156.97 | ||||||
Asset
Quality Ratios:
|
||||||||
Non-performing
assets to total assets
|
0.35 | % | 0.59 | % | ||||
Non-performing
loans to total loans
|
0.48 | 0.85 | ||||||
Allowance
for loan losses to non-performing loans
|
1.12 | x | 0.54 | x | ||||
Allowance
for loan losses to total loans
|
0.54 | % | 0.46 | % | ||||
Capital
Ratios:
|
||||||||
Equity
to total assets
|
36.86 | % | 37.61 | % | ||||
Tangible
capital
(4)
|
32.85 | 30.99 | ||||||
Tier 1
(core) capital
(4)
|
32.85 | 30.99 | ||||||
Tier 1
risk-based ratio
(4)
|
58.14 | 56.63 |
(1)
|
The
average interest rate spread represents the difference between the
weighted-average yield on interest-earning assets and the weighted-average
cost of interest-bearing liabilities for the
period.
|
(2)
|
The
net interest margin represents net interest income as a percent of average
interest-earning assets for the
period.
|
(3)
|
The
efficiency ratio represents other expense as a percent of net interest
income plus other income less securities gains or plus securities
losses.
|
(4)
|
Tangible
capital and Tier 1 (core) capital ratios are for the Bank
only. Tier 1 risk-based ratio represents Tier 1
capital of the Bank divided by its risk-weighted assets as defined in
federal regulations on required
capital.
|
At
December 31,
|
For
the Years Ended December 31,
|
|||||||||||||||||||||||||||
2007
|
2007
|
2006
|
||||||||||||||||||||||||||
Yield/Rate
|
Average
Outstanding
Balance
|
Interest
|
Yield/Rate
|
Average
Outstanding
Balance
|
Interest
|
Yield/Rate
|
||||||||||||||||||||||
Interest-earning
assets:
|
(dollars
in thousands)
|
|||||||||||||||||||||||||||
Loans
|
6.44 | % | $ | 52,954 | $ | 3,472 | 6.56 | % | $ | 45,977 | $ | 2,963 | 6.44 | % | ||||||||||||||
Securities
available for sale
|
4.90 | 17,552 | 839 | 4.78 | 22,377 | 948 | 4.24 | |||||||||||||||||||||
Federal
Home Loan Bank Stock
|
— | 580 | 12 | 2.07 | 500 | 15 | 3.00 | |||||||||||||||||||||
Interest-earning
deposits
|
3.52 | 763 | 37 | 4.85 | 1,253 | 60 | 4.79 | |||||||||||||||||||||
Total
interest-earning assets
|
6.00 | % | 71,849 | 4,360 | 6.07 | % | 70,107 | 3,986 | 5.69 | % | ||||||||||||||||||
Non-interest-earning
assets
|
2,353 | 2,470 | ||||||||||||||||||||||||||
Total
assets
|
$ | 74,202 | $ | 72,577 | ||||||||||||||||||||||||
Interest-Bearing
Liabilities: (1) |
||||||||||||||||||||||||||||
Savings
deposits
|
1.24 | % | $ | 19,919 | $ | 246 | 1.24 | % | $ | 22,195 | $ | 269 | 1.21 | % | ||||||||||||||
Certificates
of deposit
|
4.27 | 21,488 | 908 | 4.23 | 21,409 | 789 | 3.69 | |||||||||||||||||||||
Total
deposits
|
2.82 | 41,407 | 1,154 | 2.79 | 43,604 | 1,058 | 2.43 | |||||||||||||||||||||
Borrowings
|
4.74 | 2,703 | 143 | 5.29 | 1,059 | 54 | 5.10 | |||||||||||||||||||||
Total
interest-bearing liabilities
|
3.04 | % | 44,110 | 1,297 | 2.94 | % | 44,663 | 1,112 | 2.49 | % | ||||||||||||||||||
Non-interest-bearing
liabilities
|
2,162 | 2,691 | ||||||||||||||||||||||||||
Total
liabilities
|
46,272 | 47,354 | ||||||||||||||||||||||||||
Stockholders’
equity
|
27,930 | 25,223 | ||||||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 74,202 | $ | 72,577 | ||||||||||||||||||||||||
Net
interest income
|
$ | 3,063 | $ | 2,874 | ||||||||||||||||||||||||
Net
interest rate spread
(2)
|
3.13 | % | 3.20 | % | ||||||||||||||||||||||||
Net
interest-earning assets
(3)
|
$ | 27,739 | $ | 25,444 | ||||||||||||||||||||||||
Net
interest margin
(4)
|
4.26 | % | 4.10 | % | ||||||||||||||||||||||||
Ratio
of interest-earning assets to interest-bearing liabilities
|
162.89 | % | 156.97 | % |
(1)
|
Non
interest-bearing checking deposits are included in non-interest-bearing
liabilities.
|
(2)
|
Net
interest rate spread represents the difference between the yield on
average interest-earning assets and the cost of average interest-bearing
liabilities.
|
(3)
|
Net
interest-earning assets represents total interest-earning assets less
total interest-bearing liabilities.
|
(4)
|
Net
interest margin represents net interest income divided by average total
interest-earning assets.
|
Years
Ended December 31, 2007 vs. 2006
|
||||||||||||
Increase
(Decrease) Due to
|
Total
Increase
|
|||||||||||
Volume
|
Rate
|
(Decrease)
|
||||||||||
(in
thousands)
|
||||||||||||
Interest-Earning
Assets:
|
||||||||||||
Loans
|
$ | 457 | $ | 52 | $ | 509 | ||||||
Securities
available for sale
|
(188 | ) | 79 | (109 | ) | |||||||
Federal
Home Loan Bank Stock
|
2 | (5 | ) | (3 | ) | |||||||
Interest-earning
deposits
|
(23 | ) | — | (23 | ) | |||||||
Total
interest-earning assets
|
248 | 126 | 374 | |||||||||
Interest-Bearing
Liabilities:
|
||||||||||||
Savings
deposits
|
(27 | ) | 4 | (23 | ) | |||||||
Certificates
of deposit
|
3 | 116 | 119 | |||||||||
Total
deposits
|
(24 | ) | 120 | 96 | ||||||||
Borrowings
|
87 | 2 | 89 | |||||||||
Total
interest-bearing liabilities
|
63 | 122 | 185 | |||||||||
Change
in net interest income
|
$ | 185 | $ | 4 | $ | 189 |
|
NPV
|
Net
Portfolio Value as a
Percentage of Present Value of Assets |
||||||||||||||||||||
Change
In
Interest Rates (Basis Points) |
Estimated
NPV
|
Amount
of
Change
|
Percentage
Change
|
NPV
Ratio
|
Change
in Basis Points
|
|||||||||||||||||
(dollars
in thousands)
|
||||||||||||||||||||||
+300 | $ | 20,793 | $ | (6,334 | ) | -23 | % | 29.90 | % | -560 | bp | |||||||||||
+200 | 23,010 | (4,117 | ) | -15 | 31.99 | -351 | ||||||||||||||||
+100 | 25,199 | (1,928 | ) | -7 | 33.92 | -158 | ||||||||||||||||
+50 | 26,215 | (912 | ) | -3 | 34.77 | -73 | ||||||||||||||||
Unchanged
|
27,127 | 35.50 | ||||||||||||||||||||
-50 | 27,939 | 813 | 3 | 36.13 | 63 | |||||||||||||||||
-100 | 28,745 | 1,618 | 6 | 36.74 | 124 | |||||||||||||||||
-200 | 30,250 | 3,123 | 12 | 37.82 | 232 |
Plan
category
|
Number
of securities
to be issued upon exercise of outstanding options, warrants and rights (a) |
Weighted-average
exercise price of outstanding options, warrants and rights (b) |
Number
of securities
remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a))
(c)
|
|||||||||
Equity
compensation plans approved by security holders
|
184,619 | $ | 14.41 | 64,669 | ||||||||
Equity
compensation plans not approved by security holders
|
— | — | — | |||||||||
Total
|
184,619 | $ | 14.41 | 64,669 |
/s/Crowe Chizek and Company LLC |
|
Oak
Brook, Illinois
|
|
March 18
,
2008
|
December 31,
|
||||||||
2007
|
2006
|
|||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 2,264 | $ | 2,268 | ||||
Securities
available-for-sale
|
16,345 | 19,559 | ||||||
Loans,
net of allowance for loan losses of $290 at December 31, 2007 and $240 at
December 31, 2006
|
53,047 | 51,924 | ||||||
Federal
Home Loan Bank stock, at cost
|
610 | 500 | ||||||
Premises
and equipment, net
|
250 | 289 | ||||||
Accrued
interest receivable
|
360 | 339 | ||||||
Other
assets
|
135 | 184 | ||||||
Total
assets
|
$ | 73,011 | $ | 75,063 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities:
|
||||||||
Non-interest-bearing
deposits
|
$ | 331 | $ | 728 | ||||
Interest-bearing
deposits
|
39,388 | 42,580 | ||||||
Total
deposits
|
39,719 | 43,308 | ||||||
Advance
payments by borrowers for taxes and insurance
|
236 | 401 | ||||||
Advances
from the Federal Home Loan Bank
|
5,000 | 2,000 | ||||||
Accrued
interest payable and other liabilities
|
1,037 | 1,055 | ||||||
Common
stock in ESOP subject to contingent repurchase obligation
|
108 | 66 | ||||||
Total
liabilities
|
46,100 | 46,830 | ||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity:
|
||||||||
Preferred
stock, $0.01 par value, 1,000,000 shares authorized at December 31, 2007
and 2006
|
— | — | ||||||
Common
stock, $0.01 par value, 12,000,000 shares authorized, 3,636,875 shares
issued at December 31, 2007; $0.01 par value, 12,000,000 shares
authorized, 3,636,875 shares issued and outstanding at December 31,
2006
|
36 | 36 | ||||||
Additional
paid-in capital
|
9,738 | 10,175 | ||||||
Treasury
stock, at cost
|
(1,286 | ) | — | |||||
Retained
earnings
|
19,077 | 18,782 | ||||||
Reclassification
of ESOP shares
|
(108 | ) | (66 | ) | ||||
Unearned
ESOP shares
|
(768 | ) | (827 | ) | ||||
Accumulated
other comprehensive income
|
222 | 133 | ||||||
Total
stockholders’ equity
|
26,911 | 28,233 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 73,011 | $ | 75,063 |
December 31,
|
||||||||
2007
|
2006
|
|||||||
Interest
and dividend income:
|
||||||||
Loans,
including fees
|
$ | 3,472 | $ | 2,963 | ||||
Securities
|
839 | 948 | ||||||
Interest
earning deposits
|
37 | 60 | ||||||
Federal
Home Loan Bank stock dividends
|
12 | 15 | ||||||
Total
interest and dividend income
|
4,360 | 3,986 | ||||||
Interest
expense:
|
||||||||
Deposits
|
1,154 | 1,058 | ||||||
Advances
from the Federal Home Loan Bank
|
143 | 54 | ||||||
Total
interest expense
|
1,297 | 1,112 | ||||||
Net
interest income
|
3,063 | 2,874 | ||||||
Provision
for loan losses
|
50 | 70 | ||||||
Net
interest income after provision for loan losses
|
3,013 | 2,804 | ||||||
Non-interest
income:
|
||||||||
Insurance
commissions and fees
|
4 | 3 | ||||||
Loss
on impairment of securities
|
(152 | ) | — | |||||
Other
income
|
42 | 53 | ||||||
Total
non-interest income
|
(106 | ) | 56 | |||||
Non-interest
expense:
|
||||||||
Compensation
and benefits
|
1,370 | 1,106 | ||||||
Occupancy
and equipment
|
151 | 170 | ||||||
Data
processing
|
108 | 104 | ||||||
Professional
fees
|
449 | 341 | ||||||
Other
expense
|
315 | 305 | ||||||
Total
non-interest expense
|
2,393 | 2,026 | ||||||
Income
before income taxes
|
514 | 834 | ||||||
Income
tax expense
|
219 | 304 | ||||||
Net
income
|
$ | 295 | $ | 530 | ||||
Earnings
per share (basic and diluted)
|
$ | 0.08 | $ | 0.12 |
Common
Stock
|
Additional
Paid-in
Capital
|
Treasury
Stock
|
Retained
Earnings
|
Amount
Reclassified
On
ESOP
Shares
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income
|
Total
|
|||||||||||||||||||||||||
Balance
at January 1, 2006
|
$ | 1 | $ | — | $ | — | $ | 18,252 | $ | — | $ | — | $ | 83 | 18,336 | |||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||||||
Net
income
|
— | — | — | 530 | — | — | — | 530 | ||||||||||||||||||||||||
Change
in net unrealized gain (loss) on securities available-for-sale, net of
taxes
|
— | — | — | — | — | — | 50 | 50 | ||||||||||||||||||||||||
Total
comprehensive income
|
580 | |||||||||||||||||||||||||||||||
Proceeds
from sale of 3,636,875 shares of common stock, net of issuance
costs
|
35 | 10,169 | — | — | — | (873 | ) | — | 9,331 | |||||||||||||||||||||||
Reclassification
due to release and change in fair value of common stock in ESOP subject to
contingent repurchase obligation of ESOP shares
|
— | — | — | — | (66 | ) | — | — | (66 | ) | ||||||||||||||||||||||
ESOP
shares committed to be released (4,537)
|
— | 6 | — | — | — | 46 | — | 52 | ||||||||||||||||||||||||
Balance
at December 31, 2006
|
36 | 10,175 | — | 18,782 | (66 | ) | (827 | ) | 133 | 28,233 | ||||||||||||||||||||||
Net
income
|
— | — | — | 295 | — | — | — | 295 | ||||||||||||||||||||||||
Change
in net unrealized gain (loss) on securities available-for-sale, net of
taxes
|
— | — | — | — | — | — | 89 | 89 | ||||||||||||||||||||||||
Total
comprehensive income
|
384 | |||||||||||||||||||||||||||||||
Treasury
stock purchases, 161,444 shares at cost
|
— | — | (1,985 | ) | — | — | — | — | (1,985 | ) | ||||||||||||||||||||||
MRP
share grants, 52,748 shares at cost
|
— | (699 | ) | 699 | — | — | — | — | — | |||||||||||||||||||||||
MRP
shares earned
|
— | 146 | — | — | — | — | — | 146 |
Common
Stock
|
Additional
Paid-in
Capital
|
Treasury
Stock
|
Retained
Earnings
|
Amount
Reclassified
On
ESOP
Shares
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income
|
Total
|
|||||||||||||||||||||||||
Stock
option shares earned
|
— | 100 | — | — | — | — | — | 100 | ||||||||||||||||||||||||
Reclassification
due to release and change in fair value of common stock in ESOP subject to
contingent repurchase obligation of ESOP shares
|
— | — | — | — | (42 | ) | — | — | (42 | ) | ||||||||||||||||||||||
ESOP
shares committed to be released (5,928 shares)
|
16 | — | — | — | 59 | — | 75 | |||||||||||||||||||||||||
Balance
at December 31, 2007
|
$ | 36 | $ | 9,738 | $ | (1,286 | ) | $ | 19,077 | $ | (108 | ) | $ | (768 | ) | $ | 222 | $ | 26,911 |
December 31,
|
||||||||
2007
|
2006
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$ | 295 | $ | 530 | ||||
Adjustments to reconcile net income to
net cash
from operating
activities:
|
||||||||
Provision for loan
losses
|
50 | 70 | ||||||
Depreciation
|
58 | 59 | ||||||
Loss on impairment of
securities
|
152 | — | ||||||
Net amortization of
securities
|
26 | 61 | ||||||
Dividends reinvested on
securities
|
(119 | ) | (106 | ) | ||||
ESOP expense
|
75 | 52 | ||||||
MRP expense
|
146 | — | ||||||
Option expense
|
100 | — | ||||||
Increase in accrued interest receivable
and other assets
|
(28 | ) | (147 | ) | ||||
Decrease in accrued interest payable
and other liabilities
|
(18 | ) | (1,242 | ) | ||||
Net cash provided by (used in)
operating activities
|
737 | (723 | ) | |||||
Cash flows from investing activities
|
||||||||
Activity in securities
available-for-sale:
|
||||||||
Proceeds from maturities, calls, and
principal repayments
|
3,300 | 6,594 | ||||||
Purchases
|
— | (2,000 | ) | |||||
Purchase of FHLB stock
|
(110 | ) | — | |||||
Loan originations and payments,
net
|
(1,395 | ) | (13,964 | ) | ||||
Proceeds from sale of real estate
owned, acquired through foreclosure
|
222 | — | ||||||
Additions to premises and
equipment
|
(19 | ) | (43 | ) | ||||
Net cash provided by (used in)
investing activities
|
1,998 | (9,413 | ) | |||||
Cash flows from financing activities
|
||||||||
Net decrease in
deposits
|
(3,589 | ) | (217 | ) | ||||
Net (decrease) increase in advance
payments by
borrowers for taxes and
insurance
|
(165 | ) | 40 | |||||
Advances from the Federal Home Loan
Bank
|
7,500 | 6,000 | ||||||
Repayment of Federal Home Loan Bank
advances
|
(4,500 | ) | (4,000 | ) | ||||
Proceeds of common stock
offering
|
— | 9,331 | ||||||
Treasury stock
purchases
|
(1,985 | ) | — | |||||
Net cash (used in) provided by
financing activities
|
(2,739 | ) | 11,154 | |||||
Net (decrease) increase in cash and
cash equivalents
|
(4 | ) | 1,018 | |||||
Cash and cash equivalents at beginning
of period
|
2,268 | 1,250 | ||||||
Cash and cash equivalents at end of period
|
$ | 2,264 | $ | 2,268 | ||||
Supplemental disclosure of cash flow
information
|
||||||||
Cash paid during the year
for:
|
||||||||
Interest
|
$ | 1,252 | $ | 1,086 | ||||
Income taxes
|
259 | 294 | ||||||
Loans transferred to real estate owned | $ | 222 | $ | — |
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Fair
Value
|
|||||||||||||
December 31, 2007
|
||||||||||||||||
U.S.
agency and government-sponsored entity bonds
|
$ | 5,496 | $ | 109 | $ | — | $ | 5,605 | ||||||||
GNMA
certificates
|
1,049 | 4 | (32 | ) | 1,021 | |||||||||||
FNMA
certificates
|
3,596 | 32 | (10 | ) | 3,618 | |||||||||||
FHLMC
certificates
|
2,524 | 16 | (9 | ) | 2,531 | |||||||||||
Collateralized
mortgage obligations
|
486 | — | (14 | ) | 472 | |||||||||||
FHLMC
common stock
|
8 | 265 | — | 273 | ||||||||||||
FHLMC
preferred stock
|
402 | — | — | 402 | ||||||||||||
Mutual
funds
|
2,423 | — | — | 2,423 | ||||||||||||
Total
available-for-sale
|
$ | 15,984 | $ | 426 | $ | (65 | ) | $ | 16,345 | |||||||
December 31, 2006
|
||||||||||||||||
U.S.
agency and government-
sponsored
entity bonds
|
$ | 6,695 | $ | 6 | $ | (47 | ) | $ | 6,654 | |||||||
GNMA
certificates
|
1,555 | 8 | (31 | ) | 1,532 | |||||||||||
FNMA
certificates
|
4,582 | 9 | (102 | ) | 4,489 | |||||||||||
FHLMC
certificates
|
3,067 | 7 | (74 | ) | 3,000 | |||||||||||
Collateralized
mortgage obligations
|
578 | — | (17 | ) | 561 | |||||||||||
FHLMC
common stock
|
8 | 535 | — | 543 | ||||||||||||
FHLMC
preferred stock
|
500 | — | (13 | ) | 487 | |||||||||||
Mutual
funds
|
2,357 | — | (64 | ) | 2,293 | |||||||||||
Total
available-for-sale
|
$ | 19,342 | $ | 565 | $ | (348 | ) | $ | 19,559 |
Amortized
Cost
|
Fair
Value
|
|||||||
Due
in one year or less
|
$ | — | $ | — | ||||
Due
from one to five years
|
5,496 | 5,605 | ||||||
Due
from five to ten years
|
— | — | ||||||
CMO’s
and mortgage backed securities
|
7,655 | 7,642 | ||||||
Total
|
$ | 13,151 | $ | 13,247 |
December
31, 2007
|
||||||||||||||||||||||||
Less
Than 12 Months
|
12
Months or More
|
Total
|
||||||||||||||||||||||
Description
of Securities
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
GNMA
certificates
|
$ | 94 | $ | (1 | ) | $ | 713 | $ | (31 | ) | $ | 807 | $ | (32 | ) | |||||||||
FNMA
certificates
|
— | — | 1,124 | (10 | ) | 1,124 | (10 | ) | ||||||||||||||||
FHLMC
certificates
|
— | — | 642 | (9 | ) | 642 | (9 | ) | ||||||||||||||||
Collateralized
mortgage obligations
|
— | — | 469 | (14 | ) | 469 | (14 | ) | ||||||||||||||||
Total
temporarily impaired
|
$ | 94 | $ | (1 | ) | $ | 2,948 | $ | (64 | ) | $ | 3,042 | $ | (65 | ) |
December 31, 2006
|
||||||||||||||||||||||||
Less Than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of Securities
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
Fair
Value
|
Unrealized
Loss
|
||||||||||||||||||
U.S. agency and government-sponsored
entity bonds
|
$ | — | $ | — | $ | 4,153 | $ | (47 | ) | $ | 4,153 | $ | (47 | ) | ||||||||||
GNMA certificates
|
— | — | 1,063 | (31 | ) | 1,063 | (31 | ) | ||||||||||||||||
FNMA certificates
|
— | — | 3,791 | (102 | ) | 3,791 | (102 | ) | ||||||||||||||||
FHLMC certificates
|
— | — | 2,684 | (74 | ) | 2,684 | (74 | ) | ||||||||||||||||
Collateralized mortgage
obligations
|
— | — | 557 | (17 | ) | 557 | (17 | ) | ||||||||||||||||
FHLMC preferred stock
|
487 | (13 | ) | — | — | 487 | (13 | ) | ||||||||||||||||
Mutual funds
|
— | — | 2,293 | (64 | ) | 2,293 | (64 | ) | ||||||||||||||||
Total temporarily
impaired
|
$ | 487 | $ | (13 | ) | $ | 14,541 | $ | (335 | ) | $ | 15,028 | $ | (348 | ) |
2007
|
2006
|
|||||||
First
mortgage loans
|
||||||||
Principal
balances
|
||||||||
Secured
by one- to four-family residences
|
$ | 34,163 | $ | 33,270 | ||||
Secured
by multi-family properties
|
19,217 | 18,965 | ||||||
53,380 | 52,235 | |||||||
Less:
|
||||||||
Loans
in process
|
9 | 9 | ||||||
Net
deferred loan origination fees
|
122 | 121 | ||||||
Total
first mortgage loans
|
53,249 | 52,105 | ||||||
Loans
on savings accounts
|
88 | 59 | ||||||
53,337 | 52,164 | |||||||
Less
allowance for loan losses
|
290 | 240 | ||||||
$ | 53,047 | $ | 51,924 |
2007
|
2006
|
|||||||
Balance
at beginning of year
|
$ | 240 | $ | 170 | ||||
Loans
charged off
|
— | — | ||||||
Recoveries
|
— | — | ||||||
Provision
charged to income
|
50 | 70 | ||||||
Balance
at end of year
|
$ | 290 | $ | 240 |
Balance
at January 1, 2007
|
$ | 238 | ||
New
loans
|
— | |||
Repayments
|
16 | |||
Balance
at December 31, 2007
|
$ | 222 |
2007
|
2006
|
|||||||
Land
|
$ | 97 | $ | 97 | ||||
Building
|
355 | 355 | ||||||
Building
improvements
|
140 | 152 | ||||||
Parking
lot improvements
|
19 | 44 | ||||||
Furniture
and equipment
|
468 | 645 | ||||||
Total
cost
|
1,079 | 1,293 | ||||||
Accumulated
depreciation
|
(829 | ) | (1,004 | ) | ||||
$ | 250 | $ | 289 |
2007
|
2006
|
|||||||
Securities
|
$ | 89 | $ | 116 | ||||
Loans
|
271 | 223 | ||||||
$ | 360 | $ | 339 |
2007
|
2006
|
|||||||
Non-interest-bearing
checking
|
$ | 331 | $ | 728 | ||||
Savings
|
18,854 | 20,334 | ||||||
Certificates
of deposit
|
20,534 | 22,246 | ||||||
$ | 39,719 | $ | 43,308 |
2008
|
$ | 18,321 | ||
2009
|
971 | |||
2010
|
1,079 | |||
2011
|
7 | |||
2012
|
156 | |||
$ | 20,534 |
2007
|
2006
|
|||||||
Savings
|
$ | 246 | $ | 269 | ||||
Certificates
of deposit
|
908 | 789 | ||||||
$ | 1,154 | $ | 1,058 |
2007
|
2006
|
|||||||
Maturities
in March 2008 through December 2009, fixed rate at rates from 3.99% to
5.22%, averaging 4.74%
|
$ | 5,000 | $ | — | ||||
Overnight
advances, floating rate, at 5.50%
|
— | 2,000 | ||||||
Total
|
$ | 5,000 | $ | 2,000 | ||||
Required
payments over the next two years are:
|
||||||||
2008
|
$ | 3,000 | ||||||
2009
|
2,000 |
Risk-free
interest rate
|
4.50 |
%
|
||
Expected
term
|
6.50 |
years
|
||
Expected
stock price volatility
|
9.40 |
%
|
||
Dividend
yield
|
0.00 |
%
|
Shares
|
Weighted
Average Exercise Price |
Weighted
Average Remaining Contractual Term |
Aggregate
Intrinsic Value |
|||||||||||||
Outstanding
at January 1, 2007
|
— | — | — | — | ||||||||||||
Granted
|
131,871 | $ | 14.41 | 10.0 | — | |||||||||||
Exercised
|
— | — | — | — | ||||||||||||
Forfeited
or expired
|
— | — | — | — | ||||||||||||
Outstanding
at December 31, 2007
|
131,871 | $ | 14.41 | 9.0 | — | |||||||||||
Exercisable
at December 31, 2007
|
— | $ | — | — | — | |||||||||||
Expected
to vest at December 31, 2007
|
131,871 | $ | 14.41 | — | — |
Intrinsic
value of options exercised
|
— | |||
Cash
received from option exercises
|
— | |||
Tax
benefit realized from option exercises
|
— | |||
Weighted
average fair value of options granted
|
$ | 3.96 |
Shares
|
Weighted
Average
Grant
Price
|
Weighted
Average
Grant-Date
Fair
Value
|
||||||||||
Non-vested
at January 1, 2007
|
— | — | — | |||||||||
Granted
|
52,748 | $ | 14.41 | $ | 760 | |||||||
Vested
|
— | — | — | |||||||||
Forfeited
|
— | — | — | |||||||||
Non-vested
at December 31, 2007
|
52,748 | $ | 14.41 | $ | 760 |
2007
|
2006
|
|||||||
Federal
|
||||||||
Current
|
$ | 323 | $ | 282 | ||||
Deferred
|
(124 | ) | (9 | ) | ||||
199 | 273 | |||||||
State
|
||||||||
Current
|
45 | 24 | ||||||
Deferred
|
(25 | ) | 7 | |||||
20 | 31 | |||||||
$ | 219 | $ | 304 |
2007
|
2006
|
|||||||
Provision
calculated at statutory federal rate
|
$ | 175 | $ | 284 | ||||
Effect
of:
|
||||||||
State
taxes, net of federal benefit
|
13 | 24 | ||||||
Stock
based compensation
|
25 | — | ||||||
Other,
net
|
6 | (4 | ) | |||||
Total
|
$ | 219 | $ | 304 | ||||
Effective
tax rate
|
42.6 | % | 36.5 | % |
2007
|
2006
|
|||||||
Deferred
tax assets:
|
||||||||
Allowance
for loan losses
|
$ | 111 | $ | 90 | ||||
Deferred
compensation
|
150 | 154 | ||||||
Accrued
post retirement benefit
|
25 | 32 | ||||||
Stock
based compensation
|
67 | — | ||||||
Write
down of impaired securities
|
59 | — | ||||||
412 | 276 | |||||||
Deferred
tax liabilities:
|
||||||||
Federal
Home Loan Bank stock dividends
|
$ | (61 | ) | $ | (61 | ) | ||
Depreciation
|
(8 | ) | (12 | ) | ||||
Net
unrealized gain on securities available-for-sale
|
(141 | ) | (84 | ) | ||||
Other
|
(3 | ) | (12 | ) | ||||
(213 | ) | (169 | ) | |||||
Net
deferred tax asset
|
$ | 199 | $ | 107 |
Actual
|
For
Capital
Adequacy
Purposes
|
To
Be Well
Capitalized
Under
Prompt
Corrective
Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
December
31, 2007
|
||||||||||||||||||||||||
Total
capital to risk-weighted assets
|
$ | 24,318 | 59.14 | % | $ | 3,290 | 8.00 | % | $ | 4,112 | 10.00 | % | ||||||||||||
Tier
1 (core) capital to risk-weighted assets
|
23,909 | 58.14 | 1,645 | 4.00 | 2,467 | 6.00 | ||||||||||||||||||
Tier
1 (core) capital to
adjusted
total assets
|
23,909 | 32.85 | 2,911 | 4.00 | 3,639 | 5.00 | ||||||||||||||||||
Tangible
capital (to adjusted total assets)
|
23,909 | 32.85 | 1,092 | 1.50 | — | — | ||||||||||||||||||
December
31, 2006
|
||||||||||||||||||||||||
Total
capital to risk-
weighted
assets
|
$ | 23,649 | 57.79 | % | $ | 3,274 | 8.0 | % | $ | 4,092 | 10.0 | % | ||||||||||||
Tier
1 (core) capital to risk-weighted assets
|
23,174 | 56.63 | 1,637 | 4.0 | 2,455 | 6.0 | ||||||||||||||||||
Tier
1 (core) capital to
adjusted
total assets
|
23,174 | 30.99 | 2,991 | 4.0 | 3,739 | 5.0 | ||||||||||||||||||
Tangible
capital (to adjusted total assets)
|
23,174 | 30.99 | 1,122 | 1.5 | — | — |
2007
|
2006
|
|||||||
GAAP equity
|
$ | 24,131 | $ | 23,307 | ||||
Unrealized gain on securities
available-for-sale
|
(222 | ) | (133 | ) | ||||
Tier 1 capital
|
23,909 | 23,174 | ||||||
General allowance for loan
losses
|
290 | 240 | ||||||
Allowable portion (45%) of unrealized
gains on equity securities available-for-sale
|
119 | 235 | ||||||
Total regulatory
capital
|
$ | 24,318 | $ | 23,649 |
2007
|
2006
|
|||||||
Unrealized
holding gains (losses) on securities available-for-sale
|
$ | 297 | $ | 80 | ||||
Reclassification
adjustment for gains (losses) realized in income
|
(152 | ) | — | |||||
Net
unrealized gains (losses)
|
145 | 80 | ||||||
Tax
effect
|
(56 | ) | (30 | ) | ||||
Other
comprehensive income
|
$ | 89 | $ | 50 |
December 31,
2007
|
December 31,
2006
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
Financial
assets:
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 2,264 | $ | 2,264 | $ | 2,268 | $ | 2,268 | ||||||||
Securities
available-for-sale
|
16,345 | 16,345 | 19,559 | 19,559 | ||||||||||||
Loans,
net
|
53,047 | 53,966 | 51,924 | 52,209 | ||||||||||||
Federal
Home Loan Bank stock
|
610 | 610 | 500 | 500 | ||||||||||||
Accrued
interest receivable
|
360 | 360 | 339 | 339 | ||||||||||||
Financial
liabilities:
|
||||||||||||||||
Deposits
|
39,719 | 39,805 | 43,308 | 43,227 | ||||||||||||
Advances
from Federal Home Loan Bank
|
5,000 | 5,012 | 2,000 | 2,000 | ||||||||||||
Advance
payments by borrowers for taxes and insurance
|
236 | 236 | 401 | 401 | ||||||||||||
Accrued
interest payable
|
115 | 115 | 70 | 70 |
2007
|
2006
|
|||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ | 1,838 | $ | 4,088 | ||||
Investment
in banking subsidiary
|
24,131 | 23,307 | ||||||
ESOP
note receivable
|
796 | 840 | ||||||
Other
assets
|
256 | 72 | ||||||
Total
assets
|
$ | 27,021 | $ | 28,307 | ||||
LIABILITIES
AND EQUITY
|
||||||||
Accrued
expenses and other liabilities
|
$ | 2 | $ | 8 | ||||
Common
stock in ESOP subject to contingent repurchase obligation
|
108 | 66 | ||||||
Stockholders’
equity
|
26,911 | 28,233 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 27,021 | $ | 28,307 |
Interest
income
|
$ | 97 | $ | 59 | ||||
Other
expense
|
(360 | ) | (246 | ) | ||||
Income
(loss)
before income tax and undistributed subsidiary
income
|
(263 | ) | (187 | ) | ||||
Income
tax benefit
|
95 | 73 | ||||||
Equity
in undistributed subsidiary income
|
463 | 537 | ||||||
Net
income
|
$ | 295 | $ | 423 |
2007
|
2006
|
|||||||
Cash flows from operating
activities
|
||||||||
Net income
|
$ | 295 | $ | 423 | ||||
Adjustments:
|
||||||||
Equity in undistributed subsidiary
income
|
(463 | ) | (537 | ) | ||||
Stock based
compensation
|
49 | — | ||||||
Change in other assets
|
(184 | ) | (72 | ) | ||||
Change in other
liabilities
|
(6 | ) | 7 | |||||
Net cash from operating
activities
|
(309 | ) | (179 | ) | ||||
Cash flows from investing
activities
|
||||||||
Investments in
subsidiary
|
— | (4,224 | ) | |||||
ESOP loan made
|
— | (873 | ) | |||||
ESOP loan payments
received
|
44 | 33 | ||||||
Net cash from investing
activities
|
44 | (5,064 | ) | |||||
Cash flows from financing
activities
|
||||||||
Proceeds from stock
issue
|
— | 9,331 | ||||||
Purchase of treasury
stock
|
(1,985 | ) | — | |||||
Net cash from financing
activities
|
(1,985 | ) | 9,331 | |||||
Net change in cash and cash
equivalents
|
(2,250 | ) | 4,088 | |||||
Beginning cash and cash
equivalents
|
4,088 | — | ||||||
Ending cash and cash
equivalents
|
$ | 1,838 | $ | 4,088 |
2007
|
2006
|
|||||||
Basic
|
||||||||
Net income
|
$ | 295 | $ | 423 | ||||
Weighted average common shares
outstanding
|
3,615,622 | 3,636,875 | ||||||
Less: average unallocated ESOP
shares
|
(79,784 | ) | (84,989 | ) | ||||
Average shares
|
3,535,838 | 3,551,886 | ||||||
Basic earnings per common
share
|
$ | 0.08 | $ | 0.12 | ||||
Diluted
|
||||||||
Net Income
|
$ | 295 | $ | 423 | ||||
Weighted average common shares
outstanding for basic earnings per common share
|
3,535,838 | 3,551,886 | ||||||
Add: dilutive effects of assumed
exercises of stock options
|
— | — | ||||||
Average shares and dilutive potential
common shares
|
3,535,838 | 3,551,886 | ||||||
Diluted earnings per common
share
|
$ | 0.08 | $ | 0.12 |
MUTUAL FEDERAL BANCORP, INC. | |||
|
By:
|
/s/ Stephen M. Oksas | |
Stephen M. Oksas | |||
President
and Chief Executive Officer
|
|||
Name
|
Title
|
Date
|
||
/s/
Stephen M.
Oksas
|
Chairman,
President, Chief Executive Officer and
Director
(Principal
Executive Officer)
|
March
21
,
2008
|
||
Stephen M.
Oksas
|
||||
/s/
John
L. Garlanger
|
Executive
Vice President and Chief Financial
Officer
(Principal
Financial and Accounting Officer)
|
March 21,
2008
|
||
John
L. Garlanger
|
||||
/s/Stanley
Balzekas III
|
Director
|
March 21,
2008
|
||
Stanley
Balzekas III
|
/s/Robert P.
Kazan
|
Director
|
March 21,
2008
|
||
Robert P.
Kazan
|
/s/Leonard F.
Kosacz
|
Director
|
March 21,
2008
|
||
Leonard F.
Kosacz
|
/s/Julie
H. Oksas
|
Executive
Vice President and Director
|
March 21,
2008
|
||
Julie
H. Oksas
|
Name
|
Title | Date | ||
/s/Stephanie
Simonaitis
|
Director
|
March 21,
2008
|
||
Stephanie
Simonaitis
|
/s/Amy
P. Keane
|
Director
|
March 21,
2008
|
||
Amy
P. Keane
|
Exhibit No.
|
Description
of Exhibit
|
|
3.1
|
Charter
of Mutual Federal Bancorp, Inc. (incorporated by reference to
Exhibit 3.1 to Registrant’s Form SB-2 filed with the Commission
on November 18, 2005).
|
|
3.2
|
Bylaws
of Mutual Federal Bancorp, Inc., as amended (incorporated by reference to
Exhibit 3.2 to Registrant’s Form 10-QSB filed with the
Commission on May 11, 2007).
|
|
4.1
|
Specimen
Common Stock Certificate of Mutual Federal Bancorp, Inc. (incorporated by
reference to Exhibit 4.1 to Registrant’s Form SB-2 filed with
the Commission on November 18, 2005).
|
|
10.1
|
Form
of Employee Stock Ownership Plan (incorporated by reference to
Exhibit 10.1 to Registrant’s Amendment No. 1 to Form SB-2
filed with the Commission on February 4, 2006).
|
|
10.2
|
Executive
Employment Agreement dated as of April 4, 2006 among Mutual Federal
Bancorp, Inc., Mutual Federal Savings and Loan Association of Chicago and
Stephen M. Oksas (incorporated by reference to Exhibit 10.1 to the
Company’s Form 10-QSB for the quarterly period ended March 31, 2006 filed
with the Commission on May 8, 2006).
|
|
10.3
|
Executive
Employment Agreement dated as of April 4, 2006 among Mutual Federal
Bancorp, Inc., Mutual Federal Savings and Loan Association of Chicago and
Julie H. Oksas (incorporated by reference to Exhibit 10.2 to the Company’s
Form 10-QSB for the quarterly period ended March 31, 2006 filed with the
Commission on May 8, 2006).
|
|
10.4
|
Executive
Employment Agreement dated as of April 4, 2006 among Mutual Federal
Bancorp, Inc., Mutual Federal Savings and Loan Association of Chicago and
John L. Garlanger (incorporated by reference to Exhibit 10.3 to the
Company’s Form 10-QSB for the quarterly period ended March 31, 2006 filed
with the Commission on May 8, 2006).
|
|
10.5
|
ESOP
Loan Agreement dated as of April 4, 2006 between Mutual Federal Bancorp,
Inc. and First Bankers Trust Services, Inc., as trustee of the Mutual
Federal Bancorp, Inc. Employee Stock Ownership Trust (incorporated by
reference to Exhibit 10.4 to the Company’s Form 10-QSB for the quarterly
period ended March 31, 2006 filed with the Commission on May 8,
2006).
|
|
10.6
|
Mutual
Federal Bancorp, Inc. 2006 Stock Option Plan (incorporated by reference to
Appendix A to the Company’s proxy statement for its Special Meeting of
Stockholders held on November 29, 2006 filed with the Commission on
October 16, 2006).
|
|
10.7
|
Mutual
Federal Bancorp, Inc. 2006 Recognition and Retention Plan and Trust
Agreement (incorporated by reference to Appendix B to the Company’s proxy
statement for its Special Meeting of Stockholders held on November 29,
2006 filed with the Commission on October 16, 2006).
|
|
10.8
|
Form
of Employee Stock Ownership Plan (incorporated by reference to Exhibit
10.1 to the Company’s Amendment No. 1 to Form SB-2 filed with the
Commission on February 4, 2006).
|
|
14.1
|
Code
of Ethics (incorporated by reference to Exhibit 14.1 to the Company’s
Form 10-K for the year ended December 31, 2006 filed with the
Commission on March 29, 2007).
|
|
21.1 | Subsidiaries of the Company | |
23.1 | Consent of Crowe Chizek and Company LLC |
24.1
|
Power
of Attorney (set forth on signature page)
|
|
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 and Chief Financial Officer pursuant to
Section 906 of the Sarbanes-Oxley Act of
2002
|
1 Year Mutual Federal Bancorp (PK) Chart |
1 Month Mutual Federal Bancorp (PK) 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