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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
(I.R.S.
Employer Identification Number)
|
2212
West Cermak Road
Chicago,
Illinois 60608
(Address
of principal executive offices)
|
Class
|
Outstanding
as of November 1, 2007
|
Common
Stock, $0.01 par value
|
3,606,179
|
1
|
|
1
|
|
2
|
|
3
|
|
4
|
|
5
|
|
12
|
|
25
|
|
25
|
|
25
|
|
25
|
|
25
|
|
25
|
|
25
|
|
25
|
|
26
|
|
September 30,
2007
|
December 31,
2006
|
|||||||
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
2,491
|
$ |
2,268
|
||||
Securities
available-for-sale
|
16,876
|
19,559
|
||||||
Loans,
net of allowance for loan losses of $250 at September 30, 2007; $240
at December 31, 2006
|
53,220
|
51,924
|
||||||
Federal
Home Loan Bank stock, at cost
|
610
|
500
|
||||||
Premises
and equipment, net
|
261
|
289
|
||||||
Accrued
interest receivable
|
378
|
339
|
||||||
Other
assets
|
320
|
184
|
||||||
Total
assets
|
$ |
74,156
|
$ |
75,063
|
||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Non-interest-bearing
deposits
|
$ |
322
|
$ |
728
|
||||
Interest-bearing
deposits
|
40,515
|
42,580
|
||||||
Total
deposits
|
40,837
|
43,308
|
||||||
Advance
payments by borrowers for taxes and insurance
|
707
|
401
|
||||||
Advances
from the Federal Home Loan Bank
|
3,000
|
2,000
|
||||||
Accrued
interest payable and other liabilities
|
1,812
|
1,055
|
||||||
Common
stock in ESOP subject to contingent repurchase obligation
|
102
|
66
|
||||||
Total
liabilities
|
46,458
|
46,830
|
||||||
Commitments
and contingencies
|
||||||||
Stockholders’
equity
|
||||||||
Preferred
stock, $0.01 par value, 1,000,000 shares authorized at September 30,
2007 and December 31, 2006
|
—
|
—
|
||||||
Common
stock, $0.01 par value, 12,000,000 shares authorized, 3,636,875 shares
issued
|
36
|
36
|
||||||
Additional
paid-in capital
|
9,672
|
10,175
|
||||||
Treasury
stock, at cost, 30,696 shares at September 30, 2007
|
(407 | ) |
—
|
|||||
Retained
earnings
|
19,100
|
18,782
|
||||||
Reclassification
of ESOP shares, 8,839 shares at September 30, 2007, and 4,537 shares
at
December 31, 2006
|
(102 | ) | (66 | ) | ||||
Unearned
ESOP
|
(783 | ) | (827 | ) | ||||
Accumulated
other comprehensive income
|
182
|
133
|
||||||
Total
stockholders’ equity
|
27,698
|
28,233
|
||||||
Total
liabilities and stockholders’ equity
|
$ |
74,156
|
$ |
75,063
|
Three
Months Ended September 30,
|
Nine
Months Ended September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Interest
and dividend income
|
||||||||||||||||
Loans,
including fees
|
$ |
899
|
$ |
770
|
$ |
2,611
|
$ |
2,141
|
||||||||
Securities
|
208
|
242
|
643
|
718
|
||||||||||||
Interest
earning deposits
|
10
|
10
|
27
|
51
|
||||||||||||
Federal
Home Loan Bank stock dividends
|
5
|
4
|
12
|
11
|
||||||||||||
Total
interest and dividend income
|
1,122
|
1,026
|
3,293
|
2,921
|
||||||||||||
Interest
expense
|
||||||||||||||||
Deposits
|
289
|
272
|
874
|
768
|
||||||||||||
Advances
from Federal Home Loan Bank
|
38
|
4
|
98
|
31
|
||||||||||||
327
|
276
|
972
|
799
|
|||||||||||||
Net
interest income
|
795
|
750
|
2,321
|
2,122
|
||||||||||||
Provision
for loan losses
|
—
|
15
|
10
|
55
|
||||||||||||
Net
interest income after provision for loan losses
|
795
|
735
|
2,311
|
2,067
|
||||||||||||
Non-interest
income
|
||||||||||||||||
Other
income
|
13
|
8
|
35
|
24
|
||||||||||||
Total
non-interest income
|
13
|
8
|
35
|
24
|
||||||||||||
Non-interest
expense
|
||||||||||||||||
Compensation
and benefits
|
336
|
283
|
1,006
|
815
|
||||||||||||
Occupancy
and equipment
|
38
|
42
|
120
|
129
|
||||||||||||
Data
processing
|
26
|
32
|
81
|
79
|
||||||||||||
Professional
fees
|
125
|
62
|
386
|
218
|
||||||||||||
Other
expense
|
74
|
73
|
219
|
215
|
||||||||||||
Total
non-interest expense
|
599
|
492
|
1,812
|
1,456
|
||||||||||||
Income
before income taxes
|
209
|
251
|
534
|
635
|
||||||||||||
Income
tax expense
|
86
|
93
|
216
|
233
|
||||||||||||
Net
income
|
$ |
123
|
$ |
158
|
$ |
318
|
$ |
402
|
||||||||
Earnings
per share (basic and diluted)
|
$ |
0.03
|
$ |
0.04
|
$ |
0.09
|
$ |
0.08
|
||||||||
Total
comprehensive income
|
$ |
238
|
$ |
430
|
$ |
367
|
$ |
457
|
Common
Stock
|
Additional
Paid-in Capital
|
Treasury
Stock
|
Retained
Earnings
|
Amount
Reclassified
on ESOP Shares
|
Unearned
ESOP
|
Accumulated
Other
Comprehensive
Income/(Loss)
|
Total
|
|||||||||||||||||||||||||
Balance
at January 1, 2006
|
$ |
1
|
$ |
—
|
$ |
—
|
$ |
18,252
|
$ |
—
|
$ |
—
|
$ |
83
|
$ |
18,336
|
||||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||||||
Net
income
|
—
|
—
|
—
|
402
|
—
|
—
|
—
|
402
|
||||||||||||||||||||||||
Change
in net unrealized gain (loss) on securities available-for-sale, net
of
taxes and reclassification adjustments
|
—
|
—
|
—
|
—
|
—
|
—
|
55
|
55
|
||||||||||||||||||||||||
Total
comprehensive
income
|
457
|
|||||||||||||||||||||||||||||||
Proceeds
from sale of common stock
|
35
|
10,169
|
—
|
—
|
—
|
(873 | ) |
—
|
9,331
|
|||||||||||||||||||||||
ESOP
shares committed to be released
|
—
|
3
|
—
|
—
|
—
|
31
|
—
|
34
|
||||||||||||||||||||||||
Balance
at September 30, 2006
|
$ |
36
|
$ |
10,172
|
$ |
—
|
$ |
18,654
|
$ |
—
|
$ | (842 | ) | $ |
138
|
$ |
28,158
|
|||||||||||||||
Balance
at January 1, 2007
|
$ |
36
|
$ |
10,175
|
$ |
—
|
$ |
18,782
|
$ | (66 | ) | $ | (827 | ) | $ |
133
|
$ |
28,233
|
||||||||||||||
Comprehensive
income:
|
||||||||||||||||||||||||||||||||
Net
income
|
—
|
—
|
—
|
318
|
—
|
—
|
—
|
318
|
||||||||||||||||||||||||
Change
in net unrealized gain (loss) on securities available-for-sale, net
of
taxes and reclassification adjustments
|
—
|
—
|
—
|
—
|
—
|
—
|
49
|
49
|
||||||||||||||||||||||||
Total
comprehensive income
|
367
|
|||||||||||||||||||||||||||||||
Treasury
stock purchases, 83,444 shares at cost
|
—
|
—
|
(1,106 | ) |
—
|
—
|
—
|
—
|
(1,106 | ) | ||||||||||||||||||||||
MRP
share grants, 52,748 shares at cost
|
(699 | ) |
699
|
—
|
||||||||||||||||||||||||||||
MRP
shares earned
|
—
|
108
|
—
|
—
|
—
|
—
|
—
|
108
|
||||||||||||||||||||||||
Stock
option shares earned
|
—
|
74
|
—
|
—
|
—
|
—
|
—
|
74
|
||||||||||||||||||||||||
Adjustment
to fair value of common stock in ESOP subject to contingent repurchase
obligation of ESOP shares
|
—
|
—
|
—
|
|
—
|
(36 | ) |
—
|
—
|
(36 | ) | |||||||||||||||||||||
ESOP
shares committed to be released
|
—
|
14
|
—
|
—
|
—
|
44
|
—
|
58
|
||||||||||||||||||||||||
Balance
at September 30, 2007
|
$ |
36
|
$ |
9,672
|
$ | (407 | ) | $ |
19,100
|
$ | (102 | ) | $ | (783 | ) | $ |
182
|
$ |
27,698
|
Nine
Months Ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
Cash
flows from operating activities
|
||||||||
Net
income
|
$ |
318
|
$ |
402
|
||||
Adjustments
to reconcile net income to net cash from operating
activities
|
||||||||
Provision
for loan losses
|
10
|
55
|
||||||
Depreciation
|
44
|
44
|
||||||
Net
amortization of securities
|
20
|
48
|
||||||
Dividends
reinvested on securities
|
(89 | ) | (78 | ) | ||||
ESOP
expense
|
58
|
34
|
||||||
MRP
expense
|
108
|
—
|
||||||
Option
expense
|
74
|
—
|
||||||
Increase
in accrued interest receivable and other assets
|
(175 | ) | (130 | ) | ||||
Increase
(decrease) in accrued interest payable and other
liabilities
|
726
|
(1,191 | ) | |||||
Net
cash provided by (used in) operating activities
|
1,094
|
(816 | ) | |||||
Cash
flows from investing activities
|
||||||||
Activity
in securities available-for-sale:
|
||||||||
Proceeds
from maturities, calls, and principal repayments
|
2,832
|
4,531
|
||||||
Purchases
|
—
|
(2,000 | ) | |||||
Purchase
of FHLB stock
|
(110 | ) |
—
|
|||||
Loan
originations and payments, net
|
(1,528 | ) | (10,962 | ) | ||||
Proceeds
from sale of real estate owned, acquired through
foreclosure
|
222
|
—
|
||||||
Additions
to premises and equipment
|
(16 | ) | (32 | ) | ||||
Net
cash provided by (used in) investing activities
|
1,400
|
(8,463 | ) | |||||
Cash
flows from financing activities
|
||||||||
Net
decrease in deposits
|
(2,471 | ) | (423 | ) | ||||
Net
increase (decrease) in advance payments by borrowers for taxes and
insurance
|
306
|
(176 | ) | |||||
Advances
from FHLB
|
4,500
|
5,000
|
||||||
Repayment
of FHLB advances
|
(3,500 | ) | (4,000 | ) | ||||
Purchases
of treasury stock
|
(1,106 | ) |
—
|
|||||
Net
proceeds of minority common stock offering
|
—
|
9,331
|
||||||
Net
cash (used in) provided by financing activities
|
(2,271 | ) |
9,732
|
|||||
Net
increase in cash and cash equivalents
|
223
|
453
|
||||||
Cash
and cash equivalents at beginning of period
|
2,268
|
1,250
|
||||||
Cash
and cash equivalents at end of period
|
$ |
2,491
|
$ |
1,703
|
||||
Supplemental
disclosure of cash flow information
|
||||||||
Loan
transferred to real estate owned
|
$ |
222
|
$ |
—
|
||||
Cash
paid during the year for:
|
||||||||
Interest
|
$ |
926
|
$ |
790
|
||||
Income
taxes
|
81
|
119
|
Risk-free
interest rate
|
4.50%
|
|
Expected
term
|
6.50
|
|
Expected
stock price volatility
|
0.094
|
|
Dividend
yield
|
0.00%
|
Shares
|
Weighted
Average
Exercise
Price
|
Weighted
Average
Remaining
Contractual
Term
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding
at beginning of
year
|
—
|
$ |
—
|
—
|
$ |
—
|
||||||||||
Granted
|
131,871
|
14.41
|
10.0
|
—
|
||||||||||||
Exercised
|
—
|
—
|
—
|
—
|
||||||||||||
Forfeited
or
expired
|
—
|
—
|
—
|
—
|
||||||||||||
Outstanding
at September 30,
2007
|
131,871
|
$ |
14.41
|
9.3
|
$ |
—
|
||||||||||
Vested
or expected to vest at September 30, 2007
|
131,871
|
$ |
14.41
|
9.3
|
$ |
—
|
||||||||||
Exercisable
at September 30,
2007
|
—
|
$ |
—
|
—
|
$ |
—
|
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
|
760,000
|
|||||||||
Vested
|
—
|
—
|
—
|
|||||||||
Forfeited
|
—
|
—
|
—
|
|||||||||
Non-vested
at September 30, 2007
|
52,748
|
$ |
14.41
|
$ |
760,000
|
Three
Months Ended
|
Nine
Months Ended
|
|||||||||||||||
September
30,
|
September
30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
Basic
|
||||||||||||||||
Net
income
|
$ |
123
|
$ |
158
|
$ |
318
|
$ |
295
|
||||||||
Weighted
average common shares outstanding
|
3,606,314
|
3,636,875
|
3,624,829
|
3,636,875
|
||||||||||||
Less:
average unallocated ESOP shares
|
(79,043 | ) | (85,017 | ) | (80,514 | ) | (85,752 | ) | ||||||||
Average
shares
|
3,527,271
|
3,551,858
|
3,544,315
|
3,551,123
|
||||||||||||
Basic
earnings per common share
|
$ |
0.03
|
$ |
0.04
|
$ |
0.09
|
$ |
0.08
|
||||||||
Diluted
|
||||||||||||||||
Net
Income
|
$ |
123
|
$ |
158
|
$ |
318
|
$ |
295
|
||||||||
Weighted
average common shares outstanding for basic earnings per common
share
|
3,527,271
|
3,551,858
|
3,544,315
|
3,551,123
|
||||||||||||
Add:
dilutive effects of assumed exercises of stock options
|
—
|
—
|
—
|
—
|
||||||||||||
Average
shares and dilutive potential common shares
|
3,527,271
|
3,551,858
|
3,544,315
|
3,551,123
|
||||||||||||
Diluted
earnings per common share
|
$ |
0.03
|
$ |
0.04
|
$ |
0.09
|
$ |
0.08
|
|
·
|
significantly
increased competition among depository and other financial
institutions;
|
|
·
|
our
ability to enter new markets successfully and take advantage of growth
opportunities;
|
|
·
|
our
ability to successfully implement our business
plan;
|
|
·
|
inflation
and changes in the interest rate environment that reduce our margins
or
reduce the fair value of financial
instruments;
|
|
·
|
general
economic conditions, either nationally or in our market area, that
are
worse than expected;
|
|
·
|
adverse
changes in the securities markets;
|
|
·
|
any
unexpected deterioration in asset quality due to adverse changes
in the
residential real estate market;
|
|
·
|
legislative
or regulatory changes that adversely affect our
business;
|
|
·
|
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 and
the
PCAOB; and
|
|
·
|
changes
in our organization, compensation and benefit
plans.
|
For
the Three Months Ended September 30,
|
||||||||||||||||||||||||
2007
|
2006
|
|||||||||||||||||||||||
Average
Outstanding Balance
|
Interest
|
Yield/Rate
|
Average
Outstanding Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
|
$ |
52,786
|
$ |
899
|
6.81 | % | $ |
47,721
|
$ |
770
|
6.45 | % | ||||||||||||
Securities
available for sale
|
17,022
|
207
|
4.86
|
22,012
|
242
|
4.40
|
||||||||||||||||||
Interest-earning
deposits
|
908
|
11
|
4.85
|
734
|
10
|
5.45
|
||||||||||||||||||
Federal
Home Loan Bank Stock
|
610
|
5
|
3.28
|
500
|
4
|
3.20
|
||||||||||||||||||
Total
interest-earning assets
|
71,326
|
$ |
1,122
|
6.29 | % |
70,967
|
$ |
1,026
|
5.78 | % | ||||||||||||||
Non-interest-earning
assets
|
2,413
|
1,810
|
||||||||||||||||||||||
Total
assets
|
$ |
73,739
|
$ |
72,777
|
||||||||||||||||||||
Interest-Bearing
Liabilities:
(1)
|
||||||||||||||||||||||||
Savings
deposits
|
$ |
19,699
|
$ |
62
|
1.26 | % | $ |
21,476
|
$ |
69
|
1.29 | % | ||||||||||||
Certificates
of deposit
|
21,169
|
227
|
4.29
|
21,293
|
203
|
3.81
|
||||||||||||||||||
Total
interest-bearing deposits
|
40,868
|
289
|
2.83
|
42,769
|
272
|
2.54
|
||||||||||||||||||
Federal
Home Loan Bank advances
|
2,859
|
38
|
5.32
|
283
|
4
|
5.65
|
||||||||||||||||||
Total
interest-bearing liabilities
|
43,727
|
327
|
2.99 | % |
43,052
|
276
|
2.56 | % | ||||||||||||||||
Non-interest-bearing
liabilities
|
2,260
|
1,839
|
||||||||||||||||||||||
Total
liabilities
|
45,987
|
44,891
|
||||||||||||||||||||||
Stockholders’
equity
|
27,752
|
27,886
|
||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ |
73,739
|
$ |
72,777
|
||||||||||||||||||||
Net
interest income
|
$ |
795
|
$ |
750
|
||||||||||||||||||||
Net
interest rate spread
(2)
|
3.30 | % | 3.22 | % | ||||||||||||||||||||
Net
interest-earning assets
(3)
|
$ |
27,599
|
$ |
27,915
|
||||||||||||||||||||
Net
interest margin
(4)
|
4.46 | % | 4.23 | % | ||||||||||||||||||||
Ratio
of interest-earning assets to interest-bearing
liabilities
|
163.12 | % | 164.84 | % |
(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.
|
For
the Nine Months Ended September 30,
|
||||||||||||||||||||||||
2007
|
2006
|
|||||||||||||||||||||||
Average
Outstanding Balance
|
Interest
|
Yield/Rate
|
Average
Outstanding Balance
|
Interest
|
Yield/Rate
|
|||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
|
$ |
53,024
|
$ |
2,611
|
6.57 | % | $ |
44,340
|
$ |
2,141
|
6.44 | % | ||||||||||||
Securities
available for sale
|
17,947
|
643
|
4.78
|
22,967
|
718
|
4.17
|
||||||||||||||||||
Interest-earning
deposits
|
728
|
27
|
4.95
|
1,444
|
51
|
4.71
|
||||||||||||||||||
Federal
Home Loan Bank Stock
|
570
|
12
|
2.81
|
500
|
11
|
2.93
|
||||||||||||||||||
Total
interest-earning assets
|
72,269
|
$ |
3,293
|
6.08 | % |
69,251
|
$ |
2,921
|
5.62 | % | ||||||||||||||
Non-interest-earning
assets
|
2,269
|
2,504
|
||||||||||||||||||||||
Total
assets
|
$ |
74,538
|
$ |
71,755
|
||||||||||||||||||||
Interest-Bearing
Liabilities:
(1)
|
||||||||||||||||||||||||
Savings
deposits
|
$ |
20,126
|
$ |
186
|
1.23 | % | $ |
23,002
|
$ |
206
|
1.19 | % | ||||||||||||
Certificates
of deposit
|
21,818
|
688
|
4.20
|
21,198
|
562
|
3.53
|
||||||||||||||||||
Total
interest-bearing deposits
|
41,944
|
874
|
2.78
|
44,200
|
768
|
2.32
|
||||||||||||||||||
Federal
Home Loan Bank advances
|
2,448
|
98
|
5.34
|
855
|
31
|
4.83
|
||||||||||||||||||
Total
interest-bearing liabilities
|
44,392
|
972
|
2.92 | % |
45,055
|
799
|
2.36 | % | ||||||||||||||||
Non-interest-bearing
liabilities
|
2,096
|
2,099
|
||||||||||||||||||||||
Total
liabilities
|
46,488
|
47,154
|
||||||||||||||||||||||
Stockholders’
equity
|
28,050
|
24,601
|
||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ |
74,538
|
$ |
71,755
|
||||||||||||||||||||
Net
interest income
|
$ |
2,321
|
$ |
2,122
|
||||||||||||||||||||
Net
interest rate spread
(2)
|
3.16 | % | 3.26 | % | ||||||||||||||||||||
Net
interest-earning
assets
(3)
|
$ |
27,877
|
$ |
24,196
|
||||||||||||||||||||
Net
interest margin
(4)
|
4.28 | % | 4.09 | % | ||||||||||||||||||||
Ratio
of interest-earning assets to interest-bearing
liabilities
|
162.80 | % | 153.70 | % |
(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.
|
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
|
$ |
19,511
|
$ | (7,017 | ) | -26 | % | 28.16 | % |
-638bp
|
||||||||||||
+200
|
21,801
|
(4,727 | ) |
-18
|
30.39
|
-414
|
||||||||||||||||
+100
|
24,180
|
(2,348 | ) |
-9
|
32.55
|
-198
|
||||||||||||||||
Unchanged
|
26,528
|
—
|
—
|
34.53
|
—
|
|||||||||||||||||
-100
|
28,682
|
2,153
|
+8
|
36.23
|
+169
|
|||||||||||||||||
-200
|
30,447
|
3,918
|
+15
|
37.51
|
+298
|
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)
|
7/1/07–7/31/07
|
—
|
—
|
—
|
98,544
|
8/1/07–8/31/07
|
—
|
—
|
—
|
98,544
|
9/1/07–9/30/07
|
—
|
—
|
—
|
98,544
|
(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.
|
Date: November
13, 2007
|
MUTUAL
FEDERAL BANCORP, INC.
By:
/s/Stephen M.
Oksas
Stephen
M. Oksas
President
and Chief Executive
Officer
|
Date: November
13, 2007
|
By:
/s/John L.
Garlanger
Jo
hn
L. Garlanger
Chief Financial Officer
|
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
18
U.S.C. Section 1350, as adopted pursuant to Section 906 of the
Sarbanes-Oxley Act of 2002.
|
1 Year Mutual Federal Bancorp (PK) Chart |
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