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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Quaint Oak Bancorp Inc (QB) | USOTC:QNTO | 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% | 10.77 | 10.75 | 11.10 | 10.77 | 10.77 | 10.77 | 100 | 21:32:07 |
TABLE OF CONTENTS |
Page
|
|
President's Letter to
Sh
areholders
|
1
|
Selected Consolidated Financial and Other Data
|
2
|
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
3
|
Report of Independent Registered Public Accounting Firm
|
15
|
Consolidated Balance Sheets
|
16
|
Consolidated Statements of Income
|
17
|
Consolidated Statements of Comprehens
ive Income
|
18
|
Consolidated Statements of Stockholders' Equity
|
19
|
Consolidated Statements of Cash Flows
|
20
|
Notes to Consolidated Financial Statements
|
21
|
Directors and Executive Officers
|
53
|
Banking Locations
|
53
|
Transfer Agent/Registrar
|
53
|
·
|
Lending gained traction with an increase in our net loans receivable of $9.0 million. This activity promoted a higher return than the stagnant yields in the securities market.
|
·
|
Deposit rates continued to decline, contributing to a lower cost of funds.
|
·
|
In combination, the rates on loans and deposits improved our net interest margin to 3.94% at year end.
|
·
|
We saw increased activity at our subsidiary mortgage and title abstract companies also benefiting from the improved market conditions that contributed to increased fee income.
|
·
|
We found opportunity in selling higher yielding securities at a premium with the ability to reinvest the funds in higher yielding loans. A win, win in both cases.
|
·
|
Our focus on the resolution of non-performing loans has resulted in a reduction from 4.42% to 2.54% as a percentage of net loans year over year. This was coupled with a decline in non-performing assets as a percentage of total assets from 3.22% to 1.97% again from a year over year perspective.
|
Quaint Oak Family of Companies
|
Quaint Oak Bancorp, Inc.
|
Quaint Oak Bank
|
Quaint Oak Abstract, LLC
׀
Quaint Oak Mortgage, LLC
׀
Quaint Oak Real Estate, LLC
|
Serving the Delaware Valley and the Lehigh Valley Markets
|
At or For the Years Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
(Dollars in Thousands, except per share data)
|
||||||||
Selected Financial and Other Data:
|
||||||||
Total assets
|
$ | 117,375 | $ | 109,189 | ||||
Cash and cash equivalents
|
12,400 | 11,687 | ||||||
Investment in interest-earning time deposits
|
8,132 | 8,082 | ||||||
Investment securities available for sale at fair value (cost-2012 $3,902; 2011 $6,792)
|
3,994 | 6,707 | ||||||
Mortgage-backed securities held to maturity (fair value-2011 $4,248)
|
- | 3,888 | ||||||
Loans held for sale
|
4,875 | 413 | ||||||
Loans receivable, net
|
84,291 | 75,339 | ||||||
Federal Home Loan Bank stock, at cost
|
437 | 616 | ||||||
Bank premises and equipment, net
|
1,608 | 1,124 | ||||||
Deposits
|
97,038 | 88,525 | ||||||
Federal Home Loan Bank advances
|
2,000 | 3,800 | ||||||
Stockholders’ Equity
|
16,837 | 15,696 | ||||||
Selected Operating Data:
|
||||||||
Total interest income
|
$ | 5,836 | $ | 5,530 | ||||
Total interest expense
|
1,720 | 1,909 | ||||||
Net interest income
|
4,116 | 3,621 | ||||||
Provision for loan losses
|
162 | 137 | ||||||
Net interest income after provision for loan losses
|
3,954 | 3,484 | ||||||
Total non-interest income
|
1,510 | 345 | ||||||
Total non-interest expense
|
3,891 | 2,947 | ||||||
Income before income taxes
|
1,573 | 882 | ||||||
Income taxes
|
592 | 354 | ||||||
Net income
|
$ | 981 | $ | 528 | ||||
Selected Operating Ratios
(1):
|
||||||||
Average yield on interest-earning assets
|
5.58 | % | 5.42 | % | ||||
Average rate on interest-bearing liabilities
|
1.88 | 2.12 | ||||||
Average interest rate spread(2)
|
3.70 | 3.30 | ||||||
Net interest margin(2)
|
3.94 | 3.55 | ||||||
Average interest-earning assets to average interest-bearing liabilities
|
114.13 | 113.10 | ||||||
Net interest income after provision for loan losses to non-interest expense
|
101.62 | 118.22 | ||||||
Total non-interest expense to average assets
|
3.57 | 2.76 | ||||||
Efficiency ratio(3)
|
69.16 | 74.31 | ||||||
Return on average assets
|
0.90 | 0.50 | ||||||
Return on average equity
|
6.04 | 3.41 | ||||||
Average equity to average assets
|
14.93 | 14.53 | ||||||
Asset Quality Ratios
(4):
|
||||||||
Non-performing loans as a percent of loans receivable, net(5)
|
2.54 | % | 4.42 | % | ||||
Non-performing assets as a percent of total assets(5)
|
1.97 | 3.22 | ||||||
Non-performing assets and troubled debt restructurings as a percent of total assets
|
2.12 | 3.67 | ||||||
Allowance for loan losses as a percent of non-performing loans
|
40.17 | 24.20 | ||||||
Allowance for loan losses as a percent of total loans receivable
|
1.01 | 1.06 | ||||||
Net charge-offs to average loans receivable
|
0.13 | 0.27 | ||||||
Capital Ratios
(4):
|
||||||||
Tier 1 leverage ratio
|
13.58 | % | 13.23 | % | ||||
Tier 1 risk-based capital ratio
|
21.08 | 21.55 | ||||||
Total risk-based capital ratio
|
22.27 | 22.77 |
(1)
|
With the exception of end of period ratios, all ratios are based on average daily balances during the indicated periods.
|
(2)
|
Average interest rate spread represents the difference between the average yield on interest-earning assets and the average rate paid on interest-bearing liabilities, and net interest margin represents net interest income as a percentage of average interest-earning assets.
|
(3)
|
The efficiency ratio represents the ratio of non-interest expense divided by the sum of net interest income and non-interest income.
|
(4)
|
Asset quality ratios and capital ratios are end of period ratios, except for net charge-offs to average loans receivable.
|
(5)
|
Non-performing assets consist of non-performing loans and other real estate owned at December 31, 2012 and 2011. Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due.
|
Year Ended December 31,
|
||||||||||||||||||||||||
2012
|
2011
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars In Thousands)
|
|||||||||||||||||||||||
Short-term investments and investment securities
|
$ | 21,062 | $ | 325 | 1.54 | % | $ | 22,444 | $ | 288 | 1.28 | % | ||||||||||||
Mortgage-backed securities
|
1,106 | 53 | 4.79 | 4,652 | 224 | 4.82 | ||||||||||||||||||
Loans receivable, net (1) (2)
|
82,407 | 5,458 | 6.62 | 74,973 | 5,018 | 6.69 | ||||||||||||||||||
Total interest-earning assets
|
104,575 | 5,836 | 5.58 | % | 102,069 | 5,530 | 5.42 | % | ||||||||||||||||
Non-interest-earning assets
|
4,284 | 4,593 | ||||||||||||||||||||||
Total assets
|
$ | 108,859 | 106,662 | |||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 2,878 | 7 | 0.24 | % | $ | 2,983 | 11 | 0.37 | % | ||||||||||||||
Statement savings accounts
|
6,130 | 26 | 0.42 | 6,931 | 44 | 0.63 | ||||||||||||||||||
eSavings accounts
|
6,753 | 66 | 0.98 | 2,861 | 28 | 0.98 | ||||||||||||||||||
Certificate of deposit accounts
|
73,025 | 1,502 | 2.06 | 72,466 | 1,617 | 2.23 | ||||||||||||||||||
Total deposits
|
88,786 | 1,601 | 1.80 | 85,241 | 1,700 | 1.99 | ||||||||||||||||||
FHLB advances
|
2,842 | 119 | 4.19 | 4,631 | 187 | 4.04 | ||||||||||||||||||
Other borrowings
|
- | - | - | 377 | 22 | 5.84 | ||||||||||||||||||
Total interest-bearing liabilities
|
91,628 | 1,720 | 1.88 | % | 90,249 | 1,909 | 2.12 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
978 | 911 | ||||||||||||||||||||||
Total liabilities
|
92,606 | 91,160 | ||||||||||||||||||||||
Stockholders’ Equity
|
16,253 | 15,502 | ||||||||||||||||||||||
Total liabilities and Stockholders’ Equity
|
$ | 108,859 | $ | 106,662 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 12,947 | $ | 1,820 | ||||||||||||||||||||
Net interest income; average interest rate
spread
|
$ | 4,116 | 3.70 | % | $ | 3,621 | 3.30 | % | ||||||||||||||||
Net interest margin (3)
|
3.94 | % | 3.55 | % | ||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
114.13 | % | 113.10 | % |
2012 vs. 2011
|
2011 vs. 2010
|
|||||||||||||||||||||||||||||||
Increase (Decrease) Due to
|
Total Increase
(Decrease)
|
Increase (Decrease) Due to
|
Total Increase
(Decrease)
|
|||||||||||||||||||||||||||||
Rate
|
Volume
|
Rate/
Volume
|
Rate
|
Volume
|
Rate/
Volume
|
|||||||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||||||
Interest income:
|
||||||||||||||||||||||||||||||||
Short-term investments and
investment securities
|
$ | 58 | $ | (18 | ) | $ | (3 | ) | $ | 37 | $ | (20 | ) | $ | 123 | $ | (12 | ) | $ | 91 | ||||||||||||
Mortgage-backed securities
|
(1 | ) | (171 | ) | 1 | (171 | ) | 2 | (96 | ) | (1 | ) | (95 | ) | ||||||||||||||||||
Loans receivable (1) (2)
|
(53 | ) | 498 | (5 | ) | 440 | 44 | 10 | -- | 54 | ||||||||||||||||||||||
Total interest-earning
assets
|
4 | 309 | (7 | ) | 306 | 26 | 37 | (13 | ) | 50 | ||||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||||||
Passbook accounts
|
(3 | ) | (1 | ) | -- | (4 | ) | (7 | ) | (1 | ) | -- | (8 | ) | ||||||||||||||||||
Statement savings accounts
|
(15 | ) | (5 | ) | 2 | (18 | ) | (24 | ) | 2 | (1 | ) | (23 | ) | ||||||||||||||||||
eSavings accounts
|
-- | 38 | -- | 38 | (3 | ) | 11 | (1 | ) | 7 | ||||||||||||||||||||||
Certificate accounts
|
(126 | ) | 12 | (1 | ) | (115 | ) | (165 | ) | 228 | (24 | ) | 39 | |||||||||||||||||||
Total deposits
|
(144 | ) | 44 | 1 | (99 | ) | (199 | ) | 240 | (26 | ) | 15 | ||||||||||||||||||||
FHLB advances
|
8 | (73 | ) | (3 | ) | (68 | ) | 6 | (64 | ) | (1 | ) | (59 | ) | ||||||||||||||||||
Other borrowings
|
-- | (22 | ) | -- | (22 | ) | 1 | (3 | ) | -- | (2 | ) | ||||||||||||||||||||
Total interest-bearing
liabilities
|
(136 | ) | (51 | ) | (2 | ) | (189 | ) | (192 | ) | 173 | (27 | ) | (46 | ) | |||||||||||||||||
Increase (decrease) in net
interest
income
|
$ | 140 | $ | 360 | $ | (5 | ) | $ | 495 | $ | 218 | $ | (136 | ) | $ | 14 | $ | 96 | ||||||||||||||
(1)
|
Includes loans held for sale.
|
(2)
|
Includes non-accrual loans during the respective periods. Calculated net of deferred fees and discounts, loans in process and allowance for loan losses.
|
3 Months
or Less
|
More than
3 Months
to 1 Year
|
More than
1 Year
to 3 Years
|
More than
3 Years
to 5 Years
|
More
than
5 Years
|
Total
Amount
|
|||||||||||||||||||
(Dollars In Thousands)
|
||||||||||||||||||||||||
Interest-earning assets (1):
|
||||||||||||||||||||||||
Loans receivable (2)
|
$ | 19,707 | $ | 34,109 | $ | 8,625 | $ | 4,901 | $ | 17,925 | $ | 85,267 | ||||||||||||
Loans held for sale
|
4,875 | -- | -- | -- | -- | 4,875 | ||||||||||||||||||
Short-term investments and investment securities
|
12,020 | 2,575 | 3,288 | 3,267 | 1,655 | 22,805 | ||||||||||||||||||
Investment in Federal Home Loan Bank stock
|
-- | -- | -- | -- | 437 | 437 | ||||||||||||||||||
Total interest-earning assets
|
$ | 36,602 | $ | 36,684 | $ | 11,913 | $ | 8,168 | $ | 20,017 | $ | 113,384 | ||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 289 | $ | 289 | $ | 1,734 | $ | 289 | $ | 289 | $ | 2,890 | ||||||||||||
Statement savings accounts
|
1,461 | 1,461 | 1,461 | 730 | 730 | 5,843 | ||||||||||||||||||
eSavings accounts
|
2,651 | 2,651 | 2,651 | 1,326 | 1,325 | 10,604 | ||||||||||||||||||
Escrow accounts
|
330 | 661 | -- | -- | -- | 991 | ||||||||||||||||||
Certificate accounts
|
9,264 | 21,248 | 29,365 | 17,824 | -- | 77,701 | ||||||||||||||||||
FHLB advances
|
-- | 2,000 | -- | -- | -- | 2,000 | ||||||||||||||||||
Total interest-bearing liabilities
|
$ | 13,995 | $ | 28,310 | $ | 35,211 | $ | 20,169 | $ | 2,344 | $ | 100,029 | ||||||||||||
Interest-earning assets less interest-bearing liabilities
|
$ | 22,607 | $ | 8,374 | $ | (23,298 | ) | $ | (12,001 | ) | $ | 17,673 | ||||||||||||
Cumulative interest-rate sensitivity gap (3)
|
$ | 22,607 | $ | 30,981 | $ | 7,683 | $ | (4,318 | ) | $ | 13,355 | |||||||||||||
Cumulative interest-rate gap as a percentage of total
assets
at December 31, 2012
|
19.3 | % | 26.4 | % | 6.5 | % | (3.7 | )% | 11.4 | % | ||||||||||||||
Cumulative interest-earning assets as a percentage of
cumulative interest-bearing liabilities
at December 31, 2012
|
261.5 | % | 173.2 | % | 109.9 | % | 95.6 | % | 113.4 | % |
(1)
|
Interest-earning assets are included in the period in which the balances are expected to be redeployed and/or repriced as a result of anticipated prepayments, scheduled rate adjustments and contractual maturities.
|
(2)
|
For purposes of the gap analysis, loans receivable includes non-performing loans gross of the allowance for loan losses, unamortized discounts and deferred loan fees.
|
(3)
|
Interest-rate sensitivity gap represents the difference between net interest-earning assets and interest-bearing liabilities.
|
Payments Due By Period
|
||||||||||||||||||||
Total
|
To
1 Year
|
1-3
Years
|
4-5
Years
|
After 5
Years
|
||||||||||||||||
(In Thousands)
|
||||||||||||||||||||
Lease agreements
|
$ | 525 | $ | 53 | $ | 106 | $ | 116 | $ | 250 | ||||||||||
Certificates of deposit
|
77,701 | 30,512 | 29,365 | 17,824 | -- | |||||||||||||||
FHLB advances
|
2,000 | 2,000 | -- | -- | -- | |||||||||||||||
Total contractual obligations
|
$ | 80,226 | $ | 32,565 | $ | 29,471 | $ | 17,940 | $ | 250 |
Years Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Interest Income | (In thousands, except share data) | |||||||
Interest on loans
|
$ | 5,458 | $ | 5,018 | ||||
Interest on short-term investments and investment securities
|
378 | 512 | ||||||
Total Interest Income
|
5,836 | 5,530 |
Interest Expense
|
|
Interest on deposits
|
1,601 | 1,700 | ||||||
Interest on Federal Home Loan Bank advances
|
119 | 187 | ||||||
Interest on other borrowings
|
-- | 22 | ||||||
Total Interest Expense
|
1,720 | 1,909 |
Net Interest Income
|
4,116 | 3,621 |
Provision for Loan Losses
|
162 | 137 |
Net Interest Income after Provision for Loan Losses
|
3,954 | 3,484 |
Non-Interest Income
|
|
Mortgage banking and title abstract fees
|
341 | 197 | ||||||
Other fees and services charges
|
55 | 38 | ||||||
Net gain on the sales of loans
|
680 | 114 | ||||||
Gain on the sale of SBA loan
|
32 | -- | ||||||
Gain on the sales of investments
|
331 | -- | ||||||
Gain (loss) on sale of other real estate owned
|
7 | (66 | ) | |||||
Other
|
64 | 62 | ||||||
Total Non-Interest Income, net
|
1,510 | 345 | ||||||
Non-Interest Expense
|
|
Salaries and employee benefits
|
2,278 | 1,687 | ||||||
Directors’ fees and expenses
|
223 | 230 | ||||||
Occupancy and equipment
|
347 | 226 | ||||||
Professional fees
|
444 | 287 | ||||||
FDIC deposit insurance assessment
|
126 | 87 | ||||||
Other real estate owned expenses
|
91 | 166 | ||||||
Advertising
|
67 | 41 | ||||||
Other
|
315 | 223 | ||||||
Total Non-Interest Expense
|
3,891 | 2,947 |
Income before Income Taxes
|
1,573 | 882 |
Income Taxes
|
592 | 354 |
Net Income
|
$ | 981 | $ | 528 |
Earnings per share – basic
|
$ | 1.10 | $ | 0.60 | ||||
Average shares outstanding - basic
|
888,008 | 874,566 | ||||||
Earnings per share - diluted
|
$ | 1.10 | $ | 0.60 | ||||
Average shares outstanding - diluted
|
892,834 | 878,899 |
Years Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
(In Thousands)
|
||||||||
Net Income
|
$ | 981 | $ | 528 | ||||
Other Comprehensive Income (Loss):
|
||||||||
Unrealized gains (losses) on investment securities available-for-sale
|
157 | (66 | ) | |||||
Income tax effect
|
(54 | ) | 23 | |||||
Reclassification adjustment for transfer of investment securities from held-to-maturity to available-for-sale
|
351 | -- | ||||||
Income tax effect
|
(120 | ) | -- | |||||
Reclassification adjustment for gains on sale of investment securities included in net income
|
(331 | ) | -- | |||||
Income tax effect
|
113 | -- | ||||||
Net other comprehensive income (loss)
|
116 | (43 | ) | |||||
Total Comprehensive Income
|
$ | 1,097 | $ | 485 | ||||
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
(In Thousands, except share data) | Outstanding | Amount | Capital | Stock | Plans | Income (Loss) | Earnings | Equity | ||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2010
|
992,436 | $ | 14 | $ | 13,478 | $ | (3,636 | ) | $ | (1,173 | ) | $ | (13 | ) | $ | 6,521 | $ | 15,191 | ||||||||||||||
Common stock allocated by ESOP
|
(4 | ) | 86 | 82 | ||||||||||||||||||||||||||||
Treasury stock purchased
|
(5,310 | ) | (47 | ) | (47 | ) | ||||||||||||||||||||||||||
Stock based compensation expense
|
119 | 119 | ||||||||||||||||||||||||||||||
Release of 8,529 Vested RRP Shares
|
(80 | ) | 80 | -- | ||||||||||||||||||||||||||||
Cash dividends declared
($0.135 per share)
|
(134 | ) | (134 | ) | ||||||||||||||||||||||||||||
Net income
|
528 | 528 | ||||||||||||||||||||||||||||||
Other comprehensive loss, net
|
(43 | ) | (43 | ) | ||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2011
|
987,126 | $ | 14 | $ | 13,513 | $ | (3,683 | ) | $ | (1,007 | ) | $ | (56 | ) | $ | 6,915 | $ | 15,696 | ||||||||||||||
Common stock allocated by ESOP
|
7 | 104 | 111 | |||||||||||||||||||||||||||||
Treasury stock purchased
|
(3,305 | ) | (33 | ) | (33 | ) | ||||||||||||||||||||||||||
Stock based compensation expense
|
119 | 119 | ||||||||||||||||||||||||||||||
Release of 8,546 Vested RRP Shares
|
(80 | ) | 80 | -- | ||||||||||||||||||||||||||||
Cash dividends declared
($0.155 per share)
|
(153 | ) | (153 | ) | ||||||||||||||||||||||||||||
Net income
|
981 | 981 | ||||||||||||||||||||||||||||||
Other comprehensive gain, net
|
116 | 116 | ||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2012
|
983,821 | $ | 14 | $ | 13,559 | $ | (3,716 | ) | $ | (823 | ) | $ | 60 | $ | 7,743 | $ | 16,837 |
|
Years Ended
|
||
December 31,
|
|||
2012
|
2011
|
Cash Flows from Operating Activities
|
(In Thousands)
|
Net income
|
$ | 981 | $ | 528 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Provision for loan losses
|
162 | 137 | ||||||
Depreciation expense
|
106 | 54 | ||||||
Net accretion of securities discounts
|
(84 | ) | (9 | ) | ||||
Amortization of deferred loan fees and costs
|
45 | 12 | ||||||
Deferred income taxes
|
85 | 22 | ||||||
Stock-based compensation expense
|
230 | 202 | ||||||
Gain on the sale of investment securities available for sale
|
(331 | ) | -- | |||||
Gain on the sale of loans held for sale
|
(680 | ) | (114 | ) | ||||
Gain on the sale of SBA loans
|
(32 | ) | -- | |||||
Net (gain) loss on sale of other real estate owned
|
(7 | ) | 66 | |||||
Loans held for sale-originations | (33,860 | ) | (12,114 | ) | ||||
Loans held for sale-proceeds | 30,078 | 11,815 | ||||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Accrued interest receivable
|
(114 | ) | (120 | ) | ||||
Prepaid expenses and other assets
|
(351 | ) | 14 | |||||
Accrued interest payable
|
(17 | ) | (9 | ) | ||||
Accrued expenses and other liabilities
|
180 | (95 | ) | |||||
(3,609 | ) | 389 |
Cash Flows from Investing Activities
|
|
Net increase in investment in interest-earning time deposits
|
(50 | ) | (2,081 | ) | ||||
Purchase of investment securities available for sale
|
(555 | ) | (7,605 | ) | ||||
Proceeds from calls of investment securities available for sale
|
3,538 | 4,105 | ||||||
Proceeds from the sale of securities available for sale
|
3,911 | -- | ||||||
Principal payments received on mortgage-backed securities held to maturity
|
298 | 1,525 | ||||||
Net increase in loans receivable
|
(9,524 | ) | (1,418 | ) | ||||
Net decrease in investment in Federal Home Loan Bank stock
|
179 | 141 | ||||||
Proceeds from the sale of other real estate owned
|
439 | 1,580 | ||||||
Capitalized expenditures on other real estate owned
|
(20 | ) | -- | |||||
Purchase of premises and equipment
|
(590 | ) | (105 | ) | ||||
(2,374 | ) | (3,858 | ) |
Cash Flows from Financing Activities
|
|
Net increase in deposits
|
8,513 | 8,834 | ||||||
Repayment of Federal Home Loan Bank advances
|
(1,800 | ) | (1,800 | ) | ||||
Repayment of other borrowings
|
-- | (423 | ) | |||||
Dividends paid
|
(153 | ) | (134 | ) | ||||
Purchase of treasury stock
|
(33 | ) | (47 | ) | ||||
Increase in advances from borrowers for taxes and insurance
|
169 | 76 | ||||||
6,696 | 6,506 | |||||||
Net Increase in Cash and Cash Equivalents | 713 | 3,037 | ||||||
11,687 | 8,650 | |||||||
Cash and Cash Equivalents – End of Year
|
$ | 12,400 | $ | 11,687 |
Supplementary Disclosure of Cash Flow and Non-Cash Information:
|
|
Cash payments for interest
|
$ | 1,737 | $ | 1,918 | ||||
Cash payments for income taxes
|
$ | 772 | $ | 495 | ||||
Transfer of loans to other real estate owned
|
$ | 397 | $ | 640 | ||||
Transfer of mortgage-backed securities held to maturity to investment
and mortgage-backed securities available for sale
|
$ | 3,591 | $ | -- |
|
Federal law requires a member institution of the Federal Home Loan Bank (FHLB) system to hold restricted stock of its district Federal Home Loan Bank according to a predetermined formula. FHLB stock is carried at cost and evaluated for impairment. When evaluating FHLB stock for impairment, its value is determined based on the ultimate recoverability of the par value of the stock. We evaluate our holdings of FHLB stock for impairment each reporting period. No impairment charges were recognized on FHLB stock during the year ended September 30, 2012 and 2011. In December 2008, the FHLB of Pittsburgh notified member banks that it was suspending dividend payments and restricting the repurchase of capital stock, to preserve capital. On October 29, 2010, the FHLB of Pittsburgh resumed the repurchase of capital stock. From October 29, 2010 through December 31, 2012 a total of 359,900 shares have been repurchased at $1.00 per share from the Bank. In February 2012, the FHLB of Pittsburgh announced a dividend of 0.10 percent annualized based on the stockholders’ average capital stock held during the quarter prior to payment. Dividends totaling $1,000 were paid in February, April, July and October 2012.
|
|
Accounting principles generally accepted in the United States of America require that recognized revenue, expenses, gains and losses be included in net income. Although certain changes in assets and liabilities, such as unrealized gains and losses on available for sale securities, are reported as a separate component of the equity section of the balance sheet, such items, along with net income, are components of comprehensive income.
|
For the Year Ended December 31,
|
|||||||||
2012
|
2011
|
||||||||
Net Income
|
$ | 981,000 | $ | 528,000 | |||||
Weighted average shares outstanding – basic
|
888,008 | 874,566 | |||||||
Effect of dilutive common stock equivalents
|
4,826 | 4,333 | |||||||
Adjusted weighted average shares outstanding – diluted
|
892,834 | 878,899 | |||||||
Basic earnings per share
|
$ | 1.10 | $ | 0.60 | |||||
Diluted earnings per share
|
$ | 1.10 | $ | 0.60 |
2012
|
2011
|
||||||||
(In Thousands)
|
|||||||||
Due in one year or less
|
$ | 3,325 | $ | 3,058 | |||||
Due after one year through five years
|
4,807 | 5,024 | |||||||
$ | 8,132 | $ | 8,082 |
December 31, 2012
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
U.S. Government agency securities
|
$ | 500 | $ | 1 | $ | -- | $ | 501 | ||||||||
Corporate securities
|
1,747 | 81 | (2 | ) | 1,826 | |||||||||||
Short-term bond fund
|
1,127 | 15 | -- | 1,142 | ||||||||||||
Limited-term bond fund
|
528 | -- | (3 | ) | 525 | |||||||||||
$ | 3,902 | $ | 97 | $ | ( 5 | ) | $ | 3,994 | ||||||||
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
U.S. Government agency securities
|
$ | 3,450 | $ | 8 | $ | (1 | ) | $ | 3,457 | |||||||
Corporate securities
|
1,742 | -- | (74 | ) | 1,668 | |||||||||||
Short-term bond fund
|
1,082 | -- | (12 | ) | 1,070 | |||||||||||
Limited-term bond fund
|
518 | -- | (6 | ) | 512 | |||||||||||
$ | 6,792 | $ | 8 | $ | ( 93 | ) | $ | 6,707 |
Amortized Cost
|
Fair Value
|
||||||||
(In Thousands) | |||||||||
Due in one year or less
|
$ | -- | $ | -- | |||||
Due after one year through five years
|
1,747 | 1,826 | |||||||
Due after five years through ten years
|
500 | 501 | |||||||
$ | 2,247 | $ | 2,327 |
December 31, 2012
|
|||||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
|||||||||||||||||||||||||||
Number of
Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Fair Value
|
Gross
Unrealized
Losses
|
Fair Value
|
Gross
Unrealized
Losses
|
|||||||||||||||||||||||
Corporate securities
|
1 | $ | -- | $ | -- | $ | 248 | $ | (2 | ) | $ | 248 | $ | (2 | ) | ||||||||||||||
Limited-term bond fund
|
1 | -- | -- | 525 | (3 | ) | 525 | (3 | ) | ||||||||||||||||||||
Total
|
2 | $ | -- | $ | -- | $ | 773 | $ | (5 | ) | $ | 773 | $ | (5 | ) |
December 31, 2011
|
|||||||||||||||||||||||||||||
Less than Twelve Months
|
Twelve Months or Greater
|
Total
|
|||||||||||||||||||||||||||
Number of
Securities
|
Fair Value
|
Gross
Unrealized
Losses
|
Fair Value
|
Gross
Unrealized
Losses
|
Fair Value
|
Gross
Unrealized
Losses
|
|||||||||||||||||||||||
U.S. Government agency
securities
|
1 | $ | 499 | $ | (1 | ) | $ | -- | $ | -- | $ | 499 | $ | (1 | ) | ||||||||||||||
Corporate securities
|
6 | 1,668 | (74 | ) | -- | -- | 1,668 | (74 | ) | ||||||||||||||||||||
Short-term bond fund
|
1 | 1,070 | (12 | ) | -- | -- | 1,070 | (12 | ) | ||||||||||||||||||||
Limited-term bond fund
|
1 | -- | -- | 512 | (6 | ) | 512 | (6 | ) | ||||||||||||||||||||
Total
|
9 | $ | 3,237 | $ | (87 | ) | $ | 512 | $ | (6 | ) | $ | 3,749 | $ | (93 | ) |
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Held to Maturity:
|
||||||||||||||||
FNMA pass-through certificates
|
$ | 2,055 | $ | 211 | $ | -- | $ | 2,266 | ||||||||
FHLMC pass-through certificates
|
1,833 | 149 | -- | 1,982 | ||||||||||||
$ | 3,888 | $ | 360 | $ | -- | $ | 4,248 |
|
December 31,
2012
|
December 31,
2011
|
|||||||
(In Thousands)
|
|||||||||
Real estate loans:
|
|||||||||
One-to-four family residential:
|
|||||||||
Owner occupied
|
$ | 10,272 | $ | 12,153 | |||||
Non-owner occupied
|
35,118 | 29,606 | |||||||
Total one-to-four family residential
|
45,390 | 41,759 | |||||||
Multi-family (five or more) residential
|
3,315 | 3,715 | |||||||
Commercial real estate
|
18,694 | 18,200 | |||||||
Commercial lines of credit
|
1,901 | 1,654 | |||||||
Construction
|
9,765 | 5,263 | |||||||
Home equity loans
|
6,029 | 5,491 | |||||||
Total real estate loans
|
85,094 | 76,082 | |||||||
Auto and equipment loans
|
93 | 41 | |||||||
Loans secured by deposits
|
69 | 59 | |||||||
Total Loans
|
85,256 | 76,182 | |||||||
Deferred loan fees and costs
|
(105 | ) | (38 | ) | |||||
Allowance for loan losses
|
(860 | ) | (805 | ) | |||||
Net Loans
|
$ | 84,291 | $ | 75,339 |
December 31, 2012
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 9,641 | $ | 500 | $ | 72 | $ | 59 | $ | 10,272 | ||||||||||
One-to-four family residential non-owner occupied
|
34,328 | 95 | 504 | 191 | 35,118 | |||||||||||||||
Multi-family residential
|
3,315 | - | - | - | 3,315 | |||||||||||||||
Commercial real estate and lines of credit
|
19,536 | 565 | 364 | 130 | 20,595 | |||||||||||||||
Construction
|
9,765 | - | - | - | 9,765 | |||||||||||||||
Home equity
|
5,295 | 428 | 268 | 38 | 6,029 | |||||||||||||||
Consumer non-real estate
|
156 | - | 6 | - | 162 | |||||||||||||||
$ | 82,036 | $ | 1,588 | $ | 1,214 | $ | 418 | $ | 85,256 |
December 31, 2011
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 10,792 | $ | 500 | $ | 297 | $ | 564 | $ | 12,153 | ||||||||||
One-to-four family residential non-owner occupied
|
28,041 | 325 | 1,067 | 173 | 29,606 | |||||||||||||||
Multi-family residential
|
3,514 | 201 | - | - | 3,715 | |||||||||||||||
Commercial real estate and lines of credit
|
18,733 | 694 | 427 | - | 19,854 | |||||||||||||||
Construction
|
5,023 | 240 | - | - | 5,263 | |||||||||||||||
Home equity
|
4,862 | 52 | 577 | - | 5,491 | |||||||||||||||
Consumer non-real estate
|
89 | 11 | - | -- | 100 | |||||||||||||||
$ | 71,054 | $ | 2,023 | $ | 2,368 | $ | 737 | $ | 76,182 |
December 31, 2012
|
||||||||||||||||||||
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||
One-to-four family residential non-owner occupied
|
393 | 393 | - | 396 | 17 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
130 | 130 | - | 131 | 8 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
244 | 244 | - | 246 | 14 | |||||||||||||||
Consumer non-real estate
|
6 | 6 | - | 9 | 1 | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied
|
302 | 302 | 24 | 304 | 13 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
364 | 364 | 88 | 366 | 15 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
62 | 62 | 28 | 64 | 4 | |||||||||||||||
Consumer non-real estate
|
-- | -- | - | -- | -- | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 131 | $ | 131 | $ | - | $ | 131 | $ | 9 | ||||||||||
One-to-four family residential non-owner occupied
|
695 | 695 | 24 | 700 | 30 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
494 | 494 | 88 | 497 | 23 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
306 | 306 | 28 | 310 | 18 | |||||||||||||||
Consumer non-real estate
|
6 | 6 | - | 9 | 1 |
December 31, 2011
|
||||||||||||||||||||
Recorded Investment
|
Unpaid Principal Balance
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
||||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 861 | $ | 861 | $ | - | $ | 867 | $ | 16 | ||||||||||
One-to-four family residential non-owner occupied
|
424 | 424 | - | 427 | 27 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
38 | 38 | - | 38 | 1 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
480 | 480 | - | 487 | 24 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied
|
816 | 816 | 91 | 820 | 32 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
389 | 389 | 36 | 390 | 16 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
97 | 97 | 42 | 99 | 5 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 861 | $ | 861 | $ | - | $ | 867 | $ | 16 | ||||||||||
One-to-four family residential non-owner occupied
|
1,240 | 1,240 | 91 | 1,247 | 59 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
427 | 427 | 36 | 428 | 17 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
577 | 577 | 42 | 586 | 29 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
December 31, 2012
|
||||||||||||||||||||
Number of Contracts
|
Recorded Investment
|
Non-
Accrual
|
Accruing
|
Related Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
1 | $ | 71 | $ | 71 | $ | - | $ | - | |||||||||||
One-to-four family residential non-owner occupied
|
4 | 302 | - | 302 | 10 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
3 | 245 | - | 245 | 1 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
8 | $ | 618 | $ | 71 | $ | 547 | $ | 11 |
December 31, 2011
|
||||||||||||||||||||
Number of Contracts
|
Recorded Investment
|
Non-
Accrual
|
Accruing
|
Related Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
1 | $ | 71 | $ | 71 | $ | - | $ | - | |||||||||||
One-to-four family residential non-owner occupied
|
5 | 617 | - | 617 | 12 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
3 | 249 | - | 249 | 1 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
9 | $ | 937 | $ | 71 | $ | 866 | $ | 13 |
December 31, 2012 | ||||||||||||||||||||
Current &
Past Due
Less than 30
Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total | ||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | 71 | $ | 71 | ||||||||||
One-to-four family residential non-owner occupied
|
- | - | 302 | - | 302 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | 180 | 65 | - | 245 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | - | $ | 180 | $ | 367 | $ | 71 | $ | 618 |
December 31, 2011 | ||||||||||||||||||||
Current &
Past Due
Less than
30 Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-
Accrual
|
Total | ||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | 71 | $ | 71 | ||||||||||
One-to-four family residential non-owner occupied
|
310 | - | 307 | - | 617 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | 182 | 67 | - | 249 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | 310 | $ | 182 | $ | 374 | $ | 71 | $ | 937 | ||||||||||
December 31, 2012 | ||||||||||||||||||||||||||||||||||||
1-4
Family
Residential
Owner
Occupied
|
1-4 Family
Residential
Non-
Owner
Occupied
|
Multi-
Family
Residential
|
Commercial
Real Estate
and Lines of
Credit
|
Construction |
Home
Equity
|
Consumer
Non-Real
Estate
|
Unallocated | Total | ||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance
|
$ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||
Charge-offs
|
-- | (103 | ) | -- | -- | -- | (4 | ) | -- | -- | (107 | ) | ||||||||||||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | |||||||||||||||||||||||||||
Provision
|
(37 | ) | 120 | (6 | ) | 71 | 28 | (11 | ) | -- | (3 | ) | 162 | |||||||||||||||||||||||
Ending balance
|
$ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 |
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | -- | $ | 24 | $ | -- | $ | 88 | $ | -- | $ | 28 | $ | -- | $ | -- | $ | 140 | ||||||||||||||||||
Collectively
|
$ | 77 | $ | 344 | $ | 20 | $ | 131 | $ | 63 | $ | 40 | $ | 1 | $ | 44 | $ | 720 |
Loans receivable:
|
Ending balance
|
$ | 10,272 | $ | 35,118 | $ | 3,315 | $ | 20,595 | $ | 9,765 | $ | 6,029 | $ | 162 | $ | -- | $ | 85,256 |
Ending balance evaluated
|
|||||||||||||||||||||||||||||||||||||
for impairment:
|
|||||||||||||||||||||||||||||||||||||
Individually
|
$ | 131 | $ | 695 | $ | -- | $ | 494 | $ | -- | $ | 306 | $ | 6 | $ | -- | $ | 1,632 | |||||||||||||||||||
Collectively
|
$ | 10,141 | $ | 34,423 | $ | 3,315 | $ | 20,101 | $ | 9,765 | $ | 5,723 | $ | 156 | $ | -- | $ | 83,624 |
December 31,
2012
|
December 31, 2011
|
|||||||
One-to-four family residential owner occupied
|
$ | 131 | $ | 808 | ||||
One-to-four family residential non-owner occupied
|
488 | 624 | ||||||
Multi-family residential
|
- | -- | ||||||
Commercial real estate and lines of credit
|
445 | 427 | ||||||
Construction
|
-- | -- | ||||||
Home equity
|
256 | 256 | ||||||
Consumer non-real estate
|
-- | -- | ||||||
$ | 1,320 | $ | 2,115 |
December 31, 2012
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans Receivable
|
Loans Receivable >
90 Days and Accruing
|
|||||||||||||||||||
One-to-four family residential owner
occupied
|
$ | 348 | $ | 373 | $ | 721 | $ | 9,551 | $ | 10,272 | $ | 242 | ||||||||||||
One-to-four family residential non-owner
occupied
|
1,506 | 790 | 2,296 | 32,822 | 35,118 | 302 | ||||||||||||||||||
Multi-family residential
|
79 | - | 79 | 3,236 | 3,315 | - | ||||||||||||||||||
Commercial real estate and lines of credit
|
756 | 657 | 1,413 | 19,182 | 20,595 | 212 | ||||||||||||||||||
Construction
|
382 | - | 382 | 9,383 | 9,765 | - | ||||||||||||||||||
Home equity
|
238 | 321 | 559 | 5,470 | 6,029 | 65 | ||||||||||||||||||
Consumer non-real estate
|
6 | - | 6 | 156 | 162 | - | ||||||||||||||||||
$ | 3,315 | $ | 2,141 | $ | 5,456 | $ | 79,800 | $ | 85,256 | $ | 821 |
December 31, 2011
|
||||||||||||||||||||||||
30-90
Days Past
Due
|
Greater
than 90
Days
|
Total
Past Due
|
Current
|
Total Loans Receivable
|
Loans Receivable >
90 Days and Accruing
|
|||||||||||||||||||
One-to-four family residential owner
occupied
|
$ | 1,009 | $ | 861 | $ | 1,870 | $ | 10,283 | $ | 12,153 | $ | 53 | ||||||||||||
One-to-four family residential non-owner
occupied
|
407 | 993 | 1,400 | 28,206 | 29,606 | 369 | ||||||||||||||||||
Multi-family residential
|
- | 201 | 201 | 3,514 | 3,715 | 201 | ||||||||||||||||||
Commercial real estate and lines of credit
|
1,154 | 834 | 1,988 | 17,866 | 19,854 | 407 | ||||||||||||||||||
Construction
|
80 | - | 80 | 5,183 | 5,263 | - | ||||||||||||||||||
Home equity
|
524 | 440 | 964 | 4,527 | 5,491 | 184 | ||||||||||||||||||
Consumer non-real estate
|
11 | - | 11 | 89 | 100 | - | ||||||||||||||||||
$ | 3,185 | $ | 3,329 | $ | 6,514 | $ | 69,668 | $ | 76,182 | $ | 1,214 |
2012
|
2011
|
||||||||
(In Thousands)
|
|||||||||
Land
|
$ | 208 | $ | 208 | |||||
Buildings
|
883 | 817 | |||||||
Leasehold improvements
|
346 | 39 | |||||||
Furniture, fixtures and equipment
|
547 | 330 | |||||||
1,984 | 1,394 | ||||||||
Accumulated depreciation
|
(376 | ) | (270 | ) | |||||
$ | 1,608 | $ | 1,124 |
2012 | 2011 | ||||||||||||||||
Amount |
Weighted
Average
Interest
Rate
|
Amount |
Weighted
Average
Interest
Rate
|
||||||||||||||
(Dollars in Thousands) | |||||||||||||||||
Passbook savings accounts
|
$ | 2,890 | 0.25 | % | $ | 2,943 | 0.33 | % | |||||||||
Statement savings accounts
|
5,843 | 0.43 | 6,975 | 0.62 | |||||||||||||
eSavings accounts
|
10,604 | 0.97 | 3,924 | 0.99 | |||||||||||||
Certificate of deposit accounts
|
77,701 | 1.94 | 74,683 | 2.15 | |||||||||||||
$ | 97,038 | 1.70 | % | $ | 88,525 | 1.92 | % |
Years ending December 31:
|
|||||
2013
|
$ | 30,512 | |||
2014
|
15,137 | ||||
2015
|
14,228 | ||||
2016
|
7,212 | ||||
2017
|
10,612 | ||||
$ | 77,701 |
2012 | 2011 | ||||||||
(In Thousands) | |||||||||
Passbook savings accounts
|
$ | 7 | $ | 11 | |||||
Statement savings accounts
|
26 | 44 | |||||||
eSavings
accounts
|
66 | 28 | |||||||
Certificate of deposit accounts
|
1,502 | 1,617 | |||||||
$ | 1,601 | $ | 1,700 |
2012 | 2011 | ||||||||||||||||
Maturity Period | Amount |
Weighted
Interest
Rate
|
Amount |
Weighted
Interest
Rate
|
|||||||||||||
1 to12 months
|
$ | 2,000 | 4.19 | % | $ | 1,800 | 3.98 | % | |||||||||
13 to 24 months
|
-- | -- | 2,000 | 4.19 | % | ||||||||||||
$ | 2,000 | 4.19 | % | $ | 3,800 | 4.09 | % |
2012 | 2011 | ||||||||
(In Thousands) | |||||||||
Federal:
|
|||||||||
Current
|
$ | 431 | $ | 281 | |||||
Deferred
|
85 | 2 | |||||||
516 | 283 | ||||||||
State, current
|
76 | 71 | |||||||
$ | 592 | $ | 354 |
2012 | 2011 | ||||||||
(In Thousands) | |||||||||
Federal income tax at statutory rate
|
$ | 535 | $ | 300 | |||||
State tax, net of federal benefit
|
50 | 48 | |||||||
Stock compensation expense
|
5 | 5 | |||||||
Other
|
2 | 1 | |||||||
$ | 592 | $ | 354 |
2012 | 2011 | ||||||||
(In Thousands) | |||||||||
Deferred tax assets:
|
|||||||||
Allowance for loan losses
|
$ | 292 | $ | 276 | |||||
Stock-based compensation
|
50 | 45 | |||||||
Interest on non-accrual loans
|
4 | 39 | |||||||
Unrealized loss on investment securities available for sale
|
-- | 29 | |||||||
Deferred loan fees
|
36 | 13 | |||||||
Organization cost
|
3 | 3 | |||||||
Total deferred tax assets
|
385 | 405 |
Deferred tax liabilities:
|
|||||||||
Unrealized gain on investment securities available for sale
|
(32 | ) | -- | ||||||
Bank premises and equipment
|
(135 | ) | (41 | ) | |||||
Total deferred tax liabilities
|
(167 | ) | (41 | ) | |||||
Net Deferred Tax Asset
|
$ | 218 | $ | 364 |
2012
|
2011
|
||||||||
Allocated shares
|
44,436 | 33,327 | |||||||
Unreleased shares
|
66,654 | 77,763 | |||||||
Total ESOP shares
|
111,090 | 111,090 | |||||||
Fair value of unreleased shares (in thousands)
|
$ | 733 | $ | 653 |
2012 | 2011 | ||||||||||||||||
Number of
Shares
|
Weighted
Average Grant
Date Fair Value
|
Number of Shares |
Weighted
Average Grant Date Fair Value
|
||||||||||||||
Unvested at the beginning of
the year
|
17,440 | $ | 9.05 | 25,969 | $ | 9.05 | |||||||||||
Granted
|
-- | -- | -- | -- | |||||||||||||
Vested
|
(8,546 | ) | 9.05 | (8,529 | ) | 9.05 | |||||||||||
Forfeited
|
-- | -- | -- | -- | |||||||||||||
Unvested
at the end of the year
|
8,894 | $ | 9.05 | 17,440 | $ | 9.05 |
2012
|
2011
|
||||||||||||||||||||
Number
of
Shares
|
Weighted
Average Exercise
Price
|
Weighted
Average Remaining Contractual Life (in years)
|
Number
of
Shares
|
Weighted
Average Exercise
Price
|
|||||||||||||||||
Outstanding at the beginning of the year
|
107,570 | $ | 10.00 | 6.4 | 107,570 | $ | 10.00 | ||||||||||||||
Granted
|
-- | -- | -- | -- | -- | ||||||||||||||||
Exercised
|
-- | -- | -- | -- | -- | ||||||||||||||||
Forfeited
|
-- | -- | -- | -- | 10.00 | ||||||||||||||||
Outstanding at the end of the period
|
107,570 | $ | 10.00 | 5.4 | 107,570 | $ | 10.00 | ||||||||||||||
Exercisable at the end of the period
|
85,332 | $ | 10.00 | 5.4 | 63,999 | $ | 10.00 |
2012 | 2011 | ||||||||
(In Thousands) | |||||||||
Commitments to originate loans
|
$ | 9,853 | $ | 1,891 | |||||
Unfunded commitments under lines of credit
|
9,246 | 4,311 |
Year
|
Rental Amount
|
||||
(In Thousands) | |||||
2013
|
$ | 53 | |||
2014
|
53 | ||||
2015
|
53 | ||||
2016
|
58 | ||||
2017
|
58 | ||||
Thereafter
|
250 | ||||
$ | 525 |
Actual
|
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio | Amount | Ratio | Amount | Ratio | |||||||||||||||||||
As of December 31, 2012:
|
(Dollars in Thousands) | |||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 16,053 | 22.27 | % | $ | ³ 5,766 | ≥ 8.00 | % | $ | ³ 7,207 | ≥ 10.00 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets)
|
15,193 | 21.08 | ³ 2,883 | ³ 4.00 | ³ 4,324 | ≥ 6.00 | ||||||||||||||||||
Tier 1 capital (to average assets)
|
15,193 | 13.58 | ³ 4,476 | ³ 4.00 | ³ 5,595 | ³ 5.00 | ||||||||||||||||||
Actual
|
For Capital Adequacy
Purposes
|
To be Well Capitalized
Under Prompt
Corrective Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars in Thousands)
|
||||||||||||||||||||||||
As of December 31, 2011:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 15,027 | 22.77 | % | $ | ³ 5,279 | ≥ 8.00 | % | $ | ³ 6,598 | ≥ 10.00 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets)
|
14,222 | 21.55 | ³ 2,639 | ³ 4.00 | ³ 3,959 | ³ 6.00 | ||||||||||||||||||
Tier 1 capital (to average assets)
|
14,222 | 13.23 | ³ 4,300 | ³ 4.00 | ³ 5,375 | ³ 5.00 |
December 31, 2012
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair Value
|
Quoted
Prices in
Active
Markets for Identical Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
U.S. Government agency securities
|
$ | 501 | $ | - | $ | 501 | $ | - | ||||||||
Corporate securities
|
1,826 | 1,826 | - | - | ||||||||||||
Short-term bond fund
|
1,142 | 1,142 | - | - | ||||||||||||
Limited-term bond fund
|
525 | 525 | - | - | ||||||||||||
Total investment securities available for sale
|
$ | 3,994 | $ | 3,493 | $ | 501 | $ | - | ||||||||
Total recurring fair value measurements
|
$ | 3,994 | $ | 3,493 | $ | 501 | $ | - | ||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$ | 588 | $ | - | $ | - | $ | 588 | ||||||||
Other real estate owned
|
170 | - | - | 170 | ||||||||||||
Total nonrecurring fair value measurements
|
$ | 758 | $ | - | $ | - | $ | 758 |
December 31, 2011
|
||||||||||||||||
Fair Value Measurements Using:
|
||||||||||||||||
Total Fair Value
|
Quoted
Prices in
Active
Markets for Identical
Assets
(Level 1)
|
Significant Other Observable
Inputs
(Level 2)
|
Unobservable Inputs
(Level 3)
|
|||||||||||||
Recurring fair value measurements
|
||||||||||||||||
Investment securities available for sale
|
||||||||||||||||
U.S. Government agency securities
|
$ | 3,457 | $ | - | $ | 3,457 | $ | - | ||||||||
Corporate securities
|
1,668 | 1,668 | - | - | ||||||||||||
Short-term bond fund
|
1,070 | 1,070 | - | - | ||||||||||||
Limited-term bond fund
|
512 | 512 | - | - | ||||||||||||
Total investment securities available for sale
|
$ | 6,707 | $ | 3,250 | $ | 3,457 | $ | - | ||||||||
Total recurring fair value measurements
|
$ | 6,707 | $ | 3,250 | $ | 3,457 | $ | - | ||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$ | 1,133 | $ | - | $ | - | $ | 1,133 | ||||||||
Other real estate owned
|
185 | - | - | 185 | ||||||||||||
Total nonrecurring fair value measurements
|
$ | 1,318 | $ | - | $ | - | $ | 1,318 |
December 31, 2012
|
|||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted
Average)
|
||||||
Impaired loans
|
$ | 588 |
Appraisal of collateral
(1)
|
Appraisal adjustments
(2)
|
0% to -58% (-18%)
(-8%)
|
||||
L iquidation expenses (2) |
(-8%)
|
||||||||
Other real estate owned
|
$ | 170 |
Appraisal of collateral
(1) (3)
|
L
iquidation expenses
(2)
|
(-8%)
|
(1)
|
Fair value is generally determined through independent appraisals of the underlying collateral, which generally include various Level 3 inputs which are identifiable.
|
(2)
|
Appraisals may be adjusted by management for qualitative factors such as economic conditions and estimated liquidation expenses. The range and weighted average of liquidation expenses and other appraisal adjustments are presented as a percentage of the appraisal.
|
(3)
|
Includes qualitative adjustments by management and estimated liquidation expenses.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2012
|
||||||||||||||||||||
Carrying Amount
|
Fair Value Estimate
|
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Unobservable Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 12,400 | $ | 12,400 | $ | 12,400 | $ | - | $ | - | ||||||||||
Investment in interest-earning time deposits
|
8,132 | 8,234 | - | 8,234 | - | |||||||||||||||
Investment securities available for sale
|
3,994 | 3,994 | 3,493 | 501 | - | |||||||||||||||
Loans held for sale
|
4,875 | 5,053 | - | 5,053 | - | |||||||||||||||
Loans receivable, net
|
84,291 | 86,503 | - | - | 86,503 | |||||||||||||||
Accrued interest receivable
|
657 | 657 | 657 | - | - | |||||||||||||||
Investment in FHLB stock
|
437 | 437 | - | 437 | - | |||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
97,038 | 98,279 | 19,337 | 78,942 | - | |||||||||||||||
FHLB advances, short-term
|
2,000 | 2,000 | - | 2,000 | - | |||||||||||||||
Accrued interest payable
|
81 | 81 | 81 | - | - |
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2011
|
||||||||||||||||||||
Carrying Amount
|
Fair Value Estimate
|
Quoted Prices in Active Markets
for Identical
Assets
(Level 1)
|
Significant Other Observable Inputs
(Level 2)
|
Unobservable Inputs
(Level 3)
|
||||||||||||||||
Financial Assets
|
||||||||||||||||||||
Cash and cash equivalents
|
$ | 11,687 | $ | 11,687 | $ | 11,687 | $ | - | $ | - | ||||||||||
Investment in interest-earning time deposits
|
8,082 | 8,178 | - | 8,178 | - | |||||||||||||||
Investment securities available for sale
|
6,707 | 6,707 | 3,250 | 3,457 | - | |||||||||||||||
Mortgage-backed securities held to maturity
|
3,888 | 4,248 | - | 4,248 | - | |||||||||||||||
Loans held for sale
|
413 | 418 | - | 5,053 | - | |||||||||||||||
Loans receivable, net
|
75,339 | 77,005 | - | - | 77,005 | |||||||||||||||
Accrued interest receivable
|
543 | 543 | 543 | - | - | |||||||||||||||
Investment in FHLB stock
|
616 | 616 | - | 616 | - | |||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
88,525 | 90,106 | 13,842 | 76,264 | - | |||||||||||||||
FHLB advances, long-term
|
2,000 | 2,105 | - | 2,105 | - | |||||||||||||||
FHLB advances, short-term
|
1,800 | 1,800 | - | 1,800 | - | |||||||||||||||
Accrued interest payable
|
98 | 98 | 98 | - | - | |||||||||||||||
December 31,
|
||||||||
2012
|
2011
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 521 | $ | 516 | ||||
Investment in Quaint Oak Bank
|
15,253 | 14,178 | ||||||
Premises and equipment, net
|
1,020 | 973 | ||||||
Other assets
|
61 | 44 | ||||||
Total Assets
|
$ | 16,855 | $ | 15,711 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Other liabilities
|
$ | 18 | $ | 15 | ||||
Stockholders’ equity
|
16,837 | 15,696 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 16,855 | $ | 15,711 |
For the Year Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Income
|
||||||||
Interest income
|
$ | 3 | $ | 6 | ||||
Rental income
|
84 | 79 | ||||||
Total Income
|
87 | 85 | ||||||
Expenses
|
||||||||
Occupancy and equipment expense
|
60 | 87 | ||||||
Other expenses
|
90 | 76 | ||||||
Total Expenses
|
150 | 163 | ||||||
Net Loss Before Income Taxes
|
(63 | ) | (78 | ) | ||||
Equity in Undistributed Net Income of Subsidiary
|
1,023 | 581 | ||||||
Income Tax Benefit
|
21 | 25 | ||||||
Net Income
|
$ | 981 | $ | 528 |
For the Year Ended December 31,
|
||||||||
2012
|
2011
|
|||||||
Operating Activities
|
||||||||
Net income
|
$ | 981 | $ | 528 | ||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
Undistributed income in subsidiary
|
(1,023 | ) | (581 | ) | ||||
Depreciation expense
|
22 | 21 | ||||||
Stock-based compensation expense
|
294 | 201 | ||||||
Increase in other assets
|
(17 | ) | (4 | ) | ||||
Increase in other liabilities
|
3 | 63 | ||||||
Net cash provided by operating activities
|
260 | 228 | ||||||
Investing Activities
|
||||||||
Net decrease in investment in interest-earning time deposits
|
-- | 513 | ||||||
Purchase of property and equipment
|
(69 | ) | (9 | ) | ||||
Net cash (used in)
provided by investing activities
|
(69 | ) | 504 | |||||
Financing Activities
|
||||||||
Repayment of other borrowings
|
-- | (423 | ) | |||||
Dividends paid
|
(153 | ) | (134 | ) | ||||
Purchase of treasury stock
|
(33 | ) | (47 | ) | ||||
Net cash used in financing activities
|
(186 | ) | (604 | ) | ||||
Net Increase in Cash and Cash Equivalents
|
5 | 128 | ||||||
Cash and Cash Equivalents-Beginning of Year
|
516 | 388 | ||||||
Cash and Cash Equivalents-End of Year
|
$ | 521 | $ | 516 |
DIRECTORS AND EXECUTIVE OFFICERS |
Directors
|
|
Robert T. Strong
President and Chief Executive Officer
|
James J. Clarke, Ph.D.
Principal of Clarke Consulting, Villanova, Pennsylvania
|
Robert J. Phillips
Chairman of the Board
Partner, Phillips and Phillips
Enterprises
Doylestown, Pennsylvania
|
Andrew E. DiPiero, Jr., Esq.
Attorney with Baratta, Russell & Baratta
Huntingdon Valley, Pennsylvania
|
George M. Ager, Jr.
Currently retired
|
Kenneth R. Gant, MBA
Associate Agent, Landis Agencies, Doylestown, Pennsylvania
|
John J. Augustine, CPA
Chief Financial Officer
|
Marsh B. Spink
Managing Partner of Lawn-Crest Realty
Philadelphia, Pennsylvania
|
Executive Officers
|
|
Diane J. Colyer
Chief Operating Officer and Corporate Secretary
|
Robert Farrer
Chief Risk Officer, Compliance Officer, Security Officer
and Community Reinvestment Act Officer
|
Curt T. Schulmeister
Chief Lending Officer
|
BANKING LOCATIONS |
Main Office | Lehigh Valley Office | |||
501 Knowles Avenue | 1710 Union Boulevard | |||
Southampton, Pennsylvania | Allentown, PA 18109 | |||
(215) 364-4059 | (610) 351-9960 | |||
www.quaintoak.com |
TRANSFER AGENT / REGISTRAR |
1 Year Quaint Oak Bancorp (QB) Chart |
1 Month Quaint Oak Bancorp (QB) Chart |
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