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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% | 11.11 | 10.70 | 11.36 | 0.00 | 12:30:16 |
TABLE OF CONTENTS |
Page
|
|
President's Letter to Shareholders
|
1
|
Selected Consolidated Financial and Other Data
|
2
|
Management's Discussion and Analysis of Financial Condition and
Results of Operations
|
3
|
Reports of Independent Registered Public Accounting Firms
|
15
|
Consolidated Balance Sheets
|
17
|
Consolidated Statements of Income
|
18
|
Consolidated Statements of Comprehensive Income
|
19
|
Consolidated Statements of Stockholders' Equity
|
20
|
Consolidated Statements of Cash Flows
|
21
|
Notes to Consolidated Financial Statements
|
22
|
Directors and Executive Officers
|
55
|
Banking Locations
|
55
|
Transfer Agent/Registrar
|
55
|
Investor Relations Contact | 55 |
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,
|
||||||||
2013
|
2012
|
|||||||
(Dollars in Thousands, except per share data)
|
||||||||
Selected Financial and Other Data:
|
||||||||
Total assets
|
$ | 127,427 | $ | 117,375 | ||||
Cash and cash equivalents
|
6,184 | 12,400 | ||||||
Investment in interest-earning time deposits
|
7,633 | 8,132 | ||||||
Investment securities available for sale at fair value (cost-2013 $1,708; 2012 $3,902)
|
1,680 | 3,994 | ||||||
Loans held for sale
|
1,098 | 4,875 | ||||||
Loans receivable, net
|
106,887 | 84,291 | ||||||
Federal Home Loan Bank stock, at cost
|
421 | 437 | ||||||
Bank premises and equipment, net
|
1,637 | 1,608 | ||||||
Deposits
|
103,324 | 97,038 | ||||||
Federal Home Loan Bank advances
|
5,500 | 2,000 | ||||||
Stockholders’ Equity
|
16,986 | 16,837 | ||||||
Selected Operating Data:
|
||||||||
Total interest income
|
$ | 6,290 | $ | 5,836 | ||||
Total interest expense
|
1,682 | 1,720 | ||||||
Net interest income
|
4,608 | 4,116 | ||||||
Provision for loan losses
|
240 | 162 | ||||||
Net interest income after provision for loan losses
|
4,368 | 3,954 | ||||||
Total non-interest income
|
1,497 | 1,510 | ||||||
Total non-interest expense
|
4,746 | 3,891 | ||||||
Income before income taxes
|
1,119 | 1,573 | ||||||
Income taxes
|
417 | 592 | ||||||
Net income
|
$ | 702 | $ | 981 | ||||
Selected Operating Ratios
(1):
|
||||||||
Average yield on interest-earning assets
|
5.39 | % | 5.58 | % | ||||
Average rate on interest-bearing liabilities
|
1.61 | 1.88 | ||||||
Average interest rate spread(2)
|
3.78 | 3.70 | ||||||
Net interest margin(2)
|
3.95 | 3.94 | ||||||
Average interest-earning assets to average interest-bearing liabilities
|
111.87 | 114.13 | ||||||
Net interest income after provision for loan losses to non-interest expense
|
92.04 | 101.62 | ||||||
Total non-interest expense to average assets
|
3.88 | 3.57 | ||||||
Efficiency ratio(3)
|
77.74 | 69.16 | ||||||
Return on average assets
|
0.57 | 0.90 | ||||||
Return on average equity
|
4.15 | 6.04 | ||||||
Average equity to average assets
|
13.84 | 14.93 | ||||||
Asset Quality Ratios
(4):
|
||||||||
Non-performing loans as a percent of loans receivable, net(5)
|
1.79 | % | 2.54 | % | ||||
Non-performing assets as a percent of total assets(5)
|
1.95 | 1.97 | ||||||
Non-performing assets and troubled debt restructurings as a percent of total assets
|
2.60 | 2.12 | ||||||
Allowance for loan losses as a percent of non-performing loans
|
49.19 | 40.17 | ||||||
Allowance for loan losses as a percent of total loans receivable
|
0.87 | 1.01 | ||||||
Net charge-offs to average loans receivable
|
0.16 | 0.13 | ||||||
Capital Ratios
(4):
|
||||||||
Tier 1 leverage ratio
|
12.70 | % | 13.58 | % | ||||
Tier 1 risk-based capital ratio
|
17.68 | 21.08 | ||||||
Total risk-based capital ratio
|
18.75 | 22.27 |
(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, 2013 and 2012. Non-performing loans consist of non-accruing loans plus accruing loans 90 days or more past due.
|
Year Ended December 31,
|
||||||||||||||||||||||||
2013
|
2012
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
Average
Balance
|
Interest
|
Average
Yield/
Rate
|
|||||||||||||||||||
Interest-earning assets:
|
(Dollars In Thousands)
|
|||||||||||||||||||||||
Short-term investments and investment securities
|
$ | 20,242 | $ | 252 | 1.24 | % | $ | 21,062 | $ | 325 | 1.54 | % | ||||||||||||
Mortgage-backed securities
|
-- | -- | -- | 1,106 | 53 | 4.79 | ||||||||||||||||||
Loans receivable, net (1) (2)
|
96,358 | 6,038 | 6.27 | 82,407 | 5,458 | 6.62 | ||||||||||||||||||
Total interest-earning assets
|
116,600 | 6,290 | 5.39 | % | 104,575 | 5,836 | 5.58 | % | ||||||||||||||||
Non-interest-earning assets
|
5,587 | 4,284 | ||||||||||||||||||||||
Total assets
|
$ | 122,187 | $ | 108,859 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 2,783 | 5 | 0.18 | % | $ | 2,878 | 7 | 0.24 | % | ||||||||||||||
Statement savings accounts
|
5,512 | 21 | 0.38 | 6,130 | 26 | 0.42 | ||||||||||||||||||
eSavings accounts
|
13,547 | 103 | 0.76 | 6,753 | 66 | 0.98 | ||||||||||||||||||
Certificate of deposit accounts
|
80,901 | 1,511 | 1.87 | 73,025 | 1,502 | 2.06 | ||||||||||||||||||
Total deposits
|
102,743 | 1,640 | 1.60 | 88,786 | 1,601 | 1.80 | ||||||||||||||||||
FHLB advances
|
1,486 | 42 | 2.83 | 2,842 | 119 | 4.19 | ||||||||||||||||||
Total interest-bearing liabilities
|
104,229 | 1,682 | 1.61 | % | 91,628 | 1,720 | 1.88 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
1,043 | 978 | ||||||||||||||||||||||
Total liabilities
|
105,272 | 92,606 | ||||||||||||||||||||||
Stockholders’ Equity
|
16,915 | 16,253 | ||||||||||||||||||||||
Total liabilities and Stockholders’ Equity
|
$ | 122,187 | $ | 108,859 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 12,371 | $ | 12,947 | ||||||||||||||||||||
Net interest income; average interest rate spread
|
$ | 4,608 | 3.78 | % | $ | 4,116 | 3.70 | % | ||||||||||||||||
Net interest margin (3)
|
3.95 | % | 3.94 | % | ||||||||||||||||||||
Average interest-earning assets to
average interest-bearing liabilities
|
111.87 | % | 114.13 | % |
(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)
|
Equals net interest income divided by average interest-earning assets.
|
2013 vs. 2012
|
2012 vs. 2011
|
|||||||||||||||||||||||||||||||
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
|
$ | (63 | ) | $ | (13 | ) | $ | 3 | $ | (73 | ) | $ | 58 | $ | (18 | ) | $ | (3 | ) | $ | 37 | |||||||||||
Mortgage-backed securities
|
-- | (53 | ) | -- | (53 | ) | (1 | ) | (171 | ) | 1 | (171 | ) | |||||||||||||||||||
Loans receivable (1) (2)
|
(294 | ) | 924 | (50 | ) | 580 | (53 | ) | 498 | (5 | ) | 440 | ||||||||||||||||||||
Total interest-earning assets
|
(357 | ) | 858 | (47 | ) | 454 | 4 | 309 | (7 | ) | 306 | |||||||||||||||||||||
Interest expense:
|
||||||||||||||||||||||||||||||||
Passbook accounts
|
(2 | ) | -- | -- | (2 | ) | (3 | ) | (1 | ) | -- | (4 | ) | |||||||||||||||||||
Statement savings accounts
|
(3 | ) | (2 | ) | -- | (5 | ) | (15 | ) | (5 | ) | 2 | (18 | ) | ||||||||||||||||||
eSavings accounts
|
(14 | ) | 65 | (14 | ) | 37 | -- | 38 | -- | 38 | ||||||||||||||||||||||
Certificate accounts
|
(138 | ) | 162 | (15 | ) | 9 | (126 | ) | 12 | (1 | ) | (115 | ) | |||||||||||||||||||
Total deposits
|
(157 | ) | 225 | (29 | ) | 39 | (144 | ) | 44 | 1 | (99 | ) | ||||||||||||||||||||
FHLB advances
|
( 39 | ) | (57 | ) | 19 | (77 | ) | 8 | (73 | ) | (3 | ) | (68 | ) | ||||||||||||||||||
Other borrowings
|
-- | -- | -- | -- | -- | (22 | ) | -- | (22 | ) | ||||||||||||||||||||||
Total interest-bearing liabilities
|
(196 | ) | 168 | (10 | ) | (38 | ) | (136 | ) | (51 | ) | (2 | ) | (189 | ) | |||||||||||||||||
Increase (decrease) in net
interest
income
|
$ | (161 | ) | $ | 690 | $ | (37 | ) | $ | 492 | $ | 140 | $ | 360 | $ | (5 | ) | $ | 495 | |||||||||||||
(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)
|
$ | 21,930 | $ | 38,073 | $ | 7,913 | $ | 8,980 | $ | 31,212 | $ | 108,108 | ||||||||||||
Loans held for sale
|
1,098 | -- | -- | -- | -- | 1,098 | ||||||||||||||||||
Short-term investments and investment securities
|
2,199 | 2,038 | 3,579 | 1,011 | 1,709 | 10,536 | ||||||||||||||||||
Investment in Federal Home Loan Bank stock
|
-- | -- | -- | -- | 421 | 421 | ||||||||||||||||||
Total interest-earning assets
|
$ | 25,227 | $ | 40,111 | $ | 11,492 | $ | 9,991 | $ | 33,342 | $ | 120,171 | ||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 266 | $ | 266 | $ | 1,593 | $ | 265 | $ | 265 | $ | 2,655 | ||||||||||||
Statement savings accounts
|
1,099 | 1,099 | 2,198 | 550 | 550 | 5,496 | ||||||||||||||||||
eSavings accounts
|
2,988 | 2,988 | 5,974 | 1,494 | 1,494 | 14,938 | ||||||||||||||||||
Escrow accounts
|
408 | 816 | -- | -- | -- | 1,224 | ||||||||||||||||||
Certificate accounts
|
7,152 | 19,222 | 29,293 | 24,568 | -- | 80,235 | ||||||||||||||||||
FHLB advances
|
5,500 | -- | -- | -- | -- | 5,500 | ||||||||||||||||||
Total interest-bearing liabilities
|
$ | 17,413 | $ | 24,391 | $ | 39,058 | $ | 26,877 | $ | 2,309 | $ | 110,048 | ||||||||||||
Interest-earning assets less interest-bearing liabilities
|
$ | 7,814 | $ | 15,720 | $ | (27,566 | ) | $ | (16,886 | ) | $ | 31,033 | ||||||||||||
Cumulative interest-rate sensitivity gap (3)
|
$ | 7,814 | $ | 23,534 | $ | (4,032 | ) | $ | (20,918 | ) | $ | 10,115 | ||||||||||||
Cumulative interest-rate gap as a percentage of total
assets
at December 31, 2013
|
6.1 | % | 18.5 | % | (3.2 | )% | (16.4 | )% | 7.9 | % | ||||||||||||||
Cumulative interest-earning assets as a percentage of
cumulative interest-bearing liabilities
at December 31, 2013
|
144.9 | % | 156.3 | % | 95.0 | % | 80.6 | % | 109.2 | % |
(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 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
|
$ | 540 | $ | 93 | $ | 132 | $ | 123 | $ | 192 | ||||||||||
Certificates of deposit
|
80,235 | 26,374 | 29,294 | 24,567 | -- | |||||||||||||||
FHLB advances
|
5,500 | 5,500 | -- | -- | -- | |||||||||||||||
Total contractual obligations
|
$ | 86,275 | $ | 31,967 | $ | 29,426 | $ | 24,690 | $ | 192 |
Years Ended December 31,
|
||||||||
2013 | 2012 | |||||||
Interest Income | (In thousands, except share data) | |||||||
Interest on loans
|
$ | 6,038 | $ | 5,458 | ||||
Interest and dividends on short-term investments and investment securities
|
252 | 378 | ||||||
Total Interest Income
|
6,290 | 5,836 |
|
Interest Expense
|
Interest on deposits
|
1,640 | 1,601 | ||||||
Interest on Federal Home Loan Bank advances
|
42 | 119 | ||||||
Total Interest Expense
|
1,682 | 1,720 |
Net Interest Income
|
4,608 | 4,116 |
Provision for Loan Losses
|
240 | 162 |
Net Interest Income after Provision for Loan Losses
|
4,368 | 3,954 |
|
Non-Interest Income
|
Mortgage banking and title abstract fees
|
471 | 341 | ||||||
Other fees and services charges
|
101 | 55 | ||||||
Net gain on the sales of loans
|
832 | 680 | ||||||
Gain on the sale of SBA loan
|
-- | 32 | ||||||
Gain on the sales of investment securities
|
88 | 331 | ||||||
Gain (loss) on sale of other real estate owned
|
(23 | ) | 7 | |||||
Other
|
28 | 64 | ||||||
Total Non-Interest Income, net
|
1,497 | 1,510 | ||||||
|
Non-Interest Expense
|
Salaries and employee benefits
|
2,912 | 2,278 | ||||||
Directors’ fees and expenses
|
222 | 223 | ||||||
Occupancy and equipment
|
485 | 347 | ||||||
Professional fees
|
524 | 444 | ||||||
FDIC deposit insurance assessment
|
97 | 126 | ||||||
Other real estate owned expenses
|
46 | 91 | ||||||
Advertising
|
80 | 67 | ||||||
Other
|
380 | 315 | ||||||
Total Non-Interest Expense
|
4,746 | 3,891 |
Income before Income Taxes
|
1,119 | 1,573 |
Income Taxes
|
417 | 592 |
Net Income
|
$ | 702 | $ | 981 |
Earnings per share – basic
|
$ | 0.79 | $ | 1.10 | ||||
Average shares outstanding - basic
|
889,190 | 888,008 | ||||||
Earnings per share - diluted
|
$ | 0.76 | $ | 1.10 | ||||
Average shares outstanding - diluted
|
927,270 | 892,834 |
Years Ended December 31,
|
|||||||||
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Net Income
|
$ | 702 | $ | 981 | |||||
Other Comprehensive Income (Loss):
|
|||||||||
Unrealized gains (losses) on investment securities available-for-sale
|
(31 | ) | 157 | ||||||
Income tax effect
|
11 | (54 | ) | ||||||
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
|
(88 | ) | (331 | ) | |||||
Income tax effect
|
30 | 113 | |||||||
Net other comprehensive income (loss)
|
(78 | ) | 116 | ||||||
Total Comprehensive Income
|
$ | 624 | $ | 1,097 | |||||
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, 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 income, net
|
116 | 116 | ||||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2012
|
983,821 | $ | 14 | $ | 13,559 | $ | (3,716 | ) | $ | (823 | ) | $ | 60 | $ | 7,743 | $ | 16,837 | |||||||||||||||
Common stock allocated by ESOP
|
58 | 87 | 145 | |||||||||||||||||||||||||||||
Treasury stock purchased
|
(35,972 | ) | (563 | ) | (563 | ) | ||||||||||||||||||||||||||
Stock based compensation expense
|
128 | 128 | ||||||||||||||||||||||||||||||
Release of 8,544 Vested RRP Shares
|
(80 | ) | 80 | -- | ||||||||||||||||||||||||||||
Cash dividends declared
($0.190 per share)
|
(185 | ) | (185 | ) | ||||||||||||||||||||||||||||
Net income
|
702 | 702 | ||||||||||||||||||||||||||||||
Other comprehensive loss, net
|
(78 | ) | (78 | ) | ||||||||||||||||||||||||||||
BALANCE – DECEMBER 31, 2013
|
947,849 | $ | 14 | $ | 13,665 | $ | (4,279 | ) | $ | (656 | ) | $ | (18 | ) | $ | 8,260 | $ | 16,986 |
Years Ended
December 31,
|
||||||||
2013 | 2012 | |||||||
(In Thousands) | ||||||||
Cash Flows from Operating Activities | ||||||||
Net income
|
$ | 702 | $ | 981 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
|
||||||||
Provision for loan losses
|
240 | 162 | ||||||
Depreciation expense
|
142 | 106 | ||||||
Net accretion of securities discounts
|
(4 | ) | (84 | ) | ||||
Amortization of deferred loan fees and costs
|
155 | 45 | ||||||
Deferred income taxes
|
(71 | ) | 85 | |||||
Stock-based compensation expense
|
273 | 230 | ||||||
Gain on the sale of investment securities
|
(88 | ) | (331 | ) | ||||
Net gain on the sale of loans held for sale
|
(832 | ) | (680 | ) | ||||
Gain on the sale of SBA loans
|
-- | (32 | ) | |||||
Net loss on sale of other real estate owned
|
23 | (7 | ) | |||||
Changes in assets and liabilities which provided (used) cash:
|
||||||||
Loans held for sale-originations
|
(43,870 | ) | (33,860 | ) | ||||
Loans held for sale-proceeds
|
48,479 | 30,078 | ||||||
Accrued interest receivable
|
(78 | ) | (114 | ) | ||||
Prepaid expenses and other assets
|
346 | (351 | ) | |||||
Accrued interest payable
|
(4 | ) | (17 | ) | ||||
Accrued expenses and other liabilities
|
(112 | ) | 180 | |||||
5,301 | (3,609 | ) |
|
Cash Flows from Investing Activities
|
Net decrease (increase) in investment in interest-earning time deposits
|
499 | (50 | ) | |||||
Purchase of investment securities available for sale
|
(53 | ) | (555 | ) | ||||
Proceeds from calls of investment securities available for sale
|
500 | 3,538 | ||||||
Proceeds from the sale of securities available for sale
|
1,839 | 3,911 | ||||||
Principal payments received on mortgage-backed securities held to maturity
|
-- | 298 | ||||||
Net increase in loans receivable
|
(23,462 | ) | (9,524 | ) | ||||
Net decrease in investment in Federal Home Loan Bank stock
|
16 | 179 | ||||||
Proceeds from the sale of other real estate owned
|
92 | 439 | ||||||
Capitalized expenditures on other real estate owned
|
(48 | ) | (20 | ) | ||||
Purchase of premises and equipment
|
(171 | ) | (590 | ) | ||||
(20,788 | ) | (2,374 | ) | |||||
Cash Flows from Financing Activities |
Net increase in deposits | 6,286 | 8,513 | ||||||
Repayment of Federal Home Loan Bank advances
|
(2,000 | ) | (1,800 | ) | ||||
Proceeds from Federal Home Loan Bank advances
|
5,500 | -- | ||||||
Dividends paid
|
(185 | ) | (153 | ) | ||||
Purchase of treasury stock
|
(563 | ) | (33 | ) | ||||
Increase in advances from borrowers for taxes and insurance
|
233 | 169 | ||||||
9,271 | 6,696 | |||||||
Net (Decrease) Increase in Cash and Cash Equivalents | (6,216 | ) | 713 |
|
Supplementary Disclosure of Cash Flow and Non-Cash Information:
|
Cash payments for interest
|
$ | 1,686 | $ | 1,737 | ||||
Cash payments for income taxes
|
$ | 295 | $ | 772 | ||||
Transfer of loans to other real estate owned
|
$ | 471 | $ | 397 | ||||
Transfer of mortgage-backed securities held to maturity to investment
and mortgage-backed securities available for sale
|
$ | -- | $ | 3,591 |
|
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 stockholders’ equity section of the balance sheet, such items, along with net income, are components of comprehensive income (loss).
|
For the Year Ended December 31,
|
||||||||
2013
|
2012
|
|||||||
Net Income
|
$ | 702,000 | $ | 981,000 | ||||
Weighted average shares outstanding – basic
|
889,190 | 888,008 | ||||||
Effect of dilutive common stock equivalents
|
38,080 | 4,826 | ||||||
Adjusted weighted average shares outstanding – diluted
|
927,270 | 892,834 | ||||||
Basic earnings per share
|
$ | 0.79 | $ | 1.10 | ||||
Diluted earnings per share
|
$ | 0.76 | $ | 1.10 |
Unrealized Gains on Investment Securities Available for Sale (1)
|
||||
Balance as of December 31, 2012
|
$ | 60 | ||
Other comprehensive loss before classifications
|
(20 | ) | ||
Amount reclassified from accumulated other comprehensive loss
|
(58 | ) | ||
Total other comprehensive loss
|
(78 | ) | ||
Balance as of December 31, 2013
_____________
|
$ | (18 | ) |
(1)
|
All amounts are net of tax. Amounts in parentheses indicate debits.
|
Details About Other Comprehensive Income
|
Amount Reclassified from Accumulated
Other Comprehensive Income (1)
|
Affected Line Item in the Statement
Where Net Income is Presented
|
|||
Year Ended December 31, 2013
|
|||||
Unrealized losses on investment securities available for sale
|
$ | (88 | ) |
Gains on sales of investments
|
|
30 |
Income taxes
|
||||
$ | (58 | ) |
Net of tax
|
(1)
|
Amounts in parentheses indicate debits.
|
2013
|
2012
|
||||||||
(In Thousands)
|
|||||||||
Due in one year or less
|
$ | 3,042 | $ | 3,325 | |||||
Due after one year through five years
|
4,591 | 4,807 | |||||||
$ | 7,633 | $ | 8,132 |
December 31, 2013
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
Available for Sale:
|
||||||||||||||||
Short-term bond fund
|
$ | 1,170 | $ | -- | $ | (11 | ) | $ | 1,159 | |||||||
Limited-term bond fund
|
538 | -- | (17 | ) | 521 | |||||||||||
$ | 1,708 | $ | -- | $ | (28 | ) | $ | 1,680 | ||||||||
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, 2013
|
||||||||||||||||||||||||||||
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
|
||||||||||||||||||||||
Short-term bond fund
|
1 | $ | 1,159 | $ | (11 | ) | $ | -- | $ | -- | $ | 1,159 | $ | (11 | ) | |||||||||||||
Limited-term bond fund
|
1 | -- | -- | 521 | (17 | ) | 521 | (17 | ) | |||||||||||||||||||
Total
|
2 | $ | 1,159 | $ | (11 | ) | $ | 521 | $ | (17 | ) | $ | 1,680 | $ | (28 | ) | ||||||||||||
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,
2013
|
December 31,
2012
|
|||||||
(In Thousands)
|
||||||||
Real estate loans:
|
||||||||
One-to-four family residential:
|
||||||||
Owner occupied
|
$ | 8,900 | $ | 10,272 | ||||
Non-owner occupied
|
43,489 | 35,118 | ||||||
Total one-to-four family residential
|
52,389 | 45,390 | ||||||
Multi-family (five or more) residential
|
6,023 | 3,315 | ||||||
Commercial real estate
|
25,863 | 18,694 | ||||||
Commercial lines of credit
|
1,880 | 1,901 | ||||||
Construction
|
16,038 | 9,765 | ||||||
Home equity loans
|
5,682 | 6,029 | ||||||
Total real estate loans
|
107,875 | 85,094 | ||||||
Auto and equipment loans
|
218 | 93 | ||||||
Loans secured by deposits
|
15 | 69 | ||||||
Total Loans
|
108,108 | 85,256 | ||||||
Deferred loan fees and costs
|
(280 | ) | (105 | ) | ||||
Allowance for loan losses
|
(941 | ) | (860 | ) | ||||
Net Loans
|
$ | 106,887 | $ | 84,291 |
December 31, 2013
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 7,308 | $ | 1,136 | $ | 153 | $ | 303 | $ | 8,900 | ||||||||||
One-to-four family residential non-owner occupied
|
41,586 | 800 | 1,103 | -- | 43,489 | |||||||||||||||
Multi-family residential
|
5,948 | 75 | -- | -- | 6,023 | |||||||||||||||
Commercial real estate and lines of credit
|
26,673 | 397 | 673 | -- | 27,743 | |||||||||||||||
Construction
|
16,038 | -- | -- | -- | 16,038 | |||||||||||||||
Home equity
|
5,391 | 166 | 125 | -- | 5,682 | |||||||||||||||
Consumer non-real estate
|
233 | -- | -- | -- | 233 | |||||||||||||||
$ | 103,177 | $ | 2,574 | $ | 2,054 | $ | 303 | $ | 108,108 |
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, 2013
|
||||||||||||||||||||
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
|
$ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | ||||||||||
One-to-four family residential non-owner occupied
|
1,102 | 1,102 | -- | 1,107 | 77 | |||||||||||||||
Multi-family residential
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial real estate and lines of credit
|
363 | 363 | -- | 365 | -- | |||||||||||||||
Construction
|
-- | -- | -- | -- | -- | |||||||||||||||
Home equity
|
125 | 125 | -- | 124 | 9 | |||||||||||||||
Consumer non-real estate
|
-- | -- | -- | -- | -- | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | -- | $ | -- | $ | -- | $ | -- | $ | -- | ||||||||||
One-to-four family residential non-owner occupied
|
-- | -- | -- | -- | -- | |||||||||||||||
Multi-family residential
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial real estate and lines of credit
|
311 | 311 | 21 | 313 | 26 | |||||||||||||||
Construction
|
-- | -- | -- | -- | -- | |||||||||||||||
Home equity
|
-- | -- | -- | -- | -- | |||||||||||||||
Consumer non-real estate
|
-- | -- | -- | -- | -- | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 456 | $ | 456 | $ | -- | $ | 428 | $ | 15 | ||||||||||
One-to-four family residential non-owner occupied
|
1,102 | 1,102 | -- | 1,107 | 77 | |||||||||||||||
Multi-family residential
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial real estate and lines of credit
|
674 | 674 | 21 | 678 | 26 | |||||||||||||||
Construction
|
-- | -- | -- | -- | -- | |||||||||||||||
Home equity
|
125 | 125 | -- | 124 | 9 | |||||||||||||||
Consumer non-real estate
|
-- | -- | -- | -- | -- |
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, 2013
|
||||||||||||||||||||
Number of Contracts
|
Recorded Investment
|
Non-Accrual
|
Accruing
|
Related Allowance
|
||||||||||||||||
One-to-four family residential owner occupied
|
2 | $ | 153 | $ | -- | $ | 153 | $ | -- | |||||||||||
One-to-four family residential non-owner occupied
|
7 | 733 | 151 | 582 | -- | |||||||||||||||
Multi-family residential
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial real estate and lines of credit
|
1 | 113 | 113 | -- | -- | |||||||||||||||
Construction
|
-- | -- | -- | -- | -- | |||||||||||||||
Home equity
|
3 | 95 | -- | 95 | -- | |||||||||||||||
Consumer non-real estate
|
-- | -- | -- | -- | -- | |||||||||||||||
Total
|
13 | $ | 1,094 | $ | 264 | $ | 830 | $ | -- |
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, 2013 | ||||||||||||||||||||
Current & | ||||||||||||||||||||
Past Due | Greater | |||||||||||||||||||
Less than 30 | Past Due | than 90 | Non- | |||||||||||||||||
Days | 30-89 Days | Days | Accrual | Total | ||||||||||||||||
One-to-four family residential owner occupied
|
$ | 153 | $ | -- | $ | -- | $ | -- | $ | 153 | ||||||||||
One-to-four family residential non-owner occupied
|
485 | 97 | -- | 151 | 733 | |||||||||||||||
Multi-family residential
|
-- | -- | -- | -- | -- | |||||||||||||||
Commercial real estate and lines of credit
|
-- | -- | -- | 113 | 113 | |||||||||||||||
Construction
|
-- | -- | -- | -- | -- | |||||||||||||||
Home equity
|
95 | -- | -- | -- | 95 | |||||||||||||||
Consumer non-real estate
|
-- | -- | -- | -- | -- | |||||||||||||||
Total
|
$ | 733 | $ | 97 | $ | -- | $ | 264 | $ | 1,094 |
December 31, 2012 | ||||||||||||||||||||
Current & | ||||||||||||||||||||
Past Due | Greater | |||||||||||||||||||
Less than | Past Due | than 90 | Non- | |||||||||||||||||
30 Days | 30-89 Days | Days | 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, 2013 | |||||||||||||||||||||||||||||||||||||
1-4 Family | |||||||||||||||||||||||||||||||||||||
1-4 Family | Residential | Commercial | |||||||||||||||||||||||||||||||||||
Residential | Non- | Multi- | Real Estate | Consumer | |||||||||||||||||||||||||||||||||
Owner | Owner | Family | and Lines of | Home | Non-Real | ||||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | |||||||||||||||||||||||||||||
Allowance for loan losses: | |||||||||||||||||||||||||||||||||||||
Beginning balance
|
$ | 77 | $ | 368 | $ | 20 | $ | 219 | $ | 63 | $ | 68 | $ | 1 | $ | 44 | $ | 860 | |||||||||||||||||||
Charge-offs
|
(15 | ) | (75 | ) | -- | -- | -- | (69 | ) | -- | -- | (159 | ) | ||||||||||||||||||||||||
Recoveries
|
-- | -- | -- | -- | -- | -- | -- | -- | -- | ||||||||||||||||||||||||||||
Provision
|
(3 | ) | 131 | 16 | (20 | ) | 33 | 51 | 1 | 31 | 240 | ||||||||||||||||||||||||||
Ending balance
|
$ | 59 | $ | 424 | $ | 36 | $ | 199 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 941 |
Ending balance evaluated | ||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | -- | $ | -- | $ | -- | $ | 21 | $ | -- | $ | -- | $ | -- | $ | -- | $ | 21 | ||||||||||||||||||
Collectively
|
$ | 59 | $ | 424 | $ | 36 | $ | 178 | $ | 96 | $ | 50 | $ | 2 | $ | 75 | $ | 920 |
Loans receivable: | ||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 8,900 | $ | 43,489 | $ | 6,023 | $ | 27,743 | $ | 16,038 | $ | 5,682 | $ | 233 | $ | -- | $ | 108,108 |
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,
2013
|
December 31,
2012
|
|||||||
One-to-four family residential owner occupied
|
$ | 303 | $ | 131 | ||||
One-to-four family residential non-owner occupied
|
378 | 488 | ||||||
Multi-family residential
|
-- | -- | ||||||
Commercial real estate and lines of credit
|
474 | 445 | ||||||
Construction
|
-- | -- | ||||||
Home equity
|
30 | 256 | ||||||
Consumer non-real estate
|
-- | -- | ||||||
$ | 1,185 | $ | 1,320 |
December 31, 2013
|
||||||||||||||||||||||||
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
|
$ | 1,916 | $ | 559 | $ | 2,475 | $ | 6,425 | $ | 8,900 | $ | 256 | ||||||||||||
One-to-four family residential non-owner
occupied
|
884 | 575 | 1,459 | 42,030 | 43,489 | 197 | ||||||||||||||||||
Multi-family residential
|
-- | 75 | 75 | 5,948 | 6,023 | 75 | ||||||||||||||||||
Commercial real estate and lines of credit
|
322 | 674 | 996 | 26,747 | 27,743 | 200 | ||||||||||||||||||
Construction
|
334 | -- | 334 | 15,704 | 16,038 | -- | ||||||||||||||||||
Home equity
|
168 | 30 | 198 | 5,484 | 5,682 | -- | ||||||||||||||||||
Consumer non-real estate
|
-- | -- | -- | 233 | 233 | -- | ||||||||||||||||||
$ | 3,624 | $ | 1,913 | $ | 5,537 | $ | 102,571 | $ | 108,108 | $ | 728 |
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 |
2013
|
2012
|
||||||||
(In Thousands)
|
|||||||||
Land
|
$ | 208 | $ | 208 | |||||
Buildings
|
900 | 883 | |||||||
Leasehold improvements
|
352 | 346 | |||||||
Furniture, fixtures and equipment
|
695 | 547 | |||||||
2,155 | 1,984 | ||||||||
Accumulated depreciation
|
(518 | ) | (376 | ) | |||||
$ | 1,637 | $ | 1,608 |
2013 | 2012 | |||||||||||||||
Weignted | Weighted | |||||||||||||||
Average | Average | |||||||||||||||
Interest | Interest | |||||||||||||||
Amount | Rate | Amount | Rate | |||||||||||||
(Dollars in Thousands) | ||||||||||||||||
Passbook savings accounts
|
$ | 2,655 | 0.13 | % | $ | 2,890 | 0.25 | % | ||||||||
Statement savings accounts
|
5,496 | 0.31 | 5,843 | 0.43 | ||||||||||||
eSavings accounts
|
14,938 | 0.64 | 10,604 | 0.97 | ||||||||||||
Certificate of deposit accounts
|
80,235 | 1.73 | 77,701 | 1.94 | ||||||||||||
$ | 103,324 | 1.46 | % | $ | 97,038 | 1.70 | % |
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Passbook savings
accounts
|
$ | 5 | $ | 7 | |||||
Statement savings accounts
|
21 | 26 | |||||||
eSavings accounts
|
103 | 66 | |||||||
Certificate of deposit accounts
|
1,511 | 1,502 | |||||||
$ | 1,640 | $ | 1,601 |
2013 | 2012 | ||||||||||||||||
Maturity Period | Amount |
Weighted
Interest
Rate
|
Amount |
Weighted
Interest
Rate
|
|||||||||||||
1 to12 months
|
$ | 5,500 | 0.25 | % | $ | 2,000 | 4.19 | % |
2013 | 2012 | |||||||
Federal:
|
(In Thousands) | |||||||
Current
|
$ | 444 | $ | 431 | ||||
Deferred
|
(71 | ) | 85 | |||||
373 | 516 | |||||||
State, current
|
44 | 76 | ||||||
$ | 417 | $ | 592 |
2013 | 2012 | |||||||
(In Thousands ) | ||||||||
Federal income tax at statutory rate
|
$ | 380 | $ | 535 | ||||
State tax, net of federal benefit
|
28 | 50 | ||||||
Stock compensation expense
|
29 | 5 | ||||||
Other
|
20 | 2 | ||||||
$ | 417 | $ | 592 |
2013 | 2012 | |||||||
Deferred tax assets:
|
(In Thousands) | |||||||
Allowance for loan losses
|
$ | 320 | $ | 292 | ||||
Stock-based compensation
|
37 | 50 | ||||||
Interest on non-accrual loans
|
18 | 4 | ||||||
Unrealized loss on investment securities available for sale
|
9 | -- | ||||||
Deferred loan fees
|
95 | 36 | ||||||
Organization cost
|
3 | 3 | ||||||
Total deferred tax assets
|
482 | 385 |
Deferred tax liabilities:
|
||||||||
Unrealized gain on investment securities available for sale
|
-- | (32 | ) | |||||
Bank premises and equipment
|
(152 | ) | (135 | ) | ||||
Total deferred tax liabilities
|
(152 | ) | (167 | ) | ||||
Net Deferred Tax Asset
|
$ | 330 | $ | 218 |
2013
|
2012
|
||||||
Allocated shares
|
55,181
|
44,436
|
|||||
Unreleased shares
|
55,909
|
66,654
|
|||||
Total ESOP shares
|
111,090
|
111,090
|
|||||
Fair value of unreleased shares (in thousands)
|
$ |
906
|
$ |
733
|
2013
|
2012 | ||||||||||||||||
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
|
8,894 | $ | 9.05 | 17,440 | $ | 9.05 | |||||||||||
Granted
|
26,150 | 16.20 | -- | -- | |||||||||||||
Vested
|
(8,544 | ) | 9.05 | (8,546 | ) | 9.05 | |||||||||||
Forfeited
|
-- | -- | -- | -- | |||||||||||||
Unvested
at the end of the year
|
26,500 | $ | 16.11 | 8,894 | $ | 9.05 |
2013
|
2012
|
|||||||||||||||||||
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 | 4.4 | 107,570 | $ | 10.00 | |||||||||||||
Granted
|
77,000 | 16.20 | 9.4 | -- | -- | |||||||||||||||
Exercised
|
-- | -- | -- | -- | -- | |||||||||||||||
Forfeited
|
-- | -- | -- | -- | -- | |||||||||||||||
Outstanding at the end of the period
|
184,570 | $ | 12.59 | 6.5 | 107,570 | $ | 10.00 | |||||||||||||
Exercisable at the end of the period
|
106,665 | $ | 10.00 | 6.5 | 85,332 | $ | 10.00 |
2013 | 2012 | ||||||||
(In Thousands) | |||||||||
Commitments to originate loans
|
$ | 6,370 | $ | 9,853 | |||||
Unfunded commitments under lines of credit
|
16,465 | 9,246 |
Year
|
Rental Amount
|
||||
(In Thousands) | |||||
2014
|
$ | 93 | |||
2015
|
65 | ||||
2016
|
67 | ||||
2017
|
62 | ||||
2018
|
61 | ||||
Thereafter
|
192 | ||||
$ | 540 |
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, 2013: | ||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 16,344 | 18.75 | % | $ | ≥ 6,972 | ≥ 8.00 | % | $ | ≥ 8,715 | ≥ 10.00 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets)
|
15,403 | 17.68 | ≥ 3,486 | ≥ 4.00 | ≥ 5,229 | ≥ 6.00 | ||||||||||||||||||
Tier 1 capital (to average assets)
|
15,403 | 12.70 | ≥ 4,850 | ≥ 4.00 | ≥ 6,062 | ≥ 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, 2012:
|
||||||||||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 16,053 | 22.27 | % | $ | ≥ 5,766 | ≥ 8.00 | % | $ | ≥ 7,207 | ≥ 10.00 | % | ||||||||||||
Tier 1 capital (to risk-weighted assets)
|
15,193 | 21.08 | ≥ 2,883 | ≥ 4.00 | ≥ 4,324 | ≥ 6.00 | ||||||||||||||||||
Tier 1 capital (to average assets)
|
15,193 | 13.58 | ≥ 4,476 | ≥ 4.00 | ≥ 5,595 | ≥ 5.00 |
December 31, 2013
|
||||||||||||||||
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
|
||||||||||||||||
Short-term bond fund
|
$ | 1,159 | $ | 1,159 | $ | -- | $ | -- | ||||||||
Limited-term bond fund
|
521 | 521 | -- | -- | ||||||||||||
Total investment securities available for sale
|
$ | 1,680 | $ | 1,680 | $ | -- | $ | -- | ||||||||
Total recurring fair value measurements
|
$ | 1,680 | $ | 1,680 | $ | -- | $ | -- | ||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$ | 290 | $ | -- | $ | -- | $ | 290 | ||||||||
Other real estate owned
|
574 | -- | -- | 574 | ||||||||||||
Total nonrecurring fair value measurements
|
$ | 864 | $ | -- | $ | -- | $ | 864 |
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, 2013
|
|||||||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||||||
Total Fair
Value
|
Valuation
Techniques
|
Unobservable
Input
|
Range (Weighted Average)
|
||||||||
Impaired loans | $ | 290 | Appraisal of | Appraisal | 8%-9% | (8%) | |||||
collateral (1) | adjustments (2) | ||||||||||
Other real estate owned
|
$
|
574
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments (
2)
|
5%-33%
|
(18%)
|
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)
|
8%-58%
|
(31%)
|
|||||
Other real estate owned
|
$
|
170
|
Appraisal of
collateral
(1)
|
Appraisal
adjustments
(2)
|
8%-29%
|
(17%)
|
(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.
|
Fair Value Measurements at
|
||||||||||||||||||||
December 31, 2013
|
||||||||||||||||||||
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
|
$ | 6,184 | $ | 6,184 | $ | 6,184 | $ | -- | $ | -- | ||||||||||
Investment in interest-earning time deposits
|
7,633 | 7,747 | -- | 7,747 | -- | |||||||||||||||
Investment securities available for sale
|
1,680 | 1,680 | 1,680 | -- | -- | |||||||||||||||
Loans held for sale
|
1,098 | 1,147 | -- | 1,147 | -- | |||||||||||||||
Loans receivable, net
|
106,887 | 108,356 | -- | -- | 108,356 | |||||||||||||||
Accrued interest receivable
|
735 | 735 | 735 | -- | -- | |||||||||||||||
Investment in FHLB stock
|
421 | 421 | -- | 421 | -- | |||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
103,324 | 105,254 | 23,089 | -- | 82,165 | |||||||||||||||
FHLB advances, short-term
|
5,500 | 5,500 | -- | 5,500 | -- | |||||||||||||||
Accrued interest payable
|
77 | 77 | 77 | -- | -- | |||||||||||||||
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 | -- | -- |
December 31,
|
||||||||
2013
|
2012
|
|||||||
Assets
|
||||||||
Cash and cash equivalents
|
$ | 541 | $ | 521 | ||||
Investment in Quaint Oak Bank
|
15,413 | 15,253 | ||||||
Premises and equipment, net
|
1,007 | 1,020 | ||||||
Other assets
|
45 | 61 | ||||||
Total Assets
|
$ | 17,006 | $ | 16,855 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Other liabilities
|
$ | 20 | $ | 18 | ||||
Stockholders’ equity
|
16,986 | 16,837 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 17,006 | $ | 16,855 |
For the Year Ended December 31,
|
||||||||
2013
|
2012
|
|||||||
Income
|
||||||||
Interest income
|
$ | 1 | $ | 3 | ||||
Dividends
|
500 | -- | ||||||
Rental income
|
106 | 84 | ||||||
Total Income
|
607 | 87 | ||||||
Expenses
|
||||||||
Occupancy and equipment expense
|
67 | 60 | ||||||
Other expenses
|
98 | 90 | ||||||
Total Expenses
|
165 | 150 | ||||||
Net Income (Loss) Before Income Taxes
|
442 | (63 | ) | |||||
Equity in Undistributed Net Income of Subsidiary
|
240 | 1,023 | ||||||
Income Tax Benefit
|
20 | 21 | ||||||
Net Income
|
$ | 702 | $ | 981 |
For the Year Ended December 31,
|
||||||||
2013
|
2012
|
|||||||
Operating Activities
|
||||||||
Net income
|
$ | 702 | $ | 981 | ||||
Adjustments to reconcile net income to net cash provided by
operating activities:
|
||||||||
Undistributed income in subsidiary
|
(240 | ) | (1,023 | ) | ||||
Depreciation expense
|
20 | 22 | ||||||
Stock-based compensation expense
|
273 | 294 | ||||||
(Increase) decrease in other assets
|
18 | (17 | ) | |||||
Increase in other liabilities
|
2 | 3 | ||||||
Net cash provided by operating activities
|
775 | 260 | ||||||
Investing Activities
|
||||||||
Purchase of property and equipment
|
(7 | ) | (69 | ) | ||||
Net cash used in investing activities
|
(7 | ) | (69 | ) | ||||
Financing Activities
|
||||||||
Dividends paid
|
(185 | ) | (153 | ) | ||||
Purchase of treasury stock
|
(563 | ) | (33 | ) | ||||
Net cash used in financing activities
|
(748 | ) | (186 | ) | ||||
Net Increase in Cash and Cash Equivalents
|
20 | 5 | ||||||
Cash and Cash Equivalents-Beginning of Year
|
521 | 516 | ||||||
Cash and Cash Equivalents-End of Year
|
$ | 541 | $ | 521 | ||||
DIRECTORS AND EXECUTIVE OFFICERS |
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 | INVESTOR RELATIONS CONTACT | |
Shareholders needing assistance with stock records, transfers or lost certificates, please contact Quaint Oak Bancorp, Inc.'s transfer agent, Registrar and Transfer Company.
|
Shareholders, investors and analysts interested in other corporate information about Quaint Oak Bancorp, Inc. may contact: | |
Registrar and Transfer Company | Diane J. Colyer | |
10 Commerce Drive | Quaint Oak Bancorp, Inc. | |
Cranford, New Jersey 07016 | 501 Knowles Avenue | |
(800) 368-5948 | Southampton, Pennsylvania 18966 | |
www.rtco.com | (866) 795-4499 | |
dcolyer@quaintoak.com |
1 Year Quaint Oak Bancorp (QB) Chart |
1 Month Quaint Oak Bancorp (QB) Chart |
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