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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 |
UNITED STATES
|
||||||||||
SECURITIES AND EXCHANGE COMMISSION
|
||||||||||
Washington, DC 20549
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||||||||||
FORM 10-Q
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||||||||||
(Mark One)
|
||||||||||
[X] |
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
|||||||||
For the quarterly period ended
|
September 30, 2012
|
|
|
|||||||
OR
|
[ ] |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
|
For the transition period from
|
to | ||||
Commission file number:
|
000-52694 |
|
|
QUAINT OAK BANCORP, INC.
|
||||
(Exact name of registrant as specified in its charter)
|
||||
Pennsylvania
|
35-2293957
|
|||
(State or other jurisdiction of
incorporation or organization)
|
(IRS Employer Identification No.)
|
PART I - FINANCIAL INFORMATION
|
Page
|
Item 1 - Financial Statements
|
|
Consolidated Balance Sheets as of September 30, 2012 and
December 31, 2011 (Unaudited)
|
1
|
Consolidated Statements of Income for the Three and Nine Months
Ended September 30, 2012 and 2011 (Unaudited)
|
2
|
Consolidated Statements of Comprehensive Income for the Three
and Nine Months Ended September 30, 2012 and 2011 (Unaudited)
|
3
|
Consolidated Statement of Stockholders’ Equity for the Nine Months
Ended September 30, 2012 (Unaudited)
|
4
|
Consolidated Statements of Cash Flows for the Nine Months
Ended September 30, 2012 and 2011 (Unaudited)
|
5
|
Notes to the Unaudited Consolidated Financial Statements
|
6
|
Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
31
|
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
|
42
|
Item 4 - Controls and Procedures
|
42
|
PART II - OTHER INFORMATION
|
|
Item 1 - Legal Proceedings
|
43
|
Item 1A - Risk Factors
|
43
|
Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds
|
43
|
Item 3 - Defaults Upon Senior Securities
|
43
|
Item 4 - Mine Safety Disclosures
|
43
|
Item 5 - Other Information
|
44
|
Item 6 - Exhibits
|
44
|
SIGNATURES
|
At September 30,
|
At December 31,
|
|||||||
2012
|
2011
|
|||||||
Assets
|
(In thousands, except share data)
|
|||||||
Due from banks, non-interest-bearing
|
$ | 1,830 | $ | 609 | ||||
Due from banks, interest-bearing
|
6,147 | 11,078 | ||||||
Cash and cash equivalents
|
7,977 | 11,687 | ||||||
Investment in interest-earning time deposits
|
8,124 | 8,082 | ||||||
Investment securities available for sale at fair value
|
4,380 | 6,707 | ||||||
Mortgage-backed securities held to maturity (fair value-2011 $4,248)
|
- | 3,888 | ||||||
Loans held for sale
|
4,316 | 413 | ||||||
Loans receivable, net of allowance for loan losses (2012 $973; 2011 $805)
|
80,651 | 75,339 | ||||||
Accrued interest receivable
|
650 | 543 | ||||||
Investment in Federal Home Loan Bank stock, at cost
|
503 | 616 | ||||||
Premises and equipment, net
|
1,551 | 1,124 | ||||||
Other real estate owned, net
|
255 | 185 | ||||||
Prepaid expenses and other assets
|
654 | 605 | ||||||
Total Assets
|
$ | 109,061 | $ | 109,189 | ||||
Liabilities and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits, interest-bearing
|
$ | 89,734 | $ | 88,525 | ||||
Federal Home Loan Bank advances
|
2,000 | 3,800 | ||||||
Accrued interest payable
|
83 | 98 | ||||||
Advances from borrowers for taxes and insurance
|
541 | 822 | ||||||
Accrued expenses and other liabilities
|
117 | 248 | ||||||
Total Liabilities
|
92,475 | 93,493 | ||||||
Stockholders’ Equity
|
||||||||
Preferred stock – $0.01 par value, 1,000,000 shares authorized; none issued or outstanding
|
- | - | ||||||
Common stock – $0.01 par value; 9,000,000 shares
|
||||||||
authorized; 1,388,625 issued; 983,821 and 987,126 outstanding at September 30, 2012 and December 31, 2011, respectively
|
14 | 14 | ||||||
Additional paid-in capital
|
13,524 | 13,513 | ||||||
Treasury stock, at cost: 2012 404,804 shares; 2011 401,499 shares
|
(3,716 | ) | (3,683 | ) | ||||
Unallocated common stock held by:
Employee Stock Ownership Plan (ESOP)
|
(658 | ) | (727 | ) | ||||
Recognition & Retention Plan Trust (RRP)
|
(200 | ) | (280 | ) | ||||
Accumulated other comprehensive income (loss)
|
29 | (56 | ) | |||||
Retained earnings
|
7,593 | 6,915 | ||||||
Total Stockholders' Equity
|
16,586 | 15,696 | ||||||
Total Liabilities and Stockholders’ Equity
|
$ | 109,061 | $ | 109,189 |
For the Three
Months Ended
|
For the Nine
Months Ended
|
|||||||||||||||
September 30, | September 30, | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Interest Income | (In thousands, except for share data) | |||||||||||||||
Interest on loans
|
$ | 1,366 | $ | 1,260 | $ | 4,045 | $ | 3,751 | ||||||||
Interest on short-term investments and investment securities
|
79 | 129 | 303 | 373 | ||||||||||||
Total Interest Income
|
1,445 | 1,389 | 4,348 | 4,124 | ||||||||||||
Interest Expense
|
||||||||||||||||
Interest on deposits
|
393 | 435 | 1,196 | 1,267 | ||||||||||||
Interest on Federal Home Loan Bank advances
|
26 | 45 | 98 | 149 | ||||||||||||
Interest on other borrowings
|
- | 6 | - | 18 | ||||||||||||
Total Interest Expense
|
419 | 486 | 1,294 | 1,434 | ||||||||||||
Net Interest Income
|
1,026 | 903 | 3,054 | 2,690 | ||||||||||||
Provision for Loan Losses
|
32 | 29 | 182 | 85 |
Net Interest Income after Provision for Loan Losses
|
994 | 874 | 2,872 | 2,605 | ||||||||||||
Non-Interest Income
|
||||||||||||||||
Mortgage banking and title abstract fees
|
304 | 66 | 625 | 195 | ||||||||||||
Other fees and services charges
|
10 | 13 | 35 | 30 | ||||||||||||
Gain on sale of SBA loan
|
- | - | 32 | - | ||||||||||||
Gain on sale of investment securities
|
- | - | 331 | - | ||||||||||||
Gain (loss) on sale of other real estate owned
|
18 | (53 | ) | 12 | (53 | ) | ||||||||||
Other
|
30 | 15 | 48 | 50 | ||||||||||||
Total Non-Interest Income
|
362 | 41 | 1,083 | 222 | ||||||||||||
Non-Interest Expense
|
||||||||||||||||
Salaries and employee benefits
|
580 | 435 | 1,596 | 1,257 | ||||||||||||
Directors' fees and expenses
|
52 | 57 | 162 | 170 | ||||||||||||
Occupancy and equipment
|
99 | 60 | 258 | 167 | ||||||||||||
Professional fees
|
99 | 76 | 268 | 229 | ||||||||||||
FDIC deposit insurance assessment
|
32 | (18 | ) | 97 | 59 | |||||||||||
Other real estate owned expense
|
25 | 53 | 35 | 104 | ||||||||||||
Advertising
|
14 | 12 | 43 | 35 | ||||||||||||
Other
|
81 | 52 | 224 | 156 | ||||||||||||
Total Non-Interest Expense
|
982 | 727 | 2,683 | 2,177 | ||||||||||||
Income before Income Taxes
|
374 | 188 | 1,272 | 650 | ||||||||||||
Income Taxes
|
132 | 77 | 481 | 265 | ||||||||||||
Net Income
|
$ | 242 | $ | 111 | $ | 791 | $ | 385 | ||||||||
Earnings per share - basic
|
$ | 0.27 | $ | 0.13 | $ | 0.89 | $ | 0.44 | ||||||||
Average shares outstanding - basic
|
891,168 | 878,477 | 886,014 | 873,539 | ||||||||||||
Earnings per share - diluted
|
$ | 0.27 | $ | 0.13 | $ | 0.89 | $ | 0.44 | ||||||||
Average shares outstanding - diluted
|
894,975 | 880,524 | 890,648 | 878,393 |
For the Three
Months Ended
September 30,
|
For the Nine
Months Ended
September 30,
|
|||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
(In Thousands) | ||||||||||||||||
Net Income
|
$ | 242 | $ | 111 | $ | 791 | $ | 385 | ||||||||
Other Comprehensive Income (Loss):
|
||||||||||||||||
Unrealized gains (losses) on investment securities available-for-sale, net of tax of $26 and $43 for 2012 and $(26) and $(20) for 2011
|
51 | (50 | ) | 85 | (38 | ) | ||||||||||
Reclassification adjustment for transfer of investment securities from held-to-maturity to available-for-sale, net of tax of $120 in 2012
|
- | - | 211 | - | ||||||||||||
Reclassification adjustment for gains on sale of investment securities included in net income, net of tax of $120 in 2012
|
- | - | (211 | ) | - | |||||||||||
Net other comprehensive income (loss)
|
51 | (50 | ) | 85 | (38 | ) | ||||||||||
Total Comprehensive Income
|
$ | 293 | $ | 61 | $ | 876 | $ | 347 | ||||||||
Unallocated | ||||||||||||||||||||||||||||||||
Common Stock | Common | Accumulated | ||||||||||||||||||||||||||||||
Number of | Additional | Stock Held | Other | Total | ||||||||||||||||||||||||||||
Shares | Paid-in | Treasury | by Benefit | Comprehensive | Retained | Stockholders' | ||||||||||||||||||||||||||
Outstanding | Amount | Capital | Stock | Plans | (Loss) Income | Earnings | Equity | |||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
BALANCE – December 31, 2011
|
987,126 | $ | 14 | $ | 13,513 | $ | (3,683 | ) | $ | (1,007 | ) | $ | (56 | ) | $ | 6,915 | $ | 15,696 | ||||||||||||||
Common stock released by ESOP
|
2 | 69 | 71 | |||||||||||||||||||||||||||||
Treasury stock purchased
|
(3,305 | ) | (33 | ) | (33 | ) | ||||||||||||||||||||||||||
Stock based compensation expense
|
89 | 89 | ||||||||||||||||||||||||||||||
Release of vested common stock by the
Recognition and Retention Plan Trust
(8,546 shares)
|
(80 | ) | 80 | - | ||||||||||||||||||||||||||||
Cash dividends declared
($0.115 per share)
|
(113 | ) | (113 | ) | ||||||||||||||||||||||||||||
Net income
|
791 | 791 | ||||||||||||||||||||||||||||||
Unrealized gain on securities, net of deferred taxes
|
85 | 85 | ||||||||||||||||||||||||||||||
BALANCE –September 30, 2012
|
983,821 | $ | 14 | $ | 13,524 | (3,716 | ) | $ | (858 | ) | 29 | $ | 7,593 | $ | 16,586 |
For the Nine Months Ended | ||||||||
September 30, | ||||||||
2012 | 2011 | |||||||
(In Thousands) | ||||||||
Cash Flows from Operating Activities | ||||||||
Net income
|
$ | 791 | $ | 385 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
|
||||||||
Provision for loan losses
|
182 | 85 | ||||||
Depreciation expense
|
76 | 39 | ||||||
Net accretion of securities discounts
|
(82 | ) | (6 | ) | ||||
Amortization of deferred loan fees and costs
|
26 | 8 | ||||||
Stock-based compensation expense
|
160 | 142 | ||||||
Gain on the sale of loans held for sale
|
(528 | ) | (103 | ) | ||||
Gain on the sale of securities available for sale
|
(331 | ) | - | |||||
Net (gain) loss on sale of other real estate owned
|
(12 | ) | 53 | |||||
Changes in assets and liabilities which provided (used ) cash:
|
||||||||
Loans held for sale-originations
|
(20,570 | ) | (6,885 | ) | ||||
Loans held for sale-proceeds
|
17,195 | 5,933 | ||||||
Accrued interest receivable
|
(107 | ) | (100 | ) | ||||
Prepaid expenses and other assets
|
(92 | ) | (35 | ) | ||||
Accrued interest payable
|
(15 | ) | (11 | ) | ||||
Accrued expenses and other liabilities
|
(131 | ) | (87 | ) | ||||
(3,438 | ) | (582 | ) | |||||
Cash Flows from Investing Activities
|
||||||||
Net increase in investment in interest-earning time deposits
|
(42 | ) | (2,078 | ) | ||||
Purchase of investment securities available for sale
|
(541 | ) | (5,393 | ) | ||||
Proceeds from calls of and principal payments received on investment securities available for sale
|
3,087 | 1,850 | ||||||
Proceeds from the sale of securities available for sale
|
3,911 | - | ||||||
Principal payments received on mortgage-backed securities held to maturity
|
299 | 1,124 | ||||||
Net increase in loans receivable
|
(5,775 | ) | (825 | ) | ||||
Net decrease in investment in Federal Home Loan Bank stock
|
113 | 108 | ||||||
Proceeds from the sale of other real estate owned
|
197 | 1,218 | ||||||
Purchase of premises and equipment
|
(503 | ) | (85 | ) | ||||
746 | (4,081 | ) | ||||||
Cash Flows from Financing Activities
|
||||||||
Net increase in deposits
|
1,209 | 8,746 | ||||||
Decrease in Federal Home Loan Bank advances
|
(1,800 | ) | (1,800 | ) | ||||
Repayment of other borrowings
|
- | (16 | ) | |||||
Dividends paid
|
(113 | ) | (100 | ) | ||||
Purchase of Treasury stock
|
(33 | ) | (47 | ) | ||||
Decrease in advances from borrowers for taxes and insurance
|
(281 | ) | (276 | ) | ||||
(1,018 | ) | 6,507 | ||||||
(3,710 | ) | 1,844 | ||||||
11,687 | 8,650 | |||||||
Cash and Cash Equivalents – End of Period
|
$ | 7,977 | $ | 10,494 | ||||
Supplementary Disclosure of Cash Flow and Non-Cash Information:
|
||||||||
Cash payments for interest
|
$ | 1,309 | $ | 1,445 | ||||
Cash payments for income taxes
|
$ | 599 | $ | 405 | ||||
Transfer of loans to other real estate owned
|
$ | 255 | $ | 640 | ||||
Transfer of mortgage-backed securities held to maturity to investment
and mortgage-backed securities available for sale
|
$ | 3,591 | $ | - |
September 30,
2012
|
December 31,
2011
|
|||||||
(In Thousands)
|
||||||||
Due in one year or less
|
$ | 3,572 | $ | 3,058 | ||||
Due after one year through five years
|
4,552 | 5,024 | ||||||
$ | 8,124 | $ | 8,082 |
September 30, 2012
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
U.S. Government agency securities
|
$ | 950 | $ | 1 | $ | - | $ | 951 | ||||||||
Corporate securities
|
1,746 | 42 | (12 | ) | 1,776 | |||||||||||
Short-term bond fund
|
1,116 | 12 | - | 1,128 | ||||||||||||
Limited-term bond fund
|
525 | - | - | 525 | ||||||||||||
$ | 4,337 | $ | 55 | $ | ( 12 | ) | $ | 4,380 |
December 31, 2011
|
||||||||||||||||
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized Losses
|
Fair Value
|
|||||||||||||
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
|
1,746 | 1,776 | |||||||
Due after five years through ten years
|
950 | 951 | |||||||
$ | 2,696 | $ | 2,727 |
|
|
September 30, 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
|
3 | $ | - | $ | - | $ | 738 | $ | (12 | ) | $ | 738 | $ | (12 | ) | |||||||||||||
Total
|
3 | $ | - | $ | - | $ | 738 | $ | (12 | ) | $ | 738 | $ | (12 | ) |
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 |
September 30,
2012
|
December 31,
2011
|
||||||||
(In Thousands)
|
|||||||||
Real estate loans:
|
|||||||||
One-to-four family residential:
|
|||||||||
Owner occupied
|
$ | 9,827 | $ | 12,153 | |||||
Non-owner occupied
|
32,787 | 29,606 | |||||||
Total one-to-four family residential
|
42,614 | 41,759 | |||||||
Multi-family (five or more) residential
|
3,185 | 3,715 | |||||||
Commercial real estate
|
19,135 | 18,200 | |||||||
Commercial lines of credit
|
1,834 | 1,654 | |||||||
Construction
|
9,133 | 5,263 | |||||||
Home equity loans
|
5,646 | 5,491 | |||||||
Total real estate loans
|
81,547 | 76,082 | |||||||
Auto and equipment loans
|
100 | 41 | |||||||
Loans secured by deposits
|
72 | 59 | |||||||
Total Loans
|
81,719 | 76,182 | |||||||
Deferred loan fees and costs
|
(95 | ) | (38 | ) | |||||
Allowance for loan losses
|
(973 | ) | (805 | ) | |||||
Net Loans
|
$ | 80,651 | $ | 75,339 |
September 30, 2012
|
||||||||||||||||||||
Pass
|
Special Mention
|
Substandard
|
Doubtful
|
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | 8,948 | $ | 748 | $ | 131 | $ | - | $ | 9,827 | ||||||||||
One-to-four family residential non-owner occupied
|
31,661 | 204 | 665 | 257 | 32,787 | |||||||||||||||
Multi-family residential
|
3,185 | - | - | - | 3,185 | |||||||||||||||
Commercial real estate and lines of credit
|
19,768 | 572 | 446 | 183 | 20,969 | |||||||||||||||
Construction
|
9,133 | - | - | - | 9,133 | |||||||||||||||
Home equity
|
4,895 | 432 | 319 | - | 5,646 | |||||||||||||||
Consumer non-real estate
|
165 | - | 7 | - | 172 | |||||||||||||||
$ | 77,755 | $ | 1,956 | $ | 1,568 | $ | 440 | $ | 81,719 |
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 |
September 30, 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 | $ | 7 | ||||||||||
One-to-four family residential non-owner occupied
|
446 | 446 | - | 448 | 11 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
130 | 130 | - | 131 | 6 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
245 | 245 | - | 246 | 11 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
With an allowance recorded:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||
One-to-four family residential non-owner occupied
|
476 | 476 | 108 | 477 | 9 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
499 | 499 | 108 | 500 | 11 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
74 | 74 | 26 | 76 | 5 | |||||||||||||||
Consumer non-real estate
|
7 | 7 | - | 9 | 1 | |||||||||||||||
Total:
|
||||||||||||||||||||
One-to-four family residential owner occupied
|
$ | 131 | $ | 131 | $ | - | $ | 131 | $ | 7 | ||||||||||
One-to-four family residential non-owner occupied
|
922 | 922 | 108 | 925 | 20 | |||||||||||||||
Multi-family residential and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
629 | 629 | 108 | 631 | 17 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
319 | 319 | 26 | 322 | 16 | |||||||||||||||
Consumer non-real estate
|
7 | 7 | - | 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 and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
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 and lines of credit
|
- | - | - | - | - | |||||||||||||||
Commercial real estate
|
427 | 427 | 36 | 428 | 17 | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
577 | 577 | 42 | 586 | 29 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
September 30, 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 | 303 | - | 303 | 10 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
3 | 246 | - | 246 | 1 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
8 | $ | 620 | $ | 71 | $ | 549 | $ | 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 |
September 30, 2012
|
||||||||||||||||||||
Current &
Past Due
Less than 30
Days
|
Past Due
30-89 Days
|
Greater
than 90
Days
|
Non-Accruing |
Total
|
||||||||||||||||
One-to-four family residential owner occupied
|
$ | - | $ | - | $ | - | $ | 71 | $ | 71 | ||||||||||
One-to-four family residential non-owner occupied
|
- | - | 303 | - | 303 | |||||||||||||||
Multi-family residential
|
- | - | - | - | - | |||||||||||||||
Commercial real estate and lines of credit
|
- | - | - | - | - | |||||||||||||||
Construction
|
- | - | - | - | - | |||||||||||||||
Home equity
|
- | 181 | 65 | - | 246 | |||||||||||||||
Consumer non-real estate
|
- | - | - | - | - | |||||||||||||||
Total
|
$ | - | $ | 181 | $ | 368 | $ | 71 | $ | 620 |
September 30, 2012 | ||||||||||||||||||||||||||||||||||||
1-4 Family | 1-4 Family | Commercial | ||||||||||||||||||||||||||||||||||
Residential | Residential | Real Estate | Consumer | |||||||||||||||||||||||||||||||||
Owner | Non-Owner | Multi-Family | and Lines of | Home | Non-Real | |||||||||||||||||||||||||||||||
Occupied | Occupied | Residential | Credit | Construction | Equity | Estate | Unallocated | Total | ||||||||||||||||||||||||||||
For the Three Months Ended September 30, 2012 | ||||||||||||||||||||||||||||||||||||
Allowance for loan losses: | ||||||||||||||||||||||||||||||||||||
Beginning balance
|
$ | 76 | $ | 409 | $ | 21 | $ | 248 | $ | 52 | $ | 76 | $ | 2 | $ | 67 | $ | 951 | ||||||||||||||||||
Charge-offs
|
- | (10 | ) | - | - | - | - | - | - | - | ||||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision
|
(3 | ) | 10 | 1 | 5 | 7 | (10 | ) | (1 | ) | 23 | 32 | ||||||||||||||||||||||||
Ending balance
|
$ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 |
For the Nine Months Ended September 30, 2012
|
|||||||||||
Allowance for loan losses:
|
Beginning balance
|
$ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||
Charge-offs
|
- | (10 | ) | - | - | - | (4 | ) | - | - | (14 | ) | ||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | - | |||||||||||||||||||||||||||
Provision
|
(41 | ) | 68 | (4 | ) | 105 | 24 | (13 | ) | - | 43 | 182 | ||||||||||||||||||||||||
Ending balance
|
$ | 73 | $ | 409 | $ | 22 | $ | 253 | $ | 59 | $ | 66 | $ | 1 | $ | 90 | $ | 973 | ||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | - | $ | 108 | $ | - | $ | 108 | $ | - | $ | 26 | $ | - | $ | - | $ | 242 | ||||||||||||||||||
Collectively
|
$ | 73 | $ | 301 | $ | 22 | $ | 145 | $ | 59 | $ | 40 | $ | 1 | $ | 90 | $ | 731 | ||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance:
|
$ | 9,827 | $ | 32,787 | $ | 3,185 | $ | 20,969 | $ | 9,133 | $ | 5,646 | $ | 172 | $ | - | $ | 81,719 | ||||||||||||||||||
Ending balance evaluated
|
||||||||||||||||||||||||||||||||||||
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | 131 | $ | 922 | $ | - | $ | 629 | $ | - | $ | 319 | $ | 7 | $ | - | $ | 2,008 | ||||||||||||||||||
Collectively
|
$ | 9,696 | $ | 31,865 | $ | 3,185 | $ | 20,340 | $ | 9,133 | $ | 5,327 | $ | 165 | $ | - | $ | 79,711 |
December 31, 2011
|
||||||||||||||||||||||||||||||||||||
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
|
$ | 185 | $ | 335 | $ | 23 | $ | 155 | $ | 40 | $ | 92 | $ | 1 | $ | 40 | $ | 871 | ||||||||||||||||||
Charge-offs
|
(93 | ) | (110 | ) | - | - | - | - | - | - | (203 | ) | ||||||||||||||||||||||||
Recoveries
|
- | - | - | - | - | - | - | - | -- | |||||||||||||||||||||||||||
Provision
|
22 | 126 | 3 | (7 | ) | (5 | ) | (9 | ) | - | 7 | 137 | ||||||||||||||||||||||||
Ending balance
|
$ | 114 | $ | 351 | $ | 26 | $ | 148 | $ | 35 | $ | 83 | $ | 1 | $ | 47 | $ | 805 | ||||||||||||||||||
Ending balance evaluated
for impairment:
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | - | $ | 91 | $ | - | $ | 36 | $ | - | $ | 42 | $ | - | $ | - | $ | 169 | ||||||||||||||||||
Collectively
|
$ | 114 | $ | 260 | $ | 26 | $ | 112 | $ | 35 | $ | 41 | $ | 1 | $ | 47 | $ | 636 | ||||||||||||||||||
Loans receivable:
|
||||||||||||||||||||||||||||||||||||
Ending balance
|
$ | 12,153 | $ | 29,606 | $ | 3,715 | $ | 19,854 | $ | 5,263 | $ | 5,491 | $ | 100 | $ | - | $ | 76,182 | ||||||||||||||||||
Ending balance evaluated
for impairment
|
||||||||||||||||||||||||||||||||||||
Individually
|
$ | 861 | $ | 1,240 | $ | - | $ | 427 | $ | - | $ | 577 | $ | - | $ | - | $ | 3,105 | ||||||||||||||||||
Collectively
|
$ | 11,292 | $ | 28,366 | $ | 3,715 | $ | 19,427 | $ | 5,263 | $ | 4,914 | $ | 100 | $ | - | $ | 73,077 |
September 30,
2012
|
December 31,
2011
|
|||||||
One-to-four family residential owner occupied
|
$ | 131 | $ | 808 | ||||
One-to-four family residential non-owner occupied
|
619 | 624 | ||||||
Multi-family residential
|
- | -- | ||||||
Commercial real estate and lines of credit
|
629 | 427 | ||||||
Construction
|
-- | -- | ||||||
Home equity
|
200 | 256 | ||||||
Consumer non-real estate
|
-- | -- | ||||||
$ | 1,579 | $ | 2,115 |
September 30, 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
|
$ | 485 | $ | 131 | $ | 616 | $ | 9,211 | $ | 9,827 | $ | - | ||||||||||||
One-to-four family residential non-owner
o
ccupied
|
1,231 | 922 | 2,153 | 30,634 | 32,787 | 303 | ||||||||||||||||||
Multi-family residential
|
- | - | - | 3,185 | 3,185 | - | ||||||||||||||||||
Commercial real estate and lines of credit
|
856 | 843 | 1,699 | 19,270 | 20,969 | 214 | ||||||||||||||||||
Construction
|
462 | - | 462 | 8,671 | 9,133 | - | ||||||||||||||||||
Home equity
|
236 | 265 | 501 | 5,145 | 5,646 | 65 | ||||||||||||||||||
Consumer non-real estate
|
7 | - | 7 | 165 | 172 | - | ||||||||||||||||||
$ | 3,277 | $ | 2,161 | $ | 5,438 | $ | 76,281 | $ | 81,719 | $ | 582 |
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 |
September 30,
2012
|
December 31,
2011
|
||||||||
Passbook savings accounts
|
$ | 2,845 | $ | 2,943 | |||||
Statement savings accounts
|
5,742 | 6,975 | |||||||
eSavings accounts
|
8,316 | 3,924 | |||||||
Certificates of deposit
|
72,831 | 74,683 | |||||||
Total deposits
|
$ | 89,734 | $ | 88,525 |
Maturity Period
|
Amount
|
Weighted
Interest
Rate
|
|||||||
1 to 12 months
|
$ | 2,000 | 4.19 | % |
For the Three Months Ended September 30,
|
For the Nine Months Ended September 30,
|
|||||||||||||||
2012
|
2011
|
2012
|
2011
|
|||||||||||||
Net Income
|
$ | 242 ,000 | $ | 111 ,000 | $ | 791 ,000 | $ | 385 ,000 | ||||||||
Weighted average shares outstanding – basic
|
891,168 | 878,477 | 886,014 | 873,539 | ||||||||||||
Effect of dilutive common stock equivalents
|
3,807 | 2,047 | 4,634 | 4,854 | ||||||||||||
Adjusted weighted average shares outstanding – diluted
|
894,975 | 880,524 | 890,648 | 878,393 | ||||||||||||
Basic earnings per share
|
$ | 0.27 | $ | 0.13 | $ | 0.89 | $ | 0.44 | ||||||||
Diluted earnings per share
|
$ | 0.27 | $ | 0.13 | $ | 0.89 | $ | 0.44 |
September 30, 2012
|
September 30, 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 | ) | - | (8,529 | ) | 9.05 | ||||||||||
Forfeited
|
- | - | - | - | ||||||||||||
Unvested at the end of the period
|
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
|
- | - | - | -- | - | |||||||||||||||
Outstanding at the end of the period
|
107,570 | $ | 10.00 | 5.9 | 107,570 | $ | 10.00 | |||||||||||||
Exercisable at the end of the period
|
85,332 | $ | 10.00 | 5.9 | 63,999 | $ | 10.00 |
September 30, 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
|
$ | 951 | $ | - | $ | 951 | $ | - | ||||||||
Corporate securities
|
1,776 | 1,776 | - | - | ||||||||||||
Short-term bond fund
|
1,128 | 1,128 | - | - | ||||||||||||
Limited-term bond fund
|
525 | 525 | - | - | ||||||||||||
Total investment securities available for sale
|
$ | 4,380 | 3,429 | 951 | $ | - | ||||||||||
Total recurring fair value measurements
|
$ | 4,380 | $ | 3,429 | $ | 951 | $ | - | ||||||||
Nonrecurring fair value measurements
|
||||||||||||||||
Impaired loans
|
$ | 814 | $ | - | $ | - | $ | 814 | ||||||||
Other real estate owned
|
255 | - | - | 255 | ||||||||||||
Total nonrecurring fair value measurements
|
$ | 1,069 | $ | - | $ | - | $ | 1,069 |
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 |
September 30, 2012
|
|||||||
Quantitative Information About Level 3 Fair Value Measurements
|
|||||||
Total Fair Value
|
Valuation Techniques
|
Unobservable Input
|
Range (Weighted Average)
|
||||
Impaired loans
|
$ | 814 |
Appraisal of collateral
(1)
|
Appraisal adjustments
(2)
|
0% to -58% (-18%)
|
||
L iquidation expenses (2) | (-8%) | ||||||
Other real estate owned
|
$ | 255 |
Appraisal of collateral
(1) (3)
|
(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
|
||||||||||||||||||||
September 30, 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
|
$ | 7,977 | $ | 7,977 | $ | 7,977 | $ | - | $ | - | ||||||||||
Investment in interest-earning time deposits
|
8,124 | 8,227 | - | 8,227 | - | |||||||||||||||
Investment securities available for sale
|
4,380 | 4,380 | 3,429 | 951 | - | |||||||||||||||
Loans held for sale
|
4,316 | 4,347 | - | 4,347 | - | |||||||||||||||
Loans receivable, net
|
80,651 | 81,509 | - | - | 81,509 | |||||||||||||||
Accrued interest receivable
|
650 | 650 | 650 | - | - | |||||||||||||||
Investment in FHLB stock
|
503 | 503 | - | 503 | - | |||||||||||||||
Financial Liabilities
|
||||||||||||||||||||
Deposits
|
89,734 | 90,988 | 16,903 | 74,085 | - | |||||||||||||||
FHLB advances, short-term
|
2,000 | 2,000 | - | 2,000 | - | |||||||||||||||
Accrued interest payable
|
83 | 83 | 83 | - | - |
December 31, 2011
|
||||||||
Carrying Amount
|
Fair Value Estimate
|
|||||||
Financial Assets
|
||||||||
Cash and cash equivalents
|
$ | 11,687 | $ | 11,687 | ||||
Investment in interest-earning time deposits
|
8,082 | 8,178 | ||||||
Investment securities available for sale
|
6,707 | 6,707 | ||||||
Mortgage-backed securities held to maturity
|
3,888 | 4,248 | ||||||
Loans held for sale
|
413 | 418 | ||||||
Loans receivable, net
|
75,339 | 77,005 | ||||||
Accrued interest receivable
|
543 | 543 | ||||||
Investment in FHLB stock
|
616 | 616 | ||||||
Financial Liabilities
|
||||||||
Deposits
|
88,525 | 90,106 | ||||||
FHLB advances, long-term
|
2,000 | 2,105 | ||||||
FHLB advances, short-term
|
1,800 | 1,800 | ||||||
Accrued interest payable
|
98 | 98 |
ITEM 2.
|
MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||||
Average | Average | |||||||||||||||||||||||
Average | Yield/ | Average | Yield/ | |||||||||||||||||||||
Balance | Interest | Rate | Balance | Interest | Rate | |||||||||||||||||||
Interest-earning assets: | (Dollars in thousands) | |||||||||||||||||||||||
Short-term investments and investment
securities available for sale
|
$ | 19,866 | $ | 79 | 1.59 | % | $ | 23,951 | $ | 75 | 1.25 | % | ||||||||||||
Mortgage-backed securities held to
maturity
|
- | - | - | 4,475 | 54 | 4.83 | ||||||||||||||||||
Loans receivable, net (1) (2)
|
82,898 | 1,366 | 6.59 | 75,323 | 1,260 | 6.69 | ||||||||||||||||||
Total interest-earning assets
|
102,764 | 1,445 | 5.62 | % | 103,749 | 1,389 | 5.36 | % | ||||||||||||||||
Non-interest-earning assets
|
5,293 | 4,258 | ||||||||||||||||||||||
Total assets
|
$ | 108,057 | $ | 108,007 | ||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 2,810 | 2 | 0.28 | % | $ | 2,911 | 2 | 0.27 | % | ||||||||||||||
Statement savings accounts
|
5,922 | 6 | 0.41 | 6,859 | 10 | 0.58 | ||||||||||||||||||
eSavings accounts
|
7,793 | 19 | 0.98 | 2,827 | 7 | 0.99 | ||||||||||||||||||
Certificate of deposit accounts
|
71,685 | 366 | 2.04 | 74,325 | 416 | 2.24 | ||||||||||||||||||
Total deposits
|
88,210 | 393 | 1.78 | 86,922 | 435 | 2.00 | ||||||||||||||||||
FHLB advances
|
2,548 | 26 | 4.08 | 4,252 | 45 | 4.23 | ||||||||||||||||||
Other borrowings
|
- | - | - | 409 | 6 | 5.87 | ||||||||||||||||||
Total interest-bearing liabilities
|
90,758 | 419 | 1.85 | % | 91,583 | 486 | 2.12 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
942 | 859 | ||||||||||||||||||||||
Total liabilities
|
91,700 | 92,442 | ||||||||||||||||||||||
Stockholders’ Equity
|
16,357 | 15,565 | ||||||||||||||||||||||
Total liabilities and Stockholders’
Equity
|
$ | 108,057 | $ | 1 08,007 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 12,006 | $ | 12,165 | ||||||||||||||||||||
Net interest income; average interest rate
spread
|
1,026 | 3.77 | % | $ | 903 | 3.24 | % | |||||||||||||||||
Net interest margin (3)
|
3.99 | % | 3.48 | % | ||||||||||||||||||||
Average interest-earning assets to average
interest-bearing liabilities
|
113.23 | % | 113.28 | % |
(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)
|
Equals net interest income divided by average interest-earning assets.
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
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 available for sale
|
$ | 20,439 | $ | 250 | 1.63 | % | $ | 21,425 | $ | 199 | 1.24 | % | ||||||||||||
Mortgage-backed securities
|
1,489 | 53 | 4.75 | 4,826 | 174 | 4.81 | ||||||||||||||||||
Loans receivable, net (1) (2)
|
81,139 | 4,045 | 6.65 | 74,732 | 3,751 | 6.69 | ||||||||||||||||||
Total interest-earning assets
|
103,067 | 4,348 | 5.62 | % | 100,983 | 4,124 | 5.45 | % | ||||||||||||||||
Non-interest-earning assets
|
4,584 | 4,818 | ||||||||||||||||||||||
Total assets
|
$ | 107,651 | 115,801 | |||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Passbook accounts
|
$ | 2,888 | 5 | 0.23 | % | $ | 3,024 | 8 | 0.35 | % | ||||||||||||||
Statement savings accounts
|
6,241 | 20 | 0.43 | 6,902 | 37 | 0.71 | ||||||||||||||||||
eSavings accounts
|
5,922 | 43 | 0.97 | 2,743 | 20 | 0.97 | ||||||||||||||||||
Certificate of deposit accounts
|
72,371 | 1,128 | 2.08 | 71,491 | 1,202 | 2.24 | ||||||||||||||||||
Total deposits
|
87,422 | 1,196 | 1.82 | 84,160 | 1,267 | 2.01 | ||||||||||||||||||
FHLB advances
|
3,134 | 98 | 4.17 | 4,908 | 149 | 4.05 | ||||||||||||||||||
Other borrowings
|
- | - | - | 414 | 18 | 5.80 | ||||||||||||||||||
Total interest-bearing liabilities
|
90,556 | 1,294 | 1.91 | % | 89,482 | 1,434 | 2.14 | % | ||||||||||||||||
Non-interest-bearing liabilities
|
970 | 862 | ||||||||||||||||||||||
Total liabilities
|
91,526 | 90,344 | ||||||||||||||||||||||
Stockholders’ Equity
|
16,125 | 15,457 | ||||||||||||||||||||||
Total liabilities and Stockholders’
Equity
|
$ | 107,651 | $ | 105,801 | ||||||||||||||||||||
Net interest-earning assets
|
$ | 12,511 | $ | 11,501 | ||||||||||||||||||||
Net interest income; average interest rate
spread
|
3,054 | 3.71 | % | 2,690 | 3.31 | % | ||||||||||||||||||
Net interest margin (3)
|
3.95 | % | 3.55 | % | ||||||||||||||||||||
Average interest-earning assets to average interest-bearing liabilities
|
113.82 | % | 112.85 | % |
(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)
|
Equals net interest income divided by average interest-earning assets.
|
ITEM 1.
|
LEGAL PROCEEDINGS
|
ITEM 1A.
|
RISK FACTORS
|
ITEM 2.
|
UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
|
Period
|
Total Number
of Shares
Purchased
|
Average Price
Paid per
Share
|
Total Number of Shares Purchased as Part of Publicly Announced Plans
or Programs
|
Maximum
Number of Shares that May Yet Be Purchased Under the Plans or
Programs (1)
|
||||||||||||
July 1, 2012 – July 31, 2012
|
- | $ | - | - | 59,920 | |||||||||||
August 1, 2012 – August 31, 2012
|
- | - | - | 59,920 | ||||||||||||
September 1, 2012 – September 30, 2012
|
- | - | - | 59,920 | ||||||||||||
Total
|
- | $ | - | - | 59.920 |
(1)
|
On September 10, 2010, the Company announced by press release its third repurchase program to repurchase up to an additional 69,431 shares, or approximately 6.2% of the Company's then current outstanding shares of common stock. The Company commenced this third stock repurchase program upon the completion of its prior repurchase program on December 3, 2010.
|
ITEM 3.
|
DEFAULTS UPON SENIOR SECURITIES
|
ITEM 4.
|
MINE SAFETY PROCEDURES
|
ITEM 5.
|
OTHER INFORMATION
|
ITEM 6.
|
EXHIBITS
|
______________________
|
|
*
|
|
The interactive data files are being furnished on Exhibit 101 hereto and, in accordance with Rule 402 of Regulation S-T, shall not be deemed filed for purposes of Section 11 or 12 of the Securities Act of 1933, as amended, or Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to liability under those sections.
|
Date: November 13, 2012 | /s/ Robert T. Strong | |
|
By:
|
Robert T. Strong
President and Chief Executive Officer
|
Date: November 13, 2012 | /s/ John J. Augustine | |
|
By:
|
John J. Augustine
Chief Financial Officer
|
1 Year Quaint Oak Bancorp (QB) Chart |
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