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Share Name | Share Symbol | Market | Type |
---|---|---|---|
SFSB Inc (CE) | USOTC:SFBI | 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% | 0.0001 | 0.00 | 01:00:00 |
(Mark
One)
|
||
x
|
QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
For
the quarterly period ended September 30, 2007
|
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF
1934 FOR THE TRANSITION PERIOD FROM ___________ TO ___________
|
United
States
|
20-2077715
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
incorporation
or organization)
|
Identification
No.)
|
September
30, 2007
|
|
December
31, 2006
|
|
||||
|
|
(Dollars
in thousands, except share data)
|
|||||
ASSETS
|
|||||||
Cash
and due from banks
|
$
|
640
|
$
|
881
|
|||
Federal
funds sold
|
901
|
1,970
|
|||||
Cash
and cash equivalents
|
1,541
|
2,851
|
|||||
Investment
securities - available for sale
|
8,819
|
8,526
|
|||||
Investment
securities - held to maturity
|
3,000
|
4,000
|
|||||
Mortgage
backed securities - held to maturity
|
2,474
|
3,200
|
|||||
Loans
receivable - net of allowance for loan losses of
|
|||||||
2007
$937; 2006 $850
|
146,164
|
147,118
|
|||||
Foreclosed
Real Estate
|
1,083
|
-
|
|||||
Federal
Home Loan Bank of Atlanta stock, at cost
|
1,821
|
2,098
|
|||||
Premises
and equipment, net
|
5,159
|
5,265
|
|||||
Accrued
interest receivable
|
581
|
560
|
|||||
Other
assets
|
450
|
607
|
|||||
Total
assets
|
$
|
171,092
|
$
|
174,225
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Liabilities
|
|||||||
Deposits
|
$
|
114,685
|
$
|
111,823
|
|||
Checks
outstanding in excess of bank balance
|
1,439
|
384
|
|||||
Borrowings
|
31,500
|
39,000
|
|||||
Advance
payments by borrowers for taxes and insurance
|
664
|
350
|
|||||
Other
liabilities
|
720
|
303
|
|||||
Total
liabilities
|
149,008
|
151,860
|
|||||
Stockholders’
Equity
|
|||||||
Preferred
stock, no par value, 1,000,000 shares authorized, none issued and
outstanding
|
-
|
-
|
|||||
Common
stock, par value $.01, 9,000,000 shares authorized, 2,975,625 shares
issued at September 30, 2007 and December 31, 2006 and 2,874,874
and
2,907,759 shares outstanding at September 30, 2007 and December
31, 2006,
respectively
|
30
|
30
|
|||||
Additional
paid-in capital
|
12,800
|
12,788
|
|||||
Retained
earnings (substantially restricted)
|
11,371
|
11,393
|
|||||
Unearned
Employee Stock Ownership Plan shares
|
(1,006
|
)
|
(1,050
|
)
|
|||
Treasury
Stock at cost, September 30, 2007, 100,751 shares and December
31, 2006,
67,866 shares
|
(947
|
)
|
(660
|
)
|
|||
Accumulated
other comprehensive loss
|
(164
|
)
|
(136
|
)
|
|||
Total
stockholders’ equity
|
22,084
|
22,365
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
171,092
|
$
|
174,225
|
Three
Months Ended
|
|
Nine
Months Ended
|
|
||||||||||
|
|
September
30,
|
|
September
30
,
|
|
||||||||
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
|
|
(Dollars
in thousands, except for per share data)
|
|||||||||||
Interest
and fees on loans
|
$
|
2,130
|
$
|
2,080
|
$
|
6,228
|
$
|
6,080
|
|||||
Interest
and dividends on investment securities
|
149
|
140
|
446
|
395
|
|||||||||
Interest
on mortgage backed securities
|
29
|
39
|
94
|
122
|
|||||||||
Other
interest income
|
59
|
45
|
224
|
159
|
|||||||||
Total
interest income
|
2,367
|
2,304
|
6,992
|
6,756
|
|||||||||
Interest
on deposits
|
1,201
|
998
|
3,464
|
2,771
|
|||||||||
Interest
on short-term borrowings
|
78
|
119
|
335
|
277
|
|||||||||
Interest
on long-term borrowings
|
271
|
299
|
795
|
880
|
|||||||||
Total
interest expense
|
1,550
|
1,416
|
4,594
|
3,928
|
|||||||||
Net
interest income
|
817
|
888
|
2,398
|
2,828
|
|||||||||
Provision
for loan losses
|
26
|
302
|
208
|
340
|
|||||||||
Net
interest income after provision for loan
|
|||||||||||||
losses
|
791
|
586
|
2,190
|
2,488
|
|||||||||
Other
Income
|
|||||||||||||
Rental
income
|
41
|
35
|
121
|
114
|
|||||||||
Other
income
|
46
|
19
|
99
|
53
|
|||||||||
Gain
on sale of loans
|
18
|
1
|
57
|
8
|
|||||||||
Total
other income
|
105
|
55
|
277
|
175
|
|||||||||
Non-Interest
Expenses
|
|||||||||||||
Compensation
and other related expenses
|
455
|
462
|
1,315
|
1,385
|
|||||||||
Occupancy
expense
|
93
|
93
|
278
|
386
|
|||||||||
Advertising
expense
|
39
|
47
|
147
|
119
|
|||||||||
Service
bureau expense
|
41
|
42
|
124
|
120
|
|||||||||
Furniture,
fixtures and equipment
|
33
|
50
|
98
|
161
|
|||||||||
Telephone,
postage and delivery
|
22
|
20
|
60
|
64
|
|||||||||
Other
expenses
|
165
|
155
|
460
|
498
|
|||||||||
Total
non-interest expenses
|
848
|
869
|
2,482
|
2,733
|
|||||||||
Income
(Loss) before income tax provision
|
48
|
(228
|
)
|
(15
|
)
|
(70
|
)
|
||||||
Income
tax (benefit) provision
|
21
|
(86
|
)
|
6
|
(20
|
)
|
|||||||
Net
income (loss)
|
$
|
27
|
$
|
(142
|
)
|
$
|
(21
|
)
|
$
|
(50
|
)
|
||
Basic
Earnings (Loss) per Share
|
$
|
0.01
|
$
|
(0.05
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
||
Diluted
Earnings (Loss) per Share
|
$
|
0.01
|
$
|
(0.05
|
)
|
$
|
(0.01
|
)
|
$
|
(0.02
|
)
|
Three
Months
Ended
|
|
Nine
Months Ended
|
|
||||||||||
|
|
September
30,
|
|
September
30,
|
|
||||||||
|
|
2007
|
|
2006
|
|
2007
|
|
2006
|
|
||||
|
|
(Dollars
in thousands)
|
|||||||||||
Net
income (loss)
|
$
|
27
|
$
|
(142
|
)
|
$
|
(21
|
)
|
$
|
(50
|
)
|
||
Net
unrealized (loss) gain on securities
|
|||||||||||||
available
for sale during the period
|
|||||||||||||
(net
of taxes of $(4), $13, ($17) and $0)
|
(5
|
)
|
21
|
(27
|
)
|
1
|
|||||||
Total
Comprehensive Income (Loss)
|
$
|
22
|
$
|
(121
|
)
|
$
|
(48
|
)
|
$
|
(49
|
)
|
Nine
Months Ended
|
|
||||||
|
|
2007
|
|
2006
|
|
||
|
|
(Dollars
in thousands)
|
|||||
Cash
Flows From Operating Activities
|
|||||||
Net
loss
|
$
|
(21
|
)
|
$
|
(50
|
)
|
|
Adjustments
to Reconcile Net Loss to Net Cash
|
|||||||
Provided
by Operating Activities:
|
|||||||
Non-cash
compensation under stock-based compensation plans
|
|||||||
and
Employee Stock Ownership Plan
|
129
|
173
|
|||||
Net
amortization of premiums and discounts of investment
securities
|
9
|
11
|
|||||
Amortization
of deferred loan fees
|
(53
|
)
|
(45
|
)
|
|||
Provision
for loan losses
|
208
|
340
|
|||||
Gain
on sale of loans
|
(57
|
)
|
(8
|
)
|
|||
Loans
originated for sale
|
(6,871
|
)
|
(1,510
|
)
|
|||
Proceeds
from loans sold
|
6,928
|
1,518
|
|||||
Provision
for depreciation
|
175
|
340
|
|||||
Decrease
(increase) in accrued interest receivable
|
|||||||
and
other assets
|
152
|
(190
|
)
|
||||
Increase
in accrued interest payable
|
4
|
10
|
|||||
Increase
in other liabilities
|
414
|
9
|
|||||
Net
Cash Provided by Operating Activities
|
1,017
|
598
|
|||||
Cash
Flows from Investing Activities
|
|||||||
Purchase
of available for sale securities
|
(339
|
)
|
(281
|
)
|
|||
Proceeds
from redemption of held to maturity securities
|
1,000
|
-
|
|||||
Net
increase in loans
|
(284
|
)
|
(6,269
|
)
|
|||
Principal
collected on mortgage backed securities
|
717
|
1,033
|
|||||
Purchase
of Federal Home Loan Bank of Atlanta stock
|
-
|
(278
|
)
|
||||
Redemption
of Federal Home Loan Bank of Atlanta stock
|
277
|
-
|
|||||
Purchases
of premises and equipment
|
(69
|
)
|
(55
|
)
|
|||
Net
Cash Provided by (Used in) Investing Activities
|
1,302
|
(5,850
|
)
|
||||
Cash
Flows from Financing Activities
|
|||||||
Net
increase in deposits
|
2,862
|
81
|
|||||
Increase
(decrease) in checks outstanding in excess of bank balance
|
1,055
|
(845
|
)
|
||||
Proceeds
from long-term borrowings
|
10,000
|
6,500
|
|||||
Repayment
of long-term borrowings
|
(10,000
|
)
|
(6,500
|
)
|
|||
Net
change in short-term borrowings
|
(7,500
|
)
|
6,000
|
||||
Increase
in advance payments by borrowers for taxes and insurance
|
314
|
485
|
|||||
Issuance
of common stock
|
67
|
-
|
|||||
Purchase
of treasury stock
|
(427
|
)
|
(422
|
)
|
|||
Net
Cash (Used in) Provided by Financing Activities
|
(3,629
|
)
|
5,299
|
||||
(Decrease)
increase in cash and cash equivalents
|
(1,310
|
)
|
47
|
||||
Cash
and cash equivalents at beginning of year
|
2,851
|
1,342
|
|||||
Cash
and cash equivalents at end of period
|
$
|
1,541
|
$
|
1,389
|
|||
Supplemental
Disclosures of Cash Flows Information
:
|
|||||||
Income
taxes paid
|
$
|
-
|
$
|
230
|
|||
Interest
expense paid
|
$
|
4,589
|
$
|
3,918
|
|||
Transfer
of loan to foreclosed real estate
|
$
|
1,083
|
$
|
-
|
Three
Months
Ended
|
|
Nine
Months Ended
|
|
||||||||||
|
|
September
30, 2007
|
|
September
30, 2007
|
|
||||||||
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
||||
|
|
(In
thousands, except for per share data)
|
|||||||||||
Net
income (loss)
|
$
|
27
|
$
|
27
|
$
|
(21
|
)
|
$
|
(21
|
)
|
|||
Weighted
average shares outstanding
|
2,704
|
2,704
|
2,722
|
2,722
|
|||||||||
Diluted
Securities
|
|||||||||||||
Stock
Options
|
-
|
-
|
-
|
-
|
|||||||||
Unvested
Stock Awards
|
-
|
-
|
-
|
-
|
|||||||||
Adjusted
Weighted average shares
|
2,704
|
2,704
|
2,722
|
2,722
|
|||||||||
Per
Share Amount
|
$
|
0.01
|
$
|
0.01
|
$
|
(0.01
|
)
|
$
|
(0.01
|
)
|
Three
Months
Ended
|
|
Nine
Months Ended
|
|
||||||||||
|
|
September
30, 2006
|
|
September
30, 2006
|
|
||||||||
|
|
Basic
|
|
Diluted
|
|
Basic
|
|
Diluted
|
|
||||
|
|
(In
thousands, except for per share data)
|
|||||||||||
Net
loss
|
$
|
(142
|
)
|
$
|
(142
|
)
|
$
|
(50
|
)
|
$
|
(50
|
)
|
|
Weighted
average shares outstanding
|
2,815
|
2,815
|
2,819
|
2,819
|
|||||||||
Diluted
Securities
|
|||||||||||||
Stock
Options
|
-
|
-
|
-
|
-
|
|||||||||
Unvested
Stock Awards
|
-
|
-
|
-
|
-
|
|||||||||
Adjusted
Weighted average shares
|
2,815
|
2,815
|
2,819
|
2,819
|
|||||||||
Per
Share Amount
|
$
|
(0.05
|
)
|
$
|
(0.05
|
)
|
$
|
(0.02
|
)
|
$
|
(0.02
|
)
|
|
|
|
|
|
|
To
Be Well
|
|
||||||||||||
|
|
|
|
|
|
|
|
Capitalized
Under
|
|
||||||||||
|
|
|
|
|
|
For
Capital
|
|
Prompt
Corrective
|
|
||||||||||
|
|
Actual
|
|
Adequacy
Purposes
|
|
Action
Provision
|
|
||||||||||||
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
Amount
|
|
%
|
|
||||||
|
|
|
|
|
|
(Dollars
in thousands)
|
|||||||||||||
September
30, 2007
|
|||||||||||||||||||
Tangible
(1)
|
$
|
16,790
|
9.79
|
%
|
$
|
2,572
|
1.50
|
%
|
N/A
|
N/A
|
|||||||||
Tier
I capital (2)
|
16,790
|
16.29
|
%
|
N/A
|
N/A
|
$
|
6,186
|
6.00
|
%
|
||||||||||
Core
(leverage) (1)
|
16,790
|
9.79
|
%
|
6,860
|
4.00
|
%
|
8,575
|
5.00
|
%
|
||||||||||
Risk-weighted
(2)
|
17,727
|
17.19
|
%
|
8,248
|
8.00
|
%
|
10,310
|
10.00
|
%
|
||||||||||
December
31, 2006
|
|||||||||||||||||||
Tangible
(1)
|
$
|
16,775
|
9.62
|
%
|
$
|
2,617
|
1.50
|
%
|
N/A
|
N/A
|
|||||||||
Tier
I capital (2)
|
16,775
|
16.93
|
%
|
N/A
|
N/A
|
$
|
5,944
|
6.00
|
%
|
||||||||||
Core
(leverage) (1)
|
16,775
|
9.62
|
%
|
6,978
|
4.00
|
%
|
8,723
|
5.00
|
%
|
||||||||||
Risk-weighted
(2)
|
17,625
|
17.79
|
%
|
7,926
|
8.00
|
%
|
9,907
|
10.00
|
%
|
·
|
Total
assets at September 30, 2007 decreased by 1.80% to $171,092,000 as
compared to $174,225,000 as of December 31,
2006.
|
·
|
Total
borrowings decreased by 19.23% from $39,000,000 as of December 31,
2006 to
$31,500,000 as of September 30,
2007.
|
·
|
Net
loans outstanding decreased by 0.65% from $147,118,000 as of December
31,
2006 to $146,164,000 as of September 30,
2007.
|
·
|
Nonperforming
loans and foreclosed real estate at September 30, 2007 remained relatively
unchanged at $1,487,000
compared
with a total of $1,486,000 at December 31, 2006. We believe an appropriate
allowance for loan losses continues to be
maintained.
|
·
|
Deposits
at September 30, 2007 were $114,685,000, an increase of $2,862,000
or
2.56% from $111,823,000 at December 31, 2006.
|
·
|
We
realized net income of $27,000 and a net loss of $21,000 for the
three-month and nine-month periods ended September 30, 2007. This
compares
to a net loss of $142,000 and $50,000 for the three-month and nine-month
periods ended September 30, 2006.
|
·
|
Net
interest income, our main source of income, was $817,000 and $2,398,000
during the three-month and nine-month periods ended September 30,
2007
compared to $888,000 and $2,828,000 for the same periods in 2006.
This
represents a decrease of 8.00% and 15.21% for the three months and
nine
months ended September 30, 2007 as compared to the same periods in
2006.
|
·
|
We
had a commercial non-real estate loan charge-off of $120,000 and
three
overdraft protection loan charge-offs totaling $2,000 during the
nine-month period ending September 30, 2007. We had no loan charge-offs
during the nine-month period ending September 30,
2006.
|
·
|
Non-interest
income increased by $50,000 and $102,000, or 90.91% and 58.29%, for
the
three-month and nine-month periods ended September 30, 2007, as compared
to the three-month and nine-month periods ended September 30, 2006.
The
increase between the periods is primarily the result of an increased
gain
on sale of loans.
|
·
|
Non-interest
expenses decreased by $21,000 and $251,000, or 2.42% and 9.18%, for
the
three-month and nine-month periods ended September 30, 2007, as compared
to the three- and nine-month periods ended September 30, 2006. The
decrease between the periods is the result of no longer carrying
the
occupancy expenses associated with the closing of the Edgewood branch
and
the decision not to award year end bonuses to all
employees.
|
Three
Months Ended
September
30, 2007
|
|
Three Months
Ended
September
30, 2006
|
|
||||||||||||||||
|
|
Average
Outstanding
Balance
|
|
Interest
Earned/
Paid
|
|
Yield/
Rate
|
|
Average
Outstanding
Balance
|
|
Interest
Earned/
Paid
|
|
Yield/
Rate
|
|
||||||
|
|
(Dollars
in thousands)
|
|
(Dollars
in thousands)
|
|||||||||||||||
Interest-earning
assets:
|
|
|
|
|
|
|
|||||||||||||
Loans
receivable(1)
|
$
|
145,331
|
$
|
2,130
|
5.86
|
%
|
$
|
149,409
|
$
|
2,080
|
5.57
|
%
|
|||||||
Mortgage-backed
securities
|
2,557
|
29
|
4.54
|
3,584
|
39
|
4.35
|
|||||||||||||
Investment
securities (available for sale)
|
8,787
|
117
|
5.33
|
8,389
|
102
|
4.86
|
|||||||||||||
Investment
securities (held to maturity)
|
3,333
|
32
|
3.84
|
4,000
|
38
|
3.80
|
|||||||||||||
Other
interest-earning assets
|
3,210
|
59
|
7.35
|
2,580
|
45
|
6.98
|
|||||||||||||
|
|||||||||||||||||||
Total
interest-earning assets
|
163,218
|
2,367
|
5.80
|
%
|
167,962
|
2,304
|
5.49
|
%
|
|||||||||||
|
|||||||||||||||||||
Non-interest
earning assets
|
7,920
|
7,069
|
|||||||||||||||||
|
|||||||||||||||||||
Total
assets
|
$
|
171,138
|
$
|
175,031
|
|||||||||||||||
|
|||||||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Savings
deposits
|
$
|
15,687
|
$
|
38
|
0.97
|
%
|
$
|
20,314
|
$
|
62
|
1.22
|
%
|
|||||||
Demand
and NOW accounts
|
7,507
|
59
|
3.14
|
4,849
|
16
|
1.32
|
|||||||||||||
Certificates
of deposit
|
90,696
|
1,104
|
4.87
|
82,892
|
920
|
4.44
|
|||||||||||||
Escrows
|
3
|
-
|
-
|
7
|
-
|
-
|
|||||||||||||
Borrowings
|
32,167
|
349
|
4.34
|
40,666
|
418
|
4.11
|
|||||||||||||
Total
interest-bearing liabilities
|
146,060
|
1,550
|
4.24
|
%
|
148,728
|
1,416
|
3.81
|
%
|
|||||||||||
|
|||||||||||||||||||
Non-interest
bearing liabilities
|
2,964
|
3,729
|
|||||||||||||||||
|
|||||||||||||||||||
Total
liabilities
|
149,024
|
152,457
|
|||||||||||||||||
|
|||||||||||||||||||
Total
equity(2)
|
22,114
|
22,574
|
|||||||||||||||||
Total
liabilities and equity
|
$
|
171,138
|
$
|
175,031
|
|||||||||||||||
|
|||||||||||||||||||
Net
interest income
|
$
|
817
|
$
|
888
|
|||||||||||||||
Interest
rate spread(3)
|
1.56
|
%
|
1.68
|
%
|
|||||||||||||||
Net
interest-earning assets
|
$
|
17,158
|
$
|
19,234
|
|||||||||||||||
Net
interest margin(4)
|
2.00
|
%
|
2.11
|
%
|
|||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities
|
1.12x
|
1.12x
|
(1)
|
Loans
receivable are net of the allowance for loan
losses.
|
(2) |
Total
equity includes retained earnings and accumulated other comprehensive
income (loss).
|
(3) |
Net
interest rate spread represents the difference between the average
yield
on interest earning assets and the average cost of interest bearing
liabilities.
|
(4) |
Net
interest margin represents net interest income as a percentage of
average
interest earning assets.
|
Nine
Months Ended
September
30, 2007
|
Nine
Months Ended
September
30, 2006
|
||||||||||||||||||
Average
Outstanding
Balance
|
Interest
Earned/
Paid
|
Yield/
Rate
|
Average
Outstanding
Balance
|
Interest
Earned/
Paid
|
Yield/
Rate
|
||||||||||||||
(Dollars
in thousands)
|
(Dollars
in thousands)
|
||||||||||||||||||
Interest-earning
assets:
|
|||||||||||||||||||
Loans
receivable(1)
|
$
|
145,344
|
$
|
6,228
|
5.71
|
%
|
$
|
146,795
|
$
|
6,080
|
5.52
|
%
|
|||||||
Mortgage-backed
securities
|
2,807
|
94
|
4.45
|
3,934
|
122
|
4.14
|
|||||||||||||
Investment
securities (available for sale)
|
8,699
|
339
|
5.20
|
8,286
|
281
|
4.53
|
|||||||||||||
Investment
securities (held to maturity)
|
3,778
|
107
|
3.79
|
4,000
|
114
|
3.80
|
|||||||||||||
Other
interest-earning assets
|
4,710
|
224
|
6.35
|
3,790
|
159
|
5.59
|
|||||||||||||
Total
interest-earning assets
|
165,338
|
6,992
|
5.64
|
%
|
166,805
|
6,756
|
5.40
|
%
|
|||||||||||
Non-interest
earning assets
|
7,296
|
7,065
|
|||||||||||||||||
Total
assets
|
$
|
172,634
|
$
|
173,870
|
|||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Savings
deposits
|
$
|
16,539
|
$
|
133
|
1.07
|
%
|
$
|
24,645
|
$
|
236
|
1.28
|
%
|
|||||||
Demand
and NOW accounts
|
7,337
|
143
|
2.60
|
3,441
|
24
|
0.93
|
|||||||||||||
Certificates
of deposit
|
88,554
|
3,188
|
4.80
|
80,981
|
2,511
|
4.13
|
|||||||||||||
Escrows
|
6
|
-
|
-
|
12
|
-
|
-
|
|||||||||||||
Borrowings
|
34,222
|
1,130
|
4.40
|
38,889
|
1,157
|
3.97
|
|||||||||||||
Total
interest-bearing liabilities
|
146,658
|
4,594
|
4.18
|
%
|
147,968
|
3,928
|
3.54
|
%
|
|||||||||||
Non-interest
bearing liabilities
|
3,687
|
3,324
|
|||||||||||||||||
Total
liabilities
|
150,345
|
151,292
|
|||||||||||||||||
Total
equity(2)
|
22,289
|
22,578
|
|||||||||||||||||
Total
liabilities and equity
|
$
|
172,634
|
$
|
173,870
|
|||||||||||||||
Net
interest income
|
$
|
2,398
|
$
|
2,828
|
|||||||||||||||
Interest
rate spread(3)
|
1.46
|
%
|
1.86
|
%
|
|||||||||||||||
Net
interest-earning assets
|
$
|
18,680
|
$
|
18,837
|
|||||||||||||||
Net
interest margin(4)
|
1.93
|
%
|
2.28
|
%
|
|||||||||||||||
Ratio
of interest earning assets to interest bearing liabilities
|
1.13
|
x |
1.13
|
x |
(1) |
Loans
receivable are net of the allowance for loan
losses.
|
(2) |
Total
equity includes retained earnings and accumulated other comprehensive
income (loss).
|
(3) |
Net
interest rate spread represents the difference between the average
yield
on interest earning assets and the average cost of interest bearing
liabilities.
|
(4) |
Net
interest margin represents net interest income as a percentage of
average
interest earning assets.
|
· |
loans
90 or more days delinquent;
|
· |
loans
with anticipated losses;
|
· |
loans
referred to attorneys for collection or in the process of
foreclosure;
|
· |
nonaccrual
loans;
|
· |
loans
classified as substandard, doubtful or loss by either our internal
classification system or by regulators during the course of their
examination of us; and
|
· |
troubled
debt restructurings and other non-performing
loans.
|
Three
Months Ended
|
Nine
Months Ended
|
||||||||||||
September
30,
|
September
30,
|
||||||||||||
2007
|
2006
|
2007
|
2006
|
||||||||||
(Dollars
in Thousands)
|
|||||||||||||
Balance
at beginning of period
|
$
|
912
|
$
|
512
|
$
|
850
|
$
|
474
|
|||||
Charge-offs
|
(1
|
)
|
-
|
(121
|
)
|
-
|
|||||||
Recoveries
|
-
|
-
|
-
|
-
|
|||||||||
Net
Charge-offs
|
(1
|
)
|
-
|
(121
|
)
|
-
|
|||||||
Provision
for loan losses
|
26
|
302
|
208
|
340
|
|||||||||
Ending
balance
|
$
|
937
|
$
|
814
|
$
|
937
|
$
|
814
|
|||||
Ratio
of net charge-offs (recoveries) during the period to average loans
outstanding, net, during the period
|
-
|
-
|
0.08
|
%
|
-
|
||||||||
Ratio
of allowance for loan losses to total loans outstanding
|
0.64
|
%
|
0.54
|
%
|
0.64
|
%
|
0.54
|
%
|
|||||
Allowance
for loan losses as a percent of total non-performing loans
|
62.55
|
%
|
71.59
|
%
|
62.55
|
%
|
71.59
|
%
|
Financial
Instruments Whose
|
|
|
|
|
|
||
Contract
Amount Represents
|
|
Contract
Amount At
|
|
||||
Credit
Risk
|
|
September
30, 2007
|
|
December
31, 2006
|
|||
(Dollars
in thousands)
|
|||||||
Lines
of credit - commercial
|
|
$
1,812
|
|
$
1,210
|
|||
Lines
of credit - home equity
|
4,929
|
5,335
|
|||||
Lines
of credit - overdraft checking
|
120
|
118
|
|||||
Mortgage
loan commitments
|
1,470
|
830
|
Period
|
Total
Number of
Shares
Purchased
(1)
|
Average
Price
Paid
per Share
|
Total
Number of Shares
Purchased
as Part of
Publicly
Announced
Plans
or Programs
(1)
|
Maximum
Number of Shares that May Yet
Be
Purchased Under
The
Plans or
Programs
(1)
|
||||
July
1 - 31, 2007
|
0
|
n/a
|
0
|
10,395
|
||||
August
1 -31, 2007
|
15,000
|
$8.40
|
15,000
|
57,729
|
||||
September
1 - 30, 2007
|
1,000
|
$8.10
|
1,000
|
56,729
|
||||
Total
Third Quarter
|
16,000
|
$8.38
|
16,000
|
56,729
|
31.1 |
Rule
13a-14(a) Certification of Chief Executive Officer
|
31.2 |
Rule
13a-14(a) Certification of Chief Financial Officer
|
32 |
Section
1350 Certification of Chief Executive Officer and Chief Financial
Officer
|
SFSB,
Inc.
|
|||
Date:
November 5, 2007
|
By:
|
/s/
Philip E. Logan
|
|
Philip
E. Logan, President
|
|||
(Principal
Executive Officer)
|
|||
Date:
November 5, 2007
|
By:
|
/s/
Sophie T. Wittelsberger
|
|
Sophie
Torin Wittelsberger, Chief Financial Officer
|
|||
(Principal
Accounting and Financial Officer)
|
1 Year SFSB (CE) Chart |
1 Month SFSB (CE) Chart |
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