We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Versailles Financial Corporation (CE) | USOTC:VERF | 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% | 21.00 | 0.00 | 01:00:00 |
x
|
QUARTERLY REPORT UNDER SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
o
|
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|
For the transition period from
|
To
|
Maryland
|
27-1330256
|
(State or other jurisdiction of incorporation or organization)
|
(I.R.S. Employer Identification No.)
|
27 East Main Street, Versailles, Ohio
|
45380
|
(Address of principal executive offices)
|
(Zip Code)
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
o
(Do not check if smaller reporting company)
|
Smaller reporting company
x
|
Common Stock, $.01 par value
|
Outstanding at February 14, 2011
|
427,504 Common Shares
|
PART I - FINANCIAL INFORMATION
|
|
ITEM 1 - FINANCIAL STATEMENTS
|
|
1
|
|
2
|
|
2
|
|
3
|
|
5
|
|
7
|
|
8
|
|
21
|
|
35
|
|
35
|
|
PART II - OTHER INFORMATION
|
|
36
|
|
36
|
|
36
|
|
36
|
|
36
|
|
36
|
36
|
|
38
|
V
ERSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED BALANCE SHEETS
|
December 31, 2010 and June 30, 2010
|
December 31, 2010
|
June 30, 2010
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash and cash equivalents due from financial institutions
|
$ | 1,130,613 | $ | 1,672,815 | ||||
Overnight deposits
|
1,700,000 | 3,200,000 | ||||||
Total cash and cash equivalents
|
2,830,613 | 4,872,815 | ||||||
Interest-bearing time deposits in other financial institutions
|
292,000 | 486,000 | ||||||
Securities, available-for-sale
|
697,794 | 707,569 | ||||||
Securities held to maturity (fair value of $802,863 at
|
||||||||
December 31, 2010 and $946,110 at June 30, 2010)
|
769,207 | 903,485 | ||||||
Federal Home Loan Bank stock
|
397,500 | 397,500 | ||||||
Loans, net of allowance of $190,817 and $190,817
|
37,536,797 | 36,722,899 | ||||||
Other real estate owned
|
40,000 | 160,000 | ||||||
Premises and equipment, net
|
197,114 | 174,645 | ||||||
Accrued interest receivable
|
123,474 | 134,889 | ||||||
Other assets
|
565,331 | 655,513 | ||||||
Total assets
|
$ | 43,449,830 | $ | 45,215,315 | ||||
LIABILITIES
|
||||||||
Savings accounts
|
$ | 8,101,866 | $ | 8,144,648 | ||||
Certificates of deposit
|
17,388,896 | 17,792,043 | ||||||
Total deposits
|
25,490,762 | 25,936,691 | ||||||
Federal Home Loan Bank advances
|
6,000,000 | 7,500,000 | ||||||
Other liabilities
|
1,282,204 | 1,194,307 | ||||||
Common stock in ESOP subject to repurchase
|
||||||||
obligation
|
17,100 | - | ||||||
SHAREHOLDERS’ EQUITY
|
||||||||
Preferred stock, $.01 par value, 1,000,000 shares
|
||||||||
authorized, none issued and outstanding
|
- | - | ||||||
Common stock, $.01 par value, 10,000,000 shares
|
||||||||
authorized, 427,504 shares issued
|
4,275 | 4,275 | ||||||
Additional paid-in capital
|
3,796,556 | 3,813,656 | ||||||
Retained earnings
|
8,041,383 | 7,954,578 | ||||||
Treasury stock, 35,460 shares, at cost
|
(354,600 | ) | (354,600 | ) | ||||
Unearned employee stock ownership plan shares
|
(324,900 | ) | (333,450 | ) | ||||
Accumulated other comprehensive loss
|
(502,950 | ) | (500,142 | ) | ||||
Total shareholders’ equity
|
10,659,764 | 10,584,317 | ||||||
Total liabilities and shareholders’ equity
|
$ | 43,449,830 | $ | 45,215,315 |
See accompanying notes to financial statements.
|
VE
RSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
|
Three months and six months ended December 31, 2010 and 2009
|
Three months ended
|
Six months ended
|
|||||||||||||||
December 31,
|
December 31,
|
|||||||||||||||
2010
|
2009
|
2010
|
2009
|
|||||||||||||
Interest and dividend income
|
||||||||||||||||
Loans, including fees
|
$ | 489,410 | $ | 481,485 | $ | 991,810 | $ | 963,001 | ||||||||
Securities available for sale
|
4,333 | 6,460 | 8,707 | 14,731 | ||||||||||||
Securities held-to-maturity
|
6,714 | 9,507 | 14,020 | 19,342 | ||||||||||||
FHLB dividends
|
4,007 | 4,414 | 8,467 | 9,266 | ||||||||||||
Deposits with banks
|
3,203 | 7,502 | 8,743 | 14,526 | ||||||||||||
Total interest and dividend income
|
507,667 | 509,368 | 1,031,747 | 1,020,866 | ||||||||||||
Interest expense
|
||||||||||||||||
Deposits
|
79,128 | 91,413 | 163,586 | 202,863 | ||||||||||||
FHLB advances
|
50,970 | 100,053 | 125,222 | 193,772 | ||||||||||||
Total interest expense
|
130,098 | 191,466 | 288,808 | 396,635 | ||||||||||||
Net interest income
|
377,569 | 317,902 | 742,939 | 624,231 | ||||||||||||
Provisions for loan losses
|
- | - | - | - | ||||||||||||
Net interest income after provisions for loan losses
|
377,569 | 317,902 | 742,939 | 624,231 | ||||||||||||
Noninterest income
|
||||||||||||||||
Other income
|
786 | 1,466 | 3,213 | 2,707 | ||||||||||||
Gain (loss) on sale of other real estate owned
|
- | - | (2,294 | ) | - | |||||||||||
Total noninterest income
|
786 | 1,466 | 919 | 2,707 | ||||||||||||
Noninterest expense
|
||||||||||||||||
Salaries and employee benefits
|
157,184 | 138,143 | 292,543 | 250,774 | ||||||||||||
Occupancy and equipment
|
7,897 | 7,851 | 15,972 | 17,204 | ||||||||||||
Directors’ fees
|
15,500 | 17,500 | 30,100 | 32,500 | ||||||||||||
Data processing
|
24,309 | 15,385 | 41,396 | 30,982 | ||||||||||||
Franchise taxes
|
20,673 | 21,619 | 41,346 | 43,238 | ||||||||||||
Legal, accounting and exam fees
|
63,549 | 31,557 | 140,236 | 62,309 | ||||||||||||
Federal deposit insurance
|
4,985 | 5,958 | 11,360 | 11,958 | ||||||||||||
Other
|
20,851 | 21,663 | 40,600 | 37,012 | ||||||||||||
Total noninterest expense
|
314,948 | 259,676 | 613,553 | 485,977 | ||||||||||||
Income before income taxes
|
63,407 | 59,692 | 130,305 | 140,961 | ||||||||||||
Income tax expense
|
21,200 | 19,900 | 43,500 | 47,100 | ||||||||||||
Net income
|
$ | 42,207 | $ | 39,792 | $ | 86,805 | $ | 93,861 | ||||||||
Earnings per common share
|
$ | 0.11 | $ | - | $ | 0.22 | $ | - |
See accompanying notes to financial statements.
|
VE
RSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
Three months ended December 31, 2010 and 2009
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income (Loss
)
|
Total
|
||||||||||||||||||||||
Balance at October 1, 2009
|
$ | - | $ | - | $ | 7,843,100 | $ | - | $ | - | $ | (395,800 | ) | $ | 7,447,300 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the period ended
|
||||||||||||||||||||||||||||
December 31, 2009
|
- | - | 39,792 | - | - | - | 39,792 | |||||||||||||||||||||
Change in net unrealized gain (loss)
|
||||||||||||||||||||||||||||
on securities available for sale,
|
||||||||||||||||||||||||||||
net of tax effects of $2,579
|
- | - | - | - | - | (5,008 | ) | (5,008 | ) | |||||||||||||||||||
Amortization of prior service cost for
|
||||||||||||||||||||||||||||
supplemental retirement plan, net of
|
||||||||||||||||||||||||||||
tax effects of $938
|
- | - | - | - | - | 1,822 | 1,822 | |||||||||||||||||||||
Total comprehensive income
|
36,606 | |||||||||||||||||||||||||||
Balance at December 31, 2009
|
$ | - | $ | - | $ | 7,882,892 | $ | - | $ | - | $ | (398,986 | ) | $ | 7,483,906 |
See accompanying notes to financial statements.
|
VERSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
Three months ended December 31, 2010 and 2009
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income (Loss
)
|
Total
|
||||||||||||||||||||||
Balance, October 1, 2010
|
$ | 4,275 | $ | 3,813,656 | $ | 7,999,176 | $ | (354,600 | ) | $ | (329,180 | ) | $ | (497,327 | ) | $ | 10,636,000 | |||||||||||
Comprehensive income
|
||||||||||||||||||||||||||||
Net income for the period ended
|
||||||||||||||||||||||||||||
December 31, 2010
|
- | - | 42,207 | - | - | - | 42,207 | |||||||||||||||||||||
Change in net unrealized gain (loss)
|
||||||||||||||||||||||||||||
on securities available for sale,
|
||||||||||||||||||||||||||||
net of tax effects of $3,834
|
- | - | - | - | - | (7,445 | ) | (7,445 | ) | |||||||||||||||||||
Amortization of prior service cost for
|
||||||||||||||||||||||||||||
supplemental retirement plan, net of
|
||||||||||||||||||||||||||||
tax effects of $938
|
- | - | - | - | - | 1,822 | 1,822 | |||||||||||||||||||||
Total comprehensive income
|
36,584 | |||||||||||||||||||||||||||
Commitment to release 428 employee stock
|
||||||||||||||||||||||||||||
ownership plan shares
|
- | - | - | - | 4,280 | - | 4,280 | |||||||||||||||||||||
Transfer of 1,710 allocated ESOP
|
||||||||||||||||||||||||||||
common shares subject to
|
||||||||||||||||||||||||||||
repurchase obligation
|
- | (17,100 | ) | - | - | - | - | (17,100 | ) | |||||||||||||||||||
Balance, December 31, 2010
|
$ | 4,275 | $ | 3,796,556 | $ | 8,041,383 | $ | (354,600 | ) | $ | (324,900 | ) | $ | (502,950 | ) | $ | 10,659,764 |
See accompanying notes to financial statements.
|
VE
RSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
Six months ended December 31, 2010 and 2009
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income (Loss
)
|
Total
|
||||||||||||||||||||||
Balance at July 1, 2009
|
$ | - | $ | - | $ | 7,789,031 | $ | - | $ | - | $ | (410,390 | ) | $ | 7,378,641 | |||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the period ended
|
||||||||||||||||||||||||||||
December 31, 2009
|
- | - | 93,861 | - | - | - | 93,861 | |||||||||||||||||||||
Change in net unrealized gain (loss)
|
||||||||||||||||||||||||||||
on securities available for sale,
|
||||||||||||||||||||||||||||
net of tax effects of $3,998
|
- | - | - | - | - | 7,760 | 7,760 | |||||||||||||||||||||
Amortization of prior service cost for
|
||||||||||||||||||||||||||||
supplemental retirement plan, net of
|
||||||||||||||||||||||||||||
tax effects of $1,877
|
- | - | - | - | - | 3,644 | 3,644 | |||||||||||||||||||||
Total comprehensive income
|
105,265 | |||||||||||||||||||||||||||
Balance at December 31, 2009
|
$ | - | $ | - | $ | 7,882,892 | $ | - | $ | - | $ | (398,986 | ) | $ | 7,483,906 |
See accompanying notes to financial statements.
|
VERSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
|
Six months ended December 31, 2010 and 2009
|
Common
Stock
|
Additional
Paid-In
Capital
|
Retained
Earnings
|
Treasury
Stock
|
Unearned
ESOP
Shares
|
Accumulated
Other
Comprehensive
Income (Loss
)
|
Total
|
||||||||||||||||||||||
Balance, July 1, 2010
|
$ | 4,275 | $ | 3,813,656 | $ | 7,954,578 | $ | (354,600 | ) | $ | (333,450 | ) | $ | (500,142 | ) | $ | 10,584,317 | |||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||
Net income for the period ended
|
||||||||||||||||||||||||||||
December 31, 2010
|
- | - | 86,805 | - | - | - | 86,805 | |||||||||||||||||||||
Change in net unrealized gain (loss)
|
||||||||||||||||||||||||||||
on securities available for sale,
|
||||||||||||||||||||||||||||
net of tax effects of $3,324
|
- | - | - | - | - | (6,452 | ) | (6,452 | ) | |||||||||||||||||||
Amortization of prior service cost for
|
||||||||||||||||||||||||||||
supplemental retirement plan, net of tax
|
||||||||||||||||||||||||||||
effects of $1,877
|
- | - | - | - | - | 3,644 | 3,644 | |||||||||||||||||||||
Total comprehensive income
|
83,997 | |||||||||||||||||||||||||||
Commitment to release 855 employee stock
|
||||||||||||||||||||||||||||
ownership plan shares
|
- | - | - | - | 8,550 | - | 8,550 | |||||||||||||||||||||
Transfer of 1,710 allocated ESOP
|
||||||||||||||||||||||||||||
common shares subject to
|
||||||||||||||||||||||||||||
repurchase obligation
|
- | (17,100 | ) | - | - | - | - | (17,100 | ) | |||||||||||||||||||
Balance, December 31, 2010
|
$ | 4,275 | $ | 3,796,556 | $ | 8,041,383 | $ | (354,600 | ) | $ | (324,900 | ) | $ | (502,950 | ) | $ | 10,659,764 |
See accompanying notes to financial statements.
|
VE
RSAILLES FINANCIAL CORPORATION
|
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
Six months ended December 31, 2010 and 2009
|
Six months ended
|
||||||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
Cash flows from operating activities
|
||||||||
Net income
|
$ | 86,805 | $ | 93,861 | ||||
Adjustments to reconcile net income to
|
||||||||
net cash provided from operating activities
|
||||||||
Depreciation on premises and equipment
|
4,304 | 3,499 | ||||||
Net (discount)/premium accretion on
|
||||||||
securities and interest bearing time deposits
|
130 | 100 | ||||||
Loss (gain) on sale or disposal of premises and equipment
|
963 | - | ||||||
Loss on sale of other real estate owned
|
2,294 | - | ||||||
Compensation expense related to ESOP shares
|
8,550 | - | ||||||
Change in:
|
||||||||
Deferred loan costs
|
3,562 | 2,135 | ||||||
Accrued interest receivable
|
11,415 | 22,308 | ||||||
Other assets
|
48,130 | (67,618 | ) | |||||
Other liabilities
|
136,917 | 22,440 | ||||||
Net cash from operating activities
|
303,070 | 76,725 | ||||||
Cash flow from investing activities
|
||||||||
Maturities of time deposits
|
194,000 | - | ||||||
Maturities, repayments and calls of securities held to maturity
|
134,147 | 129,174 | ||||||
Proceeds from sale/maturities of securities available for sale
|
- | 200,000 | ||||||
Loan originations and payments, net
|
(817,460 | ) | (1,371,592 | ) | ||||
Proceeds from sale of other real estate owned
|
117,706 | - | ||||||
Property and equipment purchases
|
(27,736 | ) | (6,061 | ) | ||||
Net cash from investing activities
|
(399,343 | ) | (1,048,479 | ) | ||||
Cash flow from financing activities
|
||||||||
Net change in deposits
|
(445,929 | ) | 97,142 | |||||
Net change in escrow for stock subscriptions net of capitalized
|
||||||||
conversion costs
|
- | 2,169,188 | ||||||
Proceeds from FHLB advances
|
1,000,000 | 1,000,000 | ||||||
Repayments of FHLB advances
|
(2,500,000 | ) | - | |||||
Net cash from financing activities
|
(1,945,929 | ) | 3,266,330 | |||||
Net change in cash and cash equivalents
|
(2,042,202 | ) | 2,294,576 | |||||
Cash and cash equivalents, beginning of period
|
4,872,815 | 2,508,727 | ||||||
Cash and cash equivalents at end of period
|
$ | 2,830,613 | $ | 4,803,303 | ||||
Cash paid during the year for
|
||||||||
Interest
|
$ | 306,189 | $ | 407,130 | ||||
Income taxes
|
- | 95,497 |
See accompanying notes to financial statements.
|
VER
SAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
December 31, 2010
|
||||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
|||||||||||||
AMF Short US Government
|
||||||||||||||||
Fund
|
$ | 694,034 | $ | 3,760 | $ | - | $ | 697,794 | ||||||||
June 30, 2010
|
||||||||||||||||
|
|
|||||||||||||||
Amortized
Cost
|
Gross
Unrealized
|
Gross
Unrealized
|
Fair
Value
|
|||||||||||||
AMF Short US Government
|
||||||||||||||||
Fund
|
$ | 694,034 | $ | 13,535 | $ | - | $ | 707,569 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
December 31, 2010
|
||||||||||||||||
Carrying
Amount
|
Gross
Unrecognized
|
Gross
Unrecognized
|
Fair
Value
|
|||||||||||||
Government sponsored entities
|
||||||||||||||||
residential mortgage-backed:
|
||||||||||||||||
FHLMC
|
$ | 354,989 | $ | 13,566 | $ | - | $ | 368,555 | ||||||||
GNMA
|
93,904 | 2,439 | - | 96,343 | ||||||||||||
FNMA
|
320,314 | 17,651 | - | 337,965 | ||||||||||||
$ | 769,207 | $ | 33,656 | $ | - | $ | 802,863 | |||||||||
June 30, 2010
|
||||||||||||||||
|
|
|||||||||||||||
Carrying
Amount
|
Gross
Unrecognized
|
Gross
Unrecognized
|
Fair
Value
|
|||||||||||||
Government sponsored entities
|
||||||||||||||||
residential mortgage-backed:
|
||||||||||||||||
FHLMC
|
$ | 405,452 | $ | 13,894 | $ | - | $ | 419,346 | ||||||||
GNMA
|
100,754 | 2,758 | - | 103,512 | ||||||||||||
FNMA
|
397,279 | 25,973 | - | 423,252 | ||||||||||||
$ | 903,485 | $ | 42,625 | $ | - | $ | 946,110 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
December 31,
|
June 30,
|
|||||||
2010
|
2010
|
|||||||
Mortgage loans:
|
||||||||
1-4 family real estate
|
$ | 27,391,094 | $ | 27,555,970 | ||||
Multi-family
|
255,220 | 188,607 | ||||||
Construction
|
280,530 | 171,391 | ||||||
Nonresidential real estate:
|
||||||||
Business
|
2,351,475 | 2,308,904 | ||||||
Agricultural
|
5,390,180 | 4,945,303 | ||||||
Total mortgage loans
|
35,668,499 | 35,170,175 | ||||||
Commercial loans
|
544,909 | 473,419 | ||||||
Consumer loans:
|
||||||||
Loans on deposits
|
109,885 | 93,024 | ||||||
Consumer auto
|
455,418 | 434,039 | ||||||
Consumer other secured
|
369,855 | 233,149 | ||||||
Consumer unsecured
|
527,683 | 454,983 | ||||||
Total consumer loans
|
1,462,841 | 1,215,195 | ||||||
Deferred loan costs
|
51,365 | 54,927 | ||||||
Allowance for loan losses
|
(190,817 | ) | (190,817 | ) | ||||
$ | 37,536,797 | $ | 36,722,899 |
Three and Six Months Ended
|
||||||||
December 31,
|
||||||||
2010
|
2009
|
|||||||
Beginning balance, beginning of period
|
$ | 190,817 | $ | 264,451 | ||||
Provision for loan losses
|
- | - | ||||||
Loans charged-off
|
- | - | ||||||
Recoveries
|
- | - | ||||||
Ending balance, December 31
|
$ | 190,817 | $ | 264,451 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
1-4 Family
Real
|
Multi-Family
Real
|
Construction
Real
|
Nonresidential
Real
|
Consumer
Loans
|
Commercial
Loans
|
Total
|
||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||
Ending allowance balance attributable to loans:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | - | $ | - | $ | - | $ | - | $ | - | $ | - | $ | - | ||||||||||||||
Collectively evaluated for impairment
|
125,291 | 1,097 | 1,206 | 48,772 | 12,271 | 2,180 | 190,817 | |||||||||||||||||||||
Total ending allowance balance
|
$ | 125,291 | $ | 1,097 | $ | 1,206 | $ | 48,772 | $ | 12,271 | $ | 2,180 | $ | 190,817 | ||||||||||||||
Loans:
|
||||||||||||||||||||||||||||
Individually evaluated for impairment
|
$ | 90,211 | $ | - | $ | - | $ | - | $ | - | $ | - | $ | 90,211 | ||||||||||||||
Collectively evaluated for impairment
|
27,383,412 | 256,857 | 281,390 | 7,796,572 | 1,488,055 | 548,006 | 37,754,292 | |||||||||||||||||||||
Total ending loans balance
|
$ | 27,473,623 | $ | 256,857 | $ | 281,390 | $ | 7,796,572 | $ | 1,488,055 | $ | 548,006 | $ | 37,844,503 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
At December 31,
|
At June 30,
|
|||||||
2010
|
2010
|
|||||||
End of period loans with no allocated allowance
|
||||||||
for loan losses
|
$ | 90,181 | $ | 90,181 | ||||
End of period loans with allocated allowance
|
||||||||
for loan losses
|
- | - | ||||||
Total
|
$ | 90,181 | $ | 90,181 | ||||
Amount of the allowance for loan losses allocated
|
$ | - | $ | - |
Six Months Ended December 31,
|
||||||||
2010
|
2009
|
|||||||
Average of impaired loans during the period
|
$ | 90,181 | $ | 299,679 | ||||
Interest income recognized during impairment
|
- | 1,273 | ||||||
Cash-basis interest income recognized
|
- | 1,273 |
Unpaid
Principal
|
Recorded
Investment
|
Allowance for
Loan Losses
|
||||||||||
With no related allowance recorded:
|
||||||||||||
1–4 Family real estate
|
$ | 90,181 | $ | 90,211 | $ | - |
At December 31,
|
At June 30,
|
|||||||
2010
|
2010
|
|||||||
Loans past due over 90 days still accruing interest
|
$ | - | $ | - | ||||
Nonaccrual loans
|
90,181 | 90,181 | ||||||
Nonperforming loans to total loans
|
0.24 | % | 0.24 | % | ||||
Allowance for loan losses to total nonperforming loans
|
211.59 | % | 211.59 | % |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
30 - 59
Days
Past Due
|
60 - 89
Days
Past Due
|
Greater than
90 Days
Past Due
|
Total
Past Due
|
Loans Not
Past Due
|
Total
|
|||||||||||||||||||
1-4 Family real estate
|
$ | - | $ | - | $ | 90,181 | $ | 90,181 | $ | 27,300,913 | $ | 27,391,094 | ||||||||||||
Multi-family real estate
|
- | - | - | - | 255,220 | 255,220 | ||||||||||||||||||
Construction real estate
|
- | - | - | - | 280,530 | 280,530 | ||||||||||||||||||
Nonresidential real estate:
|
||||||||||||||||||||||||
Business
|
- | - | - | - | 2,351,475 | 2,351,475 | ||||||||||||||||||
Agricultural
|
- | - | - | - | 5,390,180 | 5,390,180 | ||||||||||||||||||
Commercial loans
|
- | - | - | - | 544,909 | 544,909 | ||||||||||||||||||
Consumer loans:
|
||||||||||||||||||||||||
Loans on deposits
|
- | - | - | - | 109,885 | 109,885 | ||||||||||||||||||
Consumer auto
|
10,235 | - | - | 10,235 | 445,183 | 455,418 | ||||||||||||||||||
Consumer other secured
|
- | - | - | - | 369,855 | 369,855 | ||||||||||||||||||
Consumer unsecured
|
- | - | - | - | 527,683 | 527,683 | ||||||||||||||||||
Total
|
$ | 10,235 | $ | - | $ | 90,181 | $ | 100,416 | $ | 37,575,833 | $ | 37,676,249 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
Pass
|
Special
Mention
|
Substandard
|
Doubtful
|
Not
Rated
|
||||||||||||||||
1-4 Family real estate
|
$ | - | $ | - | $ | 90,181 | $ | - | $ | 27,300,913 | ||||||||||
Multi-Family real estate
|
255,220 | - | - | - | - | |||||||||||||||
Construction real estate
|
280,530 | - | - | - | - | |||||||||||||||
Nonresidential real estate:
|
||||||||||||||||||||
Business
|
2,351,475 | - | - | - | - | |||||||||||||||
Agricultural
|
5,390,180 | - | - | - | - | |||||||||||||||
Commercial loans
|
544,909 | - | - | - | - | |||||||||||||||
Total
|
$ | 8,822,314 | $ | - | $ | 90,181 | $ | - | $ | 27,300,913 |
Consumer
|
Residential
|
|||||||||||||||||||||||
Loans on
Deposits
|
Auto
|
Other
Secured
|
Unsecured
|
Multi-family
Construction
|
||||||||||||||||||||
Performing
|
$ | 109,885 | $ | 455,418 | $ | 369,855 | $ | 527,683 | $ | 255,220 | 280,530 | |||||||||||||
Nonperforming
|
- | - | - | - | - | - | ||||||||||||||||||
Total
|
$ | 109,885 | $ | 455,418 | $ | 369,855 | $ | 527,683 | $ | 255,220 | $ | 280,530 |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
Fair Value Measurements
|
||||||||||||
at December 31, 2010 Using
|
||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Assets:
|
||||||||||||
AMF Short US Government
|
||||||||||||
Fund
|
$ | 697,794 | $ | - | $ | - |
Fair Value Measurements
|
||||||||||||
at June 30, 2010 Using
|
||||||||||||
Quoted Prices in
Active Markets for
Identical Assets
(Level 1)
|
Significant
Other Observable
Inputs
(Level 2)
|
Significant
Unobservable
Inputs
(Level 3)
|
||||||||||
Assets:
|
||||||||||||
AMF Short US Government
|
||||||||||||
Fund
|
$ | 707,569 | $ | - | $ | - |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
|
Three and six months ended December 31, 2010
|
December 31, 2010
|
June 30, 2010
|
|||||||||||||||
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
Amount
|
Value
|
Amount
|
Value
|
|||||||||||||
Financial assets:
|
||||||||||||||||
Cash and cash equivalents
|
$ | 2,830,613 | $ | 2,830,613 | $ | 4,872,815 | $ | 4,872,815 | ||||||||
Interest bearing time deposits
|
||||||||||||||||
in other financial institutions
|
292,000 | 292,000 | 486,000 | 486,000 | ||||||||||||
Securities available for sale
|
697,794 | 697,794 | 707,569 | 707,569 | ||||||||||||
Securities held to maturity
|
769,207 | 802,863 | 903,485 | 946,110 | ||||||||||||
Net loans
|
37,536,797 | 39,681,000 | 36,722,899 | 39,161,000 | ||||||||||||
FHLB stock
|
397,500 | N/A | 397,500 | N/A | ||||||||||||
Accrued interest receivable
|
123,474 | 123,474 | 134,889 | 134,889 | ||||||||||||
Financial liabilities:
|
||||||||||||||||
Deposits
|
(25,490,762 | ) | (25,756,000 | ) | (25,936,691 | ) | (26,280,000 | ) | ||||||||
FHLB advances
|
(6,000,000 | ) | (6,201,000 | ) | (7,500,000 | ) | (7,903,000 | ) | ||||||||
Accrued interest payable
|
(54,613 | ) | (54,613 | ) | (71,994 | ) | (71,994 | ) |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
|
·
|
Statements of our goals, intentions and expectations;
|
|
·
|
Statements regarding our business plans, prospects, growth and operating strategies;
|
|
·
|
Statements regarding the asset quality of our loan and investment portfolios; and
|
|
·
|
Estimates of our risks and future costs and benefits.
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
|
·
|
General economic conditions, either nationally or in our market area, that are worse than expected;
|
|
·
|
Our ability to successfully implement our plan to increase our nonresidential lending without significant decrease in asset quality;
|
|
·
|
Our success in building our new home office on a cost effective basis;
|
|
·
|
Our ability to offer new deposit products on a cost effective basis and develop and gather core deposits;
|
|
·
|
Our ability to manage our costs as a public company;
|
|
·
|
Our reliance on a small executive staff;
|
|
·
|
Competition among depository and other financial institutions;
|
|
·
|
Inflation and changes in the interest rate environment that reduce our margins or reduce the fair value of financial instruments;
|
|
·
|
Adverse changes in the securities markets;
|
|
·
|
Changes in laws or government regulations or policies affecting financial institutions, including changes in regulatory fees and capital requirements, additional consumer protection requirements and changes in the identity of our government regulators;
|
|
·
|
Our ability to enter new markets successfully and capitalize on growth opportunities;
|
|
·
|
Our ability to successfully integrate acquired entities, if any;
|
|
·
|
Changes in consumer spending, borrowing and savings habits;
|
|
·
|
Decrease in asset quality;
|
|
·
|
Future deposit insurance premium levels and special assessments;
|
|
·
|
Future compliance costs;
|
|
·
|
Changes in accounting policies and practices, as may be adopted by the bank regulatory agencies, the Financial Accounting Standards Board, the Securities and Exchange Commission and the Public Company Accounting Oversight Board;
|
|
·
|
Changes in our organization, compensation and benefit plans;
|
|
·
|
Changes in our financial condition or results of operations that reduce capital available to pay dividends; and
|
|
·
|
Changes in the financial condition or future prospects of issuers of securities that we own.
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Three months ended 12-31-2010
|
Three months ended 12-31-2009
|
|||||||||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Assets
:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$ | 37,096 | $ | 489 | 5.28 | % | $ | 35,810 | $ | 481 | 5.38 | % | ||||||||||||
Investment securities available
|
||||||||||||||||||||||||
for sale
|
704 | 4 | 2.50 | % | 780 | 6 | 3.40 | % | ||||||||||||||||
Investment securities held to
|
||||||||||||||||||||||||
maturity
|
789 | 7 | 3.40 | % | 1,016 | 10 | 3.74 | % | ||||||||||||||||
FHLB stock
|
398 | 4 | 4.03 | % | 389 | 4 | 4.54 | % | ||||||||||||||||
Other interest-earning assets
|
3,018 | 4 | 0.42 | % | 2,204 | 8 | 1.36 | % | ||||||||||||||||
Total interest-earning assets
|
42,005 | 508 | 4.84 | % | 40,199 | 509 | 5.07 | % | ||||||||||||||||
Noninterest-earning assets
|
1,843 | 2,595 | ||||||||||||||||||||||
Total assets
|
$ | 43,848 | $ | 42,794 | ||||||||||||||||||||
Liabilities and equity
:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
$ | 8,067 | $ | 3 | 0.14 | % | $ | 7,528 | $ | 2 | 0.13 | % | ||||||||||||
Certificates of deposit
|
17,524 | 76 | 1.74 | % | 16,964 | 89 | 2.10 | % | ||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
deposits
|
25,591 | 79 | 1.24 | % | 24,492 | 91 | 1.49 | % | ||||||||||||||||
FHLB advances
|
6,333 | 51 | 3.22 | % | 8,500 | 100 | 4.71 | % | ||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
liabilities
|
31,924 | 130 | 1.63 | % | 32,992 | 191 | 2.32 | % | ||||||||||||||||
Other noninterest-bearing
|
||||||||||||||||||||||||
liabilities
|
1,253 | 2,325 | ||||||||||||||||||||||
Total liabilities
|
33,177 | 35,317 | ||||||||||||||||||||||
Total shareholder’s equity
|
10,671 | 7,477 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 43,848 | $ | 42,794 | ||||||||||||||||||||
Net interest income
|
$ | 378 | $ | 318 | ||||||||||||||||||||
Interest rate spread
|
3.21 | % | 2.75 | % | ||||||||||||||||||||
Net interest margin
|
3.60 | % | 3.16 | % | ||||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
131.54 | % | 121.78 | % |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Dollars in thousands)
|
||||||||||||||||||||||||
Six months ended 12-31-2010
|
Six months ended 12-31-2009
|
|||||||||||||||||||||||
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
Average
Balance
|
Interest
and
Dividends
|
Yield/Cost
|
|||||||||||||||||||
Assets
:
|
||||||||||||||||||||||||
Interest-earning assets:
|
||||||||||||||||||||||||
Loans
|
$ | 37,248 | $ | 992 | 5.33 | % | $ | 35,605 | $ | 963 | 5.41 | % | ||||||||||||
Investment securities available
|
||||||||||||||||||||||||
for sale
|
707 | 9 | 2.51 | % | 846 | 15 | 3.56 | % | ||||||||||||||||
Investment securities held to
|
||||||||||||||||||||||||
maturity
|
820 | 14 | 3.42 | % | 1,045 | 19 | 3.70 | % | ||||||||||||||||
FHLB stock
|
398 | 8 | 4.26 | % | 389 | 9 | 4.76 | % | ||||||||||||||||
Other interest-earning assets
|
3,259 | 9 | 0.54 | % | 2,197 | 15 | 1.32 | % | ||||||||||||||||
Total interest-earning assets
|
42,432 | 1,032 | 4.86 | % | 40,082 | 1,021 | 5.10 | % | ||||||||||||||||
Noninterest-earning assets
|
1,787 | 1,836 | ||||||||||||||||||||||
Total assets
|
$ | 44,219 | $ | 41,918 | ||||||||||||||||||||
Liabilities and equity
:
|
||||||||||||||||||||||||
Interest-bearing liabilities:
|
||||||||||||||||||||||||
Savings deposits
|
$ | 8,136 | $ | 6 | 0.14 | % | $ | 7,467 | $ | 5 | 0.13 | % | ||||||||||||
Certificates of deposit
|
17,625 | 158 | 1.79 | % | 17,015 | 198 | 2.33 | % | ||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
deposits
|
25,761 | 164 | 1.27 | % | 24,482 | 203 | 1.66 | % | ||||||||||||||||
FHLB advances
|
6,583 | 125 | 3.80 | % | 8,167 | 194 | 4.75 | % | ||||||||||||||||
Total interest-bearing
|
||||||||||||||||||||||||
liabilities
|
32,344 | 289 | 1.78 | % | 32,649 | 397 | 2.43 | % | ||||||||||||||||
Other noninterest-bearing
|
||||||||||||||||||||||||
liabilities
|
1,228 | 1,818 | ||||||||||||||||||||||
Total liabilities
|
33,572 | 34,467 | ||||||||||||||||||||||
Total shareholder’s equity
|
10,647 | 7,451 | ||||||||||||||||||||||
Total liabilities and equity
|
$ | 44,219 | $ | 41,918 | ||||||||||||||||||||
Net interest income
|
$ | 743 | $ | 624 | ||||||||||||||||||||
Interest rate spread
|
3.08 | % | 2.67 | % | ||||||||||||||||||||
Net interest margin
|
3.50 | % | 3.12 | % | ||||||||||||||||||||
Average interest-earning assets to
|
||||||||||||||||||||||||
average interest-bearing liabilities
|
131.15 | % | 122.71 | % |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Management’s Discussion and Analysis of Financial Condition
|
and Results of Operations
|
Actual
|
To Be
Well Capitalized
Under Prompt
Corrective
Action Regulations
|
|||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||
December 31, 2010
|
(Dollars in thousands)
|
|||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 9,718 | 37.5 | % | $ | 2,594 | 10.0 | % | ||||||||
Tier I (core) capital (to risk-weighted assets)
|
9,528 | 36.7 | 1,556 | 6.0 | ||||||||||||
Tier I (core) capital (to adjusted total assets)
|
9,528 | 22.0 | 2,169 | 5.0 | ||||||||||||
Tangible capital (to adjusted total assets)
|
9,528 | 22.0 | N/A | |||||||||||||
June 30, 2010
|
||||||||||||||||
Total capital (to risk-weighted assets)
|
$ | 9,570 | 35.5 | % | $ | 2,694 | 10.0 | % | ||||||||
Tier I (core) capital (to risk-weighted assets)
|
9,380 | 34.8 | 1,616 | 6.0 | ||||||||||||
Tier I (core) capital (to adjusted total assets)
|
9,380 | 20.6 | 2,280 | 5.0 | ||||||||||||
Tangible capital (to adjusted total assets)
|
9,380 | 20.6 | N/A |
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Other Items
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Other Information
|
Reference to
|
||||
Exhibit
|
Previous Filing,
|
|||
Number
|
Document
|
If Applicable
|
||
3.1
|
Articles of Incorporation of Versailles Financial Corporation
|
*
|
||
3.2
|
Bylaws of Versailles Financial Corporation
|
*
|
||
4
|
Form of Common Stock Certificate of Versailles Financial
|
|||
Corporation
|
*
|
|||
10.1
|
Employee Stock Ownership Plan
|
|||
10.2
|
Versailles Savings and Loan Company Deferred Compensation
|
|||
Plan
|
*
|
|||
10.3
|
First Amendment to Versailles Savings and Loan Company
|
|||
Deferred Compensation Plan
|
*
|
|||
10.4
|
Restated 2005 Sub-Plan to Versailles Savings and Loan
|
|||
Company Deferred Compensation Plan
|
*
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Other Information
|
10.5
|
First Amendment to Restated 2005 Sub-Plan to Versailles
|
||
Savings and Loan Company Deferred Compensation Plan
|
*
|
||
10.6
|
Trust Agreement for Versailles Savings and Loan Company
|
||
Deferred Compensation Plan and Restated 2005 Sub-Plan to
|
|||
Versailles Savings and Loan Deferred Compensation Plan
|
*
|
||
10.7
|
Employment Agreement between Versailles Savings and Loan
|
||
Company and Douglas P. Ahlers, dated January 8, 2010
|
**
|
||
10.8
|
Employment Agreement between Versailles Savings and Loan
|
||
Company and Cheryl J. Leach, dated January 8, 2010
|
**
|
||
31.1
|
Certification of Chief Executive Officer, Rule 13a-14(a)/15d-14(a)
|
||
31.2
|
Certification of Chief Financial Officer, Rule 13a-14(a)/15d-14(a)
|
||
32
|
Certification of Chief Executive Officer and Chief Financial
|
||
Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant
|
|||
To Section 906 of the Sarbanes Oxley Act of 2002
|
*
|
Incorporated by reference to the Company’s Registration Statement on Form S-1 filed on September 17, 2009
|
**
|
Incorporated by reference to the Company’s Current Report on Form 8-K filed with the SEC on January 11, 2010
|
(Continued)
|
VERSAILLES FINANCIAL CORPORATION
|
Other Information
|
VERSAILLES FINANCIAL CORPORATION
|
||
(Registrant)
|
||
Date:
|
February 14, 2011
|
/s/ Douglas P. Ahlers
|
Douglas P. Ahlers
|
||
President & CEO
|
||
(Principal Executive Officer)
|
||
Date:
|
February 14, 2011
|
/s/ Cheryl J. Leach
|
Cheryl J. Leach
|
||
Vice President & Treasurer
|
||
(Principal Accounting Officer)
|
(Continued)
|
1 Year Versailles Financial (CE) Chart |
1 Month Versailles Financial (CE) Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions