UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C.  20549
________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) – January 27, 2011
________________________________

NEFFS BANCORP, INC.
(Exact name of registrant as specified in its charter)


Pennsylvania
_______________________
State or other jurisdiction
of incorporation)
 
000-32605
_______________________
(Commission File
Number)
 
23-2400383
______________________
(IRS Employer
Identification Number)
 
 

5629 Route 873
P.O. Box 10
Neffs, Pennsylvania
____________________________________
(Address of principal executive offices)
 
 
 
18065-0010
_________________________________
(Zip Code)
 
 
Registrant's telephone number including area code: (610) 767-3875

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))



 
 

 

 
ITEM  2.02.  Results of Operations and Financial Condition

Neffs Bancorp, Inc. (the “Corporation”) is a Pennsylvania business Corporation, which is registered as a bank holding company under the Bank Holding Company Act of 1956, as amended (the “Holding Company Act”).  The Corporation was incorporated on March 24, 1986 and became an active bank holding company on October 31, 1986.  The Corporation owns all of the outstanding stock of The Neffs National Bank (“the bank”).

Net income for 2010 was $3,426,000 or $18.86 per share compared to $3,161,000 or $16.96 per share for 2009.  The Corporation incurred impairment charges on securities of $533,000 in 2010 and $659,000 in 2009.  FDIC expense was $207,000 for 2010 compared to $338,000 for 2009.  This decrease is mainly due to a special assessment by the FDIC in 2009.  Provision for loan loss was $368,000 in 2010 as compared to $84,000 in 2009.  This increase is due mainly to increases in loan volume, non-performing loans, and qualitative factors affecting the allowance as a result of the quarterly review.

The Corporation’s total assets were $278,463,000 at December 31, 2010 compared to $258,177,000 at December 31, 2009.

Neffs Bancorp, Inc. may from time to time make written or oral “forward-looking statements”, including statements contained in the Corporation’s filings with the Securities and Exchange Commission (including this Form 8-K and the exhibits hereto and thereto), in its reports to stockholders and in other communications by the Corporation, which are made in good faith by the Corporation pursuant to the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995.

The information in this Item 2.02 is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934 (the "Exchange Act"), or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, regardless of any general incorporation language in such filing.
 
 
 
 

 

 

Neffs Bancorp, Inc.
 
Selected Consolidated Financial Data
 
As of December 31, 2010
 
Dollars in thousands, except per share data
 
(unaudited)
 
             
Selected Consolidated Statements of Income
     
   
Years Ended December 31,
 
   
2010
   
2009
 
             
Total interest income
  $ 13,493     $ 13,471  
Total interest expense
    4,878       5,474  
                 
Net interest income
    8,615       7,997  
Provision for loan losses
    368       84  
                 
Net interest income after provision for loan losses
    8,247       7,913  
                 
Impairment charge on securities
    (533 )     (659 )
Security gains
    9       10  
Other income
    256       259  
Other expenses
    3,577       3,421  
                 
Income before income taxes
    4,402       4,102  
Income tax expense
    (976 )     (941 )
                 
Net income
  $ 3,426     $ 3,161  
                 
                 
Per Share Data
               
                 
Basic earnings
  $ 18.86     $ 16.96  
Book value
  $ 260.20     $ 248.51  
Dividends declared
  $ 4.75     $ 4.00  
Average shares outstanding
    181,684       186,417  
Actual shares outstanding
    179,460       183,608  
                 
Selected Consolidated Statements of Financial Condition
         
   
December 31,
 
      2010       2009  
   Total assets
  $ 278,463     $ 258,177  
   Securities
    143,760       135,967  
   Loans, net of allowance
    120,772       111,159  
   Allowance for loan losses
    1,114       829  
   Deposits
    230,687       211,391  
   Stockholders'  Equity
    46,697       45,628  
 
 
 
 

 
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


   
NEFFS BANCORP, INC.
   
(Registrant)
     
Dated: January 27, 2011
 
By:
/s/ John J. Remaley
   
Name:
John J. Remaley
   
Title:
President