Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Peoples Federal Bancshares, Inc. | a15-3521_18k.htm |
Exhibit 99.1
FOR IMMEDIATE RELEASE
|
|
Contact: |
Maurice H. Sullivan, Jr. |
|
|
|
(617) 254-0707 |
PEOPLES FEDERAL BANCSHARES, INC. ANNOUNCES FISCAL FIRST QUARTER 2015 RESULTS
Brighton, Massachusetts, February 2, 2015. Peoples Federal Bancshares, Inc. (the “Company”) (Nasdaq: PEOP), the holding company for Peoples Federal Savings Bank (the “Bank”), reported financial results for the fiscal first quarter ended December 31, 2014. For the quarter ended December 31, 2014, the Company reported net income of $146,000, or $0.03 per share basic and $0.02 per share diluted, as compared to net income of $554,000, or $0.09 per share, basic and diluted, for the comparable 2013 period. The Company had a net loss of ($148,000), or ($0.03) per share, basic and diluted, for the quarter ended September 30, 2014.
Total interest and dividend income was $5.0 million for the quarter ended December 31, 2014 compared to $4.9 million for the quarter ended December 31, 2013. Net interest and dividend income was $4.3 million for both quarters ended December 31, 2014 and 2013. The low interest rate environment has continued to impact the Company’s net interest and dividend income as recently originated loans reflect the current low interest rate environment. Total non-interest income was $398,000 for the quarter ended December 31, 2014 compared to $399,000 for the quarter ended December 31, 2013. The decrease was due primarily to a decrease in loan servicing fees, net of $13,000, or 100%. Loan servicing fees were offset by amortization of mortgage servicing rights for the three months ended December 31, 2014 compared to loan servicing fees, net of $13,000 for the three months ended December 31, 2013. In addition, income from the increase in cash surrender value of life insurance decreased to $161,000 for the three months ended December 31, 2014 from $168,000 for the three months ended December 31, 2013. These decreases in non-interest income were offset by net gain on sales of mortgage loans of $20,000 for the three months ended December 31, 2014. There were no sales of mortgages for the three months ended December 31, 2013. Non-interest expense increased to $4.0 million for the quarter ended December 31, 2014 compared to $3.8 million for the quarter ended December 31, 2013 due primarily to the increase in merger expense of $205,000, or 100%. During the quarters ended December 31, 2014 and 2013, the Company made a provision of $194,000 and $10,000, respectively, to the valuation allowance against the deferred tax asset related to the charitable contribution made to Peoples Federal Savings Bank Charitable Foundation in 2010. A valuation allowance is established against deferred tax assets when, based upon the available evidence, including historical and projected taxable income, management determines that it is more likely than not that some or all of the deferred tax asset will not be realized.
On a linked quarter basis, total interest and dividend income was $5.0 million for the quarter ended December 31, 2014 compared to $5.1 million for the quarter ended September 30, 2014. Net interest and dividend income was $4.3 million for the quarter ended December 31, 2014 compared to $4.4 million for the quarter ended September 30, 2014. Total non-interest income for the quarter ended December 31, 2014 increased to $398,000 from $391,000 for the quarter ended September 30, 2014. Total non-interest expense decreased to $4.0 million for the quarter ended December 31, 2014 compared to $4.5 million for the quarter ended September 30, 2014 due mainly to the decrease in merger expense of $573,000, or 73.7%, to $205,000 for the quarter ended December 31, 2014 from
$778,000 for the quarter ended September 30, 2014. Provision for income taxes increased to $581,000 for the quarter ended December 31, 2014 compared to $432,000 for the quarter ended September 30, 2014. The increase was due primarily to a provision of $194,000 to the valuation allowance as noted above. The Company did not make a provision to the valuation allowance during the quarter ended September 30, 2014.
Total assets decreased $4.3 million, or 0.7%, to $597.0 million at December 31, 2014 from $601.3 million at September 30, 2014. Loans, net decreased $6.0 million, or 1.2%, during the fiscal first quarter ended December 31, 2014, as one-to four-family residential loans, commercial real estate loans, construction loans and consumer loans decreased, while multi-family residential loans and commercial loans increased. Cash and cash equivalents increased $4.3 million to $36.4 million at December 31, 2014 from $32.1 million at September 30, 2014. Securities available-for-sale and held-to-maturity decreased $1.6 million, or 3.5%, to $44.2 million at December 31, 2014, from $45.8 million at September 30, 2014. Borrowings was $53.0 million at December 31, 2014 and at September 30, 2014.
Deposits decreased $4.3 million to $430.2 million at December 31, 2014 from $434.5 million at September 30, 2014. The decrease resulted primarily from a decrease in term certificates to $117.1 million at December 31, 2014 from $122.0 million at September 30, 2014 and money market deposits to $150.6 million from $153.7 million for the comparable periods, offset by an increase in demand deposits to $64.5 million from $60.9 million for the comparable periods.
At December 31, 2014, total stockholders’ equity was $104.5 million, an increase of $576,000 from $103.9 million at September 30, 2014, resulting primarily from stock-based compensation expense of $525,000 and common stock released by the ESOP of $152,000 and net income of $146,000. The increase was offset by dividends paid on common stock of $289,000.
During the quarters ended December 31, 2014 and 2013, the Company paid quarterly cash dividends of $0.05 and $0.29 per common share, respectively, totaling $289,000 and $1.7 million, respectively.
Non-performing assets totaled $2.9 million, or 0.5% of total assets, at December 31, 2014, compared to $2.1 million, or 0.4% of total assets, at September 30, 2014. Classified assets increased to $4.1 million at December 31, 2014, as compared to $3.5 million at September 30, 2014. The Company did not provide to the allowance for loan losses during the quarter ended December 31, 2014 reflecting improvements in loan delinquencies and the decrease the commercial real estate, construction and one-to four-family loan segments, offset by an increase in non-performing assets and classified assets.
On January 26, 2015, the Company filed with the Securities and Exchange Commission a joint press release with Independent Bank Corp. (Independent) reporting in connection with the previously announced merger of the Company with and into Independent that all regulatory approvals relating to the merger have been received, the deadline for the Company’s shareholders to elect the form of merger consideration they wish to receive in connection with the merger is 5:00 p.m., Eastern Time on February 12, 2015, and the merger is anticipated to close on or about February 20, 2015.
Certain statements herein constitute “forward-looking statements” and actual results may differ from those contemplated by these statements. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate,” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Certain factors that could cause actual results to differ materially from expected results include changes in the interest rate environment, changes in general economic conditions, legislative and regulatory changes that adversely affect the businesses in which Peoples
Federal Bancshares, Inc. is engaged and changes in the securities market. The Company disclaims any intent or obligation to update any forward-looking statements, whether in response to new information, future events or otherwise.
PEOPLES FEDERAL BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
|
|
|
December 31, |
|
September 30, |
| ||
|
|
|
2014 |
|
2014 |
| ||
|
|
|
(Unaudited) |
|
|
| ||
|
|
|
(In thousands, except share data) |
| ||||
|
ASSETS |
| ||||||
|
Cash and due from banks |
|
$ |
4,446 |
|
$ |
4,301 |
|
|
Interest-bearing demand deposits with other banks |
|
30,357 |
|
25,945 |
| ||
|
Federal funds sold |
|
123 |
|
364 |
| ||
|
Federal Home Loan Bank - overnight deposit |
|
1,502 |
|
1,502 |
| ||
|
Total cash and cash equivalents |
|
36,428 |
|
32,112 |
| ||
|
Securities available-for-sale |
|
8,496 |
|
8,819 |
| ||
|
Securities held-to-maturity (fair values of $35,859 and $36,965) |
|
35,654 |
|
37,010 |
| ||
|
Federal Home Loan Bank stock (at cost) |
|
4,252 |
|
4,252 |
| ||
|
Loans |
|
484,873 |
|
490,899 |
| ||
|
Allowance for loan losses |
|
(4,023 |
) |
(4,026 |
) | ||
|
Loans, net |
|
480,850 |
|
486,873 |
| ||
|
Premises and equipment, net |
|
3,464 |
|
3,614 |
| ||
|
Cash surrender value of life insurance policies |
|
20,800 |
|
20,639 |
| ||
|
Accrued interest receivable |
|
1,390 |
|
1,486 |
| ||
|
Deferred income tax asset, net |
|
4,883 |
|
5,238 |
| ||
|
Other assets |
|
803 |
|
1,241 |
| ||
|
Total assets |
|
$ |
597,020 |
|
$ |
601,284 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
| ||||||
|
Deposits: |
|
|
|
|
| ||
|
Non-interest bearing |
|
$ |
64,522 |
|
$ |
60,862 |
|
|
Interest-bearing |
|
365,691 |
|
373,675 |
| ||
|
Total deposits |
|
430,213 |
|
434,537 |
| ||
|
Short-term borrowings |
|
2,000 |
|
2,000 |
| ||
|
Long-term debt |
|
51,000 |
|
51,000 |
| ||
|
Accrued expenses and other liabilities |
|
9,341 |
|
9,857 |
| ||
|
Total liabilities |
|
492,554 |
|
497,394 |
| ||
|
|
|
|
|
|
| ||
|
Stockholders’ equity: |
|
|
|
|
| ||
|
Preferred stock, $0.01 par value; 50,000,000 shares authorized; none issued |
|
— |
|
— |
| ||
|
Common stock, $0.01 par value; 100,000,000 shares authorized; 6,239,436 shares issued and outstanding at December 31, 2014 and September 30, 2014 |
|
62 |
|
62 |
| ||
|
Additional paid-in capital |
|
57,028 |
|
56,814 |
| ||
|
Retained earnings |
|
53,867 |
|
54,010 |
| ||
|
Accumulated other comprehensive income (loss) |
|
16 |
|
(26 |
) | ||
|
Unearned restricted shares; 139,359 and 162,866 shares at December 31, 2014 and September 30, 2014, respectively |
|
(2,222 |
) |
(2,614 |
) | ||
|
Unearned compensation - ESOP |
|
(4,285 |
) |
(4,356 |
) | ||
|
Total stockholders’ equity |
|
104,466 |
|
103,890 |
| ||
|
Total liabilities and stockholders’ equity |
|
$ |
597,020 |
|
$ |
601,284 |
|
PEOPLES FEDERAL BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months Ended |
| ||||
|
|
|
December 31, |
| ||||
|
|
|
2014 |
|
2013 |
| ||
|
|
|
(Unaudited) |
| ||||
|
|
|
(Dollars in thousands, except |
| ||||
|
Interest and dividend income: |
|
|
|
|
| ||
|
Interest and fees on loans |
|
$ |
4,702 |
|
$ |
4,673 |
|
|
Interest on debt securities: |
|
|
|
|
| ||
|
Taxable |
|
228 |
|
233 |
| ||
|
Other interest |
|
17 |
|
15 |
| ||
|
Dividends on equity securities |
|
16 |
|
4 |
| ||
|
Total interest and dividend income |
|
4,963 |
|
4,925 |
| ||
|
|
|
|
|
|
| ||
|
Interest expense: |
|
|
|
|
| ||
|
Interest on deposits |
|
451 |
|
454 |
| ||
|
Interest on Federal Home Loan Bank advances |
|
164 |
|
168 |
| ||
|
Total interest expense |
|
615 |
|
622 |
| ||
|
Net interest and dividend income |
|
4,348 |
|
4,303 |
| ||
|
Provision for loan losses |
|
— |
|
— |
| ||
|
Net interest and dividend income, after provision for loan losses |
|
4,348 |
|
4,303 |
| ||
|
|
|
|
|
|
| ||
|
Non-interest income: |
|
|
|
|
| ||
|
Customer service fees |
|
198 |
|
196 |
| ||
|
Loan servicing fees, net |
|
— |
|
13 |
| ||
|
Net gain on sales of mortgage loans |
|
20 |
|
— |
| ||
|
Increase in cash surrender value of life insurance |
|
161 |
|
168 |
| ||
|
Other income |
|
19 |
|
22 |
| ||
|
Total non-interest income |
|
398 |
|
399 |
| ||
|
|
|
|
|
|
| ||
|
Non-interest expense: |
|
|
|
|
| ||
|
Salaries and employee benefits |
|
2,492 |
|
2,610 |
| ||
|
Occupancy expense |
|
286 |
|
228 |
| ||
|
Equipment expense |
|
131 |
|
99 |
| ||
|
Professional fees |
|
181 |
|
157 |
| ||
|
Advertising expense |
|
146 |
|
133 |
| ||
|
Data processing expense |
|
231 |
|
219 |
| ||
|
Deposit insurance expense |
|
72 |
|
61 |
| ||
|
Merger expense |
|
205 |
|
— |
| ||
|
Other expense |
|
275 |
|
253 |
| ||
|
Total non-interest expense |
|
4,019 |
|
3,760 |
| ||
|
Income before income taxes |
|
727 |
|
942 |
| ||
|
Provision for income taxes |
|
581 |
|
388 |
| ||
|
Net income |
|
$ |
146 |
|
$ |
554 |
|
|
|
|
|
|
|
| ||
|
Weighted-average shares outstanding: |
|
|
|
|
| ||
|
Basic |
|
5,649,107 |
|
5,746,458 |
| ||
|
Diluted |
|
5,817,934 |
|
5,810,294 |
| ||
|
|
|
|
|
|
| ||
|
Earnings per common share: |
|
|
|
|
| ||
|
Basic |
|
$ |
0.03 |
|
$ |
0.09 |
|
|
Diluted |
|
$ |
0.02 |
|
$ |
0.09 |
|
PEOPLES FEDERAL BANCSHARES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
|
|
|
Three Months Ended |
| ||||
|
|
|
December 31, |
|
September 30, |
| ||
|
|
|
2014 |
|
2014 |
| ||
|
|
|
(Unaudited) |
| ||||
|
|
|
(Dollars in thousands, except |
| ||||
|
Interest and dividend income: |
|
|
|
|
| ||
|
Interest and fees on loans |
|
$ |
4,702 |
|
$ |
4,798 |
|
|
Interest on debt securities: |
|
|
|
|
| ||
|
Taxable |
|
228 |
|
235 |
| ||
|
Other interest |
|
17 |
|
14 |
| ||
|
Dividends on equity securities |
|
16 |
|
15 |
| ||
|
Total interest and dividend income |
|
4,963 |
|
5,062 |
| ||
|
|
|
|
|
|
| ||
|
Interest expense: |
|
|
|
|
| ||
|
Interest on deposits |
|
451 |
|
452 |
| ||
|
Interest on Federal Home Loan Bank advances |
|
164 |
|
183 |
| ||
|
Total interest expense |
|
615 |
|
635 |
| ||
|
Net interest and dividend income |
|
4,348 |
|
4,427 |
| ||
|
Provision for loan losses |
|
— |
|
— |
| ||
|
Net interest and dividend income, after provision for loan losses |
|
4,348 |
|
4,427 |
| ||
|
|
|
|
|
|
| ||
|
Non-interest income: |
|
|
|
|
| ||
|
Customer service fees |
|
198 |
|
198 |
| ||
|
Loan servicing fees, net |
|
— |
|
9 |
| ||
|
Net gain on sales of mortgage loans |
|
20 |
|
13 |
| ||
|
Increase in cash surrender value of life insurance |
|
161 |
|
153 |
| ||
|
Other income |
|
19 |
|
18 |
| ||
|
Total non-interest income |
|
398 |
|
391 |
| ||
|
|
|
|
|
|
| ||
|
Non-interest expense: |
|
|
|
|
| ||
|
Salaries and employee benefits |
|
2,492 |
|
2,474 |
| ||
|
Occupancy expense |
|
286 |
|
274 |
| ||
|
Equipment expense |
|
131 |
|
122 |
| ||
|
Professional fees |
|
181 |
|
90 |
| ||
|
Advertising expense |
|
146 |
|
144 |
| ||
|
Data processing expense |
|
231 |
|
226 |
| ||
|
Deposit insurance expense |
|
72 |
|
79 |
| ||
|
Merger expense |
|
205 |
|
778 |
| ||
|
Other expense |
|
275 |
|
347 |
| ||
|
Total non-interest expense |
|
4,019 |
|
4,534 |
| ||
|
Income before income taxes |
|
727 |
|
284 |
| ||
|
Provision for income taxes |
|
581 |
|
432 |
| ||
|
Net income (loss) |
|
$ |
146 |
|
$ |
(148 |
) |
|
|
|
|
|
|
| ||
|
Weighted-average shares outstanding: |
|
|
|
|
| ||
|
Basic |
|
5,649,107 |
|
5,639,461 |
| ||
|
Diluted |
|
5,817,934 |
|
5,639,461 |
| ||
|
|
|
|
|
|
| ||
|
Earnings (loss) per common share: |
|
|
|
|
| ||
|
Basic |
|
$ |
0.03 |
|
$ |
(0.03 |
) |
|
Diluted |
|
$ |
0.02 |
|
$ |
(0.03 |
) |
The following tables set forth average assets, liability and equity account balances, average yields and costs, and certain other information for the periods indicated. No tax-equivalent yield adjustments were made, as the effect thereof was not material. All average balances are daily average balances. Non-accrual loans were included in the computation of average balances, but have been reflected in the table as loans carrying a zero yield. The yields set forth below include the effect of deferred fees, discounts and premiums that are amortized or accreted to interest income or expense.
|
|
|
Three Months Ended December 31, |
| ||||||||||||||
|
|
|
2014 |
|
2013 |
| ||||||||||||
|
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
| ||||
|
|
|
Outstanding |
|
Earned/ |
|
Yield/ |
|
Outstanding |
|
Earned/ |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Paid |
|
Rate (1) |
|
Balance |
|
Paid |
|
Rate (1) |
| ||||
|
|
|
(Unaudited) |
| ||||||||||||||
|
|
|
(Dollars in thousands) |
| ||||||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans (2) |
|
$ |
484,800 |
|
$ |
4,702 |
|
3.88 |
% |
$ |
467,306 |
|
$ |
4,673 |
|
4.00 |
% |
|
Taxable securities (3) |
|
45,122 |
|
228 |
|
2.02 |
|
49,126 |
|
233 |
|
1.90 |
| ||||
|
Other interest-earning assets |
|
29,651 |
|
17 |
|
0.23 |
|
27,414 |
|
15 |
|
0.22 |
| ||||
|
FHLB stock |
|
4,252 |
|
16 |
|
1.51 |
|
3,775 |
|
4 |
|
0.42 |
| ||||
|
Total interest-earning assets |
|
563,825 |
|
4,963 |
|
3.52 |
|
547,621 |
|
4,925 |
|
3.60 |
| ||||
|
Non-interest-earning assets |
|
35,920 |
|
|
|
|
|
35,806 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
599,745 |
|
|
|
|
|
$ |
583,427 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Savings |
|
$ |
55,742 |
|
14 |
|
0.10 |
|
$ |
56,362 |
|
14 |
|
0.10 |
| ||
|
Money market accounts |
|
152,794 |
|
168 |
|
0.44 |
|
150,495 |
|
155 |
|
0.41 |
| ||||
|
NOW accounts |
|
42,045 |
|
6 |
|
0.06 |
|
41,054 |
|
7 |
|
0.07 |
| ||||
|
Term certificates |
|
120,335 |
|
263 |
|
0.87 |
|
118,657 |
|
278 |
|
0.94 |
| ||||
|
Total deposits |
|
370,916 |
|
451 |
|
0.49 |
|
366,568 |
|
454 |
|
0.50 |
| ||||
|
FHLB advances |
|
53,000 |
|
164 |
|
1.24 |
|
44,326 |
|
168 |
|
1.52 |
| ||||
|
Total interest-bearing liabilities |
|
423,916 |
|
615 |
|
0.58 |
|
410,894 |
|
622 |
|
0.61 |
| ||||
|
Demand deposits |
|
61,955 |
|
|
|
|
|
56,014 |
|
|
|
|
| ||||
|
Other non-interest-bearing liabilities |
|
9,561 |
|
|
|
|
|
10,564 |
|
|
|
|
| ||||
|
Total non-interest-bearing liabilities |
|
71,516 |
|
|
|
|
|
66,578 |
|
|
|
|
| ||||
|
Total liabilities |
|
495,432 |
|
|
|
|
|
477,472 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
104,313 |
|
|
|
|
|
105,955 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
599,745 |
|
|
|
|
|
$ |
583,427 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
|
|
$ |
4,348 |
|
|
|
|
|
$ |
4,303 |
|
|
| ||
|
Net interest rate spread (4) |
|
|
|
|
|
2.94 |
% |
|
|
|
|
2.99 |
% | ||||
|
Net interest-earning assets (5) |
|
$ |
139,909 |
|
|
|
|
|
$ |
136,727 |
|
|
|
|
| ||
|
Net interest margin (6) |
|
|
|
|
|
3.08 |
% |
|
|
|
|
3.14 |
% | ||||
|
Ratio of interest-earning assets to total interest-bearing liabilities |
|
1.33x |
|
|
|
|
|
1.33x |
|
|
|
|
| ||||
(1) Yields are annualized.
(2) Average loans include non-accrual loans and are net of average deferred loan fees/costs.
(3) Average balances are presented at average amortized cost.
(4) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.
|
|
|
Three Months Ended |
| ||||||||||||||
|
|
|
December 31, 2014 |
|
September 30, 2014 |
| ||||||||||||
|
|
|
Average |
|
Interest |
|
Average |
|
Average |
|
Interest |
|
Average |
| ||||
|
|
|
Outstanding |
|
Earned/ |
|
Yield/ |
|
Outstanding |
|
Earned/ |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Paid |
|
Rate (1) |
|
Balance |
|
Paid |
|
Rate (1) |
| ||||
|
|
|
(Unaudited) |
| ||||||||||||||
|
|
|
(Dollars in thousands) |
| ||||||||||||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans (2) |
|
$ |
484,800 |
|
$ |
4,702 |
|
3.88 |
% |
$ |
491,507 |
|
$ |
4,798 |
|
3.90 |
% |
|
Taxable securities (3) |
|
45,122 |
|
228 |
|
2.02 |
|
47,000 |
|
235 |
|
2.00 |
| ||||
|
Other interest-earning assets |
|
29,651 |
|
17 |
|
0.23 |
|
28,938 |
|
14 |
|
0.19 |
| ||||
|
FHLB stock |
|
4,252 |
|
16 |
|
1.51 |
|
4,252 |
|
15 |
|
1.41 |
| ||||
|
Total interest-earning assets |
|
563,825 |
|
4,963 |
|
3.52 |
|
571,697 |
|
5,062 |
|
3.54 |
| ||||
|
Non-interest-earning assets |
|
35,920 |
|
|
|
|
|
36,258 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
599,745 |
|
|
|
|
|
$ |
607,955 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Deposits: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Savings |
|
$ |
55,742 |
|
14 |
|
0.10 |
|
$ |
55,764 |
|
15 |
|
0.11 |
| ||
|
Money market accounts |
|
152,794 |
|
168 |
|
0.44 |
|
153,084 |
|
162 |
|
0.42 |
| ||||
|
NOW accounts |
|
42,045 |
|
6 |
|
0.06 |
|
43,165 |
|
6 |
|
0.06 |
| ||||
|
Term certificates |
|
120,335 |
|
263 |
|
0.87 |
|
124,355 |
|
269 |
|
0.87 |
| ||||
|
Total deposits |
|
370,916 |
|
451 |
|
0.49 |
|
376,368 |
|
452 |
|
0.48 |
| ||||
|
FHLB advances |
|
53,000 |
|
164 |
|
1.24 |
|
57,565 |
|
183 |
|
1.27 |
| ||||
|
Total interest-bearing liabilities |
|
423,916 |
|
615 |
|
0.58 |
|
433,933 |
|
635 |
|
0.59 |
| ||||
|
Demand deposits |
|
61,955 |
|
|
|
|
|
60,239 |
|
|
|
|
| ||||
|
Other non-interest-bearing liabilities |
|
9,561 |
|
|
|
|
|
9,689 |
|
|
|
|
| ||||
|
Total non-interest-bearing liabilities |
|
71,516 |
|
|
|
|
|
69,928 |
|
|
|
|
| ||||
|
Total liabilities |
|
495,432 |
|
|
|
|
|
503,861 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
104,313 |
|
|
|
|
|
104,094 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
599,745 |
|
|
|
|
|
$ |
607,955 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
|
|
$ |
4,348 |
|
|
|
|
|
$ |
4,427 |
|
|
| ||
|
Net interest rate spread (4) |
|
|
|
|
|
2.94 |
% |
|
|
|
|
2.95 |
% | ||||
|
Net interest-earning assets (5) |
|
$ |
139,909 |
|
|
|
|
|
$ |
137,764 |
|
|
|
|
| ||
|
Net interest margin (6) |
|
|
|
|
|
3.08 |
% |
|
|
|
|
3.10 |
% | ||||
|
Ratio of interest-earning assets to total interest-bearing liabilities |
|
1.33x |
|
|
|
|
|
1.32x |
|
|
|
|
| ||||
(1) Yields are annualized.
(2) Average loans include non-accrual loans and are net of average deferred loan fees/costs.
(3) Average balances are presented at average amortized cost.
(4) Net interest rate spread represents the difference between the yield on interest-earning assets and the cost of interest-bearing liabilities.
(5) Net interest-earning assets represent total interest-earning assets less total interest-bearing liabilities.
(6) Net interest margin represents net interest income divided by average total interest-earning assets.