Price Graph
Price
Yield
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x
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QUARTERLY
REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE
ACT OF 1934
|
|
o
|
TRANSITION
REPORT UNDER SECTION 13 OR 15(d) OF THE EXCHANGE
ACT
|
|
United
States of America
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61-1484858
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|
(State
or other jurisdiction of
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(I.R.S.
Employer Identification No.)
|
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incorporation
or organization)
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Large
accelerated filer
o
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Accelerated
filer
o
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|
Non-accelerated
filer
o
|
Smaller
Reporting Company
x
|
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(Do
not check if a smaller reporting company)
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Page
|
|||||
|
PART
I
|
-
ITEM 1
|
FINANCIAL
INFORMATION
|
|||
|
Consolidated
Balance Sheets
|
3
|
||||
|
|
|||||
|
Consolidated
Statements of Operations
|
4
|
||||
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Consolidated
Statements of Comprehensive Income (Loss)
|
5
|
||||
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Consolidated
Statements of Cash Flows
|
6
|
||||
|
Notes
to Consolidated Financial Statements
|
8
|
||||
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|
|||||
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ITEM
2
|
Management’s
Discussion and Analysis
of
Financial Condition
and Results of Operations
|
17
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|||
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ITEM
3
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Quantitative
and Qualitative Disclosures
About Market
Risk
|
21
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|||
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ITEM
4
|
Controls
and Procedures
|
21
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|||
|
PART
II
|
-
OTHER INFORMATION
|
22
|
|||
|
SIGNATURES
|
23
|
||||
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September
30,
|
June
30,
|
|||||||
|
ASSETS
|
2010
|
2010
|
||||||
|
Cash
and due from financial institutions
|
$ | 1,016 | $ | 1,118 | ||||
|
Interest-bearing
demand deposits
|
7,073 | 7,244 | ||||||
|
Cash
and cash equivalents
|
8,089 | 8,362 | ||||||
|
Interest-bearing
deposits in other financial institutions
|
100 | 100 | ||||||
|
Securities
available for sale
|
244 | 246 | ||||||
|
Securities
held-to-maturity, at amortized cost- approximate
|
8,821 | 9,435 | ||||||
|
fair
value of $9,368 and $10,026 at September 30, and
|
||||||||
|
June
30, 2010, respectively
|
||||||||
|
Loans
held for sale
|
589 | 370 | ||||||
|
Loans
|
192,180 | 192,153 | ||||||
|
Allowance
for loan and lease losses
|
(1,519 | ) | (1,535 | ) | ||||
|
Real
estate owned, net
|
820 | 748 | ||||||
|
Premises
and equipment, net
|
2,701 | 2,731 | ||||||
|
Federal
Home Loan Bank stock
|
5,641 | 5,641 | ||||||
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Accrued
interest receivable
|
511 | 518 | ||||||
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Bank-owned
life insurance
|
2,541 | 2,518 | ||||||
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Goodwill
|
14,507 | 14,507 | ||||||
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Other
intangible assets
|
185 | 218 | ||||||
|
Prepaid
FDIC assessments
|
492 | 542 | ||||||
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Prepaid
expenses and other assets
|
389 | 385 | ||||||
|
Total
assets
|
$ | 236,291 | $ | 236,939 | ||||
|
LIABILITIES
AND SHAREHOLDERS’ EQUITY
|
||||||||
|
Deposits
|
$ | 144,648 | $ | 144,969 | ||||
|
Federal
Home Loan Bank advances
|
31,293 | 32,009 | ||||||
|
Advances
by borrowers for taxes and insurance
|
595 | 335 | ||||||
|
Accrued
interest payable
|
144 | 145 | ||||||
|
Other
liabilities
|
1,920 | 1,749 | ||||||
|
Total
liabilities
|
178,600 | 179,207 | ||||||
|
Commitments
and contingencies
|
- | - | ||||||
|
Shareholders’
equity
|
||||||||
|
Preferred
stock, 500,000 shares authorized, $.01 par value;
|
||||||||
|
no
shares issued
|
- | - | ||||||
|
Common
stock, 20,000,000 shares authorized, $.01 par value;
|
||||||||
|
8,596,064
shares issued and outstanding
|
86 | 86 | ||||||
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Additional
paid-in capital
|
36,623 | 36,597 | ||||||
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Retained
earnings
|
31,418 | 31,363 | ||||||
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Unearned
employee stock ownership plan (ESOP)
|
(2,317 | ) | (2,366 | ) | ||||
|
Treasury
shares at cost, 806,375 and 745,530 common shares at
|
||||||||
|
September
30, and June 30, 2010, respectively
|
(8,123 | ) | (7,952 | ) | ||||
|
Accumulated
other comprehensive income
|
4 | 4 | ||||||
|
Total
shareholders’ equity
|
57,691 | 57,732 | ||||||
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Total
liabilities and shareholders’ equity
|
$ | 236,291 | $ | 236,939 | ||||
|
Three
Months Ended
|
||||||||
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Interest
income
|
||||||||
|
Loans
|
$ | 2,582 | $ | 2,648 | ||||
|
Mortgage-backed
securities
|
101 | 129 | ||||||
|
Other
securities
|
- | 47 | ||||||
|
Interest-bearing
deposits and other
|
63 | 70 | ||||||
|
Total
interest income
|
2,746 | 2,894 | ||||||
|
Interest
expense
|
||||||||
|
Deposits
|
739 | 950 | ||||||
|
Borrowings
|
243 | 416 | ||||||
|
Total
interest expense
|
982 | 1,366 | ||||||
|
Net
interest income
|
1,764 | 1,528 | ||||||
|
Provision
for loan losses
|
25 | 968 | ||||||
|
Net
interest income after provision
|
||||||||
|
for
loan losses
|
1,739 | 560 | ||||||
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Non-interest
income
|
||||||||
|
Earnings
on bank-owned life insurance
|
23 | 23 | ||||||
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Gain
on sale of loans
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28 | 28 | ||||||
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Net
gain (loss) on sale of real estate owned
|
2 | (12 | ) | |||||
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Other
|
27 | 28 | ||||||
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Total
non-interest income
|
80 | 67 | ||||||
|
Non-interest
expense
|
||||||||
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Salaries
and employee benefits
|
798 | 745 | ||||||
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Occupancy
and equipment
|
84 | 71 | ||||||
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Franchise
and other taxes
|
49 | 46 | ||||||
|
Data
processing
|
63 | 54 | ||||||
|
Federal
deposit insurance
|
54 | 42 | ||||||
|
Audit
and accounting
|
38 | 34 | ||||||
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Amortization
of intangible assets
|
33 | 32 | ||||||
|
Foreclosure
costs
|
21 | -- | ||||||
|
Legal
fees
|
32 | 13 | ||||||
|
Other
operating
|
154 | 140 | ||||||
|
Total
non-interest expense
|
1,326 | 1,177 | ||||||
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Income
(loss) before income taxes
|
493 | (550 | ) | |||||
|
Income
tax expense (benefit)
|
160 | (188 | ) | |||||
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NET
INCOME (LOSS)
|
$ | 333 | $ | (362 | ) | |||
|
EARNINGS
(LOSS) PER SHARE
|
||||||||
|
Basic
and diluted
|
$ | 0.04 | $ | (0.05 | ) | |||
|
DIVIDENDS
PER SHARE
|
$ | 0.10 | $ | 0.10 | ||||
|
Three
months ended
|
||||||||
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Net
income (loss)
|
$ | 333 | $ | (362 | ) | |||
|
Other
comprehensive income (loss), net of tax-related effects:
|
||||||||
|
Unrealized
holding gains (losses) on securities available for sale
|
||||||||
|
during
the year, net of tax (benefit) of $- and $11 during the
|
||||||||
|
respective
periods.
|
- | (22 | ) | |||||
|
Comprehensive
income (loss)
|
$ | 333 | $ | (384 | ) | |||
|
Three
months ended
|
||||||||
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Cash
flows from operating activities:
|
||||||||
|
Net
income (loss)
|
$ | 333 | $ | (362 | ) | |||
|
Adjustments
to reconcile net income (loss) to net cash
|
||||||||
|
provided
by operating activities:
|
||||||||
|
Amortization
of premiums and discounts on investment securities - net
|
- | -- | ||||||
|
Depreciation
|
44 | 42 | ||||||
|
Amortization
of deferred loan origination (fees) costs
|
(10 | ) | (1 | ) | ||||
|
Amortization
of premiums on FHLB advances
|
(38 | ) | (113 | ) | ||||
|
Amortization
of core deposit intangibles
|
33 | 32 | ||||||
|
Net
gain on sale of loans
|
(28 | ) | (28 | ) | ||||
|
Net
loss (gain) on sale of real estate owned
|
(2 | ) | 12 | |||||
|
ESOP
compensation expense
|
49 | - | ||||||
|
Amortization
of stock benefit plans and stock options expense
|
26 | 141 | ||||||
|
Earnings
on bank-owned life insurance
|
(23 | ) | (23 | ) | ||||
|
Provision
for loan losses
|
25 | 968 | ||||||
|
Origination
of loans held for sale
|
(980 | ) | (1,628 | ) | ||||
|
Proceeds
from loans held for sale
|
789 | 1,886 | ||||||
|
Increase
(decrease) in cash, due to changes in:
|
||||||||
|
Accrued
interest receivable
|
7 | 41 | ||||||
|
Prepaid
expenses and other assets
|
46 | (9 | ) | |||||
|
Accrued
interest payable
|
(1 | ) | -- | |||||
|
Accounts
payable and other liabilities
|
171 | (397 | ) | |||||
|
Net
cash provided by operating activities
|
441 | 561 | ||||||
|
Cash
flows from investing activities:
|
||||||||
|
Investment
securities maturities, prepayments and calls:
|
||||||||
|
Held
to maturity
|
614 | 3,493 | ||||||
|
Available
for sale
|
2 | 44 | ||||||
|
Loans
originated for investment, net of principal collected
|
(470 | ) | (505 | ) | ||||
|
Proceeds
from sale of real estate owned
|
342 | 42 | ||||||
|
Additions
to premises and equipment, net
|
(14 | ) | (15 | ) | ||||
|
Net
cash provided by investing activities
|
474 | 3,059 | ||||||
|
Cash
flows from financing activities:
|
||||||||
|
Net
change in deposits
|
(321 | ) | 1,568 | |||||
|
Payments
by borrowers for taxes and insurance, net
|
260 | 152 | ||||||
|
Proceeds
from Federal Home Loan Bank advances
|
5,000 | 1,000 | ||||||
|
Repayments
on Federal Home Loan Bank advances
|
(5,678 | ) | (7,038 | ) | ||||
|
Dividends
paid on common stock
|
(278 | ) | (283 | ) | ||||
|
Treasury
stock repurchases
|
(171 | ) | -- | |||||
|
Net
cash used in financing activities
|
(1,188 | ) | (4,601 | ) | ||||
|
Net
increase (decrease) in cash and cash equivalents
|
(273 | ) | (981 | ) | ||||
|
Beginning
cash and cash equivalents
|
8,362 | 4,217 | ||||||
|
Ending
cash and cash equivalents
|
$ | 8,089 | $ | 3,236 | ||||
|
Three
months ended
|
||||||||
|
September
30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Supplemental
disclosure of cash flow information:
|
||||||||
|
Cash
paid during the period for:
|
||||||||
|
Federal
income taxes
|
$ | 100 | $ | 200 | ||||
|
Interest
on deposits and borrowings
|
$ | 1,021 | $ | 1,479 | ||||
|
Transfers
from loans to real estate acquired
|
||||||||
|
through
foreclosure, net
|
$ | 412 | $ | 91 | ||||
|
Loans
made on sale of real estate acquired
|
||||||||
|
through
foreclosure
|
$ | 61 | $ | -- | ||||
|
Capitalization
of mortgage servicing rights
|
$ | 6 | $ | 10 | ||||
|
Three
months ended September 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Net
income (loss)
|
$ | 333 | $ | (362 | ) | |||
|
Less
earnings (loss) allocated to unvested shares
|
4 | (2 | ) | |||||
|
Net
income (loss) allocated to common shareholders, basis and
diluted
|
$ | 329 | $ | (360 | ) | |||
|
Three
months ended September 30,
|
||||||||
|
2010
|
2009
|
|||||||
|
Basic
|
||||||||
|
Weighted-average
common shares including unvested
|
||||||||
|
Common
shares outstanding
|
7,500,847 | 7,564,579 | ||||||
|
Less:
Weighted-average unvested common shares
|
25,900 | 51,800 | ||||||
|
Weighted-average
common shares outstanding
|
7,474,947 | 7,512,779 | ||||||
|
Diluted
|
||||||||
|
Add:
Dilutive effect of assumed exercise of stock options
|
- | - | ||||||
|
Weighted-average
common shares outstanding (diluted)
|
7,474,947 | 7,512,779 | ||||||
|
September
30, 2010
|
||||||||||||||||
|
Gross
|
Gross
|
Estimated
|
||||||||||||||
|
Amortized
|
unrealized
|
unrealized
|
fair
|
|||||||||||||
|
cost
|
gains
|
losses
|
value
|
|||||||||||||
|
(In
thousands)
|
||||||||||||||||
|
Available-for-sale
Securities
|
||||||||||||||||
|
Agency
mortgage-backed: residential
|
$ | 238 | $ | 7 | $ | (1 | ) | $ | 244 | |||||||
|
Held-to-maturity
Securities
|
||||||||||||||||
|
Agency
mortgage-backed: residential
|
$ | 8,821 | $ | 547 | $ | - | $ | 9,368 | ||||||||
|
June
30, 2010
|
||||||||||||||||
|
Gross
|
Gross
|
Estimated
|
||||||||||||||
|
Amortized
|
unrealized
|
unrealized
|
fair
|
|||||||||||||
|
cost
|
gains
|
losses
|
value
|
|||||||||||||
|
(In
thousands)
|
||||||||||||||||
|
Available-for-sale
Securities
|
||||||||||||||||
|
Agency
mortgage-backed: residential
|
$ | 240 | $ | 7 | $ | (1 | ) | $ | 246 | |||||||
|
Held-to-maturity
Securities
|
||||||||||||||||
|
Agency
mortgage-backed: residential
|
$ | 9,435 | $ | 591 | $ | - | $ | 10,026 | ||||||||
|
September
30,
|
June
30,
|
|||||||
|
2010
|
2010
|
|||||||
|
(In
thousands)
|
||||||||
|
Residential
real estate
|
||||||||
|
One-
to four-family
|
$ | 163,183 | $ | 165,818 | ||||
|
Multi-family
|
8,217 | 6,689 | ||||||
|
Construction
|
1,643 | 1,916 | ||||||
|
Nonresidential
real estate and land
|
12,265 | 10,943 | ||||||
|
Loans
on deposits
|
2,409 | 2,754 | ||||||
|
Consumer
and other
|
5,049 | 4,802 | ||||||
| 192,766 | 192,922 | |||||||
|
Less:
|
||||||||
|
Undisbursed
portion of loans in process
|
640 | 631 | ||||||
|
Deferred
loan origination fees (cost)
|
(54 | ) | 138 | |||||
|
Allowance
for loan losses
|
1,519 | 1,535 | ||||||
| $ | 190,661 | $ | 190,618 | |||||
|
September
30,
|
June
30,
|
|||||||
|
2010
|
2010
|
|||||||
|
(In
thousands)
|
||||||||
|
|
||||||||
|
Loans
with no allocated allowance for loan losses
|
$ | 1,737 | $ | 1,348 | ||||
|
Loans
with allocated allowance for loan losses
|
4,957 | 5,370 | ||||||
|
Total
|
$ | 6,694 | $ | 6,718 | ||||
|
Amount
of allowance for loan losses allocated
|
$ | 865 | $ | 904 | ||||
|
September
30,
|
June
30,
|
|||||||
|
2010
|
2010
|
|||||||
|
(In
thousands)
|
||||||||
|
Nonaccrual
loans
|
$ | 6,670 | $ | 7,671 | ||||
|
Restructured
loans
|
203 | -- | ||||||
|
Loans
past due 90 days or more and still accruing
|
38 | 112 | ||||||
|
Total
|
$ | 6,911 | $ | 7,783 | ||||
|
For
the Three Months Ended
|
||||||||
|
September
30,
|
September
30,
|
|||||||
|
2010
|
2009
|
|||||||
|
(In
thousands)
|
||||||||
|
Beginning
balance
|
$ | 1,535 | $ | 678 | ||||
|
Provision
for losses on loans
|
25 | 968 | ||||||
|
Charge-offs
|
(41 | ) | (47 | ) | ||||
|
Ending
balance
|
$ | 1,519 | $ | 1,599 | ||||
|
Fair
Value Measurements at September 30, 2010
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Quotes
Prices
|
||||||||||||||||
|
in
Active
|
Significant
|
|||||||||||||||
|
Markets
for
|
Other
|
Significant
|
||||||||||||||
|
Identical
|
Observable
|
Unobservable
|
||||||||||||||
|
Assets
|
Inputs
|
Inputs
|
||||||||||||||
|
Description
|
Fair
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||||
|
Agency
mortgage-backed: residential
|
$ | 244 | $ | - | $ | 244 | $ | - | ||||||||
|
Fair
Value Measurements at June 30, 2010
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Quotes
Prices
|
||||||||||||||||
|
in
Active
|
Significant
|
|||||||||||||||
|
Markets
for
|
Other
|
Significant
|
||||||||||||||
|
Identical
|
Observable
|
Unobservable
|
||||||||||||||
|
Assets
|
Inputs
|
Inputs
|
||||||||||||||
|
Description
|
Fair
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||||
|
Agency
mortgage-backed: residential
|
$
|
246
|
$
|
-
|
$
|
246
|
$
|
-
|
||||||||
|
Fair
Value Measurements at September 30, 2010
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Quotes
Prices
|
||||||||||||||||
|
in
Active
|
Significant
|
|||||||||||||||
|
Markets
for
|
Other
|
Significant
|
||||||||||||||
|
Identical
|
Observable
|
Unobservable
|
||||||||||||||
|
Assets
|
Inputs
|
Inputs
|
||||||||||||||
|
Description
|
Fair
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
||||||||||||
|
Impaired
loans
|
$
|
4,092
|
$
|
-
|
$
|
-
|
$
|
4,092
|
||||||||
|
Fair
Value Measurements at June 30, 2010
|
||||||||||||||||
|
(in
thousands)
|
||||||||||||||||
|
Quotes
Prices
|
||||||||||||||||
|
in
Active
|
Significant
|
|||||||||||||||
|
Markets
for
|
Other
|
Significant
|
||||||||||||||
|
Identical
|
Observable
|
Unobservable
|
||||||||||||||
|
Assets
|
Inputs
|
Inputs
|
||||||||||||||
|
Fair
Value
|
(Level
1)
|
(Level
2)
|
(Level
3)
|
|||||||||||||
|
Impaired
loans
|
$
|
4,466
|
$
|
-
|
$
|
-
|
$
|
4,466
|
||||||||
|
|
Cash and cash
equivalents and interest-bearing deposits
: The carrying
amounts presented in the consolidated statements of financial condition
for cash and cash equivalents are deemed to approximate fair
value.
|
|
|
Held-to-maturity
securities
: For held-to-maturity securities, fair value
is estimated by using pricing models, quoted price of securities with
similar characteristics, which is level 2
pricing.
|
|
|
Loans held for
sale
: Loans originated and intended for sale in the
secondary market are determined by FHLB pricing
schedules.
|
|
|
Loans
: The
loan portfolio has been segregated into categories with similar
characteristics, such as one- to four-family residential, multi-family
residential and nonresidential real estate. These loan
categories were further delineated into fixed-rate and adjustable-rate
loans. The fair values for the resultant loan categories were
computed via discounted cash flow analysis, using current interest rates
offered for loans with similar terms to borrowers of similar credit
quality. For loans on deposit accounts and consumer and other
loans, fair values were deemed to equal the historic carrying
values.
|
|
|
Federal Home Loan Bank
stock
: It is not practicable to determine the fair value
of FHLB stock due to restrictions placed on its
transferability.
|
|
|
Accrued interest
receivable
: The carrying amount is the estimated fair
value.
|
|
|
Deposits
: The
fair value of NOW accounts, passbook accounts, and money market deposits
are deemed to approximate the amount payable on demand. Fair
values for fixed-rate certificates of deposit have been estimated using a
discounted cash flow calculation using the interest rates currently
offered for deposits of similar remaining
maturities.
|
|
|
Advances from the
Federal Home Loan Bank
: The fair value of these advances
is estimated using the rates currently offered for similar advances of
similar remaining maturities or, when available, quoted market
prices.
|
|
September
30, 2010
|
June
30, 2010
|
|||||||||||||||
|
Carrying
|
Fair
|
Carrying
|
Fair
|
|||||||||||||
|
value
|
value
|
value
|
value
|
|||||||||||||
|
(In
Thousands)
|
||||||||||||||||
|
Financial
assets
|
||||||||||||||||
|
Cash
and cash equivalents
|
$ | 8,089 | $ | 8,089 | $ | 8,362 | $ | 8,362 | ||||||||
|
Interest-earning
deposits
|
100 | 100 | 100 | 100 | ||||||||||||
|
Available-for-sale
securities
|
244 | 244 | 246 | 246 | ||||||||||||
|
Held-to-maturity
securities
|
8,821 | 9,368 | 9,435 | 10,026 | ||||||||||||
|
Loans
held for sale
|
589 | 602 | 370 | 383 | ||||||||||||
|
Loans
receivable - net
|
190,661 | 197,801 | 190,618 | 198,203 | ||||||||||||
|
Federal
Home Loan Bank stock
|
5,641 | n/a | 5,641 | n/a | ||||||||||||
|
Accrued
interest receivable
|
511 | 511 | 518 | 518 | ||||||||||||
|
Financial
liabilities
|
||||||||||||||||
|
Deposits
|
$ | 144,648 | $ | 146,769 | $ | 144,969 | $ | 147,280 | ||||||||
|
Advances
from the Federal Home Loan Bank
|
31,293 | 30,450 | 32,009 | 30,590 | ||||||||||||
|
Advances
by borrowers for taxes and insurance
|
595 | 595 | 335 | 335 | ||||||||||||
|
Accrued
interest payable
|
144 | 144 | 145 | 145 | ||||||||||||
|
Three
Months Ended September 30,
|
||||||||||||||||||||||||
|
2010
|
2009
|
|||||||||||||||||||||||
|
Average
Balance
|
Interest
And
Dividends
|
Yield/
Cost
|
Average
Balance
|
Interest
And
Dividends
|
Yield/
Cost
|
|||||||||||||||||||
|
(Dollars
in thousands)
|
||||||||||||||||||||||||
|
Interest-earning
assets:
|
||||||||||||||||||||||||
|
Loans
|
$ | 192,549 | $ | 2,582 | 5.36 | % | $ | 190,458 | $ | 2,648 | 5.56 | % | ||||||||||||
|
Mortgage-backed
securities
|
9,463 | 101 | 4.27 | 12,079 | 129 | 4.27 | ||||||||||||||||||
|
Other
securities
|
-- | -- | -- | 5,476 | 47 | 3.43 | ||||||||||||||||||
|
Other
interest-earning
assets
|
14,060 | 63 | 1.79 | 9,674 | 70 | 2.89 | ||||||||||||||||||
|
Total
interest-earning
assets
|
216,072 | 2,746 | 5.08 | 217,687 | 2,894 | 5.32 | ||||||||||||||||||
|
Less:
Allowance for loan losses
|
(1,532 | ) | (678 | ) | ||||||||||||||||||||
|
Non-interest-earning
assets
|
22,836 | 21,025 | ||||||||||||||||||||||
|
Total
assets
|
$ | 237,376 | $ | 238,034 | ||||||||||||||||||||
|
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
|
Demand
deposits
|
$ | 13,091 | $ | 26 | 0.79 | % | $ | 11,584 | $ | 33 | 1.14 | % | ||||||||||||
|
Savings
|
29,563 | 74 | 1.00 | 29,716 | 75 | 1.01 | ||||||||||||||||||
|
Certificates
of deposit
|
101,277 | 639 | 2.52 | 98,815 | 842 | 3.41 | ||||||||||||||||||
|
Total
deposits
|
143,931 | 739 | 2.05 | 140,115 | 950 | 2.71 | ||||||||||||||||||
|
Borrowings
|
32,537 | 243 | 2.99 | 35,879 | 416 | 4.64 | ||||||||||||||||||
|
Total
interest-bearing liabilities
|
176,468 | 982 | 2.23 | 175,994 | 1,366 | 3.11 | ||||||||||||||||||
|
Noninterest-Bearing
demand deposits
|
1,088 | 983 | ||||||||||||||||||||||
|
Noninterest-bearing
liabilities
|
3,416 | 2,850 | ||||||||||||||||||||||
|
Total
liabilities
|
179,884 | 179,827 | ||||||||||||||||||||||
|
Shareholders’
equity
|
57,492 | 58,207 | ||||||||||||||||||||||
|
Total
liabilities and shareholders’ equity
|
$ | 237,376 | $ | 238,034 | ||||||||||||||||||||
|
Net
interest income/average yield
|
$ | 1,764 | 2.85 | % | $ | 1,528 | 2.21 | % | ||||||||||||||||
|
Net
interest margin
|
3.27 | % | 2.81 | % | ||||||||||||||||||||
|
Average
interest-earning assets to
average
interest-bearing liabilities
|
122.44 | % | 123.69 | % | ||||||||||||||||||||
|
Number
|
||||||||
|
of
|
Carrying
|
|||||||
|
Loans
|
Value
|
|||||||
|
1-4
family, owner occupied
|
32 | $ | 1,880 | |||||
|
1-4
family, non-owner occupied
|
22 | 4,856 | ||||||
|
Multi-family,
non-owner
occupied
|
1 | 667 | ||||||
|
Total
substandard
loans
|
55 | $ | 7,403 | |||||
|
For
the Three Months Ended
|
||||||||
|
September
30,
|
September
30,
|
|||||||
|
2010
|
2009
|
|||||||
|
Interest
rate spread
|
2.85 | % | 2.21 | % | ||||
|
Net
interest margin
|
3.27 | % | 2.81 | % | ||||
|
Period
|
Total #
of shares purchased
|
Average price
paid per share (incl commissions)
|
Total
# of shares purchased as part of publicly announced
plans or programs
|
Maximum
# of shares that may yet be purchased under the plans or
programs
|
||||||||||||
|
July
1-31, 2010
|
20,000 | $ | 8.57 | 20,000 | 97,500 | |||||||||||
|
August
1-31, 2010
|
-- | $ | -- | -- | 97,500 | |||||||||||
|
September
1-30, 2010
|
-- | $ | -- | -- | 97,500 | |||||||||||
|
3.1
1
|
Charter
of Kentucky First Federal Bancorp
|
|
3.2
1
|
Bylaws
of Kentucky First Federal Bancorp
|
|
4.1
1
|
Specimen
Stock Certificate of Kentucky First Federal Bancorp
|
|
31.1
|
CEO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
|
31.2
|
CFO
Certification Pursuant to Section 302 of the Sarbanes-Oxley Act of
2002
|
|
32.1
|
CEO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
|
32.2
|
CFO
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of
2002
|
| KENTUCKY FIRST FEDERAL BANCORP | |||
|
Date:
November 15,
2010
|
By:
|
/s/ Tony D. Whitaker | |
| Tony D. Whitaker | |||
| Chairman of the Board and Chief Executive Officer | |||
|
Date:
November 15,
2010
|
By:
|
/s/ R. Clay Hulette | |
| R. Clay Hulette | |||
| Vice President and Chief Financial Officer | |||
No information found
* THE VALUE IS THE MARKET VALUE AS OF THE LAST DAY OF THE QUARTER FOR WHICH THE 13F WAS FILED.
| FUND | NUMBER OF SHARES | VALUE ($) | PUT OR CALL |
|---|
| DIRECTORS | AGE | BIO | OTHER DIRECTOR MEMBERSHIPS |
|---|
No information found
No Customers Found
No Suppliers Found
Price
Yield
| Owner | Position | Direct Shares | Indirect Shares |
|---|