ý
|
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
|
OF
THE SECURITIES EXCHANGE ACT OF 1934
|
For
the quarterly period ended
|
June
30, 2006
|
o
|
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d)
|
|
OF
THE SECURITIES EXCHANGE ACT OF 1934
|
WAYNE
SAVINGS BANCSHARES, INC.
|
(Exact
name of registrant as specified in its
charter)
|
Delaware
|
31-1557791
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
Number)
|
151
North Market Street, Wooster, Ohio 44691
|
(Address
of principal executive office)
|
Yes
ý
|
No
o
|
Large
accelerated filer o
|
Accelerated
filer o
|
Non-accelerated
filer ý
|
Yes
o
|
No
ý
|
Page
|
||
PART
I -
|
||
Item
1
|
3
|
|
4
|
||
5
|
||
6
|
||
8
|
||
Item
2
|
||
11
|
||
Item
3
|
17
|
|
|
||
Item
4
|
17
|
|
PART
II -
|
||
Item
1
|
18
|
|
Item
1A
|
18
|
|
Item
2
|
18
|
|
Item
3
|
18
|
|
Item
4
|
18
|
|
Item
5
|
18
|
|
Item
6
|
18
|
|
20
|
|
June
30,
|
March
31,
|
|||||
ASSETS
|
2006
|
2006
|
|||||
(Unaudited) | |||||||
Cash
and due from banks
|
$
|
2,500
|
$
|
2,952
|
|||
Federal
funds sold
|
1,725
|
-
|
|||||
Interest-bearing
deposits in other financial institutions
|
6,442
|
11,171
|
|||||
Cash
and cash equivalents
|
10,667
|
14,123
|
|||||
Investment
securities available for sale - at market
|
62,920
|
67,505
|
|||||
Investment
securities held to maturity - at amortized cost, approximate market
value
|
|||||||
of
$5,644 and $5,796 as of June 30, 2006 and March 31, 2006, respectively
|
5,637
|
5,802
|
|||||
Mortgage-backed
securities available for sale - at market
|
57,199
|
53,932
|
|||||
Mortgage-backed
securities held to maturity - at cost, approximate market value of
|
|||||||
$1,699
and $1,805 as of June 30, 2006 and March 31, 2006, respectively
|
1,695
|
1,799
|
|||||
Loans
receivable - net
|
237,003
|
235,312
|
|||||
Office
premises and equipment - net
|
8,416
|
8,557
|
|||||
Real
estate acquired through foreclosure
|
97
|
156
|
|||||
Federal
Home Loan Bank stock - at cost
|
4,689
|
4,623
|
|||||
Cash
surrender value of life insurance
|
5,866
|
5,811
|
|||||
Accrued
interest receivable on loans
|
1,099
|
1,075
|
|||||
Accrued
interest receivable on mortgage-backed securities
|
267
|
250
|
|||||
Accrued
interest receivable on investments and interest-bearing deposits
|
571
|
700
|
|||||
Prepaid
expenses and other assets
|
1,867
|
1,526
|
|||||
Goodwill
and other intangible assets
|
2,481
|
2,508
|
|||||
Total
assets
|
$
|
400,474
|
$
|
403,679
|
|||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
|||||||
Deposits
|
$
|
337,718
|
$
|
332,570
|
|||
Advances
from the Federal Home Loan Bank
|
25,000
|
32,750
|
|||||
Advances
by borrowers for taxes and insurance
|
94
|
521
|
|||||
Accrued
interest payable
|
290
|
263
|
|||||
Accounts
payable on mortgage loans serviced for others
|
121
|
225
|
|||||
Other
liabilities
|
1,188
|
1,118
|
|||||
Accrued
federal income taxes
|
129
|
51
|
|||||
Deferred
federal income taxes
|
434
|
665
|
|||||
Total
liabilities
|
364,974
|
368,163
|
|||||
Commitments
|
-
|
-
|
|||||
Stockholders’
equity
|
|||||||
Preferred
stock (500,000 shares of $.10 par value authorized-
|
|||||||
no
preferred stock issued as of June 30, 2006 or March 31,2006)
|
-
|
-
|
|||||
Common
stock (9,000,000 shares of $ .10 par value authorized; 3,954,874
and
3,934,874 shares
|
|||||||
issued
at June 30, 2006 and March 31, 2006)
|
395
|
393
|
|||||
Additional
paid-in capital
|
35,881
|
35,604
|
|||||
Retained
earnings - substantially restricted
|
11,584
|
11,394
|
|||||
Less
required contributions for shares acquired by Employee Stock Ownership
Plan
|
(1,219
|
)
|
(1,239
|
)
|
|||
Less
595,322 shares of treasury stock at both June 30, 2006 and March
31, 2006
- at cost
|
(9,625
|
)
|
(9,625
|
)
|
|||
Accumulated
other comprehensive loss - unrealized losses on securities
designated
|
|||||||
as
available for sale
|
(1,516
|
)
|
(1,011
|
)
|
|||
Total
stockholders’ equity
|
35,500
|
35,516
|
|||||
Total
liabilities and stockholders’ equity
|
$
|
400,474
|
$
|
403,679
|
Three
months ended
|
|||||||
June
30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
Interest
income
|
|||||||
Loans
|
$
|
3,891
|
$
|
3,284
|
|||
Mortgage-backed
securities
|
699
|
512
|
|||||
Investment
securities
|
743
|
759
|
|||||
Interest-bearing
deposits and other
|
103
|
126
|
|||||
Total
interest income
|
5,436
|
4,681
|
|||||
Interest
expense
|
|||||||
Deposits
|
2,232
|
1,618
|
|||||
Borrowings
|
283
|
264
|
|||||
Total
interest expense
|
2,515
|
1,882
|
|||||
Net
interest income
|
2,921
|
2,799
|
|||||
Provision
for losses on loans
|
30
|
-
|
|||||
Net
interest income after provision for losses on loans
|
2,891
|
2,799
|
|||||
Other
income
|
|||||||
Gain
on sale of loans
|
-
|
25
|
|||||
Increase
in cash surrender value of life insurance
|
55
|
61
|
|||||
Service
fees on deposit accounts
|
207
|
178
|
|||||
Other
operating
|
164
|
144
|
|||||
Total
other income
|
426
|
408
|
|||||
General,
administrative and other expense
|
|||||||
Employee
compensation and benefits
|
1,398
|
1,569
|
|||||
Occupancy
and equipment
|
458
|
425
|
|||||
Franchise
taxes
|
118
|
129
|
|||||
Amortization
of goodwill and other intangible assets
|
27
|
27
|
|||||
Other
operating
|
486
|
469
|
|||||
Total
general, administrative and other expense
|
2,487
|
2,619
|
|||||
Earnings
before income taxes
|
830
|
588
|
|||||
Federal
incomes taxes
|
|||||||
Current
|
208
|
148
|
|||||
Deferred
|
29
|
-
|
|||||
Total
federal income taxes
|
237
|
148
|
|||||
NET
EARNINGS
|
$
|
593
|
$
|
440
|
|||
EARNINGS
PER SHARE
|
|||||||
Basic
|
$
|
0.18
|
$
|
0.13
|
|||
Diluted
|
$
|
0.18
|
$
|
0.13
|
|||
DIVIDENDS
PER SHARE
|
$
|
0.12
|
$
|
0.12
|
Three
months ended
|
|||||||
June
30,
|
|||||||
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
Net
earnings
|
$
|
593
|
$
|
440
|
|||
Other
comprehensive income:
|
|||||||
Unrealized
holding gains (losses) on securities, net of related
|
|||||||
taxes
(benefits) of $(260) and $367 during the respective
periods
|
(505
|
)
|
712
|
||||
Comprehensive
income
|
$
|
88
|
$
|
1,152
|
|||
Accumulated
comprehensive loss
|
$
|
(1,516
|
)
|
$
|
(80
|
)
|
2006
|
2005
|
||||||
(Unaudited)
|
|||||||
Cash
flows from operating activities:
|
|||||||
Net
earnings for the period
|
$
|
593
|
$
|
440
|
|||
Adjustments
to reconcile net earnings to net cash
|
|||||||
Provided
by operating activities:
|
|||||||
Amortization
of discounts and premiums on
|
|||||||
investments
and mortgage-backed securities - net
|
(8
|
)
|
152
|
||||
Amortization
of deferred loan origination fees
|
(10
|
)
|
(38
|
)
|
|||
Depreciation
and amortization
|
173
|
159
|
|||||
Amortization
of expense related to ESOP
|
20
|
21
|
|||||
Gain
on sale of loans
|
-
|
(15
|
)
|
||||
Proceeds
from sale of loans in the secondary market
|
-
|
1,181
|
|||||
Loans
originated for sale in the secondary market
|
-
|
(1,166
|
)
|
||||
Provision
for losses on loans
|
30
|
-
|
|||||
Federal
Home Loan Bank stock dividends
|
(66
|
)
|
(53
|
)
|
|||
Increase
(decrease) in cash:
|
|||||||
Accrued
interest receivable on loans
|
(29
|
)
|
(173
|
)
|
|||
Accrued
interest receivable on mortgage-backed securities
|
(13
|
)
|
202
|
||||
Accrued
interest receivable on investments and interest-bearing
deposits
|
129
|
(41
|
)
|
||||
Prepaid
expenses and other assets
|
(341
|
)
|
(773
|
)
|
|||
Amortization
of expense related to intangibles
|
27
|
27
|
|||||
Accrued
interest payable
|
27
|
32
|
|||||
Accounts
payable on mortgage loans serviced for others
|
(104
|
)
|
(13
|
)
|
|||
Other
liabilities
|
68
|
(169
|
)
|
||||
Federal
income taxes
|
|||||||
Current
|
73
|
235
|
|||||
Deferred
|
29
|
-
|
|||||
Net
cash provided by operating activities
|
598
|
8
|
|||||
Cash
flows used in investing activities:
|
|||||||
Purchase
of investment securities designated as available for sale
|
(1,101
|
)
|
(5,344
|
)
|
|||
Proceeds
from maturity of investment securities designated as held to
maturity
|
165
|
73
|
|||||
Proceeds
from maturity of investment securities designated as available for
sale
|
5,465
|
39
|
|||||
Purchase
of mortgage-backed securities designated as available for
sale
|
(8,478
|
)
|
(4,706
|
)
|
|||
Principal
repayments on mortgage-backed securities designated as held to
maturity
|
103
|
241
|
|||||
Principal
repayments and sales of mortgage-backed securities designated as
available
for sale
|
4,677
|
8,698
|
|||||
Loan
principal repayments
|
21,477
|
35,273
|
|||||
Loan
disbursements
|
(23,188
|
)
|
(36,264
|
)
|
|||
Purchase
of office premises and equipment - net
|
(32
|
)
|
(88
|
)
|
|||
Proceeds
from sale of real estate acquired through foreclosure
|
59
|
112
|
|||||
Increase
in cash surrender value of life insurance
|
(55
|
)
|
(61
|
)
|
|||
Net
cash used in investing activities
|
(908
|
)
|
(2,027
|
)
|
|||
|
|||||||
Net
cash used in operating and investing activities
|
|||||||
(balance
carried forward)
|
(310
|
)
|
(2,019
|
)
|
|
2006
|
2005
|
|||||
(Unaudited)
|
|||||||
Net
cash used in operating and investing activities
|
|||||||
(balance
brought forward)
|
$
|
(310
|
)
|
$
|
(2,019
|
)
|
|
Cash
flows provided by (used in) financing activities:
|
|||||||
Net
increase in deposit accounts
|
5,148
|
6,915
|
|||||
Proceeds
from Federal Home Loan Bank advances
|
25,250
|
14,000
|
|||||
Repayments
of Federal Home Loan Bank advances
|
(33,000
|
)
|
(15,000
|
)
|
|||
Advances
by borrowers for taxes and insurance
|
(427
|
)
|
(461
|
)
|
|||
Dividends
paid on common stock
|
(401
|
)
|
(412
|
)
|
|||
Proceeds
from exercise of stock options
|
279
|
367
|
|||||
Tax
benefits of stock options exercised
|
5
|
-
|
|||||
Purchase
of treasury shares
|
-
|
(3,611
|
)
|
||||
Net
cash provided by (used in) financing activities
|
(3,146
|
)
|
1,798
|
||||
Net
decrease in cash and cash equivalents
|
(3,456
|
)
|
(221
|
)
|
|||
Cash
and cash equivalents at beginning of period
|
14,123
|
29,942
|
|||||
Cash
and cash equivalents at end of period
|
$
|
10,667
|
$
|
29,721
|
|||
Supplemental
disclosure of cash flow information:
|
|||||||
Cash
paid during the period for:
|
|||||||
Federal
income taxes
|
$
|
130
|
$
|
-
|
|||
Interest
on deposits and borrowings
|
$
|
2,488
|
$
|
1,850
|
|||
Supplemental
disclosure of noncash investing activities:
|
|||||||
Transfers
from loans to real estate acquired through foreclosure
|
$
|
-
|
$
|
81
|
|||
Unrealized
gains (losses) on securities designated as available for
sale,
|
|||||||
net
of related tax effects
|
$
|
(505
|
)
|
$
|
712
|
||
Recognition
of mortgage servicing rights in accordance
|
|||||||
with
SFAS No. 140
|
$
|
-
|
$
|
10
|
|||
|
|||||||
Dividends
payable
|
$
|
403
|
$
|
412
|
2.
|
Principles
of Consolidation
|
3.
|
Earnings
Per Share
|
For
the three months ended
|
|||||||
June
30,
|
|||||||
2006
|
2005
|
||||||
Weighted-average
common shares outstanding (basic)
|
3,234,972
|
3,439,760
|
|||||
Dilutive
effect of assumed exercise of stock options
|
13,024
|
17,552
|
|||||
Weighted-average
common shares outstanding (diluted)
|
3,247,996
|
3,457,312
|
|
Three
months ended
|
Year
ended
|
|||||||||||||||||
|
June
30,
|
March
31,
|
|||||||||||||||||
|
2006
|
2006
|
2005
|
||||||||||||||||
|
Weighted-
|
Weighted-
|
Weighted-
|
||||||||||||||||
|
average
|
average
|
average
|
||||||||||||||||
|
exercise
|
exercise
|
exercise
|
||||||||||||||||
|
Shares
|
price
|
Shares
|
price
|
Shares
|
price
|
|||||||||||||
Outstanding
at beginning of period
|
179,148
|
$
|
13.92
|
214,204
|
$
|
13.84
|
214,204
|
$
|
13.84
|
||||||||||
Granted
|
-
|
-
|
-
|
-
|
163,265
|
13.95
|
|||||||||||||
Exercised
|
(20,000
|
)
|
13.95
|
(27,556
|
)
|
13.32
|
-
|
-
|
|||||||||||
Forfeited
|
-
|
-
|
(7,500
|
)
|
13.95
|
(163,265
|
)
|
13.95
|
|||||||||||
Outstanding
at end of period
|
159,148
|
$
|
13.91
|
179,148
|
$
|
13.92
|
214,204
|
$
|
13.84
|
||||||||||
Options
exercisable at period-end
|
159,148
|
$
|
13.91
|
179,148
|
$
|
13.92
|
214,204
|
$
|
13.84
|
||||||||||
Fair
value of options granted
|
$
|
-
|
$
|
-
|
$
|
4.07
|
Number
outstanding
|
159,148
|
|
Range
of exercise prices
|
$11.67
- $13.95
|
|
Weighted-average
exercise price
|
$13.92
|
|
Weighted-average
remaining contractual life
|
7.75
years
|
·
|
Separately
recognize financial assets as servicing assets or servicing liabilities,
each time it undertakes an obligation to service a financial asset
by
entering into certain kinds of servicing contracts;
|
·
|
Initially
measure all separately recognized servicing assets and liabilities
at fair
value, if practicable; and
|
·
|
Separately
present servicing assets and liabilities subsequently measured at
fair
value in the statement of financial condition and additional disclosures
for all separately recognized servicing assets and servicing
liabilities.
|
ITEM 2 | ||
CONDITION
AND RESULTS OF OPERATIONS
|
For
the three months ended June 30,
|
|||||||||||||||||||
2006
|
2005
|
||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
||||||||||||||
(Dollars
in thousands)
|
|||||||||||||||||||
Interest-earning
assets:
|
|||||||||||||||||||
Loans
receivable - net1
|
$
|
235,419
|
$
|
3,891
|
6.61
|
%
|
$
|
213,111
|
$
|
3,284
|
6.16
|
%
|
|||||||
Mortgage-backed
|
|||||||||||||||||||
securities2
|
58,521
|
699
|
4.78
|
58,657
|
512
|
3.49
|
|||||||||||||
Investment
securities
|
71,001
|
743
|
4.19
|
76,749
|
759
|
3.96
|
|||||||||||||
Interest-bearing
deposits3
|
10,667
|
103
|
3.86
|
17,617
|
126
|
2.86
|
|||||||||||||
Total
interest-
|
|||||||||||||||||||
earning
assets
|
375,608
|
5,436
|
5.79
|
366,134
|
4,681
|
5.11
|
|||||||||||||
Non-interest-earning
assets
|
22,857
|
25,724
|
|||||||||||||||||
Total
assets
|
$
|
398,465
|
$
|
391,858
|
|||||||||||||||
Interest-bearing
liabilities:
|
|||||||||||||||||||
Deposits
|
$
|
333,773
|
2,232
|
2.67
|
$
|
321,346
|
1,618
|
2.01
|
|||||||||||
Borrowings
|
25,998
|
283
|
4.35
|
29,392
|
264
|
3.59
|
|||||||||||||
Total
interest-
|
|||||||||||||||||||
bearing
liabilities
|
359,771
|
2,515
|
2.8
|
350,738
|
1,882
|
2.15
|
|||||||||||||
Non-interest
bearing
|
|||||||||||||||||||
liabilities
|
3,056
|
1,364
|
|||||||||||||||||
Total
liabilities
|
362,827
|
352,102
|
|||||||||||||||||
Stockholders’
equity
|
35,638
|
39,756
|
|||||||||||||||||
Total
liabilities and
|
|||||||||||||||||||
stockholders’
equity
|
$
|
398,465
|
$
|
391,858
|
|||||||||||||||
Net
interest income
|
$
|
2,921
|
$
|
2,799
|
|||||||||||||||
Interest
rate spread4
|
2.99
|
%
|
2.96
|
%
|
|||||||||||||||
Net
yield on interest-
|
|||||||||||||||||||
earning
assets5
|
3.11
|
%
|
3.06
|
%
|
|||||||||||||||
Ratio
of average interest-
|
|||||||||||||||||||
earning
assets to average
|
|||||||||||||||||||
interest-bearing
liabilities
|
104.40
|
%
|
104.39
|
%
|
June
30, 2006
|
March
31, 2006
|
||||||||||||
(Dollars
in thousands)
|
|||||||||||||
Mortgage
loans:
|
|||||||||||||
One-to
four-family residential(1)
|
$
|
148,027
|
61.46
|
%
|
$
|
149,134
|
62.40
|
%
|
|||||
Residential
construction loan
|
3,994
|
1.66
|
4,675
|
1.96
|
|||||||||
Multi-family
residential
|
7,868
|
3.27
|
7,930
|
3.32
|
|||||||||
Non-residential
real estate/land(2)
|
53,382
|
22.16
|
50,778
|
21.25
|
|||||||||
Total
mortgage loans
|
213,171
|
88.55
|
212,517
|
88.93
|
|||||||||
Other
loans:
|
|||||||||||||
Consumer
loans(3)
|
5,344
|
2.22
|
4,901
|
2.05
|
|||||||||
Commercial business loans
|
22,235
|
9.23
|
21,550
|
9.02
|
|||||||||
Total
other loans
|
27,679
|
11.45
|
26,451
|
11.07
|
|||||||||
Total
loans before net items
|
240,850
|
100.00
|
%
|
238,968
|
100.00
|
%
|
|||||||
Less:
|
|||||||||||||
Loans
in process
|
1,934
|
1,729
|
|||||||||||
Deferred
loan origination fees
|
444
|
443
|
|||||||||||
Allowance
for loan losses
|
1,469
|
1,484
|
|||||||||||
Total
loans receivable - net
|
$
|
237,003
|
$
|
235,312
|
|||||||||
Mortgage-backed
securities, net(4)
|
$
|
58,894
|
$
|
55,731
|
(1)
|
Includes
equity loans collateralized by second mortgages in the aggregate
amount of
$20.7 million and $20.9 million as of June 30, 2006 and March 31,
2006, respectively. Such loans have been underwritten on substantially
the
same basis as the Company’s first mortgage
loans.
|
(2)
|
Includes
land loans of $634,000 and $674,000 as of June 30, 2006 and March
31,
2006, respectively.
|
(3)
|
Includes
second mortgage loans of $592,000 and $783,000 as of June 30, 2006
and
March 31, 2006, respectively.
|
June
30,
|
March
31,
|
||||||
2006
|
2006
|
||||||
Past
due loans 30-89 days:
|
(Dollars
in thousands)
|
||||||
Mortgage
loans:
|
|||||||
One-
to four-family residential
|
$
|
514
|
$
|
553
|
|||
Non-residential
|
-
|
-
|
|||||
Land
|
-
|
-
|
|||||
Non-mortgage
loans:
|
|||||||
Commercial
business loans
|
26
|
72
|
|||||
Consumer
loans
|
16
|
1
|
|||||
556
|
626
|
||||||
Non-accrual
loans:
|
|||||||
Mortgage
loans:
|
|||||||
One-
to four-family residential
|
792
|
725
|
|||||
All
other mortgage loans
|
-
|
-
|
|||||
Non-mortgage
loans:
|
|||||||
Commercial
business loans
|
-
|
47
|
|||||
Consumer
|
-
|
-
|
|||||
Total
non-accrual loans
|
792
|
772
|
|||||
Accruing
loans 90 days or more delinquent
|
-
|
-
|
|||||
Total
non-performing loans
|
792
|
772
|
|||||
Loans
deemed impaired
|
-
|
-
|
|||||
Total
non-performing and impaired loans
|
792
|
772
|
|||||
Total
real estate acquired through foreclosure
|
97
|
156
|
|||||
Total
non-performing and impaired assets
|
$
|
889
|
$
|
928
|
|||
Total
non-performing and impaired loans to net
|
|||||||
loans
receivable
|
0.33
|
%
|
0.33
|
%
|
|||
Total
non-performing and impaired loans to total assets
|
0.20
|
%
|
0.19
|
%
|
|||
Total
non-performing and impaired assets to total assets
|
0.22
|
%
|
0.23
|
%
|
For
the three months ended
|
For
the year ended
|
||||||||||
June
30,2006
|
March
31, 2006
|
||||||||||
(Dollars
in thousands)
|
|||||||||||
Loans
receivable - net
|
$
|
237,003
|
$
|
235,312
|
|||||||
Average
loans receivable - net
|
$
|
235,419
|
$
|
222,944
|
|||||||
Allowance
balance (at beginning of period)
|
$
|
1,484
|
$
|
1,374
|
|||||||
Charge-offs:
|
|||||||||||
Mortgage
loans:
|
|||||||||||
One-
to four-family
|
(31
|
)
|
(73
|
)
|
|||||||
Residential
construction
|
-
|
-
|
|||||||||
Multi-family
residential
|
-
|
-
|
|||||||||
Non-residential
real estate and land
|
(15
|
)
|
-
|
||||||||
Other
loans:
|
|||||||||||
Consumer
|
(2
|
)
|
(75
|
)
|
|||||||
Commercial
|
-
|
(10
|
)
|
||||||||
Gross
charge-offs
|
(48
|
)
|
(158
|
)
|
|||||||
Recoveries:
|
|||||||||||
Mortgage
loans:
|
|||||||||||
One-
to four-family
|
-
|
14
|
|||||||||
Residential
construction
|
-
|
-
|
|||||||||
Multi-family
residential
|
-
|
-
|
|||||||||
Non-residential
real estate and land
|
-
|
-
|
|||||||||
Other
loans:
|
|||||||||||
Consumer
|
3
|
35
|
|||||||||
Commercial
|
-
|
8
|
|||||||||
Gross
recoveries
|
3
|
57
|
|||||||||
Net
charge-offs
|
(45
|
)
|
(101
|
) | |||||||
Provision
charged to operations
|
30
|
211
|
|||||||||
Allowance
for loans losses (at end of period)
|
$
|
1,469
|
$
|
1,484
|
|||||||
Allowance
for loan losses as a percent of loans
|
|||||||||||
receivable
- net at end of period
|
0.62
|
%
|
0.63
|
%
|
|||||||
Net
loans charged off as a percent of average
|
|||||||||||
loans
receivable - net
|
0.02
|
%
|
0.05
|
%
|
|||||||
Ratio
of allowance for loan losses to non-
|
|||||||||||
performing
loans at end of period
|
185.48
|
%
|
192.23
|
%
|
|||||||
(a)
|
Not
applicable
|
(b)
|
Not
applicable
|
(c)
|
The
following table sets forth certain information regarding repurchases
by
the Company for the quarter ended June 30,
2006.
|
Total
# of
|
Maximum
# of shares
|
||||
Total
|
Average
|
shares
purchased
|
which
may still be
|
||
#
of shares
|
price
paid
|
as
part of the
|
purchased
as part
|
||
Period
|
purchased
|
per
share
|
announced
plan
|
of
the announced plan
|
|
April
1-30, 2006
|
-
|
$
-
|
-
|
140,105
|
|
May
1-31, 2006
|
-
|
$
-
|
-
|
140,105
|
|
June
1-30, 2006
|
-
|
$
-
|
-
|
140,105
|
|
||
Certification
of Chief Executive Officer pursuant
|
||
to
Section 302 of the Sarbanes-Oxley Act of
|
||
2002,
18 U.S.C. Section 1350
|
||
Certification
of Chief Financial Officer pursuant
|
||
to
Section 302 of the Sarbanes-Oxley Act of
|
||
2002,
18 U.S.C. Section 1350
|
||
Written
Statement of Chief Executive Officer and Chief
|
||
Financial
Officer furnished pursuant to Section 906 of the
|
||
Sarbanes-Oxley
Act of 2002, 18 U.S.C. Section 1350
|
Date: |
August
4, 2006
|
By:
|
/s/
Phillip E. Becker
|
|
Phillip
E. Becker
|
||||
President
and Chief Executive Officer
|
||||
Date: |
August
4, 2006
|
By:
|
H.
Stewart Fitz Gibbon III
|
|
H.
Stewart Fitz Gibbon III
|
||||
Senior
Vice President and Chief Financial Officer
|
||||