For
the quarterly period
ended
|
December
31, 2008
|
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)
|
(Zip
Code)
|
Page
|
||
2
|
||
3
|
||
4
|
||
5
|
||
7
|
||
13
|
||
25
|
||
25
|
||
26
|
||
26
|
||
26
|
||
26
|
||
26
|
||
26
|
||
27
|
||
28
|
December
31, 2008
|
March
31, 2008
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
Cash
and due from banks
|
$ | 3,486 | $ | 1,901 | ||||
Federal
funds sold
|
–– | 6,000 | ||||||
Interest-bearing
demand deposits
|
7,211 | 5,162 | ||||||
Cash
and cash equivalents
|
10,697 | 13,063 | ||||||
Available-for-sale
securities
|
114,135 | 120,170 | ||||||
Held-to-maturity
securities
|
991 | 1,240 | ||||||
Loans
receivable – net of allowance for loan losses of $1,801 and $1,777
at
December
31, 2008 and March 31, 2008, respectively
|
255,121 | 242,255 | ||||||
Premises
and equipment
|
7,680 | 8,012 | ||||||
Federal
Home Loan Bank stock
|
5,025 | 4,892 | ||||||
Foreclosed
assets held for sale - net
|
735 | 93 | ||||||
Accrued
interest receivable
|
1,595 | 1,753 | ||||||
Bank-owned
life insurance
|
6,449 | 6,268 | ||||||
Goodwill
|
1,719 | 1,719 | ||||||
Other
intangible assets
|
497 | 577 | ||||||
Other
assets
|
687 | 1,360 | ||||||
Prepaid
federal income taxes
|
39 | 182 | ||||||
Total
assets
|
$ | 405,370 | $ | 401,584 | ||||
LIABILITIES
AND STOCKHOLDERS’ EQUITY
|
||||||||
Liabilities
|
||||||||
Deposits
|
||||||||
Demand
|
$ | 51,409 | $ | 50,884 | ||||
Savings
and money market
|
82,287 | 83,811 | ||||||
Time
|
177,115 | 183,036 | ||||||
Total
deposits
|
310,811 | 317,731 | ||||||
Other
short term borrowings
|
11,592 | 7,287 | ||||||
Federal
Home Loan Bank advances
|
44,500 | 38,500 | ||||||
Accrued
interest payable and other liabilities
|
3,146 | 2,511 | ||||||
Deferred
federal income taxes
|
1,234 | 1,451 | ||||||
Total
liabilities
|
371,283 | 367,480 | ||||||
Commitments
and Contingencies
|
–– | –– | ||||||
Stockholders’
Equity
|
||||||||
Preferred
stock, 500,000 shares of $.10 par value authorized; no shares
issued
|
–– | –– | ||||||
Common
stock, $.10 par value; authorized 9,000,000 shares;
3,978,731
shares issued
|
398 | 398 | ||||||
Additional
paid-in capital
|
36,166 | 36,127 | ||||||
Retained
earnings
|
12,637 | 12,450 | ||||||
Shares
acquired by ESOP
|
(1,015 | ) | (1,097 | ) | ||||
Accumulated
other comprehensive income, net of tax effects
|
431 | 707 | ||||||
Treasury
stock, at cost
|
||||||||
Common: December 31, 2008 -
974,618 shares, March 31, 2008 – 969,627 shares
|
(14,530 | ) | (14,481 | ) | ||||
Total
stockholders’ equity
|
34,087 | 34,104 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 405,370 | $ | 401,584 |
Nine
months
|
Three
months
|
|||||||||||||||
ended
|
ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Interest
and Dividend Income
|
||||||||||||||||
Loans
|
$ | 11,608 | $ | 12,518 | $ | 3,927 | $ | 4,204 | ||||||||
Securities
|
4,428 | 4,426 | 1,416 | 1,514 | ||||||||||||
Dividends
on Federal Home Loan Bank stock and
other
|
236 | 374 | 65 | 108 | ||||||||||||
Total
interest and dividend income
|
16,272 | 17,318 | 5,408 | 5,826 | ||||||||||||
Interest
Expense
|
||||||||||||||||
Deposits
|
5,788 | 7,445 | 1,798 | 2,493 | ||||||||||||
Other
short term borrowings
|
57 | 179 | 13 | 62 | ||||||||||||
Federal
Home Loan Bank advances
|
1,414 | 1,298 | 479 | 475 | ||||||||||||
Total
interest expense
|
7,259 | 8,922 | 2,290 | 3,030 | ||||||||||||
Net Interest
Income
|
9,013 | 8,396 | 3,118 | 2,796 | ||||||||||||
Provision for Loan
Losses
|
346 | 195 | 185 | 140 | ||||||||||||
Net Interest Income After
Provision for Loan Losses
|
8,667 | 8,201 | 2,933 | 2,656 | ||||||||||||
Noninterest
Income
|
||||||||||||||||
Gain
on disposal of real estate acquired through foreclosure
|
10 | 31 | - | - | ||||||||||||
Trust
income
|
137 | 141 | 46 | 45 | ||||||||||||
Earnings
on bank-owned life insurance
|
167 | 175 | 55 | 59 | ||||||||||||
Service
fees, charges and other operating
|
996 | 1,028 | 320 | 354 | ||||||||||||
Total
noninterest income
|
1,310 | 1,375 | 421 | 458 | ||||||||||||
Noninterest Expense
|
||||||||||||||||
Salaries
and employee benefits
|
4,208 | 4,177 | 1,430 | 1,394 | ||||||||||||
Net
occupancy and equipment expense
|
1,528 | 1,483 | 505 | 500 | ||||||||||||
Federal
deposit insurance premiums
|
35 | 28 | 13 | 9 | ||||||||||||
Franchise
taxes
|
349 | 291 | 128 | 97 | ||||||||||||
Amortization
of intangible assets
|
80 | 80 | 27 | 27 | ||||||||||||
Other
|
1,468 | 1,508 | 465 | 516 | ||||||||||||
Total
noninterest expense
|
7,668 | 7,567 | 2,568 | 2,543 | ||||||||||||
Income
Before Federal Income Taxes
|
2,309 | 2,009 | 786 | 571 | ||||||||||||
Provision
for Federal Income Taxes
|
593 | 493 | 202 | 125 | ||||||||||||
Net
Income
|
$ | 1,716 | $ | 1,516 | $ | 584 | $ | 446 | ||||||||
Basic
Earnings Per Share
|
$ | .59 | $ | .49 | $ | .20 | $ | .14 | ||||||||
Diluted
Earnings Per Share
|
$ | .59 | $ | .49 | $ | .20 | $ | .14 | ||||||||
Dividends
Per Share
|
$ | .36 | $ | .36 | $ | .12 | $ | .12 |
Nine
months
|
Three
months
|
|||||||||||||||
ended
|
ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Net
income
|
$ | 1,716 | $ | 1,516 | $ | 584 | $ | 446 | ||||||||
Other
comprehensive income (loss):
|
||||||||||||||||
Unrealized
holding gains (losses) on securities, net of
related
|
||||||||||||||||
taxes
(benefits) of $(142), $309, $585 and $326 during the
|
||||||||||||||||
respective
periods
|
(276 | ) | 600 | 1,135 | 632 | |||||||||||
Comprehensive
income
|
$ | 1,440 | $ | 2,116 | $ | 1,719 | $ | 1,078 | ||||||||
Accumulated
other comprehensive income
|
$ | 431 | $ | 124 | $ | 431 | $ | 124 |
2008
|
2007
|
|||||||
Operating
Activities
|
||||||||
Net
income
|
$ | 1,716 | $ | 1,516 | ||||
Items
not requiring (providing) cash
|
||||||||
Depreciation
and amortization
|
500 | 488 | ||||||
Provision
for loan losses
|
346 | 195 | ||||||
Amortization
of premiums and discounts on securities
|
(76 | ) | (64 | ) | ||||
Amortization
of mortgage servicing rights
|
19 | 21 | ||||||
Amortization
of deferred loan origination fees
|
(29 | ) | (39 | ) | ||||
Amortization
of intangible assets
|
80 | 80 | ||||||
Federal
Home Loan Bank stock dividends
|
(133 | ) | –– | |||||
Increase
in value of bank owned life insurance
|
(181 | ) | (175 | ) | ||||
Changes
in
|
||||||||
Accrued
interest receivable
|
158 | 301 | ||||||
Other
assets
|
797 | 323 | ||||||
Amortization
of expense related to ESOP
|
86 | 91 | ||||||
Interest
payable and other liabilities
|
(73 | ) | 95 | |||||
Deferred
income taxes
|
(75 | ) | (213 | ) | ||||
Net
cash provided by operating activities
|
3,135 | 2,619 | ||||||
Investing
Activities
|
||||||||
Purchase
of available-for-sale securities
|
(18,466 | ) | (36,213 | ) | ||||
Proceeds
from maturities of available-for-sale securities
|
24,161 | 40,438 | ||||||
Proceeds
from maturities of held-to-maturity securities
|
247 | 370 | ||||||
Net
change in loans
|
(13,980 | ) | (8,622 | ) | ||||
Purchase
of premises and equipment
|
(168 | ) | (334 | ) | ||||
Proceeds
from the sale of foreclosed assets
|
154 | 108 | ||||||
Net
cash used in investing activities
|
(8,052 | ) | (4,253 | ) | ||||
2008
|
2007
|
|||||||
Financing
Activities
|
||||||||
Net
change in deposits
|
$ | (6,920 | ) | $ | (11,822 | ) | ||
Net
change in other short-term borrowings
|
4,305 | 2,201 | ||||||
Proceeds
from Federal Home Loan Bank advances
|
59,310 | 44,450 | ||||||
Repayments
of Federal Home Loan Bank advances
|
(53,310 | ) | (40,450 | ) | ||||
Advances
by borrowers for taxes and insurance
|
261 | 434 | ||||||
Cash
dividends paid
|
(1,046 | ) | (1,135 | ) | ||||
Treasury
stock purchases
|
(49 | ) | (854 | ) | ||||
Net
cash provided by (used in) financing activities
|
2,551 | (7,176 | ) | |||||
Decrease
in Cash and Cash Equivalents
|
(2,366 | ) | (8,810 | ) | ||||
Cash
and Cash equivalents, Beginning of period
|
13,063 | 17,215 | ||||||
Cash
and Cash equivalents, End of period
|
$ | 10,697 | $ | 8,405 | ||||
Supplemental
Cash Flows Information
Cash
Paid For:
|
||||||||
Interest
on deposits and borrowings
|
$ | 7,374 | $ | 8,957 | ||||
Federal
income taxes
|
$ | 525 | $ | 710 | ||||
Supplemental
Disclosure of Non-Cash Investing and Financing Activities
|
||||||||
Transfers
from loans to foreclosed assets held for sale
|
$ | 797 | $ | 149 | ||||
Unrealized
gains (losses) on securities designated as available for
sale,
|
||||||||
net
of related tax effects
|
$ | (276 | ) | $ | 600 | |||
Dividends
payable
|
$ | 360 | $ | 375 |
Note
1:
|
Basis
of Presentation
|
Note
2:
|
Principles
of Consolidation
|
Note
3:
|
Earnings
Per Share
|
For
the nine months ended
|
For
the three months ended
|
|||||||||||||||
December
31,
|
December
31,
|
|||||||||||||||
2008
|
2007
|
2008
|
2007
|
|||||||||||||
Weighted-average
common shares
|
||||||||||||||||
outstanding
(basic)
|
2,903,599 | 3,061,671 | 2,902,525 | 3,027,848 | ||||||||||||
Dilutive
effect of assumed exercise
|
||||||||||||||||
of
stock options
|
- | - | - | - | ||||||||||||
Weighted-average
common shares
|
||||||||||||||||
outstanding
(diluted)
|
2,903,599 | 3,061,671 | 2,902,525 | 3,027,848 |
Note
4:
|
Stock
Option Plan
|
Nine
months ended
December 31, |
Year
ended
March
31,
|
|||||||||||||||||||||||
2008
|
2008
|
2007
|
||||||||||||||||||||||
Shares
|
Weighted
Average
exercise
price
|
Shares
|
Weighted
Average
exercise
price
|
Shares
|
Weighted
Average
exercise
price
|
|||||||||||||||||||
Outstanding
at beginning of period
|
104,224 | $ | 13.95 | 114,224 | $ | 13.95 | 179,148 | $ | 13.92 | |||||||||||||||
Granted
|
–– | –– | –– | –– | –– | –– | ||||||||||||||||||
Exercised
|
–– | –– | –– | –– | (60,924 | ) | 13.86 | |||||||||||||||||
Forfeited
|
–– |
––
|
(10,000 | ) | 13.95 | (4,000 | ) | 13.95 | ||||||||||||||||
Outstanding
at end of period
|
104,224 | $ | 13.95 | 104,224 | $ | 13.95 | 114,224 | $ | 13.95 | |||||||||||||||
Options
exercisable at period-end
|
104,224 | $ | 13.95 | 104,224 | $ | 13.95 | 114,224 | $ | 13.95 |
Number
outstanding
|
104,224
|
Exercise
price on all remaining options outstanding
|
$13.95
|
Weighted-average
remaining contractual life
|
5.25
years
|
Note
5:
|
Recent
Accounting Developments
|
Note
6:
|
Fair
Value Measurements
|
|
Level 1
|
Quoted
prices in active markets for identical assets or
liabilities
|
|
Level 2
|
Observable
inputs other than Level 1 prices, such as quoted prices for similar assets
or liabilities; quoted prices in markets that are not active; or other
inputs that are observable or can be corroborated by observable market
data for substantially the full term of the assets or
liabilities
|
|
Level 3
|
Unobservable
inputs that are supported by little or no market activity and that are
significant to the fair value of the assets or
liabilities
|
Fair
Value Measurements Using
|
||||||||||||||||
Fair
Value
|
Quoted
Prices
in
Active
Markets
for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Available-for-sale
securities
|
$ | 114,135 | $ | –– | $ | 114,135 | $ | –– |
Beginning
balance
|
$ | 1,540 | |
Total
realized and unrealized gains and losses
|
|||
Included
in net income
|
- | ||
Included
in other comprehensive income
|
3 | ||
Purchases,
issuances and settlements
|
- | ||
Transfers
into Level 3
|
- | ||
Transfers
out of Level 3
|
(1,543) | ||
Ending
balance
|
$ | - |
Fair
Value Measurements Using
|
||||||||||||||||
Fair
Value
|
Quoted
Prices
in
Active
Markets
for
Identical
Assets
(Level
1)
|
Significant
Other
Observable
Inputs
(Level
2)
|
Significant
Unobservable
Inputs
(Level
3)
|
|||||||||||||
(in
thousands)
|
||||||||||||||||
Impaired
loans
|
$ | 427 | $ | –– | $ | –– | $ | 427 |
December
31, 2008
|
March
31, 2008
|
|||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Mortgage
loans:
|
||||||||||||||||
One-
to four-family residential(1)
|
$ | 141,038 | 54.17 | % | $ | 142,010 | 57.49 | % | ||||||||
Residential
construction loans
|
1,801 | .69 | 1,636 | .66 | ||||||||||||
Multi-family
residential
|
8,664 | 3.33 | 8,929 | 3.61 | ||||||||||||
Non-residential
real estate/land(2)
|
70,992 | 27.26 | 61,407 | 24.86 | ||||||||||||
Total
mortgage loans
|
222,495 | 85.45 | 213,982 | 86.62 | ||||||||||||
Other
loans:
|
||||||||||||||||
Consumer
loans(3)
|
5,210 | 2.00 | 6,183 | 2.50 | ||||||||||||
Commercial
business loans
|
32,679 | 12.55 | 26,873 | 10.88 | ||||||||||||
Total
other loans
|
37,889 | 14.55 | 33,056 | 13.38 | ||||||||||||
Total
loans before net items
|
260,384 | 100.00 | % | 247,038 | 100.00 | % | ||||||||||
Less:
|
||||||||||||||||
Loans
in process
|
3,065 | 2,616 | ||||||||||||||
Deferred
loan origination fees
|
397 | 390 | ||||||||||||||
Allowance
for loan losses
|
1,801 | 1,777 | ||||||||||||||
Total
loans receivable, net
|
$ | 255,121 | $ | 242,255 | ||||||||||||
Mortgage-backed
securities, net(4)
|
$ | 87,781 | $ | 85,879 |
(1)
|
Includes
equity loans collateralized by second mortgages in the aggregate amount of
$16.8 million and $17.0 million as of December 31, 2008 and
March 31, 2008, respectively. Such loans have been underwritten
on substantially the same basis as the Company’s first mortgage
loans.
|
(2)
|
Includes
land loans of $215,000 and $175,000 as of December 31, 2008 and March 31,
2008, respectively.
|
(3)
|
Includes
second mortgage loans of $1.4 million and $1.7 million as of December 31,
2008 and March 31, 2008,
respectively.
|
(4)
|
Includes mortgage-backed
securities designated as available for
sale.
|
December
31,
2008
|
March
31,
2008
|
|||||||
(Dollars
in thousands)
|
||||||||
Past
due loans 30-89 days:
|
||||||||
Mortgage
loans:
|
||||||||
One-
to four-family residential
|
$ | 996 | $ | 812 | ||||
Nonresidential
|
3,697 | –– | ||||||
Non-mortgage
loans:
|
||||||||
Commercial
business loans
|
160 | –– | ||||||
Consumer
loans
|
12 | 7 | ||||||
$ | 4,865 | $ | 819 | |||||
Non-performing
loans:
|
||||||||
Mortgage
loans:
|
||||||||
One-
to four-family residential
|
$ | 1,517 | $ | 790 | ||||
All
other mortgage loans
|
327 | 1,038 | ||||||
Non-mortgage
loans:
|
||||||||
Commercial
business loans
|
189 | 42 | ||||||
Consumer
|
- | 1 | ||||||
Total
non-performing loans
|
2,033 | 1,871 | ||||||
Total
real estate acquired through foreclosure
|
735 | 93 | ||||||
Total
non-performing assets
|
$ | 2,768 | $ | 1,964 | ||||
Total
non-performing loans to net loans receivable
|
0.80 | % | 0.77 | % | ||||
Total
non-performing loans to total assets
|
0.50 | % | 0.47 | % | ||||
Total
non-performing assets to total assets
|
0.68 | % | 0.49 | % |
|
||||||||
For
the nine
months
ended
December
31, 2008
|
For
the
year
ended
March
31, 2008
|
|||||||
(Dollars
in thousands)
|
||||||||
Loans
receivable, net
|
$ | 255,121 | $ | 242,255 | ||||
Average
loans receivable, net
|
$ | 248,842 | $ | 244,800 | ||||
Allowance
balance (at beginning of period)
|
$ | 1,777 | $ | 1,523 | ||||
Provision
for losses
|
346 | 234 | ||||||
Charge-offs:
|
||||||||
Mortgage
loans:
|
||||||||
One-
to four-family
|
(24 | ) | (15 | ) | ||||
Non-residential
real estate and land (1)
|
(229 | ) | –– | |||||
Other
loans:
|
||||||||
Consumer
|
(4 | ) | (1 | ) | ||||
Commercial
|
(74 | ) | –– | |||||
Gross
charge-offs
|
(331 | ) | (16 | ) | ||||
Recoveries:
|
||||||||
Mortgage
loans:
|
||||||||
One-
to four-family
|
–– | 13 | ||||||
Other
loans:
|
||||||||
Consumer
|
9 | 23 | ||||||
Gross
recoveries
|
9 | 36 | ||||||
Net
(charge-offs) recoveries
|
(322 | ) | 20 | |||||
Allowance
for loan losses balance (at end of period)
|
$ | 1,801 | $ | 1,777 | ||||
Allowance
for loan losses as a percent of loans receivable, net at end of
period
|
0.71 | % | 0.73 | % | ||||
Net
loans charged off (recovered) as a percent of average loans receivable,
net
|
0.13 | % | (0.01 | )% | ||||
Ratio
of allowance for loan losses to non-
|
||||||||
performing
loans at end of period
|
88.59 | % | 94.98 | % |
|
(1)The
$229,000 charge off was related to a single non-residential property that
was transferred into real estate acquired through
foreclosure.
|
For
the nine months ended December 31,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
receivable, net1
|
$ | 248,842 | $ | 11,608 | 6.22 | % | $ | 244,546 | $ | 12,518 | 6.83 | % | ||||||||||||
Investment
securities2
|
118,256 | 4,428 | 4.99 | 120,066 | 4,426 | 4.92 | ||||||||||||||||||
Interest-earning
deposits3
|
11,343 | 236 | 2.77 | 11,148 | 374 | 4.47 | ||||||||||||||||||
Total
interest-earning assets
|
378,441 | 16,272 | 5.73 | 375,760 | 17,318 | 6.15 | ||||||||||||||||||
Non-interest-earning
assets
|
21,570 | 21,768 | ||||||||||||||||||||||
Total
assets
|
$ | 400,011 | $ | 397,528 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 313,050 | 5,788 | 2.47 | $ | 317,997 | 7,445 | 3.12 | ||||||||||||||||
Other
short-term borrowings
|
8,895 | 57 | .85 | 6,021 | 179 | 5.95 | ||||||||||||||||||
Borrowings
|
41,115 | 1,414 | 4.59 | 35,530 | 1,298 | 4.87 | ||||||||||||||||||
Total
interest-bearing liabilities
|
363,060 | 7,259 | 2.67 | 359,548 | 8,922 | 3.31 | ||||||||||||||||||
Non-interest
bearing liabilities
|
3,909 | 3,651 | ||||||||||||||||||||||
Total
liabilities
|
366,969 | 363,199 | ||||||||||||||||||||||
Stockholders’
equity
|
33,042 | 34,329 | ||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 400,011 | $ | 397,528 | ||||||||||||||||||||
Net
interest income
|
$ | 9,013 | $ | 8,396 | ||||||||||||||||||||
Interest
rate spread4
|
3.06 | % | 2.84 | % | ||||||||||||||||||||
Net
yield on interest-
earning
assets5
|
3.18 | % | 2.98 | % | ||||||||||||||||||||
Ratio
of average interest- earning assets to average interest-bearing
liabilities
|
104.24 | % | 104.51 | % |
For
the three months ended December 31,
|
||||||||||||||||||||||||
2008
|
2007
|
|||||||||||||||||||||||
Average
Balance
|
Interest
|
Average
Rate
|
Average
Balance
|
Interest
|
Average
Rate
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
receivable, net1
|
$ | 256,409 | $ | 3,927 | 6.13 | % | $ | 247,985 | $ | 4,204 | 6.78 | % | ||||||||||||
Investment
securities2
|
111,905 | 1,416 | 5.06 | 121,366 | 1,514 | 4.99 | ||||||||||||||||||
Interest-earning
deposits3
|
10,130 | 65 | 2.57 | 9,931 | 108 | 4.35 | ||||||||||||||||||
Total
interest-earning assets
|
378,444 | 5,408 | 5.72 | 379,282 | 5,826 | 6.14 | ||||||||||||||||||
Non-interest-earning
assets
|
21,619 | 21,650 | ||||||||||||||||||||||
Total
assets
|
$ | 400,063 | $ | 400,932 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 311,315 | 1,798 | 2.31 | $ | 316,761 | 2,493 | 3.15 | ||||||||||||||||
Other
short-term borrowings
|
9,531 | 13 | .55 | 7,164 | 62 | 3.46 | ||||||||||||||||||
Borrowings
|
42,609 | 479 | 4.50 | 38,426 | 475 | 4.94 | ||||||||||||||||||
Total
interest-bearing liabilities
|
363,455 | 2,290 | 2.52 | 362,351 | 3,030 | 3.34 | ||||||||||||||||||
Non-interest
bearing liabilities
|
3,382 | 3,864 | ||||||||||||||||||||||
Total
liabilities
|
366,837 | 366,215 | ||||||||||||||||||||||
Stockholders’
equity
|
33,226 | 34,717 | ||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 400,063 | $ | 400,932 | ||||||||||||||||||||
Net
interest income
|
$ | 3,118 | $ | 2,796 | ||||||||||||||||||||
Interest
rate spread4
|
3.20 | % | 2.80 | % | ||||||||||||||||||||
Net
yield on interest-
earning
assets5
|
3.30 | % | 2.95 | % | ||||||||||||||||||||
Ratio
of average interest- earning assets to average interest-bearing
liabilities
|
104.12 | % | 104.67 | % |
|
(c)
|
Not
applicable
|
|
EX-31.1
|
Certification
of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002, 18 U.S.C. Section 1350
|
|
EX-31.2
|
Certification
of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley
Act of 2002, 18 U.S.C. Section 1350
|
|
EX-32
|
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: February 12, 2009
|
By:
|
/s/Phillip E. Becker
|
Phillip
E. Becker
|
||
President
and Chief Executive Officer
|
||
Date: February 12, 2009
|
By:
|
/s/H. Stewart Fitz Gibbon
III
|
H.
Stewart Fitz Gibbon III
|
||
Executive
Vice President and
|
||
Chief
Financial Officer
|