GREENE COUNTY BANCORP, INC.
|
||||
INDEX
|
||||
PART I.
|
FINANCIAL INFORMATION
|
|||
Page
|
||||
Item 1.
|
Financial Statements (unaudited)
|
|||
* Consolidated Statements of Financial Condition
|
||||
* Consolidated Statements of Income
|
||||
* Consolidated Statements of Comprehensive Income
|
||||
* Consolidated Statements of Changes in Shareholders’ Equity
|
||||
* Consolidated Statements of Cash Flows
|
||||
* Notes to Consolidated Financial Statements
|
||||
Item 2.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operation
|
|||
Item 3.
|
Quantitative and Qualitative Disclosures About Market Risk
|
|||
Item 4.
|
Controls and Procedures
|
|||
PART II.
|
OTHER INFORMATION
|
|||
Item 1.
|
Legal Proceedings
|
|||
Item 1A.
|
Risk Factors
|
|||
Item 2.
|
Unregistered Sales of Equity Securities and Use of Proceeds
|
|||
Item 3.
|
Defaults Upon Senior Securities
|
|||
Item 4.
|
[Removed and Reserved]
|
|||
Item 5.
|
Other Information
|
|||
Item 6.
|
Exhibits
|
|||
Signatures
|
||||
Exhibit 31.1 302 Certification of Chief Executive Officer
Exhibit 31.2 302 Certification of Chief Financial Officer
Exhibit 32.1 906 Statement of Chief Executive Officer
Exhibit 32.2 906 Statement of Chief Financial Officer
|
ASSETS
|
December 31, 2010
|
June 30, 2010
|
||||||
Cash and due from banks
|
$ | 22,663 | $ | 9,253 | ||||
Federal funds sold
|
8,373 | 390 | ||||||
Total cash and cash equivalents
|
31,036 | 9,643 | ||||||
Long term certificate of deposit
|
--- | 1,000 | ||||||
Securities available for sale, at fair value
|
98,315 | 89,805 | ||||||
Securities held to maturity, at amortized cost
|
83,830 | 77,520 | ||||||
Federal Home Loan Bank stock, at cost
|
1,457 | 1,866 | ||||||
Loans
|
300,361 | 299,200 | ||||||
Allowance for loan losses
|
(4,649 | ) | (4,024 | ) | ||||
Unearned origination fees and costs, net
|
453 | 406 | ||||||
Net loans receivable
|
296,165 | 295,582 | ||||||
Premises and equipment
|
15,347 | 14,804 | ||||||
Accrued interest receivable
|
2,633 | 2,731 | ||||||
Foreclosed real estate
|
200 | --- | ||||||
Prepaid expenses and other assets
|
2,373 | 2,372 | ||||||
Total assets
|
$ | 531,356 | $ | 495,323 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
||||||||
Noninterest bearing deposits
|
$ | 46,198 | $ | 44,239 | ||||
Interest bearing deposits
|
419,656 | 377,493 | ||||||
Total deposits
|
465,854 | 421,732 | ||||||
Borrowings from FHLB, short-term
|
--- | 9,100 | ||||||
Borrowings from FHLB, long-term
|
17,000 | 17,000 | ||||||
Accrued expenses and other liabilities
|
2,590 | 2,988 | ||||||
Total liabilities
|
485,444 | 450,820 | ||||||
Shareholders’ equity:
|
||||||||
Preferred stock,
|
||||||||
Authorized - 1,000,000 shares; Issued - None
|
--- | --- | ||||||
Common stock, par value $.10 per share;
|
||||||||
Authorized - 12,000,000 shares
|
||||||||
Issued - 4,305,670 shares
|
||||||||
Outstanding - 4,135,495 shares at December 31, 2010
|
||||||||
4,118,912 shares at June 30, 2010;
|
431 | 431 | ||||||
Additional paid-in capital
|
10,849 | 10,666 | ||||||
Retained earnings
|
35,366 | 33,692 | ||||||
Accumulated other comprehensive income
|
550 | 1,123 | ||||||
Treasury stock, at cost 170,175 shares at December 31, 2010
|
||||||||
186,758 shares at June 30, 2010
|
(1,284 | ) | (1,409 | ) | ||||
Total shareholders’ equity
|
45,912 | 44,503 | ||||||
Total liabilities and shareholders’ equity
|
$ | 531,356 | $ | 495,323 |
Interest income:
|
2010
|
2009
|
||||||
Loans
|
$ | 9,046 | $ | 8,456 | ||||
Investment securities - taxable
|
577 | 592 | ||||||
Mortgage-backed securities
|
1,823 | 1,812 | ||||||
Investment securities - tax exempt
|
576 | 516 | ||||||
Interest bearing deposits and federal funds sold
|
20 | 10 | ||||||
Total interest income
|
12,042 | 11,386 | ||||||
Interest expense:
|
||||||||
Interest on deposits
|
2,045 | 2,466 | ||||||
Interest on borrowings
|
305 | 333 | ||||||
Total interest expense
|
2,350 | 2,799 | ||||||
Net interest income
|
9,692 | 8,587 | ||||||
Provision for loan losses
|
836 | 677 | ||||||
Net interest income after provision for loan losses
|
8,856 | 7,910 | ||||||
Non-interest income:
|
||||||||
Service charges on deposit accounts
|
1,173 | 1,506 | ||||||
Debit card fees
|
619 | 527 | ||||||
Investment services
|
148 | 134 | ||||||
E-commerce fees
|
55 | 53 | ||||||
Net gain (loss) on sale of available-for-sale securities
|
212 | (5 | ) | |||||
Other operating income
|
254 | 223 | ||||||
Total non-interest income
|
2,461 | 2,438 | ||||||
Non-interest expense:
|
||||||||
Salaries and employee benefits
|
3,971 | 3,561 | ||||||
Occupancy expense
|
611 | 612 | ||||||
Equipment and furniture expense
|
280 | 298 | ||||||
Service and data processing fees
|
698 | 656 | ||||||
Computer software, supplies and support
|
135 | 179 | ||||||
Advertising and promotion
|
190 | 115 | ||||||
FDIC insurance premiums
|
281 | 271 | ||||||
Legal and professional fees
|
181 | 185 | ||||||
Other
|
898 | 808 | ||||||
Total non-interest expense
|
7,245 | 6,685 | ||||||
Income before provision for income taxes
|
4,072 | 3,663 | ||||||
Provision for income taxes
|
1,396 | 1,263 | ||||||
Net income
|
$ | 2,676 | $ | 2,400 | ||||
Basic EPS
|
$ | 0.65 | $ | 0.58 | ||||
Basic average shares outstanding
|
4,125,619 | 4,106,704 | ||||||
Diluted EPS
|
$ | 0.64 | $ | 0.58 | ||||
Diluted average shares outstanding
|
4,157,903 | 4,133,758 | ||||||
Dividends per share
|
$ | 0.55 | $ | 0.34 |
Interest income:
|
2010
|
2009
|
||||||
Loans
|
$ | 4,509 | $ | 4,289 | ||||
Investment securities - taxable
|
306 | 276 | ||||||
Mortgage-backed securities
|
941 | 892 | ||||||
Investment securities - tax exempt
|
292 | 267 | ||||||
Interest bearing deposits and federal funds sold
|
18 | 6 | ||||||
Total interest income
|
6,066 | 5,730 | ||||||
Interest expense:
|
||||||||
Interest on deposits
|
1,015 | 1,216 | ||||||
Interest on borrowings
|
156 | 166 | ||||||
Total interest expense
|
1,171 | 1,382 | ||||||
Net interest income
|
4,895 | 4,348 | ||||||
Provision for loan losses
|
483 | 429 | ||||||
Net interest income after provision for loan losses
|
4,412 | 3,919 | ||||||
Non-interest income:
|
||||||||
Service charges on deposit accounts
|
606 | 758 | ||||||
Debit card fees
|
322 | 279 | ||||||
Investment services
|
70 | 75 | ||||||
E-commerce fees
|
25 | 23 | ||||||
Net gain (loss) on sale of available-for-sale securities
|
212 | (5 | ) | |||||
Other operating income
|
126 | 107 | ||||||
Total non-interest income
|
1,361 | 1,237 | ||||||
Non-interest expense:
|
||||||||
Salaries and employee benefits
|
2,054 | 1,755 | ||||||
Occupancy expense
|
308 | 310 | ||||||
Equipment and furniture expense
|
136 | 145 | ||||||
Service and data processing fees
|
355 | 313 | ||||||
Computer software, supplies and support
|
64 | 97 | ||||||
Advertising and promotion
|
89 | 37 | ||||||
FDIC insurance premiums
|
138 | 136 | ||||||
Legal and professional fees
|
91 | 110 | ||||||
Other
|
482 | 400 | ||||||
Total non-interest expense
|
3,717 | 3,303 | ||||||
Income before provision for income taxes
|
2,056 | 1,853 | ||||||
Provision for income taxes
|
704 | 637 | ||||||
Net income
|
$ | 1,352 | $ | 1,216 | ||||
Basic EPS
|
$ | 0.33 | $ | 0.29 | ||||
Basic average shares outstanding
|
4,129,939 | 4,108,097 | ||||||
Diluted EPS
|
$ | 0.32 | $ | 0.29 | ||||
Diluted average shares outstanding
|
4,163,333 | 4,134,732 | ||||||
Dividends per share
|
$ | 0.375 | $ | 0.17 |
2010
|
2009
|
|||||||
Net income
|
$ | 2,676 | $ | 2,400 | ||||
Other comprehensive (loss) income:
|
||||||||
Securities:
|
||||||||
Unrealized holding (losses) gains on available for sale securities, arising
|
||||||||
during the six months ended December 31, 2010 and 2009,
|
||||||||
net of income taxes of ($297) and $248, respectively.
|
(470 | ) | 393 | |||||
Accretion of unrealized loss on securities transferred to held-to-maturity,
|
||||||||
net of income taxes of $15 and $18, respectively
|
23 | 29 | ||||||
Reclassification adjustment for (gain) loss on sale of available-for-sale
|
||||||||
securities realized in net income, net of income taxes
|
||||||||
of ($82), and $2, respectively
|
(130 | ) | 3 | |||||
Pension actuarial gain, net of tax
|
4 | --- | ||||||
Other comprehensive (loss) income
|
(573 | ) | 425 | |||||
Comprehensive income
|
$ | 2,103 | $ | 2,825 |
2010
|
2009
|
|||||||
Net income
|
$ | 1,352 | $ | 1,216 | ||||
Other comprehensive loss:
|
||||||||
Securities:
|
||||||||
Unrealized holding losses on available for sale securities, arising
|
||||||||
during the three months ended December 31, 2010 and 2009,
|
||||||||
net of income taxes of ($485) and ($18), respectively.
|
(769 | ) | (29 | ) | ||||
Accretion of unrealized loss on securities transferred to held-to-maturity,
|
||||||||
net of income taxes of $7 and $9, respectively
|
11 | 15 | ||||||
Reclassification adjustment for (gain) loss on sale of available-for-sale
|
||||||||
securities realized in net income, net of income taxes
|
||||||||
of ($82), and $2, respectively
|
(130 | ) | 3 | |||||
Pension actuarial gain, net of tax
|
2 | --- | ||||||
Other comprehensive loss
|
(886 | ) | (11 | ) | ||||
Comprehensive income
|
$ | 466 | $ | 1,205 |
Accumulated
|
||||||
Additional
|
Other
|
Total
|
||||
Common
|
Paid – In
|
Retained
|
Comprehensive
|
Treasury
|
Shareholders’
|
|
Stock
|
Capital
|
Earnings
|
Income
|
Stock
|
Equity
|
|
Balance at
|
||||||
June 30, 2009
|
$431
|
$10,508
|
$30,045
|
$792
|
($1,512)
|
$40,264
|
Options exercised
|
(41)
|
76
|
35
|
|||
Stock options compensation
|
112
|
112
|
||||
Dividends declared
|
(613)
|
(613)
|
||||
Net income
|
2,400
|
2,400
|
||||
Total other comprehensive income, net of taxes
|
425
|
425
|
||||
Balance at
|
||||||
December 31, 2009
|
$431
|
$10,579
|
$31,832
|
$1,217
|
($1,436)
|
$42,623
|
June 30, 2010
|
$431
|
$10,666
|
$33,692
|
$1,123
|
($1,409)
|
$44,503
|
Stock options exercised
|
71
|
125
|
196
|
|||
Stock options compensation
|
112
|
112
|
||||
Dividends declared
|
(1,002)
|
(1,002)
|
||||
Net income
|
2,676
|
2,676
|
||||
Total other comprehensive (loss), net of taxes
|
(573)
|
(573)
|
||||
Balance at
|
||||||
December 31, 2010
|
$431
|
$10,849
|
$35,366
|
$550
|
($1,284)
|
$45,912
|
2010
|
2009
|
|||||||
Cash flows from operating activities:
|
||||||||
Net Income
|
$ | 2,676 | $ | 2,400 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation
|
360 | 471 | ||||||
Net amortization of premiums and discounts
|
506 | 402 | ||||||
Net amortization of deferred loan costs and fees
|
110 | 93 | ||||||
Provision for loan losses
|
836 | 677 | ||||||
Stock option compensation
|
112 | 112 | ||||||
Net (gain) loss on sale of available-for-sale securities
|
(212 | ) | 5 | |||||
Net loss on sale of foreclosed real estate
|
--- | 8 | ||||||
Net (decrease) increase in accrued income taxes
|
(239 | ) | 728 | |||||
Net decrease (increase) in accrued interest receivable
|
98 | (160 | ) | |||||
Net decrease (increase) decrease in prepaid and other assets
|
238 | (1,902 | ) | |||||
Net decrease in other liabilities
|
(30 | ) | (957 | ) | ||||
Net cash provided by operating activities
|
4,455 | 1,877 | ||||||
Cash flows from investing activities:
|
||||||||
Securities available-for-sale:
|
||||||||
Proceeds from maturities
|
6,666 | 3,000 | ||||||
Proceeds from sale of securities
|
6,875 | 1,820 | ||||||
Purchases of securities
|
(29,583 | ) | (1,069 | ) | ||||
Principal payments on securities
|
6,544 | 4,531 | ||||||
Securities held-to-maturity:
|
||||||||
Proceeds from maturities
|
9,630 | 5,822 | ||||||
Purchases of securities
|
(18,725 | ) | (8,438 | ) | ||||
Principal payments on securities
|
2,538 | 1,589 | ||||||
Net redemption (purchase) of Federal Home Loan Bank Stock
|
409 | (396 | ) | |||||
Maturity of long term certificate of deposit
|
1,000 | --- | ||||||
Net increase in loans receivable
|
(1,729 | ) | (16,255 | ) | ||||
Proceeds from sale of foreclosed real estate
|
--- | 207 | ||||||
Purchases of premises and equipment
|
(903 | ) | (302 | ) | ||||
Net cash used in investing activities
|
(17,278 | ) | (9,491 | ) | ||||
Cash flows from financing activities:
|
||||||||
Net (decrease) increase in short-term borrowings
|
(9,100 | ) | 10,300 | |||||
Payment of cash dividends
|
(1,002 | ) | (613 | ) | ||||
Proceeds from stock options exercised
|
196 | 35 | ||||||
Net increase in deposits
|
44,122 | 505 | ||||||
Net cash provided by financing activities
|
34,216 | 10,227 | ||||||
Net increase in cash and cash equivalents
|
21,393 | 2,613 | ||||||
Cash and cash equivalents at beginning of period
|
9,643 | 9,443 | ||||||
Cash and cash equivalents at end of period
|
$ | 31,036 | $ | 12,056 | ||||
Non-cash investing activities:
|
||||||||
Foreclosed loans transferred to foreclosed real estate
|
$ | 200 | $ | --- | ||||
Cash paid during the period:
|
||||||||
Interest
|
$ | 2,345 | $ | 2,795 | ||||
Income taxes
|
1,636 | 569 |
|
Gross
|
Gross
|
Estimated
|
|||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$ | 28,476 | $ | 135 | $ | 638 | $ | 27,973 | ||||||||
State and political subdivisions
|
7,567 | 248 | --- | 7,815 | ||||||||||||
Mortgage-backed securities-residential
|
31,083 | 915 | 164 | 31,834 | ||||||||||||
Mortgage-backed securities-multi-family
|
22,173 | 1,150 | --- | 23,323 | ||||||||||||
Asset-backed securities
|
31 | --- | 1 | 30 | ||||||||||||
Corporate debt securities
|
6,893 | 345 | --- | 7,238 | ||||||||||||
Total debt securities
|
96,223 | 2,793 | 803 | 98,213 | ||||||||||||
Equity securities and other
|
68 | 34 | --- | 102 | ||||||||||||
Total securities available-for-sale
|
96,291 | 2,827 | 803 | 98,315 | ||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
7,000 | 50 | --- | 7,050 | ||||||||||||
State and political subdivisions
|
34,633 | 64 | 62 | 34,635 | ||||||||||||
Mortgage-backed securities-residential
|
37,904 | 1,509 | 61 | 39,352 | ||||||||||||
Mortgage-backed securities-multi-family
|
3,889 | 33 | 4 | 3,918 | ||||||||||||
Other securities
|
404 | --- | --- | 404 | ||||||||||||
Total securities held-to-maturity
|
83,830 | 1,656 | 127 | 85,359 | ||||||||||||
Total securities
|
$ | 180,121 | $ | 4,483 | $ | 930 | $ | 183,674 |
|
Gross
|
Gross
|
Estimated
|
|||||||||||||
Amortized
|
Unrealized
|
Unrealized
|
Fair
|
|||||||||||||
Cost
|
Gains
|
Losses
|
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||
U.S. government sponsored enterprises
|
$ | 21,942 | $ | 234 | $ | --- | $ | 22,176 | ||||||||
State and political subdivisions
|
8,392 | 357 | --- | 8,749 | ||||||||||||
Mortgage-backed securities-residential
|
24,838 | 1,045 | --- | 25,883 | ||||||||||||
Mortgage-backed securities-multi-family
|
24,623 | 1,309 | --- | 25,932 | ||||||||||||
Asset-backed securities
|
33 | --- | 1 | 32 | ||||||||||||
Corporate debt securities
|
6,907 | 97 | 73 | 6,931 | ||||||||||||
Total debt securities
|
86,735 | 3,042 | 74 | 89,703 | ||||||||||||
Equity securities and other
|
67 | 35 | --- | 102 | ||||||||||||
Total securities available-for-sale
|
86,802 | 3,077 | 74 | 89,805 | ||||||||||||
Securities held-to-maturity:
|
||||||||||||||||
U.S. government sponsored enterprises
|
7,004 | 64 | --- | 7,068 | ||||||||||||
State and political subdivisions
|
29,821 | 25 | --- | 29,846 | ||||||||||||
Mortgage-backed securities-residential
|
36,277 | 1,362 | --- | 37,639 | ||||||||||||
Mortgage-backed securities-multi-family
|
4,058 | 11 | --- | 4,069 | ||||||||||||
Other securities
|
360 | --- | --- | 360 | ||||||||||||
Total securities held-to-maturity
|
77,520 | 1,462 | --- | 78,982 | ||||||||||||
Total securities
|
$ | 164,322 | $ | 4,539 | $ | 74 | $ | 168,787 |
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
U.S. government sponsored enterprises
|
$ | 18,229 | $ | 638 | $ | --- | $ | --- | $ | 18,229 | $ | 638 | ||||||||||||
Mortgage-backed securities-residential
|
6,072 | 164 | --- | --- | 6,072 | 164 | ||||||||||||||||||
Asset-backed securities
|
--- | --- | 30 | 1 | 30 | 1 | ||||||||||||||||||
Total available-for-sale securities
|
24,301 | 802 | 30 | 1 | 24,331 | 803 | ||||||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||||||
State and political subdivisions
|
3,824 | 62 | --- | --- | 3,824 | 62 | ||||||||||||||||||
Mortgage-backed securities-residential
|
1,995 | 61 | --- | --- | 1,995 | 61 | ||||||||||||||||||
Mortgage-backed securities-multi-family
|
998 | 4 | --- | --- | 998 | 4 | ||||||||||||||||||
Total held-to-maturity securities
|
6,817 | 127 | --- | --- | 6,817 | 127 | ||||||||||||||||||
Total securities
|
$ | 31,118 | $ | 929 | $ | 30 | $ | 1 | $ | 31,148 | $ | 930 |
Less Than 12 Months
|
More Than 12 Months
|
Total
|
||||||||||||||||||||||
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
|||||||||||||||||||
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
|||||||||||||||||||
(in thousands)
|
||||||||||||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||||||
Asset-backed securities
|
$ | --- | $ | --- | $ | 32 | $ | 1 | $ | 32 | $ | 1 | ||||||||||||
Corporate debt securities
|
--- | --- | 2,492 | 73 | 2,492 | 73 | ||||||||||||||||||
Total securities
|
$ | --- | $ | --- | $ | 2,524 | $ | 74 | $ | 2,524 | $ | 74 |
Six months ended December 31,
|
||||||||
(in thousands)
|
2010
|
2009
|
||||||
Gross realized gains
|
$ | 212 | $ | 32 | ||||
Gross realized losses
|
--- | (37 | ) | |||||
Other-than-temporary impairment losses
|
--- | --- | ||||||
Net gains (losses) recognized
|
$ | 212 | $ | (5 | ) |
After
|
After
|
|||||||||||||||||||
In
|
One Year
|
Five Years
|
||||||||||||||||||
One Year
|
Through
|
Through
|
After
|
|||||||||||||||||
(Dollars in thousands)
|
Or Less
|
Five Years
|
Ten Years
|
Ten Years
|
Total
|
|||||||||||||||
Securities available-for-sale:
|
||||||||||||||||||||
U.S. Government sponsored enterprises
|
$ | 1,015 | $ | 19,715 | $ | 4,441 | $ | 2,802 | $ | 27,973 | ||||||||||
State and political subdivisions
|
1,192 | 6,274 | 349 | --- | 7,815 | |||||||||||||||
Mortgage-backed securities-residential
|
844 | 2,028 | 6,836 | 22,126 | 31,834 | |||||||||||||||
Mortgage-backed securities-multi-family
|
--- | 20,401 | 2,922 | --- | 23,323 | |||||||||||||||
Asset-backed securities
|
--- | --- | --- | 30 | 30 | |||||||||||||||
Corporate debt securities
|
--- | 2,935 | 4,022 | 281 | 7,238 | |||||||||||||||
Total debt securities
|
3,051 | 51,353 | 18,570 | 25,239 | 98,213 | |||||||||||||||
Equity securities
|
--- | --- | --- | 102 | 102 | |||||||||||||||
Total securities available-for-sale
|
3,051 | 51,353 | 18,570 | 25,341 | 98,315 | |||||||||||||||
Securities held-to-maturity:
|
||||||||||||||||||||
U.S. government sponsored enterprises
|
--- | 5,034 | 2,016 | --- | 7,050 | |||||||||||||||
State and political subdivisions
|
10,585 | 14,259 | 5,779 | 4,012 | 34,635 | |||||||||||||||
Mortgage-backed securities-residential
|
--- | 2,631 | 16,775 | 19,946 | 39,352 | |||||||||||||||
Mortgage-backed securities-multi-family
|
--- | 1,515 | 2,403 | --- | 3,918 | |||||||||||||||
Other securities
|
20 | 4 | --- | 380 | 404 | |||||||||||||||
Total securities held-to-maturity
|
10,605 | 23,443 | 26,973 | 24,338 | 85,359 | |||||||||||||||
Total securities
|
$ | 13,656 | $ | 74,796 | $ | 45,543 | $ | 49,679 | $ | 183,674 |
(in thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$ | 173,556 | $ | 2,317 | $ | 96 | $ | 3,481 | $ | 179,450 | ||||||||||
Commercial Real Estate
|
54,948 | 498 | 1,053 | 1,638 | 58,137 | |||||||||||||||
Residential Construction & Land
|
4,503 | --- | --- | 13 | 4,516 | |||||||||||||||
Commercial Construction
|
2,625 | --- | --- | --- | 2,625 | |||||||||||||||
Multi-family
|
5,343 | --- | --- | 585 | 5,928 | |||||||||||||||
Home Equity
|
26,389 | 309 | --- | 202 | 26,900 | |||||||||||||||
Commercial Business
|
16,707 | 853 | 819 | 98 | 18,477 | |||||||||||||||
Consumer Installment
|
4,246 | 29 | --- | 53 | 4,328 | |||||||||||||||
Total Gross Loans
|
$ | 288,317 | $ | 4,006 | $ | 1,968 | $ | 6,070 | $ | 300,361 |
(in thousands)
|
Performing
|
Watch
|
Special Mention
|
Substandard
|
Total
|
|||||||||||||||
Residential mortgage
|
$ | 178,851 | $ | 1,591 | $ | 97 | $ | 1,986 | $ | 182,525 | ||||||||||
Commercial Real Estate
|
50,343 | 740 | 2,408 | 1,095 | 54,586 | |||||||||||||||
Residential Construction & Land
|
6,688 | --- | --- | 13 | 6,701 | |||||||||||||||
Commercial Construction
|
2,656 | --- | --- | --- | 2,656 | |||||||||||||||
Multi-family
|
5,441 | --- | --- | 594 | 6,035 | |||||||||||||||
Home Equity
|
26,300 | 105 | --- | 197 | 26,602 | |||||||||||||||
Commercial Business
|
14,253 | 717 | 837 | 3 | 15,810 | |||||||||||||||
Consumer Installment
|
4,249 | 18 | --- | 18 | 4,285 | |||||||||||||||
Total Gross Loans
|
$ | 288,781 | $ | 3,171 | $ | 3,342 | $ | 3,906 | $ | 299,200 |
(in thousands)
|
30-59 days
past due
|
60-89 days
past due
|
More than 90 days past due
|
Total past due
|
Current
|
Total Loans
|
Loans on Non-accrual
|
Residential mortgage
|
$4,348
|
$2,428
|
$2,522
|
$9,298
|
$170,152
|
$179,450
|
$3,494
|
Commercial Real Estate
|
1,745
|
1,472
|
1,141
|
4,358
|
53,779
|
58,137
|
1,516
|
Residential Construction & Land
|
---
|
13
|
---
|
13
|
4,503
|
4,516
|
13
|
Commercial Construction
|
---
|
---
|
---
|
---
|
2,625
|
2,625
|
---
|
Multi-family
|
---
|
301
|
284
|
585
|
5,343
|
5,928
|
585
|
Home Equity
|
28
|
213
|
196
|
437
|
26,463
|
26,900
|
202
|
Commercial Business
|
216
|
647
|
19
|
882
|
17,595
|
18,477
|
98
|
Consumer Installment
|
66
|
63
|
21
|
150
|
4,178
|
4,328
|
53
|
Total Gross Loans
|
$6,403
|
$5,137
|
$4,183
|
$15,723
|
$284,638
|
$300,361
|
$5,961
|
(in thousands)
|
30-59 days
past due
|
60-89 days
past due
|
More than 90
days past due
|
Total past due
|
Current
|
Total Loans
|
Loans on Non-accrual
|
Residential mortgage
|
$1,058
|
$1,093
|
$2,001
|
$4,152
|
$178,373
|
$182,525
|
$2,001
|
Commercial Real Estate
|
701
|
377
|
1,095
|
2,173
|
52,413
|
54,586
|
1,095
|
Residential Construction & Land
|
---
|
---
|
13
|
13
|
6,688
|
6,701
|
13
|
Commercial Construction
|
---
|
---
|
---
|
---
|
2,656
|
2,656
|
---
|
Multi-family
|
---
|
---
|
594
|
594
|
5,441
|
6,035
|
594
|
Home Equity
|
17
|
9
|
197
|
223
|
26,379
|
26,602
|
197
|
Commercial Business
|
28
|
271
|
3
|
302
|
15,508
|
15,810
|
3
|
Consumer Installment
|
147
|
18
|
18
|
183
|
4,102
|
4,285
|
18
|
Total Gross Loans
|
$1,951
|
$1,768
|
$3,921
|
$7,640
|
$291,560
|
$299,200
|
$3,921
|
As of December 30, 2010
|
For the six months ended December 31, 2010
|
|||||||||||||||||||
(in thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
$ | 576 | $ | 639 | $ | --- | $ | 576 | $ | 4 | ||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Commercial real estate
|
375 | 375 | 94 | 281 | --- |
As of June 30, 2010
|
For the six months ended December 31, 2009
|
|||||||||||||||||||
(in thousands)
|
Recorded Investment
|
Unpaid Principal
|
Related Allowance
|
Average Recorded Investment
|
Interest Income Recognized
|
|||||||||||||||
With no related allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
$ | 212 | $ | 212 | $ | --- | $ | 276 | $ | --- | ||||||||||
With an allowance recorded:
|
||||||||||||||||||||
Residential mortgage
|
--- | --- | --- | 88 | 3 |
Allowance for Loan Loss
|
Loans Receivable
|
|||||||||||||||||||
December 31, 2010
|
Ending Balance Impairment Analysis
|
Ending Balance Impairment Analysis
|
||||||||||||||||||
Balance
|
Individually Evaluated
|
Collectively Evaluated
|
Individually Evaluated
|
Collectively Evaluated
|
||||||||||||||||
Residential mortgage
|
$ | 1,758 | $ | --- | $ | 1,758 | $ | --- | $ | 179,450 | ||||||||||
Commercial Real Estate
|
1,660 | 94 | 1,566 | 375 | 57,762 | |||||||||||||||
Residential Construction & Land
|
33 | --- | 33 | --- | 4,516 | |||||||||||||||
Commercial Construction
|
49 | --- | 49 | --- | 2,625 | |||||||||||||||
Multi-family
|
235 | --- | 235 | --- | 5,928 | |||||||||||||||
Home Equity
|
216 | --- | 216 | --- | 26,900 | |||||||||||||||
Consumer Installment
|
157 | --- | 157 | --- | 4,328 | |||||||||||||||
Commercial Business
|
541 | --- | 541 | --- | 18,477 | |||||||||||||||
Total
|
$ | 4,649 | $ | 94 | $ | 4,555 | $ | 375 | $ | 299,986 |
Allowance for Loan Loss
|
Loans Receivable
|
|||||||||||||||||||
June 30, 2010
|
Ending Balance Impairment Analysis
|
Ending Balance Impairment Analysis
|
||||||||||||||||||
Balance
|
Individually Evaluated
|
Collectively Evaluated
|
Individually Evaluated
|
Collectively Evaluated
|
||||||||||||||||
Residential mortgage
|
$ | 1,427 | $ | --- | $ | 1,427 | $ | --- | $ | 182,525 | ||||||||||
Commercial Real Estate
|
1,517 | --- | 1,517 | --- | 54,586 | |||||||||||||||
Residential Construction & Land
|
97 | --- | 97 | --- | 6,701 | |||||||||||||||
Commercial Construction
|
--- | --- | --- | --- | 2,656 | |||||||||||||||
Multi-family
|
223 | --- | 223 | --- | 6,035 | |||||||||||||||
Home Equity
|
205 | --- | 205 | --- | 26,602 | |||||||||||||||
Consumer Installment
|
120 | --- | 120 | --- | 4,285 | |||||||||||||||
Commercial Business
|
435 | --- | 435 | --- | 15,810 | |||||||||||||||
Total
|
$ | 4,024 | $ | --- | $ | 4,024 | $ | --- | $ | 299,200 |
Fair Value Measurements Using
|
||||
December
|
Quoted Prices In Active Markets For Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
|
(In thousands)
|
31, 2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
Assets:
|
||||
U.S. Government sponsored enterprises
|
$27,973
|
$---
|
$27,973
|
$---
|
State and political subdivisions
|
7,815
|
---
|
7,815
|
---
|
Mortgage-backed securities-residential
|
31,834
|
20,884
|
10,950
|
---
|
Mortgage-backed securities-multi-family
|
23,323
|
23,323
|
---
|
---
|
Asset-backed securities
|
30
|
30
|
---
|
---
|
Corporate debt securities
|
7,238
|
7,238
|
---
|
---
|
Equity securities
|
102
|
102
|
---
|
---
|
Securities available-for-sale
|
$98,315
|
$51,577
|
$46,738
|
$---
|
Fair Value Measurements Using
|
|||||
June
|
Quoted Prices In Active Markets For Identical Assets
|
Significant Other Observable Inputs
|
Significant Unobservable Inputs
|
||
(In thousands)
|
30,2010
|
(Level 1)
|
(Level 2)
|
(Level 3)
|
|
Assets:
|
|||||
U.S. Government sponsored enterprises
|
$22,176
|
$---
|
$22,176
|
$---
|
|
State and political subdivisions
|
8,749
|
---
|
8,749
|
---
|
|
Mortgage-backed securities-residential
|
25,883
|
19,108
|
6,775
|
---
|
|