Delaware
|
43-1792717
|
(State or other jurisdiction of
|
(IRS Employer Identification No.)
|
incorporation or organization)
|
|
1341 West Battlefield
|
|
Springfield, Missouri
|
65807
|
(Address of principal executive offices)
|
(Zip Code)
|
Class
|
Outstanding as of May 1, 2013
|
Common Stock, Par Value $0.10 per share
|
2,731,519 Shares
|
Page | |
PART I. FINANCIAL INFORMATION
|
|
Item 1. Financial Statements
|
|
Condensed Consolidated Financial Statements (Unaudited): | |
Condensed Consolidated Statements of Financial Condition
|
3
|
Condensed Consolidated Statements of Income
|
4
|
Condensed Consolidated Statements of Comprehensive Income
|
5
|
Condensed Consolidated Statements of Stockholders’ Equity
|
6
|
Condensed Consolidated Statements of Cash Flows
|
8
|
Notes to Condensed Consolidated Financial Statements
|
9
|
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
|
29
|
Item 3. Quantitative and Qualitative Disclosures about Market Risk
|
34
|
Item 4. Controls and Procedures
|
35
|
PART II. OTHER INFORMATION
|
|
Item 1. Legal Proceedings
|
36
|
Item 1A. Risk factors
|
36
|
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
|
36
|
Item 3. Defaults Upon Senior Securities
|
36
|
Item 4. Mine Safety Disclosures
|
36
|
Item 5. Other Information
|
36
|
Item 6. Exhibits
|
36
|
Signatures
|
ASSETS
|
3/31/13
|
12/31/12
|
||||||
Cash
|
$ | 2,637,215 | $ | 3,360,102 | ||||
Interest-bearing deposits in other financial institutions
|
40,057,756 | 38,303,303 | ||||||
Cash and cash equivalents
|
42,694,971 | 41,663,405 | ||||||
Available-for-sale securities
|
107,435,939 | 101,980,644 | ||||||
Held-to-maturity securities
|
136,350 | 181,042 | ||||||
Stock in Federal Home Loan Bank, at cost
|
3,133,600 | 3,805,500 | ||||||
Mortgage loans held for sale
|
1,314,333 | 2,843,757 | ||||||
Loans receivable, net of allowance for loan losses of March 31, 2013 - $8,112,081 - December 31, 2012 - $8,740,325
|
451,892,450 | 465,531,973 | ||||||
Accrued interest receivable:
|
||||||||
Loans
|
1,621,985 | 1,674,814 | ||||||
Investments and interest-bearing deposits
|
304,006 | 380,555 | ||||||
Prepaid expenses and other assets
|
6,090,023 | 6,228,173 | ||||||
Prepaid FDIC deposit insurance premiums
|
1,305,631 | 1,438,636 | ||||||
Foreclosed assets held for sale
|
3,913,629 | 4,529,727 | ||||||
Premises and equipment
|
11,201,029 | 11,286,410 | ||||||
Bank owned life insurance
|
13,756,253 | 13,657,480 | ||||||
Income taxes receivable
|
968,474 | 910,174 | ||||||
Deferred income taxes
|
4,203,098 | 4,319,928 | ||||||
$ | 649,971,771 | $ | 660,432,218 | |||||
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||||
LIABILITIES
|
||||||||
Deposits
|
$ | 503,644,217 | $ | 500,014,715 | ||||
Federal Home Loan Bank advances
|
52,950,000 | 68,050,000 | ||||||
Securities sold under agreements to repurchase
|
25,000,000 | 25,000,000 | ||||||
Subordinated debentures
|
15,465,000 | 15,465,000 | ||||||
Advances from borrowers for taxes and insurance
|
251,704 | 152,867 | ||||||
Accrued expenses and other liabilities
|
872,299 | 481,382 | ||||||
Accrued interest payable
|
347,804 | 399,684 | ||||||
598,531,024 | 609,563,648 | |||||||
COMMITMENTS AND CONTINGENCIES
|
- | - | ||||||
STOCKHOLDERS' EQUITY
|
||||||||
Capital Stock:
|
||||||||
Series A preferred stock, $0.01 par value; authorized 2,000,000 shares; issued and outstanding March 31, 2013 and December 31, 2012 - 12,000 shares
|
11,837,905 | 11,789,276 | ||||||
Common stock, $0.10 par value; authorized 10,000,000 shares; issued March 31, 2013 and December 31, 2012 - 6,781,803 shares;
|
678,180 | 678,180 | ||||||
Common stock warrants; March 31, 2013 and December 31, 2012 - 459,459 shares
|
1,377,811 | 1,377,811 | ||||||
Additional paid-in capital
|
58,168,547 | 58,267,529 | ||||||
Retained earnings, substantially restricted
|
40,078,316 | 39,324,292 | ||||||
Accumulated other comprehensive income
|
||||||||
Unrealized appreciation on available-for-sale securities, net of income taxes
|
504,126 | 800,826 | ||||||
112,644,885 | 112,237,914 | |||||||
Treasury stock, at cost; March 31, 2013 and December 31, 2012 - 4,049,112 and 4,056,862 shares, respectively
|
(61,204,138 | ) | (61,369,344 | ) | ||||
51,440,747 | 50,868,570 | |||||||
$ | 649,971,771 | $ | 660,432,218 |
3/31/2013
|
3/31/2012
|
|||||||
Interest Income
|
||||||||
Loans
|
$ | 5,928,390 | $ | 6,403,838 | ||||
Investment securities
|
432,629 | 412,344 | ||||||
Other
|
58,402 | 49,740 | ||||||
6,419,421 | 6,865,922 | |||||||
Interest Expense
|
||||||||
Deposits
|
761,174 | 1,142,796 | ||||||
Federal Home Loan Bank advances
|
368,675 | 383,734 | ||||||
Subordinated debentures
|
134,350 | 139,845 | ||||||
Other
|
163,955 | 183,775 | ||||||
1,428,154 | 1,850,150 | |||||||
Net Interest Income
|
4,991,267 | 5,015,772 | ||||||
Provision for Loan Losses
|
400,000 | 900,000 | ||||||
Net Interest Income After Provision for Loan Losses
|
4,591,267 | 4,115,772 | ||||||
Noninterest Income
|
||||||||
Service charges
|
261,785 | 255,090 | ||||||
Gain on sale of investment securities
|
88,801 | 37,529 | ||||||
Gain on sale of loans
|
431,933 | 362,354 | ||||||
Loss on foreclosed assets
|
(72,345 | ) | (101,109 | ) | ||||
Other income
|
309,594 | 293,148 | ||||||
1,019,768 | 847,012 | |||||||
Noninterest Expense
|
||||||||
Salaries and employee benefits
|
2,392,362 | 2,335,096 | ||||||
Occupancy
|
426,129 | 391,474 | ||||||
FDIC deposit insurance premiums
|
142,463 | 216,206 | ||||||
Data processing
|
169,260 | 132,187 | ||||||
Advertising
|
106,251 | 75,000 | ||||||
Other expense
|
1,189,135 | 897,545 | ||||||
4,425,600 | 4,047,508 | |||||||
Income Before Income Taxes
|
1,185,435 | 915,276 | ||||||
Provision for Income Taxes
|
232,782 | 80,554 | ||||||
Net Income
|
952,653 | 834,722 | ||||||
Preferred Stock Dividends and Discount Accretion
|
198,630 | 281,391 | ||||||
Net Income Available to Common Shareholders
|
$ | 754,023 | $ | 553,331 | ||||
Basic Income Per Common Share
|
$ | 0.28 | $ | 0.20 | ||||
Diluted Income Per Common Share
|
$ | 0.25 | $ | 0.20 |
3/31/2013
|
3/31/2012
|
|||||||
NET INCOME
|
$ | 952,653 | $ | 834,722 | ||||
OTHER ITEMS OF COMPREHENSIVE INCOME:
|
||||||||
Change in unrealized gain (losses) on investment securities available-for-sale, before income taxes
|
(382,151 | ) | 51,986 | |||||
Less: Reclassification adjustment for realized gains on investment securities included in net income, before income taxes
|
(88,801 | ) | (37,529 | ) | ||||
Total other items in comprehensive income (loss)
|
(470,952 | ) | 14,457 | |||||
Income tax (benefit) expense related to other items of comprehensive income
|
(174,252 | ) | 5,349 | |||||
Other comprehensive income (loss)
|
(296,700 | ) | 9,108 | |||||
TOTAL COMPREHENSIVE INCOME
|
$ | 655,953 | $ | 843,830 |
Preferred Stock
|
Common Stock
|
Common Stock Warrants
|
Additional Paid-In Capital
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
|||||||||||||||||||||||||
Balance, January 1, 2013
|
$ | 11,789,276 | $ | 678,180 | $ | 1,377,811 | $ | 58,267,529 | $ | (61,369,344 | ) | $ | 39,324,292 | $ | 800,826 | $ | 50,868,570 | |||||||||||||||
Net income
|
- | - | - | - | - | 952,653 | - | 952,653 | ||||||||||||||||||||||||
Change in unrealized appreciation on available-for-sale securities, net of income taxes
|
- | - | - | - | - | - | (296,700 | ) | (296,700 | ) | ||||||||||||||||||||||
Preferred stock discount accretion
|
48,629 | - | - | - | - | (48,629 | ) | - | - | |||||||||||||||||||||||
Preferred stock dividends (5%)
|
- | - | - | - | - | (150,000 | ) | - | (150,000 | ) | ||||||||||||||||||||||
Stock award plans
|
- | - | - | (98,982 | ) | 250,795 | - | - | 151,813 | |||||||||||||||||||||||
Treasury stock purchased
|
- | - | - | - | (85,589 | ) | - | - | (85,589 | ) | ||||||||||||||||||||||
Balance, March 31, 2013
|
$ | 11,837,905 | $ | 678,180 | $ | 1,377,811 | $ | 58,168,547 | $ | (61,204,138 | ) | $ | 40,078,316 | $ | 504,126 | $ | 51,440,747 |
Preferred Stock
|
Common Stock
|
Common Stock Warrants
|
Additional Paid-In Capital
|
Unearned
ESOP Shares
|
Treasury Stock
|
Retained Earnings
|
Accumulated Other Comprehensive Income
|
Total
|
||||||||||||||||||||||||||||
Balance, January 1, 2012
|
$ | 16,425,912 | $ | 677,980 | $ | 1,377,811 | $ | 58,333,614 | $ | (204,930 | ) | $ | (61,623,816 | ) | $ | 38,456,991 | $ | 791,285 | $ | 54,234,847 | ||||||||||||||||
Net income
|
- | - | - | - | - | - | 834,722 | - | 834,722 | |||||||||||||||||||||||||||
Change in unrealized appreciation on available-for-sale securities, net of income taxes
|
- | - | - | - | - | - | - | 9,108 | 9,108 | |||||||||||||||||||||||||||
Preferred stock discount accretion
|
68,890 | - | - | - | - | - | (68,890 | ) | - | - | ||||||||||||||||||||||||||
Preferred stock dividends (5%)
|
- | - | - | - | - | - | (212,500 | ) | - | (212,500 | ) | |||||||||||||||||||||||||
Stock award plans
|
- | - | - | (137,857 | ) | - | 280,208 | - | - | 142,351 | ||||||||||||||||||||||||||
Treasury stock purchased
|
- | - | - | - | - | (5,718 | ) | - | - | (5,718 | ) | |||||||||||||||||||||||||
Release of ESOP shares
|
- | - | - | (15,142 | ) | 57,000 | - | - | - | 41,858 | ||||||||||||||||||||||||||
Balance, March 31, 2012
|
$ | 16,494,802 | $ | 677,980 | $ | 1,377,811 | $ | 58,180,615 | $ | (147,930 | ) | $ | (61,349,326 | ) | $ | 39,010,323 | $ | 800,393 | $ | 55,044,668 |
3/31/2013
|
3/31/2012
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES
|
||||||||
Net income
|
$ | 952,653 | $ | 834,722 | ||||
Items not requiring (providing) cash:
|
||||||||
Deferred income taxes
|
291,082 | 78,243 | ||||||
Depreciation
|
190,529 | 172,206 | ||||||
Provision for loan losses
|
400,000 | 900,000 | ||||||
Gain on loans and investment securities
|
(520,734 | ) | (399,883 | ) | ||||
Loss on sale of foreclosed assets
|
28,668 | 126,123 | ||||||
Amortization of deferred income, premiums and discounts
|
125,496 | (9,256 | ) | |||||
Stock award plan expense
|
151,813 | 142,351 | ||||||
Origination of loans held for sale
|
(14,924,339 | ) | (16,156,200 | ) | ||||
Proceeds from sale of loans held for sale
|
16,885,696 | 17,825,983 | ||||||
Release of ESOP shares
|
- | 41,858 | ||||||
Increase in cash surrender value of bank owned life insurance
|
(98,773 | ) | (81,378 | ) | ||||
Changes in:
|
||||||||
Prepaid FDIC deposit insurance premiums
|
133,005 | 206,473 | ||||||
Accrued interest receivable
|
129,378 | 125,676 | ||||||
Prepaid expenses and other assets
|
138,150 | 141,808 | ||||||
Accounts payable and accrued expenses
|
339,037 | (13,813 | ) | |||||
Income taxes receivable
|
(58,300 | ) | 91,925 | |||||
Net cash provided by operating activities
|
4,163,361 | 4,026,838 | ||||||
CASH FLOWS FROM INVESTING ACTIVITIES
|
||||||||
Net change in loans
|
13,045,066 | 17,164,343 | ||||||
Principal payments on available-for-sale securities
|
3,288,268 | 3,243,419 | ||||||
Principal payments on held-to-maturity securities
|
44,692 | 9,992 | ||||||
Proceeds from maturities of available-for-sale securities
|
9,000,000 | 1,000,000 | ||||||
Purchase of premises and equipment
|
(105,148 | ) | (171,961 | ) | ||||
Purchase of available-for-sale securities
|
(25,537,986 | ) | (28,758,430 | ) | ||||
Proceeds from sale of available-for-sale securities
|
7,269,770 | 9,213,301 | ||||||
Purchase of bank owned life insurance
|
- | (2,500,000 | ) | |||||
Proceeds from maturities of interest-bearing deposits
|
- | 5,587,654 | ||||||
Redemption of FHLB stock
|
671,900 | - | ||||||
Proceeds from sale of foreclosed assets held for sale
|
798,893 | 805,593 | ||||||
Net cash provided by investing activities
|
8,475,455 | 5,593,911 | ||||||
CASH FLOWS FROM FINANCING ACTIVITIES
|
||||||||
Net increase in demand deposits, NOW accounts and savings accounts
|
14,086,253 | 6,381,502 | ||||||
Net decrease in certificates of deposit
|
(10,456,751 | ) | (6,746,712 | ) | ||||
Repayments of FHLB advances
|
(15,100,000 | ) | - | |||||
Advances from borrowers for taxes and insurance
|
98,837 | 97,273 | ||||||
Preferred cash dividends paid
|
(150,000 | ) | (212,500 | ) | ||||
Treasury stock purchased
|
(85,589 | ) | (5,718 | ) | ||||
Net cash used in financing activities
|
(11,607,250 | ) | (486,155 | ) | ||||
INCREASE IN CASH AND CASH EQUIVALENTS
|
1,031,566 | 9,134,594 | ||||||
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD
|
41,663,405 | 26,574,082 | ||||||
CASH AND CASH EQUIVALENTS, END OF PERIOD
|
$ | 42,694,971 | $ | 35,708,676 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As of March 31, 2013
|
||||||||||||||||
Equity Securities
|
$ | 102,212 | $ | 7,471 | $ | (25,921 | ) | $ | 83,762 | |||||||
Debt Securities:
|
||||||||||||||||
U. S. government agencies
|
41,989,994 | 128,679 | (138,607 | ) | 41,980,066 | |||||||||||
Municipals
|
10,179,787 | 175,250 | (99,387 | ) | 10,255,650 | |||||||||||
Corporate bonds
|
2,834,775 | 81,978 | (7,524 | ) | 2,909,229 | |||||||||||
Government sponsored mortgage-backed securities
|
51,528,971 | 1,042,982 | (364,721 | ) | 52,207,232 | |||||||||||
$ | 106,635,739 | $ | 1,436,360 | $ | (636,160 | ) | $ | 107,435,939 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As of December 31, 2012
|
||||||||||||||||
Equity Securities
|
$ | 102,212 | $ | 306 | $ | (31,604 | ) | $ | 70,914 | |||||||
Debt Securities:
|
||||||||||||||||
U. S. government agencies
|
38,188,554 | 202,213 | (39,706 | ) | 38,351,061 | |||||||||||
Municipals
|
10,212,376 | 250,269 | (84,456 | ) | 10,378,189 | |||||||||||
Corporates
|
1,839,976 | 67,889 | - | 1,907,865 | ||||||||||||
Government sponsored mortgage-backed securities
|
50,366,374 | 1,304,242 | (398,001 | ) | 51,272,615 | |||||||||||
$ | 100,709,492 | $ | 1,824,919 | $ | (553,767 | ) | $ | 101,980,644 |
Amortized Cost
|
Approximate Fair Value
|
|||||||
1-5 years
|
$ | 14,643,095 | $ | 14,795,637 | ||||
6-10 years
|
33,942,191 | 33,882,822 | ||||||
After 10 years
|
6,419,270 | 6,466,486 | ||||||
Government sponsored mortgage-backed securities not due on a single maturity date
|
51,528,971 | 52,207,232 | ||||||
$ | 106,533,527 | $ | 107,352,177 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As of March 31, 2013
|
||||||||||||||||
Debt Securities:
|
||||||||||||||||
Government sponsored mortgage-backed securities
|
$ | 136,350 | $ | 4,097 | $ | - | $ | 140,447 |
Amortized Cost
|
Gross Unrealized Gains
|
Gross Unrealized (Losses)
|
Approximate Fair Value
|
|||||||||||||
As of December 31, 2012
|
||||||||||||||||
Debt Securities:
|
||||||||||||||||
Government sponsored mortgage-backed securities
|
$ | 181,042 | $ | 12,440 | $ | - | $ | 193,482 |
Amortized Cost
|
Approximate Fair Value
|
|||||||
Government sponsored mortgage-backed securities not due on a single maturity date
|
$ | 136,350 | $ | 140,447 | ||||
$ | 136,350 | $ | 140,447 |
March 31, 2013
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||
|
||||||||||||||||||||||||
Equity Securities
|
$ | - | $ | - | $ | 45,613 | $ | (25,921 | ) | $ | 45,613 | $ | (25,921 | ) | ||||||||||
U. S. government agencies
|
24,587,030 | (138,607 | ) | - | - | 24,587,030 | (138,607 | ) | ||||||||||||||||
Municipals
|
3,820,175 | (60,458 | ) | 1,061,013 | (38,929 | ) | 4,881,188 | (99,387 | ) | |||||||||||||||
Corporate bonds
|
980,290 | (7,524 | ) | - | - | 980,290 | (7,524 | ) | ||||||||||||||||
Government sponsored mortgage-backed securities
|
22,360,741 | (364,721 | ) | - | - | 22,360,741 | (364,721 | ) | ||||||||||||||||
|
$ | 51,748,236 | $ | (571,310 | ) | $ | 1,106,626 | $ | (64,850 | ) | $ | 52,854,862 | $ | (636,160 | ) |
December 31, 2012
|
||||||||||||||||||||||||
Less than 12 Months
|
12 Months or More
|
Total
|
||||||||||||||||||||||
Description of Securities
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
Fair Value
|
Unrealized Losses
|
||||||||||||||||||
|
||||||||||||||||||||||||
Equity Securities
|
$ | - | $ | - | $ | 39,930 | $ | (31,604 | ) | $ | 39,930 | $ | (31,604 | ) | ||||||||||
U. S. government agencies
|
7,298,687 | (39,706 | ) | - | - | 7,298,687 | (39,706 | ) | ||||||||||||||||
Municipals
|
2,648,047 | (76,318 | ) | 538,300 | (8,138 | ) | 3,186,347 | (84,456 | ) | |||||||||||||||
Government sponsored mortgage-backed securities
|
19,596,531 | (398,001 | ) | - | - | 19,596,531 | (398,001 | ) | ||||||||||||||||
|
$ | 29,543,265 | $ | (514,025 | ) | $ | 578,230 | $ | (39,742 | ) | $ | 30,121,495 | $ | (553,767 | ) |
March 31,
2013 |
December 31,
2012 |
|||||||
Real estate - residential mortgage:
|
||||||||
One to four family units
|
$ | 97,753,551 | $ | 99,381,934 | ||||
Multi-family
|
46,505,351 | 46,405,034 | ||||||
Real estate - construction
|
51,863,948 | 48,917,296 | ||||||
Real estate - commercial
|
154,733,461 | 167,760,850 | ||||||
Commercial loans
|
91,270,559 | 95,226,762 | ||||||
Consumer and other loans
|
17,997,090 | 16,716,858 | ||||||
Total loans
|
460,123,960 | 474,408,734 | ||||||
Less:
|
||||||||
Allowance for loan losses
|
(8,112,081 | ) | (8,740,325 | ) | ||||
Deferred loan fees/costs, net
|
(119,429 | ) | (136,436 | ) | ||||
Net loans
|
$ | 451,892,450 | $ | 465,531,973 |
As of March 31, 2013
|
||||||||||||||||||||||||||||
30-59 Days
Past Due
|
60-89 Days
Past Due
|
Greater Than
90 Days
|
Total Past
Due
|
Current
|
Total Loans
Receivable
|
Total Loans >
90 Days and
Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||||||||||||||
One to four family units
|
$ | 143 | $ | 62 | $ | 299 | $ | 504 | $ | 97,250 | $ | 97,754 | $ | - | ||||||||||||||
Multi-family
|
- | - | - | - | 46,505 | 46,505 | - | |||||||||||||||||||||
Real estate - construction
|
- | - | 216 | 216 | 51,648 | 51,864 | - | |||||||||||||||||||||
Real estate - commercial
|
- | - | - | - | 154,733 | 154,733 | - | |||||||||||||||||||||
Commercial loans
|
1,708 | 187 | 370 | 2,265 | 89,006 | 91,271 | - | |||||||||||||||||||||
Consumer and other loans
|
103 | 12 | - | 115 | 17,882 | 17,997 | - | |||||||||||||||||||||
Total
|
$ | 1,954 | $ | 261 | $ | 885 | $ | 3,100 | $ | 457,024 | $ | 460,124 | $ | - |
As of December 31, 2012
|
||||||||||||||||||||||||||||
30-59 Days
Past Due
|
60-89 Days
Past Due
|
Greater Than
90 Days
|
Total Past
Due
|
Current
|
Total Loans
Receivable
|
Total Loans >
90 Days and
Accruing
|
||||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||||||||||||||
One to four family units
|
$ | 52 | $ | 4 | $ | - | $ | 56 | $ | 99,326 | $ | 99,382 | $ | - | ||||||||||||||
Multi-family
|
- | - | - | - | 46,405 | 46,405 | - | |||||||||||||||||||||
Real estate - construction
|
22 | 28 | 640 | 690 | 48,227 | 48,917 | - | |||||||||||||||||||||
Real estate - commercial
|
- | 352 | - | 352 | 167,409 | 167,761 | - | |||||||||||||||||||||
Commercial loans
|
10 | 610 | 785 | 1,405 | 93,822 | 95,227 | - | |||||||||||||||||||||
Consumer and other loans
|
57 | - | - | 57 | 16,660 | 16,717 | - | |||||||||||||||||||||
Total
|
$ | 141 | $ | 994 | $ | 1,425 | $ | 2,560 | $ | 471,849 | $ | 474,409 | $ | - |
March 31,
2013 |
December 31,
2012 |
|||||||
Real estate - residential mortgage:
|
||||||||
One to four family units
|
$ | 2,131,482 | $ | 2,280,856 | ||||
Multi-family
|
- | - | ||||||
Real estate - construction
|
5,935,085 | 6,274,241 | ||||||
Real estate - commercial
|
3,333,545 | 3,663,771 | ||||||
Commercial loans
|
3,969,730 | 2,793,457 | ||||||
Consumer and other loans
|
291,522 | 318,963 | ||||||
Total
|
$ | 15,661,364 | $ | 15,331,288 |
March 31, 2013
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Balance, beginning of period
|
$ | 2,525 | $ | 2,517 | $ | 1,316 | $ | 284 | $ | 1,689 | $ | 255 | $ | 154 | $ | 8,740 | ||||||||||||||||
Provision charged to expense
|
156 | (420 | ) | (26 | ) | 1 | 109 | 40 | 540 | $ | 400 | |||||||||||||||||||||
Losses charged off
|
(438 | ) | (186 | ) | (60 | ) | - | (373 | ) | (33 | ) | - | $ | (1,090 | ) | |||||||||||||||||
Recoveries
|
10 | - | 4 | - | 35 | 13 | - | $ | 62 | |||||||||||||||||||||||
Balance, end of period
|
$ | 2,253 | $ | 1,911 | $ | 1,234 | $ | 285 | $ | 1,460 | $ | 275 | $ | 694 | $ | 8,112 |
March 31, 2012
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Balance, beginning of period
|
$ | 2,508 | $ | 2,725 | $ | 1,735 | $ | 390 | $ | 1,948 | $ | 372 | $ | 935 | $ | 10,613 | ||||||||||||||||
Provision charged to expense
|
721 | 359 | (24 | ) | (1 | ) | (163 | ) | 26 | (18 | ) | $ | 900 | |||||||||||||||||||
Losses charged off
|
- | (478 | ) | (108 | ) | - | - | (19 | ) | - | $ | (605 | ) | |||||||||||||||||||
Recoveries
|
10 | 14 | 3 | - | 31 | 8 | - | $ | 66 | |||||||||||||||||||||||
Balance, end of period
|
$ | 3,239 | $ | 2,620 | $ | 1,606 | $ | 389 | $ | 1,816 | $ | 387 | $ | 917 | $ | 10,974 |
March 31, 2013
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 170 | $ | - | $ | 21 | $ | - | $ | 423 | $ | 52 | $ | - | $ | 666 | ||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 2,083 | $ | 1,911 | $ | 1,213 | $ | 285 | $ | 1,037 | $ | 223 | $ | 694 | $ | 7,446 | ||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 5,936 | $ | 5,079 | $ | 2,196 | $ | - | $ | 3,969 | $ | 366 | $ | - | $ | 17,546 | ||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 45,928 | $ | 149,654 | $ | 95,558 | $ | 46,505 | $ | 87,302 | $ | 17,631 | $ | - | $ | 442,578 |
December 31, 2012
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Unallocated
|
Total
|
||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||
Allowance for loan losses:
|
||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 608 | $ | 180 | $ | 90 | $ | - | $ | 441 | $ | 48 | $ | - | $ | 1,367 | ||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 2,087 | $ | 2,167 | $ | 1,226 | $ | 284 | $ | 1,248 | $ | 207 | $ | 154 | $ | 7,373 | ||||||||||||||||
Loans:
|
||||||||||||||||||||||||||||||||
Ending balance: individually evaluated for impairment
|
$ | 6,275 | $ | 5,673 | $ | 2,360 | $ | - | $ | 2,555 | $ | 414 | $ | - | $ | 17,277 | ||||||||||||||||
Ending balance: collectively evaluated for impairment
|
$ | 42,642 | $ | 162,088 | $ | 97,022 | $ | 46,405 | $ | 92,672 | $ | 16,303 | $ | - | $ | 457,132 |
March 31, 2013
|
December 31, 2012
|
|||||||||||||||||||||||
Recorded
Balance
|
Unpaid
Principal
Balance
|
Specific
Allowance
|
Recorded
Balance
|
Unpaid
Principal
Balance
|
Specific
Allowance
|
|||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||
Loans without a specific valuation allowance
|
||||||||||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||||||||||
One to four family units
|
$ | 2,112 | $ | 2,199 | $ | - | $ | 2,245 | $ | 2,271 | $ | - | ||||||||||||
Multi-family
|
- | - | - | - | - | - | ||||||||||||||||||
Real estate - construction
|
5,321 | 6,266 | - | 5,015 | 5,575 | - | ||||||||||||||||||
Real estate - commercial
|
5,079 | 5,404 | - | 2,430 | 2,755 | - | ||||||||||||||||||
Commercial loans
|
1,557 | 1,860 | - | 318 | 689 | - | ||||||||||||||||||
Consumer and other loans
|
103 | 103 | - | 103 | 103 | - | ||||||||||||||||||
Loans with a specific valuation allowance
|
||||||||||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||||||||||
One to four family units
|
$ | 92 | $ | 92 | $ | 21 | $ | 115 | $ | 130 | $ | 90 | ||||||||||||
Multi-family
|
- | - | - | - | - | - | ||||||||||||||||||
Real estate - construction
|
614 | 614 | 170 | 1,260 | 1,260 | 608 | ||||||||||||||||||
Real estate - commercial
|
- | - | - | 3,243 | 3,243 | 180 | ||||||||||||||||||
Commercial loans
|
2,412 | 2,723 | 423 | 2,237 | 2,237 | 441 | ||||||||||||||||||
Consumer and other loans
|
264 | 264 | 52 | 311 | 311 | 48 | ||||||||||||||||||
Total
|
||||||||||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||||||||||
One to four family units
|
$ | 2,204 | $ | 2,291 | $ | 21 | $ | 2,360 | $ | 2,401 | $ | 90 | ||||||||||||
Multi-family
|
- | - | - | - | - | - | ||||||||||||||||||
Real estate - construction
|
5,935 | 6,880 | 170 | 6,275 | 6,835 | 608 | ||||||||||||||||||
Real estate - commercial
|
5,079 | 5,404 | - | 5,673 | 5,998 | 180 | ||||||||||||||||||
Commercial loans
|
3,969 | 4,583 | 423 | 2,555 | 2,926 | 441 | ||||||||||||||||||
Consumer and other loans
|
367 | 367 | 52 | 414 | 414 | 48 | ||||||||||||||||||
Total
|
$ | 17,554 | $ | 19,525 | $ | 666 | $ | 17,277 | $ | 18,574 | $ | 1,367 |
For the Three Months Ended
March 31, 2013 |
For the Three Months Ended
March 31, 2012 |
|||||||||||||||
Average
Investment
in Impaired
Loans
|
Interest
Income
Recognized
|
Average
Investment
in Impaired
Loans
|
Interest
Income
Recognized
|
|||||||||||||
(In Thousands)
|
||||||||||||||||
Loans without a specific valuation allowance
|
||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||
One to four family units
|
$ | 2,140 | $ | 2 | $ | 1,409 | $ | 5 | ||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Real estate - construction
|
5,107 | - | 985 | - | ||||||||||||
Real estate - commercial
|
3,190 | 23 | 5,650 | 13 | ||||||||||||
Commercial loans
|
643 | 1 | 1,903 | 6 | ||||||||||||
Consumer and other loans
|
102 | - | 383 | 8 | ||||||||||||
Loans with a specific valuation allowance
|
||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||
One to four family units
|
$ | 107 | $ | - | $ | 604 | $ | - | ||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Real estate - construction
|
1,104 | - | 7,021 | - | ||||||||||||
Real estate - commercial
|
2,245 | - | 3,513 | - | ||||||||||||
Commercial loans
|
2,281 | - | 2,270 | - | ||||||||||||
Consumer and other loans
|
374 | - | 266 | - | ||||||||||||
Total
|
||||||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||
One to four family units
|
$ | 2,247 | $ | 2 | $ | 2,013 | $ | 5 | ||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Real estate - construction
|
6,211 | - | 8,006 | - | ||||||||||||
Real estate - commercial
|
5,435 | 23 | 9,163 | 13 | ||||||||||||
Commercial loans
|
2,924 | 1 | 4,173 | 6 | ||||||||||||
Consumer and other loans
|
476 | - | 649 | 8 | ||||||||||||
Total
|
$ | 17,293 | $ | 26 | $ | 24,004 | $ | 32 |
Number of Loans
|
Pre-Modification
Outstanding
Recorded Balance
|
Post-Modification
Outstanding
Recorded Balance
|
||||||||||
Real estate - residential mortgage:
|
||||||||||||
One to four family units
|
- | $ | - | $ | - | |||||||
Multi-family
|
- | - | - | |||||||||
Real estate - construction
|
1 | 266,098 | 266,098 | |||||||||
Real estate - commercial
|
2 | 3,275,179 | 3,297,014 | |||||||||
Commercial loans
|
1 | 997,917 | 1,222,917 | |||||||||
Consumer and other loans
|
- | - | - | |||||||||
Total
|
4 | $ | 4,539,194 | $ | 4,786,029 |
Interest Rate
|
Term
|
Combination
|
Total Modification
|
|||||||||||||
Real estate - residential mortgage:
|
||||||||||||||||
One to four family units
|
$ | - | $ | - | $ | - | $ | - | ||||||||
Multi-family
|
- | - | - | - | ||||||||||||
Real estate - construction
|
- | 266,098 | - | 266,098 | ||||||||||||
Real estate - commercial
|
- | - | 3,297,014 | 3,297,014 | ||||||||||||
Commercial loans
|
1,222,917 | - | - | 1,222,917 | ||||||||||||
Consumer and other loans
|
- | - | - | - | ||||||||||||
Total
|
$ | 1,222,917 | $ | 266,098 | $ | 3,297,014 | $ | 4,786,029 |
March 31,
2013 |
December 31,
2012 |
|||||||
Real estate - residential mortgage:
|
||||||||
One to four family units
|
$ | 1,593,596 | $ | 1,653,934 | ||||
Multi-family
|
- | - | ||||||
Real estate - construction
|
6,052,236 | 6,229,201 | ||||||
Real estate - commercial
|
5,120,540 | 2,246,508 | ||||||
Commercial loans
|
2,743,801 | 1,851,099 | ||||||
Consumer and other loans
|
- | - | ||||||
Total
|
$ | 15,510,173 | $ | 11,980,742 |
March 31, 2013
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Total
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||
Pass
|
$ | 38,967 | $ | 144,482 | $ | 93,332 | $ | 45,240 | $ | 85,241 | $ | 17,038 | $ | 424,300 | ||||||||||||||
Special Mention
|
6,962 | 4,302 | 1,328 | 1,265 | 625 | 104 | 14,586 | |||||||||||||||||||||
Substandard
|
5,666 | 5,949 | 3,065 | - | 5,405 | 855 | 20,940 | |||||||||||||||||||||
Doubtful
|
269 | - | 29 | - | - | - | 298 | |||||||||||||||||||||
Total
|
$ | 51,864 | $ | 154,733 | $ | 97,754 | $ | 46,505 | $ | 91,271 | $ | 17,997 | $ | 460,124 |
December 31, 2012
|
Construction
|
Commercial
Real Estate
|
One to four family
|
Multi-family
|
Commercial
|
Consumer
and Other
|
Total
|
|||||||||||||||||||||
(In Thousands)
|
||||||||||||||||||||||||||||
Rating:
|
||||||||||||||||||||||||||||
Pass
|
$ | 35,775 | $ | 156,448 | $ | 94,209 | $ | 45,133 | $ | 88,230 | $ | 15,840 | $ | 435,635 | ||||||||||||||
Special Mention
|
6,868 | 4,976 | 1,636 | 1,272 | 2,255 | 93 | 17,100 | |||||||||||||||||||||
Substandard
|
5,581 | 6,337 | 3,507 | - | 4,742 | 784 | 20,951 | |||||||||||||||||||||
Doubtful
|
693 | - | 30 | - | - | - | 723 | |||||||||||||||||||||
Total
|
$ | 48,917 | $ | 167,761 | $ | 99,382 | $ | 46,405 | $ | 95,227 | $ | 16,717 | $ | 474,409 |
Number of shares
|
||||||||||||
Incentive Stock Option
|
Non-Incentive Stock Option
|
Weighted Average Exercise Price
|
||||||||||
Balance outstanding as of January 1, 2013
|
174,500 | 167,000 | $ | 16.38 | ||||||||
Granted
|
- | - | - | |||||||||
Exercised
|
- | - | - | |||||||||
Forfeited
|
- | (2,000 | ) | 15.31 | ||||||||
Balance outstanding as of March 31, 2013
|
174,500 | 165,000 | 16.38 | |||||||||
Options exercisable as of March 31, 2013
|
150,600 | 140,500 | 18.21 |
For three months ended March 31, 2013
|
||||||||||||
Income Available to Common Stockholders
|
Average Common Shares Outstanding
|
Per Common Share
|
||||||||||
Basic Income per Common Share
|
$ | 754,023 | 2,739,351 | $ | 0.28 | |||||||
Effect of Dilutive Securities
|
227,977 | |||||||||||
Diluted Income per Common Share
|
$ | 754,023 | 2,967,328 | $ | 0.25 |
For three months ended March 31, 2012
|
||||||||||||
Income Available to Common Stockholders
|
Average Common Shares Outstanding
|
Per Common Share
|
||||||||||
Basic Income per Common Share
|
$ | 553,331 | 2,707,192 | $ | 0.20 | |||||||
Effect of Dilutive Securities
|
124,147 | |||||||||||
Diluted Income per Common Share
|
$ | 553,331 | 2,831,339 | $ | 0.20 |
3/31/2013
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Level 1 inputs
|
Level 2 inputs
|
Level 3 inputs
|
Total fair value
|
|||||||||||||
Equity securities
|
$ | 84 | $ | - | $ | - | $ | 84 | ||||||||
Debt securities:
|
||||||||||||||||
U.S. government agencies
|
- | 41,980 | - | 41,980 | ||||||||||||
Municipals
|
- | 10,256 | - | 10,256 | ||||||||||||
Corporate Bonds
|
- | 2,909 | - | 2,909 | ||||||||||||
Government sponsored mortgage-backed securities
|
- | 52,207 | - | 52,207 | ||||||||||||
Available-for-sale securities
|
$ | 84 | $ | 107,352 | $ | - | $ | 107,436 |
12/31/2012
|
||||||||||||||||
Financial assets:
|
||||||||||||||||
Level 1 inputs
|
Level 2 inputs
|
Level 3 inputs
|
Total fair value
|
|||||||||||||
Equity securities
|
$ | 71 | $ | - | $ | - | $ | 71 | ||||||||
Debt securities:
|
||||||||||||||||
U.S. government agencies
|
- | 38,351 | - | 38,351 | ||||||||||||
Municipals
|
- | 10,378 | - | 10,378 | ||||||||||||
Corporate Bonds
|
- | 1,908 | - | 1,908 | ||||||||||||
Government sponsored mortgage-backed securities
|
- | 51,273 | - | 51,273 | ||||||||||||
Available-for-sale securities
|
$ | 71 | $ | 101,910 | $ | - | $ | 101,981 |
Impaired loans:
|
||||||||||||||||
Level 1 inputs
|
Level 2 inputs
|
Level 3 inputs
|
Total fair value
|
|||||||||||||
March 31, 2013
|
$ | - | $ | - | $ | 8,888 | $ | 8,888 | ||||||||
December 31, 2012
|
$ | - | $ | - | $ | 10,557 | $ | 10,557 |
Foreclosed assets held for sale:
|
||||||||||||||||
Level 1 inputs
|
Level 2 inputs
|
Level 3 inputs
|
Total fair value
|
|||||||||||||
March 31, 2013
|
$ | - | $ | - | $ | 23 | $ | 23 | ||||||||
December 31, 2012
|
$ | - | $ | - | $ | 3,883 | $ | 3,883 |
Fair Value March 31, 2013
|
Valuation Technique
|
Unobservable Input
|
Range
(Weighted Average)
|
|||||||||
Impaired loans (collateral dependent)
|
$ | 7,367 |
Market Comparable
|
Discount to reflect realizable value
|
0% | - | 100% | (8%) | ||||
Impaired loans
|
$ | 1,521 |
Discounted cash flow
|
Discount rate
|
0% | (0%) | ||||||
Foreclosed assets held for sale
|
$ | 23 |
Market Comparable
|
Discount to reflect realizable value
|
0% | - | 68% | (31%) |
March 31, 2013
|
||||||||||||
Carrying Amount
|
Fair Value
|
Hierarchy
Level
|
||||||||||
Financial assets:
|
||||||||||||
Cash and cash equivalents
|
$ | 42,694,971 | $ | 42,694,971 | 1 | |||||||
Held-to-maturity securities
|
136,350 | 140,447 | 2 | |||||||||
Federal Home Loan Bank stock
|
3,133,600 | 3,133,600 | 2 | |||||||||
Mortgage loans held for sale
|
1,314,333 | 1,314,333 | 2 | |||||||||
Loans, net
|
451,892,450 | 466,449,679 | 3 | |||||||||
Interest receivable
|
1,925,991 | 1,925,991 | 2 | |||||||||
Financial liabilities:
|
||||||||||||
Deposits
|
503,644,217 | 500,314,025 | 2 | |||||||||
Federal Home Loan Bank advances
|
52,950,000 | 56,347,719 | 2 | |||||||||
Securities sold under agreements to repurchase
|
25,000,000 | 25,120,201 | 2 | |||||||||
Subordinated debentures
|
15,465,000 | 15,465,000 | 3 | |||||||||
Interest payable
|
347,804 | 347,804 | 2 | |||||||||
Unrecognized financial instruments (net of contractual value):
|
||||||||||||
Commitments to extend credit
|
- | - | - | |||||||||
Unused lines of credit
|
- | - | - |
December 31, 2012
|
||||||||||||
Carrying Amount
|
Fair Value
|
Hierarchy
Level
|
||||||||||
Financial assets:
|
||||||||||||
Cash and cash equivalents
|
$ | 41,663,405 | $ | 41,663,405 | 1 | |||||||
Held-to-maturity securities
|
181,042 | 193,482 | 2 | |||||||||
Federal Home Loan Bank stock
|
3,805,500 | 3,805,500 | 2 | |||||||||
Mortgage loans held for sale
|
2,843,757 | 2,843,757 | 2 | |||||||||
Loans, net
|
465,531,973 | 475,374,676 | 3 | |||||||||
Interest receivable
|
2,055,369 | 2,055,369 | 2 | |||||||||
Financial liabilities:
|
||||||||||||
Deposits
|
500,014,715 | 500,580,070 | 2 | |||||||||
Federal Home Loan Bank advances
|
68,050,000 | 72,035,160 | 2 | |||||||||
Securities sold under agreements to repurchase
|
25,000,000 | 25,114,464 | 2 | |||||||||
Subordinated debentures
|
15,465,000 | 15,465,000 | 3 | |||||||||
Interest payable
|
399,684 | 399,684 | 2 | |||||||||
Unrecognized financial instruments (net of contractual value):
|
||||||||||||
Commitments to extend credit
|
- | - | - | |||||||||
Unused lines of credit
|
- | - | - |
Three Months ended 3/31/2013
|
Three Months ended 3/31/2012
|
|||||||||||||||||||||||
Average Balance
|
Interest
|
Yield / Cost
|
Average Balance
|
Interest
|
Yield / Cost
|
|||||||||||||||||||
ASSETS
|
||||||||||||||||||||||||
Interest-earning:
|
|
|
||||||||||||||||||||||
Loans
|
$ | 453,545 | $ | 5,928 | 5.23 | % | $ | 474,043 | $ | 6,404 | 5.40 | % | ||||||||||||
Investment securities
|
104,623 | 433 | 1.65 | % | 87,226 | 412 | 1.89 | % | ||||||||||||||||
Other assets
|
45,160 | 58 | 0.52 | % | 27,772 | 50 | 0.72 | % | ||||||||||||||||
Total interest-earning
|
603,328 | 6,419 | 4.26 | % | 589,041 | 6,866 | 4.66 | % | ||||||||||||||||
Noninterest-earning
|
47,697 | 54,515 | ||||||||||||||||||||||
$ | 651,025 | $ | 643,556 | |||||||||||||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||||||||||||||
Interest-bearing:
|
||||||||||||||||||||||||
Savings accounts
|
$ | 24,004 | 14 | 0.23 | % | $ | 21,469 | 23 | 0.43 | % | ||||||||||||||
Transaction accounts
|
280,412 | 379 | 0.54 | % | 263,094 | 568 | 0.86 | % | ||||||||||||||||
Certificates of deposit
|
144,134 | 368 | 1.02 | % | 151,856 | 551 | 1.45 | % | ||||||||||||||||
FHLB Advances
|
65,968 | 369 | 2.24 | % | 68,050 | 384 | 2.26 | % | ||||||||||||||||
Securities sold under agreements to repurchase
|
25,000 | 164 | 2.62 | % | 25,000 | 184 | 2.94 | % | ||||||||||||||||
Subordinated debentures
|
15,465 | 134 | 3.47 | % | 15,465 | 140 | 3.62 | % | ||||||||||||||||
Total interest-bearing
|
554,983 | 1,428 | 1.03 | % | 544,934 | 1,850 | 1.36 | % | ||||||||||||||||
Noninterest-bearing
|
44,339 | 43,226 | ||||||||||||||||||||||
Total liabilities
|
599,322 | 588,160 | ||||||||||||||||||||||
Stockholders’ equity
|
51,703 | 55,396 | ||||||||||||||||||||||
$ | 651,025 | $ | 643,556 | |||||||||||||||||||||
Net earning balance
|
$ | 48,345 | $ | 44,107 | ||||||||||||||||||||
Earning yield less costing rate
|
3.23 | % | 3.30 | % | ||||||||||||||||||||
Net interest income, and net interest margin on interest earning assets
|
$ | 4,991 | 3.31 | % | $ | 5,016 | 3.41 | % | ||||||||||||||||
Ratio of interest-earning assets to interest-bearing liabilities
|
109 | % | 108 | % |
3/31/2013
|
12/31/2012
|
12/31/2011
|
||||||||||
Nonperforming loans
|
$ | 15,661 | $ | 15,331 | $ | 17,002 | ||||||
Real estate acquired in settlement of loans
|
3,914 | 4,530 | 10,012 | |||||||||
Total nonperforming assets
|
$ | 19,575 | $ | 19,861 | $ | 27,014 | ||||||
Total nonperforming assets as a percentage of total assets
|
3.01 | % | 3.01 | % | 4.17 | % | ||||||
Allowance for loan losses
|
$ | 8,112 | $ | 8,740 | $ | 10,613 | ||||||
Allowance for loan losses as a percentage of gross loans
|
1.76 | % | 1.83 | % | 2.17 | % |
BP Change
|
Estimated Net Portfolio Value
|
NPV as % of PV of Assets
|
||||||||||||||||||
in Rates
|
$ Amount
|
$ Change
|
% Change
|
NPV Ratio
|
Change
|
|||||||||||||||
+200
|
$ | 62,753 | $ | 144 | 0 | % | 9.82 | % | 0.33 | % | ||||||||||
+100
|
61,745 | (865 | ) | -1 | % | 9.52 | % | 0.04 | % | |||||||||||
NC
|
62,610 | - | 0 | % | 9.48 | % | 0.00 | % | ||||||||||||
-100
|
63,212 | 602 | 1 | % | 9.40 | % | -0.08 | % | ||||||||||||
-200
|
71,207 | 8,597 | 14 | % | 10.39 | % | 0.91 | % |
Period
|
(a) Total Number of Shares Purchased
|
(b) Average Price Paid per Share
|
(c) Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)
|
(d) Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
|
||||||||||||
January 1, 2013 to January 31, 2013
|
- | - | - | 185,510 | ||||||||||||
February 1, 2013 to February 28, 2013
|
- | - | - | 185,510 | ||||||||||||
March 1, 2013 to March 31, 2013
|
8,826 | $ | 9.70 | 8,826 | 176,684 | |||||||||||
Total
|
8,826 | $ | 9.70 | 8,826 |
(1)
|
The Company has a repurchase plan which was announced on August 20, 2007. This plan authorizes the purchase by the Company of up to 350,000 shares of the Company’s common stock. There is no expiration date for this plan. There are no other repurchase plans in effect at this time.
|
10.1
|
Written Description of 2013 Executive Incentive Compensation Annual Plan – President and Chief Executive Officer* (1)
|
10.2
|
Written Description of 2013 Executive Incentive Compensation Annual Plan – Chief Financial Officer* (2)
|
10.3
|
Written Description of 2013 Executive Incentive Compensation Annual Plan – Chief Operating Officer* (3)
|
10.4
|
Written Description of 2013 Executive Incentive Compensation Annual Plan – Chief Lending Officer* (4)
|
10.5
|
Written Description of 2013 Executive Incentive Compensation Annual Plan – Chief Credit Officer* (5)
|
11.
|
Statement re: computation of per share earnings (set forth in “Note 6: Income Per Common Share” of the Notes to Condensed Consolidated Financial Statement (unaudited))
|
31(i).1
|
Certification of the Principal Executive Officer pursuant to Rule 13a -14(a) of the Exchange Act
|
31(i).2
|
Certification of the Principal Financial Officer pursuant to Rule 13a - 14(a) of the Exchange Act
|
32.1
|
CEO certification pursuant to 18 U.S.C. Section 1350
|
32.2
|
CFO certification pursuant to 18 U.S.C. Section 1350
|
101
|
The following materials from Guaranty Federal Bancshares, Inc.’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2013 formatted in Extensible Business Reporting Language (XBRL): (i) Condensed Consolidated Statements of Financial Condition (unaudited), (ii) Condensed Consolidated Statements of Operations (unaudited), (iii) Condensed Consolidated Statements of Comprehensive Income (Loss) (unaudited), (iv) Condensed Consolidated Statement of Stockholders’ Equity (unaudited), (v) the Consolidated Statements of Cash Flows (unaudited), and (vi) related notes.**
|
*
|
Management contract or compensatory plan or arrangement
|
**
|
Pursuant to Regulation S-T, the interactive data files on Exhibit 101 hereto are deemed not filed or part of a registration statement or prospectus for purposes of Sections 11 or 12 of the Securities Act of 1933, as amended, are deemed not filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, and otherwise are not subject to liability under those sections.
|
(1)
|
Filed as Exhibit 10.1 to the Current Report on Form 8-K filed by the Registrant on February 8, 2013 and incorporated herein by reference.
|
(2)
|
Filed as Exhibit 10.2 to the Current Report on Form 8-K filed by the Registrant on February 8, 2013 and incorporated herein by reference.
|
(3)
|
Filed as Exhibit 10.3 to the Current Report on Form 8-K filed by the Registrant on February 8, 2013 and incorporated herein by reference.
|
(4)
|
Filed as Exhibit 10.4 to the Current Report on Form 8-K filed by the Registrant on February 8, 2013 and incorporated herein by reference.
|
(5)
|
Filed as Exhibit 10.5 to the Current Report on Form 8-K filed by the Registrant on February 8, 2013 and incorporated herein by reference.
|
Signature and Title | Date | ||
/s/ Shaun A. Burke | May 10, 2013 | ||
Shaun A. Burke | |||
President and Chief Executive Officer | |||
(Principal Executive Officer and Duly Authorized Officer) | |||
/s/ Carter Peters | May 10, 2013 | ||
Carter Peters | |||
Executive Vice President and Chief Financial Officer | |||
(Principal Financial and Accounting Officer) | |||
Date: May 10, 2013
|
|
/s/ Shaun A. Burke | |
Shaun A. Burke
|
|||
Chief Executive Officer
|
|||
(Principal Executive Officer)
|
Date: May 10, 2013
|
|
/s/ Carter Peters | |
Carter Peters
|
|||
Chief Financial Officer
|
|||
(Principal Financial Officer)
|
Note 5 - Benefit Plans (Detail) (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Allocated Share-based Compensation Expense | $ 35,782 | $ 32,342 |
Stock Options [Member]
|
||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 70,632 | |
Restricted Stock [Member]
|
||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 97,393 | |
Director [Member]
|
||
Restricted Stock or Unit Expense | $ 116,032 | |
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures (in Shares) | 16,576 | |
Stock Issued During Period, Shares, Restricted Stock Award, Price per Share (in Dollars per share) | $ 7.00 |
Note 10 - Subsequent Events (Detail) (Subsequent Event [Member], USD $)
In Millions, unless otherwise specified |
1 Months Ended | |
---|---|---|
Apr. 29, 2013
|
May 01, 2013
|
|
Subsequent Event [Member]
|
||
Proceeds from Issuance of Private Placement | $ 12.0 | |
Proceeds from Sale of Income Tax Credits | 1.7 | |
Gain on Sale of Income Tax Credits | 1.4 | |
Proceeds from (Payments for) in Securities Sold under Agreements to Repurchase | 15 | |
Prepayment Penalty | 1.5 | |
Secured Debt, Repurchase Agreements | $ 10 | |
Assets Sold under Agreements to Repurchase, Interest Rate | 2.61% |
Note 4 - Loans and Allowance for Loan Losses (Detail) - Classes of Loans by Aging (USD $)
|
Mar. 31, 2013
|
Dec. 31, 2012
|
---|---|---|
Total Loans Receivable | $ 460,123,960 | $ 474,408,734 |
One to Four Family Units [Member] | Past Due Loans (Member)
|
||
Loans 30-59 Days Past Due | 143,000 | 52,000 |
Loans 60-89 Days Past Due | 62,000 | 4,000 |
Loans Greater Than 90 Days Past Due | 299,000 | |
Total Loans Past Due | 504,000 | 56,000 |
Total Current Loans | 97,250,000 | 99,326,000 |
Total Loans Receivable | 97,754,000 | 99,382,000 |
One to Four Family Units [Member]
|
||
Total Loans Receivable | 97,753,551 | 99,381,934 |
Multi-Family Units [Member] | Past Due Loans (Member)
|
||
Total Current Loans | 46,505,000 | 46,405,000 |
Total Loans Receivable | 46,505,000 | 46,405,000 |
Multi-Family Units [Member]
|
||
Total Loans Receivable | 46,505,351 | 46,405,034 |
Real Estate Construction [Member] | Past Due Loans (Member)
|
||
Loans 30-59 Days Past Due | 22,000 | |
Loans 60-89 Days Past Due | 28,000 | |
Loans Greater Than 90 Days Past Due | 216,000 | 640,000 |
Total Loans Past Due | 216,000 | 690,000 |
Total Current Loans | 51,648,000 | 48,227,000 |
Total Loans Receivable | 51,864,000 | 48,917,000 |
Real Estate Construction [Member]
|
||
Total Loans Receivable | 51,863,948 | 48,917,296 |
Real Estate Commercial [Member] | Past Due Loans (Member)
|
||
Loans 60-89 Days Past Due | 352,000 | |
Total Loans Past Due | 352,000 | |
Total Current Loans | 154,733,000 | 167,409,000 |
Total Loans Receivable | 154,733,000 | 167,761,000 |
Real Estate Commercial [Member]
|
||
Total Loans Receivable | 154,733,461 | 167,760,850 |
Commercial Loans [Member] | Past Due Loans (Member)
|
||
Loans 30-59 Days Past Due | 1,708,000 | 10,000 |
Loans 60-89 Days Past Due | 187,000 | 610,000 |
Loans Greater Than 90 Days Past Due | 370,000 | 785,000 |
Total Loans Past Due | 2,265,000 | 1,405,000 |
Total Current Loans | 89,006,000 | 93,822,000 |
Total Loans Receivable | 91,271,000 | 95,227,000 |
Commercial Loans [Member]
|
||
Total Loans Receivable | 91,270,559 | 95,226,762 |
Consumer and Other Loans [Member] | Past Due Loans (Member)
|
||
Loans 30-59 Days Past Due | 103,000 | 57,000 |
Loans 60-89 Days Past Due | 12,000 | |
Total Loans Past Due | 115,000 | 57,000 |
Total Current Loans | 17,882,000 | 16,660,000 |
Total Loans Receivable | 17,997,000 | 16,717,000 |
Consumer and Other Loans [Member]
|
||
Total Loans Receivable | 17,997,090 | 16,716,858 |
Total [Member] | Past Due Loans (Member)
|
||
Loans 30-59 Days Past Due | 1,954,000 | 141,000 |
Loans 60-89 Days Past Due | 261,000 | 994,000 |
Loans Greater Than 90 Days Past Due | 885,000 | 1,425,000 |
Total Loans Past Due | 3,100,000 | 2,560,000 |
Total Current Loans | 457,024,000 | 471,849,000 |
Total Loans Receivable | $ 460,124,000 | $ 474,409,000 |
Note 3 - Securities (Detail) (USD $)
|
3 Months Ended | ||||
---|---|---|---|---|---|
Mar. 31, 2012
|
Mar. 31, 2011
|
Mar. 31, 2013
|
Dec. 31, 2012
|
Dec. 31, 2011
|
|
Available for Sale Securities Pledged as Collateral, Book Value | $ 76,683,442 | $ 56,022,882 | |||
Available-for-sale Securities Pledged as Collateral | 77,459,399 | 57,384,685 | |||
Available-for-sale Securities, Gross Realized Gains | 37,529 | 88,801 | |||
Available for Sale Securities Gross Realized Gain (Loss) Tax Effect | 13,886 | 32,856 | |||
Available-for-sale Securities, Continuous Unrealized Loss Position, Fair Value | $ 52,854,862 | $ 52,854,862 | $ 30,121,495 | $ 30,121,495 | |
Percentage of Securities in Continuous Unrealized Loss Position to Total Investment Portfolio | 49.00% | 29.00% |
Note 6 - Income Per Common Share (Detail) - Income Per Share (USD $)
|
3 Months Ended | |
---|---|---|
Mar. 31, 2013
|
Mar. 31, 2012
|
|
Income Available to Common Stockholders (in Dollars) | $ 754,023 | $ 553,331 |
Average Common Shares Outstandng | 2,739,351 | 2,707,192 |
Per Common Share (in Dollars per share) | $ 0.28 | $ 0.20 |
Average Common Shares Outstanding | 227,977 | 124,147 |
Income Available to Common Stockholders (in Dollars) | $ 754,023 | $ 553,331 |
Average Common Shares Outstanding | 2,967,328 | 2,831,339 |
Per Common Share (in Dollars per share) | $ 0.25 | $ 0.20 |
Note 1 - Basis of Presentation
|
3 Months Ended |
---|---|
Mar. 31, 2013
|
|
Business Description and Basis of Presentation [Text Block] |
Note
1: Basis of Presentation
The accompanying
unaudited interim condensed consolidated financial statements
have been prepared in accordance with generally accepted
accounting principles for interim financial information and
with the instructions to Form 10-Q and Rule 10-01 of
Regulation S-X. Accordingly, they do not include
all of the information and footnotes required by generally
accepted accounting principles for complete financial
statements. In the opinion of management, all
adjustments (consisting only of normal recurring accruals)
considered necessary for a fair presentation have been
included.
These condensed
consolidated financial statements should be read in
conjunction with the consolidated financial statements and
notes thereto included in Guaranty Federal Bancshares,
Inc.’s (the “Company”) Annual Report on
Form 10-K for the year ended December 31, 2012 filed with the
Securities and Exchange Commission (the
“SEC”). The results of operations for
the periods are not necessarily indicative of the results to
be expected for the full year. The condensed
consolidated statement of financial condition of the Company
as of December 31, 2012, has been derived from the audited
consolidated balance sheet of the Company as of that
date. Certain information and note disclosures
normally included in the Company’s annual financial
statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted.
|