Maryland
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0-54081
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27-2585073
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(IRS Employer
Identification No.)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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MADISON BANCORP, INC.
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Date: May 12, 2011
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By:
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/s/ Michael P. Gavin | |
Michael P. Gavin | |||
President and Chief Executive Officer | |||
March 31,
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March 31,
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|||||||
2011
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2010
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|||||||
(Unaudited)
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(Audited)
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|||||||
Assets
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||||||||
Cash equivalents and time deposits
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$ | 8,665,829 | $ | 14,311,947 | ||||
Investment securities, available for sale
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52,624,969 | 33,480,669 | ||||||
Investment securities held-to-maturity
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0 | 2,283,707 | ||||||
Loans receivable, net
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86,178,498 | 90,336,475 | ||||||
Other real estate owned
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434,000 | 0 | ||||||
Premises and equipment, net
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3,876,969 | 3,983,182 | ||||||
Other assets
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2,210,517 | 2,493,514 | ||||||
Total assets
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$ | 153,990,782 | $ | 146,889,494 | ||||
Liabilities and Stockholders' Equity
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||||||||
Deposits
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$ | 139,518,356 | $ | 136,965,267 | ||||
Other liabilities
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833,395 | 861,200 | ||||||
Total liabilities
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140,351,751 | 137,826,467 | ||||||
Total stockholders' equity
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13,639,031 | 9,063,027 | ||||||
Total liabilities and stockholders' equity
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$ | 153,990,782 | $ | 146,889,494 |
For the Three Months Ended | Year Ended | |||||||||||||||
March 31, | March 31, | |||||||||||||||
2011
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2010
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2011
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2010
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|||||||||||||
(Unaudited)
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(Unaudited)
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(Unaudited)
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(Audited)
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|||||||||||||
Interest revenue
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$ | 1,528,932 | $ | 1,539,951 | $ | 6,100,873 | $ | 6,352,761 | ||||||||
Interest expense
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526,495 | 656,435 | 2,259,604 | 3,022,115 | ||||||||||||
Net interest income
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1,002,437 | 883,516 | 3,841,269 | 3,330,646 | ||||||||||||
Provision for loan losses
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44,012 | 41,000 | 234,519 | 242,074 | ||||||||||||
Net interest income after provision for loan losses
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958,425 | 842,516 | 3,606,750 | 3,088,572 | ||||||||||||
Noninterest revenue
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84,729 | 24,320 | 420,491 | (3,514 | ) | |||||||||||
Noninterest expense
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1,084,420 | 987,551 | 4,084,274 | 3,940,006 | ||||||||||||
Income (loss) before tax expense
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(41,266 | ) | (120,715 | ) | (57,033 | ) | (854,948 | ) | ||||||||
Income tax expense
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0 | 0 | 0 | 0 | ||||||||||||
Net income (loss) available to common shareholders
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$ | (41,266 | ) | $ | (120,715 | ) | $ | (57,033 | ) | $ | (854,948 | ) | ||||
Basic earnings (loss) per common share
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$ | (0.07 | ) | N/A | $ | (0.10 | ) | N/A | ||||||||
Diluted earnings (loss) per common share
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$ | (0.07 | ) | N/A | $ | (0.10 | ) | N/A |