UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): March 30, 2017
MW Bancorp, Inc.
(Exact name of registrant as specified in its charter)
| Maryland | 333-198668 | 47-2259704 |
(State or other jurisdiction of incorporation or organization) |
(Commission File Number) |
(IRS Employer Identification No.) |
| 2110 Beechmont Avenue, Cincinnati, Ohio | 45230 | |
| (Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code: (513) 231-7871
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
| Item 7.01 | Other Events. |
On April 3, 2017, MW Bancorp, Inc. issued a press release announcing that its Board of Directors has approved the reversal of the valuation allowance on the Company’s deferred tax assets. The reversal results in the recognition of a tax benefit in the third fiscal quarter ended March 31, 2017 of approximately $1.3 million. The reversal was based primarily on recognition of the Company’s net earnings reported over the current and prior two fiscal years and an analysis performed by the Company’s management of projected future operating results.
Additionally, the Board of Directors has declared a special dividend of $0.50 per share to the Company’s stockholders of record on April 14, 2017, payable on April 28, 2017.
The press release announcing the reversal of the valuation allowance on the deferred tax assets and the dividend is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.
| Item 9.01 | Financial Statements and Exhibits |
| (d) | Exhibits |
The following exhibits are furnished herewith:
| Exhibit Number | Exhibit Description |
| 99 | Press Release of MW Bancorp, Inc. dated April 3, 2017 |
| 2 |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MW BANCORP, INC. | ||
| Date: April 3, 2017 | By: | /s/ Gregory P. Niesen |
| Gregory P. Niesen | ||
| President and Chief Executive Officer | ||
| 3 |
Exhibit No. 99
Press Release
| Contact: | MW Bancorp, Inc. Gregory P. Niesen, President and Chief Executive Officer (513) 231-7871 |
MW Bancorp, Inc. Announces Reversal of Valuation Allowance on Deferred Tax Assets and Declaration of a $0.50 Special Dividend
Cincinnati, Ohio – April 3, 2017 – The Board of Directors of MW Bancorp, Inc. (the “Company”) (OTC: MWBC), the parent company of Watch Hill Bank, announced today the reversal of the valuation allowance on the Company’s deferred tax assets. The reversal results in the recognition of a tax benefit in the third fiscal quarter ended March 31, 2017 of approximately $1.3 million. The reversal was based primarily on recognition of the Company’s net earnings reported over the current and prior two fiscal years and an analysis performed by the Company’s management of projected future operating results.
The Board of Directors also declared a special dividend of $0.50 per share on March 30, 2017, for shareholders of record as of April 14, 2017, and payable on April 28, 2017.
Information contained in this press release may be considered forward-looking in nature as defined by the Private Securities Litigation Reform Act of 1995 and is subject to various risks, uncertainties, and assumptions. Such forward-looking statements in this release are inherently subject to many uncertainties arising in MW Bancorp's operations and business environment. Should one or more of these risks or uncertainties materialize, or should the underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated or expected. Among the key factors that may have a direct bearing on MW Bancorp's operating results, performance or financial condition are competition, the demand for our products and services, our ability to maintain current deposit and loan levels at current interest rates, deteriorating credit quality, including changes in the interest rate environment reducing interest margins, changes in prepayment speeds, loan origination and sale volumes, charge-offs and loan loss provisions, our ability to maintain required capital levels and adequate sources of funding and liquidity, our ability to secure confidential information through the use of computer systems and telecommunications networks, and other factors as set forth in filings with the Securities and Exchange Commission, including the risk factors set forth in our Annual Report on Form 10-K for the year ended June 30, 2015. MW Bancorp undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in our expectations, except as required to be reported under the rules and regulations of the Securities and Exchange Commission.