þ
|
Annual
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
o
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
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 Offices)
|
Zip
Code
|
Securities
Registered Pursuant to Section 12(b) of the Act:
|
None
|
Securities
Registered Pursuant to Section 12(g) of the Act:
|
Common Stock, par value $.10 per
share
|
(Title
of Class)
|
|
1
|
||
31
|
||
34
|
||
35
|
||
36
|
||
36
|
||
36
|
||
38
|
||
40
|
||
48
|
||
50
|
||
97
|
||
97
|
||
98
|
||
98
|
||
98
|
||
98
|
||
98
|
||
98
|
||
99
|
||
At March 31,
|
||||||||||||||||||||||||||||||||||||||||
2009
|
2008_
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||||
$
|
%
|
$
|
%
|
$
|
%
|
$
|
%
|
$
|
%
|
|||||||||||||||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||||||||||||||||||||||
One-
to four-family residential(1)
|
$ | 141,285 | 54.40 | % | $ | 142,010 | 57.49 | % | $ | 143,942 | 57.80 | % | $ | 148,823 | 62.36 | % | $ | 157,373 | 72.56 | % | ||||||||||||||||||||
Residential
construction loans
|
1,587 | .61 | 1,636 | .66 | 2,019 | .81 | 4,675 | 1.96 | 4,053 | 1.87 | ||||||||||||||||||||||||||||||
Multi-family
residential
|
8,604 | 3.31 | 8,929 | 3.61 | 8,938 | 3.60 | 7,930 | 3.32 | 7,872 | 3.63 | ||||||||||||||||||||||||||||||
Non-residential
real estate/land(2)
|
70,725 | 27.23 | 61,407 | 24.86 | 56,049 | 22.50 | 50,778 | 21.28 | 29,187 | 13.46 | ||||||||||||||||||||||||||||||
Total
mortgage loans
|
222,201 | 85.55 | 213,982 | 86.62 | 210,948 | 84.71 | 212,206 | 88.92 | 198,485 | 91.52 | ||||||||||||||||||||||||||||||
Other
loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer
loans(3)
|
4,923 | 1.90 | 6,183 | 2.50 | 5,460 | 2.19 | 4,901 | 2.05 | 4,306 | 1.99 | ||||||||||||||||||||||||||||||
Commercial
business loans
|
32,592 | 12.55 | 26,873 | 10.88 | 32,648 | 13.10 | 21,550 | 9.03 | 14,075 | 6.49 | ||||||||||||||||||||||||||||||
Total
other loans
|
37,515 | 14.45 | 33,056 | 13.38 | 38,108 | 15.29 | 26,451 | 11.08 | 18,381 | 8.48 | ||||||||||||||||||||||||||||||
Total
loans before net items
|
259,716 | 100.00 | % | 247,038 | 100.00 | % | 249,056 | 100.00 | % | 238,657 | 100.00 | % | 216,866 | 100.00 | % | |||||||||||||||||||||||||
Less:
|
||||||||||||||||||||||||||||||||||||||||
Loans
in process
|
2,506 | 2,616 | 7,334 | 1,729 | 1,638 | |||||||||||||||||||||||||||||||||||
Deferred
loan origination fees
|
400 | 390 | 425 | 443 | 512 | |||||||||||||||||||||||||||||||||||
Allowance
for loan losses
|
2,484 | 1,777 | 1,523 | 1,484 | 1,374 | |||||||||||||||||||||||||||||||||||
Total
loans receivable, net
|
$ | 254,326 | $ | 242,255 | $ | 239,774 | $ | 235,001 | $ | 213,342 | ||||||||||||||||||||||||||||||
Mortgage-backed
securities, net(4)
|
$ | 88,788 | $ | 85,879 | $ | 69,065 | $ | 55,731 | $ | 60,352 |
(1)
|
Includes
equity loans collateralized by second mortgages in the aggregate amount of
$16.9 million, $17.0 million, $19.2 million, $20.9 million and $20.3
million, as of March 31,2009, 2008, 2007, 2006 and 2005,
respectively. Such loans have been underwritten on
substantially the same basis as the Company’s first mortgage
loans.
|
(2)
|
Includes
land loans of $202,000, $175,000, $204,000, $674,000 and $1.4 million as
of March 31, 2009, 2008, 2007, 2006, and 2005,
respectively.
|
(3)
|
Includes
second mortgage loans of $1.3 million, $1.7 million, $1.6 million,
$425,000 and $783,000 as of March 31, 2009, 2008, 2007, 2006 and 2005,
respectively.
|
(4)
|
Includes
mortgage-backed securities designated as available for
sale.
|
One
|
Three
|
Five
|
Ten
|
Beyond
|
||||||||||||||||||||||||
Within
|
Through
|
Through
|
Through
|
Through
|
Twenty
|
|||||||||||||||||||||||
One Year
|
Three Years
|
Five Years
|
Ten Years
|
Twenty Years
|
Years
|
Total
|
||||||||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||||||||||
One-
to four-family residential(1)
|
||||||||||||||||||||||||||||
Adjustable
|
$ | 25,682 | $ | 6,052 | $ | 1,439 | $ | - | $ | - | $ | - | $ | 33,173 | ||||||||||||||
Fixed
|
735 | 270 | 3,405 | 18,916 | 31,429 | 53,208 | 107,963 | |||||||||||||||||||||
Construction:(1)
|
||||||||||||||||||||||||||||
Adjustable
|
- | - | 135 | - | - | - | 135 | |||||||||||||||||||||
Fixed
|
- | - | - | - | - | 521 | 521 | |||||||||||||||||||||
Multi-family
residential, nonresidential and land:
(1)
|
||||||||||||||||||||||||||||
Adjustable
|
15,380 | 16,264 | 8,507 | 10,827 | - | - | 50,978 | |||||||||||||||||||||
Fixed
|
1,021 | 410 | 1,522 | 915 | 5,955 | 17,102 | 26,925 | |||||||||||||||||||||
Other
Loans:
|
||||||||||||||||||||||||||||
Commercial
business loans
|
16,044 | 5,043 | 5,453 | 1,686 | 3,063 | 1,303 | 32,592 | |||||||||||||||||||||
Consumer
|
495 | 1,433 | 1,777 | 1,030 | 38 | 150 | 4,923 | |||||||||||||||||||||
Total
loans
|
$ | 59,357 | $ | ,29,472 | $ | 22,238 | $ | 33,374 | $ | 40,485 | $ | 72,284 | $ | 257,210 | ||||||||||||||
Mortgage-backed
securities(2)
|
$ | 2,804 | $ | 754 | $ | 2,798 | $ | 16,880 | $ | 27,383 | $ | 36,758 | $ | 87,377 |
(1)
|
Amounts
shown are net of loans in process of $931,000 in residential construction
loans and $1.4 million in nonresidential loans. Amounts shown are net of
escrow for improvements of $149,000 in one- to four-family residential
loans.
|
(2)
|
Includes
mortgage-backed securities available for sale. Does not include
premiums of $679,000, discounts of $824,000 and unrealized gains of $1.6
million.
|
Fixed
|
Adjustable
|
|||||||
(In
Thousands)
|
||||||||
Mortgage
loans:
|
||||||||
One-
to four-family residential
|
$ | 107,228 | $ | 7,491 | ||||
Construction
(1)
|
521 | 135 | ||||||
Multi-family
residential, non-residential and land (1)
|
25,904 | 35,598 | ||||||
Consumer
|
4,402 | 26 | ||||||
Commercial
business
|
7,972 | 8,576 | ||||||
Total
loans
|
$ | 146,027 | $ | 51,826 | ||||
Mortgage-backed
securities(2)
|
$ | 84,573 | $ | - |
(1)
|
Amounts
shown are net of loans in process of $931,000 in residential construction
loans and $1.4 million in nonresidential loans. Amounts shown are net of
escrow for improvements of $149,000 in one- to four-family residential
loans.
|
(2)
|
Includes
mortgage-backed securities available for sale, which totaled $86.7 million
as of March 31, 2009. Does not include premiums of $679,000,
discounts of $824,000 and unrealized gains of $1.6
million.
|
At March 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(In
Thousands)
|
||||||||||||
Total
loans receivable, net at beginning of year
|
$ | 242,255 | $ | 239,774 | $ | 235,001 | ||||||
Loans
originated:
|
||||||||||||
One-
to four-family residential(1)
|
30,401 | 25,159 | 24,319 | |||||||||
Multi-family
residential(2)
|
285 | - | 1,376 | |||||||||
Non-residential
real estate/land
|
16,381 | 20,500 | 11,275 | |||||||||
Consumer
loans
|
1,683 | 3,374 | 3,720 | |||||||||
Commercial
loans
|
22,894 | 1,163 | 14,511 | |||||||||
Total
loans originated
|
71,644 | 50,196 | 55,201 | |||||||||
Loans
sold:
|
||||||||||||
Whole
loans
|
(4,142 | ) | - | - | ||||||||
Total
loans sold
|
(4,142 | ) | - | - | ||||||||
Mortgage
loans transferred to REO
|
(826 | ) | (220 | ) | - | |||||||
Loan
repayments
|
(54,605 | ) | (47,495 | ) | (50,413 | ) | ||||||
Other
loan activity, net
|
- | - | (15 | ) | ||||||||
Total
loans receivable, net at end of year
|
$ | 254,326 | $ | 242,255 | $ | 239,774 | ||||||
Mortgage-backed
securities at beginning of year
|
$ | 85,879 | $ | 69,065 | $ | 55,731 | ||||||
Mortgage-backed
securities purchased
|
21,980 | 35,613 | 32,195 | |||||||||
Principal
repayments and other activity
|
(19,071 | ) | (18,799 | ) | (18,861 | ) | ||||||
Mortgage-backed
securities at end of year
|
$ | 88,788 | $ | 85,879 | $ | 69,065 |
(1)
|
Includes
loans to finance the construction of one- to four-family residential
properties, and loans originated for sale in the secondary
market.
|
(2)
|
Includes
loans to finance the sale of real estate acquired through
foreclosure.
|
At
March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(Dollars
In Thousands)
|
||||||||||||||||||||
Non-accrual
loans:
|
||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||
One-
to four-family residential
|
$ | 1,356 | $ | 670 | $ | 639 | $ | 670 | $ | 895 | ||||||||||
All
other mortgage loans
|
53 | 120 | 44 | 55 | - | |||||||||||||||
Nonresidential
real estate loans
|
3,027 | 1,038 | 267 | - | - | |||||||||||||||
Non-mortgage
loans:
|
||||||||||||||||||||
Commercial
business loans
|
558 | 42 | - | 47 | - | |||||||||||||||
Consumer
|
4 | 1 | - | - | 11 | |||||||||||||||
Total
non-accrual loans
|
4,998 | 1,871 | 950 | 772 | 906 | |||||||||||||||
Accruing
loans 90 days or more delinquent
|
- | - | - | - | - | |||||||||||||||
Total
non-performing loans
|
4,998 | 1,871 | 950 | 772 | 906 | |||||||||||||||
Loans
deemed impaired (1)
|
180 | - | - | - | - | |||||||||||||||
Total
non-performing and impaired loans
|
5,178 | 1,871 | 950 | 772 | 906 | |||||||||||||||
Total
real estate owned (2)
|
594 | 93 | - | 156 | 35 | |||||||||||||||
Total
non-performing and impaired assets
|
$ | 5,772 | $ | 1,964 | $ | 950 | $ | 928 | $ | 941 | ||||||||||
Total non-performing and
impaired loans to net loans receivable
|
2.04 | % | 0.77 | % | 0.40 | % | 0.33 | % | 0.42 | % | ||||||||||
Total
non-performing and impaired loans to total assets
|
1.28 | % | 0.47 | % | 0.23 | % | 0.19 | % | 0.22 | % | ||||||||||
Total
non-performing and impaired assets to total assets
|
1.43 | % | 0.49 | % | 0.23 | % | 0.23 | % | 0.23 | % |
(1)
|
Includes
loans deemed impaired that are currently
performing.
|
(2)
|
Represents
the net book value of property acquired by the Company through foreclosure
or deed in lieu of foreclosure. These properties are recorded
at the lower of the loan’s unpaid principal balance or fair value less
estimated selling expenses.
|
At
March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Loans
past due 60-89 days
|
$ | 83 | $ | 819 | $ | 281 | $ | 626 | $ | 1,084 | ||||||||||
Loans
past due 90 days or more
|
4,998 | 1,871 | 950 | 772 | 906 | |||||||||||||||
Total
past due 60 days or more
|
$ | 5,081 | $ | 2,690 | $ | 1,231 | $ | 1,398 | $ | 1,990 |
At March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||
Substandard
assets(1)
|
$ | 5,900 | $ | 2,283 | $ | 1,280 | $ | 1,119 | $ | 2,767 | ||||||||||
Doubtful
assets
|
- | - | - | - | - | |||||||||||||||
Loss
assets
|
- | - | - | - | - | |||||||||||||||
Total
classified assets
|
$ | 5,900 | $ | 2,283 | $ | 1,280 | $ | 1,119 | $ | 2,767 |
At
or for the Year Ended March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||
Loans
receivable, net
|
$ | 254,326 | $ | 242,255 | $ | 239,774 | $ | 235,001 | $ | 213,342 | ||||||||||
Average
loans receivable, net
|
250,220 | 244,800 | 237,118 | 222,629 | 212,500 | |||||||||||||||
Allowance
balance (at beginning of period)
|
1,777 | 1,523 | 1,484 | 1,374 | 815 | |||||||||||||||
Provision
for losses
|
1,068 | 234 | 100 | 211 | 430 | |||||||||||||||
Stebbins
acquisition
|
- | - | - | - | 230 | |||||||||||||||
Charge-offs:
|
||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||
One- to
four-family
|
(49 | ) | (15 | ) | (31 | ) | (73 | ) | (28 | ) | ||||||||||
Residential
construction
|
- | - | - | - | - | |||||||||||||||
Multi-family
residential
|
- | - | - | - | - | |||||||||||||||
Non-residential real estate and
land
|
(245 | ) | - | (31 | ) | - | - | |||||||||||||
Other loans:
|
||||||||||||||||||||
Consumer
|
(3 | ) | (1 | ) | (21 | ) | (75 | ) | (44 | ) | ||||||||||
Commercial
|
(74 | ) | - | - | (10 | ) | (54 | ) | ||||||||||||
Gross
charge-offs
|
(371 | ) | (16 | ) | (83 | ) | (158 | ) | (126 | ) | ||||||||||
Recoveries:
|
||||||||||||||||||||
Mortgage loans:
|
||||||||||||||||||||
One- to
four-family
|
- | 13 | 1 | 14 | - | |||||||||||||||
Residential
construction
|
- | - | - | - | - | |||||||||||||||
Multi-family
residential
|
- | - | - | - | - | |||||||||||||||
Non-residential real
estate and land
|
- | - | - | - | - | |||||||||||||||
Other loans:
|
||||||||||||||||||||
Consumer
|
10 | 23 | 21 | 35 | 25 | |||||||||||||||
Commercial
|
- | - | - | 8 | - | |||||||||||||||
Gross
recoveries
|
10 | 36 | 22 | 57 | 25 | |||||||||||||||
Net (charge-offs)
recoveries
|
(361 | ) | 20 | (61 | ) | (101 | ) | (101 | ) | |||||||||||
Allowance
for loan losses balance (at end of period)
|
$ | 2,484 | $ | 1,777 | $ | 1,523 | $ | 1,484 | $ | 1,374 | ||||||||||
Allowance
for loan losses as a percent of loans receivable, net at end of
period
|
0.97 | % | 0.73 | % | 0.63 | % | 0.63 | % | 0.64 | % | ||||||||||
Net
loan charge-offs (recoveries) as a percent of average loans receivable,
net
|
0.14 | % | (0.01 | )% | 0.03 | % | 0.05 | % | 0.05 | % | ||||||||||
Ratio
of allowance for loan losses to total non-performing assets at end of
period
|
43.04 | % | 90.49 | % | 160.32 | % | 159.91 | % | 146.01 | % | ||||||||||
Ratio
of allowance for loan losses to non-performing loans at end of
period
|
49.70 | % | 94.98 | % | 160.32 | % | 192.23 | % | 151.66 | % |
At
March 31,
|
||||||||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||||||||||||||||||||||
Amount
|
%
of
Loans
in
Each
Category
to
Total
Loans
|
Amount
|
%
of
Loans
in
Each
Category
to
Total
Loans
|
Amount
|
%
of
Loans
in
Each
Category
to
Total
Loans
|
Amount
|
%
of
Loans
in
Each
Category
to
Total
Loans
|
Amount
|
%
of
Loans
in
Each
Category
to
Total
Loans
|
|||||||||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||||||||||
Mortgage
loans:
|
||||||||||||||||||||||||||||||||||||||||
One- to
four-family
|
$ | 557 | 54.4 | % | $ | 226 | 57.4 | % | $ | 169 | 57.8 | % | $ | 97 | 62.4 | % | $ | 99 | 72.6 | % | ||||||||||||||||||||
Residential
construction
|
- | 0.6 | - | 0.7 | - | 0.8 | - | 2.0 | - | 1.9 | ||||||||||||||||||||||||||||||
Multi-family
residential
|
- | 3.3 | 118 | 3.6 | - | 3.6 | - | 3.3 | - | 3.6 | ||||||||||||||||||||||||||||||
Non-residential real estate and
land
|
1,407 | 27.2 | 1,030 | 24.9 | 340 | 22.5 | 505 | 21.3 | 545 | 13.4 | ||||||||||||||||||||||||||||||
Other
loans:
|
||||||||||||||||||||||||||||||||||||||||
Consumer
|
27 | 1.9 | 45 | 2.5 | 72 | 2.2 | 40 | 2.0 | 37 | 2.0 | ||||||||||||||||||||||||||||||
Commercial
|
493 | 12.6 | 358 | 10.9 | 942 | 13.1 | 842 | 9.0 | 693 | 6.5 | ||||||||||||||||||||||||||||||
Total
allowance for loan losses
|
$ | 2,484 | 100.0 | % | $ | 1,777 | 100.0 | % | $ | 1,523 | 100.0 | % | $ | 1,484 | 100.0 | % | $ | 1,374 | 100.0 | % | ||||||||||||||||||||
At March 31,
|
||||||||||||||||||||||||
2009
|
2008
|
2007
|
||||||||||||||||||||||
Amortized
|
Market
|
Amortized
|
Market
|
Amortized
|
Market
|
|||||||||||||||||||
Cost
|
Value
|
Cost
|
Value
|
Cost
|
Value
|
|||||||||||||||||||
(In
Thousands)
|
||||||||||||||||||||||||
Investment
securities:
|
||||||||||||||||||||||||
Corporate
bonds and notes
|
$ | - | $ | - | $ | - | $ | - | $ | 1,003 | $ | 1,003 | ||||||||||||
U.S.
Government and agency obligations
|
9,246 | 9,490 | 17,530 | 17,737 | 40,571 | 40,572 | ||||||||||||||||||
Municipal
obligations
|
20,469 | 20,409 | 17,583 | 17,800 | 13,119 | 13,126 | ||||||||||||||||||
Total
investment securities
|
29,715 | 29,899 | 35,113 | 35,537 | 54,693 | 54,701 | ||||||||||||||||||
Other
Investments:
|
||||||||||||||||||||||||
Interest-bearing
deposits in other financial
|
||||||||||||||||||||||||
institutions
|
3,855 | 3,855 | 5,162 | 5,162 | 6,021 | 6,021 | ||||||||||||||||||
Federal
funds sold
|
- | - | 6,000 | 6,000 | 9,000 | 9,000 | ||||||||||||||||||
Federal
Home Loan Bank stock
|
5,025 | 5,025 | 4,892 | 4,892 | 4,829 | 4,829 | ||||||||||||||||||
Total
investments
|
$ | 38,595 | $ | 38,779 | $ | 51,167 | $ | 51,591 | $ | 74,543 | $ | 74,551 |
At March 31, 2009
|
||||||||||||||||||||||||||||||||
One Year or Less
|
One to Five Years
|
Five to Ten Years
|
More than Ten Years
|
|||||||||||||||||||||||||||||
Amortized
|
Average
|
Amortized
|
Average
|
Amortized
|
Average
|
Amortized
|
Average
|
|||||||||||||||||||||||||
Cost
|
Yield
|
Cost
|
Yield
|
Cost
|
Yield
|
Cost
|
Yield
|
|||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||
Investment
Securities:
|
||||||||||||||||||||||||||||||||
U.S.
Government and agency obligations
|
$ | 2,000 | 3.54 | % | $ | 2,846 | 4.92 | % | $ | 2,000 | 6.25 | % | $ | 2,400 | 4.63 | % | ||||||||||||||||
Municipal
obligations (tax equivalent yields)
|
- | - | 913 | 4.95 | 2,270 | 6.04 | 17,286 | 6.26 | ||||||||||||||||||||||||
Total
investment securities
|
$ | 2,000 | 3.54 | % | $ | 3,759 | 4.93 | % | $ | 4,270 | 6.13 | % | $ | 19,686 | 6.05 | % |
At March 31, 2009
|
||||||||||||||||
Total
Investment
|
||||||||||||||||
Securities
|
||||||||||||||||
Average
|
Weighted
|
|||||||||||||||
Life
|
Carrying
|
Market
|
Average
|
|||||||||||||
In Years
|
Value
|
Value
|
Yield
|
|||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||
Investment
Securities:
|
||||||||||||||||
U.S.
Government and agency obligations
|
7.80 | $ | 9,246 | $ | 9,490 | 5.31 | % | |||||||||
Municipal
obligations (tax equivalent yields)
|
14.76 | 20,469 | 20,409 | 6.17 | ||||||||||||
Total
investment securities
|
12.60 | $ | 29,715 | $ | 29,899 | 5.76 | % |
Weighted
|
Percentage
|
|||||||||||||
Average
|
Minimum
|
of
Total
|
||||||||||||
Interest Rate
|
Minimum Term
|
Checking and Savings
Deposits
|
Amount
|
Balances
|
Deposits
|
|||||||||
(In
Thousands)
|
||||||||||||||
0.19%
|
None
|
Checking
accounts
|
$ | 100 | $ | 53,085 | 17.15 | % | ||||||
0.53
|
None
|
Savings
accounts
|
25 | 45,356 | 14.65 | |||||||||
1.44
|
None
|
Money
market investor
|
2,500 | 38,403 | 12.41 | |||||||||
Certificates of Deposit
|
||||||||||||||
2.34
|
12
months or less
|
Fixed
term, fixed rate
|
500 | 51,655 | 16.68 | |||||||||
3.26
|
12
to 24 months
|
Fixed
term, fixed rate
|
500 | 31,806 | 10.28 | |||||||||
3.83
|
25
to 36 months
|
Fixed
term, fixed rate
|
500 | 16,307 | 5.27 | |||||||||
4.28
|
36
months or more
|
Fixed
term, fixed rate
|
500 | 43,558 | 14.07 | |||||||||
2.44
|
Negotiable
|
Jumbo
certificates
|
100,000 | 29,364 | 9.49 | |||||||||
$ | 309,534 | 100.00 | % |
Balance
at
|
Balance
at
|
Balance
at
|
||||||||||||||||||||||||||||||
March
31,
|
Percent
of
|
Increase
|
March
31,
|
Percent
of
|
Increase
|
March
31,
|
Percent
of
|
|||||||||||||||||||||||||
2009
|
Deposits
|
(Decrease)
|
2008
|
Deposits
|
(Decrease)
|
2007
|
Deposits
|
|||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||
Checking
accounts
|
$ | 53,085 | 17.15 | % | $ | 2,201 | $ | 50,884 | 16.01 | % | $ | (2,351 | ) | $ | 53,235 | 16.23 | % | |||||||||||||||
Savings
accounts
|
45,356 | 14.65 | 1,763 | 43,593 | 13.72 | (8,101 | ) | 51,694 | 15.76 | |||||||||||||||||||||||
Money
market investor
|
38,403 | 12.41 | (1,815 | ) | 40,218 | 12.66 | 10,413 | 29,805 | 9.09 | |||||||||||||||||||||||
Certificates
of deposit(1)
|
||||||||||||||||||||||||||||||||
Original
maturities of:
|
||||||||||||||||||||||||||||||||
12
months or less
|
51,655 | 16.68 | 514 | 51,141 | 16.09 | (4,452 | ) | 55,593 | 16.95 | |||||||||||||||||||||||
12
to 24 months
|
31,806 | 10.28 | (10,351 | ) | 42,157 | 13.27 | 9,137 | 33,020 | 10.07 | |||||||||||||||||||||||
25
to 36 months
|
16,307 | 5.27 | (1,836 | ) | 18,143 | 5.71 | (4,231 | ) | 22,374 | 6.82 | ||||||||||||||||||||||
36
months or more
|
43,558 | 14.07 | 7,506 | 36,052 | 11.35 | (6,775 | ) | 42,827 | 13.06 | |||||||||||||||||||||||
Negotiated
jumbo
|
29,364 | 9.49 | (6,179 | ) | 35,543 | 11.19 | (3,896 | ) | 39,439 | 12.02 | ||||||||||||||||||||||
Total
|
$ | 309,534 | 100.00 | % | $ | ( 8,197 | ) | $ | 317,731 | 100.00 | % | $ | (10,256 | ) | $ | 327,987 | 100.00 | % |
|
(1)
|
Certain
Individual Retirement Accounts (“IRAs”) are included in the respective
certificate balances. IRAs totaled $35.3 million, $35.6 million
and $35.4 million, as of March 31, 2009, 2008 and 2007,
respectively.
|
Years Ended March 31,
|
||||||||||||||||||||||||||||||||||||
2009
|
2008
|
2007
|
||||||||||||||||||||||||||||||||||
Percent
|
Weighted
|
Percent
|
Weighted
|
Percent
|
Weighted
|
|||||||||||||||||||||||||||||||
Average
|
of
|
Average
|
Average
|
of
|
Average
|
Average
|
of
|
Average
|
||||||||||||||||||||||||||||
|
Balance
|
Deposits
|
Rate
|
Balance
|
Deposits
|
Rate
|
Balance
|
Deposits
|
Rate
|
|||||||||||||||||||||||||||
(Dollars
in Thousands)
|
||||||||||||||||||||||||||||||||||||
Noninterest-bearing
demand deposits
|
$ | 17,138 | 5.48 | % | 0.00 | % | $ | 11,870 | 3.74 | % | 0.00 | % | $ | 12,313 | 3.78 | % | 0.00 | % | ||||||||||||||||||
Checking
accounts
|
35,008 | 11.20 | 0.29 | 39,727 | 12.52 | 0.25 | 42,181 | 12.93 | 0.31 | |||||||||||||||||||||||||||
Savings
accounts
|
44,462 | 14.22 | 0.53 | 47,468 | 14.95 | 0.59 | 54,641 | 16.75 | 0.59 | |||||||||||||||||||||||||||
Money
market investor
|
38,835 | 12.42 | 1.44 | 33,508 | 10.56 | 3.09 | 22,833 | 7.00 | 2.88 | |||||||||||||||||||||||||||
Certificates
of deposit
|
177,127 | 56.68 | 3.74 | 184,833 | 58.23 | 4.54 | 194,162 | 59.54 | 4.32 | |||||||||||||||||||||||||||
Total
deposits
|
$ | 312,570 | 100.00 | % | 2.35 | % | $ | 317,406 | 100.00 | % | 2.94 | % | $ | 326,130 | 100.00 | % | 2.91 | % |
At March 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(Dollars
in Thousands)
|
||||||||||||
Rate
|
||||||||||||
0.00%-
2.00%
|
$ | 41,978 | $ | 2 | $ | - | ||||||
2.01-
4.00%
|
82,740 | 58,876 | 46,493 | |||||||||
4.01-
5.50%
|
47,972 | 124,158 | 146,760 | |||||||||
Total
|
$ | 172,690 | $ | 183,036 | $ | 193,253 |
Amount Due
|
||||||||||||||||||||
Less
Than
|
1-2
|
2-3
|
After
|
|||||||||||||||||
One Year
|
Years
|
Years
|
3 Years
|
Total
|
||||||||||||||||
Rate
|
(In
Thousands)
|
|||||||||||||||||||
0.00%-
2.00%
|
$ | 32,715 | $ | 9,050 | $ | 213 | $ | - | $ | 41,978 | ||||||||||
2.01-
4.00%
|
48,808 | 19,240 | 6,947 | 7,745 | 82,740 | |||||||||||||||
4.01-
6.00%
|
26,622 | 4,815 | 10,106 | 6,429 | 47,972 | |||||||||||||||
Total
|
$ | 108,145 | $ | 33,105 | $ | 17,266 | $ | 14,174 | $ | 172,690 |
Maturity
Period
|
Certificates of Deposit
|
|||
(In
Thousands)
|
||||
Three
months or less
|
$ | 20,637 | ||
Over
three months through six months
|
11,561 | |||
Over
six months through twelve months
|
10,413 | |||
Over
twelve months
|
16,715 | |||
Total
|
$ | 59,326 |
Year Ended March 31,
|
||||||||||||
|
2009
|
2008
|
2007
|
|||||||||
(Dollars
in thousands)
|
||||||||||||
Federal
Home Loan Bank advances:
|
||||||||||||
Maximum
month-end balance
|
$ | 46,000 | $ | 40,750 | $ | 38,900 | ||||||
Balance
at end of period
|
46,000 | 38,500 | 34,500 | |||||||||
Average
balance
|
43,064 | 36,262 | 31,308 | |||||||||
Weighted
average interest rate on:
|
||||||||||||
Balance
at end of period
|
4.13 | % | 4.59 | % | 4.71 | % | ||||||
Average
balance for period
|
4.41 | 4.87 | 4.60 | |||||||||
Year Ended March 31,
|
||||||||||||
2009
|
2008
|
2007
|
||||||||||
(Dollars
in thousands)
|
||||||||||||
Other
short term borrowings:
|
||||||||||||
Maximum
month-end balance
|
$ | 11,781 | $ | 8,599 | $ | 6,836 | ||||||
Balance
at end of period
|
10,154 | 7,287 | 5,553 | |||||||||
Average
balance
|
9,263 | 6,634 | 5,593 | |||||||||
Weighted
average interest rate on:
|
||||||||||||
Balance
at end of period
|
0.66 | % | 3.09 | % | 4.26 | % | ||||||
Average
balance for period
|
0.72 | 3.39 | 4.09 |
|
·
|
furnish
or perform management services for a savings association subsidiary of a
savings and loan holding company;
|
|
·
|
hold,
manage or liquidate assets owned or acquired from a savings association
subsidiary of a savings and loan holding
company;
|
|
·
|
hold
or manage properties used or occupied by a savings association subsidiary
of a savings and loan holding
company;
|
|
·
|
engage
in activities determined by the Federal Reserve to be closely related to
banking and a proper incident thereto;
and
|
|
·
|
engage
in services and activities previously determined by the Federal Home Loan
Bank Board by regulation to be permissible for a multiple savings and loan
holding company as of March 5,
1987.
|
|
·
|
lending,
exchanging, transferring or investing for others, or safeguarding money or
securities;
|
|
·
|
insuring,
guaranteeing or indemnifying others, issuing annuities, and acting as
principal, agent or broker for purposes of the
foregoing;
|
|
·
|
providing
financial, investment or economic advisory services, including advising an
investment company;
|
|
·
|
issuing
or selling interests in pooled assets that a bank could hold
directly;
|
|
·
|
underwriting,
dealing in or making a market in securities;
and
|
|
·
|
merchant
banking activities.
|
|
·
|
the
payment of dividends by the savings
institution;
|
|
·
|
transactions
between the savings institution and its affiliates;
and
|
|
·
|
any
activities of the savings institution that might create a serious risk
that the liabilities of the holding company and its affiliates may be
imposed on the savings institution.
|
Location
|
Leased
or
Owned
|
Original
Year
Leased
or
Acquired
|
Year
of Lease
Expiration
|
|||
North
Market Street Office
151
N. Market Street
Wooster,
Ohio
|
Owned
|
1902
|
N/A
|
|||
Cleveland
Point Financial
Center
1908
Cleveland Road
Wooster,
Ohio
|
Owned
|
1978
|
N/A
|
|||
Madison
South Office
2024
Millersburg Road
Wooster,
Ohio
|
Owned
|
1999
|
N/A
|
|||
Northside
Office
543
Riffel Road
Wooster,
Ohio
|
Leased
|
1999
|
2019
|
|||
Millersburg
Office
90
N. Clay Street
Millersburg,
Ohio
|
Owned
|
1964
|
N/A
|
|||
Claremont
Avenue Office
233
Claremont Avenue
Ashland,
Ohio
|
Owned
|
1968
|
N/A
|
|||
Buehlers-Sugarbush
Office
1055
Sugarbush Drive
Ashland,
Ohio
|
Leased
|
2001
|
2021
|
|||
Rittman
Office
237
North Main Street
Rittman,
Ohio
|
Owned
|
1972
|
N/A
|
|||
Lodi
Office
303
Highland Drive
Lodi,
Ohio
|
Owned
|
1980
|
N/A
|
|||
Village
Office
1265
S. Main Street
North
Canton, Ohio
|
Owned
|
1998
|
N/A
|
|||
Stebbins
Office
121
N. Main Street
Creston,
Ohio
|
Owned
|
2005
|
N/A
|
Cash
|
|||
Fiscal
Year Ended
|
Dividend
|
||
March
31, 2009
|
High
|
Low
|
Declared
|
First
quarter
|
$10.66
|
$ 8.50
|
$.120
|
Second
quarter
|
$10.34
|
$ 8.75
|
$.120
|
Third
quarter
|
$ 8.98
|
$ 6.05
|
$.120
|
Fourth
quarter
|
$ 8.24
|
$ 4.42
|
$.050
|
Cash
|
|||
Fiscal
Year Ended
|
Dividend
|
||
March
31, 2008
|
High
|
Low
|
Declared
|
First
quarter
|
$14.34
|
$13.40
|
$.120
|
Second
quarter
|
$14.00
|
$12.21
|
$.120
|
Third
quarter
|
$12.30
|
$10.09
|
$.120
|
Fourth
quarter
|
$11.25
|
$ 9.81
|
$.120
|
Number
of Shares Remaining
|
||||||||||||
Plan Category
|
Number
of shares to be issued
upon
the exercise of outstanding
options, warrants and
rights
|
Weighted-average
exercise
price of
outstanding options
|
Available
for future issuance
(excluding
shares reflected
in the first column)
|
|||||||||
Equity
Compensation
Plans
Approved by
Security
Holders
|
94,020 | $13.95 | — | |||||||||
Equity
Compensation
Plans
Not Approved
by
Security Holders
|
— | — | — | |||||||||
94,020 | $13.95 | — |
At
March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Selected
Financial Condition Data:
|
||||||||||||||||||||
Total
assets
|
$ | 404,421 | $ | 401,584 | $ | 405,737 | $ | 403,679 | $ | 403,633 | ||||||||||
Loans
receivable, net
|
254,326 | 242,255 | 239,774 | 235,001 | 213,342 | |||||||||||||||
Mortgage-backed
securities (1)
|
88,788 | 85,879 | 69,065 | 55,731 | 60,352 | |||||||||||||||
Investment
securities
|
29,897 | 35,531 | 54,693 | 73,307 | 72,856 | |||||||||||||||
Cash
and cash equivalents (2)
|
6,790 | 13,063 | 17,215 | 14,123 | 29,942 | |||||||||||||||
Deposits
|
309,534 | 317,731 | 327,987 | 326,866 | 320,586 | |||||||||||||||
Stockholders’
equity
|
34,413 | 34,104 | 34,433 | 35,516 | 40,199 |
For
the Year Ended March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
(In
thousands, except for share amounts)
|
||||||||||||||||||||
Selected
Operating Data:
|
||||||||||||||||||||
Interest
income
|
$ | 21,472 | $ | 22,958 | $ | 22,410 | $ | 19,688 | $ | 17,632 | ||||||||||
Interest
expense
|
9,321 | 11,793 | 11,198 | 8,280 | 6,716 | |||||||||||||||
Net
interest income
|
12,151 | 11,165 | 11,212 | 11,408 | 10,916 | |||||||||||||||
Provision
for losses on loans
|
1,068 | 234 | 100 | 211 | 430 | |||||||||||||||
Net
interest income after provision for losses on
loans
|
11,083 | 10,931 | 11,112 | 11,197 | 10,486 | |||||||||||||||
Noninterest
income
|
1,733 | 1,921 | 1,643 | 1,778 | 1,684 | |||||||||||||||
Noninterest
expense (1)
|
10,407 | 10,278 | 9,744 | 10,900 | 11,874 | |||||||||||||||
Income
before income taxes
|
2,409 | 2,574 | 3,011 | 2,075 | 296 | |||||||||||||||
Federal
income taxes (benefits)
|
546 | 610 | 850 | 435 | (85 | ) | ||||||||||||||
NET
INCOME
|
$ | 1,863 | $ | 1,964 | $ | 2,161 | $ | 1,640 | $ | 381 | ||||||||||
Basic
earnings per share
|
$ | 0.64 | $ | 0.65 | $ | 0.68 | $ | 0.50 | $ | 0.11 | ||||||||||
Diluted
earnings per share
|
$ | 0.64 | $ | 0.65 | $ | 0.68 | $ | 0.50 | $ | 0.11 | ||||||||||
Cash
dividends declared per common share
|
$ | 0.41 | $ | 0.48 | $ | 0.48 | $ | 0.48 | $ | 0.48 |
At
or For the Year Ended March 31,
|
||||||||||||||||||||
2009
|
2008
|
2007
|
2006
|
2005
|
||||||||||||||||
Key
Operating Ratios and Other Data:
|
||||||||||||||||||||
Return
on average assets (net income divided
|
||||||||||||||||||||
by
average total assets)
|
0.46 | % | 0.49 | % | 0.54 | % | 0.42 | % | 0.10 | % | ||||||||||
Return
on average equity (net income
|
||||||||||||||||||||
divided
by average equity)
|
5.56 | 5.69 | 6.09 | 4.42 | 0.90 | |||||||||||||||
Average
equity to average assets
|
8.35 | 8.65 | 8.83 | 9.47 | 10.93 | |||||||||||||||
Equity
to assets at year end
|
8.51 | 8.49 | 8.49 | 8.80 | 9.96 | |||||||||||||||
Interest
rate spread (difference between average
|
||||||||||||||||||||
yield
on interest-earning assets and average
|
||||||||||||||||||||
cost
of interest-bearing liabilities)
|
3.12 | 2.82 | 2.83 | 3.02 | 2.89 | |||||||||||||||
Net
interest margin (net interest income
|
||||||||||||||||||||
as
a percentage of average interest-
|
||||||||||||||||||||
earning
assets)
|
3.21 | 2.96 | 2.96 | 3.11 | 3.02 | |||||||||||||||
Noninterest
expense to average assets (1)
|
2.59 | 2.58 | 2.42 | 2.83 | 2.65 | |||||||||||||||
Nonperforming
and impaired loans
|
||||||||||||||||||||
to
loans receivable, net
|
2.04 | 0.94 | 0.40 | 0.33 | 0.42 | |||||||||||||||
Nonperforming
and impaired assets
|
||||||||||||||||||||
to
total assets
|
1.44 | 0.59 | 0.23 | 0.23 | 0.23 | |||||||||||||||
Average
interest-earning assets to average
|
||||||||||||||||||||
interest-bearing
liabilities
|
103.85 | 104.62 | 104.46 | 104.09 | 106.49 | |||||||||||||||
Allowance
for loan losses to nonperforming
|
||||||||||||||||||||
and
impaired loans
|
47.97 | 77.84 | 160.32 | 192.23 | 151.66 | |||||||||||||||
Allowance
for loan losses to nonperforming
|
||||||||||||||||||||
and
impaired assets
|
43.04 | 74.79 | 160.32 | 159.91 | 146.01 | |||||||||||||||
Net
interest income after provision for losses
|
||||||||||||||||||||
on
loans, to noninterest expense (1)
|
106.50 | 106.35 | 114.04 | 102.72 | 100.13 | |||||||||||||||
Number
of full-service offices
|
11 | 11 | 11 | 11 | 11 | |||||||||||||||
Dividend
payout ratio
|
63.50 | 76.17 | 70.59 | 96.00 | 436.36 |
Year
Ended March 31,
|
||||||||||||||||||||||||
2009
|
2008
|
|||||||||||||||||||||||
Average
|
Average
|
Average
|
Average
|
|||||||||||||||||||||
Balance
|
Interest
|
Rate
|
Balance
|
Interest
|
Rate
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
Interest-earning
assets:
|
||||||||||||||||||||||||
Loans
receivable, net (1)
|
$ | 250,220 | $ | 15,299 | 6.11 | % | $ | 244,800 | $ | 16,546 | 6.76 | % | ||||||||||||
Investment
securities (2)
|
117,892 | 5,881 | 4.99 | 120,181 | 5,932 | 4.94 | ||||||||||||||||||
Interest-earning
deposits (3)
|
10,819 | 292 | 2.70 | 11,692 | 480 | 4.11 | ||||||||||||||||||
Total
interest-earning assets
|
378,931 | 21,472 | 5.67 | 376,673 | 22,958 | 6.09 | ||||||||||||||||||
Non-interest-earning
assets
|
22,455 | 21,972 | ||||||||||||||||||||||
Total
assets
|
$ | 401,386 | $ | 398,645 | ||||||||||||||||||||
Interest-bearing
liabilities:
|
||||||||||||||||||||||||
Deposits
|
$ | 312,570 | 7,354 | 2.35 | $ | 317,406 | 9,801 | 3.09 | ||||||||||||||||
Other
short term borrowings
|
9,263 | 67 | .72 | 6,634 | 225 | 3.39 | ||||||||||||||||||
Borrowings
|
43,064 | 1,900 | 4.41 | 36,262 | 1,767 | 4.87 | ||||||||||||||||||
Total
interest-bearing liabilities
|
364,897 | 9,321 | 2.55 | 360,302 | 11,793 | 3.27 | ||||||||||||||||||
Non-interest-bearing
liabilities
|
2,992 | 3,846 | ||||||||||||||||||||||
Total
liabilities
|
367,889 | 364,148 | ||||||||||||||||||||||
Stockholders’
equity
|
33,497 | 34,497 | ||||||||||||||||||||||
Total
liabilities and stockholders’ equity
|
$ | 401,386 | $ | 398,645 | ||||||||||||||||||||
Net
interest income
|
$ | 12,151 | $ | 11,165 | ||||||||||||||||||||
Interest
rate spread (4)
|
3.12 | % | 2.82 | % | ||||||||||||||||||||
Net
yield on interest-earning assets (5)
|
3.21 | % | 2.96 | % | ||||||||||||||||||||
Ratio
of average interest-earning assets to average
|
||||||||||||||||||||||||
interest-bearing
liabilities
|
103.85 | % | 104.54 | % |
(1)
|
Includes
non-accrual loan balances.
|
(2)
|
Includes
mortgage-backed securities designated as available for
sale.
|
(3)
|
Includes
federal funds sold and interest-bearing deposits in other financial
institutions.
|
(4)
|
Interest
rate spread represents the difference between the average yield on
interest-earning assets and the average cost of interest-bearing
liabilities.
|
(5)
|
Net
yield on interest-earning assets represents net interest income as a
percentage of average interest-earning
assets.
|
Year
ended March 31,
|
||||||||||||||||||||||||
2009
vs. 2008
|
2008
vs. 2007
|
|||||||||||||||||||||||
Increase
|
Increase
|
|||||||||||||||||||||||
(decrease)
|
Total
|
(decrease)
|
Total
|
|||||||||||||||||||||
due
to
|
increase
|
due
to
|
increase
|
|||||||||||||||||||||
Volume
|
Rate
|
(decrease)
|
Volume
|
Rate
|
(decrease)
|
|||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
Interest
income attributable to:
|
||||||||||||||||||||||||
Loans
receivable
|
$ | 359 | $ | (1,606 | ) | $ | (1,247 | ) | $ | 519 | $ | 84 | $ | 603 | ||||||||||
Investment
securities
|
(114 | ) | 63 | (51 | ) | (306 | ) | 437 | 131 | |||||||||||||||
Interest-bearing
deposits
|
(34 | ) | (154 | ) | (188 | ) | (144 | ) | (42 | ) | (186 | ) | ||||||||||||
Total
interest-earning assets
|
211 | (1,697 | ) | (1,486 | ) | 69 | 479 | 548 | ||||||||||||||||
Interest
expense attributable to:
|
||||||||||||||||||||||||
Deposits
|
(165 | ) | (2,282 | ) | (2,447 | ) | (256 | ) | 527 | 271 | ||||||||||||||
Other
short term borrowings
|
77 | (235 | ) | (158 | ) | 39 | (43 | ) | (4 | ) | ||||||||||||||
Federal
Home Loan Bank Borrowings
|
317 | (184 | ) | 133 | 237 | 91 | 328 | |||||||||||||||||
Total
interest-bearing liabilities
|
229 | (2,701 | ) | (2,472 | ) | 20 | 575 | 595 | ||||||||||||||||
Increase
(decrease) in net interest income
|
$ | (18 | ) | $ | 1,004 | $ | 986 | $ | 49 | $ | (96 | ) | $ | (47 | ) |
Payments
due by period
|
||||||||||||||||||||
Less
|
More
|
|||||||||||||||||||
than
|
1-3
|
3-5
|
than
|
|||||||||||||||||
1
year
|
years
|
years
|
5
years
|
Total
|
||||||||||||||||
(In
thousands)
|
||||||||||||||||||||
Contractual
obligations:
|
||||||||||||||||||||
Operating
lease obligations
|
$ | 90 | $ | 127 | $ | 62 | $ | 3 | $ | 282 | ||||||||||
Advances
from the Federal Home Loan Bank
|
12,000 | 25,000 | 9,000 | - | 46,000 | |||||||||||||||
Other
short term borrowings
|
10,154 | - | - | - | 10,154 | |||||||||||||||
Certificates
of deposit maturities
|
108,168 | 50,348 | 13,127 | 1,047 | 172,690 | |||||||||||||||
Amount
of commitments expiring per period:
|
||||||||||||||||||||
Commitments
to originate loans:
|
||||||||||||||||||||
Letters
of credit
|
165 | - | - | - | 165 | |||||||||||||||
Credit
card/overdraft lines of credit
|
358 | - | - | - | 358 | |||||||||||||||
Home
equity/commercial lines of credit
|
28,857 | - | - | - | 28,857 | |||||||||||||||
One-
to four-family and multi-family loans
|
11,467 | - | - | - | 11,467 | |||||||||||||||
Total
contractual obligations
|
$ | 171,259 | $ | 75,475 | $ | 22,189 | $ | 1,050 | $ | 269,973 |
As
of March 31, 2009
|
||||||||||||||||||||||
Net
Portfolio Value
|
||||||||||||||||||||||
Change
in
|
Net
Portfolio Value
|
as
% of PV of Assets
|
||||||||||||||||||||
Interest
Rates
|
||||||||||||||||||||||
(Basis
Points)
|
$
Amount
|
$
Change
|
%
Change
|
NPV
Ratio
|
Change
|
|||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||
+300 | bp |
$
|
35,143 | $ | (14,761 | ) | (30 | )% | 9.15 | % | (278 | )bp | ||||||||||
+200 | bp | 41,483 | (8,421 | ) | (17 | ) | 10.46 | (147 | ) | |||||||||||||
+100 | bp | 47,214 | (2,690 | ) | (5 | ) | 11.54 | (39 | ) | |||||||||||||
0 | bp | 49,904 | - | - | 11.93 | - | ||||||||||||||||
-100 | bp | 50,450 | 546 | 1 | 11.85 | (8 | ) | |||||||||||||||
-200 | bp | 50,605 | 701 | 1 | 11.72 | (21 | ) | |||||||||||||||
As
of March 31, 2008
|
||||||||||||||||||||||
Net
Portfolio Value
|
||||||||||||||||||||||
Change
in
|
Net
Portfolio Value
|
as
% of PV of Assets
|
||||||||||||||||||||
Interest
Rates
|
||||||||||||||||||||||
(Basis
Points)
|
$
Amount
|
$
Change
|
%
Change
|
NPV
Ratio
|
Change
|
|||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||
+300 | bp |
$
|
20,800 | $ | (18,869 | ) | (48 | )% | 5.55 | % | (419 | )bp | ||||||||||
+200 | bp | 26,917 | (12,752 | ) | (32 | ) | 6.98 | (276 | ) | |||||||||||||
+100 | bp | 33,672 | (5,997 | ) | (15 | ) | 8.49 | (125 | ) | |||||||||||||
0 | bp | 39,669 | - | - | 9.74 | - | ||||||||||||||||
-100 | bp | 41,714 | 2,045 | 5 | 10.05 | 31 | ||||||||||||||||
-200 | bp | 39,710 | 41 | 0.1 | 9.47 | (27 | ) |
2009
|
2008
|
|||||||
Assets
|
||||||||
Cash
and due from banks
|
$ | 2,935 | $ | 1,901 | ||||
Federal
funds sold
|
– | 6,000 | ||||||
Interest-bearing
demand deposits
|
3,855 | 5,162 | ||||||
Cash
and cash equivalents
|
6,790 | 13,063 | ||||||
Available-for-sale
securities
|
117,733 | 120,170 | ||||||
Held-to-maturity
securities
|
952 | 1,240 | ||||||
Loans,
net of allowance for loan losses of $2,484 and $1,777
at
March 31, 2009 and 2008, respectively
|
254,326 | 242,255 | ||||||
Premises
and equipment
|
7,553 | 8,012 | ||||||
Federal
Home Loan Bank stock
|
5,025 | 4,892 | ||||||
Foreclosed
assets held for sale, net
|
594 | 93 | ||||||
Accrued
interest receivable
|
1,675 | 1,753 | ||||||
Bank-owned
life insurance
|
6,508 | 6,268 | ||||||
Goodwill
|
1,719 | 1,719 | ||||||
Other
intangible assets
|
471 | 577 | ||||||
Other
assets
|
1,048 | 1,360 | ||||||
Prepaid
federal income taxes
|
27 | 182 | ||||||
Total
assets
|
$ | 404,421 | $ | 401,584 |
Liabilities
|
||||||||
Deposits
|
||||||||
Demand
|
$ | 53,085 | $ | 50,884 | ||||
Savings
and money market
|
83,759 | 83,811 | ||||||
Time
|
172,690 | 183,036 | ||||||
Total
deposits
|
309,534 | 317,731 | ||||||
Other
short-term borrowings
|
10,154 | 7,287 | ||||||
Federal
Home Loan Bank advances
|
46,000 | 38,500 | ||||||
Interest
payable and other liabilities
|
3,237 | 2,511 | ||||||
Deferred
federal income taxes
|
1,083 | 1,451 | ||||||
Total
liabilities
|
370,008 | 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
|
36,028 | 36,127 | ||||||
Retained
earnings
|
12,726 | 12,450 | ||||||
Shares
acquired by ESOP
|
(899 | ) | (1,097 | ) | ||||
Accumulated
other comprehensive income
|
690 | 707 | ||||||
Treasury
stock, at cost
|
||||||||
Common:
2009 – 974,618 shares, 2008 – 969,627 shares
|
(14,530 | ) | (14,481 | ) | ||||
Total
stockholders’ equity
|
34,413 | 34,104 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 404,421 | $ | 401,584 |
2009
|
2008
|
|||||||
Interest
and Dividend Income
|
||||||||
Loans
|
$ | 15,299 | $ | 16,546 | ||||
Securities
|
5,881 | 5,932 | ||||||
Dividends
on Federal Home Loan Bank stock and other
|
292 | 480 | ||||||
Total
interest and dividend income
|
21,472 | 22,958 | ||||||
Interest
Expense
|
||||||||
Deposits
|
7,354 | 9,801 | ||||||
Other
short term borrowings
|
67 | 225 | ||||||
Federal
Home Loan Bank advances
|
1,900 | 1,767 | ||||||
Total
interest expense
|
9,321 | 11,793 | ||||||
Net
Interest Income
|
12,151 | 11,165 | ||||||
Provision
for Loan Losses
|
1,068 | 234 | ||||||
Net
Interest Income After Provision for Loan Losses
|
11,083 | 10,931 | ||||||
Noninterest
Income
|
||||||||
Net
gains on loan sales
|
49 | – | ||||||
Trust
income
|
179 | 187 | ||||||
Earnings
on bank-owned life insurance
|
225 | 234 | ||||||
Service
fees, charges and other operating
|
1,280 | 1,469 | ||||||
Total
noninterest income
|
1,733 | 1,890 | ||||||
Noninterest
Expense
|
||||||||
Salaries
and employee benefits
|
5,704 | 5,692 | ||||||
Net
occupancy and equipment expense
|
2,039 | 2,001 | ||||||
Federal
deposit insurance premiums
|
121 | 38 | ||||||
Franchise
taxes
|
452 | 387 | ||||||
(Gain)
loss on disposal and
impairment provision of real estate acquired through
foreclosure`
|
126 | (31 | ) | |||||
Amortization
of intangible assets
|
106 | 106 | ||||||
Other
|
1,859 | 2,054 | ||||||
Total
noninterest expense
|
10,407 | 10,247 | ||||||
Income
Before Federal Income Taxes
|
2,409 | 2,574 | ||||||
Provision
for Federal Income Taxes
|
546 | 610 | ||||||
Net
Income
|
$ | 1,863 | $ | 1,964 | ||||
Basic
Earnings Per Share
|
$ | .64 | $ | .65 | ||||
Diluted
Earnings Per Share
|
$ | .64 | $ | .65 |
Shares
|
Accumulated
|
|||||||||||||||||||||||||||
Additional
|
Acquired
|
Other
|
||||||||||||||||||||||||||
Common
|
Paid-in
|
Retained
|
By
|
Treasury
|
Comprehensive
|
|||||||||||||||||||||||
Stock
|
Capital
|
Earnings
|
ESOP
|
Stock
|
Income
(Loss)
|
Total
|
||||||||||||||||||||||
Balance,
April 1, 2007
|
$ | 398 | $ | 36,106 | $ | 11,982 | $ | (1,158 | ) | $ | (12,419 | ) | $ | (476 | ) | $ | 34,433 | |||||||||||
Comprehensive
income
|
||||||||||||||||||||||||||||
Net income
|
– | – | 1,964 | – | – | – | 1,964 | |||||||||||||||||||||
Unrealized gains on securities
designated asavailable for sale, net of related taxes
|
– | – | – | – | – | 1,283 | 1,283 | |||||||||||||||||||||
Change in unrecognized net loss
in net periodicpension cost, net of related
taxes
|
– | – | – | – | – | (100 | ) | (100 | ) | |||||||||||||||||||
Total comprehensive
income
|
3,147 | |||||||||||||||||||||||||||
Cash
dividends - $0.48 per share
|
– | – | (1,496 | ) | – | – | – | (1,496 | ) | |||||||||||||||||||
Purchase
of treasury stock – shares at cost
|
– | – | – | – | (2,062 | ) | – | (2,062 | ) | |||||||||||||||||||
Amortization
of expense related to ESOP
|
– | 21 | – | 61 | – | – | 82 | |||||||||||||||||||||
Balance,
March 31, 2008
|
398 | 36,127 | 12,450 | (1,097 | ) | (14,481 | ) | 707 | 34,104 | |||||||||||||||||||
Comprehensive
income
|
||||||||||||||||||||||||||||
Net income
|
– | – | 1,863 | – | – | – | 1,863 | |||||||||||||||||||||
Unrealized gains on securities
designated asavailable for sale, net of related taxes
|
– | – | – | – | – | 114 | 114 | |||||||||||||||||||||
Change in unrecognized net loss
in net periodicpension cost, net of related
taxes
|
– | – | – | – | – | (131 | ) | (131 | ) | |||||||||||||||||||
Total comprehensive
income
|
1,846 | |||||||||||||||||||||||||||
Cash
dividends - $.41 per share
|
– | – | (1,183 | ) | – | – | – | (1,183 | ) | |||||||||||||||||||
Purchase
of treasury stock – shares at cost
|
– | – | – | – | (49 | ) | – | (49 | ) | |||||||||||||||||||
Liability
recognized for split-dollar life insurance obligations
|
– | – | (404 | ) | – | – | – | ( 404 | ) | |||||||||||||||||||
Amortization
of expense related to ESOP
|
– | (99 | ) | – | 198 | – | – | 99 | ||||||||||||||||||||
Balance,
March 31, 2009
|
$ | 398 | $ | 36,028 | $ | 12,726 | $ | (899 | ) | $ | (14,530 | ) | $ | 690 | $ | 34,413 |
2009
|
2008
|
|||||||
Operating
Activities
|
||||||||
Net
income
|
$ | 1,863 | $ | 1,964 | ||||
Items
not requiring (providing) cash
|
||||||||
Depreciation
and amortization
|
663 | 655 | ||||||
Provision
for loan losses
|
1,068 | 234 | ||||||
Amortization
of premiums and discounts on securities
|
(109 | ) | (105 | ) | ||||
Amortization
of mortgage servicing rights
|
30 | 43 | ||||||
Amortization
of deferred loan originations fees
|
(62 | ) | (60 | ) | ||||
Amortization
of intangible asset
|
106 | 106 | ||||||
Deferred
income taxes
|
(360 | ) | (150 | ) | ||||
Net
gains on sales of loans
|
(49 | ) | – | |||||
Proceeds
from sale of loans in the secondary market
|
4,151 | – | ||||||
Origination
of loans for sale in the secondary market
|
(4,143 | ) | – | |||||
Amortization
expense of stock benefit plan
|
99 | 82 | ||||||
(Gain)
loss on sale of real estate owned and other repossessed
assets
|
126 | (31 | ) | |||||
Federal
Home Loan Bank stock dividends
|
(133 | ) | (63 | ) | ||||
Increase
in value of bank-owned life insurance
|
(240 | ) | (234 | ) | ||||
Changes
in
|
||||||||
Accrued
interest receivable
|
78 | 328 | ||||||
Other
assets
|
438 | (278 | ) | |||||
Interest
payable and other liabilities
|
385 | 206 | ||||||
Net
cash provided by operating activities
|
3,911 | 2,697 | ||||||
Investing
Activities
|
||||||||
Purchases
of available-for-sale securities
|
(27,001 | ) | (43,343 | ) | ||||
Proceeds
from maturities of available-for-sale securities
|
29,721 | 47,210 | ||||||
Proceeds
from maturities of held-to-maturity securities
|
286 | 531 | ||||||
Net
change in loans
|
(13,863 | ) | (2,854 | ) | ||||
Purchase
of premises and equipment
|
(204 | ) | (488 | ) | ||||
Proceeds
from sale of foreclosed assets
|
199 | 137 | ||||||
Net
cash provided by (used in) investing activities
|
(10,862 | ) | 1,193 | |||||
2009
|
2008
|
|||||||
Financing
Activities
|
||||||||
Net
change in deposits
|
$ | (8,197 | ) | $ | (10,256 | ) | ||
Net
change in other short-term borrowings
|
2,867 | 1,734 | ||||||
Proceeds
from Federal Home Loan Bank advances
|
64,660 | 40,700 | ||||||
Repayments
of Federal Home Loan Bank advances
|
(57,160 | ) | (36,700 | ) | ||||
Advances
by borrowers for taxes and insurance
|
(49 | ) | 60 | |||||
Cash
dividends paid
|
(1,394 | ) | (1,518 | ) | ||||
Treasury
stock purchases
|
(49 | ) | (2,062 | ) | ||||
Net
cash provided by (used in) financing activities
|
678 | (8,042 | ) | |||||
Decrease
in Cash and Cash Equivalents
|
6,273 | 4,152 | ||||||
Cash
and Cash Equivalents, Beginning of Year
|
13,063 | 17,215 | ||||||
Cash
and Cash Equivalents, End of Year
|
$ | 6,790 | $ | 13,063 | ||||
Supplemental
Cash Flows Information
|
||||||||
Interest
paid on deposits and borrowings
|
$ | 9,390 | $ | 11,756 | ||||
Federal
income taxes paid
|
$ | 750 | $ | 930 | ||||
Supplemental
Disclosure of Non-Cash Investing Activities
|
||||||||
Transfers
from loans to real estate owned and other repossessed
assets
|
$ | 826 | $ | 220 | ||||
Unrealized
gains on securities designated as available for sale, net of related tax
effects
|
$ | 114 | $ | 1,283 | ||||
Minimum
pension liability adjustment, net of related tax effects
|
$ | (131 | ) | $ | (100 | ) | ||
Recognition
of mortgage servicing rights in accordance with SFAS No.
140
|
$ | 41 | $ | – | ||||
Dividends
payable
|
$ | 150 | $ | 361 |
Note
1:
|
Nature
of Operations and Summary of Significant Accounting
Policies
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Goodwill
|
$ | 1,719 | $ | 1,719 | ||||
Other
intangible assets - gross
|
974 | 974 | ||||||
Other
intangible assets - amortization
|
(503 | ) | (397 | ) | ||||
Total
|
$ | 2,190 | $ | 2,296 |
Note
2:
|
Restriction
on Cash and Due From Banks
|
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Approximate
Fair
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Available-for-sale
Securities:
|
||||||||||||||||
March
31, 2009:
|
||||||||||||||||
U.S.
government agencies
|
$ | 9,057 | $ | 250 | $ | 3 | $ | 9,304 | ||||||||
Mortgage-backed
securities
|
86,557 | 2,208 | 651 | 88,114 | ||||||||||||
State
and political subdivisions
|
20,380 | 442 | 507 | 20,315 | ||||||||||||
$ | 115,994 | $ | 2,900 | $ | 1,161 | $ | 117,733 | |||||||||
March
31, 2008:
|
||||||||||||||||
U.S.
government agencies
|
$ | 17,210 | $ | 209 | $ | 1 | $ | 17,418 | ||||||||
Mortgage-backed
securities
|
83,927 | 1,518 | 369 | 85,076 | ||||||||||||
State
and political subdivisions
|
17,466 | 335 | 125 | 17,676 | ||||||||||||
$ | 118,603 | $ | 2,062 | $ | 495 | $ | 120,170 | |||||||||
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Approximate
Fair
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Held-to-maturity
Securities:
|
||||||||||||||||
March
31, 2009:
|
||||||||||||||||
U.S.
government agencies
|
$ | 189 | $ | – | $ | 3 | $ | 186 | ||||||||
State
and political subdivisions
|
89 | 5 | – | 94 | ||||||||||||
Mortgage-backed
securities
|
674 | 4 | 5 | 673 | ||||||||||||
$ | 952 | $ | 9 | $ | 8 | $ | 953 | |||||||||
March
31, 2008:
|
||||||||||||||||
U.S.
government agencies
|
$ | 320 | $ | – | $ | 1 | $ | 319 | ||||||||
State
and political subdivisions
|
117 | 7 | – | 124 | ||||||||||||
Mortgage-backed
securities
|
803 | 8 | 1 | 810 | ||||||||||||
$ | 1,240 | $ | 15 | $ | 2 | $ | 1,253 |
Available-for-sale
|
Held-to-maturity
|
|||||||||||||||
Amortized
Cost
|
Fair
Value
|
Amortized
Cost
|
Fair
Value
|
|||||||||||||
(In thousands)
|
||||||||||||||||
Within
one year
|
$ | 2,000 | $ | 2,004 | $ | – | $ | – | ||||||||
One
to five years
|
3,669 | 3,777 | 89 | 95 | ||||||||||||
Five
to ten years
|
4,270 | 4,327 | – | – | ||||||||||||
After
ten years
|
19,498 | 19,511 | 189 | 185 | ||||||||||||
29,437 | 29,619 | 278 | 280 | |||||||||||||
Mortgage-backed
securities
|
86,557 | 88,114 | 674 | 673 | ||||||||||||
Totals
|
$ | 115,994 | $ | 117,733 | $ | 952 | $ | 953 |
March
31, 2009
|
||||||||||||||||||||||||
Less
than 12 Months
|
12
Months or More
|
Total
|
||||||||||||||||||||||
Description
of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
U.S.
government agencies
|
$ | 38 | $ | 1 | $ | 359 | $ | 5 | $ | 397 | $ | 6 | ||||||||||||
Mortgage-backed
securities
|
5,025 | 302 | 6,171 | 354 | 11,196 | 656 | ||||||||||||||||||
State
and political subdivisions
|
9,404 | 491 | 406 | 16 | 9,810 | 507 | ||||||||||||||||||
Total
temporarily impaired securities
|
$ | 14,467 | $ | 794 | $ | 6,936 | $ | 375 | $ | 21,403 | $ | 1,169 | ||||||||||||
March
31, 2008
|
||||||||||||||||||||||||
Less
than 12 Months
|
12
Months or More
|
Total
|
||||||||||||||||||||||
Description
of
Securities
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value
|
Unrealized
Losses
|
Fair
Value |
Unrealized
Losses
|
||||||||||||||||||
(In
thousands)
|
||||||||||||||||||||||||
U.S.
government agencies
|
$ | 610 | $ | 2 | $ | – | $ | – | $ | 610 | $ | 2 | ||||||||||||
Mortgage-backed
securities
|
7,167 | 343 | 2,138 | 27 | 9,305 | 370 | ||||||||||||||||||
State
and political subdivisions
|
4,778 | 125 | – | – | 4,778 | 125 | ||||||||||||||||||
Total
temporarily impaired securities
|
$ | 12,555 | $ | 470 | $ | 2,138 | $ | 27 | $ | 14,693 | $ | 497 |
Note
4:
|
Loans
and Allowance for Loan Losses
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
One-
to four-family residential
|
$ | 141,285 | $ | 142,010 | ||||
Multi-family
residential
|
8,604 | 8,929 | ||||||
Construction
|
1,587 | 1,636 | ||||||
Nonresidential
real estate and land
|
70,725 | 61,407 | ||||||
Commercial
|
32,592 | 26,873 | ||||||
Consumer
and other
|
4,923 | 6,183 | ||||||
259,716 | 247,038 | |||||||
Less:
|
||||||||
Undisbursed
portion of loans in process
|
2,506 | 2,616 | ||||||
Deferred
loan origination fees
|
400 | 390 | ||||||
Allowance
for loan losses
|
2,484 | 1,777 | ||||||
Total
loans
|
$ | 254,326 | $ | 242,255 |
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Balance,
beginning of year
|
$ | 1,777 | $ | 1,523 | ||||
Provision
charged to expense
|
1,068 | 234 | ||||||
Losses
charged off
|
(371 | ) | (16 | ) | ||||
Recoveries
|
10 | 36 | ||||||
Balance,
end of year
|
$ | 2,484 | $ | 1,777 |
Note
5:
|
Premises
and Equipment
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Land
and improvements
|
$ | 1,719 | $ | 1,719 | ||||
Office
buildings and improvements
|
7,623 | 7,621 | ||||||
Furniture,
fixtures and equipment
|
4,563 | 4,386 | ||||||
Leasehold
improvements
|
357 | 356 | ||||||
14,262 | 14,082 | |||||||
Less
accumulated depreciation
|
6,709 | 6,070 | ||||||
$ | 7,553 | $ | 8,012 |
Note
6:
|
Loan
Servicing
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Carrying
amount, beginning of year
|
$ | 232 | $ | 275 | ||||
Additions
|
||||||||
Servicing
obligations that result from transfers of financial assets
|
41 | – | ||||||
Subtractions
|
||||||||
Amortization
|
30 | 43 | ||||||
Carrying
amount, end of year
|
$ | 243 | $ | 232 | ||||
Fair
value, beginning of year
|
$ | 232 | $ | 275 | ||||
Fair
value, end of year
|
$ | 243 | $ | 232 |
Note
7:
|
Interest-bearing
Time Deposits
|
Due
during the year ending March 31,
|
(In
thousands)
|
|||
2010
|
$ | 108,168 | ||
2011
|
33,095 | |||
2012
|
17,253 | |||
2013
|
12,641 | |||
2014
|
486 | |||
Thereafter
|
1,047 | |||
$ | 172,690 |
Note
8:
|
Other
short term borrowings
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Securities
sold under repurchase agreements
|
$ | 10,154 | $ | 7,287 | ||||
Note
9:
|
Federal
Home Loan Bank Advances
|
Interest
rate range
|
Maturing
year
ending
March 31,
|
2009
|
|||
(In
thousands)
|
|||||
0.46%-5.16%
|
2010
|
$ | 12,000 | ||
4.60%-5.15%
|
2011
|
9,500 | |||
3.13%-5.12%
|
2012
|
15,500 | |||
3.58%-5.04%
|
2013
|
6,000 | |||
2.60%aa
|
2014
|
3,000 | |||
$ | 46,000 |
For
the year ended March 31,
|
(In
thousands)
|
|||
2010
|
$ | 12,000 | ||
2011
|
9,500 | |||
2012
|
15,500 | |||
2013
|
6,000 | |||
2014
|
3,000 | |||
$ | 46,000 |
Note
10:
|
Income
Taxes
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Taxes
currently payable
|
$ | 906 | $ | 760 | ||||
Deferred
income taxes
|
(360 | ) | (150 | ) | ||||
Income
tax expense
|
$ | 546 | $ | 610 |
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Computed
at the statutory rate (34%)
|
$ | 819 | $ | 875 | ||||
Increase
(decrease) resulting from
|
||||||||
Tax
exempt interest
|
(237 | ) | (197 | ) | ||||
Earnings
on bank-owned life insurance
|
(82 | ) | (79 | ) | ||||
Other
|
46 | 11 | ||||||
Actual
tax expense
|
$ | 546 | $ | 610 |
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Deferred
tax assets
|
||||||||
Deferred
loan origination fees
|
$ | 136 | $ | 133 | ||||
General
loan loss allowance
|
844 | 604 | ||||||
Real
estate owned valuation
|
46 | - | ||||||
Pension
adjustment
|
236 | 168 | ||||||
Reserve
for uncollected interest
|
31 | 38 | ||||||
Benefit
plan expenses
|
89 | 89 | ||||||
Total
deferred tax assets
|
1,382 | 1,032 | ||||||
Deferred
tax liabilities
|
||||||||
Prepaid
pension
|
(166 | ) | (173 | ) | ||||
Federal
Home Loan Bank stock dividends
|
(1,217 | ) | (1,172 | ) | ||||
Book/tax
depreciation differences
|
(222 | ) | (206 | ) | ||||
Financed
loan fees
|
(90 | ) | (124 | ) | ||||
Unrealized
gains on securities available for sale
|
(591 | ) | (533 | ) | ||||
Mortgage
servicing rights
|
(83 | ) | (79 | ) | ||||
Purchase
price adjustments – net
|
(96 | ) | (196 | ) | ||||
Total
deferred tax liabilities
|
(2,465 | ) | (2,483 | ) | ||||
Net
deferred tax liability
|
$ | (1,083 | ) | $ | (1,451 | ) |
Note
11:
|
Other
Comprehensive Income (Loss)
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Unrealized
gains on available-for-sale securities
|
$ | 172 | $ | 1,945 | ||||
Change
in defined benefit plan unrecognized net loss
|
(222 | ) | (176 | ) | ||||
Amortization
of net loss included in net periodic pension cost
|
23 | 24 | ||||||
Components
of other comprehensive income (loss), before tax effect
|
(27 | ) | 1,793 | |||||
Tax
(expense) benefit
|
10 | (610 | ) | |||||
Other
comprehensive income (loss)
|
$ | (17 | ) | $ | 1,183 |
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Net
unrealized gain on securities available-for-sale
|
$ | 1,739 | $ | 1,567 | ||||
Net
unrealized loss for unfunded status of defined benefit plan
liability
|
(694 | ) | (495 | ) | ||||
1,045 | 1,072 | |||||||
Tax
effect
|
(355 | ) | (365 | ) | ||||
Net-of-tax
amount
|
$ | 690 | $ | 707 |
Note
12:
|
Regulatory
Matters
|
Actual
|
For
Capital Adequacy
Purposes
|
To
Be Well Capitalized
Under
Prompt Corrective
Action
Provisions
|
||||||||||||||||||||||
Amount
|
Ratio
|
Amount
|
Ratio
|
Amount
|
Ratio
|
|||||||||||||||||||
(Dollars
in thousands)
|
||||||||||||||||||||||||
As
of March 31, 2009
|
||||||||||||||||||||||||
Tangible
capital
|
$ | 30,525 | 7.6 | % | $ | 6,018 | 1.5 | % | $ | 20,060 | 5.0 | % | ||||||||||||
Core
capital
|
30,525 | 7.6 | 16,048 | 4.0 | 24,072 | 6.0 | ||||||||||||||||||
Risk-based
capital
|
32,341 | 12.8 | 20,212 | 8.0 | 25,265 | 10.0 | ||||||||||||||||||
As
of March 31, 2008
|
||||||||||||||||||||||||
Tangible
capital
|
$ | 30,331 | 7.6 | % | $ | 5,971 | 1.5 | % | $ | 19,903 | 5.0 | % | ||||||||||||
Core
capital
|
30,331 | 7.6 | 15,922 | 4.0 | 23,883 | 6.0 | ||||||||||||||||||
Risk-based
capital
|
31,855 | 13.0 | 18,698 | 8.0 | 23,372 | 10.0 |
Note
13:
|
Related
Party Transactions
|
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Aggregate
balance – Beginning of year
|
$ | 2,382 | $ | 2,682 | ||||
New
loans
|
103 | 2,291 | ||||||
Repayments
|
(39 | ) | (2,591 | ) | ||||
Aggregate
balance – End of year
|
$ | 2,446 | $ | 2,382 |
Note
14:
|
Employee
Benefit Plans
|
Pension
Benefits
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Change
in benefit obligation
|
||||||||
Beginning
of year
|
$ | 1,153 | $ | 1,042 | ||||
Interest
cost
|
77 | 62 | ||||||
Actuarial
loss (gain)
|
(104 | ) | 138 | |||||
Benefits
paid
|
(94 | ) | (89 | ) | ||||
End
of year
|
1,032 | 1,153 | ||||||
Change
in fair value of plan assets
|
||||||||
Beginning
of year
|
1,167 | 1,200 | ||||||
Actuarial
return on plan assets
|
(253 | ) | 46 | |||||
Employer
contribution
|
6 | 10 | ||||||
Benefits
paid
|
(94 | ) | (89 | ) | ||||
End
of year
|
826 | 1,167 | ||||||
Funded
status at end of year
|
$ | (206 | ) | $ | 14 |
Pension
Benefits
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Net
loss
|
$ | (694 | ) | $ | (495 | ) |
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Components
of net periodic benefit cost
|
||||||||
Interest
cost
|
$ | 77 | $ | 61 | ||||
Expected
return on plan assets
|
(72 | ) | (83 | ) | ||||
Amortization
of net loss
|
23 | 24 | ||||||
Net
periodic benefit cost
|
$ | 28 | $ | 2 |
SMID-Cap
stocks
|
Not
to exceed 60%
|
Fixed
income investments
|
Not
to exceed 35%
|
Cash
|
Not
to exceed 5%
|
March
31,
|
||||||||
2009
|
2008
|
|||||||
Equity
securities
|
53 | % | 60 | % | ||||
Debt
securities
|
44 | 36 | ||||||
Cash
and cash equivalents
|
3 | 4 | ||||||
100 | % | 100 | % |
(In
thousands)
|
||||
2010
|
$ | 46 | ||
2011
|
57 | |||
2012
|
34 | |||
2013
|
34 | |||
2014
|
36 | |||
Thereafter
|
310 | |||
$ | 517 |
Pension
Benefits
|
||||||||
2009
|
2008
|
|||||||
Weighted-average
assumptions used to
determine
benefit obligation:
|
||||||||
Discount
rate
|
7.46 | % | 6.75 | % | ||||
Rate
of compensation increase (frozen)
|
N/A | N/A | ||||||
Weighted-average
assumptions used to
determine
benefit cost:
|
||||||||
Discount
rate
|
7.46 | % | 6.75 | % | ||||
Expected
return on plan assets
|
6.00 | % | 6.25 | % | ||||
Rate
of compensation increase (frozen)
|
N/A | N/A |
2009
|
2008
|
|||||||
Allocated
shares
|
71,108 | 61,573 | ||||||
Shares
released for allocation
|
2,304 | 2,380 | ||||||
Unearned
shares
|
89,853 | 99,312 | ||||||
Total
ESOP shares
|
163,265 | 163,265 | ||||||
Fair
value of unearned shares at March 31
|
$ | 536,422 | $ | 993,120 |
2009
|
||||||||||||||||
Shares
|
Weighted-
Average
Exercise
Price
|
Weighted-
Average
Remaining
Contractual
Term
(Years)
|
Aggregate
Intrinsic
Value
|
|||||||||||||
Outstanding,
beginning of year
|
104,224 | $ | 13.95 | |||||||||||||
Granted
|
– | – | ||||||||||||||
Exercised
|
– | – | ||||||||||||||
Forfeited
or expired
|
(10,204 | ) | 13.95 | |||||||||||||
Outstanding,
end of year
|
94,020 | $ | 13.95 | 5.0 | $ | – | ||||||||||
Exercisable,
end of year
|
94,020 | $ | 13.95 | 5.0 | $ | – | ||||||||||
Note
16:
|
Earnings
Per Share
|
Year
Ended March 31, 2009
|
||||||||||||
Net
Income
|
Weighted-
Average
Shares
|
Per
Share
Amount
|
||||||||||
(In
thousands)
|
||||||||||||
Net
income
|
$ | 1,863 | ||||||||||
Basic
earnings per share
|
||||||||||||
Income
available to common stockholders
|
2,905,660 | $ | 0.64 | |||||||||
Effect
of dilutive securities
|
||||||||||||
Stock
options
|
– | |||||||||||
Diluted
earnings per share
|
||||||||||||
Income
available to common stockholders and assumed conversions
|
$ | 1,863 | 2,905,660 | $ | 0.64 |
Year
Ended March 31, 2008
|
||||||||||||
Net
Income
|
Weighted-
Average
Shares
|
Per
Share
Amount
|
||||||||||
(In
thousands)
|
||||||||||||
Net
income
|
$ | 1,964 | ||||||||||
Basic
earnings per share
|
||||||||||||
Income
available to common stockholders
|
3,044,419 | $ | 0.65 | |||||||||
Effect
of dilutive securities
|
||||||||||||
Stock
options
|
– | |||||||||||
Diluted
earnings per share
|
||||||||||||
Income
available to common stockholders and assumed conversions
|
$ | 1,964 | 3,044,419 | $ | 0.65 |
Note
17:
|
Disclosures
about Fair Value of Financial
Instruments
|
|
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)
|
|||||||||||||
Available-for-sale
|
(In
thousands)
|
|||||||||||||||
securities
|
$ | 117,733 | $ | –– | $ | 117,733 | $ | –– |
(In thousands)
|
||||
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
|
$ | 3,264 | $ | –– | $ | –– | $ | 3,264 |
March
31, 2009
|
March
31, 2008
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
(In
thousands)
|
||||||||||||||||
Financial
assets
|
||||||||||||||||
Cash
and cash equivalents
|
$ | 6,790 | $ | 6,790 | $ | 13,063 | $ | 13,063 | ||||||||
Available-for-sale
securities
|
117,733 | 117,733 | 120,170 | 120,170 | ||||||||||||
Held-to-maturity
securities
|
952 | 953 | 1,240 | 1,253 | ||||||||||||
Loans,
net of allowance for loan losses
|
254,326 | 263,450 | 242,255 | 247,851 | ||||||||||||
Federal
Home Loan Bank stock
|
5,025 | 5,025 | 4,892 | 4,892 | ||||||||||||
Interest
receivable
|
1,675 | 1,675 | 1,753 | 1,753 | ||||||||||||
Financial
liabilities
|
||||||||||||||||
Deposits
|
309,534 | 305,937 | 317,731 | 315,698 | ||||||||||||
Other
short-term borrowings
|
10,154 | 10,154 | 7,287 | 7,287 | ||||||||||||
Federal
Home Loan Bank advances
|
46,000 | 47,411 | 38,500 | 39,898 | ||||||||||||
Advances
from borrowers for taxes and insurance
|
551 | 551 | 676 | 676 | ||||||||||||
Interest
payable
|
351 | 351 | 420 | 420 |
Note
18:
|
Commitments
and Credit Risk
|
Fiscal
year ended
|
(In
thousands)
|
|||
2010
|
$ | 90 | ||
2011
|
91 | |||
2012
|
36 | |||
2013
|
31 | |||
2014
|
31 | |||
2015
|
3 | |||
Total
|
$ | 282 |
Note
19:
|
Future
Change in Accounting Principle
|
|
·
|
It
does not have the intent to sell the security;
and
|
|
·
|
It
is more-likely-than-not it will not have to sell the security before
recovery of its amortized cost basis less any current period credit
losses
|
Note
20:
|
FDIC
One-time Assessment Credit and Special
Assessment
|
|
|
Note
21:
|
Condensed
Financial Information (Parent Company
Only)
|
March
31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Assets
|
||||||||
Cash
and due from banks
|
$ | 111 | $ | 58 | ||||
Notes
receivable from the Bank
|
1,015 | 1,097 | ||||||
Investment
in the Bank
|
33,428 | 33,356 | ||||||
Prepaid
expenses and other assets
|
40 | 41 | ||||||
Total
assets
|
$ | 34,594 | $ | 34,552 | ||||
Liabilities
and Stockholders’ Equity
|
||||||||
Accrued
expenses and other liabilities
|
$ | 181 | $ | 448 | ||||
Stockholders’
equity
|
||||||||
Common
stock and additional paid-in capital
|
36,426 | 36,525 | ||||||
Retained
earnings
|
12,726 | 12,450 | ||||||
Less
required contributions for shares acquired by ESOP
|
(899 | ) | (1,097 | ) | ||||
Treasury
stock – at cost
|
(14,530 | ) | (14,481 | ) | ||||
Accumulated
other comprehensive income
|
690 | 707 | ||||||
Total
stockholders’ equity
|
34,413 | 34,104 | ||||||
Total
liabilities and stockholders’ equity
|
$ | 34,594 | $ | 34,552 |
Years
Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Operating
Income
|
||||||||
Interest
income
|
$ | 65 | $ | 69 | ||||
Dividends
from the Bank
|
1,608 | 3,669 | ||||||
Total
operating income
|
1,673 | 3,738 | ||||||
Noninterest
Expense
|
201 | 231 | ||||||
Earnings
before Federal Income Tax Benefits and equity in undistributed income of
the Bank
|
1,472 | 3,507 | ||||||
Federal
Income Tax Benefits
|
(46 | ) | (55 | ) | ||||
Income
before equity in undistributed (excess distributed) income of the
Bank
|
1,518 | 3,562 | ||||||
Equity
in undistributed (excess distributed) income of the Bank
|
345 | (1,598 | ) | |||||
Net
Income
|
$ | 1,863 | $ | 1,964 |
Years
Ended March 31,
|
||||||||
2009
|
2008
|
|||||||
(In
thousands)
|
||||||||
Operating
Activities
|
||||||||
Net
income
|
$ | 1,863 | $ | 1,964 | ||||
Items
not requiring (providing) cash
|
||||||||
Equity
in (undistributed) excess distributed net income from the
Bank
|
(345 | ) | 1,598 | |||||
Increase
(decrease) in cash due to changes in:
|
||||||||
Prepaid
expenses and other assets
|
1 | (17 | ) | |||||
Accrued
expenses and other liabilities
|
(105 | ) | (34 | ) | ||||
Net
cash provided by operating activities
|
1,414 | 3,511 | ||||||
Investing
Activities
|
||||||||
Repayment
of ESOP loan
|
82 | 61 | ||||||
Net
cash provided by investing activities
|
82 | 61 | ||||||
Financing
Activities
|
||||||||
Payment
of dividends on common stock
|
(1,394 | ) | (1,518 | ) | ||||
Purchase
of treasury stock
|
(49 | ) | (2,062 | ) | ||||
Net
cash used in financing activities
|
(1,443 | ) | (3,580 | ) | ||||
Net
Change in Cash and Cash Equivalents
|
53 | (8 | ) | |||||
Cash
and Cash Equivalents at Beginning of Year
|
58 | 66 | ||||||
Cash
and Cash Equivalents at End of Year
|
$ | 111 | $ | 58 |
Note
22:
|
Quarterly
Financial Data (Unaudited)
|
Three
Months Ended
|
||||||||||||||||
2009:
|
June
30,
|
September
30,
|
December
31,
|
March
31,
|
||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||
Total
interest income
|
$ | 5,432 | $ | 5,432 | $ | 5,408 | $ | 5,200 | ||||||||
Total
interest expense
|
2,587 | 2,382 | 2,290 | 2,062 | ||||||||||||
Net
interest income
|
2,845 | 3,050 | 3,118 | 3,138 | ||||||||||||
Provision
for loan losses
|
61 | 100 | 185 | 722 | ||||||||||||
Noninterest
income
|
429 | 450 | 421 | 433 | ||||||||||||
Noninterest
expense
|
2,515 | 2,575 | 2,568 | 2,749 | ||||||||||||
Income
before income taxes (credits)
|
698 | 825 | 786 | 100 | ||||||||||||
Federal
income taxes (credits)
|
167 | 224 | 202 | (47 | ) | |||||||||||
Net
income
|
$ | 531 | $ | 601 | $ | 584 | $ | 147 | ||||||||
Earnings
per share
|
||||||||||||||||
Basic
|
$ | 0.18 | $ | 0.21 | $ | 0.20 | $ | 0.05 | ||||||||
Diluted
|
$ | 0.18 | $ | 0.21 | $ | 0.20 | $ | 0.05 |
Three
Months Ended
|
||||||||||||||||
2008:
|
June
30,
|
September
30,
|
December
31,
|
March
31,
|
||||||||||||
(In
thousands, except per share data)
|
||||||||||||||||
Total
interest income
|
$ | 5,699 | $ | 5,793 | $ | 5,826 | $ | 5,640 | ||||||||
Total
interest expense
|
2,917 | 2,975 | 3,030 | 2,871 | ||||||||||||
Net
interest income
|
2,782 | 2,818 | 2,796 | 2,769 | ||||||||||||
Provision
for loan losses
|
30 | 25 | 140 | 39 | ||||||||||||
Noninterest
income
|
448 | 469 | 458 | 546 | ||||||||||||
Noninterest
expense
|
2,494 | 2,530 | 2,543 | 2,711 | ||||||||||||
Income
before income taxes
|
706 | 732 | 571 | 565 | ||||||||||||
Federal
income taxes
|
183 | 185 | 125 | 117 | ||||||||||||
Net
income
|
$ | 523 | $ | 547 | $ | 446 | $ | 448 | ||||||||
Earnings
per share
|
||||||||||||||||
Basic
|
$ | .17 | $ | .18 | $ | .14 | $ | .16 | ||||||||
Diluted
|
$ | .17 | $ | .18 | $ | .14 | $ | .16 |
/s/
Phillip E. Becker
|
/s/
H. Stewart Fitz Gibbon III
|
|
Phillip
E. Becker
|
H.
Stewart Fitz Gibbon III
|
|
President
& Chief Executive Officer
|
Executive
Vice President & Chief Financial Officer
|
|
June
12, 2009
|
June
12, 2009
|
|
(i)
|
Report
of Independent Registered Public Accounting
Firm;
|
|
(ii)
|
Consolidated
Balance Sheets;
|
|
(iii)
|
Consolidated
Statements of Income;
|
|
(iv)
|
Consolidated
Statements of Stockholders’ Equity;
|
|
(v)
|
Consolidated
Statements of Cash Flows; and
|
|
(vi)
|
Notes
to Consolidated Financial
Statements.
|
Exhibit
Number
|
Description
|
|
3.1(1)
|
Articles
of Incorporation
|
|
3.2(1)
|
Bylaws
|
|
4.0(2)
|
Form
of Common Stock Certificate of Wayne Savings Bancshares,
Inc.
|
|
10.1(3)
|
Employment
Agreement between Wayne Savings Community Bank and Steven G. Dimos dated
April 14, 2008
|
|
10.2(4)
|
Employment
Agreement between Wayne Savings Community Bank and H.
Stewart Fitz Gibbon III dated November 14, 2005
|
|
10.3(4)
|
Employment
Agreement between Wayne Savings Community Bank and Phillip E. Becker dated
February 15, 2005
|
|
10.4(5)
|
The
Wayne Savings and Loan Company 1993 Incentive Stock Option
Plan
|
|
10.5(6)
|
Wayne
Savings Bancshares, Inc. Amended and Restated 2003 Stock Option
Plan
|
|
11.0(7)
18.1
|
Statement
re: computation of per share earnings
Preferability
Letter from BKD, LLP.
|
|
21.0
|
Subsidiaries
of Registrant-Reference is made to Item 1 – "Business" for the Required
Information
|
|
23.0
|
Consent
of BKD, LLP
|
|
31.1
|
Certification
pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange
Act of 1934 of the Chief Executive Officer
|
|
31.2
|
Certification
pursuant to Rule 13a-14(a) and 15d-14(a) of the Securities Exchange
Act of 1934 of the Chief Financial Officer
|
|
32.0
|
Certification
pursuant to 18 U.S.C. Section 1350
|
|
(1)
|
Filed
as exhibits to the Plan of Conversion and Reorganization filed as Exhibit
2 to the Registrant's registration statement on Form SB-2, initially filed
on September 18, 2001, as amended (Registration No.
333-69600).
|
|
(2)
|
Filed
as Exhibit 4, to the Registrant's registration statement on Form SB-2,
initially filed on September 18, 2001, as amended (Registration No.
333-69600).
|
|
(3)
|
Incorporated
by reference to the Exhibits to the Company's Form 8-K filed on April
18, 2008 (File No. 000-23433).
|
|
(4)
|
Incorporated
by reference to the Exhibits to the Company's Form 8-K filed
on December 6, 2006 (File No.
000-23433).
|
|
(5)
|
Incorporated
by reference from the Company's Registration Statement on Form S-8 filed
on December 4, 1997 (File No.
333-41479).
|
|
(6)
|
Incorporated
by reference from the Company's Registration Statement on Form S-8 filed
on October 5, 2004 (File No.
333-119556).
|
|
(7)
|
Incorporated
by reference to Note A.8. of "Notes to Consolidated Financial Statements"
in Item 8 hereof.
|
|
(b)
|
The
Exhibits listed under (a)(3) of this Item 15 are filed
herewith.
|
|
(c)
|
Reference
is made to (a)(2) of this Item 15.
|
WAYNE
SAVINGS BANCSHARES, INC.
|
||||
Date:
|
June
12, 2009
|
By:
|
/s/Phillip E. Becker
|
|
Phillip
E. Becker
|
||||
President
and Chief Executive Officer
|
||||
Pursuant
to the requirements of the Securities Exchange of 1934, this report has
been signed below by the following persons on behalf of the Registrant and
in the capacities and on the dates indicated.
|
||||
By:
|
/s/Phillip E. Becker
|
By:
|
/s/H. Stewart Fitz Gibbon
III
|
|
Phillip
E. Becker, President and
|
H.
Stewart Fitz Gibbon III, Executive Vice President,
|
|||
Chief
Executive Officer and Director
|
Chief
Financial Officer, Corporate Secretary and
|
|||
(Principal
Executive Officer)
|
Treasurer
|
|||
Date:
|
June
12, 2009
|
Date:
|
June
12, 2009
|
|
By:
|
/s/Myron Swartzentruber
|
By:
|
/s/Peggy J. Schmitz
|
|
Myron
Swartzentruber, Vice President
|
Peggy
J. Schmitz, Director
|
|||
Controller
(Principal Accounting Officer)
|
||||
Date:
|
June
12, 2009
|
Date:
|
June
12, 2009
|
|
By:
|
/s/Rodney C. Steiger
|
By:
|
/s/James C. Morgan
|
|
Rodney
C. Steiger, Director
|
James
C. Morgan, Director
|
|||
Date:
|
June
12, 2009
|
Date:
|
June
12, 2009
|
|
By:
|
/s/Terry A. Gardner
|
By:
|
/s/Russell L. Harpster
|
|
Terry
A. Gardner, Director
|
Russell
L. Harpster,
|
|||
|
Chairman
of the Board of Directors
|
|||
Date:
|
June
12, 2009
|
Date:
|
June
12, 2009
|
|
By:
|
/s/Daniel R. Buehler
|
|||
Daniel
R. Buehler, Director
|
||||
Date:
|
June
12, 2009
|