American Bancorp of New Jersey, Inc. (NASDAQ: ABNJ) ("American")
announced today earnings of $2,133,000 for the year ended September
30, 2006. By comparison, net income for the year ended September
30, 2005 was $2,043,000. Basic and diluted earnings per share for
the year ended September 30, 2006 were $0.16 and $0.16,
respectively. By comparison, for the year ended September 30, 2005,
basic and diluted earnings per share were $0.15 and $0.15,
respectively after adjusting for the exchange of shares relating to
the Company�s recent second-step conversion. On October 5, 2005,
American Savings, MHC closed its second step conversion. Through
this transaction, the Company replaced ASB Holding Company as the
holding company of American Bank of New Jersey, a federally
chartered stock savings bank which conducts business from its main
office in Bloomfield, New Jersey and one branch office in Cedar
Grove, New Jersey. Upon closing the conversion, each share of ASB
Holding Company stock was exchanged for 2.55102 shares of American
Bancorp of New Jersey, Inc. The earnings for the year ended
September 30, 2005 reported by American are those of ASB Holding
Company. For the year ended September 30, 2006, loans receivable,
net increased $57.6 million or 16.9% to $398.6 million from $341.0
million at September 30, 2005. The growth was comprised of net
increases in multi-family, commercial real estate and construction
loans totaling $30.5 million, coupled with net increases in
commercial and business loans totaling $5.3 million. Together, net
growth in these loan balances totaled $35.8 million comprising
nearly two-thirds of the Company�s net increase in loans receivable
for the year. The remaining net growth in loans included increases
in 1-4 family mortgages, including equity loans and home equity
lines of credit, totaling $22.2 million. For that same period, the
balance of the Company�s cash and cash equivalents decreased by a
net of $118.6 million. This net decrease funded the return of
approximately $33.7 million in oversubscriptions relating to the
Company�s second step conversion which closed October 5, 2005. The
decrease in cash and cash equivalents also funded net growth in
investment securities for the year of $14.9 million. The remaining
net reduction in cash served as the primary funding source for the
net growth in loans reported for the year. Deposits decreased by
$13.8 million or 4.0% to $327.1 million at September 30, 2006 from
$340.9 million at September 30, 2005. This decrease included net
outflows of $6.7 million from one municipal account relationship of
which a significant portion related to disbursements made by the
municipality to fund the completed stages of a capital improvement
project. The remaining outflows were attributable to a loss of
deposits resulting from the interest rates paid by a highly
competitive marketplace. Offsetting this outflow of deposits, in
part, was an increase of $2.3 million in short term borrowings from
the Federal Home Loan Bank. Finally, of the $115.2 million of stock
subscriptions held at September 30, 2005, $81.5 million was
utilized to purchase Company shares in the second step conversion
and, as noted earlier, $33.7 million were returned as
oversubscriptions. The continued growth in the Company�s commercial
lending activities contributed significantly to improved yields on
earning assets, which increased 29 basis points from 4.84% to
5.13%. However, these improved yields were more than offset by
increases in the cost of interest-bearing liabilities which grew by
76 basis points from 2.56% to 3.32%. This increase in interest
costs was largely attributable to higher costs of interest-bearing
deposits, which grew 87 basis points from 2.16% to 3.03%.
Consequently, the Company reported a lower net interest spread for
the year ended September 30, 2006 from that reported for the prior
year ended September 30, 2005. For those comparative periods, the
Company�s net interest spread shrank 46 basis points from 2.28% to
1.82%. The factors resulting in the compression of the Company�s
net interest spread also impacted the Company�s net interest
margin. However, the effects of that compression were more than
offset by the impact of the additional capital raised in the
Company�s second-step conversion. As a result, the Company�s net
interest margin increased 14 basis points from 2.60% for the year
ended September 30, 2005 to 2.74% for the year ended September 30,
2006. Overall loan growth and improvements in net interest margin
contributed significantly to a $2.5 million or 22.5% improvement in
net interest income from $11.1 million for the year ended September
30, 2005 to $13.5 million for the year ended September 30, 2006.
This improvement was offset, in part, by comparatively higher
provisions for loan losses. For those same comparative periods, the
Company�s net loan loss provision increased $384,000 from $81,000
to $465,000. The increase in loan loss provision was primarily
attributable to the comparatively higher net growth in our
commercial loan portfolio. Noninterest income decreased $175,000
from $1,196,000 for the year ended September 30, 2005 to $1,021,000
for the year ended September 30, 2006. This reduction in
noninterest income was primarily attributable to a $271,000 loss on
sale of an underperforming investment security during the first
quarter of fiscal 2006 compared with similar losses of $16,000 in
fiscal 2005. Offsetting the net $255,000 increase in security sale
losses was comparatively higher income from cash surrender value of
life insurance of approximately $45,000 and increases to deposit
service fees and charges of $32,000. Excluding the security sale
losses, the comparative improvement in net interest and noninterest
income were largely offset by increases to noninterest expense.
Noninterest expense increased $1.7 million from $8.9 million for
the year ended September 30, 2005 to $10.7 million for the year
ended September 30, 2006. Significant components of this growth in
operating costs include comparative increases to salaries and
employee benefits of $1.0 million, increased occupancy and
equipment costs of $119,000, increases in advertising and marketing
costs of $62,000, comparatively higher legal costs of $52,000,
increases in professional and consulting costs of $257,000 and
increases to other non interest expenses of $247,000. The
comparative $1.0 million increase in salaries and employee benefits
from fiscal 2005 to fiscal 2006 includes increases of $448,000 to
employee salaries and payroll taxes. Such increases were primarily
attributable to growth in the Company�s commercial lending staff
and additions to retail deposit staff in anticipation of the
Company�s next branch opening. Other noteworthy increases to
salaries and employee benefits resulted from the completion of
Company�s second step conversion and the subsequent implementation
of the Company�s 2006 Equity Incentive Plan approved by
shareholders in May, 2006. ESOP costs increased $310,000 from
$270,000 for fiscal 2005 to $580,000 for fiscal 2006. For those
same comparative periods, restricted stock plan costs increased
$405,000 from $207,000 to $612,000. Finally, the Company began
recognizing stock options expense beginning in fiscal 2006. For the
year ended September 30, 2006, the Company recorded $384,000 in
stock options expense for which no comparative expense was recorded
in the prior fiscal year. Offsetting these increases in fiscal 2006
was a comparative $413,000 decrease in expenses relating to the
Company�s director retirement plan. Plan expenses for fiscal 2005
which totaled $477,000 had reflected expense accrual adjustments
resulting from changes to the benefit terms of that plan. By
comparison, directors retirement plan expenses for fiscal 2006
totaled $64,000 reflecting no such changes to plan benefit terms.
The comparative increase in occupancy and equipment costs of
$119,000 for the year ended September 30, 2006 from the prior
fiscal year was attributable, in part, to the recognition of
approximately $91,000 of deposit branch acquisition costs relating
to sites for which the Bank and/or Seller were unable to fulfill
the conditional terms of the sales contract. Such expenses would
have been capitalized into the depreciable cost of the branch had
they come to fruition. Notwithstanding these challenges, the
Company continues to pursue its deposit branch growth strategy.
Toward that end, the Bank has nearly completed the construction of
a full service branch located along Bloomfield Avenue in Verona,
New Jersey. The remaining increase in occupancy and equipment costs
is attributable primarily to additional property tax expense
relating to that branch. Additionally, the Company recently
received the requisite municipal approvals needed to construct a
full service branch on a site in Clifton, New Jersey. Other
increases in noninterest expense for those same comparative periods
included increases in advertising and marketing expenses of $62,000
attributable primarily to costs associated with enhanced corporate
and lending marketing programs. Legal expenses for the year ended
September 30, 2006 were $52,000 higher than those recorded for
fiscal 2005. This comparative increase in legal expenses was
attributable, in large part, to the Company�s annual meeting held
in May, 2006 and matters addressed by shareholders at that time.
Professional and consulting fees increased $257,000 to $531,000 for
the year ended September 30, 2006 from $274,000 for fiscal 2005. In
large part, these increases were attributable to audit and
consulting costs incurred by the Company relating to compliance
with the Sarbanes Oxley Act of 2002 and the outsourcing of other
internal audit and compliance-related services. Finally, the
Company recognized noteworthy increases in a variety of other
noninterest expenses in fiscal 2006 compared with fiscal 2005.
Other noninterest expenses increased $247,000 from $752,000 for the
year ended September 30, 2005 to $999,000 for the year ended
September 30, 2006. A significant portion of this increase was
directly attributable to the Company�s conversion into a fully
public entity. Such cost increases include those associated with
corporate insurance, transfer agent services, NASDAQ membership
fees and regulatory oversight costs. Additional increases in other
noninterest expense resulted from the implementation of the
Company�s strategic growth and business diversification strategies.
For example, the Company recognized a substantial portion of the
general and administrative �start up costs� of its new deposit
branch in the fourth quarter of fiscal 2006. The Verona branch
location is scheduled to open in the first quarter of fiscal 2007.
The following table presents selected comparative financial data
for the periods ended September 30, 2006 and September 30, 2005 and
selected comparative operating data for the fiscal years ended on
those same dates. FINANCIAL HIGHLIGHTS (unaudited) At September 30,
2006� 2005� Balance % Total Assets Balance % Total Assets SELECTED
FINANCIAL DATA: Assets Cash and cash equivalents $ 7,165� 1.39% $
125,773� 22.63% Securities available-for-sale 74,523� 14.49�
62,337� 11.21� Securities held-to-maturity 10,547� 2.05� 7,824�
1.41� Loans held for sale -� -� 280� 0.05� Loans receivable, net
398,624� 77.51� 341,006� 61.36� Premises and equipment 6,523� 1.27�
4,131� 0.74� Federal Home Loan Bank stock 3,356� 0.65� 3,119� 0.56�
Cash surrender value of life insurance 8,747� 1.70� 7,512� 1.35�
Accrued interest receivable 1,979� 0.38� 1,468� 0.26� Other assets
� 2,855� 0.56� � 2,410� 0.43� Total Assets $ 514,319� 100.00� $
555,860� 100.00� Liabilities and equity Deposits $ 327,147� 63.61%
$ 340,925� 61.33% Stock subscriptions received -� -� 115,201�
20.72� Advances for taxes and insurance 2,466� 0.48� 2,443� 0.44�
Borrowings 56,075� 10.90� 53,734� 9.67� Other liabilities 3,770�
0.73� 3,578� 0.64� Amount reclassified on ESOP shares -� -� 473�
0.09� Equity 124,861� 24.28� 39,506� 7.11� Total liabilities and
equity $ 514,319� 100.00% $ 555,860� 100.00% � Loan Data % Total
Loans % Total Loans 1-4 family mortgage loans $ 272,318� 68.32% $
259,289� 76.04% Home equity loans 12,294� 3.08� 8,814� 2.58� Home
equity lines of credit 19,194� 4.82� 13,455� 3.95� Multifamily
mortgage loans 35,059� 8.80� 27,489� 8.06� Nonresidential mortgage
loans 38,394� 9.63� 31,072� 9.11� Land and property acquisition
loans 534� 0.13� -� -� Construction loans 16,155� 4.05� 1,098�
0.32� Commercial loans 6,078� 1.52� 746� 0.22� Consumer loans 720�
0.18� 701� 0.21� Allowance for loans losses � (2,122) (0.53) �
(1,658) (0.49) Loans receivable, net $ 398,624� 100.00% $ 341,006�
100.00% � Deposit Data % Total Deposits % Total Deposits
Noninterest-bearing deposits 23,545� 7.20� 25,583� 7.50�
Interest-bearing checking 31,429� 9.61� 39,264� 11.52� Savings
107,008� 32.71� 123,270� 36.16� Certificates of deposit � 165,165�
50.48� � 152,808� 44.82� Deposits � 327,147� 100.00� � 340,925�
100.00� FINANCIAL HIGHLIGHTS (continued) (unaudited) For the year
ended September 30, � 2006� 2005� SELECTED OPERATING DATA: Total
interest income $ 25,344� $ 20,601� Total interest expense �
11,802� 9,546� Net interest income 13,542� 11,055� Provision for
loan losses � 465� 81� Net interest income after provision for loan
losses 13,077� 10,974� Noninterest income 1,021� 1,196� Noninterest
expense � 10,657� 8,924� Income before income taxes 3,441� 3,246�
Income tax provision � 1,308� 1,203� Net income $ 2,133� $ 2,043� �
At or for years ended September 30, � 2006� 2005� SELECTED
FINANCIAL DATA: Performance Ratios: Return on average assets 0.42%
0.46% Return on average equity 1.68� 5.30� Net interest rate spread
1.82� 2.28� Net interest margin 2.74� 2.60� Operating (noninterest)
expense to average total assets 2.08� 2.02� Efficiency Ratio 73.18�
72.84� Average interest-earning assets to average interest-bearing
liabilities 138.70� 114.30� Capital Ratios: Equity to total assets
at end of period 24.28� 7.11� Average equity to average assets
24.72� 8.74� Asset Quality Ratios: Non-performing loans to total
loans 0.52� 0.34� Non-performing assets to total assets 0.41� 0.21�
Net charge offs to average loans outstanding 0.00� 0.00� Allowance
for loan losses to non-performing loans 101.64� 142.62� Allowance
for loan losses to total loans 0.53� 0.48� � PER SHARE DATA:
Earnings per share Basic $ 0.16� $ 0.15� Diluted $ 0.16� $ 0.15�
The foregoing material contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
concerning our financial condition, results of operations and
business. We caution that such statements are subject to a number
of uncertainties and actual results could differ materially, and,
therefore, readers should not place undue reliance on any
forward-looking statements. We do not undertake, and specifically
disclaim, any obligation to publicly release the results of any
revisions that may be made to any forward-looking statements to
reflect the occurrence of anticipated or unanticipated events or
circumstances after the date of such statements. American Bancorp
of New Jersey, Inc. (NASDAQ: ABNJ) ("American") announced today
earnings of $2,133,000 for the year ended September 30, 2006. By
comparison, net income for the year ended September 30, 2005 was
$2,043,000. Basic and diluted earnings per share for the year ended
September 30, 2006 were $0.16 and $0.16, respectively. By
comparison, for the year ended September 30, 2005, basic and
diluted earnings per share were $0.15 and $0.15, respectively after
adjusting for the exchange of shares relating to the Company's
recent second-step conversion. On October 5, 2005, American
Savings, MHC closed its second step conversion. Through this
transaction, the Company replaced ASB Holding Company as the
holding company of American Bank of New Jersey, a federally
chartered stock savings bank which conducts business from its main
office in Bloomfield, New Jersey and one branch office in Cedar
Grove, New Jersey. Upon closing the conversion, each share of ASB
Holding Company stock was exchanged for 2.55102 shares of American
Bancorp of New Jersey, Inc. The earnings for the year ended
September 30, 2005 reported by American are those of ASB Holding
Company. For the year ended September 30, 2006, loans receivable,
net increased $57.6 million or 16.9% to $398.6 million from $341.0
million at September 30, 2005. The growth was comprised of net
increases in multi-family, commercial real estate and construction
loans totaling $30.5 million, coupled with net increases in
commercial and business loans totaling $5.3 million. Together, net
growth in these loan balances totaled $35.8 million comprising
nearly two-thirds of the Company's net increase in loans receivable
for the year. The remaining net growth in loans included increases
in 1-4 family mortgages, including equity loans and home equity
lines of credit, totaling $22.2 million. For that same period, the
balance of the Company's cash and cash equivalents decreased by a
net of $118.6 million. This net decrease funded the return of
approximately $33.7 million in oversubscriptions relating to the
Company's second step conversion which closed October 5, 2005. The
decrease in cash and cash equivalents also funded net growth in
investment securities for the year of $14.9 million. The remaining
net reduction in cash served as the primary funding source for the
net growth in loans reported for the year. Deposits decreased by
$13.8 million or 4.0% to $327.1 million at September 30, 2006 from
$340.9 million at September 30, 2005. This decrease included net
outflows of $6.7 million from one municipal account relationship of
which a significant portion related to disbursements made by the
municipality to fund the completed stages of a capital improvement
project. The remaining outflows were attributable to a loss of
deposits resulting from the interest rates paid by a highly
competitive marketplace. Offsetting this outflow of deposits, in
part, was an increase of $2.3 million in short term borrowings from
the Federal Home Loan Bank. Finally, of the $115.2 million of stock
subscriptions held at September 30, 2005, $81.5 million was
utilized to purchase Company shares in the second step conversion
and, as noted earlier, $33.7 million were returned as
oversubscriptions. The continued growth in the Company's commercial
lending activities contributed significantly to improved yields on
earning assets, which increased 29 basis points from 4.84% to
5.13%. However, these improved yields were more than offset by
increases in the cost of interest-bearing liabilities which grew by
76 basis points from 2.56% to 3.32%. This increase in interest
costs was largely attributable to higher costs of interest-bearing
deposits, which grew 87 basis points from 2.16% to 3.03%.
Consequently, the Company reported a lower net interest spread for
the year ended September 30, 2006 from that reported for the prior
year ended September 30, 2005. For those comparative periods, the
Company's net interest spread shrank 46 basis points from 2.28% to
1.82%. The factors resulting in the compression of the Company's
net interest spread also impacted the Company's net interest
margin. However, the effects of that compression were more than
offset by the impact of the additional capital raised in the
Company's second-step conversion. As a result, the Company's net
interest margin increased 14 basis points from 2.60% for the year
ended September 30, 2005 to 2.74% for the year ended September 30,
2006. Overall loan growth and improvements in net interest margin
contributed significantly to a $2.5 million or 22.5% improvement in
net interest income from $11.1 million for the year ended September
30, 2005 to $13.5 million for the year ended September 30, 2006.
This improvement was offset, in part, by comparatively higher
provisions for loan losses. For those same comparative periods, the
Company's net loan loss provision increased $384,000 from $81,000
to $465,000. The increase in loan loss provision was primarily
attributable to the comparatively higher net growth in our
commercial loan portfolio. Noninterest income decreased $175,000
from $1,196,000 for the year ended September 30, 2005 to $1,021,000
for the year ended September 30, 2006. This reduction in
noninterest income was primarily attributable to a $271,000 loss on
sale of an underperforming investment security during the first
quarter of fiscal 2006 compared with similar losses of $16,000 in
fiscal 2005. Offsetting the net $255,000 increase in security sale
losses was comparatively higher income from cash surrender value of
life insurance of approximately $45,000 and increases to deposit
service fees and charges of $32,000. Excluding the security sale
losses, the comparative improvement in net interest and noninterest
income were largely offset by increases to noninterest expense.
Noninterest expense increased $1.7 million from $8.9 million for
the year ended September 30, 2005 to $10.7 million for the year
ended September 30, 2006. Significant components of this growth in
operating costs include comparative increases to salaries and
employee benefits of $1.0 million, increased occupancy and
equipment costs of $119,000, increases in advertising and marketing
costs of $62,000, comparatively higher legal costs of $52,000,
increases in professional and consulting costs of $257,000 and
increases to other non interest expenses of $247,000. The
comparative $1.0 million increase in salaries and employee benefits
from fiscal 2005 to fiscal 2006 includes increases of $448,000 to
employee salaries and payroll taxes. Such increases were primarily
attributable to growth in the Company's commercial lending staff
and additions to retail deposit staff in anticipation of the
Company's next branch opening. Other noteworthy increases to
salaries and employee benefits resulted from the completion of
Company's second step conversion and the subsequent implementation
of the Company's 2006 Equity Incentive Plan approved by
shareholders in May, 2006. ESOP costs increased $310,000 from
$270,000 for fiscal 2005 to $580,000 for fiscal 2006. For those
same comparative periods, restricted stock plan costs increased
$405,000 from $207,000 to $612,000. Finally, the Company began
recognizing stock options expense beginning in fiscal 2006. For the
year ended September 30, 2006, the Company recorded $384,000 in
stock options expense for which no comparative expense was recorded
in the prior fiscal year. Offsetting these increases in fiscal 2006
was a comparative $413,000 decrease in expenses relating to the
Company's director retirement plan. Plan expenses for fiscal 2005
which totaled $477,000 had reflected expense accrual adjustments
resulting from changes to the benefit terms of that plan. By
comparison, directors retirement plan expenses for fiscal 2006
totaled $64,000 reflecting no such changes to plan benefit terms.
The comparative increase in occupancy and equipment costs of
$119,000 for the year ended September 30, 2006 from the prior
fiscal year was attributable, in part, to the recognition of
approximately $91,000 of deposit branch acquisition costs relating
to sites for which the Bank and/or Seller were unable to fulfill
the conditional terms of the sales contract. Such expenses would
have been capitalized into the depreciable cost of the branch had
they come to fruition. Notwithstanding these challenges, the
Company continues to pursue its deposit branch growth strategy.
Toward that end, the Bank has nearly completed the construction of
a full service branch located along Bloomfield Avenue in Verona,
New Jersey. The remaining increase in occupancy and equipment costs
is attributable primarily to additional property tax expense
relating to that branch. Additionally, the Company recently
received the requisite municipal approvals needed to construct a
full service branch on a site in Clifton, New Jersey. Other
increases in noninterest expense for those same comparative periods
included increases in advertising and marketing expenses of $62,000
attributable primarily to costs associated with enhanced corporate
and lending marketing programs. Legal expenses for the year ended
September 30, 2006 were $52,000 higher than those recorded for
fiscal 2005. This comparative increase in legal expenses was
attributable, in large part, to the Company's annual meeting held
in May, 2006 and matters addressed by shareholders at that time.
Professional and consulting fees increased $257,000 to $531,000 for
the year ended September 30, 2006 from $274,000 for fiscal 2005. In
large part, these increases were attributable to audit and
consulting costs incurred by the Company relating to compliance
with the Sarbanes Oxley Act of 2002 and the outsourcing of other
internal audit and compliance-related services. Finally, the
Company recognized noteworthy increases in a variety of other
noninterest expenses in fiscal 2006 compared with fiscal 2005.
Other noninterest expenses increased $247,000 from $752,000 for the
year ended September 30, 2005 to $999,000 for the year ended
September 30, 2006. A significant portion of this increase was
directly attributable to the Company's conversion into a fully
public entity. Such cost increases include those associated with
corporate insurance, transfer agent services, NASDAQ membership
fees and regulatory oversight costs. Additional increases in other
noninterest expense resulted from the implementation of the
Company's strategic growth and business diversification strategies.
For example, the Company recognized a substantial portion of the
general and administrative "start up costs" of its new deposit
branch in the fourth quarter of fiscal 2006. The Verona branch
location is scheduled to open in the first quarter of fiscal 2007.
The following table presents selected comparative financial data
for the periods ended September 30, 2006 and September 30, 2005 and
selected comparative operating data for the fiscal years ended on
those same dates. -0- *T FINANCIAL HIGHLIGHTS (unaudited) At
September 30, 2006 2005 ------------------- ------------------- %
Total % Total Balance Assets Balance Assets --------- ---------
SELECTED FINANCIAL DATA: Assets Cash and cash equivalents $ 7,165
1.39% $125,773 22.63% Securities available-for-sale 74,523 14.49
62,337 11.21 Securities held-to-maturity 10,547 2.05 7,824 1.41
Loans held for sale - - 280 0.05 Loans receivable, net 398,624
77.51 341,006 61.36 Premises and equipment 6,523 1.27 4,131 0.74
Federal Home Loan Bank stock 3,356 0.65 3,119 0.56 Cash surrender
value of life insurance 8,747 1.70 7,512 1.35 Accrued interest
receivable 1,979 0.38 1,468 0.26 Other assets 2,855 0.56 2,410 0.43
--------- --------- --------- --------- Total Assets $514,319
100.00 $555,860 100.00 ========= ========= ========= =========
Liabilities and equity Deposits $327,147 63.61% $340,925 61.33%
Stock subscriptions received - - 115,201 20.72 Advances for taxes
and insurance 2,466 0.48 2,443 0.44 Borrowings 56,075 10.90 53,734
9.67 Other liabilities 3,770 0.73 3,578 0.64 Amount reclassified on
ESOP shares - - 473 0.09 Equity 124,861 24.28 39,506 7.11 Total
liabilities and equity $514,319 100.00% $555,860 100.00% =========
========= ========= ========= % Total % Total Loan Data Loans Loans
--------- --------- 1-4 family mortgage loans $272,318 68.32%
$259,289 76.04% Home equity loans 12,294 3.08 8,814 2.58 Home
equity lines of credit 19,194 4.82 13,455 3.95 Multifamily mortgage
loans 35,059 8.80 27,489 8.06 Nonresidential mortgage loans 38,394
9.63 31,072 9.11 Land and property acquisition loans 534 0.13 - -
Construction loans 16,155 4.05 1,098 0.32 Commercial loans 6,078
1.52 746 0.22 Consumer loans 720 0.18 701 0.21 Allowance for loans
losses (2,122) (0.53) (1,658) (0.49) --------- --------- ---------
--------- Loans receivable, net $398,624 100.00% $341,006 100.00%
========= ========= ========= ========= % Total % Total Deposit
Data Deposits Deposits --------- --------- Noninterest-bearing
deposits 23,545 7.20 25,583 7.50 Interest-bearing checking 31,429
9.61 39,264 11.52 Savings 107,008 32.71 123,270 36.16 Certificates
of deposit 165,165 50.48 152,808 44.82 --------- ---------
--------- --------- Deposits 327,147 100.00 340,925 100.00
========= ========= ========= ========= *T -0- *T FINANCIAL
HIGHLIGHTS (continued) (unaudited) For the year ended September 30,
2006 2005 ------------ ----------- SELECTED OPERATING DATA: Total
interest income $ 25,344 $20,601 Total interest expense 11,802
9,546 ------------ ----------- Net interest income 13,542 11,055
Provision for loan losses 465 81 ------------ ----------- Net
interest income after provision for loan losses 13,077 10,974
Noninterest income 1,021 1,196 Noninterest expense 10,657 8,924
------------ ----------- Income before income taxes 3,441 3,246
Income tax provision 1,308 1,203 ------------ ----------- Net
income $ 2,133 $2,043 ============ =========== At or for years
ended September 30, 2006 2005 ------------ ----------- SELECTED
FINANCIAL DATA: Performance Ratios: Return on average assets 0.42%
0.46% Return on average equity 1.68 5.30 Net interest rate spread
1.82 2.28 Net interest margin 2.74 2.60 Operating (noninterest)
expense to average total assets 2.08 2.02 Efficiency Ratio 73.18
72.84 Average interest-earning assets to average interest-bearing
liabilities 138.70 114.30 Capital Ratios: Equity to total assets at
end of period 24.28 7.11 Average equity to average assets 24.72
8.74 Asset Quality Ratios: Non-performing loans to total loans 0.52
0.34 Non-performing assets to total assets 0.41 0.21 Net charge
offs to average loans outstanding 0.00 0.00 Allowance for loan
losses to non-performing loans 101.64 142.62 Allowance for loan
losses to total loans 0.53 0.48 PER SHARE DATA: Earnings per share
Basic $ 0.16 $ 0.15 Diluted $ 0.16 $ 0.15 *T The foregoing material
contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995 concerning our
financial condition, results of operations and business. We caution
that such statements are subject to a number of uncertainties and
actual results could differ materially, and, therefore, readers
should not place undue reliance on any forward-looking statements.
We do not undertake, and specifically disclaim, any obligation to
publicly release the results of any revisions that may be made to
any forward-looking statements to reflect the occurrence of
anticipated or unanticipated events or circumstances after the date
of such statements.
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