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Company Strategy |
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A federal mutual holding company that is a subject to regulation by the Office of Thrift Supervision. |
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Product/Services Portfolio |
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The Company’s primary business is attracting retail deposits from the general public and using those deposits, together with funds generated from operations, principal repayments on securities and loans and borrowed funds, for its lending and investing activities. The Company’s loan portfolio consists of one-to-four family residential real estate mortgages, home equity loans and lines of credit,
commercial real estate mortgages, construction loans, commercial loans, and consumer loans. The Company also invests in U.S. government obligations and mortgage-backed securities.
The Company’s primary lending activity consists of the origination of one-to-four family first mortgage loans. Fixed rate, conventional mortgage loans are offered by the Bank with terms from 5 to 30 years. The Company also originates fixed rate balloon mortgages with terms of 3 to 10 years and flexible amortizations.
The Company provides financing on residential investment properties with either 3 to 10 year balloon mortgages or 5 to 30 year fixed duration mortgages. At the end of each term a balloon mortgage on an investment property may be paid off in full with no penalty or, provided that the loan is in good standing and there has been no negative change in value of the collateral, the Company may extend the existing mortgage on new terms, at a new interest rate.
The Company generally originates one-to-four family first mortgage loans, for primary residence or investment, for up to 80% loan-to-value.
The Company’s commercial real estate lending includes multi-family dwellings/apartment buildings, service/retail and mixed-use properties, churches and non-profit properties, medical and dental facilities and other commercial real estate. The Company’s commercial real estate mortgage loans are either 3 to 10 year balloon mortgages (with a maximum amortization period of 25 years) or 15 year fixed duration mortgages.
The Company’s consumer lending products consist of new and used auto loans, secured and unsecured personal loans, account loans and overdraft lines of credit. The maximum term for a loan on a new or used automobile is six years or four years, respectively.
The Company offers fixed rate home equity loans and variable rate home equity lines of credit with a minimum credit limit of $5,000. Collateral valuation is established through a variety of methods, including an on-line appraisal valuation estimator, drive by appraisals, recent assessed tax value, purchase price or consideration value as evidenced by a deed or property search report or a report of real estate comparables from a licensed realtor.
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Investment Analysis |
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Net income for the year ended June 30, 2006 was $1.4 million, a 7.2% decrease compared to net income of $1.5 million for the year ended June 30, 2005.
Net interest income for the year ended June 30, 2006 amounted to $7.5 million and was $88,000 or 1.2% higher than net interest
income for the year ended June 30, 2005 of $7.4 million.
Non-interest income fell by $26,000 for the year ended June 30, 2006 as compared to the year ended June 30, 2005.
Total non-interest expenses grew by 6.1% during the year ended June 30, 2006 and by 10.9% during the year ended June 30, 2005.
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Income Data (Thousand $ Except EPS) |
| Year |
Revenues |
Costs |
Oper Income |
Taxes |
Net Income |
EPS |
| 2004
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0.00 |
0.00 |
0.00 |
948 |
1,448 |
144.80 |
| 2005
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0.00 |
0.00 |
0.00 |
919 |
1,511 |
151.10 |
| 2006
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0.00 |
0.00 |
0.00 |
834 |
1,402 |
140.20 |
| *Year ended June 30
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Balance Sheet Data
(Thousand $) |
Year |
Cash |
Acct Recv. |
Inventory |
Total Cur Assets |
Total Cur Liability |
PPE |
Total Assets |
LT Debt |
SH Equity |
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2005 |
5,666 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
237,869 |
0.00 |
18,089 |
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2006 |
5,881 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
270,184 |
0.00 |
19,491 |
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*Year ended June 30
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| Cash
Flow Summary
(Thousand $) |
Year |
Net Cash-Ops |
Net Cash-Inv |
Net Cash-Fin |
Net Change |
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2004 |
1,769 |
-28,919 |
17,612 |
-9,538 |
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2005 |
1,792 |
-20,090 |
20,164 |
1,866 |
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2006 |
1,495 |
-32,149 |
30,869 |
215 |
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*Year ended June 30
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- Avoid 
- Short-Term Growth
- Long-Term Growth 
- Long-Term Value 
