MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
| October 31, 2007 |
April 30, 2007 |
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| (unaudited) | (audited) | |||||||
| (in Thousands) | ||||||||
| ASSETS |
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| Cash and cash equivalents: |
||||||||
| Cash and due from banks |
$ | 4,659 | $ | 6,803 | ||||
| Federal funds sold and overnight deposits |
4,847 | 3,919 | ||||||
| Total cash and cash equivalents |
9,506 | 10,722 | ||||||
| Investment securities: |
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| Securities available-for-sale, at fair value |
45,827 | 43,885 | ||||||
| Securities held-to-maturity (fair value of $37,922 and $36,583 respectively) |
38,193 | 37,002 | ||||||
| Total investment securities |
84,020 | 80,887 | ||||||
| Loans receivable, net |
134,591 | 137,003 | ||||||
| Accrued interest receivable |
1,154 | 1,125 | ||||||
| Real estate held for investment |
321 | 327 | ||||||
| Premises and equipment |
8,946 | 9,113 | ||||||
| Deposits with The Cooperative Central Bank |
449 | 449 | ||||||
| Stock in Federal Home Loan Bank of Boston, at cost |
1,650 | 1,650 | ||||||
| Refundable income taxes |
49 | 244 | ||||||
| Deferred income taxes |
156 | — | ||||||
| Other assets |
946 | 787 | ||||||
| Total assets |
$ | 241,788 | $ | 242,307 | ||||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Deposits |
$ | 201,730 | $ | 200,859 | ||||
| Advances and borrowings |
19,129 | 20,558 | ||||||
| Advances from borrowers for taxes and insurance |
451 | 334 | ||||||
| Deferred income taxes |
— | 92 | ||||||
| Allowance for loan losses on off-balance sheet credit exposures |
110 | 130 | ||||||
| Accrued expenses and other liabilities |
763 | 717 | ||||||
| Total liabilities |
222,183 | 222,690 | ||||||
| STOCKHOLDERS’ EQUITY |
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| Preferred stock $1.00 par value; authorized 5,000,000 shares; issued - none |
— | — | ||||||
| Common stock $1.00 par value; authorized 15,000,000 shares; issued 2,096,506 at October 31, 2007 and 2,095,856 at April 30, 2007 |
2,097 | 2,096 | ||||||
| Additional paid-in capital |
4,257 | 4,254 | ||||||
| Retained earnings |
13,564 | 13,485 | ||||||
| Accumulated other comprehensive income (loss) |
(313 | ) | (218 | ) | ||||
| Total stockholders’ equity |
19,605 | 19,617 | ||||||
| Total liabilities and stockholders’ equity |
$ | 241,788 | $ | 242,307 | ||||
See accompanying notes to consolidated financial statements
2
MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
| Three months ended October 31, |
Six months ended October 31, | |||||||||||
| 2007 | 2006 | 2007 | 2006 | |||||||||
| (In Thousands, Except Per Share Data) | ||||||||||||
| Interest income: |
||||||||||||
| Loans receivable |
$ | 2,347 | $ | 2,431 | $ | 4,812 | $ | 4,850 | ||||
| Securities held-to-maturity |
425 | 357 | 824 | 725 | ||||||||
| Securities available-for-sale |
593 | 563 | 1,152 | 1,119 | ||||||||
| Federal funds sold and interest bearing deposits in banks |
60 | 9 | 93 | 10 | ||||||||
| Total interest income |
3,425 | 3,360 | 6,881 | 6,704 | ||||||||
| Interest expense: |
||||||||||||
| Deposits |
1,483 | 1,278 | 2,921 | 2,463 | ||||||||
| Borrowed funds |
251 | 292 | 504 | 594 | ||||||||
| Total interest expense |
1,734 | 1,570 | 3,425 | 3,057 | ||||||||
| Net interest income |
1,691 | 1,790 | 3,456 | 3,647 | ||||||||
| Provision for loan losses |
— | 30 | — | 60 | ||||||||
| Net interest income after provision for loan losses |
1,691 | 1,760 | 3,456 | 3,587 | ||||||||
| Noninterest income: |
||||||||||||
| Loan origination and other loan fees |
35 | 47 | 69 | 93 | ||||||||
| Customer service fees |
178 | 182 | 380 | 374 | ||||||||
| Gain on sales of mortgage loans |
56 | 32 | 65 | 56 | ||||||||
| Gain on sales of investment securities |
3 | — | 3 | — | ||||||||
| Other |
54 | 42 | 109 | 83 | ||||||||
| Total noninterest income |
326 | 303 | 626 | 606 | ||||||||
| Noninterest expense: |
||||||||||||
| Compensation and fringe benefits |
908 | 871 | 1,844 | 1,753 | ||||||||
| Occupancy and equipment |
257 | 226 | 524 | 472 | ||||||||
| FDIC assessment |
6 | 6 | 12 | 12 | ||||||||
| Data processing |
75 | 71 | 145 | 143 | ||||||||
| Other |
411 | 458 | 850 | 917 | ||||||||
| Total noninterest expense |
1,657 | 1,632 | 3,375 | 3,297 | ||||||||
| Income before income taxes |
360 | 431 | 707 | 896 | ||||||||
| Provision for income taxes |
104 | 148 | 209 | 313 | ||||||||
| Net income |
$ | 256 | $ | 283 | $ | 498 | $ | 583 | ||||
| Earnings per share (basic) |
$ | 0.12 | $ | 0.14 | $ | 0.24 | $ | 0.28 | ||||
| Earnings per share (diluted) |
$ | 0.12 | $ | 0.13 | $ | 0.23 | $ | 0.27 | ||||
See accompanying notes to consolidated financial statements
3
MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
(Unaudited)
| Common Stock |
Additional Paid-in Capital |
Retained Earnings |
Accumulated (loss) |
Total | ||||||||||||||||
| (In Thousands) | ||||||||||||||||||||
| BALANCE, April 30, 2006 |
$ | 2,074 | $ | 4,131 | $ | 13,274 | $ | (887 | ) | $ | 18,592 | |||||||||
| Net income for the six months ended October 31, 2006 |
— | — | 583 | — | 583 | |||||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||||||
| Change in unrealized loss on securities available-for-sale, net of deferred income taxes of $277,000 |
— | — | — | 459 | 459 | |||||||||||||||
| Total comprehensive income |
— | — | — | — | 1,042 | |||||||||||||||
| Issuance of 18,190 shares $1 par value common stock |
18 | 92 | — | — | 110 | |||||||||||||||
| Cash dividends paid ($.20 per share) |
— | — | (417 | ) | — | (417 | ) | |||||||||||||
| BALANCE, October 31, 2006 |
$ | 2,092 | $ | 4,223 | $ | 13,440 | $ | (428 | ) | $ | 19,327 | |||||||||
| BALANCE, April 30, 2007 |
$ | 2,096 | $ | 4,254 | $ | 13,485 | $ | (218 | ) | $ | 19,617 | |||||||||
| Net income for the six months ended October 31, 2007 |
— | — | 498 | — | 498 | |||||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||||||
| Change in unrealized loss on securities available-for-sale, net of deferred income taxes of $26,000 |
— | — | — | (93 | ) | (93 | ) | |||||||||||||
| Reclassification adjustment for gains included in net income, net of deferred income taxes of $1,000 |
— | — | — | (2 | ) | (2 | ) | |||||||||||||
| (95 | ) | |||||||||||||||||||
| Total comprehensive income |
— | — | — | — | 403 | |||||||||||||||
| Issuance of 2,100 shares $1 par value common stock |
2 | 19 | — | — | 21 | |||||||||||||||
| Purchase of Company stock |
(1 | ) | (16 | ) | — | — | (17 | ) | ||||||||||||
| Cash dividends paid ($.20 per share) |
— | — | (419 | ) | — | (419 | ) | |||||||||||||
| BALANCE, October 31, 2007 |
$ | 2,097 | $ | 4,257 | $ | 13,564 | $ | (313 | ) | $ | 19,605 | |||||||||
See accompanying notes to consolidated financial statements.
4
MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Six months ended October 31, |
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| 2007 | 2006 | |||||||
| (In Thousands) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
||||||||
| Interest received |
$ | 6,875 | $ | 6,856 | ||||
| Fees and other income received |
614 | 574 | ||||||
| Interest paid |
(3,431 | ) | (3,081 | ) | ||||
| Cash paid to suppliers and employees |
(3,115 | ) | (3,040 | ) | ||||
| Income taxes paid |
(236 | ) | (480 | ) | ||||
| Net cash provided by operating activities |
707 | 829 | ||||||