MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED BALANCE SHEETS
| January 31, 2008 |
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 |
$ | 5,632 | $ | 6,803 | |||
| Federal funds sold and overnight deposits |
5,895 | 3,919 | |||||
| Total cash and cash equivalents |
11,527 | 10,722 | |||||
| Investment securities: |
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| Securities available-for-sale, at fair value |
46,903 | 43,885 | |||||
| Securities held-to-maturity (fair value of $41,881 and $36,583, respectively) |
41,370 | 37,002 | |||||
| Total investment securities |
88,273 | 80,887 | |||||
| Loans receivable, net |
128,803 | 137,003 | |||||
| Accrued interest receivable |
1,144 | 1,125 | |||||
| Real estate held for investment |
318 | 327 | |||||
| Premises and equipment |
10,484 | 9,113 | |||||
| Deposits with The Co-operative Central Bank |
449 | 449 | |||||
| Stock in Federal Home Loan Bank of Boston, at cost |
1,650 | 1,650 | |||||
| Refundable income taxes |
39 | 244 | |||||
| Other assets |
653 | 787 | |||||
| Total assets |
$ | 243,340 | $ | 242,307 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY |
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| Deposits |
$ | 202,887 | $ | 200,859 | |||
| Advances and borrowings |
18,913 | 20,558 | |||||
| Advances from borrowers for taxes and insurance |
308 | 334 | |||||
| Deferred income taxes |
120 | 92 | |||||
| Allowance for loan losses on off-balance sheet credit exposures |
110 | 130 | |||||
| Accrued expenses and other liabilities |
780 | 717 | |||||
| Total liabilities |
223,118 | 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 2,096,799 at January 31, 2008 and 2,095,856 at April 30, 2007 |
2,097 | 2,096 | |||||
| Additional paid-in capital |
4,250 | 4,254 | |||||
| Retained earnings |
13,643 | 13,485 | |||||
| Accumulated other comprehensive income (loss) |
232 | (218 | ) | ||||
| Total stockholders’ equity |
20,222 | 19,617 | |||||
| Total liabilities and stockholders’ equity |
$ | 243,340 | $ | 242,307 | |||
See accompanying notes to consolidated financial statements
2
MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF INCOME
Unaudited
| Three months ended January 31, |
Nine months ended January 31, | |||||||||||
| 2008 | 2007 | 2008 | 2007 | |||||||||
| (In Thousands, Except Per Share Data) | ||||||||||||
| Interest income: |
||||||||||||
| Loans receivable |
$ | 2,260 | $ | 2,436 | $ | 7,072 | $ | 7,286 | ||||
| Securities held-to-maturity |
446 | 343 | 1,270 | 1,068 | ||||||||
| Securities available-for-sale |
610 | 568 | 1,762 | 1,687 | ||||||||
| Federal funds sold and interest bearing deposits in banks |
59 | 16 | 152 | 26 | ||||||||
| Total interest income |
3,375 | 3,363 | 10,256 | 10,067 | ||||||||
| Interest expense: |
||||||||||||
| Deposits |
1,489 | 1,357 | 4,410 | 3,820 | ||||||||
| Borrowed funds |
213 | 277 | 717 | 871 | ||||||||
| Total interest expense |
1,702 | 1,634 | 5,127 | 4,691 | ||||||||
| Net interest income |
1,673 | 1,729 | 5,129 | 5,376 | ||||||||
| Provision for loan losses |
— | 30 | — | 90 | ||||||||
| Net interest income after provision for loan losses |
1,673 | 1,699 | 5,129 | 5,286 | ||||||||
| Noninterest income: |
||||||||||||
| Loan origination and other loan fees |
25 | 29 | 94 | 122 | ||||||||
| Customer service fees |
167 | 170 | 547 | 544 | ||||||||
| Gain on sales of mortgage loans |
96 | 60 | 161 | 116 | ||||||||
| Gain on sales of investment securities |
28 | — | 31 | — | ||||||||
| Other |
82 | 65 | 191 | 148 | ||||||||
| Total noninterest income |
398 | 324 | 1,024 | 930 | ||||||||
| Noninterest expense: |
||||||||||||
| Compensation and fringe benefits |
884 | 922 | 2,728 | 2,675 | ||||||||
| Occupancy and equipment |
277 | 244 | 801 | 716 | ||||||||
| FDIC assessment |
5 | 6 | 17 | 18 | ||||||||
| Data processing |
78 | 71 | 223 | 214 | ||||||||
| Other |
413 | 460 | 1,263 | 1,377 | ||||||||
| Total noninterest expense |
1,657 | 1,703 | 5,032 | 5,000 | ||||||||
| Income before income taxes |
414 | 320 | 1,121 | 1,216 | ||||||||
| Provision for income taxes |
125 | 104 | 334 | 417 | ||||||||
| Net income |
$ | 289 | $ | 216 | $ | 787 | $ | 799 | ||||
| Earnings per share (basic) |
$ | 0.14 | $ | 0.10 | $ | 0.38 | $ | 0.38 | ||||
| Earnings per share (diluted) |
$ | 0.14 | $ | 0.10 | $ | 0.37 | $ | 0.37 | ||||
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 Other Comprehensive Income (loss) |
Total | ||||||||||||||||
| (In Thousands) | ||||||||||||||||||||
| BALANCE, April 30, 2006 |
$ | 2,074 | $ | 4,131 | $ | 13,274 | $ | (887 | ) | $ | 18,592 | |||||||||
| Net income for the 9 months ended January 31, 2007 |
— | — | 799 | — | 799 | |||||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||||||
| Change in unrealized loss on securities available-for-sale, net of deferred income taxes of $298,000 |
— | — | — | 493 | 493 | |||||||||||||||
| Total comprehensive income |
— | — | — | — | 1,292 | |||||||||||||||
| Issuance of 18,190 shares $1 par value common stock |
18 | 92 | — | — | 110 | |||||||||||||||
| Cash dividends paid ($.30 per share) |
— | — | (626 | ) | — | (626 | ) | |||||||||||||
| BALANCE, January 31, 2007 |
$ | 2,092 | $ | 4,223 | $ | 13,447 | $ | (394 | ) | $ | 19,368 | |||||||||
| BALANCE, April 30, 2007 |
$ | 2,096 | $ | 4,254 | $ | 13,485 | $ | (218 | ) | $ | 19,617 | |||||||||
| Net income for the 9 months ended January 31, 2008 |
— | — | 787 | — | 787 | |||||||||||||||
| Other comprehensive income, net of tax: |
||||||||||||||||||||
| Change in unrealized gain/loss on securities available-for-sale, net of deferred income taxes of $259,000 |
— | — | — | 471 | 471 | |||||||||||||||
| Reclassification adjustment for gains included in net income, net of deferred income taxes of $10,000 |
— | — | — | (21 | ) | (21 | ) | |||||||||||||
| 450 | ||||||||||||||||||||
| Total comprehensive income |
— | — | — | — | 1,237 | |||||||||||||||
| Issuance of 8,343 shares $1 par value common stock |
8 | 78 | — | — | 86 | |||||||||||||||
| Purchase of Company stock |
(7 | ) | (82 | ) | — | — | (89 | ) | ||||||||||||
| Cash dividends paid ($.30 per share) |
— | — | (629 | ) | — | (629 | ) | |||||||||||||
| BALANCE, January 31, 2008 |
$ | 2,097 | $ | 4,250 | $ | 13,643 | $ | 232 | $ | 20,222 | ||||||||||
See accompanying notes to consolidated financial statements.
4
MAYFLOWER BANCORP, INC. AND SUBSIDIARY
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine months ended January 31, |
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| 2008 | 2007 | |||||||
| (In Thousands) | ||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: |
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| Interest received |
$ | 10,268 | $ | 10,208 | ||||
| Fees and other income received |
952 | 891 | ||||||
| Interest paid |
(5,134 | ) | (4,725 | ) | ||||
| Cash paid to suppliers and employees |
(4,638 | ) | (4,503 | ) | ||||
| Income taxes paid |
(350 | ) | (679 | ) | ||||
| Net cash provided by operating activities |
1,098 | 1,192 | ||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: |
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| Net decrease in loans receivable |
8,241 | 2,941 | ||||||
| Purchases of available-for-sale securities |
(17,706 | ) | (3,173 | ) | ||||
| Proceeds from sales, calls, and maturities of available-for-sale securities |
15,410 | 4,697 | ||||||
| Purchase of held-to-maturity securities |
(14,515 | ) | ||||||