UNIVERSAL BANCORP
Consolidated Balance Sheets
(In Thousands)
December 31, | June 30, | December 31, | ||||||||||
2017 | 2017 | 2016 | ||||||||||
(Unaudited) | (Audited) | (Unaudited) | ||||||||||
Assets | ||||||||||||
Cash and due from banks | $ | 10,173 | $ | 11,689 | $ | 11,034 | ||||||
Federal funds sold | 4,001 | 3,313 | 39 | |||||||||
Total cash and cash equivalents | 14,174 | 15,002 | 11,073 | |||||||||
Interest-bearing balances in other financial | ||||||||||||
institutions | 2,584 | 2,932 | 2,932 | |||||||||
Securities available-for-sale | 89,134 | 89,477 | 86,231 | |||||||||
Loans held for sale | - | 1,226 | - | |||||||||
Loans | 262,061 | 268,815 | 263,303 | |||||||||
Less: Allowance for loan losses | (3,324 | ) | (3,406 | ) | (3,696 | ) | ||||||
Loans, net | 258,737 | 265,409 | 259,607 | |||||||||
Federal Home Loan Bank stock | 1,637 | 1,637 | 1,637 | |||||||||
Bank owned life insurance | 7,530 | 7,444 | 7,357 | |||||||||
Premises, furniture and equipment | 6,270 | 6,574 | 6,602 | |||||||||
Accrued interest receivable | 1,325 | 1,179 | 1,206 | |||||||||
Goodwill | 1,895 | 1,895 | 1,895 | |||||||||
Other real estate owned | 1,878 | 5,139 | 5,250 | |||||||||
Other assets | 4,236 | 4,599 | 5,607 | |||||||||
Total assets | $ | 389,400 | $ | 402,513 | $ | 389,397 | ||||||
Liabilities and Shareholders' Equity | ||||||||||||
Liabilities | ||||||||||||
Noninterest-bearing deposits | $ | 92,286 | $ | 89,155 | $ | 85,388 | ||||||
Interest-bearing deposits | 222,525 | 234,286 | 225,694 | |||||||||
Total deposits | 314,811 | 323,441 | 311,082 | |||||||||
Federal Home Loan Bank advances | 25,876 | 27,421 | 29,455 | |||||||||
Other borrowings | 5,000 | 7,595 | 8,110 | |||||||||
Accrued interest payable | 72 | 82 | 65 | |||||||||
Other liabilities | 419 | 521 | 352 | |||||||||
Total liabilities | 346,178 | 359,060 | 349,064 | |||||||||
Shareholders' equity | ||||||||||||
Common stock, 100,000 shares | ||||||||||||
authorized and outstanding | 100 | 100 | 100 | |||||||||
Treasury stock - 24,004 shares | (3,596 | ) | (3,596 | ) | (3,596 | ) | ||||||
Surplus | 4,903 | 4,903 | 4,903 | |||||||||
Undivided profits | 42,051 | 41,529 | 39,832 | |||||||||
Accumulated other comprehensive income (loss) | (236 | ) | 517 | (906 | ) | |||||||
Total shareholders' equity | 43,222 | 43,453 | 40,333 | |||||||||
Total liabilities and stockholders' equity | $ | 389,400 | $ | 402,513 | $ | 389,397 |
UNIVERSAL BANCORP
Consolidated Statements of Income and Comprehensive Income
(In Thousands)
6 mos ended | 6 mos ended | |||||||
December 31, | December 31, | |||||||
2017 | 2016 | |||||||
(Unaudited) | (Unaudited) | |||||||
Interest income | ||||||||
Loans, including related fees | $ | 7,211 | $ | 6,998 | ||||
Securities | ||||||||
Taxable | 550 | 488 | ||||||
Tax exempt | 709 | 709 | ||||||
Other | 53 | 42 | ||||||
8,523 | 8,237 | |||||||
Interest expense | ||||||||
Deposits | 479 | 465 | ||||||
Other | 358 | 334 | ||||||
837 | 799 | |||||||
Net interest income | 7,686 | 7,438 | ||||||
Provision for loan losses | - | 60 | ||||||
Net interest income after provision for loan losses | 7,686 | 7,378 | ||||||
Non-interest income | ||||||||
Service charges on deposits accounts | 235 | 267 | ||||||
Mortgage banking income | 396 | 501 | ||||||
Gain on sales of securities | 30 | 55 | ||||||
Loan servicing income | 208 | 199 | ||||||
Other | 361 | 378 | ||||||
1,230 | 1,400 | |||||||
Non-interest expense | ||||||||
Salaries and employee benefits | 4,111 | 3,774 | ||||||
Occupancy and equipment | 1,426 | 1,208 | ||||||
Loan collection and other real estate expenses | (87 | ) | 795 | |||||
FDIC insurance expense | 80 | 67 | ||||||
Other | 1,545 | 1,342 | ||||||
7,075 | 7,186 | |||||||
Income before income taxes | 1,841 | 1,592 | ||||||
Income tax expense | 1,319 | 427 | ||||||
Net income | $ | 522 | $ | 1,165 | ||||
Other comprehensive income (loss) | ||||||||
Unrealized gains/(losses) on securities | (753 | ) | (2,279 | ) | ||||
Comprehensive income (loss) | $ | (231 | ) | $ | (1,114 | ) |