XOTC:FSBC Quarterly Report 10-Q Filing - 3/31/2012

Effective Date 3/31/2012

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t73545_10q.htm


UNITED STATES
 SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 10-Q
 
x
Quarterly Report Pursuant To Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the quarterly period ended March 31, 2012
OR
o
Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
For the transition period from _______________ to ______________________
 
Commission File No. 001-52751
 
 
FSB Community Bankshares, Inc.
 
(Exact name of registrant as specified in its charter)
 
United States  
 74-3164710
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer
Identification Number)
 
     
 45 South Main Street, Fairport, New York
     14450
 
(Address of Principal Executive Offices)
 
             Zip Code
                                                   
 
 (585) 223-9080
 
(Registrant’s telephone number)
 
 
N/A
 
(Former name or former address, if changed since last report)
               
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such requirements for the past 90 days.
YES x    NO o.
 
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).
YES x    NO o.
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one)
 
Large accelerated filer          o
 
Accelerated filer                                o
Non-accelerated filer             o
 
Smaller reporting company              x
(Do not check if smaller reporting company)
   
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES o     NO x
 
As of May 14, 2012 there were 1,785,000 shares of the Registrant’s common stock, par value $0.10 per share, outstanding, 946,050 of which were held by FSB Community Bankshares, MHC, the Registrant’s mutual holding company.
 
 
 

 
 
FSB Community Bankshares, Inc.
FORM 10-Q
 
Index
 
       
Page
Part I. Financial Information
   
         
Item 1.
 
Consolidated Financial Statements (unaudited)
   
         
   
Consolidated Balance Sheets as of March 31, 2012 and December 31, 2011
 
1
         
   
Consolidated Statements of Income for the Three Months Ended March 31, 2012 and 2011
 
2
         
   
Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2012 and 2011
 
3
         
   
Consolidated Statements of Stockholders’ Equity for the Three Months Ended March 31, 2012 and 2011
 
4
         
   
Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2012 and 2011
 
5
         
   
Notes to Consolidated Financial Statements
 
7
         
Item 2.
 
Management’s Discussion and Analysis of Financial Condition and Results of Operations
 
19
         
Item 3.
 
Quantitative and Qualitative Disclosures about Market Risk
 
28
         
Item 4.
 
Controls and Procedures
 
28
         
Part II. Other Information
   
         
Item 1.
 
Legal Proceedings
 
28
         
Item 1A.
 
Risk Factors
 
28
         
Item 2.
 
Unregistered Sales of Equity Securities and Use of Proceeds
 
28
         
Item 3.
 
Defaults upon Senior Securities
 
29
         
Item 4.
 
Mine Safety Disclosures
 
29
         
Item 5.
 
Other Information
 
29
         
Item 6.
 
Exhibits
 
29
         
   
Signature Page
 
30
 
 
 
 

 

Part I. Financial Information
 
Item 1. Consolidated Financial Statements
 
FSB COMMUNITY BANKSHARES, INC.
 
Consolidated Balance Sheets
March 31, 2012 and December 31, 2011 (unaudited)
(Dollars in thousands, except share data)
 
 
 
March 31,
2012
   
December 31, 2011
 
             
 Assets            
Cash and due from banks
  $ 1,360     $ 799  
Interest-earning demand deposits
    6,983       8,238  
Cash and Cash Equivalents
    8,343       9,037  
                 
Securities available for sale
    60,042       68,410  
Securities held to maturity (fair value 2012 $7,448; 2011 $7,499)
    7,168       7,230  
Investment in FHLB stock
    1,263       1,401  
Loans held for sale
    1,160       1,535  
Loans receivable, net of allowance for loan losses (2012 $404; 2011 $411)
    129,939       126,742  
Bank owned life insurance
    3,293       3,265  
Accrued interest receivable
    731       884  
Premises and equipment, net
    3,548       3,654  
Prepaid FDIC premium
    402       437  
Other assets
    719       656  
Total Assets
  $ 216,608     $ 223,251  
                 
Liabilities & Stockholders’ Equity
               
Liabilities
               
                 
Deposits:
               
Non-interest-bearing
  $ 4,871     $ 4,523  
Interest-bearing
    167,060       170,579  
 Total Deposits
    171,931       175,102  
                 
Borrowings
    21,163       24,178  
Advances from borrowers for taxes and insurance
    1,464       2,059  
Official bank checks
    869       342  
Other liabilities
    551       727  
Total Liabilities
    195,978       202,408  
                 
Stockholders’ Equity
               
                 
                 
Preferred Stock- no par value- 1,000,000 shares authorized; no shares issued and outstanding
    -       -  
                 
Common Stock- $0.10 par value – 10,000,000 shares authorized; 1,785,000 shares issued and outstanding
    179       179  
Additional paid-in-capital
    7,259       7,262  
Retained earnings
    13,352       13,465  
Accumulated other comprehensive income
    356       462  
Unearned ESOP shares – at cost
    (516 )     (525 )
 Total Stockholders’ Equity
    20,630       20,843  
                 
 Total Liabilities and Stockholders’ Equity
  $ 216,608     $ 223,251  
 
See accompanying notes to consolidated financial statements
 
 
1

 

 
FSB COMMUNITY BANKSHARES, INC.
 
Consolidated Statements of Income
Three Months Ended March 31, 2012 and 2011 (unaudited)
(Dollars in thousands, except per share data)
 
   
2012
   
2011
 
             
Interest and Dividend Income
           
Loans
  $ 1,580     $ 1,524  
Securities – taxable
    174       264  
Securities – tax exempt
    15       12  
Mortgage-backed securities
    192       240  
Other
    2       2  
Total Interest and Dividend Income
    1,963       2,042  
                 
Interest Expense
               
Deposits
    447       505  
Borrowings
    210       229  
Total Interest Expense
    657       734  
                 
Net Interest Income
    1,306       1,308  
Provision for Loan Losses
    8       8  
Net Interest Income After Provision for Loan Losses
    1,298       1,300  
                 
Other Income
               
Service fees
    47       44  
Fee income
    25       3  
Realized gain on sale of securities
    266       -  
Increase in cash surrender value of bank owned life insurance
    28       30  
Realized gain on sale of loans
    127       46  
Mortgage fee income
    86       55  
Other
    33       30  
Total Other Income
    612       208  
                 
Other Expense
               
Salaries and employee benefits
    981       855  
Occupancy expense
    216       173  
Data processing costs
    21       27  
Advertising
    64       43  
Equipment expense
    151       125  
Electronic banking
    11       22  
Directors’ fees
    32       32  
Mortgage fees and taxes
    69       55  
FDIC premium expense
    38       70  
Audit and taxes
    28       34  
FHLB prepayment penalty
    268       -  
Other expense
    215       161  
Total Other Expense
    2,094       1,597  
                 
Loss Before Income Taxes
    (184 )     (89 )
                 
Benefit for Income Taxes
    (71 )     (43 )
                 
Net Loss
  $ (113 )   $ (46 )
 
Loss per common share
  $ (0.07 )   $ (0.03 )
 
See accompanying notes to consolidated financial statements
 
 
2

 
 
FSB COMMUNITY BANKSHARES, INC.
 
Consolidated Statements of Comprehensive Income
Three Months Ended March 31, 2012 and 2011 (unaudited)
(Dollars in thousands)
 
       
   
2012
   
2011
 
             
Other Comprehensive Loss Net of Tax
           
Net unrealized gains (losses) for the period on available for sale securities
  $ 106     $ (347 )
Reclassification adjustment for realized gains included in net loss
    (266 )     -  
Other Comprehensive Loss, Before Tax
    (160 )     (347 )
                 
Income Tax Benefit Related to Other Comprehensive Loss
    54       118  
 Other Comprehensive Loss, Net of Tax
    (106 )     (229 )
                 
 Net Loss
    (113 )     (46 )
 
 Comprehensive Loss
  $ (219 )   $ (275 )
 
See accompanying notes to consolidated financial statements
 
 
3

 
 
FSB COMMUNITY BANKSHARES, INC.
 
Consolidated Statements of Stockholders’ Equity
Three Months Ended March 31, 2012 and 2011 (unaudited)
(Dollars in thousands)
 
   
Common
Stock
   
Additional
Paid in
Capital
   
Retained
Earnings
   
Accumulated Other Comprehensive Income
   
Unearned
ESOP
Shares
   
Total
 
Balance – January 1, 2011
  $ 179     $ 7,269     $ 13,537     $ 67     $ (560 )   $ 20,492  
                                                 
Comprehensive loss:
                                               
Net loss
    -       -       (46 )     -       -       (46 )
Other comprehensive loss, net of tax
    -       -       -       (229 )     -       (229 )
Total Comprehensive Loss
                                            (275 )
ESOP shares committed to be released (875 shares)
    -       (1 )     -       -       9       8  
Balance – March 31, 2011
  $ 179     $ 7,268     $ 13,491     $ (162 )   $ (551 )   $ 20,225  
                                                 
Balance – January 1, 2012
  $ 179     $ 7,262     $ 13,465     $ 462     $ (525 )   $ 20,843  
                                                 
Comprehensive loss:
                                               
Net loss
    -       -       (113 )     -       -       (113 )
Other comprehensive loss, net of tax
    -       -       -       (106 )     -       (106 )
Total Comprehensive Loss
                                            (219 )
ESOP shares committed to be released (875 shares)
    -       (3 )     -       -       9       6  
Balance – March 31, 2012
  $ 179     $ 7,259     $ 13,352     $ 356     $ (516 )   $ 20,630  
 
See accompanying notes to consolidated financial statements
 
 
4

 
 
FSB COMMUNITY BANKSHARES, INC.
 
Consolidated Statements of Cash Flows
 Three Months Ended March 31, 2012 and 2011 (unaudited)
 (Dollars in thousands)
       
   
2012
   
2011
 
Cash Flows From Operating Activities
           
Net loss
  $ (113 )   $ (46 )
Adjustments to reconcile net loss to net cash provided by operating activities:
               
Net amortization of premiums and discounts on investments
    195       174  
Gain on sale of securities
    (266 )     -  
Gain on sale of loans
    (127 )     (46 )
Proceeds from loans sold
    3,622       83  
Loans originated for sale
    (3,120 )     (37 )
Amortization of net deferred loan origination costs
    5       5  
Amortization of premium on FHLB advances
    50       49  
FHLB prepayment penalty
    268       -  
Depreciation and amortization
    132       98  
Provision for loan losses
    8       8  
Expense related to ESOP
    6       8  
Deferred income tax benefit
    (88 )     (59 )
Earnings on investment in bank owned life insurance
    (28 )     (30 )
Decrease in accrued interest receivable
    153       59

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