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

Effective Date 3/31/2012

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q
(Mark One)
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
 
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                     to  __________________

Commission file number 0-50969
 
 
ROEBLING FINANCIAL CORP, INC.
 
(Exact name of Registrant as specified in its charter)
 
New Jersey
 
55-0873295
(State or other jurisdiction of incorporation or organization)   (I.R.S. employer identification no.)
 
Route 130 South and Delaware Avenue, Roebling, New  Jersey    
08554
(Address of principal executive offices)   (Zip Code)
 
Registrant’s telephone number   (609) 499-9400
 
 
N/A
 
(Former name, former address and former fiscal year, 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 filing requirements for the past 90 days:  Yes   X      No       

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 (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).   x Yes  ¨ No

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.
 
 
Large accelerated filer o
 
Accelerated filer o
 
Non-accelerated filer o
(Do not check if a smaller reporting company)
 
Smaller reporting company x

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ___  No   X   

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date: May 10, 2012
 
Class
 
Outstanding
$.10 par value common stock   1,686,527 shares

 
 

 
ROEBLING FINANCIAL CORP, INC.
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2012

INDEX

 
Page
Number
PART I - FINANCIAL INFORMATION OF ROEBLING FINANCIAL CORP, INC.
 
Item 1.
Consolidated Financial Statements and Notes Thereto
1-17
Item 2.
Management’s Discussion and Analysis of Financial Condition
   and Results of Operations
18-22
Item 3
Quantitative and Qualitative Disclosures About Market Risk
22
Item 4.
Controls and Procedures
22
     
PART II - OTHER INFORMATION
 
Item 1.
Legal Proceedings
23
Item 1A.
Risk Factors
23
Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
23
Item 3.
Defaults upon Senior Securities
23
Item 4.
Mine Safety Disclosures
23
Item 5.
Other Information
23
Item 6.
Exhibits
23-24
     
SIGNATURES
25

 
 
 
 
 
ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
           
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
       
             
(Unaudited)
           
             
(In thousands, except share and per share data)
           
   
March 31,
   
September 30,
 
   
2012
   
2011
 
             
Assets
           
             
Cash and due from banks
  $ 742     $ 747  
Interest-bearing deposits
    6,929       3,081  
     Total cash and cash equivalents
    7,671       3,828  
                 
Securities available for sale
    39,282       42,818  
Securities held to maturity
    102       109  
Loans receivable, net
    109,374       108,616  
Real estate owned
    444       1,611  
Accrued interest receivable
    493       516  
Federal Home Loan Bank of New York stock, at cost
    854       545  
Premises and equipment
    3,175       3,159  
Other assets
    2,297       2,666  
     Total assets
  $ 163,692     $ 163,868  
                 
Liabilities and Stockholders' Equity
               
                 
Liabilities
               
                 
Deposits
  $ 131,811     $ 139,219  
Borrowed funds
    12,855       6,000  
Advances from borrowers for taxes and insurance
    605       525  
Other liabilities
    1,660       1,494  
     Total liabilities
    146,931       147,238  
                 
Stockholders' equity
               
                 
Serial preferred stock, $0.10 par value; 5,000,000 shares authorized;
         
  none issued
    -       -  
Common stock; $0.10 par value; 20,000,000 shares authorized;
               
  1,718,473 issued
    172       172  
Additional paid-in-capital
    10,297       10,314  
Treasury stock; 31,946 shares, at cost
    (190 )     (190 )
Unallocated employee stock ownership plan shares
    (194 )     (233 )
Unallocated restricted stock plan shares
    (97 )     (87 )
Deferred compensation obligation
    285       285  
Stock purchased for deferred compensation plan
    (285 )     (285 )
Retained earnings - substantially restricted
    6,054       5,942  
Accumulated other comprehensive income (loss):
               
  Unrealized gain on securities available for sale, net of tax
    812       810  
  Defined benefit plan, net of tax
    (93 )     (98 )
     Total stockholders' equity
    16,761       16,630  
                 
     Total liabilities and stockholders' equity
  $ 163,692     $ 163,868  
                 
See notes to unaudited consolidated financial statements.
               

 
1

 


ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
           
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
       
             
(Unaudited)
           
             
(In thousands, except per share data)
           
      For the Three Months Ended  
      March 31,  
   
2012
   
2011
 
             
Interest income:
           
   Loans receivable
  $ 1,317     $ 1,390  
   Securities
    271       327  
   Other interest-earning assets
    8       9  
        Total interest income
    1,596       1,726  
                 
Interest expense:
               
   Deposits
    304       387  
   Borrowed funds
    45       50  
        Total interest expense
    349       437  
                 
Net interest income before provision for loan losses
    1,247       1,289  
Provision for loan losses
    0       0  
        Net interest income after provision for loan losses
    1,247       1,289  
                 
Non-interest income:
               
   Loan fees
    20       22  
   Account servicing and other
    98       94  
   Gain on sale of loans
    13       3  
        Total non-interest income
    131       119  
                 
Non-interest expense:
               
   Compensation and benefits
    594       578  
   Occupancy and equipment
    115       129  
   Service bureau and data processing
    162       131  
   Federal deposit insurance premiums
    54       80  
   Real estate owned expense, net
    220       10  
   Other expense
    236       228  
        Total non-interest expense
    1,381       1,156  
                 
        Income (loss) before income tax (benefit)
    (3 )     252  
Income tax (benefit)
    (8 )     85  
        Net income
    5       167  
                 
Other comprehensive income (loss), net of tax:
               
   Unrealized loss on securities available for sale, net of tax
    (6 )     (55 )
   Adjustment to minimum pension liability
    2       4  
Comprehensive income
  $ 1     $ 116  
                 
Earnings per common share:
               
  Basic
  $ -     $ 0.10  
  Diluted
  $ -     $ 0.10  
                 
Weighted average number of shares outstanding:
               
  Basic
    1,663       1,653  
  Diluted
    1,663       1,653  
                 
See notes to unaudited consolidated financial statements.
               

 
2

 

ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
           
CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME
       
             
(Unaudited)
           
             
(In thousands, except per share data)
           
      For the Six Months Ended  
      March 31,  
   
2012
   
2011
 
Interest income:
           
   Loans receivable
  $ 2,657     $ 2,826  
   Securities
    565       651  
   Other interest-earning assets
    15       22  
        Total interest income
    3,237       3,499  
                 
Interest expense:
               
   Deposits
    644       808  
   Borrowed funds
    95       106  
        Total interest expense
    739       914  
                 
Net interest income before provision for loan losses
    2,498       2,585  
Provision for loan losses
    0       50  
        Net interest income after provision for loan losses
    2,498       2,535  
                 
Non-interest income:
               
   Loan fees
    38       44  
   Account servicing and other
    197       195  
   Gain on sale of loans
    19       11  
        Total non-interest income
    254       250  
                 
Non-interest expense:
               
   Compensation and benefits
    1,156       1,157  
   Occupancy and equipment
    233       248  
   Service bureau and data processing
    302       260  
   Federal deposit insurance premiums
    108       160  
   Real estate owned expense, net
    329       28  
   Other expense
    461       459  
        Total non-interest expense
    2,589       2,312  
                 
        Income before income tax
    163       473  
Income tax
    51       167  
        Net income
    112       306  
                 
Other comprehensive income (loss), net of tax:
               
   Unrealized gain (loss) on securities available for sale, net of tax
    2       (296 )
   Adjustment to minimum pension liability
    5       7  
Comprehensive income
  $ 119     $ 17  
                 
Earnings per common share:
               
  Basic
  $ 0.07     $ 0.19  
  Diluted
  $ 0.07     $ 0.19  
                 
Weighted average number of shares outstanding:
               
  Basic
    1,661       1,652  
  Diluted
    1,661       1,652  
                 
See notes to unaudited consolidated financial statements.
               

 
3

 

ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
                                     
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY
                               
                                                             
(Unaudited)
                                                           
                                                             
(In thousands)
                                                           
                                       
Common
         
Accumulated
 
 
         
Additional
   
Unallocated
   
Unallocated
   
Deferred
   
Stock for
            Other
 
 
   
Common
   
Paid-in
   
Treasury
   
ESOP
   
RSP
   
Compensation
   
Deferred
   
Retained
   
Comprehensive
 
 
   
Stock
   
Capital
   
Stock
   
Shares
   
Shares
   
Obligation
   
Compensation
   
Earnings
   
Income
 
Total
 
                                                             
Balance at September 30, 2011
  $ 172     $ 10,314     $ (190 )   $ (233 )   $ (87 )   $ 285     $ (285 )   $ 5,942     $ 712     $ 16,630  
                                                                                 
Net income for the six months
                                                                         
  ended March 31, 2012
    -       -       -       -       -       -       -       112       -       112  
                                                                                 
Amortization of ESOP shares
    -       (24 )     -       39       -       -       -       -       -       15  
                                                                                 
Change in unrealized gain on
                                                                         
securities available for sale,
                                                                         
  net of tax
    -       -       -       -       -       -       -       -       2       2  
                                                                                 
Allocation of RSP shares
    -       10       -       -       (10 )     -       -       -       -       0  
                                                                                 
Tax expense of stock benefit 
  plans
    -       (3 )     -       -       -       -       -       -       -       (3 )
                                                                                 
Adjustment to mimimum pension
                                                                         
  liability, net of tax
    -       -       -       -       -       -       -       -       5       5  
                                                                                 
Balance at March 31, 2012
  $ 172     $ 10,297     $ (190 )   $ (194 )   $ (97 )   $ 285     $ (285 )   $ 6,054     $ 719     $ 16,761  
                                                                                 
See notes to unaudited consolidated financial statements.
                                                         
 
 
4

 
 
 
ROEBLING FINANCIAL CORP, INC. AND SUBSIDIARY
           
CONSOLIDATED STATEMENTS OF CASH FLOWS
           
             
(Unaudited)
           
             
(In thousands)
           
      For the Six Months Ended  
      March 31,  
   
2012
   
2011
 
Cash flows from operating activities:
           
   Net income
  $ 112     $ 306  
   Adjustments to reconcile net income to cash provided by
               
     operating activities:
               
         Depreciation
    58       63  
         Amortization of premiums and discounts, net
    27       22  
         Amortization of deferred loan fees and costs, net
    6       13  
         Provision for loan losses
    -       50  
         Provision for losses on real estate owned
    297       19  
         Gain on sale of real estate owned, net
    -       (1 )
         Originations of loans held for sale, net of repayments
    (3,153 )     (3,842 )
         Gain on sale of loans
    (19 )     (11 )
         Proceeds from sale of loans held for sale
    3,172       4,359  
         Gain on disposition of premises and equipment
    (4 )     -  
         Decrease in other assets
    364       51  
         Decrease (increase) in accrued interest receivable
    23       (9 )
         Increase in other liabilities
    172       102  
         Amortization/allocation of ESOP and RSP
    15       25  
         Increase in deferred compensation stock obligation
    -       21  
                   Net cash provided by operating activities
    1,070       1,168  
                 
Cash flows from investing activities:
               
    Purchase of securities available for sale
    (7,061 )     (10,028 )
    Proceeds from payments and maturities of securities available for sale
    10,573       8,745  
    Proceeds from payments and maturities of securities held to maturity
    7       9  
    Loan disbursements, net payments
    (777 )     (1,059 )
    Proceeds from sale of real estate owned
    883       566  
    (Purchase) redemption of Federal Home Loan Bank stock
    (309 )     23  
    Purchase of premises and equipment
    (73 )     (10 )
    Proceeds from sale of premises and equipment
    4       -  
                   Net cash provided by (used in) investing activities
    3,247       (1,754 )
                 
Cash flows from financing activities:
               
    Net decrease in deposits
    (7,408 )     (372 )
    Net increase in short-term borrowed funds
    7,855       500  
    Repayment of long-term borrowed funds
    (1,000 )     (1,000 )
    Increase in advance payments by borrowers for taxes
               
       and insurance
    79       69  
    Purchase of common shares for deferred compensation plan
    -       (21 )
                   Net cash used in financing activities
    (474 )     (824 )
                 
    Net increase (decrease) in cash and cash equivalents
    3,843       (1,410 )
    Cash and cash equivalents at beginning of period
    3,828       6,019  
    Cash and cash equivalents at end of period
  $ 7,671     $ 4,609  
                 
Supplemental Disclosures of Cash Flow Information:
               
    Cash paid for:
               
        Interest on deposits and borrowed funds
  $ 738     $ 915  
        Income taxes
    -       99  
                 
    Transfers to real estate owned
    14       714  
See notes to unaudited consolidated financial statements.
               

 
5

 

ROEBLING FINANCIAL CORP, INC.
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 - BASIS OF PRESENTATION

The accompanying unaudited consolidated financial statements of Roebling Financial Corp, Inc. (the “Company”) have been prepared in accordance with the instructions for Form 10-Q.  Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements.  However, such information presented reflects all adjustments (consisting solely of normal recurring adjustments) which are, in the opinion of the Company’s management, necessary for a fair statement of results for the interim period.

The results of operations for the three and six months ended March 31, 2012, are not necessarily indicative of the results to be expected for the year ending September 30, 2012, or any other future interim period.  The unaudited consolidated financial statements and notes thereto should be read in conjunction with the audited financial statements and notes thereto for the year ended September 30, 2011 included in the Company’s Annual Report on Form 10-K.

NOTE 2 – EARNINGS PER SHARE

Basic earnings per share is computed by dividing net income for the period by the weighted average number of shares of common stock outstanding, adjusted for unearned shares of the Employee Stock Ownership Plan (“ESOP”).  Diluted earnings per share is computed by adjusting the weighted average number of shares of common stock outstanding to include the effect of outstanding stock options and compensation grants, if dilutive, using the treasury stock method.

The following is a summary of the Company’s earnings per share calculations:
 
 
   
Three Months Ended
   
Six Months Ended
 
      March 31,       March 31,  
   
2012
   
2011
   
2012
   
2011
 
                         
Net income (loss)
  $ 4,585     $ 166,891     $ 111,603     $ 306,089  
                                 
Weighted average common shares
                               
  outstanding for computation of
                               
  basic EPS (1)
    1,662,507       1,653,357       1,661,364       1,652,213  
                                 
Common-equivalent shares due to
                               
  the dilutive effect of stock options
                               
  and RSP awards
    -       -       -       -  
                                 
Weighted-average common shares
                               
  for computation of diluted EPS
    1,662,507       1,653,357       1,661,364       1,652,213  
                                 
Earnings (loss) per common share:
                               
   Basic
  $ -     $ 0.10     $ 0.07     $ 0.19  
   Diluted
    -       0.10       0.07       0.19  
                                 
(1) Excludes unallocated ESOP shares
                               
 

 
6

 

NOTE 3 – SECURITIES AVAILABLE FOR SALE
 
     March 31, 2012  
   
Amortized
      Gross Unrealized    
Estimated
 
   
Cost
   
Gains
   
Losses
   
Fair Value
 
                         
Investment Securities
                       
   U.S. Government and Agency Securities:
                       
      Due within one year
  $ 1,000,000     $ 7,310     $ -     $ 1,007,310  
      Due after one year through five years
    6,000,000       111,230       -       6,111,230  
      Due after five years through ten years
    10,018,803       74,057       -       10,092,860  
                                 
   Marketable Equity Securities
    2,888       -       2,772       116  
                                 
   Residential Mortgage-backed Securities
    20,907,335       1,165,754       2,667       22,070,422  
                                 
    $ 37,929,026     $ 1,358,351     $ 5,439     $ 39,281,938  


     September 30, 2011  
    Amortized     Gross Unrealized     Estimated  
   
Cost
   
Gains
   
Losses
   
Fair Value
 
                         
Investment Securities
                       
   U.S. Government and Agency Securities:
                       
      Due after one year through five years
  $ 8,000,000     $ 120,410     $ -     $ 8,120,410  
      Due after five years through ten years
    10,997,704       58,196       930       11,054,970  
                                 
   Marketable Equity Securities
    2,888       -       2,792       96  
                                 
   Residential Mortgage-backed Securities
    22,467,391       1,175,179       450       23,642,120  
                                 
    $ 41,467,983     $ 1,353,785     $ 4,172     $ 42,817,596  
 
There were no sales of investment securities or mortgage-backed securities during the six months ended March 31, 2012.

The following tables provide a summary of securities available for sale which were in an unrealized loss position at March 31, 2012 and September 30, 2011.  Approximately $2,800 or 51% and $2,800 or 67% of the unrealized loss as of March 31, 2012 and September 30, 2011, respectively, was comprised of securities in a continuous loss position for twelve months or more.  Unrealized losses on government and agency and mortgage-backed debt securities are caused primarily by changes in market interest rates.  The Company does not intend to sell these securities and it is not likely that we would be required to sell them before recovery of the amortized cost basis.
 
 
 
7

 
 

       March 31, 2012  
      Under One Year       One Year or More  
                         
         
Gross
         
Gross
 
   
Estimated
   
Unrealized
   
Estimated
   
Unrealized
 
   
Fair Value
   
Loss
   
Fair Value
   
Loss
 
                         
Marketable Equity Securities
  $ -     $ -     $ 116     $ 2,772  
Residential Mortgage-backed Securities
    1,031,759       2,667       -       -  
                                 
        Total available for sale
  $ 1,031,759     $ 2,667     $ 116     $ 2,772  
 
      September 30, 2011  
      Under One Year       One Year or More  
                         
         
Gross
         
Gross
 
   
Estimated
   
Unrealized
   
Estimated
   
Unrealized
 
   
Fair Value
   
Loss
   
Fair Value
   
Loss
 
                         
U.S. Government and Agency Securities
  $ 999,070     $ 930     $ -     $ -  
Marketable Equity Securities
    -       -       96       2,792  
Residential Mortgage-backed Securities
    1,026,552       450       -       -  
                                 
        Total available for sale
  $ 2,025,622     $ 1,380     $ 96     $ 2,792  
 
NOTE 4 – SECURITIES HELD TO MATURITY


   
March 31,
   
September 30,
 
   
2012
   
2011
 
             
Residential Mortgage-backed Securities:
           
   Amortized cost
  $ 102,060     $ 109,236  
   Gross unrealized gains
    3,005       3,424  
   Gross unrealized losses
    -       -  
                 
   Estimated fair value
  $ 105,065     $ 112,660  
 
NOTE 5 – LOANS RECEIVABLE, NET

In July, 2010, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2010-20, Receivables (Topic 310): Disclosures about the Credit Quality of Financing Receivables and the Allowance for Credit Losses (“Update”).  This Update provides for additional disclosures to be used to assess an entity’s credit risk exposures and evaluate the adequacy of its allowance for credit losses.  Existing disclosures are expanded on a disaggregated basis, by portfolio segment and class of receivable.  Additional disclosures are required for aging of receivables and credit quality factors.

The Company has segmented its loans into three portfolio segments of residential, commercial purpose and consumer.  It has further disaggregated these segments into additional classes of loans.  The residential portfolio segment includes loans to consumers, secured by one-to-four family residential properties that are generally owner-occupied.  This portfolio segment includes two classes, mortgage loans and home equity loans.  Commercial purpose loans are one segment and one class of receivable.  These are loans made to individuals and businesses for business purposes.  They are generally collateralized by commercial real estate, residential properties (one-to-four or multifamily), land or business assets, and may be provided for permanent or construction financing.  The consumer portfolio segment includes non-mortgage loans to individuals for consumer purposes.  They are further categorized into three classes, including account loans, unsecured loans and other loans.

 
8

 
The following tables reflect the aging and accrual status of our loan portfolio by portfolio segment and class as of March 31, 2012 and September 30, 2011:


   
Past Due
         
Total
             
     30-59      60-89      90+                
Loans
         
90+ and
 
March 31, 2012
 
Days
   
Days
   
Days
   
Total
   
Current
   
Receivable
   
Non-accrual
   
Accruing
 
                           
(In thousands)
                   
Residential:
                                                     
  Mortgage
  $ -     $ -     $ 706     $ 706     $ 57,049     $ 57,755     $ 741     $ -  
  Home equity
    61       82       231       374       26,602       26,976       240       -  
Commercial purpose
    36       709       526       1,271       24,385       25,656       335       191  
Consumer:
                                                               
  Account loans
    -       -       -       -       42       42       -       -  
  Unsecured
    -       -       -       -       82       82       -       -  
  Other
    -       -       -       -       45       45       -       -  
    $ 97     $ 791     $ 1,463     $ 2,351     $ 108,205     $ 110,556     $ 1,316     $ 191  
                                                                 
   
Past Due
         
Total
                 
     30-59      60-89      90+                    
Loans
           
90+ and
 
September 30, 2011
 
Days
   
Days
   
Days
   
Total
   
Current
   
Receivable
   
Non-accrual
   
Accruing
 
                           
(In thousands)
                         
Residential:
                                                               
  Mortgage
  $ 36     $ -     $ 209     $ 245     $ 55,882     $ 56,127     $ 209     $ -  
  Home equity
    91       72       140       303       26,620       26,923       140       -  
Commercial purpose
    -       -       526       526       26,073       26,599       335       191  
Consumer:
                                                               
  Account loans
    -       -       -       -       47       47       -       -  
  Unsecured
    -       -       -       -       79       79       -       -  
  Other
    36       -       -       36       71       107       -       -  
    $ 163     $ 72     $ 875     $ 1,110     $ 108,772     $ 109,882     $ 684     $ 191  
                                                                 

 
9

 

One of the primary methods we use as an indicator of the credit quality of our residential and commercial purpose portfolios is the regulatory classification system, along with impaired loan determinations.  For the consumer portfolio segment, payment performance is our primary indicator of credit quality.  The following tables reflect the credit quality indicators by portfolio segment and class, as of March 31, 2012 and September 30, 2011:

 
Credit Risk Profile by Classification:
                               
   
Residential Mortgage
   
Home Equity
   
Commercial Purpose
 
   
March 31,
   
September 30,
   
March 31,
   
September 30,
   
March 31,
   
September 30,
 
(In thousands)
 
2012
   
2011
   
2012
   
2011
   
2012
   
2011
 
                                     
Pass
  $ 55,536     $ 54,389     $ 26,619     $ 26,590     $ 16,358     $ 16,896  
Special mention
    1,478       1,493       117       193       5,034       4,374  
Substandard
    741       245       220       140       4,034       5,116  
Doubtful
    -       -       -       -       -       -  
Loss
    -       -       20       -       230       213  
   Total
  $ 57,755     $ 56,127     $ 26,976     $ 26,923     $ 25,656     $ 26,599  
                                                 
Credit Risk Profile by Performance:
                                         
   
Consumer
 
   
Account Loans
   
Consumer Unsecured
   
Other Consumer
 
   
March 31,
   
September 30,
   
March 31,
   
September 30,
   
March 31,
   
September 30,
 
(In thousands)
   2012      2011      2012      2011      2012      2011  
                                                 
Performing
  $ 42     $ 47     $ 82     $ 79     $ 45     $ 107  
Non-performing
    -       -       -       -       -       -  
   Total
  $ 42     $ 47     $ 82     $ 79     $ 45     $ 107  
 
Additional information about impaired loans, by portfolio segment and class, is as follows:

                                     
   
As of March 31, 2012
   
As of September 30, 2011
 
         
Unpaid
               
Unpaid
       
   
Recorded
   
Principal
   
Related
   
Recorded
   
Principal
   
Related
 
(In thousands)
 
Investment
   
Balance
   
Allowance
   
Investment
   
Balance
   
Allowance
 
                                     
With no related allowance:
                                   
   Residential
                                   
     Mortgage
  $ 209     $ 209     $ -     $ -     $ -     $ -  
     Home equity
    168       168       -       140       140       -  
  Commercial purpose
    1,266       1,266       -       1,441       1,441       -  
      1,643       1,643       -       1,581       1,581       -  
                                                 
With a related allowance:
                                               
   Residential
                                               
     Mortgage
    -       -       -       -       -       -  
     Home equity
    72       72       20       -       -       -  
  Commercial purpose
    506       506       242       507       507       213  
      578       578       262       507       507       213  
                                                 
Total: