At December 31, 2012, total assets decreased 4%, to $73.4 million, compared to $76.0 million at June 30, 2012. Investments available for sale declined less than 1% and totaled $7.4 million. Loans fell $2.1 million or 4%, to $53.6 million.
Loans delinquent 90 days or more totaled $1.1 million or 2.0% of total loans at December 31, 2012, compared to $1.4 million or 2.6% of total loans at June 30, 2012. At December 31, 2012, non-performing assets were $1.7 million or 2.3% of total assets, compared to $2.1 million or 2.8% of total assets at June 30, 2012. Non-performing assets included $592,000 in Other Real Estate Owned (“OREO”) and other repossessed properties at December 31, 2012, compared to $685,000 six months earlier.
Loan loss allowances were $634,000 or 1.18% of total loans at December 31, 2012, compared to $660,000 or 1.18% of total loans at June 30, 2012. Management considered the level of loan loss allowances at December 31, 2012 to be adequate to cover estimated losses inherent in the loan portfolio at that date.
Deposits decreased $1.7 million or 3%, to $51.7 million as of December 31, 2012. Total borrowings were reduced to $12.0 million, from $13.0 million at June 30, 2012.Shareholders’ equity was $8.8 million or 12.0% of total assets at December 31, 2012. Factors impacting shareholder equity during the first half of fiscal 2013 included net income, two quarterly cash dividends totaling $.06 per share, $82,000 net decrease in unrealized gain on securities available for sale, and a $16,000 decrease in costs associated with a stock-based employee benefit plan. During the six months ended December 31, 2012, the Company repurchased 31,183 shares of its stock through a tender offer for holders of 1,000 or fewer shares which concluded in November, 2012. At December 31, 2012, the Company’s book value per share was $6.70 based on 1,306,185 shares outstanding.
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