Meetinghouse Bancorp, Inc. Reports Second Quarter Earnings

DORCHESTER, Mass.--()--Meetinghouse Bancorp, Inc. (OTC Pink: MTGB) (the “Company”), holding company for Meetinghouse Bank (the “Bank”), reported net loss for the three months ended March 31, 2017 of $35,000, compared to net income of $18,000 for the three months ended March 31, 2016.

(Unaudited)

   
At March 31,
(Dollars in thousands)

2017

 

2016

 
Selected Financial Condition Data:
Total assets $ 117,764 $ 123,640
Cash and cash equivalents 18,919 12,573
Securities available-for-sale 14,022 14,908
Loans held-for-sale 1,115 5,438
Loans, net 77,932 83,581
Deposits 98,049 103,185
Federal Home Loan Bank advances 8,507 9,090
Stockholders' equity 10,936 10,828
 

 

At March 31,
(Dollars in thousands)

2017

2016

 
Operating Data:
Interest and dividend income $ 994 $ 1,081
Interest expense   229     234  
Net interest and dividend income 765 847
(Benefit) provision for loan losses   (12 )   (26 )
Net interest and dividend income after provision for loan losses 777 873
Noninterest income 240 305
Noninterest expense   1,078     1,152  
Income before income taxes (61 ) 27
Income tax expense   (26 )   9  
Net income $ (35 ) $ 18  
 

This news release may contain certain forward-looking statements, such as statements of the Company’s or the Bank’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “believe,” “will,” “intends,” “will be” or “would.” These statements are subject to change based on various important factors (some of which are beyond the Company’s or the Bank’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive.

Contacts

Meetinghouse Bancorp, Inc.
Anthony A. Paciulli, 617-296-7039
President/CEO

Contacts

Meetinghouse Bancorp, Inc.
Anthony A. Paciulli, 617-296-7039
President/CEO