Madison Bancorp, Inc. Reports Results for the Quarter Ended December 31, 2012

Madison Bancorp, Inc. Reports Results for the Quarter Ended December 31, 2012

PR Newswire

BALTIMORE, Feb. 11, 2013

BALTIMORE, Feb. 11, 2013 /PRNewswire/ -- Madison Bancorp, Inc. (the Company)
(OTCBB: MDSN), the holding company for Madison Square Federal Savings Bank,
reported a profit of $72,000 or $0.13 per basic and diluted common share for
the three months ended December 31, 2012 as compared to a profit of $18,000 or
$0.03 per basic and diluted common share for the three months ended December
31, 2011.

Net income for the nine months ended December 31, 2012 was $206,000 or $0.36
per basic and diluted common share, as compared to net income of $22,000 or
$0.04 per basic and diluted common share for the nine months ended December
31, 2011.

Balance Sheet

Total assets decreased $3.5 million, or 2.3%, from $155.2 million at March 31,
2012, to $151.7 million at December 31, 2012 due to a $4.4 million, or 40.7%,
decrease in cash and cash equivalents and a $2.4 million, or 2.9%, decrease in
net loans receivable, partially offset by a $4.0 million, or 7.6%, increase in
investment securities available for sale.

Total deposits decreased by $3.6 million, or 2.6%, to $136.6 million at
December 31, 2012 from $140.2 million at March 31, 2012. This was primarily
due to a decrease in our higher cost certificates of deposit partially offset
by an increase in savings deposit accounts.

Income Statement

Net income was $72,000 for the three months ended December 31, 2012, compared
to $18,000 for the three months ended December 31, 2011. The increase in net
income for the current quarter was primarily the result of an increase in
noninterest revenue resulting from the gain on the sale of investment
securities and reductions to noninterest expense. These increases to income
were partially offset by a decrease in net interest income.

Net income increased to $206,000 for the nine months ended December 31, 2012,
compared to $22,000 for the nine months ended December 31, 2011. The increase
in net income for the current period was primarily the result of increases in
noninterest revenue resulting from the gain on the sale of investment
securities and a gain on the sale of a portion of real estate owned by the
Bank, and a decrease in noninterest expense. These increases to income were
only partially offset by a decrease in net interest income, and an increase in
the provision for loan losses.

President and Chief Executive Officer Michael P. Gavin commented, "While we
are pleased with the continued improvement in our operating results, having
shown profitable results for all three quarters in the year thus far, we
remain practical and must consider the many challenges facing the banking
industry as a whole, including the continuing low interest rate environment,
increasing regulatory requirements and the uncertainty of our current economic
environment. We will, however, continue to focus on asset quality, manage our
expenses and provide quality banking services to our customers."

Madison Square Federal Savings Bank operates four full service branch offices
located in Perry Hall, Fallston, Bel Air and Baltimore City, Maryland.

This press release contains statements that are forward looking, as that term
is defined by the Private Securities Litigation Reform Act of 1995 or the
Securities and Exchange Commission in its rules, regulations and releases.
The Company intends that such forward-looking statements be subject to the
safe harbors created thereby. All forward-looking statements are based on
current expectations regarding important risk factors, including but not
limited to real estate values, market conditions, the impact of interest rates
on financing, local and national economic factors and the matters described in
the Company's Annual Report on Form 10-K for the year ended March 31, 2012.
Accordingly, actual results may differ from those expressed in the
forward-looking statements.



Madison Bancorp, Inc.
Consolidated Statements of Financial Condition
                                            December 31,  March 31,
                                            2012          2012
                                            (Unaudited)   (Audited)
 Assets
 Cash equivalents and time deposits         $6,867,458    $11,473,188
 Investment securities, available for sale  57,417,586    53,389,337
 Loans receivable, net                      82,561,167    84,986,411
 Premises and equipment, net                3,588,559     3,753,712
 Other assets                               1,265,330     1,642,479
 Total assets                               $151,700,100  $155,245,127
 Liabilities and Shareholders' Equity
 Deposits                                   $136,602,911  $140,181,227
 Other liabilities                          756,368       909,182
 Total liabilities                          137,359,279   141,090,409
 Total shareholders' equity                 14,340,821    14,154,718
 Total liabilities & shareholders' equity   $151,700,100  $155,245,127



            Consolidated Statements of Operations
                         For The Three Months   For The Nine Months
                        Ended                       Ended
                        December 31,  December 31,  December 31,  December 31,
                        2012          2011          2012          2011
                        (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
 Interest            $1,259,319    $1,437,661    $3,938,444    $4,388,857
revenue
 Interest            385,578       495,751       1,239,979     1,529,253
expense
 Net interest        873,741       941,910       2,698,465     2,859,604
income
 Provision for       61,000        90,000        230,000       211,099
loan losses
 Net interest
income after provision  812,741       851,910       2,468,465     2,648,505
for loan losses
 Noninterest         174,307       98,032        498,727       225,312
revenue
 Noninterest         914,807       931,922       2,760,727     2,852,313
expense
 Income before       72,241        18,020        206,465       21,504
tax expense
 Income tax          0             0             0             0
expense
 Net income
available to common     $72,241       $18,020       $206,465      $21,504
shareholders
 Earnings per        $0.13         $0.03         $0.36         $0.04
common share - basic
 Earnings per
common share -          $0.13         $0.03         $0.36         $0.04
diluted







SOURCE Madison Bancorp, Inc.

Website: http://www.madisonsquarefsb.com
Contact: Michael P. Gavin, President and Chief Executive Officer,
+1-410-529-7400
 
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