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Madison Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2013

Madison Bancorp, Inc. Reports Results for the Quarter Ended June 30, 2013

BALTIMORE, Aug. 13, 2013 (GLOBE NEWSWIRE) -- Madison Bancorp, Inc. (the
Company) (OTCBB:MDSN), the holding company for Madison Square Federal Savings
Bank, reported a profit of $15,000 or $0.03 per basic and diluted common share
for the three months ended June 30, 2013 as compared to a profit of $70,000 or
$0.12 per basic and diluted common share for the three months ended June 30,
2012.

Balance Sheet

Total assets increased $133,000, or 0.1%, from $149.9 million at March 31,
2013, to $150.0 million at June 30, 2013 primarily due to an $884,000, or
1.1%, increase in net loans receivable, offset by an $893,000, or 1.6%,
decrease in investment securities available for sale.

Total deposits decreased by $1.0 million, or 0.8%, to $133.6 million at June
30, 2013 from $134.7 million at March 31, 2013. This was primarily due to a
decrease in our higher cost certificates of deposit, partially offset by
increases in NOW and money market deposit accounts and noninterest-bearing
deposits.

Income Statement

Net income was $15,000 for the three months ended June 30, 2013, compared to
$70,000 for the three months ended June 30, 2012. The decrease in net income
for the current quarter was primarily the result of a decrease in interest
revenue resulting from a reduction in interest and fees on loans and a
decrease in noninterest revenue resulting from a reduction in gains on the
sale of investment securities. These decreases to income were partially offset
by decreases to both interest and noninterest expenses.

Net interest income after provision for loan losses, which excludes
noninterest revenue and expense items, was $859,000 for the three months ended
June 30, 2013, compared to $839,000 for the three months ended June 30,
2012.The increase of $20,000, or 2.4%, in net interest income after provision
for the current quarter was primarily the result of decreases in interest
expense and provision for loan losses, partially offset by decreases in
interest revenue on loans, including fees, and investment securities
available-for-sale.

President and Chief Executive Officer Michael P. Gavin commented, "While we
are pleased with our continued profitability, we remain practical and must
consider the many challenges still facing the banking industry as a
whole.These challenges include a struggling economy, the continuation of
historically low interest rates and a weak housing market coupled with the
added challenges of navigating regulatory headwinds.We will, however,
continue to make efforts to enhance our performance by relying on our
established areas of expertise: focusing on asset quality, managing our
expenses and providing 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
                                                      
                                          June 30,     March 31,
                                           2013         2013
                                          (Unaudited)  (Audited)
                                                      
Assets                                                 
Cash and cash equivalents                 $4,909,629   $4,813,136
Certificates of deposit                   501,932      499,862
Investment securities, available for sale 55,388,699   56,282,175
Loans receivable, net                     84,424,380   83,540,352
Foreclosed real estate                    0            55,000
Premises and equipment, net               3,491,430    3,538,379
Other assets                              1,318,465    1,172,942
Total assets                              $150,034,535 $149,901,846
                                                      
                                                      
Liabilities and Shareholders' Equity                    
Deposits                                  $133,631,756 $134,655,798
Other liabilities                         2,846,089    985,960
Total liabilities                         136,477,845  135,641,758
Total shareholders' equity                13,556,690   14,260,088
Total liabilities & shareholders' equity  $150,034,535 $149,901,846


Consolidated Statements of Operations
                                                               
                                                    For The Three Months
                                                     Ended
                                                    June 30,    June 30,
                                                     2013        2012
                                                    (Unaudited) (Unaudited)
                                                               
Interest revenue                                    $1,192,134  $1,381,914
Interest expense                                    313,070     438,963
Net interest income                                 879,064     942,951
Provision for loan losses                           20,000      104,000
Net interest income after provision for loan losses 859,064     838,951
Noninterest revenue                                 41,413      147,691
Noninterest expense                                 885,892     916,297
Income before tax expense                           14,585      70,345
Income tax expense                                  0           0
Net income available to common shareholders         $14,585     $70,345
                                                               
Earnings per common share - basic                   $0.03       $0.12
Earnings per common share - diluted                 $0.03       $0.12

CONTACT: Michael P. Gavin
         (410) 529-7400
         Madison Bancorp, Inc.
 
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