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

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

BALTIMORE, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Madison Bancorp, Inc. (the
Company) (OTCBB:MDSN), the holding company for Madison Square Federal Savings
Bank, reported a profit of $9,000 or $0.02 per basic and diluted common share
for the three months ended September 30, 2013 as compared to a profit of
$64,000 or $0.11 per basic and diluted common share for the three months ended
September 30, 2012.

Net income for the six months ended September 30, 2013 was $24,000 or $0.04
per basic and diluted common share, as compared to net income of $134,000 or
$0.23 per basic and diluted common share for the six months ended September
30, 2012.

Balance Sheet

Total assets decreased $2,678,000, or 1.8%, from $149,902,000 at March 31,
2013, to $147,224,000 at September 30, 2013 due to a $2,080,000, or 3.7%,
decrease in investment securities available-for-sale and a $782,000, or 16.2%,
decrease in cash and cash equivalents.

Total deposits decreased by $1,999,000, or 1.5%, to $132,657,000 at September
30, 2013 from $134,656,000 at March 31, 2013.This was primarily due to
decreases in our higher cost certificates of deposit and our savings accounts,
partially offset by increases in noninterest-bearing deposits and NOW and
money market deposit accounts.

Income Statement

Net income was $9,000 for the three months ended September 30, 2013, compared
to $64,000 for the three months ended September 30, 2012.The decrease in net
income for the current quarter was primarily the result of a decrease in
noninterest revenue resulting from reductions in gains on the sale of land and
gains on the sale of investment securities.This decrease in net income was
partially offset by an increase in net interest income and decreases in
noninterest expenses.

Net income was $24,000 for the six months ended September 30, 2013, compared
to $134,000 for the six months ended September 30, 2012.The decrease in net
income for the current period was primarily the result of a decrease in
noninterest revenue resulting from reductions in gains on the sale of
investment securities and gains on the sale of land and a decrease in net
interest income.These decreases to income were only partially offset by
decreases to noninterest expenses and a decrease in the provision for loan
losses.

Net interest income after provision for loan losses, which excludes
noninterest revenue and expense items, was $878,000 for the three months ended
September 30, 2013, compared to $817,000 for the three months ended September
30, 2012, resulting in an increase of $61,000, or 7.5%, and $1,737,000 for the
six months ended September 30, 2013, compared to $1,656,000 for the six months
ended September 30, 2012, resulting in an increase of $81,000, or 4.9%.For
both the three and six month periods, the increase 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, "We are
pleased with our continued profitability and our improvements to our net
interest income.We have benefited from a decrease in our provision for loan
losses due to the asset quality of our loan portfolio and lower interest
expense as we have managed the rates on our deposits.Continuing challenges to
the banking industry as a whole include a struggling economy, recent increases
and potential further increases to the historically low interest rates of the
past few years, a sluggish housing market and the added challenges of
navigating regulatory headwinds. Madison will, however, continue to make
efforts to enhance 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,
2013.Accordingly, actual results may differ from those expressed in the
forward-looking statements.

Madison Bancorp, Inc.
                                                      
Consolidated Statements of Financial Condition
                                                      
                                         September 30, March 31,
                                         2013          2013
                                         (Unaudited)   (Audited)
                                                      
Assets                                                 
Cash equivalents and time deposits        $4,535,441    $5,312,998
Investment securities, available for sale 54,202,259   56,282,175
Loans receivable, net                     83,550,919   83,540,352
Premises and equipment, net               3,503,348    3,538,379
Other assets                              1,431,775    1,227,942
Total assets                              $147,223,742  $149,901,846
                                                      
                                                      
Liabilities and Shareholders' Equity                   
Deposits                                  $132,656,750  $134,655,798
Other liabilities                         1,064,998    985,960
Total liabilities                         133,721,748  135,641,758
Total shareholders' equity                13,501,994   14,260,088
Total liabilities & shareholders' equity  $147,223,742  $149,901,846


Consolidated Statements of Operations
                                                             
                      For The Three Months Ended For The Six Months Ended
                      September 30, September 30, September 30, September 30,
                      2013          2012          2013          2012
                      (Unaudited)   (Unaudited)   (Unaudited)   (Unaudited)
                                                             
Interest revenue       $1,184,343    $1,297,210    $2,376,478    $2,679,124
Interest expense       292,954      415,438      606,024      854,400
Net interest income    891,389      881,772      1,770,454    1,824,724
Provision for loan     13,000       65,000       33,000       169,000
losses
Net interest income
after provision for    878,389      816,772      1,737,454    1,655,724
loan losses
Noninterest revenue    41,768       176,733      83,180       324,420
Noninterest expense    910,913      929,625      1,796,804    1,845,920
Income before tax      9,244        63,880       23,830       134,224
expense
Income tax expense     --          --          --          --
Net income available   $9,244        $63,880       $23,830       $134,224
to common shareholders
                                                             
Earnings per common    $0.02         $0.11         $0.04         $0.23
share
Earnings per common
share - assuming       $0.02         $0.11         $0.04         $0.23
dilution

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