Meetinghouse Bancorp, Inc. Reports First Quarter Earnings

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/UCW/ DORCHESTER, MA – Meetinghouse Bancorp, Inc. (OTC Pink: MTGB) MTGB: 25.71 0.00 (0.00%) (the “Company”), holding company for Meetinghouse Bank (the “Bank”), reported net income for the three months ended December 31, 2015 of $41,000, compared to net income of $25,000 for the three months ended December 31, 2014. (Unaudited)

At December 31,
(Dollars in thousands) 2015 2014
Selected Financial Condition Data:
Total assets $ 122,431 $ 114,377
Cash and cash equivalents 6,911 4,645
Securities available-for-sale 15,678 16,479
Loans held-for-sale 5,841 6,507
Loans, net 86,722 79,475
Deposits 102,080 87,234
Federal Home Loan Bank advances 9,235 16,410
Stockholders’ equity 10,655 10,386
  At December 31,
(Dollars in thousands) 2015 2014
Operating Data:
Interest and dividend income $ 1,100 $ 987
Interest expense 226 191
Net interest and dividend income 874 796
Provision for loan losses (6 ) 18
Net interest and dividend income after provision for loan losses 880 778
Noninterest income 340 245
Noninterest expense 1,154 984
Income before income taxes 66 39
Income tax expense 25 14
Net income $ 41 $ 25

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.

 

 

 

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