Meetinghouse Bancorp, Inc. (OTC Pink: MTGB) (the “Company”), holding company for Meetinghouse Bank (the “Bank”), reported net income for the year ended September 30, 2016 of $198,000, or $0.32 per basic and $0.31 per diluted share, compared to net income of $205,000, or $0.33 per basic and $0.32 per diluted share for the year ended September 30, 2015.
| At September 30, | |||||||||||
| (Dollars in thousands) | 2016 | 2015 | |||||||||
| Selected Financial Condition Data: | |||||||||||
| Total assets | $ | 119,864 | $ | 120,184 | |||||||
| Cash and cash equivalents | 10,931 | 4,776 | |||||||||
| Securities available-for-sale | 13,577 | 16,139 | |||||||||
| Loans held-for-sale | 8,804 | 5,491 | |||||||||
| Loans, net | 80,709 | 86,561 | |||||||||
| Deposits | 99,281 | 99,589 | |||||||||
| Federal Home Loan Bank advances | 8,800 | 9,380 | |||||||||
| Stockholders' equity | 11,152 | 10,645 | |||||||||
| At September 30, | ||||||||||
| (Dollars in thousands) | 2016 | 2015 | |||||||||
| Operating Data: | |||||||||||
| Interest and dividend income | $ | 4,265 | $ | 4,099 | |||||||
| Interest expense | 938 | 811 | |||||||||
Net interest and | 3,327 | 3,288 | |||||||||
| (Benefit) provision for loan losses | (55) | 66 | |||||||||
Net interest and | 3,382 | 3,222 | |||||||||
| Noninterest income | 1,305 | 1,217 | |||||||||
| Noninterest expense | 4,326 | 4,095 | |||||||||
| Income before income taxes | 361 | 344 | |||||||||
| Income tax expense | 163 | 139 | |||||||||
| Net income | $ | 198 | $ | 205 | |||||||
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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