Attached files
file | filename |
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EX-32 - EXHIBIT 32 - St. Joseph Bancorp, Inc. | ex32.htm |
EX-31.2 - EXHIBIT 31.2 - St. Joseph Bancorp, Inc. | ex31-2.htm |
EX-31.1 - EXHIBIT 31.1 - St. Joseph Bancorp, Inc. | ex31-1.htm |
United
States
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
10-Q
x
|
Quarterly
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
For the Quarterly Period
Ended March 31, 2010
or
o
|
Transition
Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of
1934
|
For the transition period
from _______________ to ______________________
Commission
File Number: 000-53573
St. Joseph Bancorp, Inc. |
(Exact name of registrant as specified in its charter) |
Maryland | 26-3616144 | |||||
(State or other jurisdiction of | (I.R.S. Employer | |||||
incorporation or organization) | Identification Number) | |||||
1901 Frederick Avenue, St. Joseph, Missouri | 64501 | |||||
(Address of Principal Executive Offices) | Zip Code |
(816)
233-5148
|
|
|
(Registrant’s
telephone number, including area
code)
|
None
|
(Former Name, Former
Address and Former Fiscal Year,
If
Changed Since Last
Report)
|
Indicate by check mark
whether the Registrant (1) has filed all reports required to be filed by Section
13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was required to file such
reports) and (2) has been subject to such filing requirements for the past 90
days. YES x NO
o
Indicate
by check mark whether the registrant has submitted electronically and posted on
its corporate Web site, if
any, every Interactive Data File required to be submitted and posted pursuant to
Rule 405 of Regulation S-T during the preceding 12 months (or for such shorted
period that the registrant was required to submit and post such
files).
YES o NO o
Indicate by check mark
whether the registrant is a large accelerated filer, an accelerated filer, a
non-accelerated filer, or a smaller reporting company. See the
definitions of “large accelerated filer,” “accelerated filer” and “smaller
reporting company” in Rule 12b-2 of the Exchange Act. (Check
one):
Large
accelerated filer o
Accelerated
filer o
Non-accelerated
filer o
Smaller reporting company x
Indicate
by check mark whether the Registrant is a shell company (as defined in Rule
12b-2 of the Act).
YES o NO
x
As of May 1, 2010, there
were issued and outstanding 376,918 shares of the Registrant’s Common
Stock.
St.
Joseph Bancorp, Inc.
Quarterly
Report on Form 10-Q
For
The Three Months Ended
March
31, 2010
Table
of Contents
PART I -
FINANCIAL INFORMATION
Item
1.
|
Condensed
Consolidated Financial Statements
|
||
Condensed
Consolidated Balance Sheets at March 31, 2010 (Unaudited)
|
|||
and
December 31, 2009
|
3
|
||
Condensed
Consolidated Statements of Operations - For the Three
Months
|
|||
Ended
March 31, 2010 and 2009 (Unaudited)
|
4
|
||
Condensed
Consolidated Statements of Stockholders’ Equity - For the Three
Months
|
|||
Ended
March 31, 2010 and 2009 (Unaudited)
|
5
|
||
Condensed
Consolidated Statements of Cash Flows - For the Three
Months
|
|||
Ended
March 31, 2010 and 2009 (Unaudited)
|
6
|
||
Notes
to Condensed Consolidated Financial Statements (Unaudited)
|
7
|
||
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
14
|
|
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
18
|
|
Item
4T.
|
Controls
and Procedures
|
18
|
|
PART
II - OTHER INFORMATION
|
|||
Items
1 through 6
|
19
|
||
Signatures
|
20
|
2
St. Joseph Bancorp, Inc.
and Subsidiaries
Condensed Consolidated
Balance Sheets
March
31, 2010 and December 31,
2009
March 31, 2010
|
December 31, 2009
|
|||||||
|
(unaudited)
|
|||||||
Assets | ||||||||
Cash
and due from banks
|
$ | 1,326,041 | $ | 1,311,198 | ||||
Interest-earning
deposits in other institutions
|
5,101,289 | 4,196,227 | ||||||
Available-for-sale
securities
|
4,335,380 | 4,260,289 | ||||||
Loans,
net of allowance for loan losses of $63,500 at March 31, 2010
and December 31, 2009
|
12,948,128 | 12,827,709 | ||||||
Premises
and equipment, net
|
417,210 | 421,452 | ||||||
Federal
Home Loan Bank Stock, at cost
|
26,200 | 26,200 | ||||||
Interest
receivable
|
103,630 | 82,325 | ||||||
Prepaid
income taxes
|
2,877 | 2,877 | ||||||
Other
|
94,938 | 112,631 | ||||||
Total
assets
|
$ | 24,355,693 | $ | 23,240,908 | ||||
Liabilities
and Stockholders’ Equity
|
||||||||
Liabilities
|
||||||||
Deposits:
|
||||||||
Savings,
NOW and money market
|
$ | 4,806,464 | $ | 4,055,699 | ||||
Time
|
11,623,486 | 11,222,929 | ||||||
Total
deposits
|
16,429,950 | 15,278,628 | ||||||
Advances
from borrowers for taxes and insurance
|
57,378 | 23,799 | ||||||
Interest
payable
|
2,130 | 1,274 | ||||||
Deferred
income taxes
|
15,597 | 16,405 | ||||||
Other
liabilities
|
40,733 | 42,607 | ||||||
Total
liabilities
|
16,545,788 | 15,362,713 | ||||||
Temporary
Equity
|
||||||||
ESOP
shares subject to mandatory redemption
|
13,188 | 10,050 | ||||||
Stockholders’
Equity
|
||||||||
Common
stock, $.01 par value, 4,000,000 shares authorized, 376,918
shares issued and outstanding
|
3,739 | 3,739 | ||||||
Preferred
stock, $.01 par value, 1,000,000 shares authorized, none
issued or outstanding
|
- | - | ||||||
Additional
paid-in capital
|
2,660,147 | 2,660,021 | ||||||
Retained
earnings
|
5,059,444 | 5,131,632 | ||||||
Accumulated
other comprehensive income:
|
||||||||
Unrealized
gain on available-for-sale securities, net of income
taxes
|
73,387 | 72,753 | ||||||
Total
stockholders’ equity
|
7,796,717 | 7,868,145 | ||||||
Total
liabilities and stockholders’
equity
|
$ | 24,355,693 | $ | 23,240,908 |
See
accompanying notes to condensed consolidated financial
statements.
3
St.
Joseph Bancorp, Inc. and Subsidiaries
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2010 and 2009
(unaudited)
Condensed Consolidated Statements of Operations
Three Months Ended March 31, 2010 and 2009
(unaudited)
March 31, 2010
|
March 31, 2009
|
|||||||
Interest
Income
|
||||||||
Interest
and fees on loans
|
$ | 190,356 | $ | 161,485 | ||||
Available-for-sale
securities
|
38,407 | 72,070 | ||||||
Interest-earning
deposits
|
25,543 | 16,787 | ||||||
Federal
Home Loan Bank dividends
|
132 | 56 | ||||||
Total
Interest Income
|
254,438 | 250,398 | ||||||
Interest
Expense
|
||||||||
Deposits
|
92,833 | 106,020 | ||||||
Net
Interest Income
|
161,605 | 144,378 | ||||||
Provision
for loan losses
|
- | 8,000 | ||||||
Net
Interest Income After Provision for Loan
Losses
|
161,605 | 136,378 | ||||||
Non-interest
Income
|
||||||||
Other
|
1,754 | 2,181 | ||||||
Non-interest
Expense
|
||||||||
Salaries
and employee benefits
|
113,583 | 104,910 | ||||||
Net
occupancy expense
|
19,069 | 22,442 | ||||||
Depreciation
|
2,597 | 2,480 | ||||||
Legal
expense
|
11,349 | 900 | ||||||
Audit
fees and exams
|
50,751 | 60,756 | ||||||
Franchise
and special taxes
|
5,554 | 5,469 | ||||||
Marketing
expense
|
8,641 | 8,601 | ||||||
Other
|
24,351 | 15,087 | ||||||
Total
Non-interest Expense
|
235,895 | 220,645 | ||||||
Loss
Before Income Taxes
|
(72,536 | ) | (82,086 | ) | ||||
Credit
for Income Taxes
|
(976 | ) | (16,375 | ) | ||||
Net
Loss
|
$ | (71,560 | ) | $ | (65,711 | ) | ||
Basic
and Diluted Loss Per Common Share
|
$ | (0.21 | ) | $ | (0.19 | ) | ||
Basic
Weighted Average Shares Outstanding
|
347,896 | 346,765 |
See
accompanying notes to condensed consolidated financial
statements.
4
St.
Joseph Bancorp, Inc. and
Subsidiaries
Condensed Consolidated
Statements of Stockholders’ Equity
Accumulated
|
||||||||||||||||||||||||
Additional
|
Other
|
Total
|
||||||||||||||||||||||
Comprehensive
|
Paid-in
|
Comprehensive
|
Stockholders’
|
|||||||||||||||||||||
Income
|
Common Stock
|
Capital
|
Retained Earnings
|
Income
|
Equity
|
|||||||||||||||||||
Balance,
January 1, 2009
|
$ | - | $ | - | $ | 5,428,846 | $ | 76,563 | $ | 5,505,409 | ||||||||||||||
Net
loss
|
(65,711 | ) | - | - | (65,711 | ) | - | (65,711 | ) | |||||||||||||||
|
||||||||||||||||||||||||
Change
in unrealized appreciation of available-for-sale securities, net of
income taxes of $3,559
|
9,681 | - | - | - | 9,681 | 9,681 | ||||||||||||||||||
Total
comprehensive loss
|
$ | (56,030 | ) | |||||||||||||||||||||
Net
proceeds from issuance of 376,918 shares of common
stock
|
3,769 | 2,961,521 | - | - | 2,965,290 | |||||||||||||||||||
Acquisition
of unearned ESOP shares
|
(30 | ) | (301,500 | ) | - | - | (301,530 | ) | ||||||||||||||||
Balance,
March 31, 2009
|
$ | 3,739 | $ | 2,660,021 | $ | 5,363,135 | $ | 86,244 | $ | 8,113,139 | ||||||||||||||
Balance,
January 1, 2010
|
$ | 3,739 | $ | 2,660,021 | $ | 5,131,632 | $ | 72,753 | $ | 7,868,145 | ||||||||||||||
Net
loss
|
(71,560 | ) | - | - | (71,560 | ) | - | (71,560 | ) | |||||||||||||||
|
||||||||||||||||||||||||
Change
in unrealized appreciation of available-for-sale securities, net of
income taxes of $168
|
634 | - | - | - | 634 | 634 | ||||||||||||||||||
Total
comprehensive loss
|
$ | (70,926 | ) | |||||||||||||||||||||
|
||||||||||||||||||||||||
Change
in redemption value of ESOP shares subject to mandatory
redemption
|
- | - | (628 | ) | - | (628 | ) | |||||||||||||||||
ESOP
shares committed for release
|
- | 126 | - | - | 126 | |||||||||||||||||||
Balance,
March 31, 2010
|
$ | 3,739 | $ | 2,660,147 | $ | 5,059,444 | $ | 73,387 | $ | 7,796,717 |
See
accompanying notes to condensed consolidated financial
statements.
5
St.
Joseph Bancorp, Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
Three
Months Ended March 31, 2010 and 2009
(unaudited)
March 31, 2010
|
March 31, 2009
|
|||||||
Operating
Activities
|
||||||||
Net
loss
|
$ | (71,560 | ) | (65,711 | ) | |||
Adjustments
to reconcile net loss to net cash used in operating
activities:
|
||||||||
Depreciation
and amortization
|
5,800 | 5,619 | ||||||
Amortization
and accretion of securities
|
2,525 | 359 | ||||||
Provision
for loan losses
|
- | 8,000 | ||||||
Gain
on disposal of premises and equipment
|
- | (300 | ) | |||||
Deferred
income taxes
|
(976 | ) | (16,375 | ) | ||||
Compensation
cost on allocated ESOP shares
|
2,636 | - | ||||||
Changes
in:
|
||||||||
Interest
receivable
|
(21,305 | ) | 4,382 | |||||
Other
assets
|
17,693 | 15,631 | ||||||
Other
liabilities and interest payable
|
(1,018 | ) | 30,712 | |||||
Net
cash used in operating activities
|
(66,205 | ) | (17,683 | ) | ||||
Investing
Activities
|
||||||||
Net
increase in loans
|
(120,361 | ) | (637,660 | ) | ||||
Purchases
of securities
|
(517,435 | ) | (249,007 | ) | ||||
Net
purchases of interest-earning deposits
|
(905,062 | ) | (1,101,023 | ) | ||||
Proceeds
from maturities of securities
|
260,000 | - | ||||||
Principal
reductions of mortgage backed securities
|
180,621 | 215,246 | ||||||
Proceeds
from disposal of property and equipment
|
- | 300 | ||||||
Purchases
of property and equipment
|
(1,616 | ) | (30,349 | ) | ||||
Net
cash used in investment activities
|
(1,103,853 | ) | (1,802,493 | ) | ||||
Financing
Activities
|
||||||||
Net
increase (decrease) in savings, NOW and money market
accounts
|
750,765 | (235,611 | ) | |||||
Net
increase in time deposits
|
400,557 | 797,246 | ||||||
Net
increase in prepaid conversion costs
|
- | (300,781 | ) | |||||
Proceeds
from issuance of common stock
|
- | 1,331,546 | ||||||
Net
increase in advances from borrowers for taxes and
insurance
|
33,579 | 30,853 | ||||||
Net
cash provided by financing activities
|
1,184,901 | 1,623,253 | ||||||
|
||||||||
Increase
(decrease) in Cash and Cash Equivalents
|
14,843 | (196,923 | ) | |||||
Cash
and Cash Equivalents, Beginning of Period
|
1,311,198 | 594,352 | ||||||
Cash
and Cash Equivalents, End of Period
|
$ | 1,326,041 | $ | 397,429 | ||||
Supplemental
Cash Flows Information
|
||||||||
Interest
paid
|
$ | 91,977 | $ | 105,936 | ||||
Income
taxes paid (net of refunds)
|
$ | - | $ | - | ||||
Non
cash transactions:
|
In 2009,
conversion costs totaling $803,890 were netted against proceeds from the
issuance of common stock. Subscription proceeds deposits of
$2,136,104 were also applied to proceeds from common stock issued.
In 2009,
the Company issued the Employee Stock Ownership Plan (the ESOP) in common stock
by providing direct financing of $301,530 to the ESOP.
Included
in other liabilities at March 31, 2009 are $7,594 in fixed asset
purchases.
See
accompanying notes to condensed consolidated financial
statements.
6
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
1 – BASIS OF PRESENTATION
The
accompanying unaudited condensed consolidated financial statements reflect all
adjustments that are, in the opinion of the Company’s management, necessary to
fairly present the financial position, results of operations and cash flows for
the Company. These adjustments consist only of normal recurring
adjustments. The condensed consolidated balance sheet of the Company,
as of December 31, 2009, has been derived from the audited consolidated balance
sheet of the Company as of that date. Certain information and
footnote disclosures, normally included in financial statements prepared in
accordance with generally accepted accounting principles, have been condensed or
omitted. The Company’s Annual Report to shareholders for the year
ended December 31, 2009, contains consolidated financial statements and related
footnote disclosures which should be read in conjunction with the accompanying
consolidated financial statements. The results of operations for the
period ended March 31, 2010 are not necessarily indicative of the operating
results for the full year.
On July
9, 2008, Midwest Federal Savings and Loan Association (the Association) approved
a plan (the Plan) to convert from a federally-chartered mutual savings
association to a federally-chartered stock savings association, subject to
approval by its members. The Plan, which included a formation of a
holding company, St. Joseph Bancorp, Inc., (the Company) to own all of the
outstanding stock of the Association, was approved by the Office of Thrift
Supervision (OTS) and included the filing of a registration statement with the
Securities and Exchange Commission, which was declared effective on November 12,
2008.
The Plan
called for the common stock of the holding company to be offered to various
parties in a subscription offering at a price based on an independent appraisal
of the Association, which was determined to be $10 per share. Shares that were
not purchased in the subscription offering were offered in a community
offering. The Association may not declare or pay a cash dividend if
the effect thereof would cause its net worth to be reduced below either the
amount required for the regulatory capital requirements imposed by the
OTS.
The
conversion has been accounted for in accordance with generally accepted
accounting principles. Accordingly, the consolidated balance sheets
as of March 31, 2010 and December 31, 2009, and the consolidated statements of
operations and cash flows for the three months ended March 31, 2010 and 2009,
are presented as results of the Company and its subsidiaries.
The
consolidated financial statements include the accounts of St. Joseph Bancorp, as
well as its wholly owned subsidiaries, Midwest Federal Savings and Loan
Association, and MFS Financial Services, Inc., an insurance agency, which is
currently inactive. All significant intercompany balances and
transactions have been eliminated in consolidation. The consolidated
financial statements have been prepared without audit. In the opinion
of management, all adjustments (including normal recurring adjustments)
necessary to present fairly the Company’s consolidated financial position,
results of operations and changes in cash flows have been made
NOTE
2 – FORMATION OF HOLDING COMPANY AND CONVERSION
On
January 30, 2009, the Company became the holding company for the Association
upon the Association’s conversion from a federally chartered mutual savings
association to a federally chartered capital stock savings
association. The conversion was accomplished through the sale and
issuance by the Company of 376,918 shares of common stock at $10 a
share. Proceeds from the sale of common stock, net of expenses
incurred of $803,890, were $2,965,290. This does not include $301,530
related to shares held by the Association’s Employee Stock Ownership Plan
(ESOP).
7
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
3 – EMPLOYEE STOCK OWNERSHIP PLAN
In
connection with the conversion to an entity owned by stockholders, the
Association established an ESOP for the exclusive benefit of eligible employees
(all salaried employees who have completed at least 1,000 hours of service in a
twelve-month period and have attained the age of 21). The ESOP
borrowed funds from the Company in an amount sufficient to purchase 30,153
shares (approximately 8% of the common stock issued in the stock
offering). The loan is secured by the shares purchased and will be
repaid by the ESOP with funds from contributions made by the Association and
dividends received by the ESOP. Contributions will be applied to
repay interest on the loan first, then the remainder will be applied to
principal. The loan is expected to be repaid over a period of up to
30 years. Shares purchased with the loan proceeds are held in a
suspense account for allocation among participants as the loan is
repaid. Contributions to the ESOP and shares released from the
suspense account are allocated among participants in proportion to their
compensation, relative to total compensation of all active
participants. Participants will vest in their accrued benefits under
the employee stock ownership plan at the rate of 20 percent per
year. Vesting is accelerated upon retirement, death or disability of
the participant, or a change in control of the
Association. Forfeitures will be reallocated to remaining plan
participants. Benefits may be payable upon retirement, death,
disability, separation from service, or termination of the ESOP.
The debt
of the ESOP is eliminated in consolidation. Contributions to the ESOP
shall be sufficient to pay principal and interest currently due under the loan
agreement. As shares are committed to be released from collateral,
the Company reports compensation expense equal to the average market price of
the shares for the respective period, and the shares become outstanding for
earnings per share computations. Dividends on allocated ESOP shares
are recorded as a reduction of debt and accrued interest. ESOP
compensation expense was $2,636 and $-0- for the three months ended March 31,
2010 and 2009, respectively.
A summary
of ESOP shares at March 31, 2010 is as follows:
Released
shares
|
1,005 | |||
Shares
committed for release
|
251 | |||
Unreleased
shares
|
28,897 | |||
Total
|
30,153 | |||
Fair
value of shares
|
$ | 303,419 |
The
Company is obligated, at the option of each beneficiary, to repurchase shares of
the ESOP at its current fair market value, upon the beneficiary’s termination or
after retirement (“put right”). The put right feature makes the stock
mandatorily redeemable. Since the redemption feature is not within
the sole control of the Company, this obligation has been classified outside of
permanent equity, and included within the caption temporary equity on the
balance sheet. The Company accounts for this obligation based on the
maximum cash obligation, which is based on the fair value of the underlying
equity securities. At March 31, 2010, the fair value as estimated by
an independent third party of the 1,256 shares released and committed for
release, held by the ESOP, is $13,188.
NOTE
4 – CURRENT ACCOUNTING DEVELOPMENTS
On
December 23, 2009, the FASB issued guidance which modifies certain aspects
contained in the Transfers
and Servicing topic of FASB ASC 860. This standard enhances
information reported to users of financial statements by providing greater
transparency about transfers of financial assets, including securitization
transactions, and where companies have continuing exposure to the risks related
to transferred financial assets. This standard was effective for the
Company as of January 1, 2010 with adoption applied prospectively for transfers
that occur on or after that date. The adoption of this standard did not have a
material impact on its financial position or results of operations.
8
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
4 – CURRENT ACCOUNTING DEVELOPMENTS (CONTINUED)
In
January 2010, the FASB issued guidance which modifies certain aspects contained
in the Fair
Value Measurements and Disclosure topic of FAS ASC 820. This
standard enhances information reported to users of the financial statements by
providing additional and enhanced disclosures about the fair value
measurements. This standard was effective for the Company as of
January 1, 2010, except for the disclosures about purchases, sales, issuances
and settlements in the roll forward of activity in Level 3 fair value
measurements, which will be effective on January 1, 2011. The
adoption of this standard did not have a material impact on the Company’s
financial position or results of operations.
NOTE
5 – EARNINGS (LOSS) PER SHARE
Earnings
(loss) per share amount is based on the weighted average number of shares
outstanding for the period and the net income (loss) applicable to common
stockholders. There were no outstanding shares of common stock until
the conversion on January 30, 2009. ESOP shares are excluded from
shares outstanding until they have been committed to be released.
The
following table presents a reconciliation of basic earnings per share to diluted
earnings per share for the periods indicated.
Three
Months
Ended
3/31/10
|
Three
Months
Ended
3/31/09
|
|||||||
Net
loss
|
$ | (71,560 | ) | $ | (65,711 | ) | ||
Change
in redemption value of ESOP shares subject to mandatory
redemption
|
(628 | ) | - | |||||
Net
loss
|
(72,188 | ) | (65,711 | ) | ||||
Average
common shares outstanding
|
347,896 | 346,765 | ||||||
Average
common share stock options outstanding
|
- | - | ||||||
Average
diluted common shares
|
347,896 | 346,765 | ||||||
Loss
per share:
|
||||||||
Basic
|
(0.21 | ) | (0.19 | ) | ||||
Diluted
|
(0.21 | ) | (0.19 | ) |
NOTE
6 – AVAILABLE-FOR-SALE SECURITIES
The
amortized cost of available-for-sale securities and their estimated fair values
are summarized below:
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||||||
March
31, 2010:
|
||||||||||||||||
U.S.
Government agencies
|
$ | 2,279,674 | $ | 20,755 | $ | 1,808 | $ | 2,298,621 | ||||||||
Municipal
securities
|
85,000 | 1,285 | - | 86,285 | ||||||||||||
Mortgage-backed
securities
|
1,877,892 | 72,582 | - | 1,950,474 | ||||||||||||
$ | 4,242,566 | $ | 94,622 | $ | 1,808 | $ | 4,335,380 |
9
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
6 – AVAILABLE-FOR-SALE SECURITIES (CONTINUED)
Amortized
Cost
|
Gross
Unrealized
Gains
|
Gross
Unrealized
Losses
|
Estimated
Fair
Value
|
|||||||||||||
December
31, 2009:
|
||||||||||||||||
U.S.
Government agencies
|
$ | 2,014,241 | $ | 21,482 | $ | - | $ | 2,035,723 | ||||||||
Municipal
securities
|
95,000 | 1,850 | - | 96,850 | ||||||||||||
Mortgage-backed
securities
|
2,059,037 | 68,679 | - | 2,127,716 | ||||||||||||
$ | 4,168,278 | $ | 92,011 | $ | - | $ | 4,260,289 |
All
mortgage-backed securities at March 31, 2010 and December 31, 2009 relate to
residential mortgages, and were issued by government-sponsored
enterprises.
Interest
receivable for investments totaled $59,116 and $42,718 at March 31, 2010 and
December 31, 2009, respectively.
The
amortized cost and fair value of available-for-sale securities at March 31,
2010, by contractual maturity, are shown below. Expected maturities
will differ from contractual maturities because issuers may have the right to
call or prepay obligations with or without call or prepayment
penalties.
Amortized
Cost |
Fair
Value |
|||||||
Within
one year
|
$ | 85,000 | $ | 86,285 | ||||
One
to five years
|
1,779,674 | 1,794,479 | ||||||
Six
to ten years
|
500,000 | 504,142 | ||||||
Mortgage-backed
securities
|
1,877,892 | 1,950,474 | ||||||
Totals
|
$ | 4,242,566 | $ | 4,335,380 |
Certain
investments in debt securities may be reported in the consolidated financial
statements at an amount less than their historical cost. Total fair
value of these investments at March 31, 2010 and December 31, 2009 were $515,628
and $-0-, respectively, which is approximately 12% and 0% of the Company’s
available-for-sale portfolio, respectively. Based on evaluation of
available evidence, including recent changes in market interest rates,
management believes the declines in fair value, if any, for these securities are
temporary.
The
following table shows the gross unrealized losses and fair value, aggregated by
investment category and length of time that individual securities have been in a
continuous unrealized loss position at March 31, 2010. There were no
unrealized losses at December 31, 2009.
Less
Than 12 Months
|
12
Months or More
|
Total
|
||||||||||||||||||||||
Description
of
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
Fair
|
Unrealized
|
||||||||||||||||||
Securities
|
Value
|
Losses
|
Value
|
Losses
|
Value
|
Losses
|
||||||||||||||||||
U.S.
Government agencies
|
$ | 515,628 | $ | 1,808 | $ | - | $ | - | $ | 515,628 | $ | 1,808 | ||||||||||||
Total
temporarily impaired securities
|
$ | 515,628 | $ | 1,808 | $ | - | $ | - | $ | 515,628 | $ | 1,808 |
10
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
6 – AVAILABLE-FOR-SALE SECURITIES (CONTINUED)
The
unrealized loss on the Company’s investments in direct obligations of U.S.
Government agencies were caused by interest rate increases. The
contractual terms of those investments do not permit the issuer to settle the
securities at a price less than the amortized cost basis of the
investments. Because the Company does not intend to sell the
investments and it is not more likely than not, the Company will be required to
sell the investments before recovery of their amortized cost basis, which may be
maturity, the Company does not consider these investments to be
other-than-temporary impaired at March 31, 2010.
NOTE
7 – FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair
value is the price that would be received to sell an asset or paid to transfer a
liability in an orderly transaction between market participants at the
measurement date. It also establishes a fair value hierarchy which
requires an entity to maximize the use of observable inputs and minimize the use
of unobservable inputs when measuring fair value. There are three
levels of inputs that may be used to measure fair value:
|
Level
1:
|
Inputs
to the valuation methodology are quoted prices, unadjusted, for identical
assets or liabilities in active markets. A quoted price in an
active market provides the most reliable evidence of fair value and shall
be used to measure fair value whenever
available.
|
|
Level
2:
|
Inputs
to the valuation methodology include quoted prices for similar assets or
liabilities in active markets; inputs to the valuation methodology include
quoted prices for identical or similar assets or liabilities in markets
that are not active; or inputs to the valuation methodology that are
derived principally from or can be corroborated by observable market data
by correlation or other means.
|
|
Level
3
|
Inputs
to the valuation methodology are unobservable and significant to the fair
value measurements. Level 3 assets and liabilities include
financial instruments whose value is determined using discounted cash flow
methodologies, as well as instruments for which the determination of fair
value requires significant management judgment or
estimation.
|
The
following tables present the balances of assets measured at fair value on a
recurring basis by level at March 31, 2010 and December 31, 2009:
Description
|
Total
|
Quoted Prices
in
Active Markets For Identical Assets (Level 1) |
Significant
Other Observable Inputs (Level 2) |
Significant
Unobservable Inputs (Level 3) |
||||||||||||
March
31, 2010
|
||||||||||||||||
U.S.
Government agencies
|
$ | 2,298,621 | $ | - | $ | 2,298,621 | $ | - | ||||||||
Municipal
securities
|
86,285 | - | 86,285 | - | ||||||||||||
Mortgage-backed
securities
|
1,950,474 | - | 1,950,474 | - | ||||||||||||
Total
|
$ | 4,335,380 | $ | - | $ | 4,335,380 | $ | - | ||||||||
December
31, 2009
|
||||||||||||||||
U.S.
Government agencies
|
$ | 2,035,723 | $ | - | $ | 2,035,723 | $ | - | ||||||||
Municipal
securities
|
96,850 | - | 96,850 | - | ||||||||||||
Mortgage-backed
securities
|
2,127,716 | - | 2,127,716 | - | ||||||||||||
Total
|
$ | 4,260,289 | $ | - | $ | 4,260,289 | $ | - |
11
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
7 – FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
Securities
available-for-sale are recorded at fair value on a recurring
basis. Fair value measurement is based upon quoted prices, if
available. If quoted prices are not available, fair values are
measured using independent pricing models or other model-based valuation
techniques such as the present value of future cash flows, adjusted for the
securities credit rating, prepaying assumptions and other factors such as credit
loss assumptions. Level 2 securities include U.S. government agency
securities, mortgage-backed securities (including pools and collateralized
mortgage obligations), municipal bonds, and corporate-debt
securities. There were no transfers between level one and two
classifications. The Company’s policy is to recognize transfers in
and transfers out as of the actual date of the event or change in circumstances
that caused the transfer.
The
Company had no significant assets measured at fair value on a non-recurring
basis at March 31, 2010 or December 31, 2009.
The
following methods were used to estimate the fair value of all other financial
instruments recognized in the accompanying balance sheets at amounts other than
fair value:
Cash
and Due From Banks, Interest-earning Deposits and Federal Home Loan Bank
Stock
The
carrying amount approximates fair value.
Loans
and Interest Receivable
The fair
value of loans is estimated by discounting the future cash flows using the
current rates at which similar loans would be made to borrowers with similar
credit ratings and for the same remaining maturities. Loans with
similar characteristics were aggregated for purposes of the
calculations. The carrying amount of accrued interest approximates
its fair value.
Deposits
and Interest Payable
Deposits
include savings accounts, NOW accounts and certain money market
deposits. The carrying amount approximates fair value. The
fair value of fixed-maturity time deposits is estimated using a discounted cash
flow calculation that applies the rates currently offered for deposits of
similar remaining maturities. The carrying amount of interest payable
approximates its fair value.
Advances
From Borrowers for Taxes and Insurance
The
carrying amount approximates fair value.
12
ST.
JOSEPH BANCORP, INC. AND SUBSIDIARIES
NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
March
31, 2010
(Unaudited)
NOTE
7 – FAIR VALUE OF FINANCIAL INSTRUMENTS (CONTINUED)
The
following table presents estimated fair values of the Company’s financial
instruments at March 31, 2010 and December 31, 2009:
March
31, 2010
|
December
31, 2009
|
|||||||||||||||
Carrying
Amount
|
Fair
Value
|
Carrying
Amount
|
Fair
Value
|
|||||||||||||
Financial
assets
|
||||||||||||||||
Cash and due from
banks
|
$ | 1,326,041 | $ | 1,326,041 | $ | 1,311,198 | $ | 1,311,198 | ||||||||
Interest-earning
deposits
|
5,101,289 | 5,101,289 | 4,196,227 | 4,196,227 | ||||||||||||
Loans, net of
allowance for loan losses
|
12,948,128 | 13,099,352 | 12,827,709 | 12,952,930 | ||||||||||||
Federal Home Loan
Bank Stock
|
26,200 | 26,200 | 26,200 | 26,200 | ||||||||||||
Interest
receivable
|
103,630 | 103,630 | 82,325 | 82,325 | ||||||||||||
Financial
liabilities
|
||||||||||||||||
Deposits
|
16,429,950 | 16,691,303 | 15,278,628 | 15,482,658 | ||||||||||||
Advances from
borrowers for taxes and insurance
|
57,378 | 57,378 | 23,799 | 23,799 | ||||||||||||
Interest
payable
|
2,130 | 2,130 | 1,274 | 1,274 |
NOTE
8 – SUBSEQUENT EVENTS
On April
27, 2010, the Association entered into an agreement to acquire real estate
located in St. Joseph, Missouri, including the building and improvements
thereon, which is expected to be used as a branch office of the Association. The
purchase price of the property is $538,000. The Association did not
acquire deposits or loans as part of this transaction. The
transaction is expected to close during the quarter ending June 30,
2010.
13
Item
2.
|
Management’s
Discussion and Analysis of Financial Condition and Results of
Operations
|
Forward-Looking
Statements
This report contains
forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995, including statements about anticipated operating
and financial performance, such as loan originations, operating efficiencies,
loan sales, charge-offs and loan loss provision, growth opportunities, interest
rates and deposit growth. Words such as “may,” “could,” “should,” “would,”
“will,” “will likely result,” “believe,” “expect,” “plan,” “will
continue,” “is anticipated,” “estimate,” “intend,” “project,” and similar
expressions are intended to identify these forward-looking
statements. We wish to caution readers not to place undue reliance on
any such forward-looking statements, each of which speaks only as of the date
made. Such statements are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical earnings than those
presently anticipated or projected.
Critical
Accounting Policies
In reviewing and
understanding financial information for the Company, you are encouraged to read
and understand the significant accounting policies used in preparing our
consolidated financial statements. The accounting and financial
reporting policies of the Company conform to accounting principles generally
accepted in the United States of America and to general practices within the
banking industry. Accordingly, the financial statements require
certain estimates, judgments, and assumptions, which are believed to be
reasonable, based upon the information available. These estimates and
assumptions affect the reported amounts of assets and liabilities at the date of
the financial statements and the reported amounts of income and expenses during
the periods presented. The following accounting policy comprises
those that management believes are the most critical to aid in fully
understanding and evaluating our reported financial results. This
policy requires numerous estimates or economic assumptions that may prove
inaccurate or may be subject to variations, which may significantly affect our
reported results and financial condition for the period or in future
periods.
The Company’s critical
accounting policies involving the more significant judgments and assumptions
used in the preparation of the condensed consolidated financial statements as of
March 31, 2010 have remained unchanged from December 31, 2009. This
policy relates to the allowance for loan losses. This critical
accounting policy is incorporated by reference under Item 8 “Financial
Statements and Supplementary Data” in the Annual Report on From 10-K for the
year ended December 31, 2009.
Comparison
of Financial Condition at March 31, 2010 and December 31, 2009
Total assets increased
$1.1 million, or 4.8%, to $24.4 million at March 31, 2010 from $23.2 million at
December 31, 2009. The increase was primarily the result of an
increase in interest earning deposits in other institutions.
Net loans receivable
increased by $120,000, or 0.9%, to $12.9 million at March 31, 2010 from $12.8
million at December 31, 2009. One- to four-family residential real estate loans
increased $103,000, or 0.9%, to $11.7 million at March 31, 2010 from $11.6
million at December 31, 2009. Other types of loans increased a net
amount of $17,000 from December 31, 2009 to March 31, 2010. The
increase during this period reflected a continued emphasis in growing our loan
portfolio in our market area.
14
Our allowance for loan
losses totaled $63,500 at March 31, 2010 and December 31,
2009. At March 31, 2010, our allowance for loan losses totaled 0.49%
of total loans. Management continues to monitor the allowance for
loan losses as economic conditions and our performance
dictate. Although we maintain our allowance for loan losses at a
level which we consider to be adequate to provide for potential losses, there
can be no assurance that future losses will not exceed estimated amounts or that
additional provisions for loan losses will not be required in future
periods.
Available-for-sale
securities increased $75,000, or 1.8%, to $4.34 million at March 31, 2010 from
$4.26 million at December 31, 2009. The increase was the result of
purchases in the amount of $517,000 and an increase of $1,000 in fair value
offset by $260,000 in matured bonds, $181,000 in principal reductions on
mortgage back securities, and amortization of $2,000.
Deposits increased $1.2
million, or 7.5%, to $16.4 million at March 31, 2010 from $15.3 million at
December 31, 2009. This increase was due to savings, NOW, and money
market deposits increasing $751,000, or 18.5%, to $4.8 million at March 31, 2010
from $4.1 million at December 31, 2009 and time deposits increasing $401,000, or
3.6% to $11.6 million at March 31, 2010 from $11.2 million at December 31,
2009.
Total stockholders’
equity, including temporary equity, decreased $68,000 to $7.8 million at March
31, 2010 from $7.9 million at December 31, 2009. This decrease was
primarily due to a net loss of $72,000 for the three months ended March 31,
2010.
Comparison
of Operating Results for the Three Months Ended March 31, 2010 and March 31,
2009
General.
Net loss increased $6,000 to $(72,000) for the three months ended March 31, 2010
from $(66,000) for the three months ended March 31, 2009. The primary
reasons for the increase were a $15,000 increase in non-interest expense and the
credit for income taxes decreasing $15,000 offset by interest income increasing
$4,000, interest expense decreasing $13,000 and an $8,000 decrease in provision
for loan losses.
Interest
Income. Interest income increased $4,000, or 1.6%, to $254,000 for the
three months ended March 31, 2010 from $250,000 for the three months ended March
31, 2009. The increase in interest income resulted from a $29,000
increase in interest income and fees on loans, and a $9,000 increase in interest
income on interest-earning deposits offset by a $34,000 decrease in interest
income on available-for-sale securities.
Interest income and fees
on loans increased $29,000, or 17.9%, to $190,000 for the three months ended
March 31, 2010 from $161,000 for the three months ended March 31,
2009. The average balance of loans increased $2.8 million, or 27.3%,
to $13.0 million for the three months ended March 31, 2010 from $10.2 million
for the three months ended March 31, 2009. In addition, the average
yield decreased to 5.80% for the three months ended March 31, 2010 from 6.32%
for the three months ended March 31, 2009. The increase in the
average balance of loans resulted primarily from increases in one- to
four-family residential loans and increases in nonresidential
property.
Interest income on
available-for-sale securities decreased $34,000, or 46.7% to $38,000 for the
three months ended March 31, 2010 from $72,000 for the three months ended March
31, 2009. This decrease was due to a decrease in the average balance
of investment securities to $4.1 million for the three months ended March 31,
2010 from $5.2 million for the three months ended March 31, 2009. In
addition, there was a decrease in the average yield on the securities portfolio
to 3.76% for the three months ended March 31, 2010 from 5.51% for the three
months ended March 31, 2009.
15
Interest
Expense. Interest expense decreased $13,000, or 12.4%, to $93,000 for the
three months ended March 31, 2010 from $106,000 for the three months ended March
31, 2009. The decrease in interest expense on interest-bearing
deposits was due to a decrease in rates. The average rate paid on
interest-bearing deposits decreased 65 basis points to 2.35% for the three
months ended March 31, 2010 from 3.00% for the three months ended March 31,
2009. We experienced increases in the average balances of
certificates of deposits and in the savings accounts and NOW account
categories. There was a $1.7 million, or 12.0%, increase in the
average balance of interest-bearing deposits to $15.8 million for the three
months ended March 31, 2010 from $14.1 million for the three months ended March
31, 2009.
Provision
for Loan Losses. The provision for loan losses is evaluated on
a regular basis by our management and is based upon management’s periodic review
of the collectability of the loans in light of historical experience, the nature
and volume of the loan portfolio, adverse situations that may affect the
borrower’s ability to repay, estimated value of any underlying collateral, and
prevailing economic conditions. The provision for loan losses was
$-0- for the three months ended March 31, 2010 and $8,000 for the three months
ended March 31, 2009. There were no non-performing loans, loans delinquent 60
days or more, charge-offs or recoveries during the three months ended March 31,
2010 or 2009.
Recent weakness in
economic conditions have had a severe impact on nationwide housing and financial
markets, and the financial services industry in general. Continuation
of these trends could adversely affect the local housing, construction and
banking industries, and weaken the local economy. If borrowers are
negatively affected by future adverse economic conditions, our non-performing
assets may increase. The allowance for loan losses as a percentage of
total loans was 0.49% at March 31, 2010 and December 31, 2009. We
used the same methodology in calculating the provision for loan losses during
each of the three months ended March 31, 2010 and March 31,
2009.
Non-interest
Expense. Non-interest expense increased $15,000 or 8.1% to
$236,000 for the three months ended March 31, 2010 from $221,000 for the three
months ended March 31, 2009. Compensation and benefits expense
increased $9,000 to $114,000 for the three months ended March 31, 2010 from
$105,000 for the three months ended March 31, 2009 due to increased staffing and
defined benefit plan expense. Audit fees and expenses decreased
$10,000 to $51,000 for the three months ended March 31, 2010 from $61,000 for
the three months ended March 31, 2009. Legal expense increased
$10,000 to $11,000 for the three months ended March 31, 2010 from $1,000 for the
three months ended March 31, 2009 due to fees related to being a public
company. Other expense increased $9,000 to $24,000 for the three
months ended March 31, 2010 from $15,000 for the three months ended March 31,
2009 primarily due to FDIC assessments increasing $5,000 during the same
period.
Income
Tax Expense (Benefit). The credit for income taxes decreased
by $15,000 to $(1,000) for the three months ended March 31, 2010 from $(16,000)
for the three months ended March 31, 2009, primarily due to the recognition of a
valuation allowance in 2010 for the Company’s net operating loss
carryforward.
16
Our Board of Directors is
responsible for establishing and monitoring our liquidity targets and strategies
in order to ensure that sufficient liquidity exists for meeting the borrowing
needs and deposit withdrawals of our customers, as well as unanticipated
contingencies. We believe that we have enough sources of liquidity to
satisfy our short- and long-term liquidity needs as of March 31,
2010.
We regularly monitor and
adjust our investments in liquid assets based upon our assessment of: (1)
expected loan demand; (2) expected deposit flows; (3) yields available on
interest-earning deposits and securities; and (4) the objectives of our
asset/liability management program. Excess liquid assets are invested
generally in interest-earning deposits and short- and intermediate-term
securities.
Our most liquid assets are
cash and cash equivalents and interest-earning deposits in other
institutions. The levels of these assets are dependent on our
operating, financing, lending and investing activities during any given
period. At March 31, 2010, cash and cash equivalents totaled $1.3
million and interest-earning deposits in other institutions totaled $5.1
million. Securities classified as a available-for-sale, which provide
additional sources of liquidity, totaled $4.3 million at March 31,
2010. On March 31, 2010, we had no outstanding borrowings from the
Federal Home Loan Bank of Des Moines. We have the ability to borrow
from the Federal Home Loan Bank of Des Moines, although we have not currently
established any credit lines.
At March 31, 2010 and
December 31, 2009, we had no loan commitments outstanding. In
addition, at March 31, 2010 we had unused lines-of-credit to borrowers totaling
$235,000. At December 31, 2009, we had unused lines-of-credit to
borrowers of $295,000. Certificates of deposit due within one year of
March 31, 2010 totaled $5.2 million, or 31.7% of total deposits. If
these deposits do not remain with us, we will be required to seek other sources
of funds, including other deposits and Federal Home Loan Bank
advances. Depending on market conditions, we may be required to pay
higher rates on such deposits or borrowings than we currently pay on the
certificates of deposit due on or before March 31, 2010. We believe,
however, based on past experience, that a significant portion of such deposits
will remain with us. We have the ability to attract and retain
deposits by adjusting the interest rates offered.
Our primary investing
activities are originating loans, and purchasing interest-earning deposits and
securities. During the three months ended March 31, 2010 and 2009, we
originated $398,000 and $1.0 million, respectively, of loans. During
the three months ended March 31, 2010 and 2009, we had net purchases of
interest-earning deposits totaling $905,000 and $1.1 million,
respectively. During those periods, we had net increases in
available-for-sale securities of $75,000 and $47,000,
respectively.
Financing activities
consist primarily of activity in deposit accounts. We experienced a
net increase in total deposits of $1.2 million for the three months ended March
31, 2010, and a net decrease in total deposits of $1.6 million for the three
months ended March 31, 2009. The 2010 deposits flows were affected by
the overall level of interest rates, the interest rates and products offered by
us and our local competitors, and by other factors. The 2009 decrease
was primarily due to subscription proceeds held by the Association at December
31, 2008, that were applied to proceeds from common stock issued on January 30,
2009.
The Company and the
Association are subject to various regulatory capital requirements, including a
risk-based capital measure. The risk-based capital guidelines include
both a definition of capital and a framework for calculating risk-weighted
assets by assigning balance sheet assets and off-balance sheet items to broad
risk categories. At March 31, 2010 and December 31, 2009, the Company
and the Association exceeded all regulatory capital requirements. The
Company and the Association are considered “well capitalized” under regulatory
guidelines.
The net proceeds from the
stock offering significantly increased our liquidity and capital
resources. Over time, the initial level of liquidity will likely be
reduced as net proceeds from the stock offering are used for general corporate
purposes, including the funding of loans.
17
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
There
have been no material changes in the quantitative and qualitative
information about market risk from the information provided in the
Company’s Annual Report on Form 10-K for the fiscal year ended December
31, 2009.
|
|
Item
4T.
|
Controls
and Procedures
|
(a)
|
Evaluation
of disclosure controls and procedures.
|
Under
the supervision and with the participation of our management, including
our Principal Executive Officer and Principal Financial Officer, we
evaluated the effectiveness of the design and operation of our disclosure
controls and procedures (as defined in Rule 13a-15(e) and 15d-15(e) under
the Exchange Act) as of the end of the period covered by this quarterly
report. Based upon that evaluation, the Principal Executive Officer and
Principal Financial Officer concluded that, as of the end of the period
covered by this quarterly report, our disclosure controls and procedures
were effective to ensure that information required to be disclosed in the
reports that the Company files or submits under the Exchange Act is
recorded, processed, summarized and reported within the time periods
specified in the Securities and Exchange Commission’s rules and
forms.
|
|
(b)
|
Changes
in internal control over financial reporting.
|
There
were no changes made in our internal control over financial reporting
during the period covered by this report that have materially affected, or
are reasonably likely to materially affect, our internal control over
financial reporting.
|
18
PART
II – OTHER INFORMATION
|
|
Item
1.
|
Legal
Proceedings
|
St.
Joseph Bancorp and Midwest Federal Savings are subject to various legal
actions arising in the normal course of business. At March 31,
2010, we were not involved in any legal proceedings, the outcome of which
we believe to be material to our financial condition or results of
operations.
|
|
Item
1A.
|
Risk
Factors
|
Not
applicable to a smaller reporting company.
|
|
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
None
|
|
Item
3.
|
Defaults
Upon Senior Securities
|
None
|
|
Item
4.
|
[Reserved]
|
Item
5.
|
Other
Information
|
None
|
|
Item
6.
|
Exhibits
|
Exhibit
31.1
|
Certification
of Chief Executive Officer Pursuant to Section 302 of Sarbanes-Oxley Act
of 2002
|
Exhibit
31.2
|
Certification
of Chief Financial Officer Pursuant to Section 302 of Sarbanes-Oxley Act
of 2002
|
Exhibit
32
|
Certification
of Chief Executive Officer and Chief Financial Officer Pursuant to 18
U.S.C. Section 1350, as Adopted Pursuant to Section 906 of Sarbanes-Oxley
Act of 2002
|
19
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this Report to be signed on its behalf by the undersigned thereunto
duly authorized.
ST. JOSEPH BANCORP,
INC.
Registrant |
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Date: May
17, 2010
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By: /s/ Ralph E. Schank | |
President and Chief Executive Officer | |||
(Principal Executive and Financial Officer) | |||
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