Auburn Bancorp, Inc.

CIK:0001428802|SEC Filings

Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended		6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010	Dec. 31, 2011	Dec. 31, 2010
Interest and dividend income:
Interest on loans	$ 930,231	$ 1,053,581	$ 1,896,168	$ 2,121,152
Interest on investments and other interest-earning deposits	27,266	13,381	48,556	27,889
Dividends on Federal Home Loan Bank stock	946		1,789
Total interest and dividend income	958,443	1,066,962	1,946,513	2,149,041
Interest expense:
Interest on deposits and escrow accounts	167,580	218,356	338,871	452,573
Interest on Federal Home Loan Bank advances	125,207	150,189	251,399	296,369
Total interest expense	292,787	368,545	590,270	748,942
Net interest income	665,656	698,417	1,356,243	1,400,099
Provision for loan losses	29,100	25,217	58,230	304,014
Net interest income after provision for loan losses	636,556	673,200	1,298,013	1,096,085
Non-interest income:
Net gain on sales of loans	42,346	70,510	68,210	92,905
Net loss on sale of other assets	(17,570)	(32,942)	(107,211)	(39,326)
Net gain on sale of investment securities	338		921
Other non-interest income	46,612	40,868	102,526	80,570
Total non-interest income	71,726	78,436	64,446	134,149
Non-interest expenses:
Salaries and employee benefits	287,095	257,007	542,316	486,526
Occupancy expense	33,077	25,459	65,550	49,275
Depreciation	23,659	23,764	48,023	47,819
Federal deposit insurance premiums	39,336	24,343	98,354	37,784
Computer charges	48,059	42,596	96,277	84,709
Advertising expense	3,367	19,671	6,408	42,161
Consulting expense	14,970	15,633	55,533	31,673
Net provision for losses on foreclosed real estate	205,222	15,226	205,012	11,084
Other operating expenses	220,837	157,847	322,270	293,749
Total non-interest expenses	875,622	581,546	1,439,743	1,084,780
Income (loss) before income taxes	(167,340)	170,090	(77,284)	145,454
Income tax expense (benefit)	(60,157)	60,466	(31,152)	53,256
Net income (loss)	$ (107,183)	$ 109,624	$ (46,132)	$ 92,198
Net income (loss) per common share (in dollars per share)	$ (0.22)	$ 0.22	$ (0.09)	$ 0.19

Consolidated Statements of Cash Flows (Unaudited) (USD $)	6 Months Ended
	Dec. 31, 2011	Dec. 31, 2010
Cash flows from operating activities:
Net income (loss)	$ (46,132)	$ 92,198
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation	48,023	47,819
Net amortization (accretion) of discounts and premiums on investment securities	13,794	(17,367)
Provision for loan losses	58,230	304,014
Net provision for losses on foreclosed real estate	205,012	11,084
Deferred income tax benefit	6,765
Net gain on sale of investment securities available for sale	(921)
Gain on sales of loans	(68,210)	(92,905)
Proceeds from sale of loans	1,406,587	2,080,561
Originations of loans sold	(1,347,700)	(1,996,810)
Loss on foreclosed real estate	21,946	14,096
ESOP expense	3,411	3,880
Net decrease in prepaid expenses and other assets	65,153	3,649
Net increase in accrued interest receivable	(1,050)	(5,793)
Net decrease in accrued interest payable and other liabilities	(247,010)	(78,720)
Net cash provided by operating activities	117,898	365,706
Cash flows from investing activities:
Purchase of investment securities available for sale	(1,295,068)	(708,594)
Purchase of investment securities held to maturity	(203,409)
Proceeds from maturities, calls and principal paydowns on investment securities available for sale	550,029	58,882
Proceeds from sale of other real estate owned	524,980	103,380
Net change in certificates of deposit	247,000	100,000
Net decrease (increase) in loans to customers	2,774,249	(1,634,507)
Capital expenditures	(16,424)	(24,229)
Net cash provided by (used in) investing activities	2,581,357	(2,105,068)
Cash flows from financing activities:
Advances from Federal Home Loan Bank	1,500,000	2,000,000
Repayment of advances from Federal Home Loan Bank	(1,250,000)	(500,000)
Net change in short-term borrowings	(74,373)	(72,649)
Net decrease in deposits	(161,407)	(1,626,514)
Redemption of ESOP shares		(306)
Net cash provided by (used in) financing activities	14,220	(199,469)
Net increase (decrease) in cash and cash equivalents	2,713,475	(1,938,831)
Cash and cash equivalents, beginning of period	3,105,631	5,279,436
Cash and cash equivalents, end of period	5,819,106	3,340,605
Cash paid during the period for:
Interest	589,672	746,544
Income taxes	220,562	100,930
Transfer of loans to foreclosed real estate	106,844	351,539
Financed sale of foreclosed real estate	$ 97,411

Consolidated Balance Sheets (Unaudited) (USD $)	Dec. 31, 2011	Jun. 30, 2011
ASSETS
Cash and due from banks	$ 1,953,874	$ 1,457,220
Interest-earning deposits	3,865,232	1,648,411
Total cash and cash equivalents	5,819,106	3,105,631
Certificates of deposit	248,000	495,000
Investment securities available for sale, at fair value	1,807,126	1,102,025
Investment securities held to maturity, fair value of $1,238,884 at December 31, 2011 and $970,907 at June 30, 2011	1,174,973	971,985
Federal Home Loan Bank stock, at cost	1,251,700	1,251,700
Loans	65,257,183	68,303,266
Less allowance for loan losses	(888,317)	(906,989)
Net loans	64,368,866	67,396,277
Property and equipment, net	1,767,856	1,799,455
Foreclosed real estate, net of allowance of $126,196 at December 31, 2011 and $23,508 at June 30, 2011	648,500	1,196,183
Accrued interest receivable
Investments	26,191	16,526
Mortgage-backed securities	1,395	363
Loans	255,916	265,563
Prepaid expenses and other assets	246,303	311,456
Total assets	77,615,932	77,912,164
Liabilities
Deposits	53,715,519	53,876,926
Federal Home Loan Bank advances	17,810,101	17,634,474
Accrued interest and other liabilities	30,962	280,552
Total liabilities	71,556,582	71,791,952
Stockholders' Equity
Preferred Stock, 1,000,000 shares authorized, no shares issued or outstanding
Common Stock, $.01 par value per share, 10,000,000 shares authorized, 503,284 shares issued and outstanding at December 31 and June 30, 2011	5,033	5,033
Additional paid-in capital	1,463,133	1,465,501
Retained earnings	4,737,104	4,783,236
Accumulated other comprehensive loss	(18,782)	(641)
Unearned compensation (ESOP shares)	(127,138)	(132,917)
Total stockholders' equity	6,059,350	6,120,212
Total liabilities and stockholders' equity	$ 77,615,932	$ 77,912,164