FEDERAL DEPOSIT INSURANCE CORPORATION
Washington, DC 20429
FORM 10-Q
(Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT
OF 1934
For the quarterly period ended June 30, 2023
OR
- TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______________ to ______________
FDIC Certificate Number 29143
Systematic Savings Bank
(Exact name of registrant as specified in its charter)
Missouri | 44-0456185 |
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification No.) |
318 South Ave | 65806 |
Springfield, Missouri | |
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number: 417-862-5036
Securities registered pursuant to Section 12(b) of the Act: | ||
Title of Each Class | Trading Symbol | Name of Exchange on which registered |
Common Stock, Par Value $0.01 per share | SSSB | OTC Pink Sheets |
Indicate by check mark if the registrant is well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Exchange Act. Yes
- No ☒
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 ☒No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See definitions of "large accelerated filer", "accelerated filer", "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐ Accelerated filer ☐Non-accelerated filer ☐ Smaller reporting company ☒ Emerging growth company ☒
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period of complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act. Yes ☐ No ☒
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
Class | Outstanding as of 07/31/2023 |
Common Stock, Par Value $0.01 per share | 595,125 |
1 |
SYSTEMATIC SAVINGS BANK | |||
INDEX | |||
Part I | Financial Information | Page | |
Item 1. | Financial Statements | ||
Statements of Financial Condition (unaudited) | 3 | ||
Statements of Income (Loss) (unaudited) | 4 | ||
Statements of Comprehensive Income (Loss) (unaudited) | 5 | ||
Statements of Stockholders' Equity (unaudited) | 5 | ||
Statements of Cash Flows (unaudited) | 7 | ||
Condensed Notes to Financial Statements (unaudited) | 8 | ||
Item 2. Management's Discussion and Analysis of Financial | |||
Condition and Results of Operations | 25 | ||
Item 3. | Quantitative and Qualitative Disclosures About | 35 | |
Market Risk | |||
Item 4. | Controls and Procedures | 35 | |
Part II | Other Information | 36 | |
Item 1. | Legal Proceedings | 36 | |
Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 36 | |
Item 3. | Defaults Upon Senior Securities | 36 | |
Item 4. | Mine Safety Disclosures | 36 | |
Item 5. | Other Information | 36 | |
Item 6. | Exhibits | 36 | |
Signatures | 37 |
2
PART I FINANCIAL INFORMATION
Item 1. Financial Statements
Statements Of Financial Condition
June 30, 2023 (unaudited) and December 31, 2022
6/30/2023 | 12/31/2022 | |||||
(Unaudited) | ||||||
Assets | ||||||
Cash and due from banks | $ | 3,928,028 | $ | 3,320,110 | ||
Fed Funds Sold | 783,000 | -- | ||||
Cash and cash equivalents | 4,711,028 | 3,320,110 | ||||
Interest-bearing time deposits | 590,000 | 590,000 | ||||
Available-for-sale securities | 6,251,386 | 6,561,431 | ||||
Loans receivable, net of allowance for credit losses of $465,000 at June 30, | ||||||
2023 and net of allowance for loan losses of $418,112 December 31, 2022 | 48,926,362 | 44,697,995 | ||||
Interest receivable | 213,776 | 187,083 | ||||
Prepaid expenses and other assets | 517,807 | 377,641 | ||||
Premises and equipment, net | 580,755 | 582,992 | ||||
$ | 61,791,094 | $ | 56,317,252 | |||
Liabilities | ||||||
Deposits | $ | 44,954,770 | $ | 42,714,845 | ||
Advances from borrowers for taxes and insurance | 44,052 | 17,443 | ||||
Fed Funds Purchased | 500 | 360,000 | ||||
FHLB Advances | 6,892,360 | 3,161,360 | ||||
Accrued expenses and other liabilities | 126,708 | 96,926 | ||||
Total liabilities | 52,018,390 | 46,350,573 | ||||
Stockholders' Equity | ||||||
Common Stock, $0.01 par value | ||||||
Authorized - 10,000,000 shares | ||||||
Issued and outstanding, 595,125 shares | 5,951 | 5,951 | ||||
Additional paid in capital | 5,068,688 | 5,068,688 | ||||
Retained earnings | 5,363,406 | 5,435,301 | ||||
Accumulated other comprehensive loss | (645,361) | (543,261) | ||||
Total Stockholders' Equity | 9,772,704 | 9,966,679 | ||||
Total Liabilities and Stockholders' Equity | $ | 61,791,094 | $ | 56,317,252 | ||
See Notes to Financial Statements
3
Systematic Bank
Statements Of Income (Loss)
Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)
Three Months Ended | Six Months ended | ||||||||||
6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | ||||||||
Interest Income | |||||||||||
Loans, including fees | $ | 645,115 | $ | 487,699 | $ | 1,220,324 | $ | 961,861 | |||
Investments | 65,305 | 33,985 | 126,619 | 58,570 | |||||||
Deposits with financial institutions | 83,025 | 5,058 | 122,497 | 10,298 | |||||||
and other | |||||||||||
Interest Expense | 793,445 | 526,742 | 1,469,440 | 1,030,729 | |||||||
Checking accounts | 138,946 | 49,397 | 253,978 | 95,656 | |||||||
Savings accounts | 86 | 49 | 212 | 88 | |||||||
Certificate accounts | 187,975 | 54,149 | 332,216 | 108,237 | |||||||
FHLB borrowings | 94,845 | 236 | 145,993 | 262 | |||||||
421,852 | 103,831 | 732,399 | 204,243 | ||||||||
Net Interest Income | 371,593 | 422,911 | 737,041 | 826,486 | |||||||
Provision for Credit or Loan Losses | -- | -- | -- | -- | |||||||
Net Interest Income | |||||||||||
After Provision for Credit or Loan | |||||||||||
Losses | 371,593 | 422,911 | 737,041 | 826,486 | |||||||
Noninterest Income | 16,676 | 13,225 | 32,909 | 28,362 | |||||||
Noninterest Expense | |||||||||||
Salaries and benefits | 183,495 | 183,949 | 366,751 | 368,264 | |||||||
Net occupancy expense | 22,038 | 21,318 | 43,894 | 44,398 | |||||||
Professional fees | 37,265 | 36,310 | 70,165 | 68,646 | |||||||
Other | 150,835 | 120,208 | 288,208 | 246,636 | |||||||
393,633 | 359,785 | 769,018 | 727,944 | ||||||||
Net Income (Loss) Before Income Taxes | (5,364) | 76,351 | 932 | 126,904 | |||||||
Provision (Benefit) for income taxes | (2,358) | 2,275 | (63) | 3,775 | |||||||
Net Income (Loss) | $ | (3,006) | $ | 74,076 | $ | 995 | $ | 123,129 | |||
Net income (Loss) per share - Basic | $ | (0.01) | $ | 0.12 | $ | 0.00 | $ | 0.21 |
See Notes to Financial Statements
4
Systematic Bank
Statements Of Comprehensive Income (Loss)
Three Months and Six Months Ended June 30, 2023 and 2022 (Unaudited)
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||
Net Income (Loss) | 6/30/2023 | 6/30/2022 | 6/30/2023 | 6/30/2022 | |||||||||||||||||||||
$ | (3,006) | $ | 74,076 | $995 | $ | 123,129 | |||||||||||||||||||
Other Comprehensive (Loss) | |||||||||||||||||||||||||
Unrealized holding (losses) | |||||||||||||||||||||||||
on available-for-sale securities | (186,808) | (161,889) | (102,080) | (290,897) | |||||||||||||||||||||
Other comprehensive (loss), net of tax | (186,808) | (161,889) | (102,080) | (290,897) | |||||||||||||||||||||
Comprehensive (loss) | $ | (186,814) | $ | (87,813) | (101,085) | $ | (167,768) | ||||||||||||||||||
Systematic Savings Bank | |||||||||||||||||||||||||
Statements Of Stockholders' Equity | |||||||||||||||||||||||||
Three Months and Six Months Ended June 30, 2023 (Unaudited) | |||||||||||||||||||||||||
Accumulated | |||||||||||||||||||||||||
Additional | Other | ||||||||||||||||||||||||
Common | Paid-In | Retained | Comprehensive | ||||||||||||||||||||||
Balance, January 1, | Stock | Capital | Earnings | Income (Loss) | Total | ||||||||||||||||||||
2023 | $ | 5,951 | $ | 5,068,688 | $ | 5,435,301 | $ | (543,261) | $ 9,966,679 | ||||||||||||||||
Net income | -- | -- | 4,001 | -- | 4,001 | ||||||||||||||||||||
Other comprehensive | |||||||||||||||||||||||||
income | -- | -- | -- | 84,728 | 84,728 | ||||||||||||||||||||
Impact of ASC 326 | |||||||||||||||||||||||||
adoption | -- | -- | (92,890) | -- | (92,890) | ||||||||||||||||||||
Balance, March 31, 2023 | 5,951 | 5,068,688 | 5,366,412 | (458,533) | 9,962,518 | ||||||||||||||||||||
Net Loss | (3,006) | (3,006) | |||||||||||||||||||||||
Other comprehensive loss | -- | -- | -- | (186,808) | (186,808) | ||||||||||||||||||||
Balance, June 30, 2023 | $ | 5,951 | $ | 5,068,688 | $ | 5,363,406 | $ | (645,361) | $ | 9,772,704 |
5
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Systematic Savings Bank published this content on 14 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2023 18:13:04 UTC.