Fraternity Community Bancorp Inc (FRTR) 19.1800 $FRTR
Hamilton Bancorp, Inc. Closes Fraternity Community Bancorp Merger
PRWeb - Mon May 16, 8:24AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton"
, today announced it has completed its merger with Fraternity Community Bancorp (OTC Pink: FRTR) and its subsidiary, Fraternity Federal Savings and Loan Association (collectively "Fraternity" effective May 13, 2016.
HBK: 13.78 (unch)
Hamilton Bancorp, Inc. Announces Third Quarter Fiscal 2016 Results with Revenue Growth of 34%
PRWeb - Wed Feb 03, 3:30PM CST
Hamilton Bancorp, Inc. (the "Company" (NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and nine month periods ending December 31, 2015 with the following highlights: Net interest income for the third quarter ending December 31, 2015 was $2.7 million, an increase of $805,000 or 42% from $1.9 million for the same period a year ago. This increase is primarily related to the Company's successful acquisition of Fairmount Bancorp, Inc. ("Fairmount" in September 2015. Net interest margin also increased 37 basis points to 3.24%, compared to 2.87% for the same quarter last year, as the assets acquired in the Fairmount acquisition were put to effective use. Total loans at December 31, 2015 increased 44.5% year over year, including $51.9 million or 32.7% growth in loans acquired through the Fairmount acquisition and $18.0 million, or 11.3%, growth internally. Organic loan growth for the quarter ending December 31, 2015 included a net increase in commercial loans of $6.2 million, or 6.3%, as we re-balance our loan portfolio from residential to commercial loans. Since March 31, 2015 our commercial loan portfolio has increased $24.1 million, or 30.1%. Deposit account balances increased 1.9% to $288.7 million at December 31, 2015, compared to $283.4 million in the prior quarter, including an increase of 7.8% or $2.6 million in noninterest-bearing and interest-bearing checking account balances. The Company reported a net loss of $127,000, or $(0.04) per common share, for the quarter ending December 31, 2015, compared to earnings of $78,000, or $0.02 per common share, for the same quarter ending December 31, 2014. Earnings for the current quarter were impacted by $197,000 in merger-related expenses relating to the closing of the Fairmount acquisition and the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Excluding merger expenses, the Company would have reported pre-tax income of $304,000 compared to pre-tax income of $99,000 for the same quarter a year ago--an increase of $205,000 or 207% quarter over quarter. For the nine months ending December 31, 2015, the Company reported a net loss of $210,000, or $(0.07) per common share, compared to a net loss of $173,000, or $(0.05) per common share, for the same period a year ago. In the current fiscal year, the Company has incurred $828,000 in merger-related expenses associated with the Fairmount and Fraternity acquisitions. Excluding those costs, the Company would have earned pre-tax income of $943,000 over the first nine months of fiscal 2016, compared to a pre-tax loss of $405,000 for the first nine months of fiscal 2015--an improvement of $1.3 million compared to the same period a year ago. Non-performing loans to total loans increased to 2.22% as of December 31, 2015 from 1.30% at September 30, 2015 and 1.71% at December 31, 2014. The increase in the most recent period is due to two commercial real estate loans to one borrower totaling $3.3 million that were placed on non-accrual in accordance with regulatory guidelines. Both loans to this borrower are classified as a Troubled Debt Restructure and the borrower continues to make interest-only payments as agreed to under the modified terms of these loans. Net charge-offs for the first nine months of fiscal 2016 were $135,000, or 0.07% of average loans, compared to $167,000 in net charge-offs, or 0.11% of average loans, for the same nine months a year ago. The Company had loan recoveries in the most recent quarter of $304,000, including a $236,000 recovery on a commercial construction note that was sold. The provision for loan and lease losses for the third quarter of fiscal 2016 was a charge of $70,000, compared to a negative charge or reversal of $125,000 for the third quarter of fiscal 2015 and a charge of $120,000 for the second quarter of fiscal 2016. The Company was able to charge lower provisions despite organic loan growth as a result of its reduction in net charge-offs, including $304,000 in loan recoveries in the most recent quarter. In October 2015, the Company completed its due diligence and entered into a definitive agreement to merge with Fraternity. During the most recent quarter, the Company completed and submitted its regulatory applications. The Company is currently awaiting both regulatory and Fraternity shareholder approval for the potential acquisition. The cost incurred year-to-date to complete our due diligence, reach a definitive agreement, and submit the regulatory application for this acquisition is $326,000.
HBK: 13.78 (unch)
Fraternity Community Bancorp reports increased net loss for Q3 2015 year over year
M2 - Mon Nov 16, 4:11AM CST
Fraternity Community Bancorp Inc (OTCBB:FRTR) on Saturday reported a net loss of USD428,700 for the nine months ended 30 September 2015, increased from the net loss of USD82,700 for the same period of 2014.
Fraternity Community Bancorp, Inc. Reports Results for the Nine Months Ended September 30, 2015
BusinessWire - Fri Nov 13, 4:00PM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $428,700 for the nine months ended September 30, 2015, compared to a net loss of $82,700 for the nine months ended September 30, 2014. The net loss is primarily attributable to an increase in our provision for loan losses. We had a provision for loan losses of $907,400 for the nine months ended September 30, 2015 as compared to a provision for loan losses of $225,100 for the nine months ended September 30, 2014. The reason for the large provision this period is due primarily to the write-down of one loan relationship, covering seven loans, secured by 39 non-owner occupied one- to- four family residential properties in Baltimore City. Net interest income decreased $199,800, from $3.3 million for the nine months ended September 30, 2014, to $3.1 million for the nine months ended September 30, 2015. Non-interest expense decreased $383,000, from $3.6 million for the nine months ended September 30, 2014, to $3.2 million for the nine months ended September 30, 2015.
Hamilton Bancorp, Inc. Announces Second Quarter Fiscal 2016 Results with Asset Growth of 25% and Revenue Growth of 13%
PRWeb - Thu Nov 05, 5:40PM CST
Hamilton Bancorp, Inc. (the "Company" (NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and six month periods ended September 30, 2015 with the following highlights: At the end of the second quarter of fiscal 2016, Hamilton successfully closed on its previously announced acquisition of Fairmount Bancorp, Inc. ("Fairmount". As a result of the merger, total assets grew to $363.9 million at September 30, 2015, representing growth of $72.8 million or 25 percent more than assets of $291.0 million at March 31, 2015. Net interest income for the six months ended September 30, 2015 was $4.1 million, an increase of $313,000 or 8.2 percent from $3.8 million for the same period a year ago. As a result, net interest margin increased 19 basis points to 2.96 percent, compared to 2.77 percent over the same period last year. During the first half of fiscal 2016, the Company improved earnings by reporting a net loss of $83,000 or $(0.03) per share, compared to a net loss of $251,000, or $(0.08) per share, in the first six months of fiscal 2015--an improvement of $168,000. Earnings over this period improved, despite $632,000 in merger expenses associated with the successful completion of the Fairmount acquisition and due diligence relating to the Company's recent announcement of the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Pre-tax income was $7,000 during the six months ended September 30, 2015, compared to a pre-tax loss of $503,000 for the same period a year ago. For core operating comparison purposes, however, pre-tax income was $639,000, excluding the $632,000 in merger-related expenses noted above, representing an increase of $1.1 million in core operating income. The Company recorded a net loss of $201,000, or $(0.06) per common share, for the quarter ended September 30, 2015 due solely to the $401,000 in one-time merger-related costs incurred over this period. In the comparable quarter last year, the Company reported a net loss of $59,000, or $(0.02) per common share, with no merger expenses. Non-performing loans to total loans decreased nearly 48 percent compared to a year ago, from 2.48 percent on September 30, 2014 to 1.30 percent at September 30, 2015. Non-accrual loans decreased $491,000 to $2.9 million at September 30, 2015, compared to $3.4 million a year earlier, despite approximately $798,000 in non-accrual loans that were acquired in the Fairmount merger. Net charge-offs for the first half of fiscal 2016 were $76,000, or 0.04 percent of average loans, compared to $162,000 in net charge-offs, or 0.11 percent of average loans, for the same six months a year ago. Provision for loan losses for the six months ended September 30, 2015 were $120,000, compared to $470,000 over the same period a year earlier. The provision for the first six months of fiscal 2016 is due to organic growth within the loan portfolio. As shown in the attached table, asset quality has continued to improve year over year. At the end of June 2015, the Company sold its Towson branch property for $500,000, resulting in a gain on sale of $407,000 after applicable expenses. In October 2015, the Company signed a definitive agreement to merge with the Fraternity. During the quarter, the Company completed the necessary due diligence to reach a definitive agreement and is in the process of submitting its regulatory applications. Approval is needed from regulators and the shareholders of Fraternity. The cost incurred year-to-date to complete the due diligence and reach a definitive agreement is $69,000.
HBK: 13.78 (unch)
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fraternity Community Bancorp, Inc. of Commencement of an Investigation Concerning the Fairness of the Sale of the Company to Hamilton Bancorp, Inc. -- FRTR
PR Newswire - Mon Oct 19, 2:18PM CDT
The following statement is being issued by Levi & Korsinsky, LLP:
Fraternity Community Bancorp, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Merger with Hamilton Bancorp, Inc.
BusinessWire - Thu Oct 15, 12:26PM CDT
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Fraternity Community Bancorp, Inc. ("Fraternity Community" (OTCBB: FRTR) concerning the merger with Hamilton Bancorp, Inc. Under the terms of the agreement, valued at approximately $27 million, Fraternity Community shareholders will only receive $19.25 per share held, which is virtually no premium over the closing price before the deal was announced.
SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Fraternity Community Bancorp, Inc. And Encourages Investors To Contact The Firm For Additional Information
BusinessWire - Tue Oct 13, 5:14PM CDT
The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Fraternity Community Bancorp, Inc. (OTC BB: FRTR) ("FCB" or the "Company" relating to the proposed buyout of the Company by Hamilton Bancorp, Inc., in a transaction valued at approximately $27 million.
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fraternity Community Bancorp, Inc. of Commencement of an Investigation Concerning the Fairness of the Sale of the Company to Hamilton Bancorp, Inc.
BusinessWire - Tue Oct 13, 4:44PM CDT
The following statement is being issued by Levi & Korsinsky, LLP:
EQUITY ALERT: Rosen Law Firm Announces Investigation of Fraternity Community Bancorp, Inc. Concerning its Proposed Sale to Hamilton Bancorp, Inc.
BusinessWire - Tue Oct 13, 2:38PM CDT
Rosen Law Firm, a global investor rights law firm, announces that it is investigating the Board of Directors of Fraternity Community Bancorp, Inc. (OTCBB:FRTR) for possible breaches of fiduciary duty and other violations of law by failing to adequately shop Fraternity Community Bancorp to maximize shareholder value before agreeing to be acquired by Hamilton Bancorp, Inc. (NASDAQ:HBK).
HBK: 13.78 (unch)
Hamilton Bancorp and Fraternity Community Bancorp to Merge
PRWeb - Tue Oct 13, 8:14AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and Fraternity Community Bancorp, Inc. (OTCBB: FRTR) jointly announced today that they have entered into an agreement and plan of merger. Under the terms of the merger agreement, Fraternity Community Bancorp, Inc. and its subsidiary Fraternity Federal Savings and Loan Association (collectively, "Fraternity" will merge into Hamilton Bancorp, Inc. and its subsidiary Hamilton Bank (collectively, "Hamilton" in a cash transaction valued at $19.25 per share, or approximately $27 million in the aggregate. As a result of the merger, Hamilton will have eight branch locations and pro-forma assets in excess of $500 million with $340 million in loans and deposits of $400 million.
HBK: 13.78 (unch)
Fraternity Community Bancorp, Inc. Reports Results for the Six Months Ended June 30, 2015
BusinessWire - Thu Jul 30, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $453,800 for the six months ended June 30, 2015, compared to net income of $62,100 for the six months ended June 30, 2014. The net loss is primarily attributable to an increase in our provision for loan losses. We had a provision for loan losses of $932,500 for the six months ended June 30, 2015 as compared to a recovery of loan losses of $94,400 for the six months ended June 30, 2014. The reason for the large provision this period is due primarily to the write-down of one loan relationship, covering seven loans, secured by 39 non-owner occupied one- to- four family residential properties in Baltimore City. Net interest income decreased $137,700, from $2,244,700 for the six months ended June 30, 2014, to $2,107,000 for the six months ended June 30, 2015. Non-interest expense decreased $363,000, from $2,464,400 for the six months ended June 30, 2014, to $2,101,400 for the six months ended June 30, 2015.
Fraternity Community Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2015
BusinessWire - Fri May 08, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized net income of $66,800 for the quarter ended March 31, 2015, compared to a net loss of $47,700 for the quarter ended March 31, 2014. This represented earnings per common share of $0.05 for the quarter ended March 31, 2015 as compared to a $0.03 loss per common share for the quarter ended March 31, 2014. The increase in net income is primarily attributable to a decrease in our non-interest expenses of $224,700, from $1,263,500 for the three months ended March 31, 2014, to $1,038,800 for the three months ended March 31, 2015. The decrease in our non-interest expense is primarily attributable to a reduction in expenses related to other real estate owned and troubled loans. In addition, we realized a reduction in salaries and benefits.
Fraternity Community Bancorp reports net income of USD147,400 for Q4 2014
M2 - Mon Mar 30, 6:55AM CDT
Fraternity Community Bancorp Inc (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, on Saturday reported a net income of USD147,400 for the three months ended 31 December 2014, compared to a net loss of USD187,400 for the same period ended 31 December 2013.
Fraternity Community Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2014
BusinessWire - Fri Mar 27, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized net income of $64,700 for the year ended December 31, 2014, compared to a net loss of $110,600 for the year ended December 31, 2013. This represented earnings per common share of $0.05 for the year ended December 31, 2014 as compared to a $0.08 loss per common share for the year ended December 31, 2013. The increase in net income is primarily due to a decrease in our provision for loan losses. For the year ended December 31, 2014 we had a provision for loan losses of $26,900, compared to a provision for loan losses of $223,000 for the year ended December 31, 2013.
Fraternity Community Bancorp, Inc. Announces Appointment of New Director and Plan to Deregister Common Stock
BusinessWire - Wed Nov 19, 11:00AM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the parent company of Fraternity Federal Savings and Loan Association (the "Bank", announced today that it has entered into an agreement with Joseph Stilwell, and certain affiliates, and Corissa J. Briglia, pursuant to which Fraternity Community Bancorp, Inc. (the "Company" and the Bank expanded their Boards of Directors by one member and appointed Ms. Briglia as a director of both entities. The appointment of Ms. Briglia increases the number of directors on the board of each entity to six. She has been appointed to the class of directors with terms expiring at the Company's 2016 annual meeting of stockholders.
Fraternity Community Bancorp, Inc. Reports Results for the Quarter Ended September 30, 2014
BusinessWire - Fri Nov 14, 4:00PM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $144,800 for the quarter ended September 30, 2014, as compared to a net loss of $91,100 for the same quarter in 2013. This represented loss per common share of $0.10 for the three months ended September 30, 2014 as compared to $0.07 per common share for the same period ended September 30, 2013. For the nine month period ended September 30, 2014, a net loss of $82,700 was reported, as compared to net income of $76,800 for the same period in 2013.
Hamilton Bancorp, Inc. Closes Fraternity Community Bancorp Merger
PRWeb - Mon May 16, 8:24AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and its subsidiary, Hamilton Bank (collectively, "Hamilton"
, today announced it has completed its merger with Fraternity Community Bancorp (OTC Pink: FRTR) and its subsidiary, Fraternity Federal Savings and Loan Association (collectively "Fraternity" effective May 13, 2016. HBK: 13.78 (unch)
Hamilton Bancorp, Inc. Announces Third Quarter Fiscal 2016 Results with Revenue Growth of 34%
PRWeb - Wed Feb 03, 3:30PM CST
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and nine month periods ending December 31, 2015 with the following highlights: Net interest income for the third quarter ending December 31, 2015 was $2.7 million, an increase of $805,000 or 42% from $1.9 million for the same period a year ago. This increase is primarily related to the Company's successful acquisition of Fairmount Bancorp, Inc. ("Fairmount" in September 2015. Net interest margin also increased 37 basis points to 3.24%, compared to 2.87% for the same quarter last year, as the assets acquired in the Fairmount acquisition were put to effective use. Total loans at December 31, 2015 increased 44.5% year over year, including $51.9 million or 32.7% growth in loans acquired through the Fairmount acquisition and $18.0 million, or 11.3%, growth internally. Organic loan growth for the quarter ending December 31, 2015 included a net increase in commercial loans of $6.2 million, or 6.3%, as we re-balance our loan portfolio from residential to commercial loans. Since March 31, 2015 our commercial loan portfolio has increased $24.1 million, or 30.1%. Deposit account balances increased 1.9% to $288.7 million at December 31, 2015, compared to $283.4 million in the prior quarter, including an increase of 7.8% or $2.6 million in noninterest-bearing and interest-bearing checking account balances. The Company reported a net loss of $127,000, or $(0.04) per common share, for the quarter ending December 31, 2015, compared to earnings of $78,000, or $0.02 per common share, for the same quarter ending December 31, 2014. Earnings for the current quarter were impacted by $197,000 in merger-related expenses relating to the closing of the Fairmount acquisition and the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Excluding merger expenses, the Company would have reported pre-tax income of $304,000 compared to pre-tax income of $99,000 for the same quarter a year ago--an increase of $205,000 or 207% quarter over quarter. For the nine months ending December 31, 2015, the Company reported a net loss of $210,000, or $(0.07) per common share, compared to a net loss of $173,000, or $(0.05) per common share, for the same period a year ago. In the current fiscal year, the Company has incurred $828,000 in merger-related expenses associated with the Fairmount and Fraternity acquisitions. Excluding those costs, the Company would have earned pre-tax income of $943,000 over the first nine months of fiscal 2016, compared to a pre-tax loss of $405,000 for the first nine months of fiscal 2015--an improvement of $1.3 million compared to the same period a year ago. Non-performing loans to total loans increased to 2.22% as of December 31, 2015 from 1.30% at September 30, 2015 and 1.71% at December 31, 2014. The increase in the most recent period is due to two commercial real estate loans to one borrower totaling $3.3 million that were placed on non-accrual in accordance with regulatory guidelines. Both loans to this borrower are classified as a Troubled Debt Restructure and the borrower continues to make interest-only payments as agreed to under the modified terms of these loans. Net charge-offs for the first nine months of fiscal 2016 were $135,000, or 0.07% of average loans, compared to $167,000 in net charge-offs, or 0.11% of average loans, for the same nine months a year ago. The Company had loan recoveries in the most recent quarter of $304,000, including a $236,000 recovery on a commercial construction note that was sold. The provision for loan and lease losses for the third quarter of fiscal 2016 was a charge of $70,000, compared to a negative charge or reversal of $125,000 for the third quarter of fiscal 2015 and a charge of $120,000 for the second quarter of fiscal 2016. The Company was able to charge lower provisions despite organic loan growth as a result of its reduction in net charge-offs, including $304,000 in loan recoveries in the most recent quarter. In October 2015, the Company completed its due diligence and entered into a definitive agreement to merge with Fraternity. During the most recent quarter, the Company completed and submitted its regulatory applications. The Company is currently awaiting both regulatory and Fraternity shareholder approval for the potential acquisition. The cost incurred year-to-date to complete our due diligence, reach a definitive agreement, and submit the regulatory application for this acquisition is $326,000. HBK: 13.78 (unch)
Fraternity Community Bancorp reports increased net loss for Q3 2015 year over year
M2 - Mon Nov 16, 4:11AM CST
Fraternity Community Bancorp Inc (OTCBB:FRTR) on Saturday reported a net loss of USD428,700 for the nine months ended 30 September 2015, increased from the net loss of USD82,700 for the same period of 2014.
Fraternity Community Bancorp, Inc. Reports Results for the Nine Months Ended September 30, 2015
BusinessWire - Fri Nov 13, 4:00PM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $428,700 for the nine months ended September 30, 2015, compared to a net loss of $82,700 for the nine months ended September 30, 2014. The net loss is primarily attributable to an increase in our provision for loan losses. We had a provision for loan losses of $907,400 for the nine months ended September 30, 2015 as compared to a provision for loan losses of $225,100 for the nine months ended September 30, 2014. The reason for the large provision this period is due primarily to the write-down of one loan relationship, covering seven loans, secured by 39 non-owner occupied one- to- four family residential properties in Baltimore City. Net interest income decreased $199,800, from $3.3 million for the nine months ended September 30, 2014, to $3.1 million for the nine months ended September 30, 2015. Non-interest expense decreased $383,000, from $3.6 million for the nine months ended September 30, 2014, to $3.2 million for the nine months ended September 30, 2015.
Hamilton Bancorp, Inc. Announces Second Quarter Fiscal 2016 Results with Asset Growth of 25% and Revenue Growth of 13%
PRWeb - Thu Nov 05, 5:40PM CST
Hamilton Bancorp, Inc. (the "Company"
(NASDAQ: HBK), the parent company of Hamilton Bank (the "Bank", today announced its operating results for the three and six month periods ended September 30, 2015 with the following highlights: At the end of the second quarter of fiscal 2016, Hamilton successfully closed on its previously announced acquisition of Fairmount Bancorp, Inc. ("Fairmount". As a result of the merger, total assets grew to $363.9 million at September 30, 2015, representing growth of $72.8 million or 25 percent more than assets of $291.0 million at March 31, 2015. Net interest income for the six months ended September 30, 2015 was $4.1 million, an increase of $313,000 or 8.2 percent from $3.8 million for the same period a year ago. As a result, net interest margin increased 19 basis points to 2.96 percent, compared to 2.77 percent over the same period last year. During the first half of fiscal 2016, the Company improved earnings by reporting a net loss of $83,000 or $(0.03) per share, compared to a net loss of $251,000, or $(0.08) per share, in the first six months of fiscal 2015--an improvement of $168,000. Earnings over this period improved, despite $632,000 in merger expenses associated with the successful completion of the Fairmount acquisition and due diligence relating to the Company's recent announcement of the pending merger with Fraternity Community Bancorp, Inc. ("Fraternity". Pre-tax income was $7,000 during the six months ended September 30, 2015, compared to a pre-tax loss of $503,000 for the same period a year ago. For core operating comparison purposes, however, pre-tax income was $639,000, excluding the $632,000 in merger-related expenses noted above, representing an increase of $1.1 million in core operating income. The Company recorded a net loss of $201,000, or $(0.06) per common share, for the quarter ended September 30, 2015 due solely to the $401,000 in one-time merger-related costs incurred over this period. In the comparable quarter last year, the Company reported a net loss of $59,000, or $(0.02) per common share, with no merger expenses. Non-performing loans to total loans decreased nearly 48 percent compared to a year ago, from 2.48 percent on September 30, 2014 to 1.30 percent at September 30, 2015. Non-accrual loans decreased $491,000 to $2.9 million at September 30, 2015, compared to $3.4 million a year earlier, despite approximately $798,000 in non-accrual loans that were acquired in the Fairmount merger. Net charge-offs for the first half of fiscal 2016 were $76,000, or 0.04 percent of average loans, compared to $162,000 in net charge-offs, or 0.11 percent of average loans, for the same six months a year ago. Provision for loan losses for the six months ended September 30, 2015 were $120,000, compared to $470,000 over the same period a year earlier. The provision for the first six months of fiscal 2016 is due to organic growth within the loan portfolio. As shown in the attached table, asset quality has continued to improve year over year. At the end of June 2015, the Company sold its Towson branch property for $500,000, resulting in a gain on sale of $407,000 after applicable expenses. In October 2015, the Company signed a definitive agreement to merge with the Fraternity. During the quarter, the Company completed the necessary due diligence to reach a definitive agreement and is in the process of submitting its regulatory applications. Approval is needed from regulators and the shareholders of Fraternity. The cost incurred year-to-date to complete the due diligence and reach a definitive agreement is $69,000. HBK: 13.78 (unch)
SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fraternity Community Bancorp, Inc. of Commencement of an Investigation Concerning the Fairness of the Sale of the Company to Hamilton Bancorp, Inc. -- FRTR
PR Newswire - Mon Oct 19, 2:18PM CDT
The following statement is being issued by Levi & Korsinsky, LLP:
Fraternity Community Bancorp, Inc. Shareholder Alert: Former SEC Attorney Willie Briscoe and Powers Taylor LLP Investigate Merger with Hamilton Bancorp, Inc.
BusinessWire - Thu Oct 15, 12:26PM CDT
Former United States Securities and Exchange Commission attorney Willie Briscoe and the securities litigation firm of Powers Taylor LLP are investigating potential claims against the Board of Directors of Fraternity Community Bancorp, Inc. ("Fraternity Community"
(OTCBB: FRTR) concerning the merger with Hamilton Bancorp, Inc. Under the terms of the agreement, valued at approximately $27 million, Fraternity Community shareholders will only receive $19.25 per share held, which is virtually no premium over the closing price before the deal was announced. SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into The Proposed Sale Of Fraternity Community Bancorp, Inc. And Encourages Investors To Contact The Firm For Additional Information
BusinessWire - Tue Oct 13, 5:14PM CDT
The securities litigation law firm of Brower Piven, A Professional Corporation, has commenced an investigation into possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Fraternity Community Bancorp, Inc. (OTC BB: FRTR) ("FCB" or the "Company"
relating to the proposed buyout of the Company by Hamilton Bancorp, Inc., in a transaction valued at approximately $27 million. SHAREHOLDER ALERT: Levi & Korsinsky, LLP Notifies Shareholders of Fraternity Community Bancorp, Inc. of Commencement of an Investigation Concerning the Fairness of the Sale of the Company to Hamilton Bancorp, Inc.
BusinessWire - Tue Oct 13, 4:44PM CDT
The following statement is being issued by Levi & Korsinsky, LLP:
EQUITY ALERT: Rosen Law Firm Announces Investigation of Fraternity Community Bancorp, Inc. Concerning its Proposed Sale to Hamilton Bancorp, Inc.
BusinessWire - Tue Oct 13, 2:38PM CDT
Rosen Law Firm, a global investor rights law firm, announces that it is investigating the Board of Directors of Fraternity Community Bancorp, Inc. (OTCBB:FRTR) for possible breaches of fiduciary duty and other violations of law by failing to adequately shop Fraternity Community Bancorp to maximize shareholder value before agreeing to be acquired by Hamilton Bancorp, Inc. (NASDAQ:HBK).
HBK: 13.78 (unch)
Hamilton Bancorp and Fraternity Community Bancorp to Merge
PRWeb - Tue Oct 13, 8:14AM CDT
Hamilton Bancorp, Inc. (NASDAQ: HBK) and Fraternity Community Bancorp, Inc. (OTCBB: FRTR) jointly announced today that they have entered into an agreement and plan of merger. Under the terms of the merger agreement, Fraternity Community Bancorp, Inc. and its subsidiary Fraternity Federal Savings and Loan Association (collectively, "Fraternity"
will merge into Hamilton Bancorp, Inc. and its subsidiary Hamilton Bank (collectively, "Hamilton" in a cash transaction valued at $19.25 per share, or approximately $27 million in the aggregate. As a result of the merger, Hamilton will have eight branch locations and pro-forma assets in excess of $500 million with $340 million in loans and deposits of $400 million. HBK: 13.78 (unch)
Fraternity Community Bancorp, Inc. Reports Results for the Six Months Ended June 30, 2015
BusinessWire - Thu Jul 30, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $453,800 for the six months ended June 30, 2015, compared to net income of $62,100 for the six months ended June 30, 2014. The net loss is primarily attributable to an increase in our provision for loan losses. We had a provision for loan losses of $932,500 for the six months ended June 30, 2015 as compared to a recovery of loan losses of $94,400 for the six months ended June 30, 2014. The reason for the large provision this period is due primarily to the write-down of one loan relationship, covering seven loans, secured by 39 non-owner occupied one- to- four family residential properties in Baltimore City. Net interest income decreased $137,700, from $2,244,700 for the six months ended June 30, 2014, to $2,107,000 for the six months ended June 30, 2015. Non-interest expense decreased $363,000, from $2,464,400 for the six months ended June 30, 2014, to $2,101,400 for the six months ended June 30, 2015.
Fraternity Community Bancorp, Inc. Reports Results for the Quarter Ended March 31, 2015
BusinessWire - Fri May 08, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized net income of $66,800 for the quarter ended March 31, 2015, compared to a net loss of $47,700 for the quarter ended March 31, 2014. This represented earnings per common share of $0.05 for the quarter ended March 31, 2015 as compared to a $0.03 loss per common share for the quarter ended March 31, 2014. The increase in net income is primarily attributable to a decrease in our non-interest expenses of $224,700, from $1,263,500 for the three months ended March 31, 2014, to $1,038,800 for the three months ended March 31, 2015. The decrease in our non-interest expense is primarily attributable to a reduction in expenses related to other real estate owned and troubled loans. In addition, we realized a reduction in salaries and benefits.
Fraternity Community Bancorp reports net income of USD147,400 for Q4 2014
M2 - Mon Mar 30, 6:55AM CDT
Fraternity Community Bancorp Inc (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, on Saturday reported a net income of USD147,400 for the three months ended 31 December 2014, compared to a net loss of USD187,400 for the same period ended 31 December 2013.
Fraternity Community Bancorp, Inc. Reports Results for the Quarter and Year Ended December 31, 2014
BusinessWire - Fri Mar 27, 4:00PM CDT
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized net income of $64,700 for the year ended December 31, 2014, compared to a net loss of $110,600 for the year ended December 31, 2013. This represented earnings per common share of $0.05 for the year ended December 31, 2014 as compared to a $0.08 loss per common share for the year ended December 31, 2013. The increase in net income is primarily due to a decrease in our provision for loan losses. For the year ended December 31, 2014 we had a provision for loan losses of $26,900, compared to a provision for loan losses of $223,000 for the year ended December 31, 2013.
Fraternity Community Bancorp, Inc. Announces Appointment of New Director and Plan to Deregister Common Stock
BusinessWire - Wed Nov 19, 11:00AM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the parent company of Fraternity Federal Savings and Loan Association (the "Bank"
, announced today that it has entered into an agreement with Joseph Stilwell, and certain affiliates, and Corissa J. Briglia, pursuant to which Fraternity Community Bancorp, Inc. (the "Company" and the Bank expanded their Boards of Directors by one member and appointed Ms. Briglia as a director of both entities. The appointment of Ms. Briglia increases the number of directors on the board of each entity to six. She has been appointed to the class of directors with terms expiring at the Company's 2016 annual meeting of stockholders. Fraternity Community Bancorp, Inc. Reports Results for the Quarter Ended September 30, 2014
BusinessWire - Fri Nov 14, 4:00PM CST
Fraternity Community Bancorp, Inc. (OTCBB:FRTR), the holding company for Fraternity Federal Savings and Loan Association, today announced that it realized a net loss of $144,800 for the quarter ended September 30, 2014, as compared to a net loss of $91,100 for the same quarter in 2013. This represented loss per common share of $0.10 for the three months ended September 30, 2014 as compared to $0.07 per common share for the same period ended September 30, 2013. For the nine month period ended September 30, 2014, a net loss of $82,700 was reported, as compared to net income of $76,800 for the same period in 2013.
