Meetinghouse Bancorp, Inc. Reports Annual Earnings

DORCHESTER, Mass.--()--Meetinghouse Bancorp, Inc. (OTC Pink: MTGB) (the “Company”), holding company for Meetinghouse Bank (the “Bank”), reported net income for the year ended September 30, 2016 of $198,000, or $0.32 per basic and $0.31 per diluted share, compared to net income of $205,000, or $0.33 per basic and $0.32 per diluted share for the year ended September 30, 2015.

      At September 30,
(Dollars in thousands)   2016       2015
Selected Financial Condition Data:
Total assets $ 119,864


Cash and cash equivalents 10,931 4,776
Securities available-for-sale 13,577 16,139
Loans held-for-sale 8,804 5,491
Loans, net 80,709 86,561
Deposits 99,281 99,589
Federal Home Loan Bank advances 8,800 9,380
Stockholders' equity 11,152 10,645


At September 30,
(Dollars in thousands)   2016 2015
Operating Data:
Interest and dividend income $ 4,265 $ 4,099
Interest expense   938   811

Net interest and
dividend income

3,327 3,288
(Benefit) provision for loan losses   (55)   66

Net interest and
dividend income
after provision for
loan losses

3,382 3,222
Noninterest income 1,305 1,217
Noninterest expense   4,326   4,095
Income before income taxes 361 344
Income tax expense   163   139
Net income $ 198 $ 205

This news release may contain certain forward-looking statements, such as statements of the Company’s or the Bank’s plans, objectives, expectations, estimates and intentions. Forward-looking statements may be identified by the use of words such as “expects,” “subject,” “believe,” “will,” “intends,” “will be” or “would.” These statements are subject to change based on various important factors (some of which are beyond the Company’s or the Bank’s control) and actual results may differ materially. Accordingly, readers should not place undue reliance on any forward-looking statements (which reflect management’s analysis of factors only as of the date of which they are given). These factors include general economic conditions, trends in interest rates, the ability of our borrowers to repay their loans, the ability of the Company or the Bank to effectively manage its growth and results of regulatory examinations, among other factors. The foregoing list of important factors is not exclusive.


Meetinghouse Bancorp, Inc.
Anthony A. Paciulli, 617-296-7039

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