Community Shores Bank Corp. (CSHB, Financial) filed Quarterly Report for the period ended 2012-03-31.
Comm Shores Bk has a market cap of $0.4 million; its shares were traded at around $0.24 .
The tax equivalent net interest spread on average earning assets increased 34 basis points to 3.46% in the past twelve months. The tax equivalent net interest margin increased by 27 basis points from 3.34% for the first three months of 2011 to 3.61% for the first three months of 2012. The tax equivalent net interest income for the first three months of 2012 was $1.8 million compared to a figure of $1.9 million for the same three months in 2011 and there were $23.4 million less average earning assets on the books when comparing the same time periods. In spite of having less net interest income and fewer average earning assets, the net interest margin improved. Improvement stemmed primarily from a change in the mix of funding resources and a decrease in the yield paid on interest bearing liabilities.
- 44 - COMMUNITY SHORES BANK CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The average rate earned on interest earning assets was 4.65% for the three month period ending March 31, 2012 compared to 4.99% for the same period in 2011. Some of the reason for the decrease stems from the yield on the securities portfolio declining by 41 basis points between the first quarter of 2011 and that of 2012. Throughout last year, as securities matured or were called, the replacement securities purchased yielded lower rates as a result of differences in the rate environment.
The average rate earned on interest earning assets was 4.65% for the three month period ending March 31, 2012 compared to 4.99% for the same period in 2011. Some of the reason for the decrease stems from the yield on the securities portfolio declining by 41 basis points between the first quarter of 2011 and that of 2012. Throughout last year, as securities matured or were called, the replacement securities purchased yielded lower rates as a result of differences in the rate environment.
Non-interest income recorded in the first three months of 2012 was $302,000 compared to $520,000 recorded for the similar period in 2011. The biggest difference stemmed from fewer residential real estate loan sales in the first quarter of 2012 compared to 2011. Although the rate environment is very conducive to mortgage lending activity, the underwriting environment is much more stringent. A large portion of the customers interested in refinancing do not have enough equity in their homes to meet today s underwriting criteria. As a result, the volume of mortgage loan sales is not comparable to last year. The associated gains on the sales of residential real estate loans were $119,000 less between the two periods.
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Comm Shores Bk has a market cap of $0.4 million; its shares were traded at around $0.24 .
Highlight of Business Operations:
Loans held for sale activity during the first three months of 2012 included $2.7 million of loan originations and $2.2 million of loan sales. The associated gain on the loan sales was $38,000.The tax equivalent net interest spread on average earning assets increased 34 basis points to 3.46% in the past twelve months. The tax equivalent net interest margin increased by 27 basis points from 3.34% for the first three months of 2011 to 3.61% for the first three months of 2012. The tax equivalent net interest income for the first three months of 2012 was $1.8 million compared to a figure of $1.9 million for the same three months in 2011 and there were $23.4 million less average earning assets on the books when comparing the same time periods. In spite of having less net interest income and fewer average earning assets, the net interest margin improved. Improvement stemmed primarily from a change in the mix of funding resources and a decrease in the yield paid on interest bearing liabilities.
- 44 - COMMUNITY SHORES BANK CORPORATION MANAGEMENT S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The average rate earned on interest earning assets was 4.65% for the three month period ending March 31, 2012 compared to 4.99% for the same period in 2011. Some of the reason for the decrease stems from the yield on the securities portfolio declining by 41 basis points between the first quarter of 2011 and that of 2012. Throughout last year, as securities matured or were called, the replacement securities purchased yielded lower rates as a result of differences in the rate environment.
The average rate earned on interest earning assets was 4.65% for the three month period ending March 31, 2012 compared to 4.99% for the same period in 2011. Some of the reason for the decrease stems from the yield on the securities portfolio declining by 41 basis points between the first quarter of 2011 and that of 2012. Throughout last year, as securities matured or were called, the replacement securities purchased yielded lower rates as a result of differences in the rate environment.
Non-interest income recorded in the first three months of 2012 was $302,000 compared to $520,000 recorded for the similar period in 2011. The biggest difference stemmed from fewer residential real estate loan sales in the first quarter of 2012 compared to 2011. Although the rate environment is very conducive to mortgage lending activity, the underwriting environment is much more stringent. A large portion of the customers interested in refinancing do not have enough equity in their homes to meet today s underwriting criteria. As a result, the volume of mortgage loan sales is not comparable to last year. The associated gains on the sales of residential real estate loans were $119,000 less between the two periods.
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