CECIL BANCORP INC Files SEC form 10-Q, Quarterly Report

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2009 AND 2008 Forward-Looking Statements. This Management's Discussion and Analysis of financial condition and results of operations and other portions of this report include forward-looking statements such as: statements of the Company's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of loan quality and of possible loan losses; and statements of the Company's ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past growth and performance do not necessarily indicate its future results. You should read this Management's Discussion and Analysis of the Company's consolidated financial condition and results of operations in conjunction with the Company's unaudited consolidated financial statements and the accompanying notes. General Cecil Bancorp, Inc. (the "Company") is the holding company for Cecil Bank (the "Bank"). The Company is subject to regulation by the Federal Reserve System. The Bank is a community-oriented Maryland chartered commercial bank, is a member of the Federal Reserve Bank ("FRB") of Richmond and the Federal Home Loan Bank ("FHLB") of Atlanta, and is an Equal Housing Lender. Its deposits are insured by the Deposit Insurance Fund ("DIF") of the Federal Deposit Insurance Corporation ("FDIC"). The Bank commenced operations in 1959 as a Federal savin...
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CECIL BANCORP INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Financial Statements and Exhibits

Show all filings for CECIL BANCORP INC | Request a Trial to NEW EDGAR Online Pro Form 8-K for CECIL BANCORP INC 16-Sep-2009Entry into a Material Definitive Agreement, Financial Statements and Exhibits Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided ...
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CECIL BANCORP INC Financials

PERIOD ENDING30-Jun-0931-Mar-0931-Dec-0830-Sep-08Total Revenue8,258  7,644  8,027  7,887  Cost of Revenue2,058  2,566  2,923  2,366  Gross Profit6,200  5,078  5,104  5,521  Operating ExpensesResearch Development -   -   -   -  Selling General and Administrative3,127  2,532  2,410  2,644  Non Recurring -   -   -   -  Others319  3,515  3,093  330  Total Operating Expenses -   -   -   -  Operating Income or Loss2,754  (969)(399)2,547  Income from Continuing OperationsTotal Other Income/Expenses Net -   -   -   -  Earnings Before Interest And Taxes2,754  (969)(399)2,547  Interest Expense897  886  905  1,062  Income Before Tax1,857  (1,855)(1,304)1,485  Income Tax Expense761  (735)(598)565  Minority Interest -   -   -   -  Net Income From Continuing Ops1,096  (1,120)(706)920  Non-recurring EventsDiscontinued Operations -   -   -   -  Extraordinary Items -   -   -   -  Effect Of Accounting Changes -   -   - ...
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CECIL BANCORP INC Files SEC form 10-Q, Quarterly Report

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2009 AND 2008 Forward-Looking Statements. This Management's Discussion and Analysis of financial condition and results of operations and other portions of this report include forward-looking statements such as: statements of the Company's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of loan quality and of possible loan losses; and statements of the Company's ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past growth and performance do not necessarily indicate its future results. You should read this Management's Discussion and Analysis of the Company's consolidated financial condition and results of operations in conjunction with the Company's unaudited consolidated financial statements and the accompanying notes. General Cecil Bancorp, Inc. (the "Company") is the holding company for Cecil Bank (the "Bank"). The Company is subject to regulation by the Federal Reserve System. The Bank is a community-oriented Maryland chartered commercial bank, is a member of the Federal Reserve System and the Federal Home Loan Bank ("FHLB") of Atlanta, and is an Equal Housing Lender. Its deposits are insured by the Deposit Insurance Fund ("DIF") of the Federal Deposit Insurance Corporation ("FDIC"). The Bank commenced operations in 1959 as a Federal savings and loan association. On Octobe...
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CECIL BANCORP INC Files SEC form 10-Q, Quarterly Report

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Forward-Looking Statements. This Management's Discussion and Analysis of financial condition and results of operations and other portions of this report include forward-looking statements such as: statements of the Company's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of loan quality and of possible loan losses; and statements of the Company's ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past growth and performance do not necessarily indicate its future results. You should read this Management's Discussion and Analysis of the Company's consolidated financial condition and results of operations in conjunction with the Company's unaudited consolidated financial statements and the accompanying notes. General Cecil Bancorp, Inc. (the "Company") is the bank holding company for Cecil Bank (the "Bank"). The Company is subject to regulation by the Federal Reserve System. The Bank is a community-oriented Maryland chartered commercial bank, is a member of the Federal Reserve System and the Federal Home Loan Bank ("FHLB") of Atlanta, and is an Equal Housing Lender. Its deposits are insured by the Deposit Insurance Fund ("DIF") of the Federal Deposit Insurance Corporation ("FDIC"). The Bank commenced operations in 1959 as a Federal savings and loan association. On October 1, 2002, the Bank converted from a stock federal savings bank to a commercial bank....
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CECIL BANCORP INC Files SEC form 10-K, Annual Report

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations You should read this Management's Discussion and Analysis of the Company's consolidated financial condition and results of operations in conjunction with the Company's consolidated financial statements and the accompanying notes. Summary Cecil Bancorp, Inc. (the "Company") is the holding company for Cecil Bank (the "Bank"). The Bank is a community-oriented commercial bank chartered under the laws of the State of Maryland and is a member of the Federal Reserve System. The Bank commenced operations in 1959 as a Federal savings and loan association and converted to a Maryland commercial bank in 2002. The Bank conducts its business through its main office in Elkton, Maryland, and branches in Elkton, North East, Fair Hill, Rising Sun, Cecilton, Aberdeen, Conowingo, and Havre de Grace, Maryland. Cecil Service Corporation, a subsidiary of the Bank, acts as leasing agent for the leased branches. The Bank offers a full range of brokerage and investment services through a relationship with Community Bankers Securities, LLC. The Bank's business strategy is to operate as an independent community-oriented financial institution funded primarily by retail deposits. (1) No tax equivalent adjustments were made. (2) Non-accrual loans are included in the average balances. Comparison of Results of Operations Net income decreased $1.5 million, or 45.6%, to $1.9 million for the year ended December 31, 2008, from $3.4 million for 2007. The decrease in net income is primarily the result of a $2.5 million, or 264.2%, increase in the provision for loan losses, a $1.0 million, or 11.2%, increase in noninterest expense, and a $362,000, or 24.1%, decrease in noninterest income, partially offset by a $1.2 million (8.9%) increase in net interest income and a $1.1 million (51.2%) decrease in income tax expense. Basic and diluted earni...
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CECIL BANCORP INC Files SEC form 8-K, Entry into a Material Definitive Agreement, Unregistered Sale of Equity Securit

Item 1.01. Entry into a Material Definitive Agreement On December 23, 2008, as part of the Troubled Asset Relief Program ("TARP") Capital Purchase Program, Cecil Bancorp, Inc. (the "Registrant) entered into a Letter Agreement and Securities Purchase Agreement (collectively, the "Purchase Agreement") with the United States Department of the Treasury ("Treasury"), pursuant to which the Registrant sold (i) 11,560 shares of the Registrant's Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") and (ii) a warrant (the "Warrant") to purchase 261,538 shares of the Registrant's common stock, par value $0.01 per share (the "Common Stock"), for an aggregate purchase price of $11.560 million in cash. The Purchase Agreement is attached as Exhibit 10.1 hereto and is incorporated herein by reference. The Series A Preferred Stock will qualify as Tier 1 capital and will pay cumulative dividends at a rate of 5% per annum for the first five years, and 9% per annum thereafter. The Series A Preferred Stock may be redeemed by the Registrant after three years. Prior to the end of three years, the Series A Preferred Stock may be redeemed by the Registrant only with proceeds from the sale of qualifying equity securities of the Registrant (a "Qualified Equity Offering"). The restrictions on redemption are set forth in the Articles Supplementary to the Articles of Incorporation of Cecil Bancorp, Inc. (the "Articles Supplementary") described in Item 5.03 below. The Warrant has a 10-year term and is immediately exercisable upon its issuance, with an exercise price, subject to anti-dilution adjustments, equal to $6.63 per share of the Common Stock. The Warrant is attached as Exhibit 4.2 hereto and is incorporated herein by reference. Treasury has agreed not to exercise voting power with respect to any shares of Common Stock issued upon exercise of the Warrant. The Series A Preferred Stoc...
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CECIL BANCORP INC Files SEC form 10-Q, Quarterly Report

ITEM 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS FOR THE THREE AND NINE MONTH PERIODS ENDED SEPTEMBER 30, 2008 AND 2007 Forward-Looking Statements This Management's Discussion and Analysis of financial condition and results of operations and other portions of this report include forward-looking statements such as: statements of the Company's goals, intentions, and expectations; estimates of risks and of future costs and benefits; assessments of loan quality and of possible loan losses; and statements of the Company's ability to achieve financial and other goals. These forward-looking statements are subject to significant uncertainties because they are based upon: future interest rates, market behavior, and other economic conditions; future laws and regulations; and a variety of other matters. These other matters include, among other things, the direct and indirect effects of the recent unsettled national and international economic conditions on interest rates, credit quality, loan demand, liquidity, and monetary and supervisory policies of banking regulators. Because of these uncertainties, the actual future results may be materially different from the results indicated by these forward-looking statements. In addition, the Company's past growth and performance do not necessarily indicate its future results. You should read this Management's Discussion and Analysis of the Company's consolidated financial condition and results of operations in conjunction with the Company's unaudited consolidated financial statements and the accompanying notes. General Cecil Bancorp, Inc. (the "Company") is the holding company for Cecil Bank (the "Bank"). The Company is a bank holding company subject to regulation by the Federal Reserve System. The Bank is a community-oriented Maryland chartered commercial bank, is a member of the Federal Reserve System and the Federal Home Loan Bank ("FHLB") of ...
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