UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): JANUARY 17, 1996
MFB Corp.
(Exact name of registrant as specified in its charter)
INDIANA
(State or other jurisdiction of incorporation)
0-23374 35-1907258
(Commission File Number) (IRS Employer Identification No.)
121 South Church Street
Post Office Box 528
Mishawaka, Indiana 46544
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (219) 255-3146
Item 5. Other Events.
Pursuant to General Instruction F to Form 8-K, the press
release issued January 17, 1996, concerning the First Quarter
Earnings Anouncement is incorporated herein by reference and is
attached hereto as Exhibit 1.
Item 7. Financial Statements and Exhibits.
(c) Exhibits
Exhibit 1 -- Press Release dated January 17, 1996.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned hereunto duly authorized.
_______________________________________
Timothy C. Boenne, Vice President
Dated: January 17, 1997
January 17, 1997 Point of Contact: Charles J. Viater
MFB Corp. ANNOUNCES FIRST QUARTER EARNINGS
Mishawaka, Indiana - MFB Corp. (NASDAQ/MFBC), (the
"Corporation"), parent company of MFB Financial (the "Bank"),
today reported consolidated net income of $476,000 or $.26 per
share for the three months ended December 31, 1996, compared to
$352,000 or $.17 per share for the three months ended December
31, 1995, an increase of 35.2%.
Net interest income after provision for loan losses for the
most recent three month period totaled $1.76 million compared to
$1.38 million for the same period one year ago. During the
three months ended December 31, 1996 total interest income
increased by $892,000 compared to the same period one year ago,
primarily as a result of the redeployment of assets from
relatively lower earning investments into the Bank's loan
portfolio. Total interest expense increased $505,000 reflecting
the growth in both savings account deposits and borrowed funds.
Noninterest income increased from $83,000 for the three months
ended December 31, 1995 to $113,000 for the most recent three
month period, while noninterest expense increased from $871,000
to $1.1 million for the comparable periods. This expense
increase is primarily related to increased compensation expenses
and expenses related to the Bank's name change which took effect
November 1, 1996.
Total shareholders' equity decreased from $37.6
million as of September 30, 1996 to $34.4 million as of December
31, 1996 primarily as a result of the Corporation's repurchase
of 199,463 shares of outstanding common stock during the quarter
at a cost of $3.7 million, partially offset by net income for
the same period.
The Corporation continues to maintain asset quality that
compares favorably to its industry peer group. The ratio of
nonperforming assets to total assets as of December 31, 1996 was
.02% compared to .18% as of December 31, 1995.
The Bank is a wholly owned subsidiary of MFB Corp., with assets
of $224 million as of December 31, 1996. The Bank provides
retail and small business financial services to the South
Bend/Mishawaka area through its main office in Mishawaka and
three branch locations throughout the community.
MFB CORP. AND SUBSIDIARY
Consolidated Balance Sheets (Unaudited)
December 31, 1996 and September 30, 1996
(In Thousands)
December 31, September 30,
1996 1996
ASSETS
Cash and due from financial institutions $ 2,080 $ 1,734
Int.-bearing deposits in other fin. inst --- ---
Cash and cash equivalents 2,080 1,734
Int.-bearing time deposits in other financial
institutions 198 495
Securities available-for-sale 51,457 66,763
Federal Home Loan Bank stock 1,336 1,336
Total loans 166,137 152,392
Less allowance for loan losses (348) (340)
Loans receivable, net 165,789 152,052
Accrued interest receivable 672 818
Premises and equipment, net 2,228 1,969
Other assets 185 642
Total Assets $223,945 $225,809
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits $161,577 $158,965
Adv.from borrowers for taxes and ins. 881 1,864
FHLB advances 25,000 24,500
Accrued expenses and other liabilities 2,056 2,881
Total Liabilities 189,514 188,210
Shareholders' Equity
Common Stock 14,603 18,317
Retained earnings 20,922 20,589
Employee stock ownership plan (844) (894)
Recognition and retention plans (173) (193)
Net unrealized depreciation on securities
available-for sale, net of tax (77) (220)
Total shareholders' equity 34,431 37,599
Total Liabilities and Shareholders Equities $223,945 $225,809
MFB CORP . AND SUBSIDIARY
Consolidated Statements Of Income (Unaudited)
Three Months Ended December 31, 1996 and 1995
(In Thousands)
Three Months Ended December 31,
1996 1995
Total Interest Income $4,107 $3,215
Total Interest Expense 2,339 1,834
Net Interest Income 1,768 1,381
Provision For Loan Losses 7 8
Net Interest Income
After Provision For Loan Losses 1,761 1,373
Total Non-Interest Income 113 83
Total Non-Interest Expense 1,084 871
Income Before Income Taxes 790 585
Income Tax Expense 314 233
Net Income $476 $352
Earnings Per Common Share-fully diluted $.26 $.17
