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DELANCO BANCORP : MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATION (form 10-K)

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06/29/2016 | 09:56pm CEST

The objective of this section is to help potential investors understand our views on our results of operations and financial condition. You should read this discussion in conjunction with the financial statements and notes to the financial statements that appear at the end of this report.



Overview



Our principal business is to acquire deposits from individuals and businesses in
the communities surrounding our offices and to use these deposits to fund loans.
We focus on providing our products and services to two segments of customers:
individuals and small businesses.



We have experienced net losses of $18 thousand and $633 thousand for the years
ended March 31, 2016 and 2015, respectively. Our profitability has suffered due
to lower net interest income resulting from the prolonged low interest rate
environment, as well as heightened provisions for loan losses, expenses for real
estate owned and other problem loan expenses. For the year ended March 31, 2016,
we had net interest income of $3.7 million and recognized a $71 thousand
recapture of provision for loan losses, net real estate owned expenses and
losses of $427 thousand, and other problem loan expenses of $74 thousand. For
the year ended March 31, 2015, we had net interest income of $3.8 million and
incurred provision expenses of $390 thousand, real estate owned expenses and
losses of $877 thousand, and other problem loan expenses of $160 thousand. At
March 31, 2016, non-performing assets and troubled debt restructurings totaled
$6.1 million, or 4.74% of total assets.



Income. Our primary source of pre-tax income is net interest income. Net
interest income is the difference between interest income, which is the income
that we earn on our loans and investments, and interest expense, which is the
interest that we pay on our deposits and borrowings. Changes in levels of
interest rates affect our net interest income.



Our earnings have been adversely affected by a shrinking net interest margin
caused by the protracted low interest rate environment and its impact on earning
asset yields. Our net interest margin was 3.15% for the year ended March 31,
2016, as compared to 3.26% for the year ended March 31, 2015. Our average yield
on earning assets declined to 3.63% for the year ended March 31, 2016, from
3.78% for the year ended March 31, 2015 as higher yielding loans were paid off
or refinanced at lower market rates and higher yielding securities were called
by the issuer and replaced with lower yielding investments.



A secondary source of income is non-interest income, which is revenue that we
receive from providing products and services. The majority of our non-interest
income generally comes from service charges (mostly from service charges on
deposit accounts). In some years, we recognize income from the sale of loans and
securities. Our facility in Cinnaminson includes space that we will rent to
other businesses. Currently, the units are vacant.



Allowance for Loan Losses. The allowance for loan losses is a valuation
allowance for probable losses inherent in the loan portfolio. We evaluate the
need to establish allowances against losses on loans on a quarterly basis. When
additional allowances are necessary, a provision for loan losses is charged to
earnings.



Expenses. The noninterest expenses we incur in operating our business consist of
salaries and employee benefits expenses, occupancy expenses, loan expenses, data
processing expenses and other miscellaneous expenses, such as office supplies,
telephone, postage, advertising and professional services.



Our largest noninterest expense is salaries and employee benefits, which consist
primarily of salaries and wages paid to our employees, payroll taxes, and
expenses for health insurance, retirement plans and other employee benefits. We
have incurred additional noninterest expenses as a result of operating as a
public company. These additional expenses consist primarily of legal and
accounting fees and expenses of shareholder communications and meetings. In the
future, we may recognize additional annual employee compensation expenses
stemming from share-based compensation. We cannot determine the actual amount of
this expense at this time because applicable accounting practices require that
they be based on the fair market value of the shares of common stock at specific
points in the future.




                                       22
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Occupancy expenses, which are the fixed and variable costs of buildings and equipment, consist primarily of depreciation charges, furniture and equipment expenses, maintenance, real estate taxes and costs of utilities.



Critical Accounting Policies



In the preparation of our consolidated financial statements, we have adopted
various accounting policies that govern the application of accounting principles
generally accepted in the United States. Our significant accounting policies are
described in the notes to our financial statements.



Certain accounting policies involve significant judgments and assumptions by us
that have a material impact on the carrying value of certain assets and
liabilities. We consider these accounting policies to be critical accounting
policies. The judgments and assumptions we use are based on historical
experience and other factors, which we believe to be reasonable under the
circumstances. Actual results could differ from these judgments and estimates
under different conditions, resulting in a change that could have a material
impact on the carrying values of our assets and liabilities and our results of
operations.



Allowance for Loan Losses. We consider the allowance for loan losses to be a
critical accounting policy. The allowance for loan losses is the amount
estimated by management as necessary to cover losses inherent in the loan
portfolio at the balance sheet date. The allowance is established through the
provision for loan losses, which is either charged to or a credit to income.
Determining the amount of the allowance for loan losses involves a high degree
of judgment. Among the material estimates required to establish the allowance
are: loss exposure at default; the amount and timing of future cash flows on
impacted loans; value of collateral; and determination of loss factors to be
applied to the various elements of the portfolio. All of these estimates are
susceptible to significant change. Management reviews the level of the allowance
at least quarterly and establishes the provision for loan losses based upon an
evaluation of the portfolio, past loss experience, current economic conditions
and other factors related to the collectability of the loan portfolio. Although
we believe that we use the best information available to establish the allowance
for loan losses, future adjustments to the allowance may be necessary if
economic conditions differ substantially from the assumptions used in making the
evaluation. In addition, the OCC, as an integral part of its examination
process, periodically reviews our allowance for loan losses. Such agency may
require us to recognize adjustments to the allowance based on its judgments
about information available to it at the time of its examination. A large loss
could deplete the allowance and require increased provisions to replenish the
allowance, which would adversely affect earnings. See note 2 to the consolidated
financial statements.



Deferred Income Taxes. We use the asset and liability method of accounting for
income taxes. Under this method, deferred tax assets and liabilities are
recognized for the future tax consequences attributable to differences between
the financial statement carrying amounts of existing assets and liabilities and
their respective tax bases. If current available information raises doubt as to
the realization of the deferred tax assets, a valuation allowance is
established. Deferred tax assets and liabilities are measured using enacted tax
rates expected to apply to taxable income in the years in which those temporary
differences are expected to be recovered or settled. We exercise significant
judgment in evaluating the amount and timing of recognition of the resulting tax
liabilities and assets. These judgments require us to make projections of future
taxable income. The judgments and estimates we make in determining our deferred
tax assets, which are inherently subjective, are reviewed on a continual basis
as regulatory and business factors change.



The calculation of deferred taxes for GAAP capital differs from the calculation
of deferred taxes for regulatory capital. For regulatory capital, deferred tax
assets that are dependent upon future taxable income for realization are limited
to the lesser of either the amount of deferred tax assets that the institution
expects to realize within one year of the calendar quarter-end date, or 10% of
Delanco Federal's Tier I capital. As a result of this variance, our Tier I
regulatory capital ratio is lower than our GAAP capital ratio by 1 basis points.



Balance Sheet Analysis



Overview. Total assets at March 31, 2016 were $129.4 million, an increase of
$842 thousand, or 0.06%, from total assets of $128.6 million at March 31, 2015.
The change in the asset composition primarily reflected an increase in cash and
cash equivalents and outstanding loans, and a decrease in investments. Total
liabilities at March 31, 2016 were $116.1 million, an increase of $719 thousand,
or 0.06%, from total liabilities of $115.4 million at March 31, 2015. The change
in liabilities primarily reflected a decrease in advances from Federal Home Loan
Bank offset by an increase in non- interest bearing deposits as we concentrated
on increasing our core deposits and chose not to match competitors' rates on
certificates of deposit. Total stockholders' equity increased by $123 thousand,
primarily due to decrease in comprehensive loss for the year of $73 thousand.




                                       23
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Loans. At March 31, 2016, total loans, net, were $82.2 million, or 63.5% of
total assets. During the year ended March 31, 2016, loans increased by $2.1
million due primarily to new originations of commercial real estate loans and
home equity loans that exceeded the payoffs and principal repayments on existing
loans. Commercial and multi-family real estate loans increased by $1.6 million,
commercial loans increased by $377 thousand, home equity loans increased by $522
thousand while residential loans decreased by $538 thousand. Net loans
experienced an increase for the first time since March 31, 2011 as we increased
our lending activities after focusing on working out our problem assets and
managing our asset size in order to maintain our capital ratios.



Table 1: Loan Portfolio Analysis



                                  2016                         2015                         2014
March 31, (Dollars in
thousands)               Amount        Percent        Amount        Percent        Amount        Percent
Real estate loans:
Residential             $  62,251           74.7 %   $  62,789           77.1 %   $  63,524           74.7 %
Commercial and
multi-family                9,569           11.5         7,979            9.8        10,414           12.2
Construction                   54            0.1            56            0.1         1,009            1.2
Total real estate
loans                      71,874           86.3        70,824           87.0        74,947           88.1
Commercial loans            2,290            2.7         1,913            2.4         1,307            1.5
Consumer loans:
Home equity                 8,528           10.2         8,006            9.8         8,144            9.6
Other                         682            0.8           678            0.8           686            0.8
Total consumer loans        9,210           11.0         8,684           10.6         8,830           10.4
Total loans                83,374          100.0 %      81,421          100.0 %      85,084          100.0 %
Net deferred loan
fees                          (77 )                        (90 )                        (97 )
Allowance for losses       (1,099 )                     (1,185 )                     (1,448 )
Loans, net              $  82,198                    $  80,146                    $  83,539




The following table sets forth certain information at March 31, 2016 regarding
the dollar amount of loan principal repayments becoming due during the periods
indicated. The table does not include any estimate of prepayments which
significantly shorten the average life of all loans and may cause our actual
repayment experience to differ from that shown below. Demand loans having no
stated schedule of repayments and no stated maturity are reported as due in one
year or less. The amounts shown below exclude applicable loans in process,
unearned interest in consumer loans and net deferred loan costs. Our
adjustable-rate mortgage loans generally do not provide for downward adjustments
below the initial discounted contract rate. When market interest rates rise, the
interest rates on these loans may increase based on the contract rate (the index
plus the margin) exceeding the initial interest rate floor.



Table 2: Contractual Maturities and Interest Rate Sensitivity




                                            Real Estate       Commercial       Consumer        Total
March 31, 2016 (Dollars in thousands)          Loans            Loans           Loans          Loans
Amounts due in:
One year or less                           $       2,262     $        362     $    1,367     $   3,991
More than one to five years                        3,819              643          2,678         7,140
More than five years                              65,793            1,285          5,165        72,243
Total                                      $      71,874     $      2,290     $    9,210     $  83,374

Interest rate terms on amounts due after
one year:
Fixed-rate loans                           $      65,549     $        875     $    4,152     $  70,576
Adjustable-rate loans                              4,063            1,053          3,691         8,807
Total                                      $      69,612     $      1,928     $    7,843     $  79,383




Securities. The investment securities portfolio was $23.7 million, or 18.3% of
total assets, at March 31, 2016. At that date 3.7% of the investment portfolio
was invested in mortgage-backed securities, while the remainder was invested
primarily in U.S. Government agency and other debt securities. The portfolio
decreased $2 million in the year ended March 31, 2016 due to the called U.S.
Government agency securities.




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Table 3: Investment Securities



                                  2016                          2015                          2014
March 31, (Dollars in    Amortized        Fair         Amortized        Fair         Amortized        Fair
thousands)                 Cost           Value          Cost           Value          Cost           Value
Securities available
for sale:
Government sponsored
enterprise securities   $       500     $     497     $     1,000     $     972     $     2,000     $   1,790
Certificates of
Deposit                       1,500         1,531               -             -               -             -
Mutual funds                    122           122             154           155             186           183
Total available for
sale                          2,122         2,150           1,154         1,127           2,186         1,973

Securities held to
maturity:
Government sponsored
enterprise securities        19,972        20,033          23,002        22,862          25,007        23,350
Municipal securities            736           735             470           472             547           548
Mortgage-backed
securities                      877           938           1,145         1,233           1,422         1,513
Total held to
maturity                     21,585        21,706          24,617        24,567          26,976        25,411
Total                   $    23,707     $  23,856     $    25,771     $  25,694     $    29,162     $  27,384




The following table sets forth the stated maturities and weighted average yields
of our investment securities at March 31, 2016. Approximately $392 thousand of
mortgage-backed securities have adjustable interest rates and will reprice
annually within the various maturity ranges. These re-pricing schedules are not
reflected in the table below.



Table 4: Investment Maturities Schedule



                              One Year                     More than One                  More than Five                    More than
                               or Less                  Year to Five Years              Years to Ten Years                  Ten Years                       Total
March 31, 2016                        Weighted                        Weighted                        Weighted                      Weighted                      Weighted
(Dollars in            Carrying       Average        Carrying         Average        Carrying         Average        Carrying       Average        Carrying       Average
thousands)              Value          Yield          Value            Yield          Value            Yield          Value          Yield          Value          Yield
Securities
available-for-sale:
Government
sponsored
enterprise
securities            $        -              - %   $        -                - %   $        -                - %          500           2.35 %   $      500           2.75
Certificates of
deposit                        -              -          1,000             2.26            500              2.4              -              -          1,500           2.31
Mutual funds                   -              -              -                -              -                -              -              -            122              -
Total available for
sale                           -              -          1,000             2,26            500              2.4            500           2.35          2,122              -

Securities held to
maturity:
Government
sponsored
enterprise
securities            $        -              - %   $      945             1.48 %   $    8,111             2.37 %       10,916           2.83 %   $   19,972           2.58
Municipal
securities                   736           0.75              -                -              -                -              -              -            736           0.75
Mortgage-backed
securities                     -              -              -                -            252             2.53            625           3.56            877           3.26
Total held to
maturity                     736           0.75            945             1.48          8,363             2.37         11,541           2.87         21,585           2.54
Total                        736           0.75 %        1,945             1.88 %        8,863             2.37 %       12,041           2.87 %       23,707              -




Deposits. Our deposit base is comprised of demand deposits, money market and
passbook accounts and time deposits. We consider demand deposits and money
market and passbook accounts to be core deposits. At March 31, 2016, core
deposits were 65.0% of total deposits, up from 60.7% at March 31, 2015. We do
not have any brokered deposits. Total deposits increased by $1.7 million in the
year ended March 31, 2016 as core deposits increased by $5.9 million and
certificates of deposit decreased by $4.2 million. During the year ended March
31, 2016, we chose not to match the highest time deposit rates in our market in
an effort to reduce our funding costs.




                                       25
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Table 5: Deposits



                                  2016                         2015                         2014
March 31, (Dollars in
thousands)               Amount        Percent        Amount        Percent        Amount        Percent
Noninterest-bearing
demand deposits         $  12,054           10.8 %   $  10,733           9.74 %   $   7,852            7.1 %
Interest-bearing
demand deposits            23,028           20.6        20,816          18.89        19,638           17.8
Savings and money
market accounts            37,682           33.7        35,330          32.06        36,896           33.3
Certificates of
deposit                    39,101           34.9        43,319          39.31        46,239           41.8
Total                   $ 111,865          100.0 %   $ 110,198          100.0 %   $ 110,625          100.0 %



Table 6: Time Deposit Maturities of $100,000 or more




                                         Certificates

March 31, 2016 (Dollars in thousands) of Deposit Maturity Period Three months or less

                    $        1,845
Over three through six months                    1,613
Over six through twelve months                   3,025
Over twelve months                               5,777
Total                                   $       12,260



Table 7: Time deposits by rate



                                       At March 31,
(Dollars in thousands)        2016         2015         2014
0.00      -   0.99%         $ 21,696     $ 26,143     $ 27,342
1.00      -   1.99%           14,773       12,866       12,374
2.00      -   2.99%            2,632        4,310        6,351
3.00      -   3.99%                -            -          172
Total                       $ 39,101     $ 43,319     $ 46,239



Table 8: Time deposits by rate and maturity



                                                     Amount Due
                                                                         More Than         More                         Percent of
                                     More Than         More Than        Three Years        Than         Total at           Total
  (Dollars in       Less Than       One Year to      Two Years to         to Four          Four         March 31,       Certificate
   thousands)       One Year         Two Years        Three Years          Years           Years          2015           Accounts
0.00  - 0.99%      $    17,373     $       4,044     $         279     $           -     $       -     $    21,696              55.5 %
1.00  - 1.99%            3,404             4,138             3,095             2,359         1,777          14,773              37.8
2.00  - 2.99%            2,313                 -                 -                 -           319           2,632               6.7
Total              $    23,090     $       8,182     $       3,374     $       2,359     $   2,096     $    39,101             100.0 %





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Borrowings. We have borrowing arrangements with the FHLB and Atlantic Community Banker's Bank to provide an additional source of liquidity.



Table 9: Borrowings



March 31, (Dollars in thousands)                  2016            2015      

2014

Maximum amount outstanding at any month end
during the period:
Advances                                       $     4,000     $     5,000     $     2,000
Average amount outstanding during the period
(1):
Advances                                             3,500           3,667             458
Weighted average interest rate during the
period (1):
Advances                                              0.64 %          0.66 %          0.43 %
Balance outstanding at end of period:
Advances                                       $     3,000     $     4,000  

2,000

Weighted average interest rate at end of
period:
Advances                                              0.57 %          0.69 %          0.43 %



(1) Averages are based on month-end balances.

Results of Operations for the Years Ended March 31, 2016 and 2015




Financial Highlights. Net loss for the year ended March 31, 2016 was $18
thousand compared to net loss of $633 thousand for the year ended March 31,
2015. Our profitability has suffered due to expenses for real estate owned and
other problem loan expenses. In addition, our earnings have been adversely
affected by a shrinking net interest margin caused by the protracted low
interest rate environment and its impact on earning asset yields. Our net
interest margin was 3.15% for the year ended March 31, 2016, as compared to
3.26% for the year ended March 31, 2015. Our average yield on earning assets
declined to 3.63% for the year ended March 31, 2016, from 3.78% for the year
ended March 31, 2015 as higher yielding loans were paid off or refinanced at
lower market rates and higher yielding securities were called by the issuer and
replaced with lower yielding investments.



Table 10: Summary Income Statements




Year Ended March 31, (Dollars in thousands)     2016           2015          2016 v. 2015       % Change
Net interest income                           $   3,700      $   3,769      $          (69 )         (1.8 )%
Provision for loan losses                           (71 )          390                (461 )           NM
Noninterest income                                  165            186                 (21 )         11.3
Noninterest expenses                              4,007          4,523                (516 )         11.4
Net income (loss)                                   (18 )         (633 )              (615 )        (97.2 )
Return on average equity                          (0.14 )%       (4.66 )%
Return on average assets                          (0.01 )        (0.49 )




Net Interest Income. Net interest income for the year ended March 31, 2016 was
$3.7 million compared to $3.8 million for the year ended March 31, 2015, a
decrease of 1.8%. The net interest margin decreased 11 basis points to 3.15% for
the year ended March 31, 2016, as average interest-earning assets increased $1.9
million while average interest-bearing liabilities decreased $3.3 million. Also
contributing to the decrease in the net interest margin was a 15 basis point
decrease in the average yield on interest-earning assets, which exceeded the 1
basis point decrease in the average cost of interest-bearing liabilities.



For the year ended March 31, 2016, interest income declined 2.2% compared to the
prior year. Interest income on loans decreased $45 thousand as the average
balance increased $2.6 million and the average yield declined 20 basis points.
Interest income on investment securities decreased $53 thousand, as lower
average volumes exceeded lower yields on investments.



For the year ended March 31, 2016, interest expense declined 5.0% compared to
the prior year, as the average balance of interest bearing deposits decreased
$3.1 million and the average rate paid decreased 1 basis points. The decrease in
deposits was driven by a decrease of $4.2 million in certificates of deposit,
which was partially offset by increases in demand deposits and savings and money
market accounts.




                                       27
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Table 11: Analysis of Net Interest Income




Year Ended March 31, (Dollars in          2016           2015         2016 v. 2015          % Change
thousands)
Components of net interest income
Loans                                  $    3,600     $    3,645     $          (45 )             (1.2 )%
Investment securities                         670            723                (53 )             (7.3 )
Total interest income                       4,270          4,368                (98 )             (2.2 )
Deposits                                      544            576                (32 )             (5.5 )
Borrowings                                     26             23                  3               13.0
Total interest expense                        570            599                (29 )             (4.8 )
Net interest income                         3,700          3,769                (69 )             (1.8 )
Average yields and rates paid
Interest-earning assets                      3.63 %         3.78 %              (15 )bp
Interest-bearing liabilities                 0.56           0.57                 (1 )
Interest rate spread                         3.07           3.21                (14 )
Net interest margin                          3.15           3.26                (11 )
Average balances
Loans                                  $   83,666     $   81,079     $        2,587                3.2 %
Investment securities                      25,420         27,725             (2,305 )             (8.3 )
Earning assets                            117,487        115,628              1,859                1.6
Interest-bearing deposits                  98,587        101.696             (3,109 )             (3.1 )
Interest bearing borrowings                 3,500          3,666               (166 )             (4.5 )




Provision for Loan Losses. The allowance for loan losses is a valuation
allowance for probable losses inherent in the loan portfolio. We evaluate the
need to establish allowances against losses on loans on a quarterly basis. When
additional allowances are necessary, a provision for loan losses is charged to
earnings. If it is determined that the amount in the allowance is greater than
is necessary according to evaluation, a negative provision is recorded and is
reflected in earnings. Provisions for loan losses were a negative $71 thousand
in the year ended March 31, 2016 compared to $390 thousand in the year ended
March 31, 2015. The negative provision for loan losses was primarily
attributable to management's systematic evaluation of risk associated with the
loan portfolio and continuing lower historical loss rates. We had $139 thousand
in charge-offs in the year ended March 31, 2016, compared to $763 thousand in
charge-offs in the year ended March 31, 2015.



The allowance for loan losses was $1.1 million, or 1.32% of total loans
outstanding as of March 31, 2016 as compared with $1.2 million, or 1.46% as of
March 31, 2015. An analysis of the changes in the allowance for loan losses is
presented under "Risk Management - Analysis and Determination of the Allowance
for Loan Losses."


Noninterest Income. Noninterest income was $164 thousand for the year ended March 31, 2016 compared to $186 thousand for the prior year.

Table 12: Noninterest Income Summary

Year Ended March 31, (Dollars in thousands) 2016 2015 $ Change

     % Change

Service charges                               $ 125     $ 137     $     (12 )         (8.8 )%
Rental income                                    19        29           (10 )         34.5
Income from bank owned life insurance             5         4             1             25
Other                                            15        16            (1 )         (6.3 )
Total                                         $ 164     $ 186     $     (22 )        (11.8 )%




Noninterest Expense. Noninterest expense was $4.0 million for the year ended
March 31, 2016 compared to $4.5 million for the prior year. The decrease in
noninterest expense over the prior year was primarily due to decrease in
impairment losses on real estate owned and loan expenses partially offset by a
increase in real estate owned expenses.




                                       28
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Table 13: Noninterest Expense Summary




Year Ended March 31, (Dollars in           2016           2015         $ Change        % Change
thousands)
Salaries and employee benefits          $    1,659     $    1,629     $        30             1.8 %
Advertising                                     24             24               -               -
Office supplies, telephone and
postage                                        110            108               2             1.8
Loan expenses                                   74            160             (86 )         (53.7 )
Occupancy expense                              622            615               7             1.1
Federal deposit insurance premiums             171            171               -               -
Real estate owned impairment losses            247            642            (395 )         (61.5 )
Data processing expenses                       238            223              15             6.7
ATM expenses                                    35             36              (1 )          (2.8 )
Bank charges and fees                           85             70              15            21.4
Insurance and surety bond premiums              88             99             (11 )         (11.1 )
Dues and subscriptions                          46             30              16            53.3
Professional fees                              285            349             (64 )         (18.3 )
Real estate owned expenses, net                177            153              24            15.7
Net loss on sale of real estate owned            3             82             (79 )         (96.3 )
Other                                          142            132              10             7.6
Total                                   $    4,006     $    4,523     $      (517 )         (11.4 )%



Income Tax Expense (Benefit). The benefit for income taxes was $53 thousand for 2016, compared to a benefit of $325 thousand for 2015.

                                       29
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Average Balance Sheets and Related Yields and Rates




The following table presents information regarding average balances of assets
and liabilities, the total dollar amounts of interest income and dividends from
average interest-earning assets, the total dollar amounts of interest expense on
average interest-bearing liabilities, and the resulting annualized average
yields and costs. The yields and costs for the periods indicated are derived by
dividing income or expense by the average balances of assets or liabilities,
respectively, for the periods presented. For purposes of this table, average
balances have been calculated using month-end balances, and nonaccrual loans are
included in average balances only. Management does not believe that use of
month-end balances instead of daily average balances has caused any material
differences in the information presented. Loan fees are included in interest
income on loans and are insignificant.



Table 14: Average Balance Tables



                                        2016                                           2015
Year Ended March                      Interest                                       Interest
31, (Dollars in        Average           and           Yield/         Average           and           Yield/
thousands)             Balance        Dividends         Cost          Balance        Dividends         Cost
Assets:
Interest-earning
assets:
Loans                 $   83,666     $     3,600            4.30 %   $   81,079     $     3,645            4.50 %
Investment
securities                25,420             661            2.60         27,725             719            2.59
Other

interest-earning

assets                     8,401               9            0.11          6,824               4            0.06

Total

interest-earning

assets                   117,487           4,270            3.63        115,628           4,368            3.78

Noninterest-earning
assets                    10,245                                         12,349
Total assets          $  127,732                                     $  127,977

Liabilities and
equity:
Interest-bearing
liabilities:
Interest-bearing
demand deposits       $   21,959     $        40            0.18 %   $   22,132     $        40            0.18 %
Savings and money
market accounts           35,557             108            0.30         35,059             104            0.30
Certificates of
deposit                   41,071             396            0.96         44,505             432            0.97
Total
interest-bearing
deposits                  98,587             544            0.55        101,696             576            0.57

FHLB advances              3,500              26            0.74          3,666              23            0.63
Total
interest-bearing
liabilities              102,087             570            0.56        105,362             599            0.57
Noninterest-bearing
demand deposits           11,537                                          8,578
Other
noninterest-bearing
liabilities                  895                                            470
Total liabilities        114,519                                        114,410

Retained earnings         13,213                                         13,567
Total liabilities
and retained
earnings              $  127,732                                     $  127,977

Net interest income                  $     3,700                                    $     3,769
Interest rate
spread                                                      3.07 %                                         3.21 %
Net interest margin                                         3.15                                           3.26
Average
interest-earning
assets to average
interest-bearing
liabilities               115.08 %                                       109.74 %





                                       30
--------------------------------------------------------------------------------




Rate/Volume Analysis. The following tables set forth the effects of changing
rates and volumes on our net interest income. The rate column shows the effects
attributable to changes in rate (changes in rate multiplied by prior volume).
The volume column shows the effects attributable to changes in volume (changes
in volume multiplied by prior rate). Changes due to both volume and rate have
been allocated proportionally to the volume and rate changes. The net column
represents the sum of the prior columns.



Table 15: Net Interest Income - Changes Due to Rate and Volume




2016 Compared to 2015 (Dollars in thousands)    Volume       Rate       Net
Interest income:
Loans receivable                               $    122     $ (167 )   $ (45 )
Investment securities                               (60 )        2       (58 )
Other interest-earning assets                         1          4         5
Total                                                63       (161 )     (98 )
Interest expense:
Deposits                                            (12 )      (20 )     (32 )
FHLB advances                                        (1 )        4         3
Total                                               (13 )      (16 )     (29 )
Increase (decrease) in net interest income           76       (145 )     (69 )




Risk Management



Overview. Managing risk is an essential part of successfully managing a
financial institution. Our most prominent risk exposures are credit risk,
interest rate risk and market risk. Credit risk is the risk of not collecting
the interest and/or the principal balance of a loan or investment when it is
due. Interest rate risk is the potential reduction of interest income as a
result of changes in interest rates. Market risk arises from fluctuations in
interest rates that may result in changes in the values of financial
instruments, such as available-for-sale securities that are accounted for on a
mark-to-market basis. Other risks that we face are operational risks, liquidity
risks and reputation risk. Operational risks include risks related to fraud,
regulatory compliance, processing errors, technology and disaster recovery.
Liquidity risk is the possible inability to fund obligations to depositors,
lenders or borrowers. Reputation risk is the risk that negative publicity or
press, whether true or not, could cause a decline in our customer base or
revenue.



Credit Risk Management. Our strategy for credit risk management focuses on
having well-defined credit policies and uniform underwriting criteria and
providing prompt attention to potential problem loans. In January 2013, we
engaged an independent third party to conduct periodic loan portfolio reviews.
See "Regulation and Supervision-Regulatory Agreement" for further information on
certain regulatory directives applicable to our credit functions.



When a borrower fails to make a required loan payment, we take a number of steps
to have the borrower cure the delinquency and restore the loan to current
status, including contacting the borrower by letter and phone at regular
intervals. When the borrower is in default, we may commence collection
proceedings. If a foreclosure action is instituted and the loan is not brought
current, paid in full, or refinanced before the foreclosure sale, the real
property securing the loan generally is acquired at foreclosure and subsequently
sold. Generally, when a consumer loan becomes 60 days past due, we institute
collection proceedings and attempt to repossess any personal property that
secures the loan. Management informs the board of directors monthly of the
amount of loans delinquent more than 30 days, all loans in foreclosure and
repossessed property that we own.



Analysis of Nonperforming and Classified Assets. We consider repossessed assets
and loans that are 90 days or more past due to be nonperforming assets. Loans
are generally placed on nonaccrual status when they become 90 days delinquent at
which time the accrual of interest ceases and the allowance for any
uncollectible accrued interest is established and charged against operations.
Typically, payments received on a nonaccrual loan are applied to the outstanding
principal and interest as determined at the time of collection of the loan.



Real estate that we acquire as a result of foreclosure or by deed-in-lieu of
foreclosure is classified as real estate owned until it is sold. When property
is acquired it is recorded at the lower of its cost, which is the unpaid balance
of the loan, plus foreclosure costs, or fair market value at the date of
foreclosure. Holding costs and declines in fair value after acquisition of the
property result in charges against income.




                                       31
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Table 16: Nonperforming Assets




March 31, (Dollars in thousands)                2016             2015       

2014

Nonaccrual loans:
Residential real estate                     $      1,333     $        880     $      1,277
Commercial and multi-family real estate              553              662              981
Construction                                           -                -                -
Commercial                                            21                -              107
Home equity                                          111               11              219
Consumer                                               -               71                -
Total                                              2,018            1,624            2,584

Accruing loans past due 90 days or more:
Residential real estate                                -                -                -
Commercial and multi-family real estate                -                -              100
Construction                                           -                -                -
Commercial                                             -                -                -
Consumer                                               -                -                -
Total                                                  -                -              100

Troubled debt restructurings:
In nonaccrual status                                 744              713            1,519
Performing under modified terms                    1,607            1,525            1,917
Total debt restructurings                          2,351            2,238            3,436
Total non-performing loans                         4,369            3,862            6,120
Real estate owned                                  1,764            2,433            1,950
Total nonperforming assets                  $      6,133     $      6,295     $      8,070

Total nonperforming loans to total loans            5.24 %           4.74 %           7.19 %
Total nonperforming loans to total assets           3.38             3.00   

4.80

Total nonperforming assets and troubled
debt restructurings to total assets                 4.74             4.90             6.33



Table 17: Loan Delinquencies



                                                            March 31,
                              2016                            2015                            2014
                      30-59           60-89           30-59           60-89           30-59           60-89
(Dollars in           Days            Days            Days            Days            Days            Days
thousands)          Past Due        Past Due        Past Due        Past
Due        Past Due        Past Due
Residential real
estate             $       577     $       224     $       495     $     1,325     $     1,473     $       307
Commercial real
estate                       -             289               -             117             494             870
Commercial                 340              21              98               -             199               -
Home equity                 50               -              34              89             255             241
Consumer                     -               -              30               -              79               -
Total              $       967     $       534     $       657     $     1,531     $     2,500     $     1,418




At March 31, 2016, we had 18 loan relationships totaling $2.8 million in
nonaccrual loans as compared to 17 relationships totaling $2.3 million at March
31, 2015. During the year ended March 31, 2016, we experienced a $425 thousand
net increase in nonaccrual loans. This change reflects the transfer to real
estate owned of three loans totaling $279 thousand and the return of one loan
totaling $229 thousand to accruing status, the full payoff of two loans for $179
thousand, and the charge-off of one loan for $71 thousand. The changes were
offset by the downgrading of eight loan relationships to nonaccrual status
totaling $1.2 million during the year ended March 31, 2016. The downgraded loans
consisted of four relationships representing residential mortgages totaling $902
thousand, one home equity loan totaling $34 thousand, one commercial loan
totaling $21 thousand and two commercial real estate loans totaling $221
thousand.




                                       32
--------------------------------------------------------------------------------




At March 31, 2016, our real estate owned consisted of ten single family homes
with a total carrying value of $1.25 million, two mixed-use properties with a
total carrying value of $159 thousand, one office building with a carrying value
of $100 thousand and one commercial office condominium with a carrying value of
$253 thousand. At that same date, we had thirteen loans in the process of
foreclosure with respect to property that had an appraised value of $3.3
million.



Interest income that would have been recorded for the year ended March 31, 2016
had non-accruing loans been current according to their original terms amounted
to $141 thousand. No uncollected interest related to nonaccrual loans was
included in interest income for the year ended March 31, 2016.



Federal regulations require us to review and classify our assets on a regular
basis. In addition, the OCC has the authority to identify problem assets and, if
appropriate, require them to be classified. There are three classifications for
problem assets: substandard, doubtful and loss. "Substandard assets" must have
one or more defined weaknesses and are characterized by the distinct possibility
that we will sustain some loss if the deficiencies are not corrected. This
category includes other real estate owned. "Doubtful assets" have the weaknesses
of substandard assets with the additional characteristic that the weaknesses
make collection or liquidation in full on the basis of currently existing facts,
conditions and values questionable, and there is a high possibility of loss. An
asset classified "loss" is considered uncollectible and of such little value
that continuance as an asset of the institution is not warranted. The
regulations also provide for a "special mention" category, described as assets
which do not currently expose us to a sufficient degree of risk to warrant
classification but do possess credit deficiencies or potential weaknesses
deserving our close attention. These are considered criticized assets. If we
classify an asset as loss, we charge off an amount equal to 100% of the portion
of the asset classified loss.



Table 18: Criticized/Classified Assets

March 31, (Dollars in thousands) 2016 2015 2014 Special mention assets

               $   343     $   737     $   363
Substandard assets                     6,274       6,794       8,078
Doubtful assets                            -           -         260
Loss assets                                -           -           -

Total criticized/classified assets $ 6,617 $ 7,531 $ 8,701

Other than disclosed in the above tables, there are no other loans that management has serious doubts about the ability of the borrowers to comply with the present loan repayment terms.




Analysis and Determination of the Allowance for Loan Losses. The allowance for
loan losses is a valuation allowance for probable losses inherent in the loan
portfolio. We evaluate the need to establish allowances against losses on loans
on a quarterly basis. When additional allowances are necessary, a provision for
loan losses is charged to earnings.



Our methodology for assessing the appropriateness of the allowance for loan
losses consists of: (1) a specific valuation allowance on identified problem
loans; (2) a general valuation allowance on the remainder of the loan portfolio;
and (3) an unallocated component. Although we determine the amount of each
element of the allowance separately, the entire allowance for loan losses is
available to absorb losses in the loan portfolio.



For loans that are classified as impaired, we establish an allowance when the
discounted cash flows (or collateral value or observable market price) of the
loan is lower than its carrying value. We also establish a specific allowance
for classified loans that do not have an individual allowance. The evaluation is
based on our asset review and classified loan list.



We establish a general allowance for loans that are not classified to recognize
the inherent losses associated with lending activities. This general valuation
allowance is determined by segregating the loans by loan category and assigning
allowance percentages to each category. The allowance percentages have been
derived using percentages commonly applied under the regulatory framework for
Delanco Federal and other similarly-sized institutions. The percentages may be
adjusted for significant factors that, in management's judgment, affect the
collectability of the portfolio as of the evaluation date. These significant
factors may include changes in lending policies and procedures, changes in
existing general economic and business conditions affecting our primary lending
areas, credit quality trends, collateral value, loan volumes and concentrations,
seasoning of the loan portfolio, recent loss experience in particular segments
of the portfolio, duration of the current business cycle and bank regulatory
examination results. The applied loss factors are reevaluated periodically to
ensure their relevance in the current economic environment. An unallocated
component is maintained to cover uncertainties that could affect our estimate of
probable losses.




                                       33
--------------------------------------------------------------------------------




We identify loans that may need to be charged off as a loss by reviewing all
delinquent loans, classified loans and other loans that management may have
concerns about collectability. For individually reviewed loans, the borrower's
inability to make payments under the terms of the loan or a shortfall in
collateral value would result in our charging off the loan or the portion of the
loan that was impaired.


The OCC, as an integral part of its examination process, periodically reviews our allowance for loan losses. The OCC may require us to make additional provisions for loan losses based on judgments different from ours.

At March 31, 2016, our allowance for loan losses represented 1.32% of total gross loans. The allowance for loan losses decreased 7.3% from March 31, 2015 to March 31, 2016.

The following table sets forth the breakdown of the allowance for loan losses by loan category at the dates indicated.

Table 19: Allocation of Allowance of Loan Losses




                              2016                           2015                           2014
                                     % of                           % of                           % of
                                   Loans in                       Loans in                       Loans in
March 31,                          Category                       Category                       Category
(Dollars in                        to Total                       to Total                       to Total
thousands)           Amount          Loans          Amount          Loans          Amount          Loans
Residential real
estate             $      568            74.7 %   $      702            77.1 %   $      656            74.7 %
Commercial and
multi-family
real estate               339            11.5            289             9.8            635            12.2
Construction                -             0.1              -             0.1              4             1.2
Commercial                 80             2.7             86             2.4             58             1.5
Home equity                87            10.2             87             9.8             65             9.6
Consumer                   25             0.8             21             0.8             30             0.8
Unallocated                 -               -              -               -              -               -
Total allowance
for loan losses    $    1,099           100.0 %   $    1,185           100.0 %   $    1,448           100.0 %




Although we believe that we use the best information available to establish the
allowance for loan losses, future adjustments to the allowance for loan losses
may be necessary and our results of operations could be adversely affected if
circumstances differ substantially from the assumptions used in making the
determinations. Furthermore, while we believe we have established our allowance
for loan losses in conformity with generally accepted accounting principles,
there can be no assurance that regulators, in reviewing our loan portfolio, will
not require us to increase our allowance for loan losses. In addition, because
future events affecting borrowers and collateral cannot be predicted with
certainty, there can be no assurance that the existing allowance for loan losses
is adequate or that increases will not be necessary should the quality of any
loans deteriorate as a result of the factors discussed above. Any material
increase in the allowance for loan losses may adversely affect our financial
condition and results of operations.




                                       34
--------------------------------------------------------------------------------

Table 20: Analysis of Loan Loss Experience




Year Ended March 31, (Dollars in                2016             2015       

2014

thousands)

Allowance at beginning of period            $      1,185     $      1,448     $      1,033

Provision for loan losses                            (71 )            390              957
Charge offs:
Residential real estate loans                         40              142              100
Commercial and multi-family real estate
loans                                                 17              598              378
Construction loans                                     -                -                -
Commercial loans                                       -               19              127
Home equity loans                                     11                -                4
Consumer loans                                        71                4               16
Total charge-offs                                    139              763              625

Recoveries                                           124              110               83
Net charge-offs                                       15              653              542

Allowance at end of period                  $      1,099     $      1,185     $      1,448

Allowance to nonperforming loans                    25.2 %           30.7 %          23.66 %
Allowance to total loans outstanding at
the end of the period                               1.32             1.46   

1.70

Net charge-offs (recoveries) to average
loans outstanding during the period                 0.02             0.78             0.62




Interest Rate Risk Management. Our earnings and the market value of our assets
and liabilities are subject to fluctuations caused by changes in the level of
interest rates. We manage the interest rate sensitivity of our interest-bearing
liabilities and interest-earning assets in an effort to minimize the adverse
effects of changes in the interest rate environment. Deposit accounts typically
react more quickly to changes in market interest rates than mortgage loans
because of the shorter maturities of deposits. As a result, sharp increases in
interest rates may adversely affect our earnings while decreases in interest
rates may beneficially affect our earnings. To reduce the potential volatility
of our earnings, we have sought to improve the match between asset and liability
maturities and rates, while maintaining an acceptable interest rate spread. Our
strategy for managing interest rate risk emphasizes originating balloon loans or
loans with adjustable interest rates and promoting core deposit products and
short-term time deposits.



We have an Asset/Liability Management Committee to coordinate all aspects
involving asset/liability management. The committee consists of our President
and Chief Executive Officer, Chief Financial Officer, Senior Vice President, two
lending officers and the manager of our Cinnaminson office. The committee
establishes and monitors the volume, maturities, pricing and mix of assets and
funding sources with the objective of managing assets and funding sources to
provide results that are consistent with liquidity, growth, risk limits and
profitability goals.



We use an interest rate sensitivity analysis prepared by a third party vendor to
review our level of interest rate risk. Economic Value of Equity (EVE) is a
measure of long-term interest rate risk. This analysis measures the difference
between the market values of the assets and the liabilities. In this analysis
the program calculates the discounted cash flow (market value) of each category
on the balance sheet under each of five rate conditions. This analysis assesses
the risk of loss in market risk sensitive instruments in the event of a sudden
and sustained 100 to 300 basis point increase or a 100 basis point decreases in
market interest rates with no effect given to any steps that we might take to
counter the effect of that interest rate movement. We measure interest rate risk
by modeling the changes in EVE over a variety of interest rate scenarios. The
following table presents the change in our EVE at March 31, 2016 that would
occur in the event of an immediate change in interest rates based on our
assumptions, with no effect given to any steps that we might take to counteract
that change.




                                       35
--------------------------------------------------------------------------------



Table 21: EVE Analysis



                                                                     Economic Value of Equity
                             Economic Value of Equity                         as % of
                              (Dollars in thousands)                  Market Value of Assets
Basis Point ("bp")
 Change in Rates       $ Amount      $ Change      % Change        NPV Ratio            Change
       300                12,512        (3,475 )       (21.7 )%          10.80 %            (11.0 )%
       200                13,452        (2,535 )       (15.9 )           10.99               (9.5 )
       100                15,146          (841 )        (5.3 )           11.88               (2.1 )
        0                 15,987             -             -             12.14
      (100)               19,774         3,787          23.7             14.52               19.6




The program uses certain assumptions in assessing the interest rate risk of
savings associations. These assumptions relate to interest rates, loan
prepayment rates, deposit decay rates, and the market values of certain assets
under differing interest rate scenarios, among others. As with any method of
measuring interest rate risk, certain shortcomings are inherent in the method of
analysis presented in the foregoing table. For example, although certain assets
and liabilities may have similar maturities or periods to re-pricing, they may
react in different degrees to changes in market interest rates. Also, the
interest rates on certain types of assets and liabilities may fluctuate in
advance of changes in market interest rates, while interest rates on other types
may lag behind changes in market rates. Additionally, certain assets, such as
adjustable-rate mortgage loans, have features that restrict changes in interest
rates on a short-term basis and over the life of the asset. Further, in the
event of a change in interest rates, expected rates of prepayments on loans and
early withdrawals from certificates could deviate significantly from those
assumed in calculating the table.



Liquidity Management. Liquidity is the ability to meet current and future financial obligations of a short-term nature. Our primary sources of funds consist of deposit inflows, loan repayments, maturities of and payments on investment securities and borrowings from the Federal Home Loan Bank of New York, Atlantic Central Bankers Bank and the Federal Reserve Bank of Philadelphia. While maturities and scheduled amortization of loans and securities are predictable sources of funds, deposit flows and mortgage prepayments are greatly influenced by general interest rates, economic conditions and competition.




We regularly adjust our investments in liquid assets based upon our assessment
of (1) expected loan demand, (2) expected deposit flows, (3) yields available on
interest-earning deposits and securities and (4) the objectives of our
asset/liability management policy.



Our most liquid assets are cash and cash equivalents. The levels of these assets
depend on our operating, financing, lending and investing activities during any
given period. At March 31, 2016, cash and cash equivalents totaled $12.1
million. At March 31, 2016, we had $3 million in outstanding borrowings and had
arrangements to borrow up to $9.6 million from the Federal Home Loan Bank of New
York and $1 million from Atlantic Central Bankers Bank.



At March 31, 2016, the majority of our investment securities were classified as
held to maturity. We have classified our investments in this manner, rather than
as available for sale, because they were purchased primarily to provide a source
of income and not to provide liquidity. We have designated a portion of our
investments as available for sale in order to give us greater flexibility in the
management of our investment portfolio.



A significant use of our liquidity is the funding of loan originations. At March
31, 2016, we had $1.2 million in loan commitments outstanding. In addition, we
had $6.2 million in unused lines of credit. Historically, many of the lines of
credit expire without being fully drawn; therefore, the total commitment amounts
do not necessarily represent future cash requirements. Another significant use
of our liquidity is the funding of deposit withdrawals. Certificates of deposit
due within one year of March 31, 2016 totaled $23.1 million, or 59.0% of
certificates of deposit. The large percentage of certificates of deposit that
mature within one year reflects customers' hesitancy to invest their funds for
long periods in the recent low interest rate environment. If these maturing
deposits do not remain with us, we will be required to seek other sources of
funds, such as other deposits and borrowings. Depending on market conditions, we
may be required to pay higher rates on such deposits or other borrowings than we
currently pay on the certificates of deposit due on or before March 31, 2017. We
believe, however, based on past experience that a significant portion of our
certificates of deposit will remain with us. We have the ability to attract and
retain deposits by adjusting the interest rates offered.




                                       36
--------------------------------------------------------------------------------




Our primary investing activities are the origination and purchase of loans and
the purchase of securities. Our primary financing activities consist of activity
in deposit accounts and Federal Home Loan Bank advances. Deposit flows are
affected by the overall level of interest rates, the interest rates and products
offered by us and our local competitors and other factors. We generally manage
the pricing of our deposits to be competitive. Occasionally, we offer
promotional rates on certain deposit products to attract deposits.



Delanco Bancorp is a separate entity apart from Delanco Federal and must provide
for its own liquidity. As of March 31, 2016, Delanco Bancorp had $480 thousand
in cash and cash equivalents compared to $461 thousand as of March 31, 2015.
Substantially all of Delanco Bancorp's cash and cash equivalents were obtained
from proceeds it retained from the stock offering completed in October 2013.  In
addition to its operating expenses, Delanco Bancorp may utilize its cash
position for the payment of dividends or to repurchase common stock, subject to
applicable restrictions.



Delanco Bancorp can receive dividends from Delanco Federal.  Payment of such
dividends to Delanco Bancorp by Delanco Federal is limited under federal law.
The amount that can be paid in any calendar year, without prior regulatory
approval, cannot exceed the retained net earnings (as defined) for the year plus
the preceding two calendar years. Under the terms of its written agreement with
the OCC, Delanco Federal is not permitted to pay dividends without prior
regulatory approval. In addition, at the request of the Federal Reserve, Delanco
Bancorp has adopted resolutions that prohibit it from declaring or paying any
dividends or taking any dividends or other distributions that would reduce the
capital of Delanco Federal without the prior written consent of the Federal
Reserve.



Capital Management. We are subject to various regulatory capital requirements
administered by the OCC, including a risk-based capital measure. The risk-based
capital guidelines include both a definition of capital and a framework for
calculating risk-weighted assets by assigning balance sheet assets and
off-balance sheet items to broad risk categories. See "Regulation and
Supervision-Regulation of Federal Savings Associations-Capital Requirements,"
"Regulation and Supervision-Regulatory Agreement" and note 24 to the
consolidated financial statements.



Off-Balance Sheet Arrangements. In the normal course of operations, we engage in
a variety of financial transactions that, in accordance with generally accepted
accounting principles are not recorded in our financial statements. These
transactions involve, to varying degrees, elements of credit, interest rate and
liquidity risk. Such transactions are used primarily to manage customers'
requests for funding and take the form of loan commitments and lines of credit.
For information about our loan commitments and unused lines of credit, see note
21 to the consolidated financial statements..



For the year ended March 31, 2016, we did not engage in any off-balance sheet transactions reasonably likely to have a material effect on our financial condition, results of operations or cash flows.

© Edgar Online, source Glimpses

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