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8-K - 8-K - PULASKI FINANCIAL CORP | a11-28286_18k.htm |
Exhibit 99.1
PULASKI FINANCIAL REPORTS IMPROVED LINKED QUARTER
AND STRONG YEAR-OVER-YEAR EARNINGS GROWTH
· Diluted EPS was $0.15 for the fourth fiscal quarter of 2011 compared with $0.11 for the linked quarter and $0.25 for the prior year quarter
· Net income was up from the linked quarter on higher mortgage revenues and net interest income combined with lower credit costs
· Mortgage revenues increased 30% over the linked quarter on higher profit margins and increased loan volume, but decreased 2% from the prior year quarter
· Net interest income increased 2% from the linked quarter on a lower cost of deposits but was down 9% from the prior year quarter on a decrease in the average balance of mortgage loans held for sale
· The provision for loan losses was $3.0 million for the quarter versus net charge-offs of $3.0 million compared with $4.0 million and $4.9 million, respectively, for the linked quarter and $4.3 million and $4.1 million, respectively, for the prior year quarter
· Non-performing assets decreased 3% to $72.1 million at September 30, 2011 compared with $74.7 million at June 30, 2011
· The Banks regulatory capital position continued to strengthen, with estimated Tier 1 leverage and total risk-based capital ratios of 10.18% and 13.59%, respectively, at September 30, 2011
ST. LOUIS, October 18, 2011 Pulaski Financial Corp. (Nasdaq Global Select: PULB) today reported net income for the quarter ended September 30, 2011 of $2.2 million, or $0.15 per diluted common share, compared with net income of $1.7 million, or $0.11 per diluted common share, for the quarter ended June 30, 2011 and net income of $3.2 million, or $0.25 per diluted common share, for the September 2010 quarter. Reducing income available to common shares were dividends and the related discount accretion on the Companys preferred stock, issued in January 2009 as part of the U.S. Treasurys TARP Capital Purchase Program, totaling $0.05 per diluted common share in each of the three quarters. For the twelve-month periods, the Company reported net income of $8.1 million, or $0.55 per diluted common share, in 2011 compared with net income of $3.3 million, or $0.12 per diluted common share, in 2010.
Gary Douglass, President and Chief Executive Officer commented, As we expected, our earnings per share for the September quarter continued to trend upward, increasing 36% on a linked-quarter basis. We were able to modestly grow net interest income levels and make continued progress in reducing non-performing assets, which contributed to lower overall credit costs. In addition, we took advantage of the recent drop in mortgage interest rates to drive an approximate $100 million increase in mortgage loan originations in the September quarter compared with the June quarter.
Net Interest Income Up from the Linked Quarter
Net interest income increased to $11.3 million for the fourth quarter of fiscal 2011 compared with $11.1 million for the quarter ended June 30, 2011, but decreased from $12.4 million for the same period a year ago. For the twelve-month period, net interest income increased to $47.3 million in 2011 compared with $46.7 million in 2010. The increase from the linked quarter was primarily the result of a lower cost of deposits and, to a lesser extent, growth in mortgage loans held for sale. The decrease from the same period a year ago was primarily due to a decline in the average balance of mortgage loans held for sale to $61.9 million for the quarter ended September 30, 2011 compared with $196.1 million for the quarter ended September 30, 2010.
The net interest margin was 3.67% for the three months ended September 30, 2011 compared with 3.54% for the quarter ended June 30, 2011 and 3.72% for the quarter ended September 30, 2010. The linked-quarter increase in the net interest margin was the result of a decrease in the cost of deposits combined with growth in mortgage loans held for sale that was funded by the reduction of lower-yielding assets held in Fed funds. The decrease in the net interest margin from the September 2010 quarter was primarily the result of the decrease in the average balance of mortgage loans held for sale.
Mortgage Revenues Increase over Linked Quarter on Increased Loan Volume and Higher Realized Profit Margins
Non-interest income increased to $3.6 million for the quarter ended September 30, 2011 compared with $3.1 million for the quarter ended June 30, 2011 and $3.3 million for the September 2010 quarter. For the twelve-month period, non-interest income totaled $13.0 million in 2011 compared with $14.8 million in 2010. Mortgage revenues were $1.7 million on loan sales of $283 million for the quarter ended September 30, 2011 compared with $1.3 million on loan sales of $259 million for the quarter ended June 30, 2011 and $1.7 million on loan sales of $489 million in the September 2010 quarter. For the full year, mortgage revenues were $5.7 million on loan sales of $1.59 billion in 2011 compared with $7.8 million on loan sales of $1.67 billion in 2010.
Mortgage loans originated for sale totaled $354 million for the quarter ended September 30, 2011 compared with $257 million for the quarter ended June 30, 2011 and $612 million for the September 2010 quarter. For the full year, mortgage loans originated for sale were $1.42 billion in 2011 compared with $1.86 billion in 2010. As a result of a decrease in the level of market interest rates during the quarter, the Company saw an increase in demand for mortgage refinancings compared with the linked quarter, but this level of demand was down significantly from the historically high levels experienced throughout fiscal 2010 and early fiscal 2011. Mortgage refinancings totaled $177 million, or 50% of total loans originated for sale, for the quarter ended September 30, 2011 compared with $70 million, or 27% of total loans originated for sale for the quarter ended June 30, 2011, and $434 million, or 71% of total loans originated for sale, for the September 2010 quarter.
Primarily as the result of improved gross profit margins and lower costs to originate loans, the net profit margin on loans sold increased to 0.59% for the quarter ended September 30, 2011
compared with 0.50% for the quarter ended June 30, 2011 and 0.35% for the September 2010 quarter. Mortgage loans held for sale increased $55.9 million, or 125%, to $100.7 million at September 30, 2011 compared with $44.8 million at June 30, 2011.
Douglass noted, We are very pleased with the continued progress we made in the September 2011 quarter from the past two quarters with respect to improvement in the net profit margin on mortgage loans sold. The significant reduction to our operating cost structure that we made in July 2011 combined with more efficient delivery of loans sold to our investors allowed us to realize higher net profit margins in the current quarter. We were also able to capitalize on the increased market demand for mortgage loan refinancings during the quarter that was driven by the historically low level of interest rates. This increased demand also resulted in growth in our mortgage loans held for sale to $101 million at September 30, 2011, which will benefit our first fiscal quarter of 2012 as they generate net interest income while they are held in the warehouse and mortgage revenues when they are delivered to our investors.
Non-interest Expense Up from Linked Quarter on Higher Foreclosure Costs
Total non-interest expense was $8.9 million for the quarter ended September 30, 2011 compared with $7.9 million for the linked quarter and $8.0 million for the prior year quarter. For the twelve-month period, non-interest expense was $34.3 million in 2011 compared with $31.9 million in 2010.
Real estate foreclosure expense and losses totaled $796,000 for the quarter ended September 30, 2011 compared with $265,000 for the linked quarter and $919,000 for the prior year quarter. Such expenses were primarily due to write-downs of properties and losses on sales that resulted from declines in their fair values subsequent to foreclosure. Compensation expense totaled $3.8 million in the September 2011 quarter compared with $3.7 million for the linked quarter and $3.3 million for the prior year quarter. The 17% increase from the September 2010 quarter was related primarily to the decrease in loan origination activity compared with the prior year quarter, which resulted in a lower level of absorption of direct, fixed compensation costs and higher compensation expense in the September 2011 quarter.
Asset Quality
The provision for loan losses for the three months ended September 30, 2011 was $3.0 million compared with $4.0 million for the quarter ended June 30, 2011 and $4.3 million for the September 2010 quarter. Net charge offs for the quarter ended September 30, 2011 totaled $3.0 million, or 1.15% of average loans on an annualized basis, compared with $4.9 million, or 1.85% of average loans on an annualized basis, for the quarter ended June 30, 2011 and $4.1 million, or 1.51% of average loans on an annualized basis, for the September 2010 quarter. For the twelve-month periods, the provision for loan losses totaled $14.8 million in 2011 compared with $26.1 million in 2010 and net charge-offs totaled $16.1 million in 2011 compared with $19.7 million in 2010.
Non-performing assets decreased to $72.1 million at September 30, 2011 from $74.7 million at June 30, 2011. The decrease was primarily attributable to a $7.6 million decrease in non-accruing loans and a $1.8 million decrease in troubled debt restructurings partially offset by a
$6.8 million increase in real estate acquired in settlement of loans. During the quarter, the Company foreclosed on several loans to one commercial borrower totaling $7.5 million that were secured by a retail strip shopping center and adjoining land held for future development. These loans were included in non-accruing loans at June 30, 2011.
Douglass noted, Asset quality improvement that leads to a normalization of credit costs continues to be our number one priority. We were encouraged by the modest decrease in overall credit costs we saw during the quarter and the continued stabilization of our overall asset quality. As we noted last quarter, we believe we will see improvement in our asset quality with each passing quarter, but acknowledge it is a deliberate process and, given the ongoing economic and political uncertainty, realize there could still be volatility in future quarters as we work through the challenges facing our borrowers.
Conclusion / Outlook
Douglass stated, Looking forward to the first quarter of fiscal 2012, we anticipate a continued modest improvement in bottom line results compared with the past quarter. For the full fiscal year of 2012, we expect meaningful year-over-year earnings improvement compared with fiscal 2011. While we might see some shrinkage in net interest income due to the continued soft demand for our portfolio loan products, we expect this possible shrinkage to be more than offset by stabilized credit costs, improved mortgage revenues and reductions in noninterest expense.
Douglass continued, Asset quality improvement remains our top priority, which should contribute to lower credit costs. We also remain focused on expanding our sources of mortgage revenues as we attempt to capitalize on the dislocation of the current mortgage markets and gain additional market share. Further, we continue to strive to increase our net profit margins on mortgage loans sold through more efficient delivery of loans to our investors and controlled origination costs. Finally, we remain committed to reducing operating expenses by implementing identified cost savings as we review all aspects of our operations.
Conference Call Tomorrow
Pulaski Financials management will discuss fourth quarter results and other developments tomorrow, October 19, 2011, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call also will be simultaneously webcast and archived for three months at: http://pulaskibankstl.com/corporate-profile.aspx. Participants in the conference call may dial 877-473-3757 a few minutes before start time. The call also will be available for replay through November 2, 2011 at 800-642-1687 or 706-645-9291, conference ID 35506309.
About Pulaski Financial
Pulaski Financial Corp., operating in its 89th year through its subsidiary, Pulaski Bank, serves customers throughout the St. Louis and Kansas City metropolitan areas. The bank offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area and offers mortgage loan products through six loan production offices in the St. Louis and Kansas City metropolitan areas and Wichita, Kansas. The Companys website can be accessed at www.pulaskibankstl.com.
This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words may, could, would, should, believes, expects, anticipates, estimates, intends, plans, targets, potentially, probably, projects, outlook or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2010 on file with the SEC, including the sections entitled Risk Factors. These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 317-5046
Tables follow...
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
|
|
(Dollars in thousands except per share data) |
| |||||||
|
|
Three Months Ended |
| |||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
2011 |
|
2011 |
|
2010 |
| |||
Interest income |
|
$ |
14,136 |
|
$ |
14,175 |
|
$ |
16,299 |
|
Interest expense |
|
2,816 |
|
3,096 |
|
3,892 |
| |||
|
|
|
|
|
|
|
| |||
Net interest income |
|
11,320 |
|
11,079 |
|
12,407 |
| |||
Provision for loan losses |
|
3,000 |
|
4,000 |
|
4,250 |
| |||
|
|
|
|
|
|
|
| |||
Net interest income after provision for loan losses |
|
8,320 |
|
7,079 |
|
8,157 |
| |||
|
|
|
|
|
|
|
| |||
Retail banking fees |
|
1,102 |
|
1,076 |
|
971 |
| |||
Mortgage revenues |
|
1,681 |
|
1,295 |
|
1,706 |
| |||
Investment brokerage revenues |
|
395 |
|
421 |
|
417 |
| |||
Other |
|
407 |
|
282 |
|
180 |
| |||
Total non-interest income |
|
3,585 |
|
3,074 |
|
3,274 |
| |||
|
|
|
|
|
|
|
| |||
Compensation expense |
|
3,820 |
|
3,720 |
|
3,265 |
| |||
Occupancy, equipment and data processing expense |
|
2,402 |
|
2,282 |
|
2,180 |
| |||
Advertising |
|
216 |
|
121 |
|
189 |
| |||
Professional services |
|
401 |
|
361 |
|
391 |
| |||
Real estate foreclosure losses and expenses, net |
|
796 |
|
265 |
|
919 |
| |||
FDIC deposit insurance premiums |
|
479 |
|
475 |
|
502 |
| |||
Other |
|
776 |
|
663 |
|
545 |
| |||
Total non-interest expense |
|
8,890 |
|
7,887 |
|
7,991 |
| |||
|
|
|
|
|
|
|
| |||
Income before income taxes |
|
3,015 |
|
2,266 |
|
3,440 |
| |||
Income tax expense |
|
835 |
|
566 |
|
253 |
| |||
Net income after tax |
|
2,180 |
|
1,700 |
|
3,187 |
| |||
Preferred stock dividends |
|
517 |
|
516 |
|
515 |
| |||
Earnings available for common shares |
|
$ |
1,663 |
|
$ |
1,184 |
|
$ |
2,672 |
|
|
|
|
|
|
|
|
| |||
Annualized Performance Ratios |
|
|
|
|
|
|
| |||
Return on average assets |
|
0.66 |
% |
0.51 |
% |
0.91 |
% | |||
Return on average common equity |
|
7.47 |
% |
5.37 |
% |
12.42 |
% | |||
Interest rate spread |
|
3.52 |
% |
3.39 |
% |
3.54 |
% | |||
Net interest margin |
|
3.67 |
% |
3.54 |
% |
3.72 |
% | |||
|
|
|
|
|
|
|
| |||
SHARE DATA |
|
|
|
|
|
|
| |||
Weighted average shares outstanding - basic |
|
10,574,405 |
|
10,558,910 |
|
10,466,557 |
| |||
Weighted average shares outstanding - diluted |
|
10,962,188 |
|
11,009,935 |
|
10,807,056 |
| |||
Basic earnings per common share |
|
$ |
0.16 |
|
$ |
0.11 |
|
$ |
0.26 |
|
Diluted earnings per common share |
|
$ |
0.15 |
|
$ |
0.11 |
|
$ |
0.25 |
|
Dividends per common share |
|
$ |
0.095 |
|
$ |
0.095 |
|
$ |
0.095 |
|
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME, Continued
(Unaudited)
|
|
(Dollars in thousands except per share data) |
| ||||
|
|
Twelve Months Ended September 30, |
| ||||
|
|
2011 |
|
2010 |
| ||
Interest income |
|
$ |
60,253 |
|
$ |
65,104 |
|
Interest expense |
|
12,951 |
|
18,392 |
| ||
|
|
|
|
|
| ||
Net interest income |
|
47,302 |
|
46,712 |
| ||
Provision for loan losses |
|
14,800 |
|
26,064 |
| ||
|
|
|
|
|
| ||
Net interest income after provision for loan losses |
|
32,502 |
|
20,648 |
| ||
|
|
|
|
|
| ||
Retail banking fees |
|
4,148 |
|
3,777 |
| ||
Mortgage revenues |
|
5,670 |
|
7,840 |
| ||
Investment brokerage revenues |
|
1,864 |
|
1,798 |
| ||
Other |
|
1,316 |
|
1,425 |
| ||
Total non-interest income |
|
12,998 |
|
14,840 |
| ||
|
|
|
|
|
| ||
Compensation expense |
|
15,022 |
|
13,979 |
| ||
Occupancy, equipment and data processing expense |
|
8,990 |
|
8,289 |
| ||
Advertising |
|
574 |
|
566 |
| ||
Professional services |
|
1,653 |
|
1,748 |
| ||
Real estate foreclosure losses and expenses, net |
|
2,872 |
|
2,811 |
| ||
FDIC deposit insurance premiums |
|
2,431 |
|
1,980 |
| ||
Other |
|
2,743 |
|
2,563 |
| ||
Total non-interest expense |
|
34,285 |
|
31,936 |
| ||
|
|
|
|
|
| ||
Income before income taxes |
|
11,215 |
|
3,552 |
| ||
Income tax expense |
|
3,150 |
|
259 |
| ||
Net income after tax |
|
8,065 |
|
3,293 |
| ||
Preferred stock dividends |
|
2,066 |
|
2,060 |
| ||
Earnings available for common shares |
|
$ |
5,999 |
|
$ |
1,233 |
|
|
|
|
|
|
| ||
Annualized Performance Ratios |
|
|
|
|
| ||
Return on average assets |
|
0.58 |
% |
0.24 |
% | ||
Return on average common equity |
|
6.77 |
% |
1.42 |
% | ||
Interest rate spread |
|
3.51 |
% |
3.34 |
% | ||
Net interest margin |
|
3.67 |
% |
3.54 |
% | ||
|
|
|
|
|
| ||
SHARE DATA |
|
|
|
|
| ||
Weighted average shares outstanding - basic |
|
10,543,316 |
|
10,380,822 |
| ||
Weighted average shares outstanding - diluted |
|
10,987,605 |
|
10,626,919 |
| ||
Basic earnings per common share |
|
$ |
0.57 |
|
$ |
0.12 |
|
Diluted earnings per common share |
|
$ |
0.55 |
|
$ |
0.12 |
|
Dividends per common share |
|
$ |
0.38 |
|
$ |
0.38 |
|
PULASKI FINANCIAL CORP.
BALANCE SHEET DATA
(Unaudited)
|
|
(Dollars in thousands) |
| |||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
2011 |
|
2011 |
|
2010 |
| |||
Total assets |
|
$ |
1,309,209 |
|
$ |
1,331,595 |
|
$ |
1,452,817 |
|
Loans receivable, net |
|
1,021,273 |
|
1,038,683 |
|
1,046,273 |
| |||
Allowance for loan losses |
|
25,714 |
|
25,750 |
|
26,976 |
| |||
Mortgage loans held for sale, net |
|
100,719 |
|
44,835 |
|
253,578 |
| |||
Investment securities |
|
14,457 |
|
14,648 |
|
8,001 |
| |||
FHLB stock |
|
3,100 |
|
3,100 |
|
9,774 |
| |||
Mortgage-backed & related securities |
|
9,986 |
|
12,321 |
|
19,142 |
| |||
Cash and cash equivalents |
|
57,071 |
|
118,546 |
|
15,603 |
| |||
Deposits |
|
1,122,525 |
|
1,148,873 |
|
1,115,203 |
| |||
FHLB advances |
|
29,000 |
|
29,000 |
|
181,000 |
| |||
Subordinated debentures |
|
19,589 |
|
19,589 |
|
19,589 |
| |||
Stockholders equity - preferred |
|
31,527 |
|
31,417 |
|
31,088 |
| |||
Stockholders equity - common |
|
88,643 |
|
87,692 |
|
85,265 |
| |||
Book value per common share |
|
$ |
8.07 |
|
$ |
7.98 |
|
$ |
7.87 |
|
Tangible book value per share |
|
$ |
7.70 |
|
$ |
7.62 |
|
$ |
7.49 |
|
|
|
|
|
|
|
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
2011 |
|
2011 |
|
2010 |
| |||
LOANS RECEIVABLE |
|
|
|
|
|
|
| |||
Single-family residential: |
|
|
|
|
|
|
| |||
Residential first mortgage |
|
$ |
242,091 |
|
$ |
245,918 |
|
$ |
243,650 |
|
Residential second mortgage |
|
51,535 |
|
54,094 |
|
60,281 |
| |||
Home equity lines of credit |
|
176,324 |
|
182,090 |
|
201,922 |
| |||
Commercial: |
|
|
|
|
|
|
| |||
Commercial and multi-family real estate |
|
316,210 |
|
327,614 |
|
299,960 |
| |||
Land acquisition and development |
|
51,497 |
|
57,061 |
|
74,462 |
| |||
Real estate construction and development |
|
22,331 |
|
18,808 |
|
31,071 |
| |||
Commercial and industrial |
|
180,821 |
|
172,057 |
|
155,622 |
| |||
Consumer and installment |
|
3,118 |
|
3,248 |
|
3,512 |
| |||
|
|
1,043,927 |
|
1,060,890 |
|
1,070,480 |
| |||
Add (less): |
|
|
|
|
|
|
| |||
Deferred loan costs |
|
3,626 |
|
3,820 |
|
3,884 |
| |||
Loans in process |
|
(566 |
) |
(277 |
) |
(1,115 |
) | |||
Allowance for loan losses |
|
(25,714 |
) |
(25,750 |
) |
(26,976 |
) | |||
|
|
(22,654 |
) |
(22,207 |
) |
(24,207 |
) | |||
Total |
|
$ |
1,021,273 |
|
$ |
1,038,683 |
|
$ |
1,046,273 |
|
|
|
|
|
|
|
|
| |||
Weighted average rate at end of period |
|
5.32 |
% |
5.28 |
% |
5.34 |
% |
|
|
September 30, 2011 |
|
June 30, 2011 |
|
September 30, 2010 |
| |||||||||
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
| |||
|
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
| |||
|
|
|
|
Interest |
|
|
|
Interest |
|
|
|
Interest |
| |||
|
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
| |||
|
|
(Dollars In thousands) |
| |||||||||||||
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Demand Deposit Accounts: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Non-interest-bearing checking |
|
$ |
150,431 |
|
0.00 |
% |
$ |
130,828 |
|
0.00 |
% |
$ |
149,186 |
|
0.00 |
% |
Interest-bearing checking |
|
328,275 |
|
0.28 |
% |
358,047 |
|
0.34 |
% |
345,013 |
|
0.90 |
% | |||
Passbook savings accounts |
|
35,714 |
|
0.14 |
% |
33,805 |
|
0.14 |
% |
30,296 |
|
0.18 |
% | |||
Money market |
|
183,873 |
|
0.33 |
% |
192,467 |
|
0.42 |
% |
189,851 |
|
0.52 |
% | |||
Total demand deposit accounts |
|
698,293 |
|
0.22 |
% |
715,147 |
|
0.29 |
% |
714,346 |
|
0.58 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Certificates of Deposit: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
Retail |
|
344,770 |
|
1.61 |
% |
342,748 |
|
1.73 |
% |
328,394 |
|
2.20 |
% | |||
CDARS |
|
71,026 |
|
0.42 |
% |
82,548 |
|
0.50 |
% |
64,051 |
|
0.65 |
% | |||
Brokered |
|
8,436 |
|
5.23 |
% |
8,430 |
|
5.23 |
% |
8,412 |
|
5.23 |
% | |||
Total certificates of deposit |
|
424,232 |
|
1.48 |
% |
433,726 |
|
1.56 |
% |
400,857 |
|
2.02 |
% | |||
Total deposits |
|
$ |
1,122,525 |
|
0.70 |
% |
$ |
1,148,873 |
|
0.77 |
% |
$ |
1,115,203 |
|
1.09 |
% |
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS
(Unaudited)
|
|
(In thousands) |
| |||||||
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
2011 |
|
2011 |
|
2010 |
| |||
NONPERFORMING ASSETS |
|
|
|
|
|
|
| |||
Non-accrual loans: |
|
|
|
|
|
|
| |||
Residential real estate first mortgages |
|
$ |
5,871 |
|
$ |
7,145 |
|
$ |
6,727 |
|
Residential real estate second mortgages |
|
1,177 |
|
664 |
|
1,522 |
| |||
Home equity |
|
4,084 |
|
3,345 |
|
2,206 |
| |||
Commercial and multi-family |
|
2,375 |
|
5,172 |
|
5,539 |
| |||
Land acquisition and development |
|
229 |
|
5,370 |
|
8,796 |
| |||
Real estate-construction and development |
|
854 |
|
477 |
|
1,189 |
| |||
Commercial and industrial |
|
210 |
|
128 |
|
417 |
| |||
Consumer and other |
|
240 |
|
298 |
|
100 |
| |||
Total non-accrual loans |
|
15,040 |
|
22,599 |
|
26,496 |
| |||
|
|
|
|
|
|
|
| |||
Troubled debt restructured: (1) |
|
|
|
|
|
|
| |||
Current under the restructured terms: |
|
|
|
|
|
|
| |||
Residential real estate first mortgages |
|
14,911 |
|
18,946 |
|
16,093 |
| |||
Residential real estate second mortgages |
|
1,861 |
|
2,220 |
|
2,186 |
| |||
Home equity |
|
1,248 |
|
1,308 |
|
1,050 |
| |||
Commercial and multi-family |
|
4,359 |
|
4,462 |
|
184 |
| |||
Land acquisition and development |
|
|
|
65 |
|
97 |
| |||
Real estate-construction and development |
|
1,538 |
|
2,168 |
|
3,306 |
| |||
Commercial and industrial |
|
560 |
|
731 |
|
1,684 |
| |||
Consumer and other |
|
|
|
|
|
83 |
| |||
Total current restructured loans |
|
24,477 |
|
29,900 |
|
24,683 |
| |||
Past due greater than 30 days under restructured terms: |
|
|
|
|
|
|
| |||
Residential real estate first mortgages |
|
9,372 |
|
7,807 |
|
7,251 |
| |||
Residential real estate second mortgages |
|
452 |
|
590 |
|
339 |
| |||
Home equity |
|
999 |
|
956 |
|
728 |
| |||
Commercial and multi-family |
|
2,226 |
|
13 |
|
|
| |||
Land acquisition and development |
|
121 |
|
56 |
|
65 |
| |||
Real estate-construction and development |
|
51 |
|
51 |
|
|
| |||
Commercial and industrial |
|
417 |
|
810 |
|
|
| |||
Consumer and other |
|
226 |
|
|
|
|
| |||
Total past due restructured loans |
|
13,864 |
|
10,283 |
|
8,383 |
| |||
Total restructured loans |
|
38,341 |
|
40,183 |
|
33,066 |
| |||
Total non-performing loans |
|
53,381 |
|
62,782 |
|
59,562 |
| |||
Real estate acquired in settlement of loans: |
|
|
|
|
|
|
| |||
Residential real estate |
|
3,037 |
|
2,835 |
|
3,632 |
| |||
Commercial real estate |
|
15,681 |
|
9,046 |
|
11,268 |
| |||
Total real estate acquired in settlement of loans |
|
18,718 |
|
11,881 |
|
14,900 |
| |||
Total non-performing assets |
|
$ |
72,099 |
|
$ |
74,663 |
|
$ |
74,462 |
|
(1) Troubled debt restructured includes non-accrual loans totaling $38.3 million, $40.2 million and $33.1 million at September 30, 2011, June 30, 2011, and September 30, 2010, respectively. These totals are not included in non-accrual loans above.
PULASKI FINANCIAL CORP.
ALLOWANCE FOR LOAN LOSSES AND ASSET QUALITY RATIOS
(Unaudited)
|
|
(Dollars in thousands) |
| ||||||||||
|
|
Three Months |
|
Twelve Months |
| ||||||||
|
|
Ended September 30, |
|
Ended September 30, |
| ||||||||
|
|
2011 |
|
2010 |
|
2011 |
|
2010 |
| ||||
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
| ||||
Allowance for loan losses, beginning of period |
|
$ |
25,750 |
|
$ |
26,821 |
|
$ |
26,976 |
|
$ |
20,579 |
|
Provision charged to expense |
|
3,000 |
|
4,250 |
|
14,800 |
|
26,064 |
| ||||
(Charge-offs) recoveries, net: |
|
|
|
|
|
|
|
|
| ||||
Residential real estate first mortgages |
|
(1,410 |
) |
(719 |
) |
(4,453 |
) |
(3,390 |
) | ||||
Residential real estate second mortgages |
|
(385 |
) |
(1,070 |
) |
(1,977 |
) |
(2,024 |
) | ||||
Home equity |
|
(810 |
) |
(1,901 |
) |
(2,848 |
) |
(4,142 |
) | ||||
Commercial and multi-family |
|
(20 |
) |
28 |
|
(1,534 |
) |
(4,236 |
) | ||||
Land acquisition & development |
|
(10 |
) |
|
|
(4,380 |
) |
(1,145 |
) | ||||
Real estate-construction and development |
|
1 |
|
(74 |
) |
(49 |
) |
(2,249 |
) | ||||
Commercial and industrial |
|
(377 |
) |
(330 |
) |
(729 |
) |
(2,316 |
) | ||||
Consumer and other |
|
(25 |
) |
(29 |
) |
(92 |
) |
(165 |
) | ||||
Total loans charged off, net |
|
(3,036 |
) |
(4,095 |
) |
(16,062 |
) |
(19,667 |
) | ||||
Allowance for loan losses, end of period |
|
$ |
25,714 |
|
$ |
26,976 |
|
$ |
25,714 |
|
$ |
26,976 |
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
|
|
2011 |
|
2011 |
|
2010 |
|
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
|
Nonperforming loans as a percent of total loans |
|
5.11 |
% |
5.92 |
% |
5.56 |
% |
|
|
Nonperforming loans excluding current troubled debt restructurings as a percent of total loans |
|
2.77 |
% |
3.10 |
% |
3.26 |
% |
|
|
Nonperforming assets as a percent of total assets |
|
5.51 |
% |
5.61 |
% |
5.13 |
% |
|
|
Nonperforming assets excluding current troubled debt restructurings as a percent of total assets |
|
3.64 |
% |
3.36 |
% |
3.43 |
% |
|
|
Allowance for loan losses as a percent of total loans |
|
2.46 |
% |
2.43 |
% |
2.52 |
% |
|
|
Allowance for loan losses as a percent of nonperforming loans |
|
48.17 |
% |
41.01 |
% |
45.29 |
% |
|
|
Allowance for loan losses as a percent of nonperforming loans excluding current troubled debt restructurings and related allowance for loan losses |
|
84.50 |
% |
74.39 |
% |
75.47 |
% |
|
|
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)
|
|
(Dollars in thousands) |
| ||||||||||||||
|
|
Three Months Ended |
| ||||||||||||||
|
|
September 30, 2011 |
|
September 30, 2010 |
| ||||||||||||
|
|
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
| ||||
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
Balance |
|
Dividends |
|
Cost |
|
Balance |
|
Dividends |
|
Cost |
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans receivable |
|
$ |
1,052,226 |
|
$ |
13,337 |
|
5.07 |
% |
$ |
1,083,333 |
|
$ |
13,961 |
|
5.15 |
% |
Mortgage loans held for sale |
|
61,912 |
|
627 |
|
4.05 |
% |
196,123 |
|
2,109 |
|
4.30 |
% | ||||
Other interest-earning assets |
|
118,230 |
|
172 |
|
0.58 |
% |
53,427 |
|
229 |
|
1.71 |
% | ||||
Total interest-earning assets |
|
1,232,368 |
|
14,136 |
|
4.59 |
% |
1,332,883 |
|
16,299 |
|
4.89 |
% | ||||
Noninterest-earning assets |
|
90,042 |
|
|
|
|
|
71,300 |
|
|
|
|
| ||||
Total assets |
|
$ |
1,322,410 |
|
|
|
|
|
$ |
1,404,183 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Deposits |
|
$ |
1,001,076 |
|
$ |
2,461 |
|
0.98 |
% |
$ |
983,163 |
|
$ |
3,416 |
|
1.39 |
% |
Borrowed money |
|
48,589 |
|
355 |
|
2.92 |
% |
167,840 |
|
476 |
|
1.13 |
% | ||||
Total interest-bearing liabilities |
|
1,049,665 |
|
2,816 |
|
1.07 |
% |
1,151,003 |
|
3,892 |
|
1.35 |
% | ||||
Noninterest-bearing deposits |
|
137,695 |
|
|
|
|
|
120,486 |
|
|
|
|
| ||||
Noninterest-bearing liabilities |
|
14,494 |
|
|
|
|
|
15,640 |
|
|
|
|
| ||||
Stockholders equity |
|
120,556 |
|
|
|
|
|
117,054 |
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,322,410 |
|
|
|
|
|
$ |
1,404,183 |
|
|
|
|
| ||
Net interest income |
|
|
|
$ |
11,320 |
|
|
|
|
|
$ |
12,407 |
|
|
| ||
Interest rate spread |
|
|
|
|
|
3.52 |
% |
|
|
|
|
3.54 |
% | ||||
Net interest margin |
|
|
|
|
|
3.67 |
% |
|
|
|
|
3.72 |
% |
|
|
(Dollars in thousands) |
| ||||||||||||||
|
|
Twelve Months Ended |
| ||||||||||||||
|
|
September 30, 2011 |
|
September 30, 2010 |
| ||||||||||||
|
|
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
| ||||
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
Balance |
|
Dividends |
|
Cost |
|
Balance |
|
Dividends |
|
Cost |
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Loans receivable |
|
$ |
1,061,068 |
|
$ |
53,837 |
|
5.07 |
% |
$ |
1,117,273 |
|
$ |
57,690 |
|
5.16 |
% |
Mortgage loans held for sale |
|
132,093 |
|
5,549 |
|
4.20 |
% |
136,919 |
|
6,259 |
|
4.57 |
% | ||||
Other interest-earning assets |
|
97,378 |
|
867 |
|
0.89 |
% |
64,637 |
|
1,155 |
|
1.79 |
% | ||||
Total interest-earning assets |
|
1,290,539 |
|
60,253 |
|
4.67 |
% |
1,318,829 |
|
65,104 |
|
4.94 |
% | ||||
Noninterest-earning assets |
|
89,112 |
|
|
|
|
|
73,592 |
|
|
|
|
| ||||
Total assets |
|
$ |
1,379,651 |
|
|
|
|
|
$ |
1,392,421 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Deposits |
|
$ |
1,013,905 |
|
$ |
11,374 |
|
1.12 |
% |
$ |
1,036,088 |
|
$ |
16,134 |
|
1.56 |
% |
Borrowed money |
|
101,011 |
|
1,578 |
|
1.56 |
% |
116,619 |
|
2,258 |
|
1.94 |
% | ||||
Total interest-bearing liabilities |
|
1,114,916 |
|
12,952 |
|
1.16 |
% |
1,152,707 |
|
18,392 |
|
1.60 |
% | ||||
Noninterest-bearing deposits |
|
130,499 |
|
|
|
|
|
108,188 |
|
|
|
|
| ||||
Noninterest-bearing liabilities |
|
14,377 |
|
|
|
|
|
13,767 |
|
|
|
|
| ||||
Stockholders equity |
|
119,859 |
|
|
|
|
|
117,759 |
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,379,651 |
|
|
|
|
|
$ |
1,392,421 |
|
|
|
|
| ||
Net interest income |
|
|
|
$ |
47,301 |
|
|
|
|
|
$ |
46,712 |
|
|
| ||
Interest rate spread |
|
|
|
|
|
3.51 |
% |
|
|
|
|
3.34 |
% | ||||
Net interest margin |
|
|
|
|
|
3.67 |
% |
|
|
|
|
3.54 |
% |
# # #