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| 8-K - FORM 8-K 10-26-11 TECHE HOLDING COMPANY - TECHE HOLDING CO | f8k_102611-0123.htm |
NEW IBERIA, LA – NYSE-AMEX:TSH - Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended September 30, 2011, the fourth quarter of fiscal 2011.
Earnings for the quarter ended September 30, 2011 amounted to $2.1 million, or $1.01 per diluted share, compared to $1.85 million, or $0.88 per diluted share for the same quarter in fiscal 2010, an increase of $0.13 per diluted share, or 14.8%.
Earnings for fiscal 2011 amounted to $7.2 million, or a record $3.45 per diluted share, compared to $7.1 million or $3.37 per diluted share, for the same period in fiscal 2010 an increase of $0.08 per diluted share, or 2.4%.
“It is exciting to announce that the Company is posting record earnings per share for a third consecutive year,” said Little. “It has not been easy. These past three years have been very challenging years for the financial industry. Since September 2008, we have grown loans, we have grown deposits, our capital measures have increased, and we have maintained solid asset quality,” he said.
“SmartGrowth Deposits have increased steadily year-over-year for the past three years,” said Little. “This year they increased by a solid 9.1% to a record $436.5 million.”
“We are very pleased that we were able to post significant increases in SmartGrowth loans and total loans this quarter,” said Little.
The Company reported the following highlights:
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Earnings for fiscal 2011 amounts to a record $3.45 per diluted share. This is the third consecutive year that Teche has posted record earnings per share.
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The Company continued its steady rise in tangible book value per share increasing to a record $37.02 compared to $34.43 a year ago.
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All capital measures continue to remain strong.
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Total Loans increased 2.1% or $12.7 million compared to a year ago.
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SmartGrowth Loans increased $9.9 million compared to the linked quarter. SmartGrowth Loans now amount to 75.6% of total loans.
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Total assets increased to $793.2 million, an increase of 4.2% compared to a year ago.
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Average earning assets for the quarter increased to $719.4 million, an increase of 3.3% compared to the same quarter a year ago.
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1 of 25
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Total Deposits increased 3.3% compared to a year ago.
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Checking Account balances increased 10.2% compared to September 30, 2010. Checking account balances now amount to 31.9% of total deposits, compared to 29.9% a year ago.
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SmartGrowth Deposits increased 9.1% compared to a year ago. SmartGrowth Deposits now amount to 72.9% of total deposits, compared to 69.1% a year ago.
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The average yield on all deposits was 0.77% compared to 0.82% for the linked quarter and 1.10% a year ago.
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Net interest margin for the quarter amounted to 4.33% compared to 4.24% for the linked quarter and 4.27% a year ago.
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Dividends paid have increased annually for nine years.
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The Bank completed its conversion from a federally chartered savings bank on June 21, 2011 to a Louisiana chartered commercial bank, regulated by the Commissioner of the Office of Financial Institutions of the State of Louisiana and the Federal Deposit Insurance Corporation (FDIC).
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Net Income
Net income for the quarter amounted to $2.1 million or $1.01 per diluted share, an increase of 18.8% per diluted share compared to the linked quarter and 14.8% compared to a year ago.
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QUARTERLY COMPARISON
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep '10
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Net Income (In 000’s)
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$ | 2,102 | $ | 1,790 | $ | 1,513 | $ | 1,824 | $ | 1,847 | ||||||||||
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Pre-Tax, Pre-Provision Earnings (In 000’s)
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$ | 3,752 | $ | 3,686 | $ | 3,305 | $ | 3,859 | $ | 3,578 | ||||||||||
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Basic Earnings Per Common Share
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$ | 1.02 | $ | 0.86 | $ | 0.73 | $ | 0.88 | $ | 0.89 | ||||||||||
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Diluted Earnings Per Common Share
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$ | 1.01 | $ | 0.85 | $ | 0.72 | $ | 0.87 | $ | 0.88 | ||||||||||
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Annualized Return on Avg. Assets
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1.07 | % | 0.92 | % | 0.80 | % | 0.96 | % | 0.97 | % | ||||||||||
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Pre-Tax, Pre-Provision Earnings/ Avg. Assets
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1.91 | % | 1.89 | % | 1.74 | % | 2.03 | % | 1.88 | % | ||||||||||
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Annualized Return on Avg. Equity
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10.40 | % | 8.96 | % | 7.74 | % | 9.36 | % | 9.61 | % | ||||||||||
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Annualized Return on Avg. Tangible Equity
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10.90 | % | 9.40 | % | 8.13 | % | 9.84 | % | 10.12 | % | ||||||||||
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Average Assets (in millions)
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$ | 787.8 | $ | 780.2 | $ | 760.0 | $ | 759.9 | $ | 761.2 | ||||||||||
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Average Earning Assets (in millions)
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$ | 719.4 | $ | 714.5 | $ | 693.7 | $ | 696.3 | $ | 696.5 | ||||||||||
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Average Deposits (in millions)
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$ | 607.9 | $ | 613.8 | $ | 590.7 | $ | 579.9 | $ | 576.4 | ||||||||||
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Average FHLB Advances (in millions)
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$ | 92.5 | $ | 79.9 | $ | 85.5 | $ | 95.3 | $ | 100.8 | ||||||||||
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FISCAL YEAR COMPARISON
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2011
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2010
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2009
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2008
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Net Income (In 000’s)
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$ | 7,228 | $ | 7,101 | $ | 7,136 | $ | 5,709 | ||||||||
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Pre-Tax, Pre-Provision Earnings (In 000’s)
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$ | 14,602 | $ | 14,363 | $ | 13,420 | $ | 8,581 | ||||||||
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Basic Earnings Per Common Share
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$ | 3.49 | $ | 3.40 | $ | 3.38 | $ | 2.65 | ||||||||
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Diluted Earnings Per Common Share
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$ | 3.45 | $ | 3.37 | $ | 3.35 | $ | 2.63 | ||||||||
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Annualized Return on Avg. Assets
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0.94 | % | 0.93 | % | 0.91 | % | 0.76 | % | ||||||||
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Pre-Tax, Pre-Provision Earnings/ Avg. Assets
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1.89 | % | 1.88 | % | 1.72 | % | 1.14 | % | ||||||||
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Annualized Return on Avg. Equity
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9.12 | % | 9.43 | % | 9.98 | % | 8.29 | % | ||||||||
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Annualized Return on Avg. Tangible Equity
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9.58 | % | 9.94 | % | 10.49 | % | 8.80 | % | ||||||||
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Average Assets (in millions)
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$ | 772.0 | $ | 762.4 | $ | 781.2 | $ | 749.8 | ||||||||
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Average Earning Assets (in millions)
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$ | 705.5 | $ | 697.3 | $ | 722.4 | $ | 697.2 | ||||||||
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Average Deposits (in millions)
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$ | 598.1 | $ | 578.3 | $ | 597.6 | $ | 581.2 | ||||||||
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Average FHLB Advances(in millions)
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$ | 88.3 | $ | 102.3 | $ | 105.1 | $ | 98.1 | ||||||||
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“We have now posted record earnings per share for three consecutive years. We saw tremendous growth in loans this quarter,” said Little. “Our loans are now at record levels and our asset quality measures are strong.”
Capital
The tangible equity ratio increased to 9.67% compared to 9.48% a year ago, as stockholder equity increased to a record $80.0 million and assets increased to a record $793.2 million. In addition, tangible book value per common share increased to a record $37.02, an increase of 7.5% compared to a year ago. Risk based capital increased to 14.30% compared to 13.52% a year ago; and the equity to asset ratio increased to 10.08% from 9.92% a year ago.
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QUARTERLY COMPARISON
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep ‘10
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Stockholders’ Equity (in millions)
Ratio of Equity to Assets
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$ | 80.0 10.08 |
% | $ | 78.6 9.96 |
% | $ | 77.6 9.92 |
% | $ | 76.5 10.15 |
% | $ |
75.5
9.92
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% | |||||
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Tangible Equity Ratio
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9.67 | % | 9.54 | % | 9.49 | % | 9.71 | % | 9.48 | % | ||||||||||
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Total Risk-Based Capital Ratio
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14.30 | % | 14.26 | % | 13.94 | % | 13.79 | % | 13.52 | % | ||||||||||
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Book Value per Common Share
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$ | 38.79 | $ | 37.87 | $ | 37.23 | $ | 36.81 | $ | 36.19 | ||||||||||
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Tangible Book Value Per Common Share
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$ | 37.02 | $ | 36.11 | $ | 35.47 | $ | 35.04 | $ | 34.43 | ||||||||||
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Total Assets (in millions)
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$ | 793.2 | $ | 789.0 | $ | 782.2 | $ | 753.7 | $ | 761.5 | ||||||||||
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FISCAL YEAR COMPARISON
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2011
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2010
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2009
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2008
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Stockholders’ Equity (in millions)
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$ | 80.0 | $ | 75.5 | $ | 71.5 | $ | 68.0 | |||||||||
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Ratio of Equity to Assets
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10.08 | % | 9.92 | % | 9.34 | % | 8.84 | % | |||||||||
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Tangible Equity Ratio
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9.67 | % | 9.48 | % | 8.90 | % | 8.40 | % | |||||||||
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Total Risk-Based Capital Ratio
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14.30 | % | 13.52 | % | 12.72 | % | 12.21 | % | |||||||||
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Book Value per Common Share
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$ | 38.79 | $ | 36.19 | $ | 34.09 | $ | 32.12 | |||||||||
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Tangible Book Value Per Common Share
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$ | 37.02 | $ | 34.43 | $ | 32.33 | $ | 30.37 | |||||||||
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Total Assets (in millions)
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$ | 793.2 | $ | 761.5 | $ | 765.1 | $ | 769.5 | |||||||||
Over the past three years, all of the Company’s key capital measures have increased.
“In three years,” said Little, “the Company’s equity to assets ratio has gone from under 9% to over 10%, our stockholders’ equity has gone from under $70 million to $80 million and our tangible book value per share has grown from $30.37 to $37.02.”
3 of 25
Asset Quality
The following table sets forth asset quality ratios for each of the past five quarters and the past four years:
Net Charge offs, ALLL, NPAs
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QUARTERLY COMPARISON
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep'10
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Net Charge-offs/Average Loans
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0.09 | % | 0.57 | % | 0.09 | % | 0.08 | % | 0.08 | % | ||||||||||
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ALLL*/NPLs
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76.63 | % | 69.94 | % | 68.32 | % | 66.36 | % | 63.92 | % | ||||||||||
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ALLL*/NPAs
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67.67 | % | 56.45 | % | 60.29 | % | 58.11 | % | 59.02 | % | ||||||||||
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ALLL*/Loans
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1.37 | % | 1.39 | % | 1.78 | % | 1.68 | % | 1.55 | % | ||||||||||
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NPAs/Assets
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1.55 | % | 1.82 | % | 2.22 | % | 2.27 | % | 2.06 | % | ||||||||||
*ALLL figures include specific reserves
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FISCAL YEAR COMPARISON
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2011
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2010
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2009
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2008
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Net Charge-offs/Average Loans
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0.82 | % | 0.24 | % | 0.29 | % | 0.06 | % | |||||||||
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ALLL/NPLs
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76.63 | % | 63.92 | % | 95.44 | % | 86.81 | % | |||||||||
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ALLL/NPAs
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67.67 | % | 59.02 | % | 74.85 | % | 81.96 | % | |||||||||
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ALLL/Loans
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1.37 | % | 1.55 | % | 1.14 | % | 0.94 | % | |||||||||
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NPAs/Assets
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1.55 | % | 2.06 | % | 1.19 | % | 0.88 | % | |||||||||
Allowance for Loan Loss Provision & Charge-offs
The following table sets forth the allowance for loan loss activity for each of the past 5 quarters.
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QUARTERLY COMPARISON (in 000's)
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep '10
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Beginning ALLL
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$ | 8,123 | $ | 10,452 | $ | 9,953 | $ | 9,256 | $ | 8,830 | ||||||||||
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Provision for Loan Losses
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750 | 1,000 | 1,000 | 1,150 | 900 | |||||||||||||||
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Net Charge-offs
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542 | 3,329 | 501 | 453 | 474 | |||||||||||||||
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Ending ALLL
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$ | 8,331 | $ | 8,123 | $ | 10,452 | $ | 9,953 | $ | 9,256 | ||||||||||
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Ending ALLL (net of specific reserves)
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$ | 7,783 | $ | 8,075 | $ | 7,455 | $ | 7,046 | $ | 7,125 | ||||||||||
Net charge-offs for the quarter were $0.5 million, or 0.09% of average loans, compared to $0.5 million or 0.08% of average loans for the same period a year ago. For the twelve months ended September 30, 2011, net charge offs were $4.8 million or 0.82% of average loans, compared to $1.4 million or 0.24% of loans for the twelve months ended September 30, 2010.
Non-performing assets decreased to $12.3 million, or 1.55% of total assets at September 30, 2011, compared to $14.4 million, or 1.82% of total assets at June 30, 2011 and $15.7 million, or 2.06% of total assets a year ago, primarily due to a decrease in the portfolio of foreclosed assets and delinquent loans.
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FISCAL YEAR COMPARISON (in 000's)
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2011
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2010
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2009
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2008
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Beginning ALLL
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$ | 9,256 | $ | 6,806 | $ | 5,545 | $ | 5,083 | |||||||||
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Provision for Loan Losses
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3,900 | 3,896 | 3,026 | 825 | |||||||||||||
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Net Charge-offs
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4,825 | 1,446 | 1,765 | 363 | |||||||||||||
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Ending ALLL
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$ | 8,331 | $ | 9,256 | $ | 6,806 | $ | 5,545 | |||||||||
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Ending ALLL (net of specific reserves)
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$ | 7,783 | $ | 7,125 | $ | 6,264 | $ | 5,201 | |||||||||
“Over the past four fiscal years, our provision for loan loss has totaled $11.6 million,” said Little, “while our net charge-offs have amounted to only $8.4 million. As a result, our gross allowance for loan loss has increased to $8.3 million compared to $5.5 million three years ago. Furthermore, we did this at the same time that capital increased.”
4 of 25
Net Interest Income
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QUARTERLY COMPARISON(In 000’s)
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec ‘10
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Sep ‘10
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Interest Income
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$ | 9,861 | $ | 9,758 | $ | 9,736 | $ | 10,003 | $ | 10,163 | ||||||||||
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Interest Expense
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2,078 | 2,185 | 2,363 | 2,542 | 2,728 | |||||||||||||||
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Net Interest Income
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$ | 7,783 | $ | 7,573 | $ | 7,373 | $ | 7,461 | $ | 7,435 | ||||||||||
Net interest income for the three months ended September 30, 2011 amounted to $7.8 million compared to $7.4 million for the quarter ended September 30, 2010, an increase of 4.7%, or $348,000. Interest income on loans increased with the increase in the loan portfolio this quarter. The decrease in interest paid on deposits resulted from a decrease in the average interest rates paid on deposits.
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FISCAL YEAR COMPARISON (In 000’s)
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2011
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2010
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2009
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2008
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Interest Income
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$ | 39,358 | $ | 41,336 | $ | 44,237 | $ | 45,633 | ||||||||
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Interest Expense
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$ | 9,168 | 11,704 | 15,297 | 19,733 | |||||||||||
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Net Interest Income
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$ | 30,190 | $ | 29,632 | $ | 28,940 | 25,900 | |||||||||
Net interest income for fiscal 2011 amounted to $30.2 million compared to $25.9 million for fiscal 2008, an increase of 16.6%. “Our net interest income has increased consistently for the past three years,” said Little.
Net Interest Margin and Spread
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QUARTERLY COMPARISON
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Sep ‘11
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Jun ‘11
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Mar '11
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Dec '10
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Sep '10
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Yield on Earning Assets
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5.48 | % | 5.46 | % | 5.61 | % | 5.75 | % | 5.84 | % | ||||||||||
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Cost of Interest Bearing Liabilities
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1.36 | % | 1.43 | % | 1.57 | % | 1.69 | % | 1.79 | % | ||||||||||
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Spread
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4.13 | % | 4.03 | % | 4.04 | % | 4.06 | % | 4.05 | % | ||||||||||
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Net Interest Margin
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4.33 | % | 4.24 | % | 4.25 | % | 4.29 | % | 4.27 | % | ||||||||||
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FISCAL YEAR COMPARISON
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2011
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2010
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2009
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2008
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Yield on Earning Assets
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5.58 | % | 5.93 | % | 6.12 | % | 6.60 | % | ||||||||
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Cost of Interest Bearing Liabilities
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1.51 | % | 1.91 | % | 2.40 | % | 3.17 | % | ||||||||
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Spread
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4.07 | % | 4.02 | % | 3.73 | % | 3.42 | % | ||||||||
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Net Interest Margin
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4.28 | % | 4.25 | % | 4.01 | % | 3.71 | % | ||||||||
Net interest margin amounted to 4.33% for the three-month period ended September 30, 2011; compared to 4.24% for the linked quarter and 4.27% for quarter-ended September 30, 2010. Net interest margin has increased every year for the past three years.
“Since 2008, net interest margin has increased from 3.71% to 4.28% for fiscal 2011,” said Little.
Operating Revenue
Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.8 million, which was 3.5% higher than the same quarter in 2010. “Each year, for the past three years, the Company has posted record operating revenue,” said Little.
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The tables below reflect Teche’s operating revenues in millions over the past five quarters and the past four years:
QUARTERLY COMPARISON
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Operating Revenue (in millions)
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Sep ‘11
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Jun ‘11
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Mar '11
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Dec '10
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Sep '10
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Net Interest Income
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$ | 7.8 | $ | 7.6 | $ | 7.4 | $ | 7.5 | $ | 7.4 | ||||||||||
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Non-interest Income
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4.0 | 3.9 | 3.8 | 4.0 | 4.0 | |||||||||||||||
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Operating Revenue
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$ | 11.8 | $ | 11.5 | $ | 11.2 | $ | 11.5 | $ | 11.4 | ||||||||||
FISCAL YEAR COMPARISON
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Operating Revenue (in millions)
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2011
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2010
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2009
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2008
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Net Interest Income
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$ | 30.2 | $ | 29.6 | $ | 29.0 | $ | 25.9 | ||||||||
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Non-interest Income
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$ | 15.7 | $ | 16.1 | $ | 16.3 | $ | 15.8 | ||||||||
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Operating Revenue
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$ | 45.9 | $ | 45.7 | $ | 45.3 | $ | 41.7 | ||||||||
Non-Interest Income
Non-interest income increased slightly to $4.0 million for the quarter compared to $3.9 million in the linked quarter and $4.0 million a year ago. This amounted to 2.01% of average assets for the quarter, compared to 2.02% for the linked quarter and 2.08% a year ago.
QUARTERLY COMPARISON
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Non-Interest Income (thousands)
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Sep ‘11
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Jun ‘11
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Mar '11
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Dec '10
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Sep '10
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Interchange fee Income
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830 | 881 | 820 | 786 | 782 | |||||||||||||||
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Other Non-Interest Income
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3,136 | 3,057 | 3,012 | 3,186 | 3,182 | |||||||||||||||
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Total Non-Interest Income
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$ | 3,966 | 3,938 | 3,832 | 3,972 | 3,964 | ||||||||||||||
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Total Non-Interest Income/Assets
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2.01 | % | 2.02 | % | 2.02 | % | 2.09 | % | 2.08 | % | ||||||||||
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Non-Interest Expense
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7,855 | 7,777 | 7,918 | 7,583 | 7,732 | |||||||||||||||
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Non-Interest Expense/Assets
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3.99 | % | 3.99 | % | 4.17 | % | 3.99 | % | 4.06 | % | ||||||||||
FISCAL YEAR COMPARISON
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Non-Interest Income (thousands)
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2011
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2010
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2009
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2008
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Interchange fee Income
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3,317 | N/A | N/A | N/A | ||||||||||||
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Other Non-Interest Income
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12,391 | N/A | N/A | N/A | ||||||||||||
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Total Non-Interest Income
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15,708 | 16,087 | 16,328 | 15,813 | ||||||||||||
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Total Non-Interest Income/Assets
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2.01 | % | 2.11 | % | 2.08 | % | 2.11 | % | ||||||||
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Non-Interest Expense
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31,131 | 31,229 | 31,372 | 30,552 | ||||||||||||
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Non-Interest Expense/Assets
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4.03 | % | 4.10 | % | 4.02 | % | 4.07 | % | ||||||||
Non-Interest Expense
For the quarter, non-interest expense was $7.9 million or 3.99% of average assets, compared to the linked quarter of $7.8 million or 3.99% of average assets, an increase of 1.0%. Compared to the same quarter in fiscal 2010, non-interest expense remained relatively the same.
For the year, non-interest expense decreased, as non-interest income increased. Since 2008, both non-interest income and non-interest expense have remained relatively steady.
6 of 25
Net Income and Dividends
On August 24, 2011, the board of directors declared a $0.36 per share quarterly dividend, its sixty-fifth consecutive. Based on the closing price of the Company’s common stock of $31.82 on that date, the annualized dividend yield was 4.5%. Since 2003, the Company has increased dividends for nine consecutive years.
QUARTERLY COMPARISON
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(In 000’s)
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep '10
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Dividends Declared Per Share
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$ | 0.36 | $ | 0.36 | $ | 0.36 | $ | 0.355 | $ | 0.355 | ||||||||||
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Basic Earnings Per Common Share
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$ | 1.02 | $ | 0.86 | $ | 0.73 | $ | 0.88 | $ | 0.89 | ||||||||||
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Diluted Earnings Per Common Share
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$ | 1.01 | $ | 0.85 | $ | 0.72 | $ | 0.87 | $ | 0.88 | ||||||||||
FISCAL YEAR COMPARISON
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(In 000’s)
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2011
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2010
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2009
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2008
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Dividends Declared Per Share
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$ | 1.435 | $ | 1.42 | $ | 1.41 | $ | 1.37 | ||||||||
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Basic Earnings Per Common Share
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$ | 3.49 | $ | 3.40 | $ | 3.38 | $ | 2.65 | ||||||||
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Diluted Earnings Per Common Share
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$ | 3.45 | $ | 3.37 | $ | 3.35 | $ | 2.63 | ||||||||
Loans
QUARTERLY COMPARISON
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(In 000,000’s)
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Sep ‘11
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Jun ‘11
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Mar ‘11
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Dec '10
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Sep '10
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SmartGrowth Loans
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Consumer
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$ | 108.8 | $ | 109.5 | $ | 109.1 | $ | 111.1 | $ | 111.6 | ||||||||||
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Commercial
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209.5 | 201.3 | 207.5 | 208.8 | 212.9 | |||||||||||||||
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Home Equity
|
48.8 | 51.3 | 51.0 | 52.2 | 53.4 | |||||||||||||||
|
SmartMortgages
|
92.9 | 88.0 |
88.8
|
89.4
|
87.0
|
|||||||||||||||
|
Total SmartGrowth Loans
|
460.0 | 450.1 | 456.5 | 461.5 | 464.9 | |||||||||||||||
|
Mortgage Loans (owner occupied conforming)
|
148.6 | 133.3 |
131.7
|
132.2
|
131.0
|
|||||||||||||||
|
Total Loans
|
$ | 608.6 | $ | 583.4 | $ | 588.2 | $ | 593.7 | $ | 595.9 | ||||||||||
Gross loans receivable increased to $608.6 million at September 30, 2011, from $583.4 million at June 30, 2011 and $595.9 million at September 30, 2010, representing a linked quarter increase of $25.2 million, or 4.3% and a twelve month increase of $12.7 million or 2.1%, primarily due to an increase in mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $460.0 million, or 75.6% of total loans at September 30, 2011, compared to $450.1 million, or 77.2% at June 30, 2011 and $464.9 million at September 30, 2010, for a three month increase of $9.9 million, or 2.2% and a twelve month decrease of $4.9 million, or 1.059%.
Commercial loan balances at September 30, 2011 amounted to $209.5 million, compared to $201.3 million at June 30, 2011 and $212.9 million at September 30, 2010, for a three month increase of $8.2 million or 3.9% and a twelve month decrease of $3.4 million, or 1.6%. Consumer loan balances at September 30, 2011 amounted to $108.8 million, compared to $109.5 million at June 30, 2011 and $111.6 million at September 30, 2010, a linked quarter decrease of $0.7 million, or 0.6%.
7 of 25
FISCAL YEAR COMPARISON
|
(In 000,000’s)
|
2011
|
2010
|
2009
|
2008
|
||||||||||||
|
SmartGrowth Loans
|
||||||||||||||||
|
Consumer
|
$ | 108.8 | $ | 111.6 | $ | 108.0 | $ | 98.6 | ||||||||
|
Commercial
|
209.5 | 212.9 | 210.2 | 187.8 | ||||||||||||
|
Home Equity
|
48.8 | 53.4 | 58.3 | 55.7 | ||||||||||||
|
SmartMortgages
|
92.9 | 87.0 | 83.8 | 87.4 | ||||||||||||
|
Total SmartGrowth Loans
|
460.0 | 464.9 | 460.3 | 429.5 | ||||||||||||
|
Mortgage Loans (owner occupied conforming)
|
148.6 | 131.0 | 135.0 | 160.6 | ||||||||||||
|
Total Loans
|
$ | 608.6 | $ | 595.9 | $ | 595.3 | $ | 590.1 | ||||||||
Deposits
QUARTERLY COMPARISON
|
(In 000,000’s)
|
Sep ‘11
|
Jun ‘11
|
Mar ‘11
|
Dec '10
|
Sep '10
|
|||||||||||||||
|
SmartGrowth Deposits
|
||||||||||||||||||||
|
Checking
|
$ | 190.8 | $ | 209.1 | $ | 193.2 | $ | 186.2 | $ | 173.2 | ||||||||||
|
Money Market
|
55.0 | 55.3 | 56.6 | 55.6 | 60.3 | |||||||||||||||
|
Savings
|
190.7 | 191.6 | 188.8 | 169.3 | 166.7 | |||||||||||||||
|
Total SmartGrowth Deposits
|
$ | 436.5 | $ | 455.9 | $ | 438.7 | $ | 411.1 | $ | 400.2 | ||||||||||
|
Time Deposits
|
162.1 | 169.4 | 172.2 | 172.3 | 179.2 | |||||||||||||||
|
Total Deposits
|
$ | 598.6 | $ | 625.3 | $ | 610.9 | $ | 583.4 | $ | 579.4 | ||||||||||
“SmartGrowth deposits continue to increase, led by growth in checking deposits,” said Little. “As a result, our cost of funds continues to go down and our net interest margin remains stable.”
The average yield on SmartGrowth deposits is 0.22%, compared to 0.24% for the linked quarter and 0.41% a year ago.
Three Month Growth. The Company’s SmartGrowth Deposits, consisting of checking, savings and money market accounts, decreased this quarter due to a single checking customer. Total deposits decreased to $598.6 million at September 30, 2011, from $625.3 million at June 30, 2011, a linked quarter decrease of $26.7 million or 4.3%.
Checking account balances at September 30, 2011 decreased $18.3 million, or 8.8%, to $190.8 million from $209.1 million at June 30, 2011.
Twelve Month Growth. Total deposits increased to $598.6 million at September 30, 2011, from $579.4 million at September 30, 2010, a twelve month increase of $19.2 million, or 3.3%. Total SmartGrowth Deposits increased $36.3 million, or 9.1% from $400.2 million at September 30, 2010.
SmartGrowth Deposits amounted to 72.9% of total deposits as of September 30, 2011 compared to 69.1% at September 30, 2010.
Checking account balances at September 30, 2011 increased 10.2% or $17.6 million in the past 12 months. Checking account balances now account for 31.9% of total deposits compared to 29.9% at September 30, 2010.
Total SmartGrowth deposits increased $36.4 million or 9.1% for fiscal 2011, primarily due to growth in checking and savings balances.
8 of 25
FISCAL YEAR COMPARISON
|
(In 000,000’s)
|
2011
|
2010
|
2009
|
2008
|
||||||||||||
|
SmartGrowth Deposits
|
||||||||||||||||
|
Checking
|
$ | 190.8 | $ | 173.2 | $ | 165.8 | $ | 144.6 | ||||||||
|
Money Market
|
55.0 | 60.3 | 95.5 | 130.4 | ||||||||||||
|
Savings
|
190.7 | 166.7 | 106.5 | 55.4 | ||||||||||||
|
Total SmartGrowth Deposits
|
$ | 436.5 | $ | 400.2 | $ | 367.7 | $ | 330.4 | ||||||||
|
Time Deposits
|
162.1 | 179.2 | 217.7 | 258.8 | ||||||||||||
|
Total Deposits
|
$ | 598.6 | $ | 579.4 | $ | 585.5 | $ | 589.2 | ||||||||
Over the past three years, SmartGrowth deposits have increased $106.1 million or 32.1% primarily due to increases in checking and savings account balances.
“We are very pleased that we are growing SmartGrowth Deposits, and increasing overall deposits and reducing our cost of funds,” said Little.
Teche Holding Company is the parent company of Teche Federal Bank, which operates nineteen offices in South Louisiana and serves over 60,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $793 million in assets. Deposits at Teche Federal Bank are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC). Teche Holding Company’s common stock is traded under the symbol “TSH” on the NYSE AMEX.
Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Teche Holding Company with the Securities and Exchange Commission from time to time. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.
9 of 25
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
New Iberia, LA
|
||||||||||||||||||||
|
Selected Financial Data
|
||||||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||||||
|
THREE MONTHS ENDED
|
||||||||||||||||||||
|
Sep.
|
Jun.
|
Mar.
|
Dec.
|
Sep.
|
||||||||||||||||
|
Condensed Statements of Income
|
2011
|
2011
|
2011
|
2010
|
2010
|
|||||||||||||||
|
Interest Income
|
$ | 9,861 | $ | 9,758 | $ | 9,736 | $ | 10,003 | $ | 10,163 | ||||||||||
|
Interest Expense
|
2,078 | 2,185 |
2,363
|
2,542 | 2,728 | |||||||||||||||
|
Net Interest Income
|
7,783 | 7,573 | 7,373 | 7,461 | 7,435 | |||||||||||||||
|
Provision for Loan Losses
|
750 | 1,000 |
1,000
|
1,150
|
900
|
|||||||||||||||
|
Net Interest Income after
|
||||||||||||||||||||
|
Provision for Loan Losses
|
7,033 | 6,573 | 6,373 | 6,311 | 6,535 | |||||||||||||||
|
Non Interest Income
|
3,966 | 3,938 | 3,832 | 3,972 | 3,964 | |||||||||||||||
|
Non Interest Expense
|
7,855 | 7,777 |
7,918
|
7,583 | 7,732 | |||||||||||||||
|
Income Before Gain on Securities
|
||||||||||||||||||||
|
and Sale of Loans
|
3,144 | 2,734 | 2,287 | 2,700 | 2,767 | |||||||||||||||
|
Gain(Loss) on Securities
|
(145 | ) | (52 | ) | 8 | -- | (95 | ) | ||||||||||||
|
Gain(Loss) on Sale of Loans
|
3 | 4 | 10 | 9 | 6 | |||||||||||||||
|
Income Taxes
|
900 | 896 |
792
|
885 | 831 | |||||||||||||||
|
Net Income
|
$ | 2,102 | $ | 1,790 | $ | 1,513 | $ | 1,824 | $ | 1,847 | ||||||||||
|
Selected Financial Data
|
||||||||||||||||||||
|
Dividends Declared Per Share
|
$ | 0.36 | $ | 0.36 | $ | 0.36 | $ | 0.355 | $ | 0.355 | ||||||||||
|
Basic Earnings Per Common Share
|
$ | 1.02 | $ | 0.86 | $ | 0.73 | $ | 0.88 | $ | 0.89 | ||||||||||
|
Diluted Earnings Per Common Share
|
$ | 1.01 | $ | 0.85 | $ | 0.72 | $ | 0.87 | $ | 0.88 | ||||||||||
|
Annualized Return on Avg. Assets
|
1.07 | % | 0.92 | % | 0.80 | % | 0.96 | % | 0.97 | % | ||||||||||
|
Annualized Return on Avg. Equity
|
10.40 | % | 8.96 | % | 7.74 | % | 9.36 | % | 9.61 | % | ||||||||||
|
Annualized Return on Avg.
|
||||||||||||||||||||
|
Tangible Equity (1)
|
10.90 | % | 9.40 | % | 8.13 | % | 9.84 | % | 10.12 | % | ||||||||||
|
Yield on Interest Earning Assets
|
5.48 | % | 5.46 | % | 5.61 | % | 5.75 | % | 5.84 | % | ||||||||||
|
Cost of Interest Bearing Liabilities
|
1.36 | % | 1.43 | % | 1.57 | % | 1.69 | % | 1.79 | % | ||||||||||
|
Spread
|
4.13 | % | 4.03 | % | 4.04 | % | 4.06 | % | 4.05 | % | ||||||||||
|
Net Interest Margin
|
4.33 | % | 4.24 | % | 4.25 | % | 4.29 | % | 4.27 | % | ||||||||||
|
Non-Interest Income/Avg. Assets
|
2.01 | % | 2.02 | % | 2.02 | % | 2.09 | % | 2.08 | % | ||||||||||
|
Non-Interest Expense/Avg. Assets
|
3.99 | % | 3.99 | % | 4.17 | % | 3.99 | % | 4.06 | % | ||||||||||
|
Quarterly Net Charge-offs/Avg. Loans
|
0.09 | % | 0.57 | % | 0.09 | % | 0.08 | % | 0.08 | % | ||||||||||
|
Weighted avg. shares Outstanding
|
||||||||||||||||||||
|
Basic
|
2,064 | 2,073 | 2,072 | 2,068 | 2,074 | |||||||||||||||
|
Diluted
|
2,085 | 2,097 | 2,098 | 2,089 | 2,092 | |||||||||||||||
|
AVERAGE BALANCE SHEET DATA
|
||||||||||||||||||||
|
Total Assets
|
$ | 787,782 | $ | 780,213 | $ | 759,993 | $ | 759,858 | $ | 761,191 | ||||||||||
|
Earning assets
|
$ | 719,384 | $ | 714,528 | $ | 693,747 | $ | 696,304 | $ | 696,494 | ||||||||||
|
Loans
|
$ | 591,736 | $ | 586,420 | $ | 589,879 | $ | 595,547 | $ | 597,024 | ||||||||||
|
Interest-bearing deposits
|
$ | 520,489 | $ | 529,664 | $ | 514,771 | $ | 506,887 | $ | 509,572 | ||||||||||
|
Total deposits
|
$ | 607,949 | $ | 613,778 | $ | 590,664 | $ | 579,902 | $ | 576,373 | ||||||||||
|
Total stockholders’ equity
|
$ | 80,857 | $ | 79,942 | $ | 78,197 | $ | 77,923 | $ | 76,855 | ||||||||||
|
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a
|
||||||||||||||||||||
|
tax affected basis. The amount was calculated using the following information.
|
||||||||||||||||||||
|
Average Stockholders’ Equity
|
$ | 80,857 | $ | 79,942 | $ | 78,197 | $ | 77,923 | $ | 76,855 | ||||||||||
|
Less average goodwill and other intangible assets,
|
||||||||||||||||||||
|
net of related income taxes
|
3,671 | 3,671 | 3,667 | 3,670 | 3,673 | |||||||||||||||
|
Average Tangible Equity
|
$ | 77,186 | $ | 76,271 | $ | 74,530 | $ | 74,253 | $ | 73,182 | ||||||||||
|
Net Income
|
2,102 | 1,790 | 1,513 | 1,824 | 1,847 | |||||||||||||||
|
Plus Amortization of core deposit
|
||||||||||||||||||||
|
intangibles, net of related income taxes
|
2 | 3 |
2
|
3
|
5
|
|||||||||||||||
|
Net Income, as adjusted
|
$ | 2,104 | $ | 1,793 | $ | 1,515 | $ | 1,827 | $ | 1,852 | ||||||||||
10 of 25
|
TECHE HOLDING COMPANY
|
||||||||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||
|
New Iberia, LA
|
||||||||||||||||
|
Selected Financial Data
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
Sep.
|
Sep.
|
Sep.
|
Sep.
|
|||||||||||||
|
Condensed Statements of Income
|
2011
|
2010
|
2009
|
2008
|
||||||||||||
|
Interest Income
|
$ | 39,358 | $ | 41,336 | $ | 44,237 | $ | 45,633 | ||||||||
|
Interest Expense
|
9,168 | 11,704 | 15,297 | 19,733 | ||||||||||||
|
Net Interest Income
|
30,190 | 29,632 | 28,940 | 25,900 | ||||||||||||
|
Provision for Loan Losses
|
3,900 | 3,896 | 3,026 | 825 | ||||||||||||
|
Net Interest Income after
|
||||||||||||||||
|
Provision for Loan Losses
|
26,290 | 25,736 | 25,914 | 25,075 | ||||||||||||
|
Non Interest Income
|
15,708 | 16,087 | 16,328 | 15,813 | ||||||||||||
|
Non Interest Expense
|
31,131 | 31,229 | 31,372 | 30,552 | ||||||||||||
|
Income Before Gain on Securities
|
||||||||||||||||
|
and Sale of Loans
|
10,867 | 10,594 | 10,870 | 10,336 | ||||||||||||
|
Gain(Loss) on Securities
|
(190 | ) | (140 | ) | (1,035 | ) | (2,580 | ) | ||||||||
|
Gain(Loss) on Sale of Loans
|
25 | 13 | 559 | -- | ||||||||||||
|
Income Taxes
|
3,474 | 3,366 | 3,258 | 2,047 | ||||||||||||
|
Net Income (loss)
|
$ | 7,228 | $ | 7,101 | $ | 7,136 | $ | 5,709 | ||||||||
|
Selected Financial Data
|
||||||||||||||||
|
Dividends Declared Per Share
|
$ | 1.435 | $ | 1.42 | $ | 1.41 | $ | 1.37 | ||||||||
|
Basic Earnings Per Common Share
|
$ | 3.49 | $ | 3.40 | $ | 3.38 | $ | 2.65 | ||||||||
|
Diluted Earnings Per Common Share
|
$ | 3.45 | $ | 3.37 | $ | 3.35 | $ | 2.63 | ||||||||
|
Annualized Return on Avg. Assets
|
0.94 | % | 0.93 | % | 0.91 | % | 0.76 | % | ||||||||
|
Annualized Return on Avg. Equity
|
9.12 | % | 9.43 | % | 9.98 | % | 8.29 | % | ||||||||
|
Annualized Return on Avg.
|
||||||||||||||||
|
Tangible Equity (1)
|
9.58 | % | 9.94 | % | 10.49 | % | 8.80 | % | ||||||||
|
Yield on Interest Earning Assets
|
5.58 | % | 5.93 | % | 6.12 | % | 6.54 | % | ||||||||
|
Cost of Interest Bearing Liabilities
|
1.51 | % | 1.91 | % | 2.40 | % | 3.17 | % | ||||||||
|
Spread
|
4.07 | % | 4.02 | % | 3.73 | % | ||||||||||
|
Net Interest Margin
|
4.28 | % | 4.25 | % | 4.01 | % | 3.71 | % | ||||||||
|
Non-Interest Income/Avg. Assets
|
2.01 | % | 2.11 | % | 2.08 | % | 2.11 | % | ||||||||
|
Non-Interest Expense/Avg. Assets
|
4.03 | % | 4.10 | % | 4.02 | % | 4.07 | % | ||||||||
|
Net Charge-offs/Avg. Loans
|
0.82 | % | 0.24 | % | 0.29 | % | 0.06 | % | ||||||||
|
Weighted avg. shares Outstanding
|
||||||||||||||||
|
Basic
|
2,069 | 2,089 | 2,110 | 2,154 | ||||||||||||
|
Diluted
|
2,092 | 2,107 | 2,127 | 2,171 | ||||||||||||
|
AVERAGE BALANCE SHEET DATA
|
||||||||||||||||
|
Total Assets
|
$ | 771,988 | $ | 762,355 | $ | 781,187 | $ | 749,825 | ||||||||
|
Earning assets
|
$ | 705,481 | $ | 697,315 | $ | 722,409 | $ | 697,236 | ||||||||
|
Loans
|
$ | 590,354 | $ | 599,134 | $ | 606,751 | $ | 594,944 | ||||||||
|
Interest-bearing deposits
|
$ | 517,938 | $ | 512,040 | $ | 533,022 | $ | 526,456 | ||||||||
|
Total deposits
|
$ | 598,070 | $ | 578,310 | $ | 597,559 | $ | 581,253 | ||||||||
|
Total stockholders’ equity
|
$ | 79,229 | $ | 75,279 | $ | 71,479 | $ | 68,833 | ||||||||
|
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax affected basis. The amount was calculated using the following information.
|
||||||||||||||||
|
Average Stockholders’ Equity
|
$ | 79,229 | $ | 75,279 | $ | 71,479 | $ | 68,833 | ||||||||
|
Less average goodwill and other intangible assets,
|
||||||||||||||||
| net of related income taxes | 3,671 | 3,673 | 3,715 | 3,743 | ||||||||||||
|
Average Tangible Equity
|
$ | 75,558 | $ | 71,606 | $ | 67,764 | $ | 65,090 | ||||||||
|
Net Income
|
$ | 7,228 | $ | 7,101 | $ | 7,136 | $ | 5,709 | ||||||||
|
Plus Amortization of core deposit
|
||||||||||||||||
|
intangibles, net of related income taxes
|
12 | 19 | 28 | 36 | ||||||||||||
|
Net Income, as adjusted
|
$ | 7,240 | $ | 7,120 | $ | 7,164 | $ | 5,745 | ||||||||
11 of 25
|
TECHE HOLDING COMPANY
|
||||||||||||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||||||
|
New Iberia, LA
|
||||||||||||||||||||
|
Balance Sheet
|
||||||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||||||
|
Sep.
2011
|
Jun.
2011
|
Mar.
2011 |
Dec.
2010
|
Sep.
2010 |
||||||||||||||||
|
SmartGrowth Loans
|
||||||||||||||||||||
|
Consumer
|
$ | 108,849 | $ | 109,476 | $ | 109,092 | $ | 111,139 | $ | 111,571 | ||||||||||
|
Commercial
|
209,460 | 201,324 | 207,509 | 208,797 | 212,933 | |||||||||||||||
|
Home Equity
|
48,799 | 51,293 | 51,045 | 52,182 | 53,405 | |||||||||||||||
|
SmartMortgage Loans
|
92,910 | 88,019 |
88,799
|
89,389 | 86,959 | |||||||||||||||
|
Total SmartGrowth Loans
|
460,018 | 450,112 | 456,445 | 461,507 | 464,868 | |||||||||||||||
|
Mortgage Loans (owner occupied conforming)
|
148,584 | 133,264 | 131,708 | 132,224 | 131,023 | |||||||||||||||
| 608,602 | 583,376 | 588,153 | 593,731 | 595,891 | ||||||||||||||||
|
Allowance for Loan Losses
|
-8,331
|
-8,123 | -10,452 | -9,953 | -9,256 | |||||||||||||||
|
Loans Receivable, Net
|
600,271 | 575,253 | 577,701 | 583,778 | 586,635 | |||||||||||||||
|
Cash and Securities
|
134,902 | 154,061 | 144,465 | 110,405 | 115,217 | |||||||||||||||
|
Goodwill and Other Intangibles
|
3,670 | 3,673 | 3,678 | 3,682 | 3,687 | |||||||||||||||
|
Foreclosed Real Estate
|
1,405 | 2,694 | 2,039 | 2,079 | 1,181 | |||||||||||||||
|
Other
|
52,955 | 53,323 |
54,269
|
53,757 | 54,804 | |||||||||||||||
|
TOTAL ASSETS
|
$ | 793,203 | $ | 789,004 | $ | 782,152 | $ | 753,701 | $ | 761,524 | ||||||||||
|
SmartGrowth Deposits
|
||||||||||||||||||||
|
Checking
|
$ | 190,822 | $ | 209,080 | $ | 193,244 | $ | 186,240 | $ | 173,206 | ||||||||||
|
Money Market
|
54,970 | 55,280 | 56,618 | 55,557 | 60,246 | |||||||||||||||
|
Savings
|
190,727 | 191,586 | 188,819 | 169,326 | 166,734 | |||||||||||||||
|
Total Smart Growth Deposits
|
436,519 | 455,946 | 438,681 | 411,123 | 400,186 | |||||||||||||||
|
Time Deposits
|
162,063 | 169,377 | 172,211 | 172,316 | 179,169 | |||||||||||||||
|
Total Deposits
|
598,582 | 625,323 | 610,892 | 583,439 | 579,355 | |||||||||||||||
|
FHLB Advances
|
108,184 | 79,533 | 83,585 | 87,756 | 100,017 | |||||||||||||||
|
Other Liabilities
|
6,450 | 5,567 | 10,097 | 6,009 | 6,639 | |||||||||||||||
|
Stockholders’ Equity
|
79,987
|
78,581 |
77,578
|
76,497 | 75,513 | |||||||||||||||
|
TOTAL LIABILITIES AND
|
||||||||||||||||||||
|
STOCKHOLDERS’ EQUITY
|
$ | 793,203 | $ | 789,004 | $ | 782,152 | $ | 753,701 | $ | 761,524 | ||||||||||
|
Ratio of Equity to Assets
|
10.08 | % | 9.96 | % | 9.92 | % | 10.15 | % | 9.92 | % | ||||||||||
|
Tangible Equity Ratio (1)
|
9.67 | % | 9.54 | % | 9.49 | % | 9.71 | % | 9.48 | % | ||||||||||
|
Total Risk-Based Capital Ratio
|
14.30 | % | 14.26 | % | 13.94 | % | 13.79 | % | 13.52 | % | ||||||||||
|
Book Value per Common Share
|
$ | 38.79 | $ | 37.87 | $ | 37.23 | $ | 36.81 | $ | 36.19 | ||||||||||
|
Tangible Book Value Per Common Share (1)
|
$ | 37.02 | $ | 36.11 | $ | 35.47 | $ | 35.04 | $ | 34.43 | ||||||||||
|
Shares Outstanding (in thousands)
|
2,062 | 2,075 | 2,084 | 2,078 | 2,082 | |||||||||||||||
|
Non-performing Assets/Total Assets
|
1.55 | % | 1.82 | % | 2.22 | % | 2.27 | % | 2.06 | % | ||||||||||
|
ALLL/Loans
|
1.37 | % | 1.39 | % | 1.78 | % | 1.68 | % | 1.55 | % | ||||||||||
|
ALLL/NPLs
|
76.63 | % | 69.94 | % | 68.32 | % | 66.36 | % | 63.92 | % | ||||||||||
|
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a
|
||||||||||||||||||||
|
tax affected basis. The amount was calculated using the following information.
|
||||||||||||||||||||
|
Stockholders’ Equity
|
$ | 79,987 | $ | 78,581 | $ | 77,578 | $ | 76,497 | $ | 75,513 | ||||||||||
|
Less goodwill and other Intangible
|
||||||||||||||||||||
|
assets, net of related income taxes
|
-3,659
|
-3,661 |
-3,664
|
-3,670
|
-3,673
|
|||||||||||||||
|
Tangible Stockholders’ Equity
|
$ | 76,328 | $ | 74,920 | $ | 73,914 | $ | 72,827 | $ | 71,840 | ||||||||||
|
Total Assets
|
$ | 793,203 | $ | 789,004 | $ | 782,152 | $ | 753,701 | $ | 761,524 | ||||||||||
|
Less goodwill and other Intangible
|
||||||||||||||||||||
|
assets, net of related income taxes
|
3,659
|
-3,661 |
-3,664
|
-3,670 | -3,673 | |||||||||||||||
|
Total Tangible Assets
|
$ | 789,544 | $ | 785,343 | $ | 778,488 | $ | 750,031 | $ | 757,851 | ||||||||||
12 of 25
|
TECHE HOLDING COMPANY
|
||||||||||||||||
|
(Dollars in thousands, except per share data)
|
||||||||||||||||
|
New Iberia, LA
|
||||||||||||||||
|
Balance Sheet
|
||||||||||||||||
|
Fiscal Comparison
|
||||||||||||||||
|
(UNAUDITED)
|
||||||||||||||||
|
Sep.
2011
|
Sep.
2010 |
Sep.
2009
|
Sep.
2008
|
|||||||||||||
|
SmartGrowth Loans
|
||||||||||||||||
|
Consumer
|
$ | 108,849 | $ | 111,571 | $ | 108,013 | $ | 98,632 | ||||||||
|
Commercial
|
209,460 | 212,933 | 210,201 | 187,791 | ||||||||||||
|
Home Equity
|
48,799 | 53,405 | 58,348 | 55,713 | ||||||||||||
|
SmartMortgage Loans
|
92,910 | 86,959 | 83,775 | 87,404 | ||||||||||||
|
Total SmartGrowth Loans
|
460,018 | 464,868 | 460,337 | 429,540 | ||||||||||||
|
Mortgage Loans (owner occupied conforming)
|
148,584 | 131,023 | 134,996 | 160,596 | ||||||||||||
| 608,602 | 595,891 | 595,333 | 590,136 | |||||||||||||
|
Allowance for Loan Losses
|
-8,331 | -9,256 | -6,806 | -5,545 | ||||||||||||
|
Loans Receivable, Net
|
600,271 | 586,635 | 588,527 | 584,591 | ||||||||||||
|
Cash and Securities
|
134,902 | 115,217 | 125,058 | 135,819 | ||||||||||||
|
Goodwill and Other Intangibles
|
3,670 | 3,687 | 3,715 | 3,756 | ||||||||||||
|
Foreclosed Real Estate
|
1,405 | 1,181 | 1,953 | 343 | ||||||||||||
|
Other
|
52,955 | 54,804 | 45,818 | 44,979 | ||||||||||||
|
TOTAL ASSETS
|
$ | 793,203 | $ | 761,524 | $ | 765,071 | $ | 769,488 | ||||||||
|
SmartGrowth Deposits
|
||||||||||||||||
|
Checking
|
$ | 190,822 | $ | 173,206 | $ | 165,796 | $ | 144,601 | ||||||||
|
Money Market
|
54,970 | 60,246 | 95,461 | 130,399 | ||||||||||||
|
Savings
|
190,727 | 166,734 | 106,479 | 55,390 | ||||||||||||
|
Total Smart Growth Deposits
|
436,519 | 400,186 | 367,736 | 330,390 | ||||||||||||
|
Time Deposits
|
162,063 | 179,169 | 217,733 | 258,838 | ||||||||||||
|
Total Deposits
|
598,582 | 579,355 | 585,469 | 589,228 | ||||||||||||
|
FHLB Advances
|
108,184 | 100,017 | 100,628 | 104,877 | ||||||||||||
|
Other Liabilities
|
6,450 | 6,639 | 7,490 | 7,339 | ||||||||||||
|
Stockholders’ Equity
|
79,987 | 75,513 | 71,484 | 68,044 | ||||||||||||
|
TOTAL LIABILITIES AND
|
||||||||||||||||
|
STOCKHOLDERS’ EQUITY
|
$ | 793,203 | $ | 761,524 | $ | 765,071 | $ | 769,488 | ||||||||
|
Ratio of Equity to Assets
|
10.08 | % | 9.92 | % | 9.34 | % | 8.84 | % | ||||||||
|
Tangible Equity Ratio (1)
|
9.67 | % | 9.48 | % | 8.90 | % | 8.40 | % | ||||||||
|
Total Risk-Based Capital Ratio
|
14.30 | % | 13.52 | % | 12.72 | % | 12.21 | % | ||||||||
|
Book Value per Common Share
|
$ | 38.79 | $ | 36.19 | $ | 34.09 | $ | 32.12 | ||||||||
|
Tangible Book Value Per Common Share (1)
|
$ | 37.02 | $ | 34.43 | $ | 32.33 | $ | 30.37 | ||||||||
|
Shares Outstanding (in thousands)
|
2,062 | 2,082 | 2,097 | 2,118 | ||||||||||||
|
Non-performing Assets/Total Assets
|
1.55 | % | 2.06 | % | 1.19 | % | 0.88 | % | ||||||||
|
ALLL/Loans
|
1.37 | % | 1.55 | % | 1.14 | % | 0.94 | % | ||||||||
|
ALLL/NPLs
|
76.63 | % | 63.92 | % | 95.44 | % | 86.81 | % | ||||||||
|
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a
|
||||||||||||||||
|
tax affected basis. The amount was calculated using the following information.
|
||||||||||||||||
|
Stockholders’ Equity
|
$ | 79,987 | $ | 75,513 | $ | 71,484 | $ | 68,044 | ||||||||
|
Less goodwill and other Intangible
|
||||||||||||||||
|
assets, net of related income taxes
|
-3,659
|
-3,673
|
-3,692
|
-3,721
|
||||||||||||
|
Tangible Stockholders’ Equity
|
$ | 76,328 | $ | 71,840 | $ | 67,792 | $ | 64,323 | ||||||||
|
Total Assets
|
$ | 793,203 | $ | 761,524 | $ | 765,071 | $ | 769,488 | ||||||||
|
Less goodwill and other Intangible
|
||||||||||||||||
|
assets, net of related income taxes
|
-3,659
|
-3,673 |
-3,692
|
-3,721
|
||||||||||||
|
Total Tangible Assets
|
$ | 789,544 | $ | 757,851 | $ | 761,379 | $ | 765,767 | ||||||||
13 of 25
|
Quarter-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
September 30, 2011
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 20,046 | $ | -- | 0.00 | % | $ | 1,021 | 5.1 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
||||||||||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
20,287 | -- | 0.00 | % | 104 | 0.51 | % | |||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
326,027 | 25 | 0.01 | % | 2,931 | 0.90 | % | |||||||||||||
|
Secured by Junior Liens
|
9,032 | 60 | 0.66 | % | 5 | 0.05 | % | |||||||||||||
|
Multifamily (5+ Dwelling Units)
|
23,747 | -- | 0.00 | % | 863 | 3.63 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
87,797 | 105 | 0.12 | % | 412 | 0.47 | % | |||||||||||||
|
Land
|
35,774 | 306 | 0.86 | % | 4,963 | 13.87 | % | |||||||||||||
|
Consumer
|
20,023 | 7 | 0.03 | % | 130 | 0.65 | % | |||||||||||||
|
Commercial
|
15,751 | 299 | 1.90 | % | 4.833 | 30.7 | % | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 522,710 | $ | 496 | 0.09 | % | $ | 10,299 | 1.97 | % | ||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 27,403 | $ | (1 | ) | 0.00 | % | $ | -- | 0.00 | % | |||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
3,737 | 7 | 0.19 | % | 69 | 1.85 | % | |||||||||||||
|
Auto Loans
|
2,105 | -- | 0.00 | % | 23 | 1.07 | % | |||||||||||||
|
Mobile Home Loans
|
38,285 | 31 | 0.08 | % | 379 | 0.99 | % | |||||||||||||
|
Other
|
14,362 | 9 | 0.06 | % | 101 | 0.70 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 85,892 | $ | 46 | 0.05 | % | $ | 572 | 0.67 | % | ||||||||||
|
Gross Loans
|
$ | 608,602 | $ | 542 | 0.09 | % | $ | 10,871 | 1.79 | % | ||||||||||
|
Non-accruals
|
$ | 10,079 | ||||||||||||||||||
|
90 + Days Past Due
|
793 | |||||||||||||||||||
|
OREO & Foreclosed
|
1,438 | |||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 12,310 | ||||||||||||||||||
|
Performing TDRs
|
$ | 1,075 | ||||||||||||||||||
14 of 25
|
Fiscal Year-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
September 30, 2011
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 20,046 | $ | 51 | 0.25 | % | $ | 1,021 | 5.1 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
||||||||||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
20,287 | 30 | 0.15 | % | 104 | 0.51 | % | |||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
326,027 | 983 | 0.30 | % | 2,931 | 0.90 | % | |||||||||||||
|
Secured by Junior Liens
|
9,032 | 80 | 0.89 | % | 5 | 0.05 | % | |||||||||||||
|
Multifamily (5+ Dwelling Units)
|
23,747 | 898 | 3.78 | % | 863 | 3.63 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
87,797 | 666 | 0.76 | % | 412 | 0.47 | % | |||||||||||||
|
Land
|
35,774
|
1,672
|
4.67 | % |
4,963
|
13.87 | % | |||||||||||||
|
Consumer
|
20,023
|
6
|
0.03 | % |
130
|
0.65 | % | |||||||||||||
|
Commercial
|
15,751
|
1,666
|
10.58 | % |
4,833
|
30.7 | % | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 522,710 | $ | 4,380 |
0.84%
|
$ | 10,299 | 1.97 | % | |||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 27,403 | $ | 137 | 0.50 | % | $ | -- | 0.00 | % | ||||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
3,737 | 5 | 0.13 | % | 69 | 1.85 | % | |||||||||||||
|
Auto Loans
|
2,105 | 1 | 0.05 | % | 23 | 1.07 | % | |||||||||||||
|
Mobile Home Loans
|
38,285 | 225 | 0.59 | % | 379 | 0.99 | % | |||||||||||||
|
Other
|
14,362 | 77 | 0.54 | % | 101 | 0.70 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 85,892 | $ | 445 | 0.52 | % | $ | 572 | 0.67 | % | ||||||||||
|
Gross Loans
|
$ | 608,602 | $ | 4,825 | 0.79 | % | $ | 10,871 | 1.79 | % | ||||||||||
|
Non-accruals
|
$ | 10,079 | ||||||||||||||||||
|
90 + Days Past Due
|
793 | |||||||||||||||||||
|
OREO & Foreclosed
|
1,438 | |||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 12,310 | ||||||||||||||||||
|
Performing TDRs
|
$ | 1,075 | ||||||||||||||||||
15 of 25
|
Quarter-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
June 30, 2011
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 17,158 | $ | 51 | 0.30 | % | $ | 1,052 | 6.13 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
19,942 | -- | 0.00 | % | 69 | 0.35 | % | |||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
||||||||||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
307,948 | 521 | 0.17 | % | 3,367 | 1.09 | % | |||||||||||||
|
Secured by Junior Liens
|
9,952 | -- | 0.00 | % | 35 | 0.35 | % | |||||||||||||
|
Multifamily (5+ Dwelling Units)
|
21,309 | 898 | 4.21 | % | 873 | 4.10 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
86,424 | 333 | 0.39 | % | 368 | 0.43 | % | |||||||||||||
|
Land
|
36,738 | 1,367 | 3.72 | % | 5,413 | 14.73 | % | |||||||||||||
|
Consumer
|
20,472 | -- | 0.00 | % | 69 | 0.34 | % | |||||||||||||
|
Commercial
|
16,266 | 1,367 | 8.40 | % | 5,344 | 32.85 | % | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 499,471 | $ | 3,170 | 0.63 | % | $ |
11,177
|
2.24 | % | ||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 25,433 | $ | 5 | 0.02 | % | $ | -- | 0.00 | % | ||||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
3,889 | -- | 0.00 | % | 3 | 0.08 | % | |||||||||||||
|
Auto Loans
|
2,266 | -- | 0.00 | % | 17 | 0.75 | % | |||||||||||||
|
Mobile Home Loans
|
38,585 | 97 | 0.25 | % | 372 | 0.96 | % | |||||||||||||
|
Other
|
13,732 | 57 | 0.42 | % | 94 | 0.68 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 83,905 | $ | 159 | 0.19 | % | 486 | 0.58 | % | |||||||||||
|
Gross Loans
|
$ | 583,376 | $ | 3,329 | 0.57 | % | $ | 11,663 | 2.00 | % | ||||||||||
|
Non-accruals
|
$ | 10,863 | ||||||||||||||||||
|
90 + Days Past Due
|
800 | |||||||||||||||||||
|
OREO & Foreclosed
|
2,774 | |||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 14,437 | ||||||||||||||||||
|
Performing TDRs
|
$ | 1,711 | ||||||||||||||||||
16 of 25
|
Quarter-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
March 31, 2011
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 16,462 | $ | -- | 0.00 | % | $ | 1,021 | 6.20 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
||||||||||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
18,691 | (15 | ) | -0.08 | % | 27 | 0.14 | % | ||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
307,532 | 112 | 0.04 | % | 3,038 | 0.99 | % | |||||||||||||
|
Secured by Junior Liens
|
10,244 | 23 | 0.22 | % | 30 | 0.29 | % | |||||||||||||
|
Multifamily (5+ Dwelling Units)
|
22,358 | -- | 0.00 | % | 897 | 4.01 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
90,532 | 228 | 0.25 | % | 884 | 0.98 | % | |||||||||||||
|
Land
|
38,923 | -- | 0.00 | % | 5,025 | 12.91 | % | |||||||||||||
|
Consumer
|
20,059 | -- | 0.00 | % |
59
|
0.29
|
% | |||||||||||||
|
Commercial
|
18,864 | -- | 0.00 | % |
4,966
|
26.33
|
% | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 504,742 | $ |
348
|
0.07 | % | $ | 10,922 |
2.16
|
% | ||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 24,813 | $ | 128 | 0.52 | % | $ | 835 | 3.37 | % | ||||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
3,921 | -- | 0.00 | % | -- | 0.00 | % | |||||||||||||
|
Auto Loans
|
2,428 | -- | 0.00 | % | 7 | 0.29 | % | |||||||||||||
|
Mobile Home Loans
|
38,925 | 25 | 0.06 | % | 471 | 1.21 | % | |||||||||||||
|
Other
|
13,324 |
--
|
0.00 | % |
167
|
1.25 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 83,411 | $ |
153
|
0.18 | % | $ |
1,480
|
1.77 | % | ||||||||||
|
Gross Loans
|
$ | 588,104 | $ | 501 | 0.09 | % | $ | 12,402 | 2.11 | % | ||||||||||
|
Non-accruals
|
11,305 | |||||||||||||||||||
|
90 + Days Past Due
|
1,097 | |||||||||||||||||||
|
OREO & Foreclosed
|
2,039 | |||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 14,441 | ||||||||||||||||||
17 of 25
|
Quarter-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
December 31, 2010
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 18,140 | $ | -- | 0.00 | % | $ | 1,015 | 5.59 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
||||||||||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
18,585 | 45 | 0.24 | % | -- | 0.00 | % | |||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
308,088 | 325 | 0.11 | % | 3,678 | 1.19 | % | |||||||||||||
|
Secured by Junior Liens
|
10,840 | (3 | ) | -0.03 | % | 102 | 0.94 | % | ||||||||||||
|
Multifamily (5+ Dwelling Units)
|
21,752 | -- | 0.00 | % | 791 | 3.64 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
91,411 | -- | 0.00 | % | - | 0.00 | % | |||||||||||||
|
Land
|
39,597 | (1 | ) | 0.00 | % | 5,478 | 13.83 | % | ||||||||||||
|
Consumer
|
20,076 | (1 | ) | 0.00 | % | 98 | 0.49 | % | ||||||||||||
|
Commercial
|
19,521 |
--
|
0.00 | % | 5,380 | 27.56 | % | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 508,413 | $ | 366 | 0.07 | % | $ | 11,064 | 2.18 | % | ||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 24,948 | 5 | 0.02 | % | $ | 898 | 3.60 | % | |||||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
4,445 | (2 | ) | -0.04 | % | 2 | 0.04 | % | ||||||||||||
|
Auto Loans
|
2,684 | 1 | 0.04 | % | 7 | 0.26 | % | |||||||||||||
|
Mobile Home Loans
|
39,628 | 72 | 0.18 | % | 497 | 1.25 | % | |||||||||||||
|
Other
|
13,613 | 11 | 0.08 | % | 155 | 1.14 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 85,318 | $ | 87 | 0.10 | % | $ | 1,559 | 1.83 | % | ||||||||||
|
Gross Loans
|
$ | 593,731 | $ | 453 | 0.08 | % | $ | 12,623 | 2.13 | % | ||||||||||
|
Non-accruals
|
11,324 | |||||||||||||||||||
|
90 + Days Past Due
|
1,299 | |||||||||||||||||||
|
OREO & Foreclosed
|
2,129
|
|||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 14,752 | ||||||||||||||||||
18 of 25
|
Quarter-End Loan Data
|
Total
|
Net Charge-
|
Net Charge-
|
90 Days +
|
90 Days +
|
|||||||||||||||
|
September 30, 2010
|
Loans
|
Offs
|
Offs
|
Non Accrual
|
Non Accrual
|
|||||||||||||||
|
Dollars
|
Dollars
|
Percentage
|
Dollars
|
Percentage
|
||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||
|
Construction
|
$ | 21,310 | $ | 102 | 0.48 | % | $ | 1,066 | 5.00 | % | ||||||||||
|
Permanent, Secured by:
|
||||||||||||||||||||
|
1-4 Dwelling Units:
|
||||||||||||||||||||
|
Revolving, Open-End Loans (HELOC)
|
18,530 | 51 | 0.28 | % | -- | 0.00 | % | |||||||||||||
|
All Other
|
||||||||||||||||||||
|
Secured by First Liens
|
303,587 | -- | 0.00 | % | 4,829 | 1.59 | % | |||||||||||||
|
Secured by Junior Liens
|
11,048 | (4 | ) | -0.04 | % | 108 | 0.98 | % | ||||||||||||
|
Multifamily (5+ Dwelling Units)
|
24,357 | -- | 0.00 | % | 1,522 | 6.25 | % | |||||||||||||
|
Nonresidential Property (Except Land)
|
85,718 | 257 | 0.30 | % | 118 | 0.14 | % | |||||||||||||
|
Land
|
39,555 | 23 | 0.06 | % | 6,100 | 15.42 | % | |||||||||||||
|
Consumer
|
20,044 | -- | 0.00 | % | 58 |
0.29
|
% | |||||||||||||
|
Commercial
|
19,511 | 23 | 0.12 | % | 6,042 |
30.97
|
% | |||||||||||||
|
Subtotal – Real Estate Loans
|
$ | 504,105 | $ | 429 | 0.09 | % | $ | 13,743 |
2.73
|
% | ||||||||||
|
Non-Real Estate Loans:
|
||||||||||||||||||||
|
Commercial Loans
|
$ | 30,929 | $ | -- | 0.00 | % | $ | 154 | 0.50 | % | ||||||||||
|
Consumer Loans:
|
||||||||||||||||||||
|
Loans on Deposits
|
4,672 | 1 | 0.02 | % | 27 | 0.58 | % | |||||||||||||
|
Auto Loans
|
2,716 | 3 | 0.11 | % | 4 | 0.15 | % | |||||||||||||
|
Mobile Home Loans
|
40,094 | 20 | 0.05 | % | 458 | 1.14 | % | |||||||||||||
|
Other
|
13,375 | 21 | 0.16 | % | 95 | 0.71 | % | |||||||||||||
|
Subtotal – Non Real Estate Loans
|
$ | 91,786 | $ | 45 | 0.05 | % | $ | 738 | 0.80 | % | ||||||||||
|
Gross Loans
|
$ | 595,891 | $ | 474 | 0.08 | % | $ | 14,481 | 2.43 | % | ||||||||||
|
Non-accruals
|
13,676 | |||||||||||||||||||
|
90 + Days Past Due
|
805 | |||||||||||||||||||
|
OREO & Foreclosed
|
1,201
|
|||||||||||||||||||
|
Nonperforming Assets (Net)
|
$ | 15,682 | ||||||||||||||||||
19 of 25
|
Loans: Linked Quarter Comparison
|
||||||||||||||||||||||||
|
Average Loan
|
09/30/2011
|
09/30/2011
|
06/30/2011
|
06/30/2011
|
Change
|
Change
|
||||||||||||||||||
|
Balances & Yields
|
Balance
|
Yield
|
Balance
|
Yield
|
Balance
|
Yield
|
||||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||||||
|
1-4 Family
|
$ | 360,569 | 5.59 | % | $ | 352,181 | 5.70 | % | $ | 8,388 | -0.11 | % | ||||||||||||
|
Commercial
|
126,299 | 5.69 | % | 130,800 | 5.58 | % | (4,501 | ) | 0.11 | % | ||||||||||||||
|
Total Real Estate Loans
|
486,868 | 5.62 | % | $ | 482,981 | 5.67 | % | 3.887 | -0.05 | % | ||||||||||||||
|
Non-Real Estate Loans
|
||||||||||||||||||||||||
|
Commercial
|
$ | 26,223 | 5.99 | % | $ | 24,813 | 5.97 | % | $ | 1,410 | 0.02 | % | ||||||||||||
|
Consumer
|
78,645 | 9.67 | % | 78,626 | 9.51 | % | 19 | 0.16 | % | |||||||||||||||
|
Total Non-Real Estate Loans
|
104,868 | 8.75 | % | 103,439 | 8.66 | % | 1,429 | 0.09 | % | |||||||||||||||
|
Total All Loans
|
$ | 591,736 | 6.17 | % | $ | 586,420 | 6.20 | % | $ | 5,316 | -0.03 | % | ||||||||||||
|
Loans: Prior Year Comparison
|
||||||||||||||||||||||||
|
Average Loan
|
09/30/2011
|
09/30/2011
|
09/30/2010
|
09/30/2010
|
Change
|
Change
|
||||||||||||||||||
|
Balances & Yields
|
Balance
|
Yield
|
Balance
|
Yield
|
Balance
|
Yield
|
||||||||||||||||||
|
Real Estate Loans
|
||||||||||||||||||||||||
|
1-4 Family
|
$ | 353,573 | 5.73 | % | $ | 349,621 | 5.98 | % | $ | 3,952 | -0.25 | % | ||||||||||||
|
Commercial
|
131,192 | 5.63 | % | 138,950 | 5.82 | % | (7,758 | ) | -0.19 | % | ||||||||||||||
| 484,765 | 5.70 | % | 488,571 | 5.94 | % | (3,806 | ) | -0.24 | % | |||||||||||||||
|
Non-Real Estate Loans
|
||||||||||||||||||||||||
|
Commercial
|
$ | 26,211 | 5.99 | % | $ | 29,996 | 6.37 | % | $ | (3,785 | ) | -0.38 | % | |||||||||||
|
Consumer
|
79,378
|
9.42 | % | 80,567 | 9.30 | % | (1,189 | ) | 0.12 | % | ||||||||||||||
| 105,589 | 8.57 | % | 110,563 | 8.50 | % | (4,974 | ) | 0.07 | % | |||||||||||||||
|
Total All Loans
|
$ | 590,354 | 6.21 | % | $ | 599,134 | 6.41 | % | $ | (8,780 | ) | -0.20 | % | |||||||||||
20 of 25
|
Interest-bearing Liabilities: Linked Quarter Comparison
|
||||||||||||||||||||||||||||
|
Average balances
|
09/30/2011
|
09/30/2011
|
06/30/2011
|
06/30/2011
|
Change
|
Change
|
%Balance
|
|||||||||||||||||||||
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
Change
|
||||||||||||||||||||||
|
NOW Accounts
|
$ | 108,579 | 0.14 | % | $ | 112,611 | 0.18 | % | $ | (4,032 | ) | -0.04 | % | -3.6 | % | |||||||||||||
|
Non-interest bearing
Deposits |
87,454 | 0.00 | % | 84,114 | 0.00 | % | 3,340 | 0.00 | % | 4.0 | % | |||||||||||||||||
|
Checking Total
|
$ | 196,033 | 0.08 | % | $ | 196,725 | 0.10 | % | $ | (692 | ) | -0.02 | % | -0.4 | % | |||||||||||||
|
Savings Accounts
|
$ | 191,840 | 0.33 | % | $ | 190,379 | 0.38 | % | $ | 1,461 | -0.05 | % | 0.8 | % | ||||||||||||||
|
Money Market
Accounts |
54,787 | 0.30 | % | 55,619 | 0.27 | % | (832 | ) | 0.03 | % | -1.5 | % | ||||||||||||||||
|
Total Smart Growth
Deposits |
$ | 442,660 | 0.22 | % | $ | 442,723 | 0.24 | % | $ | (63 | ) | -0.02 | % | 0.0 | % | |||||||||||||
|
Time Deposits
|
$ | 165,284 | 2.25 | % | $ | 171,055 | 2.33 | % | $ | (5,771 | ) | -0.08 | % | -3.4 | % | |||||||||||||
|
Total Deposits
|
$ | 607,944 | 0.77 | % | $ | 613,778 | 0.82 | % | $ | (5,834 | ) | -0.05 | % | -1.0 | % | |||||||||||||
|
FHLB Advances
|
$ | 92,514 | 3.93 | % | $ | 79,879 | 4.61 | % | $ | 12,635 | -0.68 | % | 15.8 | % | ||||||||||||||
|
Total Interest-bearing
liabilities |
$ | 613,004 | 1.36 | % | $ | 609,543 | 1.43 | % | $ | 3,461 | -0.07 | % | 0.6 | % | ||||||||||||||
|
Non-interest bearing
Deposits |
$ | 87,454 | 0.00 | % | $ | 84,114 | 0.00 | % | $ | 3,340 | 0.00 | % | 4.0 | % | ||||||||||||||
|
Interest-bearing Liabilities: Average Quarter Balances
|
||||||||||||||||||||||||||||
|
Average balances
|
09/30/2011
|
09/30/2011
|
09/30/2010
|
09/30/2010
|
Change
|
Change
|
%Balance
|
|||||||||||||||||||||
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
Change
|
||||||||||||||||||||||
|
NOW Accounts
|
$ | 108,579 | 0.14 | % | $ | 103,467 | 0.26 | % | $ | 5,112 | -0.12 | % | 4.9 | % | ||||||||||||||
|
Non-interest bearing
Deposits |
87,454 | 0.00 | % | 66,808 | 0.00 | % | 20,646 | 0.00 | % | 30.9 | % | |||||||||||||||||
|
Checking Total
|
$ | 196,033 | 0.08 | % | $ | 170,275 | 0.16 | % | $ | 25,758 | -0.08 | % | 15.1 | % | ||||||||||||||
|
Savings Accounts
|
$ | 191,840 | 0.33 | % | $ | 163,157 | 0.69 | % | $ | 28,683 | -0.36 | % | 17.6 | % | ||||||||||||||
|
Money Market
Accounts |
54,787 | 0.30 | % | 61,305 | 0.40 | % | $ | (6,518 | ) | -0.10 | % | -10.6 | % | |||||||||||||||
|
Total Smart Growth
Deposits |
$ | 442,660 | 0.22 | % | $ | 394,737 | 0.41 | % | $ | 47,923 | -0.19 | % | 12.1 | % | ||||||||||||||
|
Time Deposits
|
$ | 165,284 | 2.25 | % | $ | 181,517 | 2.60 | % | $ | (16,233 | ) | -0.35 | % | -8.9 | % | |||||||||||||
|
Total Deposits
|
$ | 607,944 | 0.77 | % | $ | 576,254 | 1.10 | % | $ | 31,690 | -0.33 | % | 5.5 | % | ||||||||||||||
|
FHLB Advances
|
$ | 92,514 | 3.93 | % | $ | 100,831 | 4.52 | % | $ | (8,317 | ) | -0.59 | % | -8.2 | % | |||||||||||||
|
Total Interest-bearing
liabilities |
$ | 613,004 | 1.36 | % | $ | 610,277 | 1.79 | % | $ | 2,727 | -0.43 | % | 0.4 | % | ||||||||||||||
|
Non-interest bearing
Deposits |
$ | 87,454 | 0.00 | % | $ | 66,808 | 0.00 | % | $ | 20,646 | 0.00 | % | 30.9 | % | ||||||||||||||
21 of 25
|
Interest-bearing Liabilities:
Year-Over Year Average Year Comparison
|
||||||||||||||||||||||||||||
|
Average balances
|
09/30/2011
|
09/30/2011
|
09/30/2010
|
09/30/2010
|
Change
|
Change
|
%Balance
|
|||||||||||||||||||||
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
Change
|
||||||||||||||||||||||
|
NOW Accounts
|
$ | 109,177 | 0.13 | % | $ | 104,176 | 0.41 | % | $ | 5,001 | -0.28 | % | 4.8 | % | ||||||||||||||
|
Non-interest bearing
Deposits |
80,131 | 0.00 | % | 66,177 | 0.00 | % | 13,954 | 0.00 | % | 21.1 | % | |||||||||||||||||
|
Checking Total
|
$ | 189,308 | 0.08 | % | $ | 170,353 | 0.25 | % | $ | 18,955 | -0.17 | % | 11.1 | % | ||||||||||||||
|
Savings Accounts
|
$ | 181,509 | 0.46 | % | $ | 143,408 | 0.91 | % | $ | 38,101 | -0.45 | % | 26.6 | % | ||||||||||||||
|
Money Market
Accounts |
56,376 | 0.29 | % | 71,958 | 0.39 | % | $ | (15,582 | ) | -0.10 | % | -21.7 | % | |||||||||||||||
|
Total Smart Growth
Deposits |
$ | 427,193 | 0.27 | % | $ | 385,719 | 0.52 | % | $ | 41,474 | -0.25 | % | 10.8 | % | ||||||||||||||
|
Time Deposits
|
$ | 170,876 | 2.40 | % | $ | 192,591 | 2.67 | % | $ | (21,715 | ) | -0.27 | % | -11.3 | % | |||||||||||||
|
Total Deposits
|
$ | 598,069 | 0.88 | % | $ | 578,310 | 1.24 | % | $ | 19,759 | -0.36 | % | 3.4 | % | ||||||||||||||
|
FHLB Advances
|
$ | 88,337 | 4.39 | % | $ | 102,254 | 4.44 | % | $ | (13,917 | ) | -0.05 | % | -13.6 | % | |||||||||||||
|
Total Interest-bearing
liabilities |
$ | 606,275 | 1.51 | % | $ | 614,387 | 1.90 | % | $ | (8,112 | ) | -0.40 | % | -1.3 | % | |||||||||||||
|
Non-interest bearing
Deposits |
$ | 80,131 | 0.00 | % | $ | 66,177 | 0.00 | % | $ | 13,954 | 0.00 | % | 21.1 | % | ||||||||||||||
|
Interest-bearing Liabilities:
Three Year Comparison
|
||||||||||||||||||||||||||||
|
Average balances
|
09/30/2011
|
09/30/2011
|
09/30/2008
|
09/30/2008
|
Change
|
Change
|
%Balance
|
|||||||||||||||||||||
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
$Balance
|
Avg. Yield
|
Change
|
||||||||||||||||||||||
|
NOW Accounts
|
$ | 109,177 | 0.13 | % | $ | 83,516 | 0.55 | % | $ | 25,661 | -0.42 | % | 30.7 | % | ||||||||||||||
|
Non-interest bearing
Deposits |
80,131 | 0.00 | % | 54,796 | 0.00 | % | 25,335 | 0.00 | % | 46.2 | % | |||||||||||||||||
|
Checking Total
|
$ | 189,308 | 0.08 | % | 138,312 | 0.33 | % | $ | 50,996 | -0.25 | % | 36.9 | % | |||||||||||||||
|
Savings Accounts
|
$ | 181,509 | 0.46 | % | 52,851 | 0.77 | % | $ | 128,658 | -0.31 | % | 243.4 | % | |||||||||||||||
|
Money Market
Accounts |
56,376 | 0.29 | % | 125,905 | 2.71 | % | $ | (69,529 | ) | -2.42 | % | -55.2 | % | |||||||||||||||
|
Total Smart Growth
Deposits |
$ | 427,193 | 0.27 | % | 317,068 | 1.35 | % | $ | 110,125 | -1.08 | % | 34.7 | % | |||||||||||||||
|
Time Deposits
|
$ | 170,876 | 2.40 | % | 264,185 | 4.16 | % | $ | (93,309 | ) | -1.76 | % | -35.3 | % | ||||||||||||||
|
Total Deposits
|
$ | 598,069 | 0.88 | % | 581,253 | 2.63 | % | $ | 16,816 | -1.75 | % | 2.9 | % | |||||||||||||||
|
FHLB Advances
|
$ | 88,337 | 4.39 | % | 95,225 | 4.67 | % | $ | (6,888 | ) | -0.28 | % | -7.2 | % | ||||||||||||||
|
Total Interest-bearing
liabilities |
$ | 606,275 | 1.51 | % | $ | 621,682 | 3.17 | % | $ | (15,407 | ) | -1.66 | % | -2.5 | % | |||||||||||||
|
Non-interest bearing
Deposits |
$ | 80,131 | 0.00 | % | $ | 54,796 | 0.00 | % | $ | 25,335 | 0.00 | % | 46.2 | % | ||||||||||||||
22 of 25
|
Quarter-End Loan Quality Details
|
||||||||||||||||||||||||||||
|
September 30, 2011
|
Total
|
Special
|
||||||||||||||||||||||||||
|
(In Thousands)
|
Loans
|
Classified
|
% Total
|
Mention
|
% Total
|
Pass
|
% Total
|
|||||||||||||||||||||
|
Commercial Loans
|
||||||||||||||||||||||||||||
|
Commercial Land
|
$ | 15,751 | $ | 4,833 | 30.7 | % | $ | 167 | 1.1 | % | $ | 10,751 | 68.2 | % | ||||||||||||||
|
Commercial Construction
|
9,442 | 1,021 | 10.8 | % | 382 | 4.0 | % | 8,039 | 85.2 | % | ||||||||||||||||||
|
Commercial Real Estate
|
111,544 | 1,848 | 1.7 | % | 3,360 | 3.0 | % | 106,336 | 95.3 | % | ||||||||||||||||||
|
Commercial Non Real
Estate |
27,403 | 76 | 0.3 | % | 338 | 1.2 | % | 26,989 | 98.5 | % | ||||||||||||||||||
|
Total Commercial
|
$ | 164,140 | $ | 7,778 | 4.7 | % | $ | 4,247 | 2.6 | % | $ | 152,115 | 92.7 | % | ||||||||||||||
|
Residential Loans
|
||||||||||||||||||||||||||||
|
Residential Construction
|
$ | 10,604 | $ | - | 0.0 | % | $ | - | 0.0 | % | $ | 10,604 | 100.0 | % | ||||||||||||||
|
Residential
|
355,346 | 3,320 | 0.9 | % | 183 | 0.1 | % | 351,843 | 99.0 | % | ||||||||||||||||||
|
Total Residential
|
$ | 365,950 | $ | 3,320 | 0.9 | % | $ | 183 | 0.1 | % | $ | 362,447 | 99.0 | % | ||||||||||||||
|
Consumer Loans
|
||||||||||||||||||||||||||||
|
Mobile Homes
|
$ | 38,285 | $ | 379 | 1.0 | % | $ | - | 0.0 | % | $ | 37,906 | 99.0 | % | ||||||||||||||
|
Consumer Other
|
40,227 | 248 | 0.6 | % | - | 0.0 | % | 39,979 | 99.4 | % | ||||||||||||||||||
|
Total Consumer
|
$ | 78,512 | $ | 627 | 0.8 | % | $ | - | 0.0 | % | $ | 77,885 | 99.2 | % | ||||||||||||||
|
Total All Loans
|
$ | 608,602 | $ | 11,725 | 1.9 | % | $ | 4,430 | 0.7 | % | $ | 592,447 | 97.4 | % | ||||||||||||||
23 of 25
|
Quarter-End Loan Quality Details
|
||||||||||||||||||||||||||||
|
June 30, 2011
|
Total
|
Special
|
||||||||||||||||||||||||||
|
(In Thousands)
|
Loans
|
Classified
|
% Total
|
Mention
|
% Total
|
Pass
|
% Total
|
|||||||||||||||||||||
|
Commercial Loans
|
||||||||||||||||||||||||||||
|
Commercial Land
|
$ | 16,266 | $ | 5,344 | 32.9 | % | $ | 170 | 1.0 | % | $ | 10,752 | 66.1 | % | ||||||||||||||
|
Commercial Construction
|
7,819 | 1,052 | 13.4 | % | 382 | 4.9 | % | 6,385 | 81.7 | % | ||||||||||||||||||
|
Commercial Real Estate
|
107,733 | 2,596 | 2.4 | % | 3,234 | 3.0 | % | 101,903 | 94.6 | % | ||||||||||||||||||
|
Commercial Non Real
Estate |
25,433 | 83 | 0.3 | % | 530 | 2.1 | % | 24,820 | 97.6 | % | ||||||||||||||||||
|
Total Commercial
|
$ | 157,251 | $ | 9,075 | 5.8 | % | $ | 4,316 | 2.7 | % | $ | 143,860 | 91.5 | % | ||||||||||||||
|
Residential Loans
|
||||||||||||||||||||||||||||
|
Residential Construction
|
$ | 9,339 | - | 0.0 | % | - | 0.0 | % | $ | 9,339 | 100.0 | % | ||||||||||||||||
|
Residential
|
$ | 337,842 | $ | 3,782 | 1.1 | % | 184 | 0.1 | % | $ | 333,876 | 98.8 | % | |||||||||||||||
|
Total Residential
|
$ | 347,181 | $ | 3,782 | 1.1 | % | $ | 184 | 0.0 | % | $ | 343,215 | 98.9 | % | ||||||||||||||
|
Consumer Loans
|
||||||||||||||||||||||||||||
|
Mobile Homes
|
$ | 38,585 | $ | 371 | 0.9 | % | $ | 66 | 0.2 | % | $ | 38,148 | 98.9 | % | ||||||||||||||
|
Consumer Other
|
40,359 | 170 | 0.4 | % | - | 0.0 | % | 40,189 | 99.6 | % | ||||||||||||||||||
|
Total Consumer
|
$ | 78,944 | $ | 541 | 0.7 | % | $ | 66 | 0.1 | % | $ | 78,337 | 99.2 | % | ||||||||||||||
|
Total All Loans
|
$ | 583,376 | $ | 13,398 | 2.3 | % | $ | 4,566 | 0.8 | % | $ | 565,412 | 96.9 | % | ||||||||||||||
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|
Quarter-End Loan Quality Details
|
||||||||||||||||||||||||||||
|
March 31, 2011
|
Total
|
Special
|
||||||||||||||||||||||||||
|
(In Thousands)
|
Loans
|
Classified
|
% Total
|
Mention
|
% Total
|
Pass
|
% Total
|
|||||||||||||||||||||
|
Commercial Loans
|
||||||||||||||||||||||||||||
|
Commercial Land
|
$ | 18,864 | $ | 6,348 | 33.7 | % | $ | 727 | 3.8 | % | $ | 11,789 | 62.5 | % | ||||||||||||||
|
Commercial Construction
|
8,402 | 1,072 | 12.8 | % | 375 | 4.4 | % | 6,955 | 82.8 | % | ||||||||||||||||||
|
Commercial Real Estate
|
112,890 | 4,386 | 3.9 | % | 3,134 | 2.8 | % | 105,370 | 93.3 | % | ||||||||||||||||||
|
Commercial Non Real
Estate |
24,813 | 104 | 0.4 | % | 2,038 | 8.2 | % | 22,671 | 91.4 | % | ||||||||||||||||||
|
Total Commercial
|
$ | 164,969 | $ | 11,910 | 7.2 | % | $ | 6,274 | 3.8 | % | $ | 146,785 | 89.0 | % | ||||||||||||||
|
Residential Loans
|
||||||||||||||||||||||||||||
|
Residential Construction
|
8,060 | - | 0.0 | % | - | 0.0 | % | 8,060 | 100.0 | % | ||||||||||||||||||
|
Residential
|
336,467 | 3,994 | 1.2 | % | 285 | 0.1 | % | 332,188 | 98.7 | % | ||||||||||||||||||
|
Total Residential
|
$ | 344,527 | $ | 3,994 | 1.2 | % | $ | 285 | 0.1 | % | $ | 340,248 | 98.8 | % | ||||||||||||||
|
Consumer Loans
|
||||||||||||||||||||||||||||
|
Mobile Homes
|
38,925 | 471 | 1.2 | % | - | 0.0 | % | 38,454 | 98.8 | % | ||||||||||||||||||
|
Consumer Other
|
39,732 | 232 | 0.6 | % | - | 0.0 | % | 39,500 | 99.4 | % | ||||||||||||||||||
|
Total Consumer
|
78,657 | 703 | 0.9 | % | - | 0.0 | % | 77,954 | 99.1 | % | ||||||||||||||||||
|
Total All Loans
|
$ | 588,153 | $ | 16,607 | 2.8 | % | $ | 6,559 | 1.1 | % | $ | 564,987 | 96.1 | % | ||||||||||||||
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