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8-K - 8-K - PULASKI FINANCIAL CORPa13-10752_18k.htm

Exhibit 99.1

 

 

PULASKI FINANCIAL’S SECOND FISCAL QUARTER EPS MORE THAN TRIPLES

 

Current Versus Prior Year Quarter Highlights

 

·                  Earnings growth

 

·                  Diluted EPS $0.29 in 2013 versus $0.08 in 2012

·                  Annualized return on average assets 1.09% in 2013 versus 0.42% in 2012

·                  Annualized return on average common equity 13.36% in 2013 versus 3.67% in 2012

 

·                  66% increase in mortgage revenues

 

·                  73% decline in combined provision for loan losses and foreclosure costs

 

Linked Quarter Highlights

 

·                  5% increase in mortgage revenues

 

·                  $18 million, or 3%, increase in commercial loans

 

·                  Net interest income declines modestly; strong commercial loan growth only partially offsets impact of market-driven yield declines and expected legacy residential mortgage portfolio runoff

 

·                  51% decline in combined provision for loan losses and foreclosure costs

 

·                  Continued improvement in asset quality

 

·                  Non-performing assets down $7.2 million, or 14%, to 3.3% of total assets from 3.8%

·                  Internal adversely classified assets decreased 14%

·                  Percentage of loans that were 31 to 89 days past due on payments remained almost constant at approximately 1% of gross loans

 

ST. LOUIS, April 23, 2013 —Pulaski Financial Corp. (Nasdaq Global Select: PULB) reported net income available to common shares for the quarter ended March 31, 2013 of $3.2 million, or $0.29 per diluted common share, compared with $851,000, or $0.08 per diluted common share, for the quarter ended March 31, 2012.  For the six-month periods, the Company reported net income available to common shares of $6.0 million, or $0.54 per diluted common share, in 2013 compared with net income of $3.4 million, or $0.30 per diluted common share, in 2012.

 

Gary Douglass, President and Chief Executive Officer, commented, “We are very pleased with our second fiscal quarter results, which, when combined with first quarter results, yield an outstanding first half earnings performance.  Our ongoing focus on asset quality improvement resulted in meaningful declines in overall credit costs.  Despite a challenging and generally low growth environment, our commercial lending team delivered another solid quarter in terms of loan growth.  And finally, our mortgage banking operation contributed yet another strong quarter of revenue growth.”

 

Net Interest Income Declines Modestly

 

Net interest income was $11.5 million for the quarter ended March 31, 2013 compared with $11.8 million in each of the quarters ended December 31, 2012 and March 31, 2012.  The decreases were primarily the result of declines in the net interest margin, which was 3.67% for

 



 

the quarter ended March 31, 2013 compared with 3.87% for the December 2012 quarter and 3.88% for the March 2012 quarter.

 

Douglass commented, “We continue to be encouraged by our ongoing commercial loan growth, which resulted in the second consecutive quarter of total net loan portfolio growth.  However, this loan growth was not quite sufficient to offset the market-driven yield declines we and others are experiencing on new and renewing loans and the expected continued runoff of our legacy residential mortgage loan portfolio.  As a result, we reported a modest decline in net interest income for the quarter.”

 

Mortgage Revenues Showed a Substantial Increase on Improved Profit Margins and Higher Loan Sales Volumes

 

Primarily as the result of increased mortgage revenues, non-interest income increased to $4.6 million for the quarter ended March 31, 2013 compared with $3.6 million for the quarter ended March 31, 2012.  Mortgage revenues were $3.1 million on loan sales of $350 million for the quarter ended March 31, 2013 compared with $1.9 million on loan sales of $309 million for the quarter ended March 31, 2012.  The Company also saw a 5% increase in linked-quarter mortgage revenues.

 

Mortgage loans originated for sale totaled $310 million for the quarter ended March 31, 2013 compared with $307 million for the quarter ended March 31, 2012.  The low level of market interest rates continued to fuel strong demand for mortgage refinancings during the March 2013 quarter.  Also, the Company continued to experience strong demand for loans to finance the purchase of homes.  Mortgage loans originated to finance the purchase of homes totaled $123 million, or 40% of total loans originated for sale, during the quarter ended March 31, 2013 compared with $118 million, or 38% of total loans originated for sale, for the quarter ended March 31, 2012.

 

The net profit margin on loans sold improved to 0.90% for the quarter ended March 31, 2013 compared with 0.61% for the March 31, 2012 quarter and 0.81% for the December 2012 quarter.  The increases were primarily the result of improved selling prices realized from the Company’s mortgage loan investors and the continued control of costs to originate such loans.  Mortgage loans held for sale decreased to $144.0 million at March 31, 2013 compared with $197.9 million at December 31, 2012.

 

Douglass noted, “We are delighted to report our eighth consecutive quarterly increase in mortgage revenues.  We are also encouraged by the recovering housing market that has resulted in increased home purchase activity.  While the percentage of loans originated to finance home purchases remained almost constant with the December 2012 quarter at 40% of our total residential origination volume, it is important to note that this percentage grew to 51% in March 2013 and approximately 62% so far in April 2013.  Given all that has been written about the projected decline in future refinancing demand, we are pleased to see the pick-up in loan originations related to home purchases that we are currently experiencing.”

 

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Non-Interest Expense Declines from Linked Quarter

 

Total non-interest expense was $9.1 million for the quarter ended March 31, 2013 compared with $9.9 million for the December 2012 quarter and $7.9 million for the March 2012 quarter.

 

Douglass observed, “We saw non-interest expense levels drop closer to what we expect to be a more representative quarterly run rate going forward.  This drop was principally due to significantly lower foreclosure costs compared with the previous two quarters.  In those previous quarters, we incurred higher costs as we disposed of and prepared properties for future disposition.”

 

Asset Quality Continued to Improve at an Accelerated Pace

 

Non-performing assets decreased to $44.9 million, or 3.3% of total assets, at March 31, 2013 from $52.0 million, or 3.8% of total assets, at December 31, 2012.  In addition, the balance of internal adversely classified assets decreased approximately 14% from December 31, 2012 to March 31, 2013, resulting in the sixth consecutive quarterly decline in this category.

 

The provision for loan losses for the three months ended March 31, 2013 was $1.4 million compared with $2.1 million for the three months ended December 31, 2012.  The decreased provision was the result of a lower level of net charge-offs combined with the lower level of non-performing and internal adversely classified assets.  Net charge-offs for the quarter ended March 31, 2013 totaled $724,000 compared with $1.2 million for the December 2012 quarter.

 

Other News — Company Announces Updated Shelf Registration and Preferred Share Repurchase

 

In other news, the Company today announced that it has filed a shelf registration statement with the Securities and Exchange Commission.  This replaces the Company’s previously filed shelf registration statement, which expired in December 2012, and provides the Company with the ability to offer up to $40.0 million of securities, including common stock, preferred stock, debt securities, depositary shares, warrants or units.

 

Douglass noted, “Updating our shelf registration is a prudent step to maintain flexibility for the Company to quickly access the capital markets in favorable market conditions if the need arises.  We reiterate our commitment not to undertake an offering that is not in the best interest of our existing shareholders.”

 

The Company also announced today that it recently completed another repurchase of its preferred stock from private investors.  During April 2013, the Company repurchased $2 million in par value, or approximately 8% of the outstanding shares, of its Fixed Rate Cumulative Perpetual Preferred Stock, Series A, $1,000 per share liquidation preference at an average price of 97%.

 

Douglass commented, “We were able to fund the additional repurchases using cash from accumulated earnings and excess capital.  Since completion of the Treasury’s auction to private investors in July 2012, we have repurchased 28% of the original $32.5 million in par value of our

 

3



 

preferred securities at an average price of 94%.  Subject to earnings and excess capital availability, we expect to continue to implement our capital management strategy by repurchasing additional preferred shares throughout the balance of fiscal 2013.”

 

Conclusion / Outlook

 

Douglass stated, “Based on the encouraging momentum generated in the first half of fiscal 2013, we expect a strong second half resulting in meaningful year-over-year earnings growth.  We expect the second half to be highlighted by additional asset quality improvement resulting in the continuing normalization of credit costs, a continuation of commercial loan growth and a continued focus on increasing residential mortgage market share gains to capitalize on increasing home purchase activity.”

 

Conference Call Tomorrow

 

Pulaski Financial’s management will discuss second fiscal quarter results and other developments tomorrow, April 24 2013, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT).  The call will also be simultaneously webcast and archived for three months at:  http://pulaskibank.com/corporate-profile.aspx.  Participants in the conference call may dial 877-473-3757, conference ID 42939679, a few minutes before the start time. The call will also be available for replay through May 23, 2013 at 855-859-2056 or 404-537-3406, conference ID 42939679.

 

About Pulaski Financial

 

Pulaski Financial Corp., operating in its 91st year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area.  The Bank also offers mortgage loan products through loan production offices in the St. Louis and Kansas City metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska, and Council Bluffs, Iowa. The Company’s website can be accessed at www.pulaskibank.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, 2012 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.

 

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For Additional Information Contact:

Paul Milano

Chief Financial Officer

Pulaski Financial Corp.

(314) 317-5046

 

Tables follow...

 

5



 

PULASKI FINANCIAL CORP.

CONDENSED STATEMENTS OF INCOME

(Unaudited)

 

 

 

(Dollars in thousands except per share data)

 

 

 

 

Three Months Ended

 

 

 

March 31,

 

December 31,

 

March 31,

 

 

 

2013

 

2012

 

2012

 

Interest income

 

$

13,176

 

$

13,613

 

$

14,011

 

Interest expense

 

1,687

 

1,806

 

2,190

 

 

 

 

 

 

 

 

 

Net interest income

 

11,489

 

11,807

 

11,821

 

Provision for loan losses

 

1,375

 

2,065

 

5,500

 

 

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

10,114

 

9,742

 

6,321

 

 

 

 

 

 

 

 

 

Retail banking fees

 

994

 

1,153

 

978

 

Mortgage revenues

 

3,148

 

2,988

 

1,897

 

Investment brokerage revenues

 

264

 

293

 

397

 

Other

 

230

 

282

 

283

 

Total non-interest income

 

4,636

 

4,716

 

3,555

 

 

 

 

 

 

 

 

 

Salaries and employee benefits

 

4,413

 

4,566

 

3,781

 

Occupancy, equipment and data processing expense

 

2,545

 

2,360

 

2,329

 

Advertising

 

111

 

119

 

105

 

Professional services

 

801

 

554

 

403

 

FDIC deposit insurance premium expense

 

276

 

434

 

388

 

Real estate foreclosure losses and expense, net

 

240

 

1,214

 

441

 

Other

 

720

 

611

 

495

 

Total non-interest expense

 

9,106

 

9,858

 

7,942

 

 

 

 

 

 

 

 

 

Income before income taxes

 

5,644

 

4,600

 

1,934

 

Income tax expense

 

1,992

 

1,472

 

565

 

Net income after tax

 

3,652

 

3,128

 

1,369

 

Preferred stock dividends

 

(406

)

(406

)

(518

)

Earnings available to common shares

 

$

3,246

 

$

2,722

 

$

851

 

 

 

 

 

 

 

 

 

Annualized Performance Ratios

 

 

 

 

 

 

 

Return on average assets

 

1.09

%

0.96

%

0.42

%

Return on average common equity

 

13.36

%

11.40

%

3.67

%

Interest rate spread

 

3.55

%

3.73

%

3.74

%

Net interest margin

 

3.67

%

3.87

%

3.88

%

 

 

 

 

 

 

 

 

SHARE DATA

 

 

 

 

 

 

 

Weighted average shares outstanding - basic

 

10,916,522

 

10,815,633

 

10,659,123

 

Weighted average shares outstanding - diluted

 

11,136,801

 

11,066,355

 

11,132,612

 

Basic earnings per common share

 

$

0.30

 

$

0.25

 

$

0.08

 

Diluted earnings per common share

 

$

0.29

 

$

0.25

 

$

0.08

 

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)

 

 

 

Six Months Ended March 31,

 

 

 

2013

 

2012

 

Interest income

 

$

26,789

 

$

28,634

 

Interest expense

 

3,493

 

4,699

 

 

 

 

 

 

 

Net interest income

 

23,296

 

23,935

 

Provision for loan losses

 

3,440

 

8,500

 

 

 

 

 

 

 

Net interest income after provision for loan losses

 

19,856

 

15,435

 

 

 

 

 

 

 

Retail banking fees

 

2,147

 

1,980

 

Mortgage revenues

 

6,136

 

3,583

 

Investment brokerage revenues

 

557

 

771

 

Other

 

512

 

636

 

Total non-interest income

 

9,352

 

6,970

 

 

 

 

 

 

 

Salaries and employee benefits

 

8,979

 

7,524

 

Occupancy, equipment and data processing expense

 

4,905

 

4,510

 

Advertising

 

231

 

213

 

Professional services

 

1,355

 

829

 

Real estate foreclosure losses and expenses, net

 

1,454

 

1,133

 

FDIC deposit insurance premiums

 

710

 

882

 

Other

 

1,330

 

982

 

Total non-interest expense

 

18,964

 

16,073

 

 

 

 

 

 

 

Income before income taxes

 

10,244

 

6,332

 

Income tax expense

 

3,464

 

1,921

 

Net income after tax

 

6,780

 

4,411

 

Preferred stock dividends

 

(811

)

(1,035

)

Earnings available to common shares

 

$

5,969

 

$

3,376

 

 

 

 

 

 

 

Annualized Performance Ratios

 

 

 

 

 

Return on average assets

 

1.03

%

0.68

%

Return on average common equity

 

12.39

%

7.33

%

Interest rate spread

 

3.64

%

3.76

%

Net interest margin

 

3.77

%

3.92

%

 

 

 

 

 

 

SHARE DATA

 

 

 

 

 

Weighted average shares outstanding - basic

 

10,865,523

 

10,632,225

 

Weighted average shares outstanding - diluted

 

11,101,194

 

11,069,306

 

Basic earnings per common share

 

$

0.55

 

$

0.32

 

Diluted earnings per common share

 

$

0.54

 

$

0.30

 

Dividends per common share

 

$

0.190

 

$

0.190

 

 

 

 

 

 

 

 



 

PULASKI FINANCIAL CORP.

BALANCE SHEET DATA

(Unaudited)

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

 

 

2013

 

2012

 

2012

 

Total assets

 

$

1,350,635

 

$

1,382,295

 

$

1,347,517

 

Loans receivable, net

 

1,003,363

 

987,808

 

975,728

 

Allowance for loan losses

 

18,608

 

17,957

 

17,117

 

Mortgage loans held for sale, net

 

144,031

 

197,876

 

180,575

 

Investment securities

 

39,565

 

26,759

 

27,578

 

FHLB stock

 

4,535

 

5,336

 

5,559

 

Cash and cash equivalents

 

70,107

 

74,650

 

62,335

 

Deposits

 

1,094,251

 

1,116,133

 

1,081,698

 

Borrowed Money

 

97,943

 

111,245

 

109,981

 

Subordinated debentures

 

19,589

 

19,589

 

19,589

 

Stockholders’ equity - preferred

 

25,152

 

25,064

 

24,976

 

Stockholders’ equity - common

 

97,749

 

95,178

 

93,191

 

Book value per common share

 

$

8.60

 

$

8.38

 

$

8.21

 

Tangible book value per share

 

$

8.25

 

$

8.03

 

$

7.86

 

Regulatory capital ratios - Pulaski Bank only: (1)

 

 

 

 

 

 

 

Tier 1 leverage capital (to average assets)

 

9.90

%

9.51

%

9.63

%

Total risk-based capital (to risk-weighted assets)

 

13.91

%

13.57

%

13.58

%

 


(1)  March 31, 2013 regulatory capital ratios are estimated.

 

 

 

March 31,

 

December 31,

 

September 30,

 

 

 

2013

 

2012

 

2012

 

LOANS RECEIVABLE

 

 

 

 

 

 

 

Single-family residential:

 

 

 

 

 

 

 

Residential first mortgage

 

$

213,685

 

$

208,838

 

$

211,760

 

Residential second mortgage

 

41,455

 

42,798

 

42,091

 

Home equity lines of credit

 

129,651

 

136,919

 

143,931

 

Total single-family residential

 

384,791

 

388,555

 

397,782

 

Commercial:

 

 

 

 

 

 

 

Commercial and multi-family real estate

 

346,678

 

336,528

 

323,334

 

Land acquisition and development

 

46,350

 

46,073

 

47,263

 

Real estate construction and development

 

18,617

 

20,536

 

21,907

 

Commercial and industrial

 

220,414

 

210,478

 

197,755

 

Total commercial

 

632,059

 

613,615

 

590,259

 

Consumer and installment

 

2,397

 

2,790

 

2,674

 

 

 

1,019,247

 

1,004,960

 

990,715

 

Add (less):

 

 

 

 

 

 

 

Deferred loan costs

 

3,024

 

2,983

 

3,116

 

Loans in process

 

(300

)

(2,178

)

(986

)

Allowance for loan losses

 

(18,608

)

(17,957

)

(17,117

)

Total

 

$

1,003,363

 

$

987,808

 

$

975,728

 

Weighted average rate at end of period

 

4.75

%

4.89

%

4.92

%

 

 

 

March 31, 2013

 

December 31, 2012

 

September 30, 2012

 

 

 

 

 

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

 

$

166,943

 

0.00

%

$

183,185

 

0.00

%

$

173,374

 

0.00

%

Interest-bearing checking

 

262,768

 

0.10

%

284,436

 

0.11

%

276,542

 

0.14

%

Savings accounts

 

39,492

 

0.13

%

38,385

 

0.13

%

37,258

 

0.14

%

Money market

 

193,172

 

0.26

%

172,153

 

0.25

%

149,194

 

0.26

%

Total demand deposit accounts

 

662,375

 

0.12

%

678,159

 

0.12

%

636,368

 

0.13

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Certificates of Deposit:

 

 

 

 

 

 

 

 

 

 

 

 

 

Retail

 

352,401

 

1.04

%

363,869

 

1.12

%

365,848

 

1.17

%

CDARS

 

79,476

 

0.30

%

74,105

 

0.32

%

79,483

 

0.34

%

Total certificates of deposit

 

431,877

 

0.90

%

437,974

 

0.98

%

445,331

 

1.02

%

Total deposits

 

$

1,094,252

 

0.43

%

$

1,116,133

 

0.46

%

$

1,081,699

 

0.50

%

 



 

PULASKI FINANCIAL CORP.

NONPERFORMING ASSETS

(Unaudited)

 

 

 

(In thousands)

 

 

 

 

 

 

 

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

 

 

2013

 

2012

 

2012

 

NON-PERFORMING ASSETS

 

 

 

 

 

 

 

Non-accrual loans:

 

 

 

 

 

 

 

Residential real estate first mortgages

 

$

5,626

 

$

7,295

 

$

4,248

 

Residential real estate second mortgages

 

459

 

771

 

610

 

Home equity lines of credit

 

2,417

 

1,834

 

1,613

 

Commercial and multi-family real estate

 

3,178

 

3,637

 

6,119

 

Land acquisition and development

 

27

 

27

 

 

Real estate construction and development

 

33

 

99

 

358

 

Commercial and industrial

 

3,580

 

3,842

 

4,412

 

Consumer and other

 

38

 

106

 

102

 

Total non-accrual loans

 

15,358

 

17,611

 

17,462

 

 

 

 

 

 

 

 

 

Troubled debt restructured: (1)

 

 

 

 

 

 

 

Current under the restructured terms:

 

 

 

 

 

 

 

Residential real estate first mortgages

 

6,332

 

9,590

 

11,809

 

Residential real estate second mortgages

 

404

 

970

 

1,473

 

Home equity lines of credit

 

595

 

1,528

 

1,266

 

Commercial and multi-family real estate

 

6,358

 

3,375

 

6,388

 

Land acquisition and development

 

45

 

46

 

 

Real estate construction and development

 

 

 

34

 

Commercial and industrial

 

1,507

 

1,162

 

1,186

 

Consumer and other

 

36

 

38

 

42

 

Total current troubled debt restructurings

 

15,277

 

16,709

 

22,198

 

Past due under restructured terms:

 

 

 

 

 

 

 

Residential real estate first mortgages

 

2,645

 

3,517

 

5,463

 

Residential real estate second mortgages

 

332

 

334

 

166

 

Home equity lines of credit

 

399

 

440

 

542

 

Commercial and multi-family real estate

 

2,045

 

3,757

 

1,607

 

Land acquisition and development

 

 

 

39

 

Total past due troubled debt restructurings

 

5,421

 

8,048

 

7,817

 

Total troubled debt restructurings

 

20,698

 

24,757

 

30,015

 

Total non-performing loans

 

36,056

 

42,368

 

47,477

 

Real estate acquired in settlement of loans:

 

 

 

 

 

 

 

Residential real estate

 

4,624

 

1,617

 

2,651

 

Commercial real estate

 

4,194

 

8,056

 

11,301

 

Total real estate acquired in settlement of loans

 

8,818

 

9,673

 

13,952

 

Total non-performing assets

 

$

44,874

 

$

52,041

 

$

61,429

 

 


(1) Troubled debt restructured includes non-accrual loans totaling $20.7 million, $24.8 million and $30.0 million at March 31, 2013, December 31, 2012 and September 30, 2012, 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

 

Six Months

 

 

 

Ended March 31,

 

Ended March 31,

 

 

 

2013

 

2012

 

2013

 

2012

 

ALLOWANCE FOR LOAN LOSSES

 

 

 

 

 

 

 

 

 

 

 

 

 

Allowance for loan losses, beginning of period

 

$

17,957

 

$

25,790

 

$

17,117

 

$

25,714

 

Provision charged to expense

 

1,375

 

5,500

 

3,440

 

8,500

 

Charge-offs:

 

 

 

 

 

 

 

 

 

Residential real estate loans:

 

 

 

 

 

 

 

 

 

First mortgages

 

366

 

4,347

 

1,602

 

5,053

 

Second mortgages

 

517

 

1,290

 

868

 

1,428

 

Home equity

 

635

 

2,507

 

1,349

 

3,837

 

Total residential real estate loans

 

1,518

 

8,144

 

3,819

 

10,318

 

Commercial loans:

 

 

 

 

 

 

 

 

 

Commercial and multi-family real estate

 

42

 

2,822

 

564

 

3,606

 

Land acquisition & development

 

 

262

 

23

 

262

 

Real estate construction and development

 

 

241

 

260

 

241

 

Commercial and industrial loans

 

 

1,234

 

484

 

1,234

 

Total commercial loans

 

42

 

4,559

 

1,331

 

5,343

 

Consumer and other

 

25

 

463

 

59

 

492

 

Total charge-offs

 

1,585

 

13,166

 

5,209

 

16,153

 

Recoveries:

 

 

 

 

 

 

 

 

 

Residential real estate loans:

 

 

 

 

 

 

 

 

 

First mortgages

 

4

 

3

 

29

 

11

 

Second mortgages

 

75

 

7

 

109

 

20

 

Home equity

 

71

 

48

 

157

 

80

 

Total residential real estate loans

 

150

 

58

 

295

 

111

 

Commercial loans:

 

 

 

 

 

 

 

 

 

Commercial and multi-family real estate

 

67

 

60

 

1,109

 

55

 

Land acquisition & development

 

 

 

17

 

6

 

Real estate construction and development

 

628

 

 

1,797

 

 

Commercial and industrial

 

10

 

8

 

25

 

13

 

Total commercial loans

 

705

 

68

 

2,948

 

74

 

Consumer and other

 

6

 

4

 

17

 

7

 

Total recoveries

 

861

 

130

 

3,260

 

193

 

Net charge-offs

 

724

 

13,036

 

1,949

 

15,960

 

Balance, end of period

 

$

18,608

 

$

18,254

 

$

18,608

 

$

18,254

 

 

 

 

March 31,

 

December 31,

 

September 30,

 

 

 

2013

 

2012

 

2012

 

ASSET QUALITY RATIOS

 

 

 

 

 

 

 

Non-performing loans as a percent of total loans

 

2.54

%

4.22

%

4.79

%

Non-performing loans excluding current troubled debt restructurings as a percent of total loans

 

2.04

%

2.55

%

2.55

%

Non-performing assets as a percent of total assets

 

3.32

%

3.76

%

4.56

%

Non-performing assets excluding current troubled debt restructurings as a percent of total assets

 

2.19

%

2.56

%

2.91

%

Allowance for loan losses as a percent of total loans

 

1.83

%

1.79

%

1.73

%

Allowance for loan losses as a percent of non-performing loans

 

51.61

%

42.38

%

36.05

%

Allowance for loan losses as a percent of non-performing loans excluding current troubled debt restructurings and related allowance for loan losses

 

78.28

%

68.11

%

65.56

%

 



 

PULASKI FINANCIAL CORP.

AVERAGE BALANCE SHEETS

(Unaudited)

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Three Months Ended

 

 

 

March 31, 2013

 

 

March 31, 2012

 

 

 

 

 

Interest

 

Average

 

 

 

 

Interest

 

Average

 

 

 

Average

 

and

 

Yield/

 

 

Average

 

and

 

Yield/

 

 

 

Balance

 

Dividends

 

Cost

 

 

Balance

 

Dividends

 

Cost

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

 

$

1,007,196

 

$

11,644

 

4.62

%

 

$

1,030,081

 

$

12,649

 

4.91

%

Mortgage loans held for sale

 

178,783

 

1,413

 

3.16

%

 

138,654

 

1,277

 

3.68

%

Other interest-earning assets

 

66,180

 

119

 

0.72

%

 

50,754

 

85

 

0.67

%

Total interest-earning assets

 

1,252,159

 

13,176

 

4.21

%

 

1,219,489

 

14,011

 

4.60

%

Non-interest-earning assets

 

82,207

 

 

 

 

 

 

84,438

 

 

 

 

 

Total assets

 

$

1,334,366

 

 

 

 

 

 

$

1,303,927

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

942,363

 

$

1,327

 

0.56

%

 

$

948,665

 

$

1,824

 

0.77

%

Borrowed money

 

87,209

 

360

 

1.64

%

 

66,444

 

366

 

2.20

%

Total interest-bearing liabilities

 

1,029,572

 

1,687

 

0.66

%

 

1,015,109

 

2,190

 

0.86

%

Non-interest-bearing deposits

 

169,058

 

 

 

 

 

 

150,662

 

 

 

 

 

Non-interest-bearing liabilities

 

13,410

 

 

 

 

 

 

13,723

 

 

 

 

 

Stockholders’ equity

 

122,326

 

 

 

 

 

 

124,433

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,334,366

 

 

 

 

 

 

$

1,303,927

 

 

 

 

 

Net interest income

 

 

 

$

11,489

 

 

 

 

 

 

$

11,821

 

 

 

Interest rate spread

 

 

 

 

 

3.55

%

 

 

 

 

 

3.74

%

Net interest margin

 

 

 

 

 

3.67

%

 

 

 

 

 

3.88

%

 

 

 

(Dollars in thousands)

 

 

 

 

 

 

 

Six Months Ended

 

 

 

March 31, 2013

 

 

March 31, 2012

 

 

 

 

 

Interest

 

Average

 

 

 

 

Interest

 

Average

 

 

 

Average

 

and

 

Yield/

 

 

Average

 

and

 

Yield/

 

 

 

Balance

 

Dividends

 

Cost

 

 

Balance

 

Dividends

 

Cost

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Loans receivable

 

$

997,061

 

$

23,583

 

4.73

%

 

$

1,035,594

 

$

25,850

 

4.99

%

Mortgage loans held for sale

 

181,319

 

2,982

 

3.29

%

 

138,676

 

2,588

 

3.73

%

Other interest-earning assets

 

58,387

 

224

 

0.77

%

 

46,685

 

196

 

0.84

%

Total interest-earning assets

 

1,236,767

 

26,789

 

4.33

%

 

1,220,955

 

28,634

 

4.69

%

Non-interest-earning assets

 

84,402

 

 

 

 

 

 

85,870

 

 

 

 

 

Total assets

 

$

1,321,169

 

 

 

 

 

 

$

1,306,825

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

$

926,782

 

$

2,761

 

0.60

%

 

$

944,090

 

$

3,956

 

0.84

%

Borrowed money

 

81,984

 

732

 

1.79

%

 

70,644

 

743

 

2.10

%

Total interest-bearing liabilities

 

1,008,766

 

3,493

 

0.69

%

 

1,014,734

 

4,699

 

0.93

%

Noninterest-bearing deposits

 

175,869

 

 

 

 

 

 

153,789

 

 

 

 

 

Noninterest-bearing liabilities

 

15,110

 

 

 

 

 

 

14,601

 

 

 

 

 

Stockholders’ equity

 

121,424

 

 

 

 

 

 

123,701

 

 

 

 

 

Total liabilities and stockholders’ equity

 

$

1,321,169

 

 

 

 

 

 

$

1,306,825

 

 

 

 

 

Net interest income

 

 

 

$

23,296

 

 

 

 

 

 

$

23,935

 

 

 

Interest rate spread

 

 

 

 

 

3.64

%

 

 

 

 

 

3.76

%

Net interest margin

 

 

 

 

 

3.77

%

 

 

 

 

 

3.92

%

 

# # #