Attached files
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8-K - 8-K - PULASKI FINANCIAL CORP | a13-10752_18k.htm |
Exhibit 99.1
PULASKI FINANCIALS 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 Companys 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.
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 Companys 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 Treasurys auction to private investors in July 2012, we have repurchased 28% of the original $32.5 million in par value of our
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 Financials 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 Companys 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.
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 317-5046
Tables follow...
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
|
|
(Dollars in thousands except per share data) |
|
|
|
Three Months Ended |
| |||||||
|
|
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 |
% |
# # #