Attached files
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|---|---|
| 8-K - FORM 8-K RE: OCTOBER 2015 EARNINGS RELEASE - Fox Chase Bancorp Inc | form8k_102915.htm |
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 1 |
[FOX CHASE LOGO]
4390 Davisville Road, Hatboro, PA 19040 Phone (215) 283-2900 Fax (215) 775-1401
NEWS RELEASE
For Immediate Release
| Date: | October 28, 2015 |
| Contact: | Roger S. Deacon |
| Chief Financial Officer | |
| Phone: | (215) 775-1435 |
FOX CHASE BANCORP, INC. REPORTS A 28% INCREASE IN EARNINGS
FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015
HATBORO, PA. October 28, 2015 – Fox Chase Bancorp, Inc. (the “Company”) (NASDAQ GS: FXCB), the holding company for Fox Chase Bank (the “Bank”), today announced net income of $2.3 million, or $0.21 per diluted share, and $7.8 million, or $0.69 per diluted share, for the three and nine months ended September 30, 2015, respectively, compared to net income of $1.8 million, or $0.16 per diluted share, and $6.1 million, or $0.53 per diluted share, for the three and nine months ended September 30, 2014, respectively.
Commenting on performance for the quarter, Thomas M. Petro, President and CEO said, “We are pleased to report a 28% increase in net income for the three and nine months ended September 30, 2015 compared to the same periods in 2014. This earnings improvement was driven by continued execution of our commercial banking strategy and year to date recoveries of $1.1 million (pre-tax) on previously charged-off loans. As previously disclosed, we continued to incur one-time costs due to our core data processing systems conversion. These pre-tax costs were $502,000 and $979,000 during the three and nine months ended September 30, 2015 and are expected to approximate $1.3 million for the full year 2015. The conversion was successfully completed in early October as planned. As we look to the fourth quarter of 2015, we continue to see opportunities to grow despite the slow pace of economic expansion, increased competition and the low interest rate environment.”
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 2 |
Highlights for the three and nine months ended September 30, 2015 included:
|
·
|
Total average assets were $1.10 billion for the nine months ended September 30, 2015 compared to $1.09 billion for the nine months ended September 30, 2014. Total average commercial loans increased by $45.7 million, or 7.9%, to $622.7 million for the nine months ended September 30, 2015, compared to $577.0 million for the nine months ended September 30, 2014.
|
|
·
|
Assets were $1.10 billion at September 30, 2015 compared to $1.09 billion at December 31, 2014 and $1.07 billion at September 30, 2014. Total commercial loans increased by $31.6 million, or 5.2%, to $639.1 million at September 30, 2015 compared to $607.5 million at December 31, 2014.
|
|
·
|
Return on average assets was 0.85% and 0.94% for the three and nine months ended September 30, 2015, respectively, compared to 0.67% and 0.74% for the three and nine months ended September 30, 2014, respectively.
|
|
·
|
Net interest income increased $466,000, or 1.8%, to $25.7 million for the nine months ended September 30, 2015, compared to $25.3 million for the nine months ended September 30, 2014 and decreased $117,000, or 1.4%, to $8.4 million for the three months ended September 30, 2015, compared to $8.5 million for the three months ended September 30, 2014.
|
|
·
|
The net interest margin was 3.18% for the three months ended September 30, 2015, compared to 3.24% for the three months ended June 30, 2015 and 3.20% for the three months ended September 30, 2014. During the three months ended September 30, 2015 and June 30, 2015, respectively, the Company received $143,000 and $130,000 in prepayment fees, which increased net interest margin in both periods by five basis points.
|
|
·
|
The Company recorded a credit to the provision for loan losses of $300,000 and $1.1 million for the three and nine months ended September 30, 2015. The credits were primarily due to $317,000 and $1.2 million of recoveries on previously charged-off loans for the three and nine months ended September 30, 2015, respectively. There were no commercial loan charge-offs during the three months ended September 30, 2015.
|
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 3 |
|
·
|
The allowance for loan losses was $10.6 million, or 1.42% of total loans, at September 30, 2015 compared to $10.7 million, or 1.45% of total loans at June 30, 2015, and compared to $10.7 million, or 1.46% of total loans, at December 31, 2014.
|
|
·
|
Nonperforming assets were $6.3 million, or 0.57% of total assets, at September 30, 2015 compared to $5.8 million, or 0.53% of total assets, at June 30, 2015 and $6.3 million, or 0.57% of total assets, at December 31, 2014. Delinquent loans totaled $720,000 at September 30, 2015, compared to $660,000 at June 30, 2015 and $258,000 at December 31, 2014.
|
|
·
|
Noninterest income increased $373,000 to $2.0 million for the nine months ended September 30, 2015 compared to $1.6 million for the nine months ended September 30, 2014 primarily due to an increase of $100,000 in equity in earnings of affiliate due to higher mortgage volumes, and an increase of $86,000 in income on bank-owned life insurance as the Bank purchased $10.0 million of bank-owned life insurance in the three months ended September 30, 2015.
|
|
·
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Noninterest expense increased $1.2 million, or 7.4%, to $17.8 million for the nine months ended September 30, 2015, compared to $16.6 million for the nine months ended September 30, 2014. This increase was primarily due to the Company incurring $979,000 of system conversion costs. For the nine months ended September 30, 2015, system conversion costs are captured in the following noninterest expense categories: Salary, benefits and other compensation ($106,000), data processing costs ($498,000), professional fees ($296,000) and other ($79,000).
|
|
·
|
Income tax provision for the nine months ended September 30, 2015 includes the reversal of an $182,000 valuation allowance on certain state deferred tax assets, which occurred during the three months ended March 31, 2015. The effective income tax rate for the nine months ended September 30, 2015 was 29.2%. Excluding this reversal, the effective income tax rate for the nine months ended September 30, 2015 was 30.8% compared to 29.8% for the nine months ended September 30, 2014.
|
The Company also announced that its Board of Directors declared a cash dividend of $0.14 per outstanding share of common stock. The dividend will be paid on November 25, 2015 to stockholders of record as of the close of business on November 11, 2015. During the three months ended September 30, 2015, the Company repurchased 19,500 shares of treasury stock and has approximately 817,000 shares remaining in its approved repurchase plans.
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 4 |
Fox Chase Bancorp, Inc. will host a conference call to discuss third quarter 2015 results on Thursday, October 29, 2015 at 9:00 am EDT. The general public can access the call by dialing (877) 507-3275. A replay of the conference call will be available through December 11, 2015 by dialing (877) 344-7529; use Conference ID: 10074213. Participants may preregister at http://dpregister.com/10074213.
Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank’s website at www.foxchasebank.com.
This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 5 |
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
|
Three Months Ended
|
Nine Months Ended
|
|||||||||||
|
September 30,
|
September 30,
|
|||||||||||
|
2015
|
2014
|
2015
|
2014
|
|||||||||
|
(Unaudited)
|
||||||||||||
|
INTEREST INCOME
|
||||||||||||
|
Interest and fees on loans
|
$ 8,243
|
$ 8,375
|
$ 24,773
|
$ 24,615
|
||||||||
|
Interest and dividends on investment securities
|
1,659
|
1,777
|
5,337
|
5,672
|
||||||||
|
Other interest income
|
4
|
1
|
10
|
2
|
||||||||
|
Total Interest Income
|
9,906
|
10,153
|
30,120
|
30,289
|
||||||||
|
INTEREST EXPENSE
|
||||||||||||
|
Deposits
|
745
|
760
|
2,188
|
2,455
|
||||||||
|
Short-term borrowings
|
25
|
45
|
79
|
100
|
||||||||
|
Federal Home Loan Bank advances
|
568
|
577
|
1,630
|
1,723
|
||||||||
|
Other borrowed funds
|
167
|
253
|
497
|
751
|
||||||||
|
Total Interest Expense
|
1,505
|
1,635
|
4,394
|
5,029
|
||||||||
|
Net Interest Income
|
8,401
|
8,518
|
25,726
|
25,260
|
||||||||
|
(Credit) provision for loan losses
|
(300)
|
1,493
|
(1,095)
|
1,593
|
||||||||
|
Net Interest Income after Provision for Loan Losses
|
8,701
|
7,025
|
26,821
|
23,667
|
||||||||
|
NONINTEREST INCOME
|
||||||||||||
|
Service charges and other fee income
|
377
|
416
|
1,200
|
1,192
|
||||||||
|
Net gain (loss) on sale of assets acquired through foreclosure
|
1
|
(15)
|
(14)
|
(136)
|
||||||||
|
Income on bank-owned life insurance
|
202
|
121
|
444
|
358
|
||||||||
|
Equity in earnings of affiliate
|
74
|
91
|
225
|
125
|
||||||||
|
Other
|
67
|
29
|
133
|
76
|
||||||||
|
Total Noninterest Income
|
721
|
642
|
1,988
|
1,615
|
||||||||
|
NONINTEREST EXPENSE
|
||||||||||||
|
Salaries, benefits and other compensation
|
3,836
|
3,510
|
11,498
|
10,670
|
||||||||
|
Occupancy expense
|
391
|
407
|
1,288
|
1,321
|
||||||||
|
Furniture and equipment expense
|
81
|
93
|
263
|
300
|
||||||||
|
Data processing costs
|
676
|
384
|
1,751
|
1,146
|
||||||||
|
Professional fees
|
370
|
271
|
1,147
|
1,086
|
||||||||
|
Marketing expense
|
35
|
54
|
133
|
156
|
||||||||
|
FDIC premiums
|
124
|
136
|
384
|
451
|
||||||||
|
Assets acquired through foreclosure expense
|
131
|
10
|
223
|
403
|
||||||||
|
Other
|
414
|
333
|
1,159
|
1,077
|
||||||||
|
Total Noninterest Expense
|
6,058
|
5,198
|
17,846
|
16,610
|
||||||||
|
Income Before Income Taxes
|
3,364
|
2,469
|
10,963
|
8,672
|
||||||||
|
Income tax provision
|
1,036
|
653
|
3,200
|
2,585
|
||||||||
|
Net Income
|
$ 2,328
|
$ 1,816
|
$ 7,763
|
$ 6,087
|
||||||||
|
Earnings per share:
|
||||||||||||
|
Basic
|
$ 0.21
|
$ 0.16
|
$ 0.71
|
$ 0.54
|
||||||||
|
Diluted
|
$ 0.21
|
$ 0.16
|
$ 0.69
|
$ 0.53
|
||||||||
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 6 |
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, Except Share Data)
|
September 30,
|
December 31,
|
|||||
|
2015
|
2014
|
|||||
|
(Unaudited)
|
(Audited)
|
|||||
|
ASSETS
|
||||||
|
Cash and due from banks
|
$ 322
|
$ 2,763
|
||||
|
Interest-earning demand deposits in other banks
|
6,889
|
14,450
|
||||
|
Total cash and cash equivalents
|
7,211
|
17,213
|
||||
|
Investment securities available-for-sale
|
138,756
|
134,037
|
||||
|
Investment securities held-to-maturity (fair value of $157,665 at
|
||||||
|
September 30, 2015 and $170,854 at December 31, 2014)
|
156,099
|
170,172
|
||||
|
Loans, net of allowance for loan losses of $10,623
|
||||||
|
at September 30, 2015 and $10,730 at December 31, 2014
|
739,489
|
724,326
|
||||
|
Federal Home Loan Bank stock, at cost
|
4,986
|
6,015
|
||||
|
Bank-owned life insurance
|
25,471
|
15,027
|
||||
|
Premises and equipment, net
|
9,157
|
9,418
|
||||
|
Assets acquired through foreclosure
|
2,815
|
2,814
|
||||
|
Real estate held for investment
|
1,620
|
1,620
|
||||
|
Accrued interest receivable
|
3,174
|
3,147
|
||||
|
Mortgage servicing rights, net
|
98
|
111
|
||||
|
Deferred tax asset, net
|
4,451
|
4,561
|
||||
|
Other assets
|
5,470
|
6,155
|
||||
|
Total Assets
|
$ 1,098,797
|
$ 1,094,616
|
||||
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
||||||
|
LIABILITIES
|
||||||
|
Deposits
|
$ 717,702
|
$ 711,909
|
||||
|
Short-term borrowings
|
60,000
|
50,000
|
||||
|
Federal Home Loan Bank advances
|
110,000
|
120,000
|
||||
|
Other borrowed funds
|
30,000
|
30,000
|
||||
|
Advances from borrowers for taxes and insurance
|
1,025
|
1,447
|
||||
|
Accrued interest payable
|
310
|
311
|
||||
|
Accrued expenses and other liabilities
|
3,758
|
5,038
|
||||
|
Total Liabilities
|
922,795
|
918,705
|
||||
|
STOCKHOLDERS' EQUITY
|
||||||
|
Preferred stock ($.01 par value; 1,000,000 shares authorized,
|
||||||
|
none issued and outstanding at September 30, 2015 and December 31, 2014)
|
-
|
-
|
||||
|
Common stock ($.01 par value; 60,000,000 shares authorized,
|
||||||
|
11,591,401 shares outstanding at September 30, 2015
|
||||||
|
and 11,802,791 shares outstanding at December 31, 2014)
|
147
|
147
|
||||
|
Additional paid-in capital
|
140,805
|
139,177
|
||||
|
Treasury stock, at cost (3,141,201 shares at September 30, 2015 and
|
||||||
|
2,852,572 at December 31, 2014)
|
(44,468)
|
(39,698)
|
||||
|
Common stock acquired by benefit plans
|
(6,878)
|
(8,056)
|
||||
|
Retained earnings
|
86,012
|
84,225
|
||||
|
Accumulated other comprehensive income, net
|
384
|
116
|
||||
|
Total Stockholders' Equity
|
176,002
|
175,911
|
||||
|
Total Liabilities and Stockholders' Equity
|
$ 1,098,797
|
$ 1,094,616
|
||||
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 7 |
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
|
September 30,
|
June 30,
|
December 31,
|
September 30,
|
|||||||||||||
|
2015
|
2015
|
2014
|
2014
|
|||||||||||||
|
CAPITAL RATIOS:
|
||||||||||||||||
|
Stockholders’ equity (to total assets) (1)
|
16.02 | % | 15.95 | % | 16.07 | % | 16.59 | % | ||||||||
|
Common equity tier 1 capital ratio (to risk-weighted assets) (2)
|
16.93 | 16.86 | N/A | N/A | ||||||||||||
|
Tier 1 leverage ratio (to adjusted average assets) (2)
|
13.64 | 13.30 | 13.99 | 13.35 | ||||||||||||
|
Tier 1 capital ratio (to risk-weighted assets) (2)
|
16.93 | 16.86 | 18.97 | 19.18 | ||||||||||||
|
Total capital ratio (to risk-weighted assets) (2)
|
17.95 | 17.91 | 20.02 | 20.22 | ||||||||||||
|
ASSET QUALITY INDICATORS:
|
||||||||||||||||
|
Nonperforming Assets:
|
||||||||||||||||
|
Nonaccruing loans
|
$ | 3,446 | $ | 3,002 | $ | 3,454 | $ | 3,641 | ||||||||
|
Accruing loans past due 90 days or more
|
- | - | - | - | ||||||||||||
|
Total nonperforming loans
|
$ | 3,446 | $ | 3,002 | $ | 3,454 | $ | 3,641 | ||||||||
|
Assets acquired through foreclosure
|
2,815 | 2,819 | 2,814 | 1,889 | ||||||||||||
|
Total nonperforming assets
|
$ | 6,261 | $ | 5,821 | $ | 6,268 | $ | 5,530 | ||||||||
|
Ratio of nonperforming loans to total loans
|
0.46 | % | 0.41 | % | 0.47 | % | 0.50 | % | ||||||||
|
Ratio of nonperforming assets to total assets
|
0.57 | 0.53 | 0.57 | 0.51 | ||||||||||||
|
Ratio of allowance for loan losses to total loans
|
1.42 | 1.45 | 1.46 | 1.54 | ||||||||||||
|
Ratio of allowance for loan losses to nonperforming loans
|
308.3 | 357.6 | 310.7 | 304.8 | ||||||||||||
|
Troubled Debt Restructurings:
|
||||||||||||||||
|
Nonaccruing troubled debt restructurings (3)
|
$ | 1,123 | $ | 1,331 | $ | 1,401 | $ | 277 | ||||||||
|
Accruing troubled debt restructurings
|
5,971 | 5,892 | 3,624 | 5,504 | ||||||||||||
|
Total troubled debt restructurings
|
$ | 7,094 | $ | 7,223 | $ | 5,025 | $ | 5,781 | ||||||||
|
Past Due Loans:
|
||||||||||||||||
|
30 - 59 days
|
$ | 541 | $ | 639 | $ | 113 | $ | 939 | ||||||||
|
60 - 89 days
|
179 | 21 | 145 | 124 | ||||||||||||
|
Total
|
$ | 720 | $ | 660 | $ | 258 | $ | 1,063 | ||||||||
(1) Represents stockholders’ equity ratio of Fox Chase Bancorp, Inc.
(2) Represents regulatory capital ratios of Fox Chase Bank.
(3) Nonaccruing troubled debt restructurings are included in total nonaccruing loans above.
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 8 |
|
At or for the Three Months Ended
|
||||||||||||||||
|
September 30,
|
June 30,
|
December 31,
|
September 30,
|
|||||||||||||
|
2015
|
2015
|
2014
|
2014
|
|||||||||||||
|
PERFORMANCE RATIOS (4):
|
||||||||||||||||
|
Return on average assets
|
0.85 | % | 1.15 | % | 0.79 | % | 0.67 | % | ||||||||
|
Return on average equity
|
5.32 | 7.22 | 4.76 | 4.07 | ||||||||||||
|
Net interest margin
|
3.18 | 3.24 | 3.18 | 3.20 | ||||||||||||
|
Efficiency ratio (5)
|
65.1 | 64.3 | 63.3 | 56.7 | ||||||||||||
|
OTHER:
|
||||||||||||||||
|
Average commercial loans
|
$ | 621,942 | $ | 630,577 | $ | 571,875 | $ | 593,847 | ||||||||
|
Tangible book value per share - Core (6)
|
$ | 15.15 | $ | 15.03 | $ | 14.89 | $ | 14.81 | ||||||||
|
Tangible book value per share (7)
|
$ | 15.18 | $ | 15.03 | $ | 14.90 | $ | 14.78 | ||||||||
|
Employees (full-time equivalents)
|
138 | 136 | 138 | 141 | ||||||||||||
|
At or for the Nine Months Ended
|
||||||||||||||||
|
September 30,
|
September 30,
|
|||||||||||||||
| 2015 | 2014 | |||||||||||||||
|
PERFORMANCE RATIOS (4):
|
||||||||||||||||
|
Average commercial loans
|
$ | 622,664 | $ | 577,010 | ||||||||||||
|
Return on average assets
|
0.94 | % | 0.74 | % | ||||||||||||
|
Return on average equity
|
5.90 | 4.59 | ||||||||||||||
|
Net interest margin
|
3.24 | 3.19 | ||||||||||||||
|
Efficiency ratio (5)
|
63.9 | 60.4 | ||||||||||||||
|
(4)
|
Annualized
|
|
(5)
|
Represents noninterest expense, excluding valuation adjustments on assets acquired through foreclosure, divided by the sum of net interest income and noninterest income, excluding gains or losses on the sale of securities, premises and equipment and assets acquired through foreclosure.
|
|
(6)
|
Total stockholders’ equity, excluding the impact of accumulated other comprehensive income (loss), net ($384,000 at September 30, 2015, ($99,000) at June 30, 2015, $116,000 at December 31, 2014 and $453,000 at September 30, 2014), divided by total shares outstanding.
|
|
(7)
|
Total stockholders’ equity divided by total shares outstanding. Tangible book value per share and book value per share were the same for all periods indicated.
|
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 9 |
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
Three Months Ended September 30,
|
||||||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||||||
|
Interest
|
Interest
|
|||||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Balance
|
Dividends
|
Cost (2)
|
Balance
|
Dividends
|
Cost (2)
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Interest-earning demand deposits
|
$ | 10,586 | $ | 4 | 0.16 | % | $ | 6,815 | $ | 1 | 0.06 | % | ||||||||||||
|
Investment securities
|
304,386 | 1,659 | 2.18 | % | 322,178 | 1,777 | 2.21 | % | ||||||||||||||||
|
Loans (1)
|
735,872 | 8,243 | 4.45 | % | 730,410 | 8,375 | 4.56 | % | ||||||||||||||||
|
Allowance for loan losses
|
(10,731 | ) | (11,541 | ) | ||||||||||||||||||||
|
Net loans
|
725,141 | 8,243 | 718,869 | 8,375 | ||||||||||||||||||||
|
Total interest-earning assets
|
1,040,113 | 9,906 | 3.79 | % | 1,047,862 | 10,153 | 3.85 | % | ||||||||||||||||
|
Noninterest-earning assets
|
51,792 | 41,403 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,091,905 | $ | 1,089,265 | ||||||||||||||||||||
|
Liabilities and equity:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Interest-bearing deposits
|
$ | 572,028 | $ | 745 | 0.52 | % | $ | 552,072 | $ | 760 | 0.55 | % | ||||||||||||
|
Borrowings
|
170,923 | 760 | 1.76 | % | 228,737 | 875 | 1.52 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
742,951 | 1,505 | 0.80 | % | 780,809 | 1,635 | 0.83 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
168,357 | 123,709 | ||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,505 | 6,407 | ||||||||||||||||||||||
|
Total liabilities
|
916,813 | 910,925 | ||||||||||||||||||||||
|
Stockholders' equity
|
175,047 | 178,984 | ||||||||||||||||||||||
|
Accumulated comprehensive income
|
45 | (644 | ) | |||||||||||||||||||||
|
Total stockholders' equity
|
175,092 | 178,340 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,091,905 | $ | 1,089,265 | ||||||||||||||||||||
|
Net interest income
|
$ | 8,401 | $ | 8,518 | ||||||||||||||||||||
|
Interest rate spread
|
2.99 | % | 3.02 | % | ||||||||||||||||||||
|
Net interest margin
|
3.18 | % | 3.20 | % | ||||||||||||||||||||
|
(1)
|
Nonperforming loans are included in average balance computation.
|
|
(2)
|
Yields are not presented on a tax-equivalent basis.
|
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 10 |
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
Three Months Ended
|
||||||||||||||||||||||||
|
September 30, 2015
|
June 30, 2015
|
|||||||||||||||||||||||
|
Interest
|
Interest
|
|||||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Balance
|
Dividends
|
Cost (2)
|
Balance
|
Dividends
|
Cost (2)
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Interest-earning demand deposits
|
$ | 10,586 | $ | 4 | 0.16 | % | $ | 10,285 | $ | 3 | 0.13 | % | ||||||||||||
|
Investment securities
|
304,386 | 1,659 | 2.18 | % | 309,583 | 1,696 | 2.19 | % | ||||||||||||||||
|
Loans (1)
|
735,872 | 8,243 | 4.45 | % | 749,997 | 8,391 | 4.49 | % | ||||||||||||||||
|
Allowance for loan losses
|
(10,731 | ) | (11,919 | ) | ||||||||||||||||||||
|
Net loans
|
725,141 | 8,243 | 738,078 | 8,391 | ||||||||||||||||||||
|
Total interest-earning assets
|
1,040,113 | 9,906 | 3.79 | % | 1,057,946 | 10,090 | 3.82 | % | ||||||||||||||||
|
Noninterest-earning assets
|
51,792 | 42,400 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,091,905 | $ | 1,100,346 | ||||||||||||||||||||
|
Liabilities and equity:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Interest-bearing deposits
|
$ | 572,028 | $ | 745 | 0.52 | % | $ | 585,892 | $ | 728 | 0.50 | % | ||||||||||||
|
Borrowings
|
170,923 | 760 | 1.76 | % | 156,130 | 709 | 1.82 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
742,951 | 1,505 | 0.80 | % | 742,022 | 1,437 | 0.78 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
168,357 | 177,223 | ||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
5,505 | 6,353 | ||||||||||||||||||||||
|
Total liabilities
|
916,813 | 925,598 | ||||||||||||||||||||||
|
Stockholders' equity
|
175,047 | 174,201 | ||||||||||||||||||||||
|
Accumulated comprehensive income
|
45 | 547 | ||||||||||||||||||||||
|
Total stockholders' equity
|
175,092 | 174,748 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,091,905 | $ | 1,100,346 | ||||||||||||||||||||
|
Net interest income
|
$ | 8,401 | $ | 8,653 | ||||||||||||||||||||
|
Interest rate spread
|
2.99 | % | 3.04 | % | ||||||||||||||||||||
|
Net interest margin
|
3.18 | % | 3.24 | % | ||||||||||||||||||||
|
(1)
|
Nonperforming loans are included in average balance computation.
|
|
(2)
|
Yields are not presented on a tax-equivalent basis.
|
| FOX CHASE BANCORP, INC. | 3rd QUARTER EARNINGS 2015 |
| PAGE 11 |
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
Nine Months Ended September 30,
|
||||||||||||||||||||||||
|
2015
|
2014
|
|||||||||||||||||||||||
|
Interest
|
Interest
|
|||||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Balance
|
Dividends
|
Cost (2)
|
Balance
|
Dividends
|
Cost (2)
|
|||||||||||||||||||
|
Assets:
|
||||||||||||||||||||||||
|
Interest-earning assets:
|
||||||||||||||||||||||||
|
Interest-earning demand deposits
|
$ | 10,807 | $ | 10 | 0.13 | % | $ | 6,794 | $ | 2 | 0.05 | % | ||||||||||||
|
Investment securities
|
308,339 | 5,337 | 2.31 | % | 330,211 | 5,672 | 2.29 | % | ||||||||||||||||
|
Loans (1)
|
742,624 | 24,773 | 4.46 | % | 719,879 | 24,615 | 4.57 | % | ||||||||||||||||
|
Allowance for loan losses
|
(11,142 | ) | (11,566 | ) | ||||||||||||||||||||
|
Net loans
|
731,482 | 24,773 | 708,313 | 24,615 | ||||||||||||||||||||
|
Total interest-earning assets
|
1,050,628 | 30,120 | 3.83 | % | 1,045,318 | 30,289 | 3.87 | % | ||||||||||||||||
|
Noninterest-earning assets
|
45,631 | 44,496 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,096,259 | $ | 1,089,814 | ||||||||||||||||||||
|
Liabilities and equity:
|
||||||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Interest-bearing deposits
|
$ | 568,128 | $ | 2,188 | 0.51 | % | $ | 562,000 | $ | 2,455 | 0.58 | % | ||||||||||||
|
Borrowings
|
172,394 | 2,206 | 1.71 | % | 221,806 | 2,574 | 1.55 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
740,522 | 4,394 | 0.79 | % | 783,806 | 5,029 | 0.86 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
173,989 | 121,770 | ||||||||||||||||||||||
|
Other noninterest-bearing liabilities
|
6,433 | 7,437 | ||||||||||||||||||||||
|
Total liabilities
|
920,944 | 913,013 | ||||||||||||||||||||||
|
Stockholders' equity
|
174,934 | 178,382 | ||||||||||||||||||||||
|
Accumulated comprehensive income
|
381 | (1,581 | ) | |||||||||||||||||||||
|
Total stockholders' equity
|
175,315 | 176,801 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,096,259 | $ | 1,089,814 | ||||||||||||||||||||
|
Net interest income
|
$ | 25,726 | $ | 25,260 | ||||||||||||||||||||
|
Interest rate spread
|
3.04 | % | 3.01 | % | ||||||||||||||||||||
|
Net interest margin
|
3.24 | % | 3.19 | % | ||||||||||||||||||||
|
(1)
|
Nonperforming loans are included in average balance computation.
|
|
(2)
|
Yields are not presented on a tax-equivalent basis.
|
###