Teche Holding Company Earns $0.85 per Share for Third Quarter and $2.45 for Fiscal 2011 Year to Date
(firmenpresse) - NEW IBERIA, LA -- (Marketwire) -- 07/27/11 -- (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 June 30, 2011, the third quarter of fiscal 2011.
Earnings for the quarter ended June 30, 2011 amounted to $1.8 million, or
$0.85 per diluted share, compared to $1.82 million, or $0.87 per diluted
share for the same quarter in fiscal 2010, a decrease of $0.02 per diluted
share, or 2.3%.
Earnings for the nine month period ended June 30, 2011 amounted to $5.13
million, or $2.45 per diluted share, compared to $5.25 million or $2.49 per
diluted share, for the same period in fiscal 2010, a decrease of $0.04 per
diluted share, or 1.6%. For the same period in FY 2009, diluted EPS
amounted to $2.42.
"We posted record earnings for the past two years in very difficult times
and our earnings for the past nine months are near those levels," said
Little.
The Company reported the following highlights:
Capital
Asset Quality
The following table sets forth asset quality ratios for each of the past
five quarters:
The following table sets forth the allowance for loan loss activity for
each of the past 5 quarters.
Net charge-offs for the quarter were $3.3 million, or 0.57% of average
loans, compared to $323,000 or 0.05% of average loans for the same period a
year ago. For the twelve months ended June 30, 2011, net charge offs were
$4.8 million or 0.80% of average loans, compared to $2.3 million or 0.38%
of loans for the twelve months ended June 30, 2010. The increase in net
charge-offs for the quarter was primarily due to two commercial real estate
land and construction credit relationships, which accounted for $2.2
million in charge offs this quarter. These charged off amounts were
previously included in the Allowance for Loan Losses as specific reserves.
The allowance for loan losses was $8.1 million or 1.39% of total loans at
June 30, 2011. This represented a decrease of $0.7 million from $8.8
million or 1.48% of total loans at June 30, 2010, and a decrease of $2.3
million from $10.5 million or 1.78% of total loans at March 31, 2011,
primarily due to net charge-offs during the quarter.
Non-performing assets decreased to $14.4 million, or 1.83% of total assets,
at June 30, 2011, compared to $17.3 million, or 2.22% of total assets at
March 31, 2011 and $16.4 million, or 2.16% of total assets a year ago,
primarily due to charge-offs of previously reserved credits during the
quarter. Non-performing assets consist of non-accrual loans, loans 90 days
or more past due and other real estate owned.
Net Interest Income
Net interest income for the three months ended June 30, 2011 amounted to
$7.57 million compared to $7.33 million for the quarter ended June 30,
2010, an increase of 3.3%, or $243,000 primarily due to a decrease in
interest expense.
Net Interest Margin and Spread
Net interest margin amounted to 4.24% for the three-month period ended June
30, 2011; compared to 4.25% for the linked quarter and 4.18% for the
three-months ended June 30, 2010.
Spread amounted to 4.03% for the three month period ended June 30, 2011,
compared to 3.94% for the same period in the previous year. Compared to
the same quarter last year, the average yield on earnings assets decreased
41 basis points from 5.87% to 5.46%, while the average cost of funds
decreased 50 basis points from 1.93% to 1.43%.
The average yield on loans decreased from 6.39% for the quarter ended June
30, 2010 to 6.20% for the quarter ended June 30, 2011. The cost of
interest bearing deposits decreased from 1.41% for the quarter ended June
30, 2010 to 0.96% for the quarter ended June 30, 2011.
"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 0.24%, compared to 0.32% for
the linked quarter and 0.58% a year ago.
Operating Revenue
Operating Revenue for the quarter, consisting of net interest income
(before provisions for loan losses) plus non-interest income, amounted to
$11.5 million, which was comparable to the four preceding quarters.
The table below reflects Teche's operating revenues in millions over the
past five quarters:
Non-Interest Income
Non-interest income increased slightly to $3.9 million for the quarter
compared to $3.8 million in the linked quarter and $4.2 million a year ago.
This amounted to 2.02% of average assets for the quarter, compared to 2.02%
for the linked quarter and 2.17% a year ago. Deposit fees comprised 92.4%
of non-interest income for the quarter, compared to 90.5% for the linked
quarter and 92.0% a year ago. Interchange fees amounted to $881,000 for
the quarter, compared to $820,000 for the linked quarter and $849,000 a
year ago.
On June 29, 2011, the Federal Reserve approved new regulations affecting
interchange fees of Banks over $10 billion in assets, effective October 1,
2011. "Even though these regulations are not effective until our next
fiscal year, and even though Teche is exempt from the regulation,
management continues to closely monitor these changes," said Little.
Non-interest income amounted to 34.2% of operating income for the quarter
ended June 30, 2011, compared to 36.2% for the three months ended June 30,
2010 and to 34.2% for the linked quarter.
Non-Interest Expense
For the quarter, non-interest expense was $7.8 million or 3.99% of average
assets, compared to the linked quarter of $7.9 million or 4.17% of average
assets, a decrease of 0.18%. Compared to the same quarter in fiscal 2010,
non-interest expense decreased $100,000 or 1.3%.
Net Income and Dividends
Since 2003, the Company has increased dividends for eight consecutive years
and on June 30, 2011 paid a $0.36 per share quarterly dividend, its
sixty-fourth consecutive. Based on the closing price of the Company's
common stock on June 30, 2011 of $34.80, the annualized dividend yield was
4.10%.
Loans
Gross loans receivable decreased to $583.4 million at June 30, 2011, from
$588.2 million at March 31, 2011 and $597.7 million at June 30, 2010,
representing a linked quarter decrease of $4.8 million, or 0.8% and a
twelve month decrease of $14.3 million or 2.4%. SmartGrowth Loans,
consisting of commercial loans, home equity loans, SmartMortgage loans and
consumer loans, were $450.1 million, or 77.2% of total loans at June 30,
2011, compared to $456.4 million, or 77.6% at March 31, 2011 and $466.1
million at June 30, 2010, for a three month decrease of $6.3 million, or
1.4% and a twelve month decrease of $16.0 million, or 3.4%.
"SmartGrowth loans decreased primarily due to a combination of normal
repayments, reduced originations and charge-offs this quarter in the
commercial portfolio," said Little. "Compared to last year at this time,
loan balances are 2.4% lower."
Commercial loan balances at June 30, 2011 amounted to $201.3 million,
compared to $207.5 million at March 31, 2011 and $212.7 million at June 30,
2010, for a three month decrease of $6.2 million or 3.0% and a twelve month
decrease of $11.4 million, or 5.4%. Consumer loan balances at June 30,
2011 amounted to $109.5 million, compared to $109.1 million at March 31,
2011 and $110.8 million at June 30, 2010, a linked quarter increase of $0.4
million, or 0.4%.
Deposits
"We are very pleased that we are growing SmartGrowth Deposits, and
increasing overall deposits and reducing our cost of funds," said Little.
Three Month Growth. Total deposits increased to $625.3 million at June 30,
2011, from $610.9 million at March 31, 2011, a linked quarter increase of
$14.4 million or 2.4%. The Company's SmartGrowth Deposit Accounts,
consisting of checking accounts, money market accounts, and savings
accounts, had solid growth. Total SmartGrowth Deposits increased $17.3
million to $455.9 million or 3.9% at June 30, 2011, from $438.7 million at
March 31, 2011.
Checking account balances at June 30, 2011 increased $15.8 million, or
8.2%, to $209.1 million from $193.2 million at March 31, 2011.
Twelve Month Growth. Total deposits increased to $625.3 million at June 30,
2011, from $578.1 million at June 30, 2010, a twelve month increase of
$47.1 million, or 8.2%. Total SmartGrowth Deposits increased $63.3
million, or 16.1% from $392.6 million at June 30, 2010.
SmartGrowth Deposits amounted to 72.9% of total deposits as of June 30,
2011 compared to 67.9% at June 30, 2010.
Checking account balances at June 30, 2011 increased 23.4% or $39.7 million
in the past 12 months. Checking account balances now account for 33.4% of
total deposits compared to 29.3% at June 30, 2010.
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 Federal Bank is the fourth largest publicly owned bank
based in Louisiana with over $789 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.
Contact:
Patrick Little
President & CEO
Teche Holding Company
(337) 560-7151
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Datum: 27.07.2011 - 15:42 Uhr
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