Teche Holding Company Announces Fourth Consecutive Fiscal Year of Record EPS, Earns $1.01 per Share for Fourth Quarter
by Marketwire
NEW IBERIA, LA -- (Marketwire) -- 10/25/12 -- (NYSE MKT: TSH) -- Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended September 30, 2012, the fourth quarter of fiscal 2012 and for the full fiscal year ended September 30, 2012.
Earnings for fiscal 2012 amounted to $7.3 million, or a record $3.51 per diluted share, compared to $7.2 million or $3.45 per diluted share for fiscal 2011, an increase of $0.06 per diluted share, or 1.7 %.
Earnings for the quarter ended September 30, 2012 amounted to $2.1 million, or $1.01 per diluted share, compared to $2.1 million, or $1.01 per diluted share for the same quarter in fiscal 2011.
"Asset quality led the way to our fourth consecutive year of record earnings per share," said Little. "Each year for the past four years it seems that we've found a different way to achieve record earnings." For fiscal 2012, the Bank recorded net charge-offs of 0.26%, much closer to fiscal year 2010 (at 0.24%) and fiscal year 2009 (at 0.29%) than the previous year's 0.82%. "Our record loan production of $220.0 million was also a significant factor, as well as our 15.4% growth in checking balances. We also posted record top-line income as operating revenue amounted to a record $46.6 million."
"There's also good news for the quarter," said Little. "Net interest margin increased to 4.10% from 4.06% for the third quarter and pre-provision, pre-tax income increased to 1.71%," said Little.
The Company reported the following highlights for Fiscal 2012 ended September 30, 2012:
- Earnings for fiscal 2012 amounted to a record $3.51 per diluted share. This is the fourth consecutive year that Teche has posted record earnings per share.
- Operating revenues increased to a record $46.6 million compared to $45.7 million for fiscal year ending September 30, 2011.
- Net charge-offs for fiscal 2012 amounted to 0.26% of average loans, compared to 0.82% for fiscal 2011.
- Tangible book value per shareincreased 6.1% to $39.29 at fiscal year end compared to $37.02 a year ago.
- Total Loans increased 10.8% to $674.4 million at September 30, 2012 compared to $608.6 million a year ago.
- SmartGrowth Loans increased 4.3% compared to a year ago. SmartGrowth Loans now amount to 71.1% of total loans.
- Total assets increased 7.4% to $852.0 million, compared to a year ago.
- Average earning assets for the quarter increased 7.8% to $775.4 million compared to the fourth quarter of fiscal 2011 and 1.8% compared to the linked quarter.
- Total Deposits increased 3.2% compared to a year ago.
- Checking Account balances increased 15.4% compared to September 30, 2011. Checking account balances now amount to 35.7% of total deposits, compared to 31.9% a year ago.
- SmartGrowth Deposits increased 8.6% compared to a year ago. SmartGrowth Deposits now amount to 76.8% of total deposits, compared to 72.9% a year ago.
- The average rate paid on all deposits was 0.67% for fiscal 2012 compared to 0.88% for fiscal 2011.
- Net interest margin for the year amounted to 4.10% compared to 4.28% for Fiscal 2011.
ANNUAL COMPARISON 2012 2011 Change % Change
------- ------- ------- --------
Earnings Per Share (Diluted) $ 3.51 $ 3.45 $ 0.06 1.7%
Tangible Book Value per Common Share $ 39.29 $ 37.02 $ 2.27 6.1%
Dividends Declared per share $ 1.455 $ 1.435 $ 0.02 1.4%
Total Loans $ 674.4 $ 608.6 $ 65.8 10.8%
SmartGrowth Loans $ 479.8 $ 460.0 $ 19.8 4.3%
Net Charge-offs/Avg. Loans 0.26% 0.82% (0.56%) N/A
NPAs/Assets 1.28% 1.55% (0.27%) N/A
Total Assets $ 852.0 $ 793.2 $ 58.8 7.4%
Avg. Earning Assets $ 757.5 $ 705.5 $ 52.0 7.4%
Total Deposits $ 617.7 $ 598.6 $ 19.1 3.2%
Checking Balances $ 220.3 $ 190.8 $ 29.5 15.4%
Checking as a % of Total Deposits 35.7% 31.9% 3.8% N/A
SmartGrowth Deposits $ 474.2 $ 436.5 $ 37.7 8.6%
Avg. Rate on Deposits 0.67% 0.88% (0.21%) N/A
ROAA 0.88% 0.94% (0.06%) N/A
ROAE 8.80% 9.12% (0.32%) N/A
The Company reported the following highlights for the quarter:
- Earnings for the quarter amounted to a record-equaling $1.01 per diluted share compared to $0.83 for the linked quarter and $1.01 a year ago.
- Quarterly operating revenue increased to a record $12.1 million compared to $11.4 million for the linked quarter.
- Tangible book value per shareincreased 2.0% to $39.29 compared to $38.51 for the linked quarter.
- Total Loans increased 2.1% or $13.9 million to $674.4 million compared to $660.5 million for the linked quarter.
- SmartGrowth Loans increased 0.5% or $2.5 million compared to the linked quarter.
- Total assets increased 1.0% or $8.2 million to $852.0 million compared to $843.8 million for the linked quarter.
- Average earning assets for the quarter increased 7.8% to $775.4 million compared to the fourth quarter of fiscal 2011 and 1.8% to $775.4 million compared to the linked quarter.
- Total Deposits increased 0.4% compared to the linked quarter.
- Checking Account balances increased 0.7% compared to the linked quarter. Checking account balances now amount to 35.7% of total deposits, compared to 35.5% for the linked quarter.
- SmartGrowth Deposits increased 1.1% compared to the linked quarter. SmartGrowth Deposits now amount to 76.8 % of total deposits, compared to 76.2% for the linked quarter.
- The average rate paid on all deposits was 0.58% compared to 0.64% for the linked quarter.
- Net interest margin for the quarter amounted to 4.10% compared to 4.06% for the linked quarter.
4th Qtr 3rd Qtr
QUARTERLY COMPARISON 2012 2012 Change % Change
--------- --------- --------- --------
Earnings Per Share (Diluted) $ 1.01 $ 0.83 $ 0.18 21.7%
Tangible Book Value per Common
Share $ 39.29 $ 38.51 $ 0.78 2.0%
Total Loans $ 674.4 $ 660.5 $ 13.9 2.1%
SmartGrowth Loans $ 479.8 $ 477.3 $ 2.5 0.5%
Total Assets $ 852.0 $ 843.8 $ 8.2 1.0%
Avg. Earning Assets $ 775.4 $ 762.0 $ 13.4 1.8%
Total Deposits $ 617.7 $ 615.5 $ 2.2 0.4%
Checking Balances $ 220.3 $ 218.7 $ 1.6 0.7%
Checking as a % of Total
Deposits 35.7% 35.5% 0.2% N/A
SmartGrowth Deposits $ 474.2 $ 469.2 $ 5.0 1.1%
Avg. Yield on Deposits 0.58% 0.64% (0.06%) N/A
Net Interest Margin 4.10% 4.06% 0.04% N/A
Net Income
Net income for the quarter amounted to $2.1 million or $1.01 per diluted share, an increase of 21.7% on a per-diluted share basis compared to the linked quarter. Net income for the quarter was unchanged as compared to the same period in 2011.
QUARTERLY COMPARISON Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
------- ------- ------- ------- -------
Net Income (In 000's) $ 2,073 $ 1,732 $ 1,708 $ 1,772 $ 2,102
Pre-Tax, Pre-Provision Earnings
(In 000's) $ 3,615 $ 3,096 $ 3,132 $ 3,007 $ 3,752
Basic Earnings Per Common Share $ 1.02 $ 0.84 $ 0.83 $ 0.86 $ 1.02
Diluted Earnings Per Common
Share $ 1.01 $ 0.83 $ 0.82 $ 0.85 $ 1.01
Annualized Return on Avg.
Assets 0.98% 0.83% 0.83% 0.88% 1.07%
Pre-Tax, Pre-Provision
Earnings/ Avg. Assets 1.71% 1.49% 1.52% 1.50% 1.91%
Annualized Return on Avg.
Equity 9.81% 8.28% 8.22% 8.86% 10.40%
Annualized Return on Avg.
Tangible Equity 10.25% 8.67% 8.61% 9.30% 10.90%
Average Assets (In millions) $ 846.1 $ 831.0 $ 821.6 $ 803.0 $ 787.8
Average Earning Assets (In
millions) $ 775.4 $ 762.0 $ 754.0 $ 738.1 $ 719.4
Average Deposits (In millions) $ 612.8 $ 617.2 $ 608.8 $ 594.4 $ 607.9
Average FHLB Advances (In
millions) $ 141.6 $ 123.7 $ 123.7 $ 120.7 $ 92.5
FISCAL YEAR COMPARISON 2012 2011 2010 2009
------- ------- ------- -------
Net Income (In 000's) $ 7,285 $ 7,228 $ 7,101 $ 7,136
Pre-Tax, Pre-Provision Earnings (In
000's) $12,850 $14,602 $14,363 $13,420
Basic Earnings Per Common Share $ 3.55 $ 3.49 $ 3.40 $ 3.38
Diluted Earnings Per Common Share $ 3.51 $ 3.45 $ 3.37 $ 3.35
Annualized Return on Avg. Assets 0.88% 0.94% 0.93% 0.91%
Pre-Tax, Pre-Provision Earnings/ Avg.
Assets 1.56% 1.89% 1.88% 1.72%
Annualized Return on Avg. Equity 8.80% 9.12% 9.43% 9.98%
Annualized Return on Avg. Tangible
Equity 9.21% 9.58% 9.94% 10.49%
Average Assets (in millions) $ 825.0 $ 772.0 $ 762.4 $ 781.2
Average Earning Assets (in millions) $ 757.5 $ 705.5 $ 697.3 $ 722.4
Average Deposits (in millions) $ 608.3 $ 598.1 $ 578.3 $ 597.6
Average FHLB Advances(in millions) $ 127.4 $ 88.3 $ 102.3 $ 105.1
Loans
QUARTERLY COMPARISON (In 000,000's) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
------- ------- ------- ------- -------
SmartGrowth Loans
Consumer $ 110.2 $ 109.3 $ 106.6 $ 107.4 $ 108.8
Commercial 215.2 216.9 208.6 213.6 209.5
Home Equity 43.2 44.5 46.5 47.3 48.8
SmartMortgages 111.1 106.5 102.2 98.2 92.9
------- ------- ------- ------- -------
Total SmartGrowth Loans $ 479.7 $ 477.2 $ 463.9 $ 466.5 $ 460.0
Mortgage Loans (owner occupied
conforming) 194.7 183.3 177.6 166.1 148.6
------- ------- ------- ------- -------
Total Loans $ 674.4 $ 660.5 $ 641.5 $ 632.6 $ 608.6
Gross loans receivable increased to $674.4 million at September 30, 2012, from $660.5 million at June 30, 2012 and $608.6 million at September 30, 2011, representing a linked quarter increase of $13.9 million, or 2.1% and a twelve month increase of $65.8 million or 10.8%, primarily due to an increase in mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $479.7 million, or 71.1% of total loans at September 30, 2012, compared to $477.2 million, or 72.2% at June 30, 2012 and $460.0 million at September 30, 2011, for a three month increase of $2.5 million, or 0.5% and a twelve month increase of $19.7 million, or 4.3%.
"Our loan production for fiscal 2012 was a record $220 million," said Little.
Commercial loan balances at September 30, 2012 amounted to $215.2 million, compared to $216.9 million at June 30, 2012 and $209.5 million at September 30, 2011, for a three month decrease of $1.7 million or -0.8% and a twelve month increase of $5.8 million, or 2.7%. Consumer loan balances at September 30, 2012 amounted to $110.2 million, compared to $109.3 million at June 30, 2012 and $108.8 million at September 30, 2011, a linked quarter increase of $0.9 million, or 0.9%.
FISCAL YEAR COMPARISON (In 000,000's) 2012 2011 2010 2009
------- ------- ------- -------
SmartGrowth Loans
Consumer $ 110.2 $ 108.8 $ 111.6 $ 108.0
Commercial 215.2 209.5 212.9 210.2
Home Equity 43.2 48.8 53.4 58.3
SmartMortgages 111.1 92.9 87.0 83.8
------- ------- ------- -------
Total SmartGrowth Loans $ 479.7 $ 460.0 $ 464.9 $ 460.3
Mortgage Loans (owner occupied conforming) 194.7 148.6 131.0 135.0
------- ------- ------- -------
Total Loans $ 674.4 $ 608.6 $ 595.9 $ 595.3
Deposits
QUARTERLY COMPARISON (In 000,000's) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
------- ------- ------- ------- -------
SmartGrowth Deposits
Checking $ 220.3 $ 218.7 $ 223.3 $ 199.0 $ 190.8
Money Market 55.2 52.5 54.8 52.0 55.0
Savings 198.7 198.1 194.9 188.3 190.7
------- ------- ------- ------- -------
Total SmartGrowth Deposits $ 474.2 $ 469.3 $ 473.0 $ 439.3 $ 436.5
Time Deposits 143.5 146.2 157.5 160.0 162.1
------- ------- ------- ------- -------
Total Deposits $ 617.7 $ 615.5 $ 630.5 $ 599.3 $ 598.6
The average rate paid on SmartGrowthDeposits has remained steady at 0.22%, for the current quarter, the linked quarter and the same period a year ago.
Three Month Growth. The Company's SmartGrowth Deposits, consisting of checking, savings and money market accounts, increased this quarter due to growth in all categories. Total deposits increased to $617.7 million at September 30, 2012, from $615.5 million at June 30, 2012, a linked quarter increase of $2.2 million or 0.4%.
Checking account balances at September 30, 2012 increased $1.6 million, or 0.7%, to $220.3 million from $218.7 million at June 30, 2012.
Twelve Month Growth. Total deposits increased to $617.7 million at September 30, 2012, from $598.6 million at September 30, 2011, a twelve month increase of $19.1 million, or 3.2%. Total SmartGrowth Deposits increased $37.7 million, or 8.6% from $436.5 million at September 30, 2011.
SmartGrowth Deposits amounted to 76.8% of total deposits as of September 30, 2012 compared to 72.9% at September 30, 2011.
Checking account balances at September 30, 2012 increased 15.5% or $29.5 million, as compared to September 30, 2011. Checking account balances now account for 35.7% of total deposits compared to 31.9% at September 30, 2011. Total SmartGrowth Deposits increased $37.7 million or 8.6% year over year, primarily due to growth in checking and savings deposits.
FISCAL YEAR COMPARISON (In 000,000's) 2012 2011 2010 2009
-------- -------- -------- --------
SmartGrowth Deposits
Checking $ 220.3 $ 190.8 $ 173.2 $ 165.8
Money Market 55.2 55.0 60.3 95.5
Savings 198.7 190.7 166.7 106.5
-------- -------- -------- --------
Total SmartGrowth Deposits $ 474.2 $ 436.5 $ 400.2 $ 367.8
Time Deposits 143.5 162.1 179.2 217.7
-------- -------- -------- --------
Total Deposits $ 617.7 $ 598.6 $ 579.4 $ 585.5
Over the past three years, SmartGrowth Deposits have increased $106.5 million or 28.9% primarily due to growth in checking and savings deposits offset somewhat by decreases in money market accounts.
Capital
The tangible equity ratio decreased to 9.42% compared to 9.67% a year ago, as stockholder equity increased to $83.5 million while assets increased to $852.0 million. Tangible book value per common share increased to $39.29 or 6.1% compared to a year ago. Risk based capital decreased to 14.09% compared to 14.30% a year ago; and the equity to asset ratio decreased to 9.81% from 10.08% a year ago.
QUARTERLY COMPARISON Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
------- ------- ------- ------- -------
Stockholders' Equity (In
millions) $ 83.5 $ 81.7 $ 82.2 $ 81.1 $ 80.0
Ratio of Equity to Assets 9.81% 9.68% 9.90% 9.97% 10.08%
Tangible Equity Ratio 9.42% 9.29% 9.50% 9.56% 9.67%
Total Risk-Based Capital Ratio 14.09% 13.79% 14.12% 14.09% 14.30%
Book Value per Common Share $ 41.09 $ 40.32 $ 39.68 $ 39.24 $ 38.79
Tangible Book Value Per Common
Share $ 39.29 $ 38.51 $ 37.91 $ 37.47 $ 37.02
Total Assets (In millions) $ 852.0 $ 843.8 $ 829.7 $ 813.5 $ 793.2
FISCAL YEAR COMPARISON 2012 2011 2010 2009
------- ------- ------- -------
Stockholders' Equity (In millions) $ 83.5 $ 80.0 $ 75.5 $ 71.5
Ratio of Equity to Assets 9.81% 10.08% 9.92% 9.34%
Tangible Equity Ratio 9.42% 9.67% 9.48% 8.90%
Total Risk-Based Capital Ratio 14.09% 14.30% 13.52% 12.72%
Book Value per Common Share $ 41.09 $ 38.79 $ 36.19 $ 34.09
Tangible Book Value Per Common Share $ 39.29 $ 37.02 $ 34.43 $ 32.33
Total Assets (In millions) $ 852.0 $ 793.2 $ 761.5 $ 765.1
"In three years," said Little, "the Company's equity to assets ratio has gone from 9.34% to 9.81%, our stockholders' equity has gone from $71.5 million to $83.5 million and our tangible book value per share has gone from $32.33 to $39.29."
Asset Quality
The following table sets forth asset quality ratios for each of the past five quarters and the past four years:
Net Charge-offs, ALLL, NPAs
QUARTERLY COMPARISON Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
------- ------- ------- ------- -------
Charge-offs/Average Loans 0.05% 0.08% 0.08% 0.05% 0.09%
ALLL*/NPLs 82.52% 79.63% 74.02% 71.25% 76.63%
ALLL*/NPAs 78.80% 74.54% 71.40% 65.30% 67.67%
ALLL*/Loans 1.27% 1.27% 1.32% 1.33% 1.37%
NPAs/Assets 1.28% 1.34% 1.43% 1.53% 1.55%
*ALLL figures include specific
reserves
FISCAL YEAR COMPARISON 2012 2011 2010 2009
------ ------ ------ ------
Net Charge-offs/Average Loans 0.26% 0.82% 0.24% 0.29%
ALLL/NPLs 82.52% 76.63% 63.92% 95.44%
ALLL/NPAs 78.80% 67.67% 59.02% 74.85%
ALLL/Loans 1.27% 1.37% 1.55% 1.14%
NPAs/Assets 1.28% 1.55% 2.06% 1.19%
ALLL figures include specific reserves
The following table sets forth the allowance for loan loss activity for each of the past 5 quarters.
Allowance for Loan Loss
Provision & Charge-offs
QUARTERLY COMPARISON (In 000's) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
-------- -------- -------- -------- --------
Beginning ALLL $ 8,411 $ 8,450 $ 8,392 $ 8,331 $ 8,123
Provision for Loan Losses 500 510 550 350 750
Net Charge-offs 352 549 492 289 542
Ending ALLL $ 8,559 $ 8,411 $ 8,450 $ 8,392 $ 8,331
Ending ALLL (net of specific
reserves) $ 8,559 $ 8,411 $ 8,246 $ 8,142 $ 7,783
Net charge-offs for the quarter were $0.4 million, or 0.05% of average loans, compared to $0.5 million or 0.09% of average loans for the same period a year ago. For the twelve months ended September 30, 2012, net charge-offs were $1.7 million or 0.26% of average loans, compared to $4.8 million or 0.82% of loans for the twelve months ended September 30, 2011.
Non-performing assets decreased to $10.9 million, or 1.28% of total assets at September 30, 2012, compared to $11.3 million, or 1.34% of total assets at June 30, 2012 and $12.3 million, or 1.55% of total assets a year ago, primarily due to reductions in real estate owned along with decreases in loans delinquent ninety days or more.
FISCAL YEAR COMPARISON (In 000's) 2012 2011 2010 2009
-------- -------- -------- --------
Beginning ALLL $ 8,331 $ 9,256 $ 6,806 $ 5,545
Provision for Loan Losses 1,910 3,900 3,896 3,026
Net Charge-offs 1,682 4,825 1,446 1,765
Ending ALLL $ 8,559 $ 8,331 $ 9,256 $ 6,806
Ending ALLL (net of specific reserves) $ 8,559 $ 7,783 $ 7,125 $ 6,264
Net Interest Income
QUARTERLY COMPARISON (In 000's) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
-------- -------- -------- -------- --------
Interest Income $ 9,836 $ 9,725 $ 9,807 $ 9,766 $ 9,861
Interest Expense 1,895 1,993 2,111 2,080 2,078
-------- -------- -------- -------- --------
Net Interest Income $ 7,941 $ 7,732 $ 7,696 $ 7,686 $ 7,783
======== ======== ======== ======== ========
Net interest income for the three months ended September 30, 2012 amounted to $7.9 million compared to $7.8 million for the quarter ended September 30, 2011, an increase of 2.0%, or $158,000. The decrease in interest paid on deposits resulted from a decrease in the average interest rates paid on deposits.
FISCAL YEAR COMPARISON (In 000's) 2012 2011 2010 2009
-------- -------- -------- --------
Interest Income $ 39,134 $ 39,358 $ 41,336 $ 44,237
Interest Expense 8,080 9,168 11,704 15,297
-------- -------- -------- --------
Net Interest Income $ 31,054 $ 30,190 $ 29,632 $ 28,940
======== ======== ======== ========
Net interest income for fiscal 2012 amounted to $31.1 million compared to $30.2 million for fiscal 2011, an increase of 2.9%. "Our net interest income has increased consistently for the past three years," said Little.
Net Interest Margin and Spread
QUARTERLY COMPARISON Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
Yield on Earning Assets 5.07% 5.10% 5.20% 5.30% 5.48%
Cost of Interest Bearing
Liabilities 1.14% 1.23% 1.31% 1.31% 1.36%
Spread 3.93% 3.87% 3.90% 3.99% 4.13%
Net Interest Margin 4.10% 4.06% 4.08% 4.17% 4.33%
FISCAL YEAR COMPARISON 2012 2011 2010 2009
------- ------- ------- -------
Yield on Earning Assets 5.17% 5.58% 5.93% 6.12%
Cost of Interest Bearing Liabilities 1.25% 1.51% 1.91% 2.40%
Spread 3.92% 4.07% 4.02% 3.73%
Net Interest Margin 4.10% 4.28% 4.25% 4.01%
Net interest margin amounted to 4.10% for the three-month period ended September 30, 2012; compared to 4.06% for the linked quarter and 4.33% for quarter-ended September 30, 2011.
For the fiscal year ended September 30, 2012, net interest margin was 4.10% as compared to 4.28% for the fiscal year ended September 30, 2011 due to lower rates on interest earning assets offset somewhat by lower rates on interest bearing liabilities and increased balances on interest earning assets.
Operating Revenue
Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $12.1 million, which was higher than the same quarter in 2011 which was $11.6 million. For the year ended September 30, 2012, operating revenue amounted to $46.6 million as compared to $45.7 million for the year ended September 30, 2011. "Each year over the past three years, the Company has posted record operating revenue," said Little.
The tables below reflect Teche's operating revenues in millions over the past five quarters and the past four years:
QUARTERLY COMPARISON (In
millions) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
-------- -------- -------- -------- --------
Net Interest Income $ 7.9 $ 7.7 $ 7.7 $ 7.7 $ 7.8
Non-interest Income 4.2 3.7 3.9 3.8 3.8
-------- -------- -------- -------- --------
Operating Revenue $ 12.1 $ 11.4 $ 11.6 $ 11.5 $ 11.6
======== ======== ======== ======== ========
FISCAL YEAR COMPARISON (In millions) 2012 2011 2010 2009
-------- -------- -------- --------
Net Interest Income $ 31.1 $ 30.2 $ 29.6 $ 28.9
Non-interest Income $ 15.5 $ 15.5 $ 16.0 $ 15.9
-------- -------- -------- --------
Operating Revenue $ 46.6 $ 45.7 $ 45.6 $ 44.8
======== ======== ======== ========
Non-Interest Income
Non-interest income increased to $4.2 million for the quarter compared to $3.7 million in the linked quarter while increasing from $3.8 million for the same quarter a year ago, primarily due to a gain on sale of securities and on the sale of fixed assets in the amounts of $135,000 and $205,000 respectively. This amounted to 1.99% of average assets for the quarter, compared to 1.76% for the linked quarter and 1.94% a year ago.
Non-Interest Expense
For the quarter, non-interest expense was $8.5 million or 4.03% of average assets, compared to the linked quarter total of $8.3 million or 3.99% of average assets, an increase of 3.0%. Compared to the same quarter in fiscal 2011, non-interest expense increased $0.7 million or 8.6%.
For the year, non-interest expense increased from $31.1 million to $33.7 million or 8.3%, while non-interest income remained unchanged at $15.5 million, primarily due to increases in compensation, marketing, data processing and expenses related to adjustments in values of foreclosed assets.
QUARTERLY COMPARISON (In
thousands) Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
-------- -------- -------- -------- --------
Interchange fee Income $ 847 $ 917 $ 843 $ 778 $ 830
Other Non-Interest
Income $ 3,361 $ 2,734 $ 3,038 $ 2,990 $ 2,994
Total Non-Interest Income $ 4,208 $ 3,651 $ 3,881 $ 3,768 $ 3,824
Total Non-Interest
Income/Assets 1.99% 1.76% 1.89% 1.88% 1.94%
Non-Interest Expense $ 8,534 $ 8,287 $ 8,445 $ 8,447 $ 7,855
Non-Interest
Expense/Assets 4.03% 3.99% 4.11% 4.21% 3.99%
FISCAL YEAR COMPARISON (In
thousands) 2012 2011 2010 2009
-------- -------- -------- --------
Interchange fee Income $ 3,385 $ 3,317 N/A N/A
Other Non-Interest Income $ 12,125 $ 12,226 N/A N/A
Total Non-Interest Income $ 15,510 $ 15,543 $ 15,960 $ 15,852
Total Non-Interest Income/Assets 1.88% 2.01% 2.09% 2.03%
Non-Interest Expense $ 33,714 $ 31,131 $ 31,229 $ 31,372
Non-Interest Expense/Assets 4.09% 4.03% 4.10% 4.02%
Net Income and Dividends
On August 23, 2012, the board of directors declared a $0.365 per share quarterly dividend, its sixty-ninth consecutive. Based on the closing price of the Company's common stock of $39.26 on August 21, 2012, the annualized dividend yield was 3.70%. Since 2003, the Company has increased dividends for ten consecutive years.
QUARTERLY COMPARISON Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
-------- -------- -------- -------- --------
Dividends Declared Per Share $ 0.365 $ 0.365 $ 0.365 $ 0.36 $ 0.36
Basic Earnings Per Common Share $ 1.02 $ 0.84 $ 0.83 $ 0.86 $ 1.02
Diluted Earnings Per Common
Share $ 1.01 $ 0.83 $ 0.82 $ 0.85 $ 1.01
FISCAL YEAR COMPARISON 2012 2011 2010 2009
-------- -------- -------- --------
Dividends Declared Per Share $ 1.455 $ 1.435 $ 1.42 $ 1.41
Basic Earnings Per Common Share $ 3.55 $ 3.49 $ 3.40 $ 3.38
Diluted Earnings Per Common Share $ 3.51 $ 3.45 $ 3.37 $ 3.35
Teche Holding Company is the parent company of Teche Federal Bank, which operates nineteen offices in South Louisiana and serves over 60,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $851 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 MKT.
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.
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Selected Financial Data
(UNAUDITED)
THREE MONTHS ENDED
------------------------------------------------
Condensed Statements of Sep. Jun. Mar. Dec. Sep.
Income 2012 2012 2012 2011 2011
---------------------------------------------------------------------------
Interest Income $ 9,836 $ 9,725 $ 9,807 $ 9,766 $ 9,861
Interest Expense 1,895 1,993 2,111 2,080 2,078
-------- -------- -------- -------- --------
Net Interest Income 7,941 7,732 7,696 7,686 7,783
Provision for Loan Losses 500 510 550 350 750
-------- -------- -------- -------- --------
Net Interest Income after
Provision for Loan Losses 7,441 7,222 7,146 7,336 7,033
Non Interest Income 4,208 3,651 3,881 3,768 3,824
Non Interest Expense 8,534 8,287 8,445 8,447 7,855
-------- -------- -------- -------- --------
Income Before Income Taxes 3,115 2,586 2,582 2,657 3,002
Income Taxes 1,042 854 874 885 900
-------- -------- -------- -------- --------
Net Income $ 2,073 $ 1,732 $ 1,708 $ 1,772 $ 2,102
======== ======== ======== ======== ========
Selected Financial Data
---------------------------------------------------------------------------
Dividends Declared Per
Share $ 0.365 $ 0.365 $ 0.365 $ 0.36 $ 0.36
Basic Earnings Per Common
Share $ 1.02 $ 0.84 $ 0.83 $ 0.86 $ 1.02
Diluted Earnings Per
Common Share $ 1.01 $ 0.83 $ 0.82 $ 0.85 $ 1.01
Annualized Return on Avg.
Assets 0.98% 0.83% 0.83% 0.88% 1.07%
Annualized Return on Avg.
Equity 9.81% 8.28% 8.22% 8.86% 10.40%
Annualized Return on Avg.
Tangible Equity (1) 10.25% 8.67% 8.61% 9.30% 10.90%
Yield on Interest Earning
Assets 5.07% 5.10% 5.20% 5.30% 5.48%
Cost of Interest Bearing
Liabilities 1.14% 1.23% 1.31% 1.31% 1.36%
Spread 3.93% 3.87% 3.90% 3.99% 4.13%
Net Interest Margin 4.10% 4.06% 4.08% 4.17% 4.33%
Non-Interest Income/Avg.
Assets 1.99% 1.76% 1.89% 1.88% 1.94%
Non-Interest Expense/Avg.
Assets 4.03% 3.99% 4.11% 4.21% 3.99%
Quarterly Net Charge-
offs/Avg. Loans 0.05% 0.08% 0.08% 0.05% 0.09%
Weighted avg. shares
Outstanding
Basic 2,028 2,055 2,067 2,059 2,064
Diluted 2,061 2,078 2,088 2,078 2,085
AVERAGE BALANCE SHEET DATA
---------------------------------------------------------------------------
Total Assets $846,114 $830,958 $821,582 $803,024 $787,782
Earning assets $775,399 $762,007 $753,980 $738,111 $719,384
Loans $665,952 $648,640 $636,356 $621,073 $591,736
Interest-bearing deposits $521,708 $523,488 $522,420 $513,104 $520,489
Total deposits $612,785 $617,209 $608,777 $594,376 $607,949
Total stockholders' equity $ 84,525 $ 83,643 $ 83,095 $ 79,993 $ 80,857
(1) Eliminates the effect of goodwill and the core deposit intangible
assets and the related amortization expense on a tax affected basis. The
amount was calculated using the following information.
Average Stockholders'
Equity $ 84,525 $ 83,643 $ 83,095 $ 79,993 $ 80,857
Less average goodwill and
other intangible assets,
net of related income
taxes 3,659 3,664 3,665 3,667 3,671
Average Tangible Equity $ 80,866 $ 79,979 $ 79,430 $ 76,326 $ 77,186
======== ======== ======== ======== ========
Net Income 2,073 1,732 1,708 1,772 2,102
Plus Amortization of core
deposit intangibles, net
of related income taxes 1 2 2 2 2
-------- -------- -------- -------- --------
Net Income, as adjusted $ 2,074 $ 1,734 $ 1,710 $ 1,774 $ 2,104
======== ======== ======== ======== ========
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Selected Financial Data
(UNAUDITED)
------------------------------------------------
Condensed Statements of Sep. Sep. Sep. Sep. Sep.
Income 2012 2011 2010 2009 2008
---------------------------------------------------------------------------
Interest Income $ 39,134 $ 39,358 $ 41,336 $ 44,237 $ 45,633
Interest Expense 8,080 9,168 11,704 15,297 19,733
-------- -------- -------- -------- --------
Net Interest Income 31,054 30,190 29,632 28,940 25,900
Provision for Loan Losses 1,910 3,900 3,896 3,026 825
-------- -------- -------- -------- --------
Net Interest Income after
Provision for Loan Losses 29,144 26,290 25,736 25,914 25,075
Non Interest Income 15,510 15,543 15,960 15,852 13,233
Non Interest Expense 33,714 31,131 31,229 31,372 30,552
-------- -------- -------- -------- --------
Income Before Income Taxes 10,940 10,702 10,467 10,394 7,756
Income Taxes 3,655 3,474 3,366 3,258 2,047
-------- -------- -------- -------- --------
Net Income (loss) $ 7,285 $ 7,228 $ 7,101 $ 7,136 $ 5,709
======== ======== ======== ======== ========
Selected Financial Data
---------------------------------------------------------------------------
Dividends Declared Per
Share $ 1.455 $ 1.435 $ 1.42 $ 1.41 $ 1.37
Basic Earnings Per Common
Share $ 3.55 $ 3.49 $ 3.40 $ 3.38 $ 2.65
Diluted Earnings Per
Common Share $ 3.51 $ 3.45 $ 3.37 $ 3.35 $ 2.63
Annualized Return on Avg.
Assets 0.88% 0.94% 0.93% 0.91% 0.76%
Annualized Return on Avg.
Equity 8.80% 9.12% 9.43% 9.98% 8.29%
Annualized Return on Avg.
Tangible Equity (1) 9.21% 9.58% 9.94% 10.49% 8.80%
Yield on Interest Earning
Assets 5.17% 5.58% 5.93% 6.12% 6.54%
Cost of Interest Bearing
Liabilities 1.25% 1.51% 1.91% 2.40% 3.17%
Spread 3.92% 4.07% 4.02% 3.73% 3.42%
Net Interest Margin 4.10% 4.28% 4.25% 4.01% 3.71%
Non-Interest Income/Avg.
Assets 1.88% 2.01% 2.09% 2.03% 1.77%
Non-Interest Expense/Avg.
Assets 4.09% 4.03% 4.10% 4.02% 4.07%
Net Charge-offs/Avg. Loans 0.26% 0.82% 0.24% 0.29% 0.06%
Weighted avg. shares
Outstanding
Basic 2,052 2,069 2,089 2,110 2,154
Diluted 2,076 2,092 2,107 2,127 2,171
AVERAGE BALANCE SHEET DATA
---------------------------------------------------------------------------
Total Assets $825,036 $771,988 $762,355 $781,187 $749,825
Earning assets $757,488 $705,481 $697,315 $722,409 $697,236
Loans $643,224 $590,354 $599,134 $606,751 $594,944
Interest-bearing deposits $520,162 $517,938 $512,040 $533,022 $526,456
Total deposits $608,259 $598,070 $578,310 $597,559 $581,253
Total stockholders' equity $ 82,811 $ 79,229 $ 75,279 $ 71,479 $ 68,833
(1) Eliminates the effect of goodwill and the core deposit intangible
assets and the related amortization expense on a tax affected basis. The
amount was calculated using the following information.
Average Stockholders'
Equity $ $
82,811 79,229 $ 75,279 $ 71,479 $ 68,833
Less average goodwill and
other intangible assets,
net of related income
taxes 3,661 3,671 3,673 3,715 3,743
-------- -------- -------- -------- --------
Average Tangible Equity
$ $
79,150 75,558 $ 71,606 $ 67,764 $ 65,090
======== ======== ======== ======== ========
Net Income
$ $
7,285 7,228 $ 7,101 $ 7,136 $ 5,709
Plus Amortization of core
deposit intangibles, net
of related income taxes 7 12 19 28 36
-------- -------- -------- -------- --------
Net Income, as adjusted $ 7,292 $ 7,240 $ 7,120 $ 7,164 $ 5,745
======== ======== ======== ======== ========
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Balance Sheet
(UNAUDITED)
Sep. Jun. Mar. Dec. Sep.
2012 2012 2012 2011 2011
------------------------------------------------
SmartGrowth Loans
Consumer $110,235 $109,287 $106,596 $107,399 $108,849
Commercial 215,212 216,929 208,579 213,659 209,460
Home Equity 43,233 44,513 46,486 47,261 48,799
SmartMortgage Loans 111,072 106,532 102,228 98,221 92,910
-------- -------- -------- -------- --------
Total SmartGrowth Loans 479,752 477,261 463,889 466,540 460,018
Mortgage Loans (owner
occupied conforming) 194,650 183,274 177,566 166,088 148,584
-------- -------- -------- -------- --------
674,402 660,535 641,455 632,628 608,602
Allowance for Loan Losses (8,559) (8,411) (8,450) (8,392) (8,331)
-------- -------- -------- -------- --------
Loans Receivable, Net 665,843 652,124 633,005 624,236 600,271
Cash and Securities 124,080 129,750 136,841 130,126 134,902
Goodwill and Other
Intangibles 3,659 3,661 3,664 3,667 3,670
Foreclosed Real Estate 513 625 397 1,012 1,405
Other 57,867 57,608 55,799 54,504 52,955
-------- -------- -------- -------- --------
TOTAL ASSETS $851,962 $843,768 $829,706 $813,545 $793,203
======== ======== ======== ======== ========
SmartGrowth Deposits
Checking $220,268 $218,717 $223,228 $199,021 $190,822
Money Market 55,251 52,478 54,817 52,019 54,970
Savings 198,667 198,042 194,919 188,303 190,727
-------- -------- -------- -------- --------
Total Smart Growth
Deposits 474,186 469,237 472,964 439,343 436,519
Time Deposits 143,536 146,227 157,547 159,968 162,063
-------- -------- -------- -------- --------
Total Deposits 617,722 615,464 630,511 599,311 598,582
FHLB Advances 142,751 139,955 110,344 127,621 108,184
Other Liabilities 7,948 6,669 6,682 5,501 6,450
Stockholders' Equity 83,541 81,680 82,169 81,112 79,987
-------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $851,962 $843,768 $829,706 $813,545 $793,203
======== ======== ======== ======== ========
Ratio of Equity to Assets 9.81% 9.68% 9.90% 9.97% 10.08%
Tangible Equity Ratio (1) 9.42% 9.29% 9.50% 9.56% 9.67%
Total Risk-Based Capital
Ratio 14.09% 13.79% 14.12% 14.09% 14.30%
Book Value per Common
Share $ 41.09 $ 40.32 $ 39.68 $ 39.24 $ 38.79
Tangible Book Value Per
Common Share (1) $ 39.29 $ 38.51 $ 37.91 $ 37.47 $ 37.02
Shares Outstanding (in
thousands) 2,033 2,026 2,071 2,067 2,062
Non-performing
Assets/Total Assets 1.28% 1.34% 1.43% 1.53% 1.55%
ALLL/Loans 1.27% 1.27% 1.32% 1.33% 1.37%
ALLL/NPLs 82.52% 79.63% 74.02% 71.25% 76.63%
(1) Eliminates the effect of goodwill and the core deposit intangible
assets and the related amortization expense on a tax affected basis. The
amount was calculated using the following information.
Stockholders' Equity $ 83,541 $ 81,680 $ 82,169 $ 81,112 $ 79,987
Less goodwill and other
Intangible assets, net of
related income taxes (3,655) (3,658) (3,654) (3,657) (3,659)
-------- -------- -------- -------- --------
Tangible Stockholders'
Equity $ 79,886 $ 78,022 $ 78,515 $ 77,455 $ 76,328
======== ======== ======== ======== ========
Total Assets $851,962 $843,768 $829,706 $813,545 $793,203
Less goodwill and other
Intangible assets, net of
related income taxes (3,655) (3,658) (3,654) (3,657) (3,659)
-------- -------- -------- -------- --------
Total Tangible Assets $848,307 $840,110 $826,052 $809,888 $789,544
======== ======== ======== ======== ========
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Balance Sheet
Fiscal Comparison
(UNAUDITED)
Sep. Sep. Sep. Sep. Sep.
2012 2011 2010 2009 2008
------------------------------------------------
SmartGrowth Loans
Consumer $110,235 $108,849 $111,571 $108,013 $ 98,632
Commercial 215,212 209,460 212,933 210,201 187,791
Home Equity 43,233 48,799 53,405 58,348 55,713
SmartMortgage Loans 111,072 92,910 86,959 83,775 87,404
-------- -------- -------- -------- --------
Total SmartGrowth Loans 479,752 460,018 464,868 460,337 429,540
Mortgage Loans (owner
occupied conforming) 194,650 148,584 131,023 134,996 160,596
-------- -------- -------- -------- --------
674,402 608,602 595,891 595,333 590,136
Allowance for Loan Losses -8,559 -8,331 -9,256 -6,806 -5,545
-------- -------- -------- -------- --------
Loans Receivable, Net 665,843 600,271 586,635 588,527 584,591
Cash and Securities 124,080 134,902 115,217 125,058 135,819
Goodwill and Other
Intangibles 3,659 3,670 3,687 3,715 3,756
Foreclosed Real Estate 513 1,405 1,181 1,953 343
Other 57,867 52,955 54,804 45,818 44,979
-------- -------- -------- -------- --------
TOTAL ASSETS $851,962 $793,203 $761,524 $765,071 $769,488
======== ======== ======== ======== ========
SmartGrowth Deposits
Checking $220,268 $190,822 $173,206 $165,796 $144,601
Money Market 55,251 54,970 60,246 95,461 130,399
Savings 198,667 190,727 166,734 106,479 55,390
-------- -------- -------- -------- --------
Total Smart Growth
Deposits 474,186 436,519 400,186 367,736 330,390
Time Deposits 143,536 162,063 179,169 217,733 258,838
-------- -------- -------- -------- --------
Total Deposits 617,722 598,582 579,355 585,469 589,228
FHLB Advances 142,751 108,184 100,017 100,628 104,877
Other Liabilities 7,948 6,450 6,639 7,490 7,339
Stockholders' Equity 83,541 79,987 75,513 71,484 68,044
-------- -------- -------- -------- --------
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $851,962 $793,203 $761,524 $765,071 $769,488
======== ======== ======== ======== ========
Ratio of Equity to Assets 9.81% 10.08% 9.92% 9.34% 8.84%
Tangible Equity Ratio (1) 9.42% 9.67% 9.48% 8.90% 8.40%
Total Risk-Based Capital
Ratio 14.09% 14.30% 13.52% 12.72% 12.21%
Book Value per Common
Share $ 41.09 $ 38.79 $ 36.19 $ 34.09 $ 32.12
Tangible Book Value Per
Common Share (1) $ 39.29 $ 37.02 $ 34.43 $ 32.33 $ 30.37
Shares Outstanding (in
thousands) 2,033 2,062 2,082 2,097 2,118
Non-performing
Assets/Total Assets 1.28% 1.55% 2.06% 1.19% 0.88%
ALLL/Loans 1.27% 1.37% 1.55% 1.14% 0.94%
ALLL/NPLs 82.52% 76.63% 63.92% 95.44% 86.81%
(1) Eliminates the effect of goodwill and the core deposit intangible
assets and the related amortization expense on a tax affected basis. The
amount was calculated using the following information.
Stockholders' Equity $ 83,541 $ 79,987 $ 75,513 $ 71,484 $ 68,044
Less goodwill and other
Intangible assets, net of
related income taxes -3,655 -3,659 -3,673 -3,692 -3,721
-------- -------- -------- -------- --------
Tangible Stockholders'
Equity $ 79,886 $ 76,328 $ 71,840 $ 67,792 $ 64,323
======== ======== ======== ======== ========
Total Assets $851,962 $793,203 $761,524 765,071 $769,488
Less goodwill and other
Intangible assets, net of
related income taxes -3,655 -3,659 -3,673 -3,692 -3,721
-------- -------- -------- -------- --------
Total Tangible Assets $848,307 $789,544 $757,851 $761,379 $765,767
======== ======== ======== ======== ========
Quarter-End Loan Data Net Net 90 Days+ 90 Days+
September 30, 2012 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 16,835 $ -- 0.00% $ -- 0.0%
Permanent, Secured
by:
1-4 Dwelling Units:
Revolving, Open-
End Loans
(HELOC) 20,641 -- 0.00% 127 0.6%
All Other
Secured by
First Liens 383,954 285 0.07% 4,140 1.1%
Secured by
Junior Liens 6,892 -- 0.00% 181 2.6%
Multifamily (5+
Dwelling Units) 21,248 -- 0.00% -- 0.0%
Nonresidential
Property (Except
Land) 99,347 26 0.03% 810 0.8%
Land 2,652 (4) 0.01% 4,530 13.9%
-------- -------- ---------- -------- ----------
Consumer 19,340 -- 0.00% 186 1.0%
-------- -------- ---------- -------- ----------
Commercial 13,312 (4) (0.03%) 4,344 32.6%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $581,569 $ 307 0.05% $ 9,788 1.7%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 34,032 $ -- 0.00% $ 2 0.0%
Consumer Loans:
Loans on Deposits 3,636 -- 0.00% 89 2.4%
Auto Loans 2,112 -- 0.00% 21 1.0%
Mobile Home Loans 37,030 30 0.08% 425 1.1%
Other 16,023 15 0.09% 47 0.3%
-------- -------- ---------- --------
Subtotal - Non Real
Estate Loans $ 92,833 $ 45 0.05% $ 584 0.6%
-------- -------- ---------- -------- ----------
Gross Loans $674,402 $ 352 0.05% $ 10,372 1.5%
======== ======== ---------- ======== ----------
Non-accruals $ 10,021
90 + Days Past Due 351
OREO & Foreclosed 490
--------
Nonperforming Assets
(Net) $ 10,862
========
Performing TDRs --
Fiscal Year-End Loan Data Net Net 90 Days+ 90 Days+
September 30, 2012 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 16,835 $ -- 0.00% $ -- 0.0%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End
Loans (HELOC) 20,641 20 0.10% 127 0.6%
All Other
Secured by First
Liens 383,954 721 0.19% 4,140 1.1%
Secured by Junior
Liens 6,892 -- 0.00% 181 2.6%
Multifamily (5+
Dwelling Units) 21,248 141 0.66% -- 0.0%
Nonresidential
Property (Except
Land) 99,347 126 0.13% 810 0.8%
Land 32,652 254 0.78% 4,530 13.9%
-------- -------- ---------- -------- ----------
Consumer 19,340 8 0.04% 186 1.0%
-------- -------- ---------- -------- ----------
Commercial 13,312 246 1.85% 4,344 32.6%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $581,569 $ 1,262 0.22% $ 9,788 1.7%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 34,032 $ 165 0.48% $ 2 0.0%
Consumer Loans:
Loans on Deposits 3,636 -- 0.00% 89 2.4%
Auto Loans 2,112 6 0.28% 21 1.0%
Mobile Home Loans 37,030 193 0.52% 425 1.1%
Other 16,023 56 0.35% 47 0.3%
-------- -------- ---------- -------- ----------
Subtotal - Non Real
Estate Loans $ 92,833 $ 420 0.45% $ 584 0.6%
-------- -------- ---------- -------- ----------
Gross Loans $674,402 $ 1,682 0.25% $ 10,372 1.5%
======== ======== --------
Non-accruals $ 10,021
90 + Days Past Due 351
OREO & Foreclosed 490
--------
Nonperforming Assets
(Net) $ 10,862
========
Performing TDRs --
Quarter-End Loan Data Net Net 90 Days+ 90 Days+
June 30, 2012 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 20,020 $ -- 0.00% 656 3.3%
Permanent, Secured
by:
1-4 Dwelling Units:
Revolving, Open-
End Loans
(HELOC) 20,207 -- 0.00% 28 0.1%
All Other
Secured by
First Liens 368,625 188 0.05% 4,574 1.2%
Secured by
Junior Liens 7,702 -- 0.00% 28 0.4%
Multifamily (5+
Dwelling Units) 20,968 (3) (0.14%) -- 0.0%
Nonresidential
Property (Except
Land) 100,021 100 0.10% 559 0.6%
Land 32,904 8 0.02% 4,048 12.3%
-------- -------- ---------- -------- ----------
Consumer 19,530 8 0.04% 114 0.6%
-------- -------- ---------- -------- ----------
Commercial 13,374 -- 0.00% 3,934 29.4%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $570,447 $ 293 0.05% $ 9,893 1.7%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 31,564 $ 165 0.52% -- 0.0%
Consumer Loans:
Loans on Deposits 3,684 -- 0.00% 138 3.7%
Auto Loans 1,972 6 0.30% 9 0.5%
Mobile Home Loans 36,910 58 0.16% 438 1.2%
Other 15,958 27 0.17% 84 0.5%
-------- -------- ---------- --------
Subtotal - Non Real
Estate Loans $ 90,088 $ 256 0.28% $ 669 0.7%
-------- -------- ---------- -------- ----------
Gross Loans $660,535 $ 549 0.08% $ 10,562 1.6%
======== ======== ========
Non-accruals $ 10,263
90 + Days Past Due 299
OREO & Foreclosed 722
--------
Nonperforming Assets
(Net) $ 11,284
========
Performing TDRs --
Quarter-End Loan Data Net Net 90 Days+ 90 Days+
March 31, 2012 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 15,986 $ -- 0.00% $ 656 4.1%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End
Loans (HELOC) $ 20,748 $ -- 0.00% $ 96 0.5%
All Other
Secured by First
Liens $360,057 $ 81 0.02% $ 4,105 1.1%
Secured by Junior
Liens 8,147 -- 0.00% -- 0.0%
Multifamily (5+
Dwelling Units) 21,767 99 0.45% 733 3.4%
Nonresidential
Property (Except
Land) 97,679 -- 0.00% 730 0.7%
Land 33,138 250 0.75% 4,409 13.3%
-------- -------- ---------- -------- ----------
Consumer 18,760 -- 0.00% 147 0.8%
-------- -------- ---------- -------- ----------
Commercial 14,378 250 1.74% 4,262 29.6%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $557,522 $ 430 0.08% $ 10,729 1.9%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 26,773 $ -- 0.00% $ 165 0.6%
Consumer Loans:
Loans on Deposits 3,575 -- 0.00% 104 2.9%
Auto Loans 1,786 -- 0.00% 34 1.9%
Mobile Home Loans 36,864 50 0.14% 289 0.8%
Other 14,935 12 0.08% 95 0.6%
-------- -------- ---------- --------
Subtotal - Non Real
Estate Loans $ 83,933 $ 62 0.07% $ 687 0.8%
-------- -------- ---------- -------- ----------
Gross Loans $641,455 $ 492 0.08% $ 11,416 1.8%
======== ======== ========
Non-accruals $ 11,199
90 + Days Past Due 217
OREO & Foreclosed 419
--------
Nonperforming Assets
(Net) $ 11,835
========
Performing TDRs --
Quarter-End Loan Data Net Net 90 Days+ 90 Days+
December 31, 2011 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 18,657 $ -- 0.00% $ 763 4.1%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End
Loans (HELOC) 20,309 20 0.10% 75 0.4%
All Other
Secured by First
Liens $347,058 $ 167 0.05% $ 3,505 1.0%
Secured by Junior
Liens 8,492 -- 0.00% -- 0.0%
Multifamily (5+
Dwelling Units) 23,460 45 0.19% 843 3.6%
Nonresidential
Property (Except
Land) 95,233 -- 0.00% 337 0.4%
Land 34,641 -- 0.00% 4,759 13.7%
-------- -------- ---------- -------- ----------
Consumer 19,478 -- 0.00% 130 0.7%
-------- -------- ---------- -------- ----------
Commercial 15,163 -- 0.00% 4,629 30.5%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $547,850 $ 232 0.04% $ 10,282 1.9%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 27,217 $ -- 0.00% $ -- 0.0%
Consumer Loans:
Loans on Deposits 3,667 -- 0.00% 39 1.1%
Auto Loans 1,898 -- 0.00% 22 1.2%
Mobile Home Loans 37,494 55 0.15% 534 1.4%
Other 14,502 2 0.01% 113 0.8%
-------- -------- ---------- --------
Subtotal - Non Real
Estate Loans $ 84,778 $ 57 0.07% $ 708 0.8%
-------- -------- ---------- -------- ----------
Gross Loans $632,628 $ 289 0.05% $ 10,990 1.7%
======== ======== ========
Non-accruals $ 10,835
90 + Days Past Due 549
OREO & Foreclosed 1,073
--------
Nonperforming Assets
(Net) $ 12,457
========
Performing TDRs --
Quarter-End Loan Data Net Net 90 Days+ 90 Days+
September 30, 2011 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
---------------------------------------------------------------------------
Real Estate Loans
Construction $ 20,046 $ -- 0.00% $ 1,021 5.1%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-
End Loans (HELOC) 20,287 -- 0.00% 104 0.51%
All Other
Secured by First
Liens 326,027 25 0.01% 2,931 0.90%
Secured by
Junior Liens 9,032 60 0.66% 5 0.05%
Multifamily (5+
Dwelling Units) 23,747 -- 0.00% 863 3.63%
Nonresidential
Property (Except
Land) 87,797 105 0.12% 412 0.47%
Land 35,774 306 0.86% 4,963 13.87%
-------- -------- ---------- -------- ----------
Consumer 20,023 7 0.03% 130 0.65%
-------- -------- ---------- -------- ----------
Commercial 15,751 299 1.90% 4.833 30.7%
-------- -------- ---------- -------- ----------
Subtotal - Real Estate
Loans $522,710 $ 496 0.09% $ 10,299 1.97%
-------- -------- ---------- -------- ----------
Non-Real Estate Loans:
Commercial Loans $ 27,403 (1) 0.00% $ -- 0.00%
Consumer Loans:
Loans on Deposits 3,737 7 0.19% 69 1.85%
Auto Loans 2,105 -- 0.00% 23 1.07%
Mobile Home Loans 38,285 31 0.08% 379 0.99%
Other 14,362 9 0.06% 101 0.70%
-------- -------- ---------- --------
Subtotal - Non Real
Estate Loans $ 85,892 $ 46 0.05% $ 572 0.67%
-------- -------- ---------- -------- ----------
Gross Loans $608,602 $ 542 0.09% $ 10,871 1.79%
======== ======== ======== ----------
Non-accruals $ 10,079
90 + Days Past Due 793
OREO & Foreclosed 1,438
--------
Nonperforming Assets
(Net) $ 12,310
========
Performing TDRs $ 1,075
Loans: Linked Quarter Comparison
09/30/ 09/30/ 06/30/ 06/30/
Average Loan Balances & 2012 2012 2012 2012 Change Change
Yields Balance Yield Balance Yield Balance Yield
---------------------------------------------------------------------------
Real Estate Loans
1-4 Family $419,789 4.95% $407,115 5.03% $12,674 -0.08%
Commercial 135,547 5.40% 136,402 5.57% $ (855) -0.17%
-------- -------- -------
Total Real Estate
Loans 555,336 5.06% 543,517 5.18% 11,819 -0.12%
Non-Real Estate Loans
Commercial $ 31,963 5.64% $ 28,206 5.46% $ 3,757 0.18%
Consumer 78,653 9.21% 76,917 9.10% 1,736 0.11%
-------- -------- -------
Total Non-Real Estate
Loans 110,616 8.18% 105,123 8.13% 5,493 0.05%
Total All Loans $665,952 5.58% $648,640 5.63% $17,312 -0.05%
======== ======== =======
Loans: Prior Year Comparison
09/30/ 09/30/ 09/30/ 09/30/
Average Loan 2012 2012 2011 2011 Change Change
Balances & Yields Balance Yield Balance Yield Balance Yield
---------------------------------------------------------------------------
Real Estate Loans
1-4 Family $401,968 5.08% $353,573 5.73% $48,395 -0.65%
Commercial 135,300 5.51% 131,192 5.63% 4,108 -0.12%
-------- -------- -------
537,268 5.19% 484,765 5.70% 52,503 -0.51%
Non-Real Estate Loans
Commercial $ 28,543 5.79% $ 26,211 5.99% $ 2,332 -0.20%
Consumer 77,413 9.21% 79,378 9.42% (1,965) -0.21%
-------- -------- -------
105,956 8.29% 105,589 8.57% 367 -0.28%
Total All Loans $643,224 5.70% $590,354 6.21% $52,870 -0.51%
======== ======== =======
Interest-bearing Liabilities: Linked Quarter Comparison
Average 09/30/ 06/30/
balances 09/30/ 2012 06/30/ 2012 Change
2012 Avg. 2012 Avg. Change Avg. %Balance
$Balance Yield $Balance Yield $Balance Yield Change
---------------------------------------------------------------------------
NOW
Accounts $124,017 0.22% $123,851 0.20% $ 166 0.02% 0.1%
Non-
interest
bearing
Deposits 91,077 0.00% 93,721 0.00% (2,644) 0.00% -2.8%
-------- ------- -------- ------- -------- ------ --------
Checking
Total $215,094 0.12% $217,572 0.12% $ (2,478) 0.00% -1.1%
Savings
Accounts $198,079 0.33% $196,611 0.33% $ 1,468 0.00% 0.7%
Money
Market
Accounts 54,791 0.18% 52,489 0.25% 2,302 -0.07% 4.4%
-------- ------- -------- ------- -------- ------ --------
Total Smart
Growth
Deposits $467,964 0.22% $466,672 0.22% $ 1,292 0.00% 0.3%
Time
Deposits $144,821 1.75% $150,537 1.92% $ (5,716) -0.17% -3.8%
Total
Deposits $612,785 0.58% $617,209 0.64% $ (4,424) -0.06% -0.7%
FHLB
Advances $141,565 2.85% $123,681 3.27% $ 17,884 -0.42% 14.5%
--------
Total
Interest-
bearing
liabilities $663,273 1.14% $647,169 1.23% $ 16,104 -0.09% 2.5%
======== ======== ========
Non-interest
bearing
Deposits $ 91,077 0.00% $ 93,721 0.00% $ (2,644) 0.00% -2.8%
Interest-bearing Liabilities: Average Quarter Balances
Average 09/30/ 09/30/
balances 09/30/ 2012 09/30/ 2011 Change
2012 Avg. 2011 Avg. Change Avg. %Balance
$Balance Yield $Balance Yield $Balance Yield Change
---------------------------------------------------------------------------
NOW
Accounts $124,017 0.22% $108,579 0.14% $ 15,438 0.08% 14.2%
Non-
interest
bearing
Deposits 91,077 0.00% 87,454 0.00% 3,623 0.00% 4.1%
-------- ------- -------- ------- -------- ------ --------
Checking
Total $215,094 0.12% $196,033 0.08% $ 19,061 0.04% 9.7%
Savings
Accounts $198,079 0.33% $191,840 0.33% $ 6,239 0.00% 3.3%
Money
Market
Accounts 54,791 0.18% 54,787 0.30% 4 -0.12% 0.0%
-------- ------- -------- ------- -------- ------ --------
Total Smart
Growth
Deposits $467,964 0.22% $442,660 0.22% $ 25,304 0.00.% 5.7%
Time
Deposits $144,821 1.75% $165,284 2.25% $(20,463) -0.50% -12.4%
Total
Deposits $612,785 0.58% $607,944 0.77% $ 4,841 -0.19% 0.8%
FHLB
Advances $141,565 2.85% $ 92,514 3.93% $ 49,051 -1.08% 53.0%
--------
Total
Interest-
bearing
liabilities $663,273 1.14% $613,004 1.36% $ 50,269 -0.22% 8.2%
======== ======== ========
Non-interest
bearing
Deposits $ 91,077 0.00% $ 87,454 0.00% $ 3,623 0.00% 4.1%
Interest-bearing Liabilities:
Year-Over Year Average Year Comparison
Average 09/30/ 09/30/
balances 09/30/ 2012 09/30/ 2011 Change
2012 Avg. 2011 Avg. Change Avg. %Balance
$Balance Yield $Balance Yield $Balance Yield Change
---------------------------------------------------------------------------
NOW
Accounts $119,611 0.20% $109,177 0.13% $ 10,434 0.07% 9.6%
Non-
interest
bearing
Deposits 88,097 0.00% 80,131 0.00% 7,966 0.00% 9.9%
-------- ------- -------- ------- -------- ------ --------
Checking
Total $207,708 0.11% $189,308 0.08% $ 18,400 0.03% 9.7%
Savings
Accounts $192,985 0.32% $181,509 0.46% $ 11,476 -0.14% 6.3%
Money
Market
Accounts 53,872 0.23% 56,376 0.29% (2,504) -0.06% -4.4%
-------- ------- -------- ------- -------- ------ --------
Total
Smart
Growth
Deposits $454,565 0.22% $427,193 0.27% $ 27,372 -0.05% 6.4%
Time
Deposits $153,694 2.02% $170,876 2.40% $(17,182) -0.38% -10.1%
Total
Deposits $608,259 0.67% $598,069 0.88% $ 10,190 -0.21% 1.7%
FHLB
Advances $127,433 3.13% $ 88,337 4.39% $ 39,096 -1.26% 44.3%
------
Total
Interest-
bearing
liabilities $647,595 1.25% $606,275 1.51% $ 41,320 -0.26% 6.8%
-------- ======= -------- ------- ======
Non-interest
bearing
Deposits $ 88,097 0.00% $ 80,131 0.00% $ 7,966 0.00% 9.9%
Interest-bearing Liabilities: Three Year Comparison
Average 09/30/ 09/30/
balances 09/30/ 2012 09/30/ 2009 Change
2012 Avg. 2009 Avg. Change Avg. %Balance
$Balance Yield $Balance Yield $Balance Yield Change
---------------------------------------------------------------------------
NOW
Accounts $119,611 0.20% $101,311 0.53% $ 18,300 -0.33% 18.1%
Non-
interest
bearing
Deposits 88,097 0.00% 64,537 0.00% 23,560 0.00% 36.5%
-------- ------- -------- ------- -------- ------ --------
Checking
Total $207,708 0.11% $165,848 0.32% $ 41,860 -0.21% 25.2%
Savings
Accounts $192,985 0.32% $ 76,214 0.87% $116,771 -0.55% 153.2%
Money
Market
Accounts $ 53,872 0.23% $115,721 1.24% $(61,849) -1.01% -53.4%
-------- ------- -------- ------- -------- ------ --------
Total
Smart
Growth
Deposits $454,565 0.22% $357,783 0.74% $ 96,782 -0.52% 27.1%
Time
Deposits $153,694 2.02% $239,776 3.29% $(86,082) -1.27% -35.9%
Total
Deposits $608,259 0.67% $597,559 1.76% $ 10,700 -1.09% 1.8%
FHLB
Advances $127,433 3.13% $105,060 4.54% $ 22,373 -1.41% 21.3%
-------- ------
Total
Interest-
bearing
liabilities $647,595 1.25% $638,082 2.40% $ 9,513 -1.15% 1.5%
-------- ======= ======== ======
Non-interest
bearing
Deposits $ 88,097 0.00% $ 64,537 0.00% $ 23,560 0.00% 36.5%
Quarter-End Loan Quality Details
September 30, 2012
Total % Special % %
(In Thousands) Loans Classified Total Mention Total Pass Total
----------------------------------------------------------------------------
Commercial Loans
Commercial Land $ 13,312 $ 4,658 35.0% $ 17 0.1% $ 8,637 64.9%
Commercial
Construction 7,357 -- 0.0% 370 5.0% 6,987 95.0%
Commercial Real
Estate 120,558 3,524 2.9% 872 0.7% 116,162 96.4%
Commercial Non
Real Estate 34,032 154 0.5% 50 0.1% 33,828 99.4%
-------- ---------- ----- -------- ----- -------- -----
Total
Commercial $175,259 $ 8,336 4.8% $ 1,309 0.7% $165,614 94.5%
Residential Loans
Residential
Construction $ 9,478 $ -- 0.0% $ -- 0.0% $ 9,478 100.0%
Residential 413,500 4,561 1.1% 328 0.1% 408,611 98.8%
-------- ---------- ----- -------- ----- -------- -----
Total
Residential $422,978 $ 4,561 1.1% $ 328 0.1% $418,089 98.8%
Consumer Loans
Mobile Homes $ 37,030 $ 424 1.1% $ -- 0.0% $ 36,606 98.9%
Consumer Other 41,110 254 0.6% 176 0.4% $ 40,680 99.0%
-------- ---------- ----- -------- ----- -------- -----
Total
Consumer $ 78,140 $ 678 0.9% $ 176 0.2% $ 77,286 98.9%
Total All Loans $676,377 $ 13,575 2.0% $ 1,813 0.3% $660,989 97.7%
======== ========== ===== ======== ===== ======== =====
Quarter-End Loan Quality Details
June 30, 2012
Total % Special % %
(In Thousands) Loans Classified Total Mention Total Pass Total
----------------------------------------------------- ----------------------
Commercial Loans
Commercial
Land $ 13,374 $ 4,590 34.3% $ 741 5.6% $ 8,043 60.1%
Commercial
Construction 11,732 -- 0.0% 372 3.2% 11,360 96.8%
Commercial
Real Estate 120,988 4,096 3.4% 1,437 1.2% 115,455 95.4%
Commercial Non
Real Estate 31,564 164 0.5% -- 0.0% 31,400 99.5%
-------- ----------- ----- -------- ----- -------- -----
Total
Commercial $177,658 $ 8,850 5.0% $ 2,550 1.4% $166,258 93.6%
Residential
Loans
Residential
Construction $ 8,288 $ -- 0.0% $ -- 0.0% $ 8,288 100.0%
Residential 398,475 4,725 1.2% 329 0.1% 393,421 98.7%
-------- ----------- ----- -------- ----- -------- -----
Total
Residential $406,763 $ 4,725 1.1% $ 329 0.1% $401,709 98.8%
Consumer Loans
Mobile Homes $ 36,910 $ 437 1.2% $ -- 0.0% $ 36,473 98.8%
Consumer Other 41,144 208 0.5% -- 0.0% $ 40,936 99.5%
-------- ----------- ----- -------- ----- -------- -----
Total
Consumer $ 78,054 $ 645 0.8% $ -- 0.0% $ 77,409 99.2%
Total All Loans $662,475 $ 14,220 2.2% $ 2,879 0.4% $645,376 97.4%
======== =========== ===== ======== ===== ======== =====
Quarter-End Loan Quality Details
March 31, 2012
Total % Special % %
(In Thousands) Loans Classified Total Mention Total Pass Total
----------------------------------------------------------------------------
Commercial Loans
Commercial
Land $ 14,378 $ 4,262 29.6% $ 39 0.3% $ 10,077 70.1%
Commercial
Construction 7,729 656 8.5% 376 4.9% 6,697 86.6%
Commercial
Real Estate 119,446 2,111 1.8% 3,488 2.9% 113,847 95.3%
Commercial Non
Real Estate 26,773 208 0.8% 127 0.5% 26,438 98.7%
-------- ----------- ----- -------- ----- -------- -----
Total
Commercial $168,326 $ 7,237 4.3% $ 4,030 2.4% $157,059 93.3%
Residential
Loans
Residential
Construction $ 8,538 -- 0.0% -- 0.0% $ 8,538 100.0%
Residential 390,540 4,346 1.1% 333 0.1% 385,861 98.8%
-------- ----------- ----- -------- ----- -------- -----
Total
Residential $399,078 $ 4,346 1.1% $ 333 0.1% $394,399 98.8%
Consumer Loans
Mobile Homes $ 36,864 $ 288 0.8% -- 0.0% $ 36,576 99.2%
Consumer Other 39,057 $ 249 0.6% -- 0.0% 38,808 99.4%
-------- ----------- ----- -------- ----- -------- -----
Total
Consumer $ 75,921 $ 537 0.7% -- 0.0% $ 75,384 99.3%
Total All Loans $643,325 $ 12,120 1.9% $ 4,363 0.7% $626,842 97.4%
======== =========== ===== ======== ===== ======== =====
Contact:
Patrick Little
President & CEO
Teche Holding Company
(337) 560-7151