Teche Holding Company Announces Fourth Consecutive Fiscal Year of Record EPS, Earns $1.01 per Share for Fourth Quarter
(firmenpresse) - 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.
This is the fourth consecutive year that Teche has posted record earnings per share.
compared to $45.7 million for fiscal year ending September 30, 2011.
-compared to 0.82% for fiscal 2011.
to $39.29 at fiscal year end compared to $37.02 a year ago.
to $674.4 million at September 30, 2012 compared to $608.6 million a year ago.
compared to a year ago. SmartGrowth Loans now amount to 71.1% of total loans.
compared to a year ago.
compared to the fourth quarter of fiscal 2011 and 1.8% compared to the linked quarter.
compared to a year ago.
compared to September 30, 2011. Checking account balances now amount to 35.7% of total deposits, compared to 31.9% a year ago.
compared to a year ago. SmartGrowth Deposits now amount to 76.8% of total deposits, compared to 72.9% a year ago.
compared to 0.88% for fiscal 2011.
compared to 4.28% for Fiscal 2011.
compared to $0.83 for the linked quarter and $1.01 a year ago
compared to $11.4 million for the linked quarter.
to $39.29 compared to $38.51 for the linked quarter.
or $13.9 million to $674.4 million compared to $660.5 million for the linked quarter.
or $2.5 million compared to the linked quarter.
to $852.0 million compared to $843.8 million for the linked quarter.
compared to the fourth quarter of fiscal 2011 and 1.8% to $775.4 million compared to the linked quarter.
compared to the linked quarter.
compared to the linked quarter. Checking account balances now amount to 35.7% of total deposits, compared to 35.5% for the linked quarter.
compared to the linked quarter. SmartGrowth Deposits now amount to 76.8 % of total deposits, compared to 76.2% for the linked quarter.
compared to 0.64% for the linked quarter.
compared to 4.06% for the linked quarter.
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.
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%.
The average rate paid on 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 , 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 increased $37.7 million, or 8.6% from $436.5 million at September 30, 2011.
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 increased $37.7 million or 8.6% year over year, primarily due to growth in checking and savings deposits.
Over the past three years, 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.
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.
"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."
The following table sets forth asset quality ratios for each of the past five quarters and the past four years:
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 $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.
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.
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 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 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:
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.
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.
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.
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.
Contact:
Patrick Little
President & CEO
Teche Holding Company
(337) 560-7151
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Datum: 25.10.2012 - 12:00 Uhr
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News-ID 196199
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NEW IBERIA, LA
Kategorie:
Retail Banking
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