Teche Holding Company Earns $1.01 per Share for Fourth Quarter, Posts Record Earnings per Share for Third Consecutive Year
(firmenpresse) - NEW IBERIA, LA -- (Marketwire) -- 10/26/11 -- (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 September 30, 2011, the fourth quarter of fiscal 2011.
Earnings for the quarter ended September 30, 2011 amounted to $2.1 million, or $1.01 per diluted share, compared to $1.85 million, or $0.88 per diluted share for the same quarter in fiscal 2010, an increase of $0.13 per diluted share, or 14.8%.
Earnings for fiscal 2011 amounted to $7.2 million, or a record $3.45 per diluted share, compared to $7.1 million or $3.37 per diluted share, for the same period in fiscal 2010, an increase of $0.08 per diluted share, or 2.4%.
"It is exciting to announce that the Company is posting record earnings per share for a third consecutive year," said Little. "It has not been easy. These past three years have been very challenging years for the financial industry. Since September 2008, we have grown loans, we have grown deposits, our capital measures have increased, and we have maintained solid asset quality," he said.
"SmartGrowth Deposits have increased steadily year-over-year for the past three years," said Little. "This year they increased by a solid 9.1% to a record $436.5 million."
"We are very pleased that we were able to post significant increases in SmartGrowth loans and total loans this quarter," said Little.
This is the third consecutive year that Teche has posted record earnings per share.
increasing to a record $37.02 compared to $34.43 a year ago.
or $12.7 million compared to a year ago.
an increase of 4.2% compared to a year ago.
an increase of 3.3% compared to the same quarter a year ago.
compared to September 30, 2010. Checking account balances now amount to 31.9% of total deposits, compared to 29.9% a year ago.
SmartGrowth Deposits now amount to 72.9% of total deposits, compared to 69.1% a year ago.
compared to 0.82% for the linked quarter and 1.10% a year ago.
compared to 4.24% for the linked quarter and 4.27% a year ago.
on June 21, 2011 to a Louisiana chartered commercial bank, regulated by the Commissioner of the Office of Financial Institutions of the State of Louisiana and the Federal Deposit Insurance Corporation (FDIC).
Net income for the quarter amounted to $2.1 million or $1.01 per diluted share, an increase of 18.8% per diluted share compared to the linked quarter and 14.8% compared to a year ago.
"We have now posted record earnings per share for three consecutive years. We saw tremendous growth in loans this quarter," said Little. "Our loans are now at record levels and our asset quality measures are strong."
The tangible equity ratio increased to 9.67% compared to 9.48% a year ago, as stockholder equity increased to a record $80.0 million and assets increased to a record $793.2 million. In addition, tangible book value per common share increased to a record $37.02, an increase of 7.5% compared to a year ago. Risk based capital increased to 14.30% compared to 13.52% a year ago; and the equity to asset ratio increased to 10.08% from 9.92% a year ago.
Over the past three years, all of the Company's key capital measures have increased.
"In three years," said Little, "the Company's equity to assets ratio has gone from under 9% to over 10%, our stockholders' equity has gone from under $70 million to $80 million and our tangible book value per share has grown from $30.37 to $37.02."
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 $0.5 million, or 0.09% of average loans, compared to $0.5 million or 0.08% of average loans for the same period a year ago. For the twelve months ended September 30, 2011, net charge-offs were $4.8 million or 0.82% of average loans, compared to $1.4 million or 0.24% of loans for the twelve months ended September 30, 2010.
Non-performing assets decreased to $12.3 million, or 1.55% of total assets at September 30, 2011, compared to $14.4 million, or 1.82% of total assets at June 30, 2011 and $15.7 million, or 2.06% of total assets a year ago, primarily due to a decrease in the portfolio of foreclosed assets and delinquent loans.
"Over the past four fiscal years, our provision for loan loss has totaled $11.6 million," said Little, "while our net charge-offs have amounted to only $8.4 million. As a result, our gross allowance for loan loss has increased to $8.3 million compared to $5.5 million three years ago. Furthermore, we did this at the same time that capital increased."
Net interest income for the three months ended September 30, 2011 amounted to $7.8 million compared to $7.4 million for the quarter ended September 30, 2010, an increase of 4.7%, or $348,000. Interest income on loans increased with the increase in the loan portfolio this quarter. The decrease in interest paid on deposits resulted from a decrease in the average interest rates paid on deposits.
Net interest income for fiscal 2011 amounted to $30.2 million compared to $25.9 million for fiscal 2008, an increase of 16.6%. "Our net interest income has increased consistently for the past three years," said Little.
Net interest margin amounted to 4.33% for the three-month period ended September 30, 2011, compared to 4.24% for the linked quarter and 4.27% for quarter-ended September 30, 2010. Net interest margin has increased every year for the past three years.
"Since 2008, net interest margin has increased from 3.71% to 4.28% for fiscal 2011," said Little.
Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.8 million, which was 3.5% higher than the same quarter in 2010. "Each year, for 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 slightly to $4.0 million for the quarter compared to $3.9 million in the linked quarter and $4.0 million a year ago. This amounted to 2.01% of average assets for the quarter, compared to 2.02% for the linked quarter and 2.08% a year ago.
For the quarter, non-interest expense was $7.9 million or 3.99% of average assets, compared to the linked quarter of $7.8 million or 3.99% of average assets, an increase of 1.0%. Compared to the same quarter in fiscal 2010, non-interest expense remained relatively the same.
For the year, non-interest expense decreased, as non-interest income increased. Since 2008, both non-interest income and non-interest expense have remained relatively steady.
On August 24, 2011, the board of directors declared a $0.36 per share quarterly dividend, its sixty-fifth consecutive. Based on the closing price of the Company's common stock of $31.82 on that date, the annualized dividend yield was 4.5%. Since 2003, the Company has increased dividends for nine consecutive years.
Gross loans receivable increased to $608.6 million at September 30, 2011, from $583.4 million at June 30, 2011 and $595.9 million at September 30, 2010, representing a linked quarter increase of $25.2 million, or 4.3% and a twelve month increase of $12.7 million or 2.1%, primarily due to an increase in mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $460.0 million, or 75.6% of total loans at September 30, 2011, compared to $450.1 million, or 77.2% at June 30, 2011 and $464.9 million at September 30, 2010, for a three month increase of $9.9 million, or 2.2% and a twelve month decrease of $4.9 million, or 1.059%.
Commercial loan balances at September 30, 2011 amounted to $209.5 million, compared to $201.3 million at June 30, 2011 and $212.9 million at September 30, 2010, for a three month increase of $8.2 million or 3.9% and a twelve month decrease of $3.4 million, or 1.6%. Consumer loan balances at September 30, 2011 amounted to $108.8 million, compared to $109.5 million at June 30, 2011 and $111.6 million at September 30, 2010, a linked quarter decrease of $0.7 million, or 0.6%.
"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 deposits is 0.22%, compared to 0.24% for the linked quarter and 0.41% a year ago.
Three Month Growth. The Company's , consisting of checking, savings and money market accounts, decreased this quarter due to a single checking customer. Total deposits decreased to $598.6 million at September 30, 2011, from $625.3 million at June 30, 2011, a linked quarter decrease of $26.7 million or 4.3%.
Checking account balances at September 30, 2011 decreased $18.3 million, or 8.8%, to $190.8 million from $209.1 million at June 30, 2011.
Twelve Month Growth. Total deposits increased to $598.6 million at September 30, 2011, from $579.4 million at September 30, 2010, a twelve month increase of $19.2 million, or 3.3%. Total increased $36.3 million, or 9.1% from $400.2 million at September 30, 2010.
amounted to 72.9% of total deposits as of September 30, 2011 compared to 69.1% at September 30, 2010.
Checking account balances at September 30, 2011 increased 10.2% or $17.6 million in the past 12 months. Checking account balances now account for 31.9% of total deposits compared to 29.9% at September 30, 2010.
Total SmartGrowth deposits increased $36.4 million or 9.1% for fiscal 2011, primarily due to growth in checking and savings balances.
Over the past three years, SmartGrowth deposits have increased $106.1 million or 32.1% primarily due to increases in checking and savings account balances.
"We are very pleased that we are growing SmartGrowth Deposits, and increasing overall deposits and reducing our cost of funds," said Little.
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 $793 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
Themen in dieser Pressemitteilung:
Unternehmensinformation / Kurzprofil:
Datum: 27.10.2011 - 02:00 Uhr
Sprache: Deutsch
News-ID 80731
Anzahl Zeichen: 0
contact information:
Town:
NEW IBERIA, LA
Kategorie:
Personal Finance
Diese Pressemitteilung wurde bisher 223 mal aufgerufen.
Die Pressemitteilung mit dem Titel:
"Teche Holding Company Earns $1.01 per Share for Fourth Quarter, Posts Record Earnings per Share for Third Consecutive Year"
steht unter der journalistisch-redaktionellen Verantwortung von
Teche Holding Company (Nachricht senden)
Beachten Sie bitte die weiteren Informationen zum Haftungsauschluß (gemäß TMG - TeleMedianGesetz) und dem Datenschutz (gemäß der DSGVO).
