Attached files
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| 8-K - CURRENT REPORT - PULASKI FINANCIAL CORP | pulaski8kapril27-12.htm |
PULASKI FINANCIAL REPORTS SECOND FISCAL QUARTER RESULTS
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·
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Otherwise solid financial performance for the quarter was masked by increased credit costs related primarily to one commercial loan relationship
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|
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-
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Diluted EPS was $0.08 for the second fiscal quarter of 2012 compared with $0.05 for the prior year quarter and $0.23 for the linked quarter, and was $0.30 year to date in 2012 compared with $0.29 in 2011
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|
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-
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Mortgage revenues increased 124% from the prior year quarter and 12% over the linked quarter on higher realized profit margins and lower origination costs
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|
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-
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Net interest income increased 3% over the prior year quarter on an improvement in the net interest margin but decreased 2% from the linked quarter on lower net interest margin and average loans receivable balances
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|
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-
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Net interest margin remained strong, showing a 22 basis point increase over the prior year quarter on lower funding costs, but a 9 basis point decrease from the record high in the linked quarter on a decrease in the average yield on loans receivable
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-
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Non-interest expense was down 14% from the prior year quarter and 2% from the linked quarter
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·
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Asset quality continued to improve
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-
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Non-performing assets declined 5%, representing the fifth consecutive quarterly decline
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-
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Internal adversely classified assets declined approximately 6%
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-
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Early stage loan delinquencies (31 to 89 days past due on payments) declined approximately 11%
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·
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The Bank remained “well capitalized” with estimated Tier 1 leverage and total risk-based capital ratios of 10.22% and 13.96%, respectively and the quarterly common dividend was maintained
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ST. LOUIS, April 25, 2012 — Pulaski Financial Corp. (Nasdaq Global Select: PULB) today reported net income for the quarter ended March 31, 2012 of $1.4 million, or $0.08 per diluted common share, compared with net income of $3.0 million, or $0.23 per diluted common share, for the quarter ended December 31, 2011 and net income of $1.1 million, or $0.05 per diluted common share, for the March 2011 quarter. Reducing income available to common shares were dividends and the related discount accretion on the Company’s preferred stock totaling $0.05 per diluted common share in each of the three quarters. For the six-month periods, the Company reported net income of $4.4 million, or $0.30 per diluted common share, in 2012 compared with net income of $4.2 million, or $0.29 per diluted common share, in 2011.
Gary Douglass, President and Chief Executive Officer commented, “Overall, we were pleased with our second fiscal quarter results. Our otherwise solid financial performance for the quarter was masked by increased credit costs related primarily to one commercial loan relationship. We saw a substantial increase in mortgage revenues primarily as the result of our ongoing efforts to improve our gross selling prices and control our origination costs. The net interest margin, although down from its historically high level in the December 2011 quarter, remained at a very respectable level. Other operating expenses also remained well controlled. Equally important, we continued to make good progress on our number one priority, which is asset quality improvement. Not only did we reduce the level of non-performing assets for the fifth consecutive quarter, we also saw improvement in several potential future predictors of asset quality. The levels of internal adversely classified assets and early stage loan delinquencies, which we define as loans that are 31 to 89 days past due on their payments, both showed meaningful declines from December 31, 2011.”
Net Interest Income Down from the Linked Quarter on Lower, but Still Strong, Net Interest Margin
Net interest income decreased to $11.8 million for the second quarter of fiscal 2012 compared with $12.1 million for the quarter ended December 31, 2011, but increased from $11.5 million for the same period a year ago. The decrease from the linked quarter was primarily the result of a decline in the net interest margin combined with shrinkage in the average balance of loans receivable held in portfolio. The increase from the same period a year ago was primarily due to an increase in the net interest margin. For the six-month period, net interest income decreased $967,000 to $23.9 million.
The Company experienced slight growth in its commercial loan portfolio during the current year periods. The average balance of commercial loans grew $6.8 million, or 1%, and $19.6 million, or 3%, during the three and six months ended March 31, 2012, respectively. Conversely, the lack of market demand for the Company’s adjustable-rate residential mortgage loan products, which are the Company’s primary residential portfolio products, resulted in shrinkage in the residential loan portfolio during the same periods. The average balance of residential loans decreased $16.9 million, or 4%, and $48.6 million, or 10%, during the three and six months ended March 31, 2012, respectively.
The net interest margin was 3.88% for the three months ended March 31, 2012 compared with a record high of 3.97% for the quarter ended December 31, 2011 and 3.66% for the quarter ended March 31, 2011. The linked-quarter decrease was primarily the result of a market driven decline in the average yield on loans receivable partially offset by a decline in the average cost of deposits. The net interest margin was also negatively impacted during the current quarter by the decline in the average balance of residential loans receivable combined with the partial reinvestment of such proceeds into lower yielding overnight deposits at the Federal Reserve Bank. The increase in the net interest margin from the March 2011 quarter was primarily the result of a decrease in the cost of deposits.
Mortgage Revenues Up from the Linked Quarter on Improved Profit Margins and Lower Origination Costs
Primarily as the result of increased mortgage revenues, non-interest income increased to $3.6 million for the quarter ended March 31, 2012 compared with $3.4 million for the quarter ended December 31, 2011 and $2.7 million for the quarter ended March 31, 2011. Mortgage revenues were $1.9 million on loan sales of $309 million for the quarter ended March 31, 2012 compared with $1.7 million on loan sales of $329 million for the quarter ended December 31, 2011 and $848,000 on loan sales of $432 million in the March 2011 quarter.
Mortgage loans originated for sale totaled $307 million for the quarter ended March 31, 2012 compared with $371 million for the quarter ended December 31, 2011 and $239 million for the March 2011 quarter. As a result of the continued low level of market interest rates, the Company again saw strong demand for mortgage refinancings during the March 2012 quarter. Mortgage refinancings totaled $194 million, or 63% of total loans originated for sale, for the quarter ended March 31, 2012 compared with $242 million, or 65% of total loans originated for sale for the quarter ended December 31, 2011, and $121 million, or 50% of total loans originated for sale, for the March 2011 quarter.
The net profit margin on loans sold was 0.61% for the quarter ended March 31, 2012 compared with 0.51% for the quarter ended December 31, 2011 and 0.20% for the March 2011 quarter. The linked-quarter increase was primarily the result of improved selling prices realized from the Company’s mortgage loan investors and reduced costs to originate such loans. The net profit margin for the same quarter last year was abnormally low and was due to the backlog of loans held in the Company’s mortgage warehouse at December 31, 2010 that was created by the near record high level of loan origination volumes experienced during the December 2010 quarter. The backlog resulted in extended delivery times to the Company’s investors and lower realized selling prices when the loans were sold in the March 2011 quarter. Mortgage loans held for sale decreased $4.9 million, or 3%, to $150.0 million at March 31, 2012 compared with $154.9 million at December 31, 2011.
Douglass noted, “We saw substantial linked-quarter growth in mortgage revenues as we were again able to capitalize on the continued strong demand for mortgage loan refinancings that was driven by the low level of market interest rates. This is significant since mortgage loan demand has traditionally experienced significant declines in the Company’s second fiscal quarter due to its seasonal nature. More importantly, we were able to achieve 12% growth in mortgage revenues in the face of a 6% decline in linked-quarter loan sales volume because of improved selling prices and lower origination costs. We continue to explore ways to expand our gross sales margins and focus on cost control, and we expect these improvements to continue into future periods. Finally, the strong loan demand resulted in a quarter-end balance of $150 million in our mortgage loans held for sale, which will give us significant momentum going into our third fiscal quarter of 2012 by generating net interest income while they are held in the warehouse and mortgage revenues when they are delivered to our investors.”
Non-interest Expense Down from the Linked Quarter on Lower Operating Costs
Total non-interest expense was $7.9 million for the quarter ended March 31, 2012 compared with $8.1 million for the linked quarter and $9.2 million for the prior-year quarter. The linked-quarter decrease was primarily due to lower expense associated with foreclosed properties. The decrease from the same quarter last year was primarily due to lower levels of FDIC deposit insurance premiums, real estate foreclosure expense and compensation expense. The decrease in compensation expense was related primarily to reduced staffing levels as management continued to focus on controlling operating expense. For the six-month period, non-interest expense decreased to $16.1 million in 2012 compared with $17.5 million in 2011.
Asset Quality Continued to Stabilize
Non-performing assets decreased to $66.2 million at March 31, 2012 from $69.9 million at December 31, 2011 primarily as the result of loan charge-offs. In addition, two other important potential future predictors of asset quality experienced improvement during the quarter. The level of internal adversely classified assets decreased approximately 6% from December 31, 2011 to March 31, 2012 and total loans that were 31 to 89 days past due on payments decreased approximately 11% during the same period.
Included in non-performing assets at March 31, 2012 were commercial loans to one of the Company’s largest borrowers and related debt totaling $7.2 million that had been included in the Company’s list of internal adversely classified assets in prior quarters. Because of the borrower’s deteriorating financial condition, the Company recorded a partial charge-off totaling $2.5 million and placed the loans on non-accrual status during the March 2012 quarter.
The provision for loan losses for the three months ended March 31, 2012 was $5.5 million compared with $3.0 million for the quarter ended December 31, 2011 and $3.5 million for the March 2011 quarter. The higher provision during the March 2012 quarter was primarily the result of the $2.5 million partial charge-off discussed above. For the six-month periods, the provision for loan losses totaled $8.5 million in 2012 compared with $7.8 million in 2011.
Net charge-offs for the quarter ended March 31, 2012 totaled $13.0 million compared with $2.9 million for the quarter ended December 31, 2011 and $4.1 million for the March 2011 quarter. The increased level of net charge-offs in the March 2012 quarter was primarily the result of the Company’s required change from the Office of Thrift Supervision’s (“OTS”) Thrift Financial Reports to the Office of the Comptroller of Currency’s (“OCC”) Call Reports effective March 31, 2012, and to a lesser extent, the $2.5 million commercial loan charge-off discussed above. As permitted by the OTS and generally accepted accounting principles, the Company had previously used specific loan loss reserves to recognize impairment charges on collateral-dependent loans under certain circumstances. The OCC requires such impairment charges to be recognized through loan charge-offs. The Company modified its loan charge-off policy to comply with the OCC’s guidance and, accordingly, recorded $5.9 million of charge-offs during the March 2012 quarter for loans that it had established specific reserves in previous periods. Because these losses had been recognized in previous periods, this change in accounting policy had no impact on the Company’s provision for loan losses or capital position in the quarter ended March 31, 2012.
Conclusion / Outlook
Douglass stated, “The strong residential mortgage loan demand we experienced in the second fiscal quarter created good momentum that should enable us to achieve solid earnings performance again in our third fiscal quarter provided we do not see an unexpected upward spike in market interest rates. We also expect to see credit costs return to a level more in line with the past few quarters. For the full fiscal year of 2012, we continue to expect meaningful year-over-year earnings improvement compared with fiscal 2011.”
Douglass continued, “Our priorities and focus for the balance of fiscal 2012 continue to be asset quality improvement and revenue expansion from growth in commercial and industrial and owner-occupied commercial real estate lending, and additional residential mortgage loan production and sales gained by capturing additional market share. Finally, we will continue to concentrate on controlling both funding costs and operating expenses.”
Conference Call Tomorrow
Pulaski Financial’s management will discuss second quarter results and other developments tomorrow, April 26, 2012, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call also will be simultaneously webcast and archived for three months at: http://pulaskibankstl.com/corporate-profile.aspx. Participants in the conference call may dial 877-473-3757, conference ID 72919716, a few minutes before the start time. The call also will be available for replay through May 10, 2012 at 800-585-8367 or 404-537-3406, conference ID 72919716.
About Pulaski Financial
Pulaski Financial Corp., operating in its 90th year through its subsidiary, Pulaski Bank, serves customers throughout the St. Louis and Kansas City metropolitan areas and Wichita, Kansas. The bank offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area and offers mortgage loan products through six loan production offices in the St. Louis and Kansas City metropolitan areas and Wichita, Kansas. The Company’s website can be accessed at www.pulaskibankstl.com.
This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2011 on file with the SEC, including the sections entitled "Risk Factors." These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2012
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2011
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2011
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Interest income
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$ | 14,011 | $ | 14,624 | $ | 14,818 | ||||||
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Interest expense
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2,190 | 2,509 | 3,332 | |||||||||
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Net interest income
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11,821 | 12,115 | 11,486 | |||||||||
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Provision for loan losses
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5,500 | 3,000 | 3,500 | |||||||||
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Net interest income after provision for loan losses
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6,321 | 9,115 | 7,986 | |||||||||
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Retail banking fees
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978 | 1,001 | 944 | |||||||||
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Mortgage revenues
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1,897 | 1,687 | 848 | |||||||||
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Investment brokerage revenues
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397 | 374 | 602 | |||||||||
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Other
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283 | 353 | 297 | |||||||||
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Total non-interest income
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3,555 | 3,415 | 2,691 | |||||||||
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Compensation expense
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3,781 | 3,743 | 4,080 | |||||||||
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Occupancy, equipment and data processing expense
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2,329 | 2,181 | 2,234 | |||||||||
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Advertising
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105 | 108 | 137 | |||||||||
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Professional services
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403 | 426 | 446 | |||||||||
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Real estate foreclosure losses and expenses, net
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388 | 745 | 727 | |||||||||
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FDIC deposit insurance premiums
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441 | 441 | 854 | |||||||||
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Other
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495 | 487 | 730 | |||||||||
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Total non-interest expense
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7,942 | 8,131 | 9,208 | |||||||||
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Income before income taxes
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1,934 | 4,399 | 1,469 | |||||||||
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Income tax expense
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565 | 1,357 | 402 | |||||||||
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Net income after tax
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1,369 | 3,042 | 1,067 | |||||||||
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Preferred stock dividends
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518 | 517 | 517 | |||||||||
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Earnings available for common shares
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$ | 851 | $ | 2,525 | $ | 550 | ||||||
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Annualized Performance Ratios
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Return on average assets
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0.42 | % | 0.93 | % | 0.32 | % | ||||||
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Return on average common equity
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3.67 | % | 11.08 | % | 2.50 | % | ||||||
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Interest rate spread
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3.74 | % | 3.80 | % | 3.51 | % | ||||||
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Net interest margin
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3.88 | % | 3.97 | % | 3.66 | % | ||||||
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SHARE DATA
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Weighted average shares outstanding - basic
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10,659,123 | 10,605,620 | 10,532,730 | |||||||||
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Weighted average shares outstanding - diluted
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11,132,612 | 11,004,706 | 10,986,206 | |||||||||
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Basic earnings per common share
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$ | 0.08 | $ | 0.24 | $ | 0.05 | ||||||
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Diluted earnings per common share
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$ | 0.08 | $ | 0.23 | $ | 0.05 | ||||||
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Dividends per common share
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$ | 0.095 | $ | 0.095 | $ | 0.095 | ||||||
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PULASKI FINANCIAL CORP.
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CONDENSED STATEMENTS OF INCOME, Continued
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(Unaudited)
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Six Months Ended March 31,
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2012
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2011
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Interest income
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$ | 28,634 | $ | 31,942 | ||||
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Interest expense
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4,699 | 7,040 | ||||||
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Net interest income
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23,935 | 24,902 | ||||||
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Provision for loan losses
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8,500 | 7,800 | ||||||
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Net interest income after provision for loan losses
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15,435 | 17,102 | ||||||
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Retail banking fees
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1,980 | 1,970 | ||||||
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Mortgage revenues
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3,583 | 2,695 | ||||||
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Investment brokerage revenues
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771 | 1,048 | ||||||
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Other
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636 | 626 | ||||||
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Total non-interest income
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6,970 | 6,339 | ||||||
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Compensation expense
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7,524 | 7,482 | ||||||
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Occupancy, equipment and data processing expense
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4,510 | 4,307 | ||||||
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Advertising
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213 | 237 | ||||||
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Professional services
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829 | 891 | ||||||
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Real estate foreclosure losses and expenses, net
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1,133 | 1,812 | ||||||
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FDIC deposit insurance premiums
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882 | 1,477 | ||||||
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Other
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982 | 1,303 | ||||||
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Total non-interest expense
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16,073 | 17,509 | ||||||
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Income before income taxes
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6,332 | 5,932 | ||||||
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Income tax expense
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1,921 | 1,748 | ||||||
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Net income after tax
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4,411 | 4,184 | ||||||
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Preferred stock dividends
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1,035 | 1,032 | ||||||
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Earning available for common shares
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$ | 3,376 | $ | 3,152 | ||||
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Annualized Performance Ratios
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Return on average assets
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0.68 | % | 0.59 | % | ||||
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Return on average common equity
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7.33 | % | 7.12 | % | ||||
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Interest rate spread
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3.76 | % | 3.56 | % | ||||
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Net interest margin
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3.92 | % | 3.72 | % | ||||
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SHARE DATA
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Weighted average shares outstanding - basic
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10,632,225 | 10,519,803 | ||||||
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Weighted average shares outstanding - diluted
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11,069,306 | 10,967,170 | ||||||
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Basic earnings per common share
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$ | 0.32 | $ | 0.30 | ||||
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Diluted earnings per common share
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$ | 0.30 | $ | 0.29 | ||||
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Dividends per common share
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$ | 0.190 | $ | 0.190 | ||||
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PULASKI FINANCIAL CORP.
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BALANCE SHEET DATA
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(Unaudited)
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||||||||||||
| (Dollars in thousands) | ||||||||||||
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March 31,
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December 31,
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September 30,
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||||||||||
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2012
|
2011
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2011
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Total assets
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$ | 1,317,287 | $ | 1,332,081 | $ | 1,309,209 | ||||||
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Loans receivable, net
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998,390 | 1,014,000 | 1,021,273 | |||||||||
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Allowance for loan losses
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18,254 | 25,790 | 25,714 | |||||||||
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Mortgage loans held for sale, net
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149,978 | 154,876 | 100,719 | |||||||||
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Investment securities
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10,932 | 10,950 | 14,457 | |||||||||
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FHLB stock
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3,940 | 4,519 | 3,100 | |||||||||
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Mortgage-backed & related securities
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7,004 | 8,364 | 9,986 | |||||||||
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Cash and cash equivalents
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46,121 | 41,652 | 57,071 | |||||||||
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Deposits
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1,110,824 | 1,126,631 | 1,122,525 | |||||||||
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FHLB advances
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49,000 | 49,000 | 29,000 | |||||||||
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Subordinated debentures
|
19,589 | 19,589 | 19,589 | |||||||||
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Stockholders' equity - preferred
|
31,749 | 31,638 | 31,527 | |||||||||
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Stockholders' equity - common
|
90,900 | 90,585 | 88,643 | |||||||||
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Book value per common share
|
$ | 8.05 | $ | 8.03 | $ | 8.07 | ||||||
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Tangible book value per share
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$ | 7.70 | $ | 7.68 | $ | 7.70 | ||||||
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March 31,
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December 31,
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September 30,
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||||||||||
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2012
|
2011
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2011
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LOANS RECEIVABLE
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Single-family residential:
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Residential first mortgage
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$ | 224,476 | $ | 235,967 | $ | 242,091 | ||||||
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Residential second mortgage
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45,376 | 49,467 | 51,535 | |||||||||
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Home equity lines of credit
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158,896 | 167,447 | 176,324 | |||||||||
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Commercial:
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Commercial and multi-family real estate
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326,731 | 316,783 | 316,210 | |||||||||
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Land acquisition and development
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49,975 | 52,531 | 51,497 | |||||||||
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Real estate construction and development
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17,102 | 23,520 | 22,331 | |||||||||
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Commercial and industrial
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189,194 | 188,776 | 180,821 | |||||||||
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Consumer and installment
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2,221 | 2,714 | 3,118 | |||||||||
| 1,013,971 | 1,037,205 | 1,043,927 | ||||||||||
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Add (less):
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||||||||||||
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Deferred loan costs
|
3,254 | 3,496 | 3,626 | |||||||||
|
Loans in process
|
(581 | ) | (911 | ) | (566 | ) | ||||||
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Allowance for loan losses
|
(18,254 | ) | (25,790 | ) | (25,714 | ) | ||||||
| (15,581 | ) | (23,205 | ) | (22,654 | ) | |||||||
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Total
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$ | 998,390 | $ | 1,014,000 | $ | 1,021,273 | ||||||
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Weighted average rate at end of period
|
5.12 | % | 5.17 | % | 5.30 | % | ||||||
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March 31, 2012
|
December 31, 2011
|
September 30, 2011
|
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Weighted
Average
|
Weighted
Average
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Weighted
Average
|
||||||||||||||||||||||
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Interest
|
Interest
|
Interest
|
||||||||||||||||||||||
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DEPOSITS
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Balance
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Rate
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Balance
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Rate
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Balance
|
Rate
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||||||||||||||||||
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Demand Deposit Accounts:
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(Dollars in thousands)
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Non-interest-bearing checking
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$ | 156,019 | 0.00 | % | $ | 150,028 | 0.00 | % | $ | 150,431 | 0.00 | % | ||||||||||||
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Interest-bearing checking
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305,535 | 0.20 | % | 341,608 | 0.25 | % | 328,275 | 0.28 | % | |||||||||||||||
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Passbook savings accounts
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37,089 | 0.14 | % | 36,307 | 0.14 | % | 35,714 | 0.14 | % | |||||||||||||||
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Money market
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178,355 | 0.24 | % | 185,220 | 0.33 | % | 183,873 | 0.33 | % | |||||||||||||||
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Total demand deposit accounts
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676,998 | 0.16 | % | 713,163 | 0.21 | % | 698,293 | 0.22 | % | |||||||||||||||
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Certificates of Deposit:
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||||||||||||||||||||||||
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Retail
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343,693 | 1.29 | % | 340,238 | 1.39 | % | 344,770 | 1.61 | % | |||||||||||||||
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CDARS
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90,133 | 0.33 | % | 73,230 | 0.36 | % | 71,026 | 0.42 | % | |||||||||||||||
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Brokered
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- | - | - | - | 8,436 | 5.23 | % | |||||||||||||||||
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Total certificates of deposit
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433,826 | 1.09 | % | 413,468 | 1.21 | % | 424,232 | 1.48 | % | |||||||||||||||
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Total deposits
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$ | 1,110,824 | 0.52 | % | $ | 1,126,631 | 0.58 | % | $ | 1,122,525 | 0.70 | % | ||||||||||||
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PULASKI FINANCIAL CORP.
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NONPERFORMING ASSETS
|
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(Unaudited)
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| (In thousands) |
|
|||||||
|
March 31,
|
December 31,
|
September 30,
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NONPERFORMING ASSETS
|
2012
|
2011
|
2011
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Non-accrual loans:
|
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Residential real estate first mortgages
|
$ 5,216
|
$ 7,599
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$ 5,871
|
|||||
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Residential real estate second mortgages
|
532
|
1,251
|
1,177
|
|||||
|
Home equity
|
1,735
|
2,774
|
4,084
|
|||||
|
Commercial and multi-family
|
7,866
|
4,990
|
2,375
|
|||||
|
Land acquisition and development
|
229
|
475
|
229
|
|||||
|
Real estate-construction and development
|
482
|
583
|
854
|
|||||
|
Commercial and industrial
|
4,388
|
609
|
210
|
|||||
|
Consumer and other
|
96
|
335
|
240
|
|||||
|
Total non-accrual loans
|
20,544
|
18,616
|
15,040
|
|||||
|
Troubled debt restructured: (1)
|
||||||||
|
Current under the restructured terms:
|
||||||||
|
Residential real estate first mortgages
|
11,585
|
13,140
|
14,911
|
|||||
|
Residential real estate second mortgages
|
1,348
|
962
|
1,861
|
|||||
|
Home equity
|
565
|
434
|
1,248
|
|||||
|
Commercial and multi-family
|
3,510
|
2,565
|
4,359
|
|||||
|
Real estate-construction and development
|
853
|
1,226
|
1,538
|
|||||
|
Commercial and industrial
|
533
|
443
|
560
|
|||||
|
Consumer and other
|
80
|
-
|
-
|
|||||
|
Total current restructured loans
|
18,474
|
18,770
|
24,477
|
|||||
|
Past due greater than 30 days under restructured terms:
|
|
|
|
|||||
|
Residential real estate first mortgages
|
6,989
|
11,979
|
9,372
|
|||||
|
Residential real estate second mortgages
|
176
|
|
757
|
|
452
|
|||
|
Home equity
|
576
|
1,195
|
999
|
|||||
|
Commercial and multi-family
|
2,167
|
2,194
|
2,226
|
|||||
|
Land acquisition and development
|
104
|
120
|
|
121
|
||||
|
Real estate-construction and development
|
24
|
51
|
51
|
|||||
|
Commercial and industrial
|
152
|
317
|
417
|
|||||
|
Consumer and other
|
-
|
-
|
226
|
|||||
|
Total past due restructured loans
|
10,188
|
16,613
|
|
#
|
13,864
|
|||
|
Total restructured loans
|
28,662
|
35,383
|
38,341
|
|||||
|
Total non-performing loans
|
49,206
|
53,999
|
53,381
|
|||||
|
Real estate acquired in settlement of loans:
|
|
|
|
|
|
|
|
|
|
Residential real estate
|
2,828
|
1,526
|
3,037
|
|||||
|
Commercial real estate
|
14,207
|
14,340
|
15,681
|
|||||
|
Total real estate acquired in settlement of loans
|
17,035
|
15,866
|
18,718
|
|||||
|
Total non-performing assets
|
$ 66,241
|
$ 69,865
|
$ 72,099
|
|||||
(1) Troubled debt restructured includes non-accrual loans totaling $28.7 million, $35.4 million and $38.3 million at March 31, 2012, December 31, 2011 and September 30, 2011, respectively. These totals are not included in non-accrual loans above.
|
PULASKI FINANCIAL CORP.
|
||||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES AND ASSET QUALITY RATIOS
|
||||||||||||||||
|
(Unaudited)
|
||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||
|
Three Months
|
Six Months
|
|||||||||||||||
|
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES
|
2012
|
2011
|
2012
|
2011
|
||||||||||||
|
Allowance for loan losses, beginning of period
|
$ | 25,790 | $ | 27,275 | $ | 25,714 | $ | 26,976 | ||||||||
|
Provision charged to expense
|
5,500 | 3,500 | 8,500 | 7,800 | ||||||||||||
|
(Charge-offs) recoveries, net:
|
||||||||||||||||
|
Residential real estate first mortgages
|
(4,344 | ) | (1,492 | ) | (5,042 | ) | (1,658 | ) | ||||||||
|
Residential real estate second mortgages
|
(1,283 | ) | (362 | ) | (1,408 | ) | (665 | ) | ||||||||
|
Home equity
|
(2,457 | ) | (1,158 | ) | (3,757 | ) | (1,679 | ) | ||||||||
|
Commercial and multi-family
|
(2,762 | ) | (15 | ) | (3,551 | ) | (736 | ) | ||||||||
|
Land acquisition & development
|
(262 | ) | (796 | ) | (255 | ) | (2,913 | ) | ||||||||
|
Real estate-construction and development
|
(241 | ) | (50 | ) | (241 | ) | (50 | ) | ||||||||
|
Commercial and industrial
|
(1,227 | ) | (216 | ) | (1,221 | ) | (357 | ) | ||||||||
|
Consumer and other
|
(460 | ) | (23 | ) | (485 | ) | (55 | ) | ||||||||
|
Total loans charged off, net
|
(13,036 | ) | (4,112 | ) | (15,960 | ) | (8,113 | ) | ||||||||
|
Allowance for loan losses, end of period
|
$ | 18,254 | $ | 26,663 | $ | 18,254 | $ | 26,663 | ||||||||
|
March 31,
|
December 31,
|
September 30,
|
||||
|
ASSET QUALITY RATIOS
|
2012
|
2011
|
2011
|
|||
|
Nonperforming loans as a percent of total loans
|
4.85%
|
5.21%
|
5.11%
|
|||
|
Nonperforming loans excluding current troubled debt
|
||||||
|
restructurings as a percent of total loans
|
3.03%
|
3.40%
|
2.77%
|
|||
|
Nonperforming assets as a percent of total assets
|
5.03%
|
5.24%
|
5.51%
|
|||
|
Nonperforming assets excluding current troubled debt
|
||||||
|
restructurings as a percent of total assets
|
3.63%
|
3.84%
|
3.64%
|
|||
|
Allowance for loan losses as a percent of total loans
|
1.80%
|
2.49%
|
2.46%
|
|||
|
Allowance for loan losses as a percent
|
||||||
|
of nonperforming loans
|
37.10%
|
47.76%
|
48.17%
|
|||
|
Allowance for loan losses as a percent of
|
||||||
|
nonperforming loans excluding current troubled debt
|
||||||
|
restructurings and related allowance for loan losses
|
57.59%
|
72.02%
|
84.50%
|
|||
|
PULASKI FINANCIAL CORP.
|
||||||||||||||||||||||||
|
AVERAGE BALANCE SHEETS
|
||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||||
|
March 31, 2012
|
March 31, 2011
|
|||||||||||||||||||||||
|
Interest
|
Average
|
Interest
|
Average
|
|||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
|
Loans receivable
|
$ | 1,030,081 | $ | 12,649 | 4.91 | % | $ | 1,066,195 | $ | 13,513 | 5.07 | % | ||||||||||||
|
Mortgage loans held for sale
|
138,654 | 1,277 | 3.68 | % | 108,632 | 1,135 | 4.18 | % | ||||||||||||||||
|
Other interest-earning assets
|
50,754 | 85 | 0.67 | % | 81,194 | 170 | 0.84 | % | ||||||||||||||||
|
Total interest-earning assets
|
1,219,489 | 14,011 | 4.60 | % | 1,256,021 | 14,818 | 4.72 | % | ||||||||||||||||
|
Noninterest-earning assets
|
84,438 | 91,847 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,303,927 | $ | 1,347,868 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits
|
$ | 965,174 | $ | 1,824 | 0.76 | % | $ | 1,034,768 | $ | 2,973 | 1.15 | % | ||||||||||||
|
Borrowed money
|
49,935 | 366 | 2.93 | % | 63,187 | 359 | 2.27 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
1,015,109 | 2,190 | 0.86 | % | 1,097,955 | 3,332 | 1.21 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
150,662 | 118,412 | ||||||||||||||||||||||
|
Noninterest-bearing liabilities
|
13,723 | 12,099 | ||||||||||||||||||||||
|
Stockholders' equity
|
124,433 | 119,402 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,303,927 | $ | 1,347,868 | ||||||||||||||||||||
|
Net interest income
|
$ | 11,821 | $ | 11,486 | ||||||||||||||||||||
|
Interest rate spread
|
3.74 | % | 3.51 | % | ||||||||||||||||||||
|
Net interest margin
|
3.88 | % | 3.66 | % | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||||||||
|
March 31, 2012
|
March 31, 2011
|
|||||||||||||||||||||||
|
Interest
|
Average
|
Interest
|
Average
|
|||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
|
Loans receivable
|
$ | 1,035,594 | $ | 25,850 | 4.99 | % | $ | 1,065,161 | $ | 27,098 | 5.09 | % | ||||||||||||
|
Mortgage loans held for sale
|
138,676 | 2,588 | 3.73 | % | 208,352 | 4,364 | 4.19 | % | ||||||||||||||||
|
Other interest-earning assets
|
46,685 | 196 | 0.84 | % | 65,249 | 480 | 1.47 | % | ||||||||||||||||
|
Total interest-earning assets
|
1,220,955 | 28,634 | 4.69 | % | 1,338,762 | 31,942 | 4.77 | % | ||||||||||||||||
|
Noninterest-earning assets
|
85,870 | 88,418 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,306,825 | $ | 1,427,180 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits
|
$ | 963,554 | $ | 3,969 | 0.82 | % | $ | 1,008,418 | $ | 6,170 | 1.22 | % | ||||||||||||
|
Borrowed money
|
51,179 | 730 | 2.85 | % | 153,721 | 870 | 1.13 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
1,014,733 | 4,699 | 0.93 | % | 1,162,139 | 7,040 | 1.21 | % | ||||||||||||||||
|
Noninterest-bearing deposits
|
153,789 | 129,998 | ||||||||||||||||||||||
|
Noninterest-bearing liabilities
|
14,602 | 15,351 | ||||||||||||||||||||||
|
Stockholders' equity
|
123,701 | 119,692 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,306,825 | $ | 1,427,180 | ||||||||||||||||||||
|
Net interest income
|
$ | 23,935 | $ | 24,902 | ||||||||||||||||||||
|
Interest rate spread
|
3.76 | % | 3.56 | % | ||||||||||||||||||||
|
Net interest margin
|
3.92 | % | 3.72 | % | ||||||||||||||||||||
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 317-5046