Attached files
| file | filename |
|---|---|
| 8-K - 8-K - PULASKI FINANCIAL CORP | a13-23176_18k.htm |
Exhibit 99.1
PULASKI FINANCIAL REPORTS 49% GROWTH IN DILUTED EARNINGS PER
SHARE FOR FISCAL 2013 VERSUS FISCAL 2012
Highlights for the Year
· Return on average assets for 2013 at 1.06% versus 0.75% in 2012
· Return on average common equity for 2013 at 12.41% versus 8.75% in 2012
· Noninterest Income up 20% to $18.8 million in 2013 versus $15.7 million in 2012
· Non-performing assets drop 44.6% to 2.65% of total assets
· Internal adversely classified assets decreased to only 35% of regulatory capital plus the allowance for loan losses
ST. LOUIS, October 29, 2013 —Pulaski Financial Corp. (Nasdaq Global Select: PULB, “the Company”) reported net income available to common shareholders for the quarter ended September 30, 2013 of $3.0 million, or $0.27 per diluted common share—a 17.4% increase over the $2.5 million, or $0.23 per diluted common share, reported for the fourth fiscal quarter of 2012. For the full fiscal year ended September 30, 2013, the Company reported net income available to common shareholders of $12.2 million, or $1.10 per diluted common share—an increase of 49% over the net income of $8.1 million, or $0.74 per diluted common share, reported for fiscal 2012.
Earnings for the quarter were marked by a significant decrease in credit costs as the Company continued to see improvement in asset quality. The level of non-performing assets decreased for the eleventh consecutive quarter, resulting in a 73% decline in total credit costs compared with the same quarter last year.
Emblematic of the continued improvement in credit quality, nonperforming assets dropped to only 2.65% of total assets at September 30, 2013. Excluding current but restructured loans, this ratio dropped to just 1.77% of total assets. Internal adversely classified assets fell to only 35% of regulatory capital plus the allowance for loan losses.
Noninterest income continued to be a strong contributor to profitability as mortgage revenues for the quarter were $2.8 million, essentially equal to the year ago period. For the year, mortgage revenues were up approximately 41% to $12.3 million.
Driven largely by the changes in credit costs and noninterest income, the Company reported sharply higher returns for fiscal 2013 relative to fiscal 2012. The return on average assets increased to 1.06%—up 41% from 0.75% reported for fiscal 2012. The average return on common equity increased to 12.41%—up 42% from 8.75% reported for fiscal 2012.
The Company also continued to implement its capital management strategy by repurchasing $8 million in par value of its preferred stock during fiscal 2013. This activity left a remaining balance of $17.3 million outstanding at September 30, 2013—or only about half the amount originally issued.
Gary Douglass, President and Chief Executive Officer, commented, “We are very pleased with our fourth fiscal quarter and full year results. For 2013, our plan focused upon improving our asset quality, increasing noninterest income and growing our commercial lending business. While our legacy residential portfolio continues to shrink, our commercial portfolio grew 8.8% to $642 million. With a particular focus on the commercial and industrial business, that portion of
our portfolio grew 18% to $233 million. All in all, we believe our execution during 2013 positions us well for continued growth in 2014, which promises to be a challenging environment for banking in general.”
Douglass continued, “Looking forward to fiscal 2014, our focus will be on countering any negative trends in the industry such as higher interest rates, which will reduce overall mortgage lending nationally. Due to our leadership position within the St. Louis and Kansas City markets, and our strong realtor relationships, we were able to achieve a 25% increase over the same quarter last year in loans originated to finance home purchases. By growing our sales force, adding additional loan production offices in surrounding Midwest markets, and by exploiting our relative advantage in the purchase money mortgage market, we believe we can replace much of the revenue lost from a shrinking refinance market.
To accomplish our overall growth objectives, we will also be focused on continuing to expand our commercial franchise through an increased sales staff and a renewed focus on asset production. Resources once dedicated to improving asset quality can now be redirected toward growing the business.”
Douglass concluded, “Along with increased efficiencies in our delivery systems, we believe these initiatives will enable us to generate another year of solid earnings growth in 2014.”
Conference Call Tomorrow
Pulaski Financial’s management will discuss fourth fiscal quarter results and other developments tomorrow, October 30, 2013, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call will also be simultaneously webcast and archived for three months at: http://pulaskibank.com/corporate-profile.aspx. Participants in the conference call may dial 877-473-3757, conference ID 42950366, a few minutes before the start time. The call will also be available for replay through November 30, 2013 at 855-859-2056 or 404-537-3406, conference ID 42950366.
About Pulaski Financial
Pulaski Financial Corp., operating in its 91st year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers mortgage loan products through loan production offices in the St. Louis and Kansas City metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska, and Council Bluffs, Iowa. The Company’s website can be accessed at www.pulaskibank.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, 2012 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.
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 878-2210
Tables follow...
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME
(Unaudited)
|
|
|
(Dollars in thousands except per share data) |
| |||||||
|
|
|
Three Months Ended |
| |||||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
|
2013 |
|
2013 |
|
2012 |
| |||
|
Interest income |
|
$ |
12,117 |
|
$ |
12,707 |
|
$ |
13,411 |
|
|
Interest expense |
|
1,406 |
|
1,545 |
|
1,963 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Net interest income |
|
10,711 |
|
11,162 |
|
11,448 |
| |||
|
Provision for loan losses |
|
500 |
|
1,800 |
|
2,950 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Net interest income after provision for loan losses |
|
10,211 |
|
9,362 |
|
8,498 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Retail banking fees |
|
1,050 |
|
998 |
|
1,124 |
| |||
|
Mortgage revenues |
|
2,752 |
|
3,444 |
|
2,779 |
| |||
|
Investment brokerage revenues |
|
231 |
|
185 |
|
282 |
| |||
|
Other |
|
471 |
|
287 |
|
446 |
| |||
|
Total non-interest income |
|
4,504 |
|
4,914 |
|
4,631 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Salaries and employee benefits |
|
4,354 |
|
4,414 |
|
3,966 |
| |||
|
Occupancy, equipment and data processing expense |
|
2,543 |
|
2,664 |
|
2,450 |
| |||
|
Advertising |
|
157 |
|
157 |
|
138 |
| |||
|
Professional services |
|
600 |
|
569 |
|
411 |
| |||
|
Real estate foreclosure losses and expense, net |
|
644 |
|
112 |
|
1,256 |
| |||
|
FDIC deposit insurance premium expense |
|
276 |
|
265 |
|
439 |
| |||
|
Other |
|
908 |
|
617 |
|
668 |
| |||
|
Total non-interest expense |
|
9,482 |
|
8,798 |
|
9,328 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Income before income taxes |
|
5,233 |
|
5,478 |
|
3,801 |
| |||
|
Income tax expense |
|
1,877 |
|
1,870 |
|
1,129 |
| |||
|
Net income after tax |
|
3,356 |
|
3,608 |
|
2,672 |
| |||
|
Expense (benefit) from repurchase of preferred stock, net |
|
(20 |
) |
43 |
|
365 |
| |||
|
Preferred stock dividends |
|
(342 |
) |
(388 |
) |
(493 |
) | |||
|
Earnings available to common shares |
|
$ |
2,994 |
|
$ |
3,263 |
|
$ |
2,544 |
|
|
|
|
|
|
|
|
|
| |||
|
Annualized Performance Ratios |
|
|
|
|
|
|
| |||
|
Return on average assets |
|
1.07 |
% |
1.11 |
% |
0.82 |
% | |||
|
Return on average common equity |
|
11.80 |
% |
13.08 |
% |
10.80 |
% | |||
|
Interest rate spread |
|
3.54 |
% |
3.54 |
% |
3.61 |
% | |||
|
Net interest margin |
|
3.65 |
% |
3.65 |
% |
3.75 |
% | |||
|
|
|
|
|
|
|
|
| |||
|
SHARE DATA |
|
|
|
|
|
|
| |||
|
Weighted average shares outstanding - basic |
|
10,922,253 |
|
10,914,913 |
|
10,742,660 |
| |||
|
Weighted average shares outstanding - diluted |
|
11,181,889 |
|
11,147,049 |
|
11,019,007 |
| |||
|
Basic earnings per common share |
|
$ |
0.27 |
|
$ |
0.30 |
|
$ |
0.24 |
|
|
Diluted earnings per common share |
|
$ |
0.27 |
|
$ |
0.29 |
|
$ |
0.23 |
|
|
Dividends per common share |
|
$ |
0.095 |
|
$ |
0.095 |
|
$ |
0.095 |
|
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME, Continued
(Unaudited)
|
|
|
(Dollars in thousands except per share data) |
| ||||
|
|
|
Twelve Months Ended September 30, |
| ||||
|
|
|
2013 |
|
2012 |
| ||
|
Interest income |
|
$ |
51,614 |
|
$ |
55,708 |
|
|
Interest expense |
|
6,445 |
|
8,678 |
| ||
|
|
|
|
|
|
| ||
|
Net interest income |
|
45,169 |
|
47,030 |
| ||
|
Provision for loan losses |
|
5,740 |
|
14,450 |
| ||
|
|
|
|
|
|
| ||
|
Net interest income after provision for loan losses |
|
39,429 |
|
32,580 |
| ||
|
|
|
|
|
|
| ||
|
Retail banking fees |
|
4,195 |
|
4,106 |
| ||
|
Mortgage revenues |
|
12,332 |
|
8,773 |
| ||
|
Investment brokerage revenues |
|
974 |
|
1,402 |
| ||
|
Other |
|
1,269 |
|
1,423 |
| ||
|
Total non-interest income |
|
18,770 |
|
15,704 |
| ||
|
|
|
|
|
|
| ||
|
Salaries and employee benefits |
|
17,747 |
|
15,263 |
| ||
|
Occupancy, equipment and data processing expense |
|
10,112 |
|
9,290 |
| ||
|
Advertising |
|
545 |
|
519 |
| ||
|
Professional services |
|
2,524 |
|
2,084 |
| ||
|
Real estate foreclosure losses and expenses, net |
|
2,210 |
|
3,039 |
| ||
|
FDIC deposit insurance premiums |
|
1,252 |
|
1,757 |
| ||
|
Other |
|
2,853 |
|
2,239 |
| ||
|
Total non-interest expense |
|
37,243 |
|
34,191 |
| ||
|
|
|
|
|
|
| ||
|
Income before income taxes |
|
20,956 |
|
14,093 |
| ||
|
Income tax expense |
|
7,211 |
|
4,263 |
| ||
|
Net income after tax |
|
13,745 |
|
9,830 |
| ||
|
Benefit from repurchase of preferred stock, net |
|
22 |
|
365 |
| ||
|
Preferred stock dividends |
|
(1,542 |
) |
(2,048 |
) | ||
|
Earnings available to common shares |
|
$ |
12,225 |
|
$ |
8,147 |
|
|
|
|
|
|
|
| ||
|
Annualized Performance Ratios |
|
|
|
|
| ||
|
Return on average assets |
|
1.06 |
% |
0.75 |
% | ||
|
Return on average common equity |
|
12.41 |
% |
8.75 |
% | ||
|
Interest rate spread |
|
3.59 |
% |
3.71 |
% | ||
|
Net interest margin |
|
3.71 |
% |
3.86 |
% | ||
|
|
|
|
|
|
| ||
|
SHARE DATA |
|
|
|
|
| ||
|
Weighted average shares outstanding - basic |
|
10,892,136 |
|
10,679,091 |
| ||
|
Weighted average shares outstanding - diluted |
|
11,132,941 |
|
10,993,862 |
| ||
|
Basic earnings per common share |
|
$ |
1.12 |
|
$ |
0.76 |
|
|
Diluted earnings per common share |
|
$ |
1.10 |
|
$ |
0.74 |
|
|
Dividends per common share |
|
$ |
0.38 |
|
$ |
0.38 |
|
PULASKI FINANCIAL CORP.
BALANCE SHEET DATA
(Unaudited)
|
|
|
(Dollars in thousands) |
|
|
| |||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
|
2013 |
|
2013 |
|
2012 |
| |||
|
Total assets |
|
$ |
1,281,754 |
|
$ |
1,348,402 |
|
$ |
1,347,517 |
|
|
Loans receivable, net |
|
995,018 |
|
1,001,095 |
|
975,728 |
| |||
|
Allowance for loan losses |
|
18,306 |
|
18,581 |
|
17,117 |
| |||
|
Mortgage loans held for sale, net |
|
70,473 |
|
144,636 |
|
180,575 |
| |||
|
Investment securities |
|
43,211 |
|
41,014 |
|
27,578 |
| |||
|
FHLB stock |
|
4,777 |
|
6,552 |
|
5,559 |
| |||
|
Cash and cash equivalents |
|
86,309 |
|
69,555 |
|
62,335 |
| |||
|
Deposits |
|
1,010,812 |
|
1,042,900 |
|
1,081,698 |
| |||
|
Borrowed Money |
|
113,483 |
|
145,877 |
|
109,981 |
| |||
|
Subordinated debentures |
|
19,589 |
|
19,589 |
|
19,589 |
| |||
|
Stockholders’ equity - preferred |
|
17,310 |
|
23,225 |
|
24,976 |
| |||
|
Stockholders’ equity - common |
|
102,683 |
|
100,068 |
|
93,191 |
| |||
|
Total book value per common share |
|
$ |
8.99 |
|
$ |
8.80 |
|
$ |
8.21 |
|
|
Tangible book value per common share |
|
$ |
8.65 |
|
$ |
8.46 |
|
$ |
7.86 |
|
|
Regulatory capital ratios - Pulaski Bank only: (1) |
|
|
|
|
|
|
| |||
|
Tier 1 leverage capital (to average assets) |
|
10.31 |
% |
10.08 |
% |
9.63 |
% | |||
|
Total risk-based capital (to risk-weighted assets) |
|
14.34 |
% |
14.15 |
% |
13.58 |
% | |||
(1) September 30, 2013 regulatory capital ratios are estimated.
|
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
|
2013 |
|
2013 |
|
2012 |
| |||
|
LOANS RECEIVABLE |
|
|
|
|
|
|
| |||
|
Single-family residential: |
|
|
|
|
|
|
| |||
|
Residential first mortgage |
|
$ |
212,357 |
|
$ |
213,650 |
|
$ |
211,760 |
|
|
Residential second mortgage |
|
43,208 |
|
43,181 |
|
42,091 |
| |||
|
Home equity lines of credit |
|
110,906 |
|
121,760 |
|
143,931 |
| |||
|
Total single-family residential |
|
366,471 |
|
378,591 |
|
397,782 |
| |||
|
Commercial: |
|
|
|
|
|
|
| |||
|
Commercial and multi-family real estate |
|
348,003 |
|
341,778 |
|
323,334 |
| |||
|
Land acquisition and development |
|
40,430 |
|
45,533 |
|
47,263 |
| |||
|
Real estate construction and development |
|
20,548 |
|
21,227 |
|
21,907 |
| |||
|
Commercial and industrial |
|
233,179 |
|
228,071 |
|
197,755 |
| |||
|
Total commercial |
|
642,160 |
|
636,609 |
|
590,259 |
| |||
|
Consumer and installment |
|
2,761 |
|
2,124 |
|
2,674 |
| |||
|
|
|
1,011,392 |
|
1,017,324 |
|
990,715 |
| |||
|
Add (less): |
|
|
|
|
|
|
| |||
|
Deferred loan costs |
|
3,188 |
|
3,147 |
|
3,116 |
| |||
|
Loans in process |
|
(1,256 |
) |
(795 |
) |
(986 |
) | |||
|
Allowance for loan losses |
|
(18,306 |
) |
(18,581 |
) |
(17,117 |
) | |||
|
Total |
|
$ |
995,018 |
|
$ |
1,001,095 |
|
$ |
975,728 |
|
|
|
|
|
|
|
|
|
| |||
|
Weighted average rate at end of period |
|
4.45 |
% |
4.57 |
% |
4.92 |
% | |||
|
|
|
September 30, 2013 |
|
June 30, 2013 |
|
September 30, 2012 |
| |||||||||
|
|
|
|
|
Weighted |
|
|
|
Weighted |
|
|
|
Weighted |
| |||
|
|
|
|
|
Average |
|
|
|
Average |
|
|
|
Average |
| |||
|
|
|
|
|
Interest |
|
|
|
Interest |
|
|
|
Interest |
| |||
|
|
|
Balance |
|
Rate |
|
Balance |
|
Rate |
|
Balance |
|
Rate |
| |||
|
|
|
(Dollars in thousands) |
| |||||||||||||
|
DEPOSITS |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Demand Deposit Accounts: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Non-interest-bearing checking |
|
$ |
168,033 |
|
0.00 |
% |
$ |
172,358 |
|
0.00 |
% |
$ |
173,374 |
|
0.00 |
% |
|
Interest-bearing checking |
|
237,362 |
|
0.10 |
% |
250,655 |
|
0.09 |
% |
276,542 |
|
0.14 |
% | |||
|
Savings accounts |
|
39,845 |
|
0.13 |
% |
39,288 |
|
0.13 |
% |
37,258 |
|
0.14 |
% | |||
|
Money market |
|
206,927 |
|
0.26 |
% |
192,252 |
|
0.26 |
% |
149,194 |
|
0.26 |
% | |||
|
Total demand deposit accounts |
|
652,167 |
|
0.13 |
% |
654,553 |
|
0.12 |
% |
636,368 |
|
0.13 |
% | |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Certificates of Deposit: |
|
|
|
|
|
|
|
|
|
|
|
|
| |||
|
Retail |
|
313,217 |
|
0.84 |
% |
331,938 |
|
0.92 |
% |
365,848 |
|
1.17 |
% | |||
|
CDARS |
|
45,428 |
|
0.28 |
% |
56,409 |
|
0.29 |
% |
79,483 |
|
0.34 |
% | |||
|
Total certificates of deposit |
|
358,645 |
|
0.77 |
% |
388,347 |
|
0.83 |
% |
445,331 |
|
1.02 |
% | |||
|
Total deposits |
|
$ |
1,010,812 |
|
0.35 |
% |
$ |
1,042,900 |
|
0.39 |
% |
$ |
1,081,699 |
|
0.50 |
% |
PULASKI FINANCIAL CORP.
RESIDENTIAL MORTGAGE LOAN ACTIVITY
(Unaudited)
RESIDENTIAL MORTGAGE LOANS ORIGINATED FOR SALE
|
|
|
2013 |
|
2012 |
| ||||||||||||||
|
|
|
Mortgage |
|
Home |
|
|
|
Mortgage |
|
Home |
|
|
| ||||||
|
|
|
Refinancings |
|
Purchases |
|
Total |
|
Refinancings |
|
Purchases |
|
Total |
| ||||||
|
|
|
(In thousands) |
| ||||||||||||||||
|
First quarter |
|
$ |
230,399 |
|
$ |
149,241 |
|
$ |
379,640 |
|
$ |
238,393 |
|
$ |
132,843 |
|
$ |
371,236 |
|
|
Second quarter |
|
186,515 |
|
123,009 |
|
309,524 |
|
190,436 |
|
118,288 |
|
308,724 |
| ||||||
|
Third quarter |
|
133,380 |
|
224,655 |
|
358,035 |
|
150,778 |
|
199,770 |
|
350,548 |
| ||||||
|
Fourth quarter |
|
44,144 |
|
202,571 |
|
246,715 |
|
218,931 |
|
161,730 |
|
380,661 |
| ||||||
|
Total |
|
$ |
594,438 |
|
$ |
699,476 |
|
$ |
1,293,914 |
|
$ |
798,538 |
|
$ |
612,631 |
|
$ |
1,411,169 |
|
RESIDENTIAL MORTGAGE LOANS SOLD TO INVESTORS
|
|
|
2013 |
|
2012 |
| ||||||||||||
|
|
|
|
|
|
|
Net |
|
|
|
|
|
Net |
| ||||
|
|
|
Loans |
|
Mortgage |
|
Profit |
|
Loans |
|
Mortgage |
|
Profit |
| ||||
|
|
|
Sold |
|
Revenues |
|
Margin |
|
Sold |
|
Revenues |
|
Margin |
| ||||
|
|
|
(Dollars in thousands) |
| ||||||||||||||
|
First quarter |
|
$ |
367,388 |
|
$ |
2,988 |
|
0.81 |
% |
$ |
328,582 |
|
$ |
1,686 |
|
0.51 |
% |
|
Second quarter |
|
349,870 |
|
3,148 |
|
0.90 |
% |
309,121 |
|
1,897 |
|
0.61 |
% | ||||
|
Third quarter |
|
354,544 |
|
3,444 |
|
0.97 |
% |
342,158 |
|
2,410 |
|
0.70 |
% | ||||
|
Fourth quarter |
|
323,979 |
|
2,752 |
|
0.85 |
% |
342,619 |
|
2,780 |
|
0.81 |
% | ||||
|
Total |
|
$ |
1,395,781 |
|
$ |
12,332 |
|
0.88 |
% |
$ |
1,322,480 |
|
$ |
8,773 |
|
0.66 |
% |
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS
(Unaudited)
|
|
|
(In thousands) |
|
|
| |||||
|
|
|
September 30, |
|
June 30, |
|
September 30, |
| |||
|
|
|
2013 |
|
2013 |
|
2012 |
| |||
|
NON-PERFORMING ASSETS |
|
|
|
|
|
|
| |||
|
Non-accrual loans: |
|
|
|
|
|
|
| |||
|
Residential real estate first mortgages |
|
$ |
5,335 |
|
$ |
3,675 |
|
$ |
4,248 |
|
|
Residential real estate second mortgages |
|
442 |
|
815 |
|
610 |
| |||
|
Home equity lines of credit |
|
2,124 |
|
2,588 |
|
1,613 |
| |||
|
Commercial and multi-family real estate |
|
1,774 |
|
2,467 |
|
6,119 |
| |||
|
Real estate construction and development |
|
— |
|
— |
|
358 |
| |||
|
Commercial and industrial |
|
— |
|
3,580 |
|
4,412 |
| |||
|
Consumer and other |
|
78 |
|
1 |
|
102 |
| |||
|
Total non-accrual loans |
|
9,753 |
|
13,126 |
|
17,462 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Troubled debt restructured: (1) |
|
|
|
|
|
|
| |||
|
Current under the restructured terms: |
|
|
|
|
|
|
| |||
|
Residential real estate first mortgages |
|
5,169 |
|
5,549 |
|
11,809 |
| |||
|
Residential real estate second mortgages |
|
904 |
|
780 |
|
1,473 |
| |||
|
Home equity lines of credit |
|
498 |
|
647 |
|
1,266 |
| |||
|
Commercial and multi-family real estate |
|
2,585 |
|
6,476 |
|
6,388 |
| |||
|
Land acquisition and development |
|
43 |
|
44 |
|
— |
| |||
|
Real estate construction and development |
|
23 |
|
44 |
|
34 |
| |||
|
Commercial and industrial |
|
2,055 |
|
675 |
|
1,186 |
| |||
|
Consumer and other |
|
28 |
|
31 |
|
42 |
| |||
|
Total current troubled debt restructurings |
|
11,305 |
|
14,246 |
|
22,198 |
| |||
|
Past due under restructured terms: |
|
|
|
|
|
|
| |||
|
Residential real estate first mortgages |
|
3,974 |
|
2,155 |
|
5,463 |
| |||
|
Residential real estate second mortgages |
|
155 |
|
357 |
|
166 |
| |||
|
Home equity lines of credit |
|
178 |
|
169 |
|
542 |
| |||
|
Commercial and multi-family real estate |
|
1,652 |
|
1,838 |
|
1,607 |
| |||
|
Land acquisition and development |
|
19 |
|
— |
|
39 |
| |||
|
Commercial and industrial |
|
572 |
|
1,298 |
|
— |
| |||
|
Total past due troubled debt restructurings |
|
6,550 |
|
5,817 |
|
7,817 |
| |||
|
Total troubled debt restructurings |
|
17,855 |
|
20,063 |
|
30,015 |
| |||
|
Total non-performing loans |
|
27,608 |
|
33,189 |
|
47,477 |
| |||
|
Real estate acquired in settlement of loans: |
|
|
|
|
|
|
| |||
|
Residential real estate |
|
3,019 |
|
5,853 |
|
2,651 |
| |||
|
Commercial real estate |
|
3,376 |
|
3,898 |
|
11,301 |
| |||
|
Total real estate acquired in settlement of loans |
|
6,395 |
|
9,751 |
|
13,952 |
| |||
|
Total non-performing assets |
|
$ |
34,003 |
|
$ |
42,940 |
|
$ |
61,429 |
|
(1) Troubled debt restructured includes non-accrual loans totaling $17.9 million, $20.1 million and $30.0 million at September 30, 2013, June 30, 2013 and September 30, 2012, 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 |
|
Twelve Months |
| ||||||||
|
|
|
Ended September 30, |
|
Ended September 30, |
| ||||||||
|
|
|
2013 |
|
2012 |
|
2013 |
|
2012 |
| ||||
|
ALLOWANCE FOR LOAN LOSSES |
|
|
|
|
|
|
|
|
| ||||
|
Allowance for loan losses, beginning of period |
|
$ |
18,581 |
|
$ |
18,001 |
|
$ |
17,117 |
|
$ |
25,714 |
|
|
Provision charged to expense |
|
500 |
|
2,950 |
|
5,740 |
|
14,450 |
| ||||
|
Charge-offs: |
|
|
|
|
|
|
|
|
| ||||
|
Residential real estate loans: |
|
|
|
|
|
|
|
|
| ||||
|
First mortgages |
|
434 |
|
1,447 |
|
3,364 |
|
8,035 |
| ||||
|
Second mortgages |
|
555 |
|
872 |
|
1,633 |
|
2,696 |
| ||||
|
Home equity |
|
496 |
|
1,938 |
|
2,402 |
|
6,029 |
| ||||
|
Total residential real estate loans |
|
1,485 |
|
4,257 |
|
7,399 |
|
16,760 |
| ||||
|
Commercial loans: |
|
|
|
|
|
|
|
|
| ||||
|
Commercial and multi-family real estate |
|
10 |
|
57 |
|
1,013 |
|
4,055 |
| ||||
|
Land acquisition & development |
|
49 |
|
— |
|
73 |
|
262 |
| ||||
|
Real estate construction and development |
|
— |
|
— |
|
260 |
|
298 |
| ||||
|
Commercial and industrial loans |
|
— |
|
42 |
|
484 |
|
2,067 |
| ||||
|
Total commercial loans |
|
59 |
|
99 |
|
1,830 |
|
6,682 |
| ||||
|
Consumer and other |
|
22 |
|
(288 |
) |
106 |
|
215 |
| ||||
|
Total charge-offs |
|
1,566 |
|
4,068 |
|
9,335 |
|
23,657 |
| ||||
|
Recoveries: |
|
|
|
|
|
|
|
|
| ||||
|
Residential real estate loans: |
|
|
|
|
|
|
|
|
| ||||
|
First mortgages |
|
21 |
|
40 |
|
80 |
|
81 |
| ||||
|
Second mortgages |
|
79 |
|
61 |
|
232 |
|
103 |
| ||||
|
Home equity |
|
235 |
|
47 |
|
544 |
|
150 |
| ||||
|
Total residential real estate loans |
|
335 |
|
148 |
|
856 |
|
334 |
| ||||
|
Commercial loans: |
|
|
|
|
|
|
|
|
| ||||
|
Commercial and multi-family real estate |
|
419 |
|
54 |
|
1,638 |
|
119 |
| ||||
|
Land acquisition & development |
|
1 |
|
1 |
|
23 |
|
8 |
| ||||
|
Real estate construction and development |
|
3 |
|
— |
|
1,800 |
|
10 |
| ||||
|
Commercial and industrial |
|
21 |
|
24 |
|
421 |
|
117 |
| ||||
|
Total commercial loans |
|
444 |
|
79 |
|
3,882 |
|
254 |
| ||||
|
Consumer and other |
|
12 |
|
7 |
|
46 |
|
21 |
| ||||
|
Total recoveries |
|
791 |
|
234 |
|
4,784 |
|
610 |
| ||||
|
Net charge-offs |
|
775 |
|
3,834 |
|
4,551 |
|
23,047 |
| ||||
|
Balance, end of period |
|
$ |
18,306 |
|
$ |
17,117 |
|
$ |
18,306 |
|
$ |
17,117 |
|
|
|
|
September 30, |
|
June 30, |
|
September 30, |
|
|
|
|
2013 |
|
2013 |
|
2012 |
|
|
ASSET QUALITY RATIOS |
|
|
|
|
|
|
|
|
Non-performing loans as a percent of total loans |
|
2.73 |
% |
3.26 |
% |
4.79 |
% |
|
Non-performing loans excluding current troubled debt restructurings as a percent of total loans |
|
1.61 |
% |
1.86 |
% |
2.55 |
% |
|
Non-performing assets as a percent of total assets |
|
2.65 |
% |
3.18 |
% |
4.56 |
% |
|
Non-performing assets excluding current troubled debt restructurings as a percent of total assets |
|
1.77 |
% |
2.13 |
% |
2.91 |
% |
|
Allowance for loan losses as a percent of total loans |
|
1.81 |
% |
1.83 |
% |
1.73 |
% |
|
Allowance for loan losses as a percent of non-performing loans |
|
66.31 |
% |
55.99 |
% |
36.05 |
% |
|
Allowance for loan losses as a percent of non-performing loans excluding current troubled debt restructurings and related allowance for loan losses |
|
106.56 |
% |
92.30 |
% |
65.56 |
% |
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS
(Unaudited)
|
|
|
(Dollars in thousands) |
| ||||||||||||||
|
|
|
Three Months Ended |
| ||||||||||||||
|
|
|
September 30, 2013 |
|
September 30, 2012 |
| ||||||||||||
|
|
|
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
| ||||
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Dividends |
|
Cost |
|
Balance |
|
Dividends |
|
Cost |
| ||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans receivable |
|
$ |
1,011,619 |
|
$ |
11,081 |
|
4.38 |
% |
$ |
1,000,200 |
|
$ |
11,807 |
|
4.72 |
% |
|
Mortgage loans held for sale |
|
97,804 |
|
950 |
|
3.89 |
% |
171,305 |
|
1,502 |
|
3.51 |
% | ||||
|
Other interest-earning assets |
|
63,003 |
|
86 |
|
0.55 |
% |
49,680 |
|
102 |
|
0.82 |
% | ||||
|
Total interest-earning assets |
|
1,172,426 |
|
12,117 |
|
4.13 |
% |
1,221,185 |
|
13,411 |
|
4.39 |
% | ||||
|
Non-interest-earning assets |
|
82,206 |
|
|
|
|
|
89,511 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,254,632 |
|
|
|
|
|
$ |
1,310,696 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Deposits |
|
$ |
850,366 |
|
$ |
1,035 |
|
0.49 |
% |
$ |
925,221 |
|
$ |
1,589 |
|
0.69 |
% |
|
Borrowed money |
|
95,418 |
|
371 |
|
1.55 |
% |
75,222 |
|
374 |
|
1.98 |
% | ||||
|
Total interest-bearing liabilities |
|
945,784 |
|
1,406 |
|
0.59 |
% |
1,000,443 |
|
1,963 |
|
0.78 |
% | ||||
|
Non-interest-bearing deposits |
|
171,722 |
|
|
|
|
|
171,189 |
|
|
|
|
| ||||
|
Non-interest-bearing liabilities |
|
15,446 |
|
|
|
|
|
16,461 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
121,680 |
|
|
|
|
|
122,603 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
1,254,632 |
|
|
|
|
|
$ |
1,310,696 |
|
|
|
|
| ||
|
Net interest income |
|
|
|
$ |
10,711 |
|
|
|
|
|
$ |
11,448 |
|
|
| ||
|
Interest rate spread |
|
|
|
|
|
3.54 |
% |
|
|
|
|
3.61 |
% | ||||
|
Net interest margin |
|
|
|
|
|
3.65 |
% |
|
|
|
|
3.75 |
% | ||||
|
|
|
(Dollars in thousands) |
| ||||||||||||||
|
|
|
Twelve Months Ended |
| ||||||||||||||
|
|
|
September 30, 2013 |
|
September 30, 2012 |
| ||||||||||||
|
|
|
|
|
Interest |
|
Average |
|
|
|
Interest |
|
Average |
| ||||
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Dividends |
|
Cost |
|
Balance |
|
Dividends |
|
Cost |
| ||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Loans receivable |
|
$ |
1,006,003 |
|
$ |
46,044 |
|
4.58 |
% |
$ |
1,021,439 |
|
$ |
49,961 |
|
4.89 |
% |
|
Mortgage loans held for sale |
|
152,340 |
|
5,170 |
|
3.39 |
% |
146,269 |
|
5,338 |
|
3.65 |
% | ||||
|
Other interest-earning assets |
|
58,745 |
|
400 |
|
0.68 |
% |
51,548 |
|
409 |
|
0.79 |
% | ||||
|
Total interest-earning assets |
|
1,217,088 |
|
51,614 |
|
4.24 |
% |
1,219,256 |
|
55,708 |
|
4.57 |
% | ||||
|
Non-interest-earning assets |
|
83,534 |
|
|
|
|
|
88,681 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,300,622 |
|
|
|
|
|
$ |
1,307,937 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Deposits |
|
$ |
899,241 |
|
$ |
4,965 |
|
0.55 |
% |
$ |
937,063 |
|
$ |
7,193 |
|
0.77 |
% |
|
Borrowed money |
|
91,621 |
|
1,480 |
|
1.62 |
% |
71,490 |
|
1,485 |
|
2.08 |
% | ||||
|
Total interest-bearing liabilities |
|
990,862 |
|
6,445 |
|
0.65 |
% |
1,008,553 |
|
8,678 |
|
0.86 |
% | ||||
|
Noninterest-bearing deposits |
|
172,814 |
|
|
|
|
|
160,331 |
|
|
|
|
| ||||
|
Noninterest-bearing liabilities |
|
14,915 |
|
|
|
|
|
15,057 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
122,031 |
|
|
|
|
|
123,996 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
1,300,622 |
|
|
|
|
|
$ |
1,307,937 |
|
|
|
|
| ||
|
Net interest income |
|
|
|
$ |
45,169 |
|
|
|
|
|
$ |
47,030 |
|
|
| ||
|
Interest rate spread |
|
|
|
|
|
3.59 |
% |
|
|
|
|
3.71 |
% | ||||
|
Net interest margin |
|
|
|
|
|
3.71 |
% |
|
|
|
|
3.86 |
% | ||||
# # #