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8-K - 8-K - PULASKI FINANCIAL CORP | a13-24013_18k.htm |
Exhibit 99.1
PULASKI FINANCIAL REPORTS SUBSEQUENT EVENT
AND REVISES EARNINGS FOR FISCAL YEAR 2013
ST. LOUIS, November 11, 2013 Pulaski Financial Corp. (Nasdaq Global Select: PULB, the Company), the holding company for Pulaski Bank (the Bank), announced today that it has uncovered an elaborate fraud perpetrated against the Bank by one of its commercial loan customers. The customer, who purported to be in the business of leasing equipment, appears to have created false documentation to purchase assets that did not exist and that were the subject of fictitious leases. The Companys total exposure to the customer at September 30, 2013 consisted of an aggregate outstanding loan balance of $7.0 million less collateral of $631,000 that was in the Banks possession.
Although the Company discovered this information subsequent to the October 29, 2013 announcement of its results for the fiscal year ended September 30, 2013, the Company determined that the loans had been impaired at September 30, 2013 based on the new information. As a result, the Company will charge off the entire amount of the exposure that was determined to be unsecured effective September 30, 2013, resulting in an after-tax charge to earnings of $3.9 million. Revised results for the fourth quarter of fiscal 2013 will be a loss attributable to common shares of $942,000, or $0.08 per diluted common share. For the full fiscal year ended September 30, 2013, revised earnings available to common shares will be $8.3 million, or $0.74 per diluted common share. Notwithstanding the reduced earnings resulting from this fraud, the Banks capital ratios remain above the level required to be considered well-capitalized.
The Company is aggressively pursuing collection of the loans from the customer and with the appropriate authorities. The Company also believes it has a sound basis for filing an insurance claim under its fidelity bond, which carries a maximum limit of $5 million subject to certain adjustments. However, the timing and potential results of these efforts are uncertain.
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 Companys 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) 317-5046
Revised 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 |
|
6,850 |
|
1,800 |
|
2,950 |
| |||
|
|
|
|
|
|
|
| |||
Net interest income after provision for loan losses |
|
3,861 |
|
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 |
| |||
|
|
|
|
|
|
|
| |||
(Loss) income before income taxes |
|
(1,117 |
) |
5,478 |
|
3,801 |
| |||
Income tax (benefit) expense |
|
(537 |
) |
1,870 |
|
1,129 |
| |||
Net (loss) income after tax |
|
(580 |
) |
3,608 |
|
2,672 |
| |||
Expense (benefit) from repurchase of preferred stock, net |
|
(20 |
) |
43 |
|
365 |
| |||
Preferred stock dividends |
|
(342 |
) |
(388 |
) |
(493 |
) | |||
(Loss) earnings available to common shares |
|
$ |
(942 |
) |
$ |
3,263 |
|
$ |
2,544 |
|
|
|
|
|
|
|
|
| |||
Annualized Performance Ratios |
|
|
|
|
|
|
| |||
Return on average assets |
|
(0.18 |
)% |
1.11 |
% |
0.82 |
% | |||
Return on average common equity |
|
(3.71 |
)% |
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 (loss) earnings per common share |
|
$ |
(0.09 |
) |
$ |
0.30 |
|
$ |
0.24 |
|
Diluted (loss) earnings per common share |
|
$ |
(0.08 |
) |
$ |
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 |
|
12,090 |
|
14,450 |
| ||
|
|
|
|
|
| ||
Net interest income after provision for loan losses |
|
33,079 |
|
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 |
|
14,606 |
|
14,093 |
| ||
Income tax expense |
|
4,797 |
|
4,263 |
| ||
Net income after tax |
|
9,809 |
|
9,830 |
| ||
Benefit from repurchase of preferred stock, net |
|
22 |
|
365 |
| ||
Preferred stock dividends |
|
(1,542 |
) |
(2,048 |
) | ||
Earnings available to common shares |
|
$ |
8,289 |
|
$ |
8,147 |
|
|
|
|
|
|
| ||
Annualized Performance Ratios |
|
|
|
|
| ||
Return on average assets |
|
0.75 |
% |
0.75 |
% | ||
Return on average common equity |
|
8.42 |
% |
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 |
|
$ |
0.76 |
|
$ |
0.76 |
|
Diluted earnings per common share |
|
$ |
0.74 |
|
$ |
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 |
|
$ |
1,275,944 |
|
$ |
1,348,402 |
|
$ |
1,347,517 |
|
Loans receivable, net |
|
988,668 |
|
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 |
|
98,748 |
|
100,068 |
|
93,191 |
| |||
Total book value per common share |
|
$ |
8.65 |
|
$ |
8.80 |
|
$ |
8.21 |
|
Tangible book value per common share |
|
$ |
8.30 |
|
$ |
8.46 |
|
$ |
7.86 |
|
Regulatory capital ratios - Pulaski Bank only: (1) |
|
|
|
|
|
|
| |||
Tier 1 leverage capital (to average assets) |
|
10.05 |
% |
10.08 |
% |
9.63 |
% | |||
Total risk-based capital (to risk-weighted assets) |
|
14.03 |
% |
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 |
|
226,829 |
|
228,071 |
|
197,755 |
| |||
Total commercial |
|
635,810 |
|
636,609 |
|
590,259 |
| |||
Consumer and installment |
|
2,761 |
|
2,124 |
|
2,674 |
| |||
|
|
1,005,042 |
|
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 |
|
$ |
988,668 |
|
$ |
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 |
|
6,850 |
|
2,950 |
|
12,090 |
|
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 |
|
6,350 |
|
42 |
|
6,834 |
|
2,067 |
| ||||
Total commercial loans |
|
6,409 |
|
99 |
|
8,180 |
|
6,682 |
| ||||
Consumer and other |
|
22 |
|
(288 |
) |
106 |
|
215 |
| ||||
Total charge-offs |
|
7,916 |
|
4,068 |
|
15,685 |
|
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 |
|
7,125 |
|
3,834 |
|
10,901 |
|
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 |
|
2.75 |
% |
3.26 |
% |
4.79 |
% |
Non-performing loans excluding current troubled debt restructurings as a percent of total loans |
|
1.62 |
% |
1.86 |
% |
2.55 |
% |
Non-performing assets as a percent of total assets |
|
2.66 |
% |
3.18 |
% |
4.56 |
% |
Non-performing assets excluding current troubled debt restructurings as a percent of total assets |
|
1.78 |
% |
2.13 |
% |
2.91 |
% |
Allowance for loan losses as a percent of total loans |
|
1.82 |
% |
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 |
|
$ |
1,011,550 |
|
$ |
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 |
|
1,172,357 |
|
12,117 |
|
4.13 |
% |
1,221,185 |
|
13,411 |
|
4.39 |
% | ||||
Non-interest-earning assets |
|
82,212 |
|
|
|
|
|
89,511 |
|
|
|
|
| ||||
Total assets |
|
$ |
1,254,569 |
|
|
|
|
|
$ |
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 |
|
15,426 |
|
|
|
|
|
16,461 |
|
|
|
|
| ||||
Stockholders equity |
|
121,637 |
|
|
|
|
|
122,603 |
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,254,569 |
|
|
|
|
|
$ |
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 |
|
$ |
1,005,985 |
|
$ |
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 |
|
1,217,070 |
|
51,614 |
|
4.24 |
% |
1,219,256 |
|
55,708 |
|
4.57 |
% | ||||
Non-interest-earning assets |
|
83,536 |
|
|
|
|
|
88,681 |
|
|
|
|
| ||||
Total assets |
|
$ |
1,300,606 |
|
|
|
|
|
$ |
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 |
|
14,909 |
|
|
|
|
|
15,057 |
|
|
|
|
| ||||
Stockholders equity |
|
122,021 |
|
|
|
|
|
123,996 |
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,300,606 |
|
|
|
|
|
$ |
1,307,937 |
|
|
|
|
| ||
Net interest income |
|
|
|
$ |
45,169 |
|
|
|
|
|
$ |
47,030 |
|
|
| ||
Interest rate spread |
|
|
|
|
|
3.59 |
% |
|
|
|
|
3.71 |
% | ||||
Net interest margin |
|
|
|
|
|
3.71 |
% |
|
|
|
|
3.86 |
% |
# # #