Attached files
| file | filename |
|---|---|
| 8-K - 8-K - Fox Chase Bancorp Inc | a15-3422_18k.htm |
Exhibit 99.1
|
FOX CHASE BANCORP, INC. |
4th QUARTER EARNINGS 2014 |
|
|
|
4390 Davisville Road, Hatboro, PA 19040 Phone (215) 283-2900 Fax (215) 775-1401
NEWS RELEASE
|
For Immediate Release | |
|
| |
|
Date: |
January 28, 2015 |
|
Contact: |
Roger S. Deacon |
|
|
Chief Financial Officer |
|
Phone: |
(215) 775-1435 |
FOX CHASE BANCORP, INC. ANNOUNCES EARNINGS
FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2014
(Annual Earnings Increase by 48%, Announces Increased Dividend)
HATBORO, PA. January 28, 2015 - Fox Chase Bancorp, Inc. (the “Company”) (NASDAQ GS: FXCB), the holding company for Fox Chase Bank (the “Bank”), today announced net income of $8.2 million, or $0.71 per diluted share, for the year ended December 31, 2014, compared to $5.5 million, or $0.48 per diluted share, for the year ended December 31, 2013. The Company reported net income of $2.1 million, or $0.19 per diluted share, for the quarter ended December 31, 2014 compared to net income of $1.5 million, or $0.13 per diluted share, for the quarter ended December 31, 2013.
The Company also announced that its Board of Directors declared a cash dividend of $0.26 per outstanding share of common stock. This quarter’s dividend is comprised of a regular quarterly dividend of $0.14 (a $0.02 increase from the previous quarter) and a nonrecurring dividend of $0.12 per outstanding common share. Cumulative dividends paid for 2014 will be $0.60 per share which represents 85% of the Company’s 2014 earnings. The dividend will be paid on or about February 26, 2015 to stockholders of record as of the close of business on February 12, 2015.
Commenting on the Company’s performance, Thomas M. Petro, President and Chief Executive Officer stated, “We are pleased to report a 48% increase in net income for 2014. This increase was driven by improvements in several key financial metrics, including the net interest margin of 3.19% and an efficiency ratio of 61.2%, leading to a return on assets of 0.76%. We continue to execute on our commercial lending strategy as highlighted by an 8.5% growth in average commercial loans, which now represents 83% of our loan portfolio, and generated over $800,000 in cash management fee income. We also reduced nonperforming assets by 58% as credit quality continues to improve. As we look into 2015, our strategy is to continue building our commercial business.”
Highlights for the year and quarter ended December 31, 2014 included:
· Total assets were $1.09 billion at December 31, 2014 compared to $1.12 billion at December 31, 2013. Total loans were $724.3 million at December 31, 2014, an increase of $14.1 million, or 2.0%, from $710.2 million at September 30, 2014, and an increase of $3.8 million, or 0.5%, from $720.5 million at December 31, 2013. Total commercial loans increased $17.6 million, or 3.0%, from $589.9 million at September 30, 2014 to $607.5 million at December 31, 2014 primarily due to increases of $39.0 million in commercial and industrial loans and $8.2 million in commercial construction loans offset by payoffs of $29.6 million in multi-family and commercial real estate loans. Total commercial loans increased $25.2 million, or 4.3%, from $582.3 million at December 31, 2013 to $607.5 million at December 31, 2014 primarily due to increases of $33.6 million in commercial construction loans and $11.1 million in commercial and industrial loans offset by payoffs of $19.5 million in multi-family and commercial real estate loans.
· Total stockholders’ equity was $175.9 million at December 31, 2014, an increase of $2.4 million from $173.5 million at December 31, 2013. The increase was primarily due to an improvement in accumulated other comprehensive income (loss) of $4.6 million. During the year ended December 31, 2014, the Company paid dividends totaling $6.9 million, or $0.60 per share, and repurchased 384,400 shares of Company common stock at an aggregate cost of $6.3 million. Core tangible book value per share (as defined in the tables that follow) increased to $14.89 at December 31, 2014 from $14.65 at December 31, 2013.
· Total average assets were $1.08 billion for the year ended December 31, 2014 compared to $1.09 billion for the year ended December 31, 2013. Total average commercial loans increased by $45.0 million, or 8.5%, to $575.7 million for the year ended December 31, 2014, compared to $530.7 million for the year ended December 31, 2013.
· Nonperforming assets totaled $6.3 million, or 0.57% of total assets, at December 31, 2014 compared to $5.5 million, or 0.51% of total assets, at September 30, 2014 and $15.0 million, or 1.35% of total assets, at December 31, 2013.
· Return on average assets was 0.76% for the year ended December 31, 2014 compared to 0.51% for the year ended December 31, 2013. Return on average assets was 0.79% for the three months ended December 31, 2014 compared to 0.67% for the three months ended September 30, 2014 and 0.54% for the three months ended December 31, 2013.
· Net interest income increased $1.0 million, or 3.2%, to $33.5 million for the year ended December 31, 2014, compared to $32.5 million for the year ended December 31, 2013. The net interest margin was 3.19% for the year ended December 31, 2014, compared to 3.08% for the year ended December 31, 2013.
· The efficiency ratio was 61.2% for the year ended December 31, 2014 compared to 63.7% for the year ended December 31, 2013.
· Credit related costs, which include (i) provision for loan losses and (ii) valuation adjustments on assets acquired through foreclosure, adjusted by (iii) net gain (loss) on sale of assets acquired through foreclosure, totaled $305,000 and $2.3 million for the quarter and year ended December 31, 2014, respectively, compared to $1.2 million and $5.5 million, respectively, for the quarter and year ended December 31, 2013. Net loan charge-offs totaled $720,000 and $2.7 million, respectively, for the quarter and year ended December 31, 2014, respectively, compared to $49,000 and $623,000 for the quarter and year ended December 31, 2013. The increase in net loan charge-offs and the level of provision for loan losses was primarily due to a $2.0 million charge-off on one commercial and industrial loan during the third quarter of 2014.
· The allowance for loan losses was $10.7 million, or 1.46% of total loans at December 31, 2014 compared to $11.1 million, or 1.54% of total loans at September 30, 2014 and $11.5 million or 1.57% of total loans at December 31, 2013.
· Noninterest income decreased $1.5 million to $2.3 million for the year ended December 31, 2014, compared to $3.8 million for the year ended December 31, 2013 primarily due
to a gain on sale of investment securities of $532,000 in 2013, a decrease of $273,000 in equity in earnings of affiliate due to lower mortgage volumes and a decrease of $552,000 in gain (loss) on sale of assets acquired through foreclosure due to a gain of $484,000 recorded in 2013 and a loss of $68,000 recorded in 2014.
· Noninterest expense decreased $5.2 million, or 19.1%, to $22.2 million for the year ended December 31, 2014, compared to $27.5 million for the year ended December 31, 2013. This decrease was primarily due to a decrease of $4.8 million in assets acquired through foreclosure expense as the Company recorded $305,000 in valuation adjustments on assets acquired through foreclosure during the year ended December 31, 2014 compared to $5.0 million for the year ended December 31, 2013.
· Excluding a decrease of $4.8 million in valuation adjustments on assets acquired through foreclosure, noninterest expense decreased $528,000, or 2.4%, to $21.9 million for the year ended December 31, 2014 from $22.5 million for the year ended December 31, 2013. The efficiency ratio was 61.2% and 63.3% for the year and quarter ended December 31, 2014, respectively, compared to 63.7% and 64.0% for the year and quarter ended December 31, 2013, respectively.
Fox Chase Bancorp, Inc. will host a conference call to discuss fourth quarter and year end 2014 results on Thursday, January 29, 2015 at 9:00 am EDT. The general public can access the call by dialing (877) 507-3275. A replay of the conference call will be available through March 13, 2015 by dialing (877) 344-7529; use Conference ID: 10059223. Participants may preregister at http://dpregister.com/10059223.
Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank’s website at www.foxchasebank.com.
This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.” Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory
changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
|
|
|
Three Months Ended |
|
Twelve Months Ended |
| ||||||||
|
|
|
December 31, |
|
December 31, |
| ||||||||
|
|
|
2014 |
|
2013 |
|
2014 |
|
2013 |
| ||||
|
|
|
(Unaudited) |
|
(Unaudited) |
|
(Audited) |
| ||||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest and fees on loans |
|
$ |
8,085 |
|
$ |
8,331 |
|
$ |
32,700 |
|
$ |
32,650 |
|
|
Interest on mortgage related securities |
|
1,624 |
|
1,863 |
|
6,859 |
|
7,159 |
| ||||
|
Interest and dividends on investment securities |
|
126 |
|
97 |
|
563 |
|
318 |
| ||||
|
Other interest income |
|
5 |
|
— |
|
7 |
|
2 |
| ||||
|
Total Interest Income |
|
9,840 |
|
10,291 |
|
40,129 |
|
40,129 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Deposits |
|
761 |
|
971 |
|
3,216 |
|
4,344 |
| ||||
|
Short-term borrowings |
|
27 |
|
36 |
|
127 |
|
130 |
| ||||
|
Federal Home Loan Bank advances |
|
565 |
|
582 |
|
2,288 |
|
2,188 |
| ||||
|
Other borrowed funds |
|
253 |
|
254 |
|
1,004 |
|
1,007 |
| ||||
|
Total Interest Expense |
|
1,606 |
|
1,843 |
|
6,635 |
|
7,669 |
| ||||
|
Net Interest Income |
|
8,234 |
|
8,448 |
|
33,494 |
|
32,460 |
| ||||
|
Provision for loan losses |
|
350 |
|
450 |
|
1,943 |
|
982 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net Interest Income after Provision for Loan Losses |
|
7,884 |
|
7,998 |
|
31,551 |
|
31,478 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Service charges and other fee income |
|
412 |
|
434 |
|
1,604 |
|
1,694 |
| ||||
|
Net (loss) gain on sale of assets acquired through foreclosure |
|
68 |
|
— |
|
(68 |
) |
484 |
| ||||
|
Income on bank-owned life insurance |
|
122 |
|
119 |
|
480 |
|
470 |
| ||||
|
Equity in earnings of affiliate |
|
47 |
|
(25 |
) |
172 |
|
445 |
| ||||
|
Net gain on sale of investment securities |
|
— |
|
— |
|
— |
|
532 |
| ||||
|
Other |
|
29 |
|
40 |
|
105 |
|
165 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
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Total Noninterest Income |
|
678 |
|
568 |
|
2,293 |
|
3,790 |
| ||||
|
|
|
|
|
|
|
|
|
|
| ||||
|
Salaries, benefits and other compensation |
|
3,710 |
|
3,709 |
|
14,380 |
|
14,338 |
| ||||
|
Occupancy expense |
|
388 |
|
446 |
|
1,709 |
|
1,689 |
| ||||
|
Furniture and equipment expense |
|
90 |
|
111 |
|
390 |
|
469 |
| ||||
|
Data processing costs |
|
396 |
|
382 |
|
1,542 |
|
1,537 |
| ||||
|
Professional fees |
|
331 |
|
441 |
|
1,417 |
|
1,691 |
| ||||
|
Marketing expense |
|
146 |
|
81 |
|
302 |
|
248 |
| ||||
|
FDIC premiums |
|
120 |
|
184 |
|
571 |
|
709 |
| ||||
|
Assets acquired through foreclosure expense |
|
17 |
|
736 |
|
420 |
|
5,201 |
| ||||
|
Other |
|
423 |
|
397 |
|
1,500 |
|
1,589 |
| ||||
|
Total Noninterest Expense |
|
5,621 |
|
6,487 |
|
22,231 |
|
27,471 |
| ||||
|
Income Before Income Taxes |
|
2,941 |
|
2,079 |
|
11,613 |
|
7,797 |
| ||||
|
Income tax provision |
|
833 |
|
589 |
|
3,418 |
|
2,263 |
| ||||
|
Net Income |
|
$ |
2,108 |
|
$ |
1,490 |
|
$ |
8,195 |
|
$ |
5,534 |
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Basic |
|
$ |
0.19 |
|
$ |
0.13 |
|
$ |
0.73 |
|
$ |
0.49 |
|
|
Diluted |
|
$ |
0.19 |
|
$ |
0.13 |
|
$ |
0.71 |
|
$ |
0.48 |
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, Except Share Data)
|
|
|
December 31, |
|
December 31, |
| ||
|
|
|
2014 |
|
2013 |
| ||
|
|
|
(Unaudited) |
|
(Audited) |
| ||
|
ASSETS |
|
|
|
|
| ||
|
Cash and due from banks |
|
$ |
2,763 |
|
$ |
149 |
|
|
Interest-earning demand deposits in other banks |
|
14,450 |
|
11,798 |
| ||
|
Total cash and cash equivalents |
|
17,213 |
|
11,947 |
| ||
|
Investment securities available-for-sale |
|
8,388 |
|
10,489 |
| ||
|
Mortgage related securities available-for-sale |
|
125,649 |
|
246,068 |
| ||
|
Mortgage related securities held-to-maturity (fair value of $170,854 at December 31, 2014 and $67,491 at December 31, 2013) |
|
170,172 |
|
68,397 |
| ||
|
Loans, net of allowance for loan losses of $10,730 at December 31, 2014 and $11,529 at December 31, 2013 |
|
724,326 |
|
720,490 |
| ||
|
Federal Home Loan Bank stock, at cost |
|
6,015 |
|
9,813 |
| ||
|
Bank-owned life insurance |
|
15,027 |
|
14,547 |
| ||
|
Premises and equipment, net |
|
9,418 |
|
9,814 |
| ||
|
Assets acquired through foreclosure |
|
2,814 |
|
6,252 |
| ||
|
Real estate held for investment |
|
1,620 |
|
1,620 |
| ||
|
Accrued interest receivable |
|
3,147 |
|
3,308 |
| ||
|
Mortgage servicing rights, net |
|
111 |
|
152 |
| ||
|
Deferred tax asset, net |
|
4,561 |
|
8,906 |
| ||
|
Other assets |
|
6,155 |
|
4,819 |
| ||
|
Total Assets |
|
$ |
1,094,616 |
|
$ |
1,116,622 |
|
|
|
|
|
|
|
| ||
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
LIABILITIES |
|
|
|
|
| ||
|
Deposits |
|
$ |
711,909 |
|
$ |
673,715 |
|
|
Short-term borrowings |
|
50,000 |
|
80,500 |
| ||
|
Federal Home Loan Bank advances |
|
120,000 |
|
150,000 |
| ||
|
Other borrowed funds |
|
30,000 |
|
30,000 |
| ||
|
Advances from borrowers for taxes and insurance |
|
1,447 |
|
1,525 |
| ||
|
Accrued interest payable |
|
311 |
|
314 |
| ||
|
Accrued expenses and other liabilities |
|
5,038 |
|
7,101 |
| ||
|
Total Liabilities |
|
918,705 |
|
943,155 |
| ||
|
STOCKHOLDERS’ EQUITY |
|
|
|
|
| ||
|
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at December 31, 2014 and December 31, 2013) |
|
— |
|
— |
| ||
|
Common stock ($.01 par value; 60,000,000 shares authorized, 11,802,791 shares outstanding at December 31, 2014 and 12,147,803 shares outstanding at December 31, 2013) |
|
147 |
|
146 |
| ||
|
Additional paid-in capital |
|
139,177 |
|
137,593 |
| ||
|
Treasury stock, at cost (2,852,572 shares at December 31, 2014 and 2,468,172 at December 31, 2013) |
|
(39,698 |
) |
(33,436 |
) | ||
|
Common stock acquired by benefit plans |
|
(8,056 |
) |
(9,272 |
) | ||
|
Retained earnings |
|
84,225 |
|
82,885 |
| ||
|
Accumulated other comprehensive income (loss), net |
|
116 |
|
(4,449 |
) | ||
|
Total Stockholders’ Equity |
|
175,911 |
|
173,467 |
| ||
|
|
|
|
|
|
| ||
|
Total Liabilities and Stockholders’ Equity |
|
$ |
1,094,616 |
|
$ |
1,116,622 |
|
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
|
|
|
December 31, |
|
September 30, |
|
December 31, |
| |||
|
|
|
2014 |
|
2014 |
|
2013 |
| |||
|
CAPITAL RATIOS: |
|
|
|
|
|
|
| |||
|
Stockholders’ equity (to total assets) (1) |
|
16.07 |
% |
16.59 |
% |
15.53 |
% | |||
|
|
|
|
|
|
|
|
| |||
|
Tier 1 capital (to adjusted assets) (2) |
|
13.99 |
|
13.35 |
|
13.12 |
| |||
|
Tier 1 risk —based capital (to risk-weighted assets) (2) |
|
18.97 |
|
19.18 |
|
18.44 |
| |||
|
Total risk-based capital (to risk-weighted assets) (2) |
|
20.02 |
|
20.22 |
|
19.48 |
| |||
|
|
|
|
|
|
|
|
| |||
|
ASSET QUALITY INDICATORS: |
|
|
|
|
|
|
| |||
|
Nonperforming Assets: |
|
|
|
|
|
|
| |||
|
Nonaccruing loans |
|
$ |
3,454 |
|
$ |
3,641 |
|
$ |
8,780 |
|
|
Accruing loans past due 90 days or more |
|
— |
|
— |
|
— |
| |||
|
Total nonperforming loans |
|
$ |
3,454 |
|
$ |
3,641 |
|
$ |
8,780 |
|
|
Assets acquired through foreclosure |
|
2,814 |
|
1,889 |
|
6,252 |
| |||
|
Total nonperforming assets |
|
$ |
6,268 |
|
$ |
5,530 |
|
$ |
15,032 |
|
|
|
|
|
|
|
|
|
| |||
|
Ratio of nonperforming loans to total loans |
|
0.47 |
% |
0.50 |
% |
1.20 |
% | |||
|
Ratio of nonperforming assets to total assets |
|
0.57 |
|
0.51 |
|
1.35 |
| |||
|
Ratio of allowance for loan losses to total loans |
|
1.46 |
|
1.54 |
|
1.57 |
| |||
|
Ratio of allowance for loan losses to nonperforming loans |
|
310.7 |
|
304.8 |
|
131.3 |
| |||
|
|
|
|
|
|
|
|
| |||
|
Troubled Debt Restructurings: |
|
|
|
|
|
|
| |||
|
Nonaccruing troubled debt restructurings (3) |
|
$ |
1,401 |
|
$ |
277 |
|
$ |
3,488 |
|
|
Accruing troubled debt restructurings |
|
3,624 |
|
5,504 |
|
6,786 |
| |||
|
Total troubled debt restructurings |
|
$ |
5,025 |
|
$ |
5,781 |
|
$ |
10,274 |
|
|
|
|
|
|
|
|
|
| |||
|
Past Due Loans: |
|
|
|
|
|
|
| |||
|
30 - 59 days |
|
$ |
113 |
|
$ |
939 |
|
$ |
413 |
|
|
60 - 89 days |
|
145 |
|
124 |
|
5 |
| |||
|
Total |
|
$ |
258 |
|
$ |
1,063 |
|
$ |
418 |
|
|
(1) |
Represents stockholders’ equity ratio of Fox Chase Bancorp, Inc. |
|
(2) |
Represents regulatory capital ratios of Fox Chase Bank. |
|
(3) |
Nonaccruing troubled debt restructurings are included in total nonaccruing loans above. |
|
|
|
At or for the Three Months Ended |
| |||||||
|
|
|
December 31, |
|
September 30, |
|
December 31, |
| |||
|
|
|
2014 |
|
2014 |
|
2013 |
| |||
|
PERFORMANCE RATIOS (4): |
|
|
|
|
|
|
| |||
|
Return on average assets |
|
0.79 |
% |
0.67 |
% |
0.54 |
% | |||
|
Return on average equity |
|
4.76 |
|
4.07 |
|
3.40 |
| |||
|
Net interest margin |
|
3.18 |
|
3.20 |
|
3.17 |
| |||
|
Efficiency ratio (5) |
|
63.3 |
|
56.7 |
|
64.0 |
| |||
|
|
|
|
|
|
|
|
| |||
|
OTHER: |
|
|
|
|
|
|
| |||
|
Tangible book value per share - Core (6) |
|
$ |
14.89 |
|
$ |
14.81 |
|
$ |
14.65 |
|
|
Tangible book value per share (7) |
|
$ |
14.90 |
|
$ |
14.78 |
|
$ |
14.28 |
|
|
Employees (full-time equivalents) |
|
138 |
|
141 |
|
142 |
| |||
|
|
|
|
|
|
|
|
| |||
|
|
|
At or for the Twelve Months Ended |
| ||
|
|
|
December 31, |
|
December 31, |
|
|
|
|
2014 |
|
2013 |
|
|
PERFORMANCE RATIOS (4): |
|
|
|
|
|
|
Return on average assets |
|
0.76 |
% |
0.51 |
% |
|
Return on average equity |
|
4.63 |
|
3.13 |
|
|
Net interest margin |
|
3.19 |
|
3.08 |
|
|
Efficiency ratio (5) |
|
61.2 |
|
63.7 |
|
|
(4) |
Annualized |
|
(5) |
Represents noninterest expense, excluding valuation adjustments on assets acquired through foreclosure, divided by the sum of net interest income and noninterest income, excluding gains or losses on the sale of securities, premises and equipment and assets acquired through foreclosure. |
|
(6) |
Total stockholders’ equity, excluding the impact of accumulated other comprehensive gain (loss), net ($116,000 at December 31, 2014, $(453,000) at September 30, 2014, $(4.4 million) at December 31, 2013 and $(2.5 million) at September 30, 2013) divided by total shares outstanding. |
|
(7) |
Total stockholders’ equity divided by total shares outstanding. Tangible book value per share and book value per share were the same for all periods indicated. |
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
|
Three Months Ended December 31, |
| ||||||||||||||
|
|
|
2014 |
|
2013 |
| ||||||||||||
|
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Dividends |
|
Cost (2) |
|
Balance |
|
Dividends |
|
Cost (2) |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning demand deposits |
|
$ |
12,883 |
|
$ |
5 |
|
0.14 |
% |
$ |
7,067 |
|
$ |
— |
|
0.03 |
% |
|
Mortgage related securities |
|
296,457 |
|
1,624 |
|
2.19 |
% |
323,987 |
|
1,863 |
|
2.30 |
% | ||||
|
Investment securities |
|
17,715 |
|
126 |
|
2.84 |
% |
20,323 |
|
97 |
|
1.92 |
% | ||||
|
Loans (1) |
|
703,052 |
|
8,085 |
|
4.57 |
% |
708,397 |
|
8,331 |
|
4.67 |
% | ||||
|
Allowance for loan losses |
|
(11,133 |
) |
|
|
|
|
(11,495 |
) |
|
|
|
| ||||
|
Net loans |
|
691,919 |
|
8,085 |
|
|
|
696,902 |
|
8,331 |
|
|
| ||||
|
Total interest-earning assets |
|
1,018,974 |
|
9,840 |
|
3.84 |
% |
1,048,279 |
|
10,291 |
|
3.91 |
% | ||||
|
Noninterest-earning assets |
|
43,137 |
|
|
|
|
|
47,090 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,062,111 |
|
|
|
|
|
$ |
1,095,369 |
|
|
|
|
| ||
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing deposits |
|
$ |
546,781 |
|
$ |
761 |
|
0.55 |
% |
$ |
565,787 |
|
$ |
971 |
|
0.68 |
% |
|
Borrowings |
|
194,498 |
|
845 |
|
1.73 |
% |
229,097 |
|
872 |
|
1.51 |
% | ||||
|
Total interest-bearing liabilities |
|
741,279 |
|
1,606 |
|
0.86 |
% |
794,884 |
|
1,843 |
|
0.92 |
% | ||||
|
Noninterest-bearing deposits |
|
135,746 |
|
|
|
|
|
119,069 |
|
|
|
|
| ||||
|
Other noninterest-bearing liabilities |
|
7,962 |
|
|
|
|
|
6,060 |
|
|
|
|
| ||||
|
Total liabilities |
|
884,987 |
|
|
|
|
|
920,013 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
177,126 |
|
|
|
|
|
177,883 |
|
|
|
|
| ||||
|
Accumulated comprehensive income |
|
(2 |
) |
|
|
|
|
(2,527 |
) |
|
|
|
| ||||
|
Total stockholder’s equity |
|
177,124 |
|
|
|
|
|
175,356 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
1,062,111 |
|
|
|
|
|
$ |
1,095,369 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
|
|
$ |
8,234 |
|
|
|
|
|
$ |
8,448 |
|
|
| ||
|
Interest rate spread |
|
|
|
|
|
2.98 |
% |
|
|
|
|
2.99 |
% | ||||
|
Net interest margin |
|
|
|
|
|
3.18 |
% |
|
|
|
|
3.17 |
% | ||||
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
|
Three Months Ended |
| ||||||||||||||
|
|
|
December 31, 2014 |
|
September 30, 2014 |
| ||||||||||||
|
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Dividends |
|
Cost (2) |
|
Balance |
|
Dividends |
|
Cost (2) |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning demand deposits |
|
$ |
12,883 |
|
$ |
5 |
|
0.14 |
% |
$ |
6,815 |
|
$ |
1 |
|
0.06 |
% |
|
Mortgage related securities |
|
296,457 |
|
1,624 |
|
2.19 |
% |
302,562 |
|
1,633 |
|
2.16 |
% | ||||
|
Investment securities |
|
17,715 |
|
126 |
|
2.84 |
% |
19,616 |
|
144 |
|
2.93 |
% | ||||
|
Loans (1) |
|
703,052 |
|
8,085 |
|
4.57 |
% |
730,410 |
|
8,375 |
|
4.56 |
% | ||||
|
Allowance for loan losses |
|
(11,133 |
) |
|
|
|
|
(11,541 |
) |
|
|
|
| ||||
|
Net loans |
|
691,919 |
|
8,085 |
|
|
|
718,869 |
|
8,375 |
|
|
| ||||
|
Total interest-earning assets |
|
1,018,974 |
|
9,840 |
|
3.84 |
% |
1,047,862 |
|
10,153 |
|
3.85 |
% | ||||
|
Noninterest-earning assets |
|
43,137 |
|
|
|
|
|
41,403 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,062,111 |
|
|
|
|
|
$ |
1,089,265 |
|
|
|
|
| ||
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing deposits |
|
$ |
546,781 |
|
$ |
761 |
|
0.55 |
% |
$ |
552,072 |
|
$ |
760 |
|
0.55 |
% |
|
Borrowings |
|
194,498 |
|
845 |
|
1.73 |
% |
228,737 |
|
875 |
|
1.52 |
% | ||||
|
Total interest-bearing liabilities |
|
741,279 |
|
1,606 |
|
0.86 |
% |
780,809 |
|
1,635 |
|
0.83 |
% | ||||
|
Noninterest-bearing deposits |
|
135,746 |
|
|
|
|
|
123,709 |
|
|
|
|
| ||||
|
Other noninterest-bearing liabilities |
|
7,962 |
|
|
|
|
|
6,407 |
|
|
|
|
| ||||
|
Total liabilities |
|
884,987 |
|
|
|
|
|
910,925 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
177,126 |
|
|
|
|
|
178,984 |
|
|
|
|
| ||||
|
Accumulated comprehensive income |
|
(2 |
) |
|
|
|
|
(644 |
) |
|
|
|
| ||||
|
Total stockholder’s equity |
|
177,124 |
|
|
|
|
|
178,340 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
1,062,111 |
|
|
|
|
|
$ |
1,089,265 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
|
|
$ |
8,234 |
|
|
|
|
|
$ |
8,518 |
|
|
| ||
|
Interest rate spread |
|
|
|
|
|
2.98 |
% |
|
|
|
|
3.02 |
% | ||||
|
Net interest margin |
|
|
|
|
|
3.18 |
% |
|
|
|
|
3.20 |
% | ||||
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
|
Twelve Months Ended December 31, |
| ||||||||||||||
|
|
|
2014 |
|
2013 |
| ||||||||||||
|
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||
|
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||
|
|
|
Balance |
|
Dividends |
|
Cost (2) |
|
Balance |
|
Dividends |
|
Cost (2) |
| ||||
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-earning demand deposits |
|
$ |
8,316 |
|
$ |
7 |
|
0.08 |
% |
$ |
5,921 |
|
$ |
2 |
|
0.04 |
% |
|
Mortgage related securities |
|
307,514 |
|
6,859 |
|
2.23 |
% |
328,338 |
|
7,159 |
|
2.18 |
% | ||||
|
Investment securities |
|
18,687 |
|
563 |
|
3.01 |
% |
20,755 |
|
318 |
|
1.53 |
% | ||||
|
Nontaxable securities |
|
— |
|
— |
|
|
|
— |
|
— |
|
0.00 |
% | ||||
|
Loans (1) |
|
715,673 |
|
32,700 |
|
4.57 |
% |
698,860 |
|
32,650 |
|
4.67 |
% | ||||
|
Allowance for loan losses |
|
(11,458 |
) |
|
|
|
|
(11,438 |
) |
|
|
|
| ||||
|
Net loans |
|
704,215 |
|
32,700 |
|
|
|
687,422 |
|
32,650 |
|
|
| ||||
|
Total interest-earning assets |
|
1,038,732 |
|
40,129 |
|
3.86 |
% |
1,042,436 |
|
40,129 |
|
3.81 |
% | ||||
|
Noninterest-earning assets |
|
44,156 |
|
|
|
|
|
49,202 |
|
|
|
|
| ||||
|
Total assets |
|
$ |
1,082,888 |
|
|
|
|
|
$ |
1,091,638 |
|
|
|
|
| ||
|
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Interest-bearing deposits |
|
$ |
558,194 |
|
$ |
3,216 |
|
0.58 |
% |
$ |
573,487 |
|
$ |
4,344 |
|
0.76 |
% |
|
Borrowings |
|
214,980 |
|
3,419 |
|
1.59 |
% |
213,175 |
|
3,325 |
|
1.56 |
% | ||||
|
Total interest-bearing liabilities |
|
773,174 |
|
6,635 |
|
0.86 |
% |
786,662 |
|
7,669 |
|
0.97 |
% | ||||
|
Noninterest-bearing deposits |
|
125,264 |
|
|
|
|
|
121,101 |
|
|
|
|
| ||||
|
Other noninterest-bearing liabilities |
|
7,569 |
|
|
|
|
|
6,851 |
|
|
|
|
| ||||
|
Total liabilities |
|
906,007 |
|
|
|
|
|
914,614 |
|
|
|
|
| ||||
|
Stockholders’ equity |
|
178,068 |
|
|
|
|
|
177,141 |
|
|
|
|
| ||||
|
Accumulated comprehensive income |
|
(1,187 |
) |
|
|
|
|
(117 |
) |
|
|
|
| ||||
|
Total stockholder’s equity |
|
176,881 |
|
|
|
|
|
177,024 |
|
|
|
|
| ||||
|
Total liabilities and stockholders’ equity |
|
$ |
1,082,888 |
|
|
|
|
|
$ |
1,091,638 |
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
|
Net interest income |
|
|
|
$ |
33,494 |
|
|
|
|
|
$ |
32,460 |
|
|
| ||
|
Interest rate spread |
|
|
|
|
|
3.00 |
% |
|
|
|
|
2.84 |
% | ||||
|
Net interest margin |
|
|
|
|
|
3.19 |
% |
|
|
|
|
3.08 |
% | ||||
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
###