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8-K - 8-K - Fox Chase Bancorp Inca15-16580_18k.htm

Exhibit 99.1

 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 1

 

 

 

4390 Davisville Road, Hatboro, PA 19040 Phone (215) 283-2900 Fax (215) 775-1401

 

 

For Immediate Release

 

Date:

July 29, 2015

Contact:

Roger S. Deacon

 

Chief Financial Officer

Phone:

(215) 775-1435

 

FOX CHASE BANCORP, INC. REPORTS INCREASED EARNINGS

FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015

(Announces Additional 5% Stock Repurchase Plan)

 

HATBORO, PA. July 29, 2015Fox Chase Bancorp, Inc. (the “Company”) (NASDAQ GS: FXCB), the holding company for Fox Chase Bank (the “Bank”), today announced net income of $3.2 million, or $0.28 per diluted share, and $5.4 million, or $0.48 per diluted share, for the three and six months ended June 30, 2015, compared to net income of $2.3 million, or $0.20 per diluted share, and $4.3 million, or $0.37 per diluted share, for the three and six  months ended June 30, 2014, respectively.

 

Commenting on performance for the quarter, Thomas M. Petro, President and CEO said, “We are pleased with the impressive earnings growth for the three and six months ended June 30, 2015.  We continue to build our commercial bank balance sheet as commercial loans increased to 84% of total loans, average commercial loan growth was 10.4% and our business fundamentals remain strong.  The current quarter results were positively impacted by $840,000 (pre-tax) of recoveries on previously charged-off loans.  The outsourced data processing systems conversion, which will provide the Company the ability to be more responsive to commercial customers, deliver innovative services and provide increased productivity, is expected to be completed in the fourth quarter of 2015.  The pre-tax expenses related to this initiative were $248,000 in the second quarter

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 2

 

 

 

of 2015 and $478,000 for the first half of 2015.  Total expense related to this initiative is estimated to be approximately $1.1 million to $1.3 million for 2015.”

 

 

Highlights for the three and six months ended June 30, 2015 included:

 

·               Total average assets were $1.10 billion for the six months ended June 30, 2015 compared to $1.09 billion for the six months ended June 30, 2014. Total average commercial loans increased by $54.4 million, or 9.6%, to $623.0 million for the six months ended June 30, 2015, compared to $568.6 million for the six months ended June 30, 2014.  Additionally, average commercial loans increased by $15.1 million, or 2.5%, to $630.6 million for the three months ended June 30, 2015, compared to $615.5 million for the three months ended March 31, 2015.

·                 Assets were $1.09 billion at June 30, 2015 as compared to $1.09 billion at December 31, 2014 and $1.11 billion at June 30, 2014.  Total commercial loans increased by $17.4 million, or 2.8% to $624.9 million at June 30, 2015 compared to $607.5 million at December 31, 2014.  As anticipated, total commercial loans decreased by $17.6 million, or 2.7%, to $624.9 million at June 30, 2015 compared to $642.5 million at March 31, 2015.  This reduction was due to seasonal line usage and expected payoffs.

·               Return on average assets was 1.15% and 0.99% for the three and six months ended June 30, 2015, respectively, compared to 0.85% and 0.78% for the three and six months ended June 30, 2014, respectively.

·               Net interest income increased $583,000, or 3.5%, to $17.3 million for the six months ended June 30, 2015, compared to $16.7 million for the six months ended June 30, 2014 and increased $228,000, or 2.7%, to $8.7 million for the three months ended June 30, 2015, compared to $8.4 million for the three months ended June 30, 2014. The net interest margin was 3.24% for the three months ended June 30, 2015, compared to 3.29% for the three months ended March 31, 2015 and 3.20% for the three months ended June 30, 2014.  During the three months ended June 30, 2015, the Company received $130,000 in prepayment fees, which increased net interest margin by five basis points.  During the three months ended March 31, 2015, the Company received a $254,000 special dividend from the FHLB of Pittsburgh, which increased the net interest margin by ten basis points.

·                The Company recorded a credit to the provision for loan losses of $1.3 million during the three months ended June 30, 2015, which was primarily due to $840,000 of recoveries on

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 3

 

 

 

previously charged-off loans, a decrease in the loan portfolio of $25.0 million, of which $17.6 million was commercial loans, and loan pay downs on two classified loans. The ratio of the allowance for loan losses to total loans was 1.45% at June 30, 2015, compared to 1.46% at March 31, 2015 and December 31, 2014.

·                 Nonperforming assets continued to decrease to $5.8 million, or 0.53% of total assets, at June 30, 2015 compared to $6.2 million, or 0.55% of total assets, at March 31, 2015 and $6.3 million, or 0.57% of total assets, at December 31, 2014.  Delinquent loans totaled $660,000 at June 30, 2015, compared to $780,000 at March 31, 2015 and $258,000 at December 31, 2014.  There was only one delinquent commercial loan totaling $49,000 at June 30, 2015.

·              Noninterest income increased $294,000 to $1.3 million for the six months ended June 30, 2015 compared to $973,000 for the six months ended June 30, 2014 primarily due to an increase of $117,000 in equity in earnings of affiliate due to higher mortgage volumes, an increase of $47,000 in service charges and other fee income due to increased loan fees.

·              Noninterest expense increased $376,000, or 3.3%, to 11.8 million for the six months ended June 30, 2015, compared to $11.4 million for the six months ended June 30, 2014.  This increase was primarily due to the Company incurring $478,000 of system conversion costs offset by a decrease of $301,000 in assets acquired through foreclosure expense.  System conversion costs for the six months ended June 30, 2015 are captured in the following financial statement categories:  Salary, benefits and other compensation ($70,000), data processing costs ($247,000), professional fees ($147,000) and other ($14,000).

·              Income tax provision for the six months ended June 30, 2015 includes the reversal of an $182,000 valuation allowance on certain state deferred tax assets, which occurred during the three months ended March 31, 2015.  The effective income tax rate for the six months ended June 30, 2015 was 28.5%.  Excluding this reversal, the effective income tax rate for the six months ended June 30, 2015 was 30.9% compared to 31.1% for the six months ended June 30, 2014.

 

 

The Company also announced that its Board of Directors declared a cash dividend of $0.14 per outstanding share of common stock. The dividend will be paid on or about August 27, 2015 to stockholders of record as of the close of business on August 13, 2015.  Finally, on July 29, 2015, the Board of Directors approved an additional 5% stock repurchase plan (the “July 2015 Plan”).

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 4

 

 

 

Subject to market conditions and other factors, repurchases related to the July 2015 Plan will begin subsequent to the completion of repurchases under the Company’s existing repurchase plan, which was approved in July 2014.  During the three months ended June 30, 2015, the Company repurchased 199,329 shares of treasury stock and has approximately 258,000 shares remaining in its’ approved repurchase plan.

 

Fox Chase Bancorp, Inc. will host a conference call to discuss second quarter 2015 results on Thursday, July 30, 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 September 11, 2015 by dialing (877) 344-7529; use Conference ID: 10067181.  Participants may preregister at http://dpregister.com/10067181.

 

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.

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 5

 

 

 

CONSOLIDATED STATEMENTS OF OPERATIONS

  (Dollars in Thousands, Except Per Share Data)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2015

 

 

2014

 

 

2015

 

 

2014

 

 

 

(Unaudited)

 

INTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Interest and fees on loans

 

  $

8,391

 

 

  $

8,130

 

 

  $

16,530

 

 

  $

16,240

 

Interest and dividends on investment securities

 

1,696

 

 

1,947

 

 

3,678

 

 

3,895

 

Other interest income

 

3

 

 

1

 

 

6

 

 

1

 

Total Interest Income

 

10,090

 

 

10,078

 

 

20,214

 

 

20,136

 

INTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Deposits

 

728

 

 

797

 

 

1,443

 

 

1,695

 

Short-term borrowings

 

22

 

 

30

 

 

54

 

 

55

 

Federal Home Loan Bank advances

 

523

 

 

576

 

 

1,062

 

 

1,146

 

Other borrowed funds

 

164

 

 

250

 

 

330

 

 

498

 

Total Interest Expense

 

1,437

 

 

1,653

 

 

2,889

 

 

3,394

 

Net Interest Income

 

8,653

 

 

8,425

 

 

17,325

 

 

16,742

 

(Credit) provision for loan losses

 

(1,267

)

 

100

 

 

(795

)

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Interest Income after Provision for Loan Losses

 

9,920

 

 

8,325

 

 

18,120

 

 

16,642

 

NONINTEREST INCOME

 

 

 

 

 

 

 

 

 

 

 

 

Service charges and other fee income

 

439

 

 

424

 

 

823

 

 

776

 

Net loss on sale of assets acquired through foreclosure

 

(15

)

 

(121

)

 

(15

)

 

(121

)

Income on bank-owned life insurance

 

122

 

 

120

 

 

242

 

 

237

 

Equity in earnings of affiliate

 

111

 

 

67

 

 

151

 

 

34

 

Other

 

39

 

 

24

 

 

66

 

 

47

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Noninterest Income

 

696

 

 

514

 

 

1,267

 

 

973

 

NONINTEREST EXPENSE

 

 

 

 

 

 

 

 

 

 

 

 

Salaries, benefits and other compensation

 

3,943

 

 

3,519

 

 

7,662

 

 

7,160

 

Occupancy expense

 

420

 

 

418

 

 

897

 

 

914

 

Furniture and equipment expense

 

99

 

 

96

 

 

182

 

 

207

 

Data processing costs

 

502

 

 

377

 

 

1,075

 

 

762

 

Professional fees

 

414

 

 

337

 

 

777

 

 

815

 

Marketing expense

 

57

 

 

61

 

 

98

 

 

102

 

FDIC premiums

 

141

 

 

150

 

 

260

 

 

315

 

Assets acquired through foreclosure expense

 

62

 

 

72

 

 

92

 

 

393

 

Other

 

385

 

 

389

 

 

745

 

 

744

 

Total Noninterest Expense

 

6,023

 

 

5,419

 

 

11,788

 

 

11,412

 

Income Before Income Taxes

 

4,593

 

 

3,420

 

 

7,599

 

 

6,203

 

Income tax provision

 

1,437

 

 

1,105

 

 

2,164

 

 

1,932

 

Net Income

 

  $

3,156

 

 

  $

2,315

 

 

  $

5,435

 

 

  $

4,271

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

  $

0.29

 

 

  $

0.21

 

 

  $

0.49

 

 

  $

0.38

 

Diluted

 

  $

0.28

 

 

  $

0.20

 

 

  $

0.48

 

 

  $

0.37

 

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 6

 

 

 

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

(Dollars in Thousands, Except Share Data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2015

 

 

2014

 

 

 

(Unaudited)

 

 

(Audited)

 

ASSETS

 

 

 

 

 

 

Cash and due from banks

 

  $

1,795

 

 

  $

2,763

 

Interest-earning demand deposits in other banks

 

3,557

 

 

14,450

 

Total cash and cash equivalents

 

5,352

 

 

17,213

 

Investment securities available-for-sale

 

139,381

 

 

134,037

 

Investment securities held-to-maturity (fair value of $162,182 at June 30, 2015 and $170,854 at December 31, 2014)

 

162,995

 

 

170,172

 

Loans, net of allowance for loan losses of $10,736 at June 30, 2015 and $10,730 at December 31, 2014

 

729,217

 

 

724,326

 

Federal Home Loan Bank stock, at cost

 

6,786

 

 

6,015

 

Bank-owned life insurance

 

15,269

 

 

15,027

 

Premises and equipment, net

 

9,269

 

 

9,418

 

Assets acquired through foreclosure

 

2,819

 

 

2,814

 

Real estate held for investment

 

1,620

 

 

1,620

 

Accrued interest receivable

 

3,118

 

 

3,147

 

Mortgage servicing rights, net

 

102

 

 

111

 

Deferred tax asset, net

 

4,536

 

 

4,561

 

Other assets

 

9,506

 

 

6,155

 

Total Assets

 

  $

1,089,970

 

 

  $

1,094,616

 

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

Deposits

 

  $

715,630

 

 

  $

711,909

 

Short-term borrowings

 

64,800

 

 

50,000

 

Federal Home Loan Bank advances

 

100,000

 

 

120,000

 

Other borrowed funds

 

30,000

 

 

30,000

 

Advances from borrowers for taxes and insurance

 

1,592

 

 

1,447

 

Accrued interest payable

 

269

 

 

311

 

Accrued expenses and other liabilities

 

3,866

 

 

5,038

 

Total Liabilities

 

916,157

 

 

918,705

 

STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014)

 

-

 

 

-

 

Common stock ($.01 par value; 60,000,000 shares authorized, 11,567,540 shares outstanding at June 30, 2015 and 11,802,791 shares outstanding at December 31, 2014)

 

147

 

 

147

 

Additional paid-in capital

 

139,837

 

 

139,177

 

Treasury stock, at cost (3,121,701 shares at June 30, 2015 and 2,852,572 at December 31, 2014)

 

(44,135

)

 

(39,698

)

Common stock acquired by benefit plans

 

(7,201

)

 

(8,056

)

Retained earnings

 

85,264

 

 

84,225

 

Accumulated other comprehensive income, net

 

(99

)

 

116

 

Total Stockholders’ Equity

 

173,813

 

 

175,911

 

 

 

 

 

 

 

 

Total Liabilities and Stockholders’ Equity

 

  $

1,089,970

 

 

  $

1,094,616

 

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 7

 

 

 

SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED)

(Dollars in Thousands, Except Per Share Data)

 

 

June 30,

 

March 31,

 

December 31,

 

June 30,

 

 

 

2015

 

2015

 

2014

 

2014

 

CAPITAL RATIOS:

 

 

 

 

 

 

 

 

 

Stockholders’ equity (to total assets) (1)

 

15.95

%

15.59

%

16.07

%

16.13

%

 

 

 

 

 

 

 

 

 

 

Common equity tier 1 capital ratio (to risk-weighted assets) (2)

 

16.86

 

16.28

 

N/A

 

N/A

 

Tier 1 leverage ratio (to adjusted average assets) (2)

 

13.30

 

13.04

 

13.99

 

13.18

 

Tier 1 capital ratio (to risk-weighted assets) (2)

 

16.86

 

16.28

 

18.97

 

18.59

 

Total capital ratio (to risk-weighted assets) (2)

 

17.91

 

17.34

 

20.02

 

19.64

 

 

 

 

 

 

 

 

 

 

 

ASSET QUALITY INDICATORS:

 

 

 

 

 

 

 

 

 

Nonperforming Assets:

 

 

 

 

 

 

 

 

 

Nonaccruing loans

 

 $

3,002

 

 $

3,374

 

 $

3,454

 

 $

4,144

 

Accruing loans past due 90 days or more

 

-

 

-

 

-

 

-  

 

Total nonperforming loans

 

 $

3,002

 

 $

3,374

 

 $

3,454

 

 $

4,144

 

Assets acquired through foreclosure

 

2,819

 

2,804

 

2,814

 

2,017

 

Total nonperforming assets

 

 $

5,821

 

 $

6,178

 

 $

6,268

 

 $

6,161

 

 

 

 

 

 

 

 

 

 

 

Ratio of nonperforming loans to total loans

 

0.41

%

0.44

%

0.47

%

0.56

%

Ratio of nonperforming assets to total assets

 

0.53

 

0.55

 

0.57

 

0.56

 

Ratio of allowance for loan losses to total loans

 

1.45

 

1.46

 

1.46

 

1.57

 

Ratio of allowance for loan losses to nonperforming loans

 

357.6

 

331.3

 

310.7

 

279.3

 

Troubled Debt Restructurings:

 

 

 

 

 

 

 

 

 

Nonaccruing troubled debt restructurings (3) 

 

 $

1,331

 

 $

1,349

 

 $

1,401

 

 $

282

 

Accruing troubled debt restructurings

 

5,892

 

4,817

 

3,624

 

5,324

 

Total troubled debt restructurings

 

 $

7,223

 

 $

6,166

 

 $

5,025

 

 $

5,606

 

 

 

 

 

 

 

 

 

 

 

Past Due Loans:

 

 

 

 

 

 

 

 

 

30 - 59 days

 

 $

639

 

 $

653

 

 $

113

 

 $

526

 

60 - 89 days

 

21

 

127

 

145

 

10

 

Total

 

 $

660

 

 $

780

 

 $

258

 

 $

536

 

 

 

(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

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 8

 

 

 

 

 

At or for the Three Months Ended

 

 

 

June 30,

 

March 31,

 

December 31,

 

June 30,

 

 

 

2015

 

2015

 

2014

 

2014

 

PERFORMANCE RATIOS (4):

 

 

 

 

 

 

 

 

 

Return on average assets

 

1.15

%

0.83

%

0.79

%

0.85

%

Return on average equity

 

7.22

 

5.18

 

4.76

 

5.25

 

Net interest margin

 

3.24

 

3.29

 

3.18

 

3.20

 

Efficiency ratio (5)

 

64.3

 

62.2

 

63.3

 

59.8

 

OTHER:

 

 

 

 

 

 

 

 

 

Average commercial loans

 

$

630,577

 

$

615,474

 

$

571,875

 

$

571,032

 

Tangible book value per share - Core (6)

 

$

15.03

 

$

14.88

 

$

14.89

 

$

14.73

 

Tangible book value per share (7)

 

$

15.03

 

$

14.94

 

$

14.90

 

$

14.71

 

Employees (full-time equivalents)

 

136

 

136

 

138

 

140

 

 

 

 

At or for the Six Months
Ended

 

 

 

 

 

 

 

June 30,

 

June 30,

 

 

 

 

 

 

 

2015

 

2014

 

 

 

 

 

PERFORMANCE RATIOS (4):

 

 

 

 

 

 

 

 

 

Average commercial loans

 

$

623,026

 

$

568,591

 

 

 

 

 

Return on average assets

 

0.99

%

0.78

%

 

 

 

 

Return on average equity

 

6.20

 

4.85

 

 

 

 

 

Net interest margin

 

3.26

 

3.19

 

 

 

 

 

Efficiency ratio (5)

 

  63.2

 

62.4

 

 

 

 

 

 

 

 

(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 (loss) income, net (($99,000) at June 30, 2015, $666,000 at March 31, 2015, $116,000 at December 31, 2014 and ($252,000) at June 30, 2014), 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.

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 9

 

 

 

AVERAGE BALANCE SHEET

(Dollars in Thousands, Unaudited)

 

 

 

Three Months Ended June 30,

 

 

 

2015

 

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

 

 $

10,285

 

 

 $

3

 

0.13%

 

 $

6,241

 

 

 $

1

 

0.05%

 

Investment securities

 

309,583

 

 

1,696

 

2.19%

 

332,940

 

 

1,947

 

2.34%

 

Loans (1)

 

749,997

 

 

8,391

 

4.49%

 

714,243

 

 

8,130

 

4.56%

 

Allowance for loan losses

 

(11,919

)

 

 

 

 

 

(11,553

)

 

 

 

 

 

Net loans

 

738,078

 

 

8,391

 

 

 

702,690

 

 

8,130

 

 

 

Total interest-earning assets

 

1,057,946

 

 

10,090

 

3.82%

 

1,041,871

 

 

10,078

 

3.88%

 

Noninterest-earning assets

 

42,400

 

 

 

 

 

 

45,628

 

 

 

 

 

 

Total assets

 

 $

1,100,346

 

 

 

 

 

 

 $

1,087,499

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 $

585,892

 

 

 $

728

 

0.50%

 

 $

560,578

 

 

 $

797

 

0.57%

 

Borrowings

 

156,130

 

 

709

 

1.82%

 

220,770

 

 

856

 

1.56%

 

Total interest-bearing liabilities

 

742,022

 

 

1,437

 

0.78%

 

781,348

 

 

1,653

 

0.85%

 

Noninterest-bearing deposits

 

177,223

 

 

 

 

 

 

122,395

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

6,353

 

 

 

 

 

 

7,284

 

 

 

 

 

 

Total liabilities

 

925,598

 

 

 

 

 

 

911,027

 

 

 

 

 

 

Stockholders’ equity

 

174,201

 

 

 

 

 

 

177,895

 

 

 

 

 

 

Accumulated comprehensive income

 

547

 

 

 

 

 

 

(1,423

)

 

 

 

 

 

Total stockholders’ equity

 

174,748

 

 

 

 

 

 

176,472

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

 $

1,100,346

 

 

 

 

 

 

 $

1,087,499

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 $

8,653

 

 

 

 

 

 

 $

8,425

 

 

 

Interest rate spread

 

 

 

 

 

 

3.04%

 

 

 

 

 

 

3.03%

 

Net interest margin

 

 

 

 

 

 

3.24%

 

 

 

 

 

 

3.20%

 

 

 

 

(1)          Nonperforming loans are included in average balance computation.

(2)          Yields are not presented on a tax-equivalent basis.

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 10

 

 

 

AVERAGE BALANCE SHEET

(Dollars in Thousands, Unaudited)

 

 

 

Three Months Ended

 

 

 

June 30, 2015

 

March 31, 2015

 

 

 

 

 

Interest

 

 

 

 

 

Interest

 

 

 

 

 

Average

 

and

 

Yield/

 

Average

 

and

 

Yield/

 

 

 

Balance

 

Dividends

 

Cost (2)

 

Balance

 

Dividends

 

Cost (2)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-earning demand deposits

 

 $

10,285

 

 

 $

3

 

 

0.13%

 

 $

11,550

 

 

 $

3

 

 

0.10%

 

Investment securities

 

309,583

 

 

1,696

 

 

2.19%

 

311,049

 

 

1,982

 

 

2.55%

 

Loans (1)

 

749,997

 

 

8,391

 

 

4.49%

 

742,005

 

 

8,139

 

 

4.44%

 

Allowance for loan losses

 

(11,919

)

 

 

 

 

 

 

(10,777

)

 

 

 

 

 

 

Net loans

 

738,078

 

 

8,391

 

 

 

 

731,228

 

 

8,139

 

 

 

 

Total interest-earning assets

 

1,057,946

 

 

10,090

 

 

3.82%

 

1,053,827

 

 

10,124

 

 

3.88%

 

Noninterest-earning assets

 

42,400

 

 

 

 

 

 

 

42,702

 

 

 

 

 

 

 

Total assets

 

 $

1,100,346

 

 

 

 

 

 

 

 $

1,096,529

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 $

585,892

 

 

 $

728

 

 

0.50%

 

 $

546,465

 

 

 $

715

 

 

0.53%

 

Borrowings

 

156,130

 

 

709

 

 

1.82%

 

190,129

 

 

737

 

 

1.57%

 

Total interest-bearing liabilities

 

742,022

 

 

1,437

 

 

0.78%

 

736,594

 

 

1,452

 

 

0.80%

 

Noninterest-bearing deposits

 

177,223

 

 

 

 

 

 

 

176,389

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

6,353

 

 

 

 

 

 

 

7,442

 

 

 

 

 

 

 

Total liabilities

 

925,598

 

 

 

 

 

 

 

920,425

 

 

 

 

 

 

 

Stockholders’ equity

 

174,201

 

 

 

 

 

 

 

175,552

 

 

 

 

 

 

 

Accumulated comprehensive income

 

547

 

 

 

 

 

 

 

552

 

 

 

 

 

 

 

Total stockholders’ equity

 

174,748

 

 

 

 

 

 

 

176,104

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

 $

1,100,346

 

 

 

 

 

 

 

 $

1,096,529

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 $

8,653

 

 

 

 

 

 

 

 $

8,672

 

 

 

 

Interest rate spread

 

 

 

 

 

 

 

3.04%

 

 

 

 

 

 

 

3.08%

 

Net interest margin

 

 

 

 

 

 

 

3.24%

 

 

 

 

 

 

 

3.29%

 

 

 

 

 

(1)          Nonperforming loans are included in average balance computation.

(2)          Yields are not presented on a tax-equivalent basis.

 



 

FOX CHASE BANCORP, INC.

2nd QUARTER EARNINGS 2015

PAGE 11

 

 

 

AVERAGE BALANCE SHEET

(Dollars in Thousands, Unaudited)

 

 

 

Six Months Ended June 30,

 

 

 

2015

 

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

 

 $

10,917

 

 

 $

6

 

 

0.11%

 

 $

6,783

 

 

 $

1

 

 

0.04%

 

Investment securities

 

310,316

 

 

3,678

 

 

2.37%

 

334,228

 

 

3,895

 

 

2.33%

 

Loans (1)

 

746,001

 

 

16,530

 

 

4.46%

 

714,613

 

 

16,240

 

 

4.57%

 

Allowance for loan losses

 

(11,348

)

 

 

 

 

 

 

(11,578

)

 

 

 

 

 

 

Net loans

 

734,653

 

 

16,530

 

 

 

 

703,035

 

 

16,240

 

 

 

 

Total interest-earning assets

 

1,055,886

 

 

20,214

 

 

3.85%

 

1,044,046

 

 

20,136

 

 

3.88%

 

Noninterest-earning assets

 

42,551

 

 

 

 

 

 

 

46,043

 

 

 

 

 

 

 

Total assets

 

 $

1,098,437

 

 

 

 

 

 

 

 $

1,090,089

 

 

 

 

 

 

 

Liabilities and equity:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest-bearing deposits

 

 $

566,178

 

 

 $

1,443

 

 

0.51%

 

 $

566,963

 

 

 $

1,695

 

 

0.60%

 

Borrowings

 

173,130

 

 

1,446

 

 

1.68%

 

218,343

 

 

1,699

 

 

1.57%

 

Total interest-bearing liabilities

 

739,308

 

 

2,889

 

 

0.79%

 

785,306

 

 

3,394

 

 

0.87%

 

Noninterest-bearing deposits

 

176,806

 

 

 

 

 

 

 

120,801

 

 

 

 

 

 

 

Other noninterest-bearing liabilities

 

6,897

 

 

 

 

 

 

 

7,952

 

 

 

 

 

 

 

Total liabilities

 

923,011

 

 

 

 

 

 

 

914,059

 

 

 

 

 

 

 

Stockholders’ equity

 

174,877

 

 

 

 

 

 

 

178,081

 

 

 

 

 

 

 

Accumulated comprehensive income

 

549

 

 

 

 

 

 

 

(2,051

)

 

 

 

 

 

 

Total stockholders’ equity

 

175,426

 

 

 

 

 

 

 

176,030

 

 

 

 

 

 

 

Total liabilities and stockholders’ equity

 

 $

1,098,437

 

 

 

 

 

 

 

 $

1,090,089

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net interest income

 

 

 

 

 $

17,325

 

 

 

 

 

 

 

 $

16,742

 

 

 

 

Interest rate spread

 

 

 

 

 

 

 

3.06%

 

 

 

 

 

 

 

3.01%

 

Net interest margin

 

 

 

 

 

 

 

3.26%

 

 

 

 

 

 

 

3.19%

 

 

 

(1)          Nonperforming loans are included in average balance computation.

(2)          Yields are not presented on a tax-equivalent basis.

 

###