SOURCE: Teche Holding Company

Teche Holding Company

October 24, 2013 17:00 ET

Teche Holding Company Announces Fifth Consecutive Fiscal Year of Record EPS, Earns $1.03 per Share for Fourth Quarter

NEW IBERIA, LA--(Marketwired - Oct 24, 2013) - (NYSE MKT: TSH) -- Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended September 30, 2013, the fourth quarter of fiscal 2013 and for the full fiscal year ended September 30, 2013.

Earnings for fiscal 2013 amounted to $8.7 million, or a record $4.22 per diluted share, compared to $7.3 million or $3.51 per diluted share for fiscal 2012, an increase of $0.71 per diluted share, or 20.2%.

Earnings for the quarter ended September 30, 2013 amounted to $2.1 million, or $1.03 per diluted share, compared to $2.1 million, or $1.01 per diluted share for the same quarter in fiscal 2012.

"For the last two quarters, both consumer and commercial loans have had healthy increases," said Little, "meanwhile, we've seen a slight decrease in total mortgage loan balances. The consequence has been a double-digit annualized growth rate for total loans and a good overall loan mix."

"Because of our steady loan production, total loans have returned to the levels of a year ago; despite our $46.5 million loan sale earlier this fiscal year," said Little. "As a result, earnings are back to the same level as a year ago, over $2.0 million for the quarter and around $1 earnings per share." 

"Meanwhile, loan production of $252 million for fiscal 2013 was slightly better than the previous year," said Little. "We are particularly pleased with our asset quality ratios. The low levels of non-performing assets, net charge offs and other real estate owned point to a strong credit culture and robust local economies."

"Checking account balances increased 11.4% and total deposits increased 5.4% from September 30, 2012. Practically all of our deposit growth in fiscal 2013 was due to checking account growth," he continued, "and the average rate paid on deposits is down to 0.45%."

"Our balance sheet also improved for the year, as cash and security balances decreased 6.1% and FHLB advances decreased 23.6%," said Little.

"It all adds up to our fifth consecutive year of record earnings per share and our eleventh consecutive year of increasing dividends."

The Company reported the following highlights for the quarter:

  • Earnings for the quarter amounted to $2.1 million, or $1.03 per diluted share compared to $0.95 per diluted share for the linked quarter and $1.01 per diluted share a year ago. 
  • The average rate paid on all deposits was 0.40% for the quarter ended September 30, 2013.
  • Quarterly operating revenue amounted to $12.0 million compared to $11.7 million for the linked quarter and $12.1 million a year ago.
  • Total loans increased 2.5% (annualized 9.9%) or $16.6 million to $684.4 million compared to $667.8 million for the linked quarter.
  • Consumer loans increased 5.9% (annualized 23.5%) or $7.2 million compared to the linked quarter.
  • Commercial loans increased 3.4% (annualized 13.5%) or $7.3 million compared to the linked quarter.
  • Total assets increased 2.0% or $16.9 million to $856.7 million compared to $839.8 million for the linked quarter.
  • Net interest margin for the quarter amounted to 4.08% compared to 4.01% for the linked quarter.
                         
QUARTERLY COMPARISON
(In 000,000's)
  4th Qtr 2013     3rd Qtr 2013     Change     % Change  
Earnings Per Share (Diluted)   $ 1.03     $ 0.95     $ 0.08     8.4 %
Tangible Book Value per Common Share   $ 41.68     $ 41.06     $ 0.62     1.5 %
Total Loans   $ 684.4     $ 667.8     $ 16.6     2.5 %
Total Loan Production   $ 69.5     $ 65.5     $ 4.0     6.1 %
SmartGrowth Loans   $ 509.0     $ 491.6     $ 17.4     3.5 %
Total Assets   $ 856.7     $ 839.8     $ 16.9     2.0 %
Avg. Earning Assets   $ 771.0     $ 773.9     $ (2.9 )   (0.4 %)
Total Deposits   $ 650.8     $ 647.4     $ 3.4     0.5 %
Avg. Rate on Deposits     0.40 %     0.41 %     (0.01 %)   (2.4 %)
Net Interest Margin     4.08 %     4.01 %     0.07 %   1.7 %
                               

The Company reported the following highlights for the fiscal year ended September 30, 2013:

  • Earnings for fiscal 2013 amounted to $8.7 million, or a record $4.22 per diluted share. This is the fifth consecutive year that Teche has posted record earnings per share.
  • Operating revenues increased to a record $48.5 million compared to $46.6 million for the fiscal year ended September 30, 2012.
  • Net charge-offs for fiscal 2013 amounted to 0.17% of average loans, down from 0.26% for fiscal 2012.
  • Loan production amounted to $252.0 million for fiscal 2013, compared to $228.0 million for fiscal 2012.
  • Total Loans increased 1.5% to $684.4 million at September 30, 2013 compared to $674.4 million a year ago, despite a loan sale of $46.5 million (which garnered a premium of $2.0 million) in fiscal 2013.
  • SmartGrowth Loans increased 6.1% compared to a year ago. SmartGrowth Loans now amount to 74.4% of total loans.
  • Total deposits increased 5.4% compared to a year ago, mostly due to an increase in checking accounts.
  • Checking account balances increased 11.4% compared to September 30, 2012. Checking account balances now amount to 37.7% of total deposits, compared to 35.7% a year ago.
  • SmartGrowth Deposits increased 5.2% compared to a year ago. SmartGrowth Deposits now amount to 76.7% of total deposits, compared to 76.8% a year ago.
  • Total advances decreased 23.6% to $109.0 million compared to a year ago.
  • The average rate paid on all deposits was 0.45% for fiscal 2013 compared to 0.67% for fiscal 2012.
  • Net interest margin for the year amounted to 3.96% compared to 4.10% for fiscal 2012.
  • Tangible book value per share increased 6.1% to $41.68 at fiscal year-end compared to $39.29 per share a year ago.
                         
ANNUAL COMPARISON
(In 000,000's)
  Sep '13     Sep '12    
Change
    % Change  
Earnings Per Share (Diluted)   $ 4.22     $ 3.51     $ 0.71     20.2 %
Tangible Book Value per Common Share   $ 41.68     $ 39.29     $ 2.39     6.1 %
Dividends Declared per share   $ 1.475     $ 1.455     $ 0.02     1.4 %
Total Loans   $ 684.4     $ 674.4     $ 10.0     1.5 %
Total Loan Production   $ 252.0     $ 228.0     $ 24.0     10.5 %
Net Charge-offs/Avg. Loans     0.17 %     0.26 %     (0.09 %)   (34.6 %)
NPAs/Assets     0.39 %     1.28 %     (0.89 %)   (69.5 %)
Total Assets   $ 856.7     $ 852.0     $ 4.7     0.6 %
Avg. Earning Assets   $ 773.9     $ 757.5     $ 16.4     2.2 %
Total Deposits   $ 650.8     $ 617.7     $ 33.1     5.4 %
Checking Balances   $ 245.4     $ 220.3     $ 25.1     11.4 %
Checking as a % of Total Deposits     37.7 %     35.7 %     2.0 %   5.6 %
SmartGrowth Deposits   $ 499.1     $ 474.2     $ 24.9     5.3 %
Avg. Rate on Deposits     0.45 %     0.67 %     (0.22 %)   (32.8 %)
ROAA     1.03 %     0.88 %     0.15 %   17.0 %
ROAE     9.96 %     8.80 %     1.16 %   13.2 %

Net Income
Net income for the quarter amounted to $2.1 million or $1.03 per diluted share, an increase of 8.4% on a per-diluted share basis compared to the linked quarter. Net income for the quarter was slightly higher as compared to the same period in 2012. Net income for the fiscal year ended September 30, 2013 was higher than the prior year due in part to the loan sale mentioned above from which we recorded a $2.0 million gain on the sale of loans.

                               
QUARTERLY COMPARISON   Sep '13     Jun '13     Mar '13     Dec '12     Sep '12  
Net Income (In 000's)   $ 2,147     $ 1,953     $ 1,559     $ 3,072     $ 2,073  
Pre-Tax, Pre-Provision Earnings (In 000's)   $ 3,229     $ 2,929     $ 2,571     $ 4,799     $ 3,615  
Basic Earnings Per Common Share   $ 1.05     $ 0.96     $ 0.76     $ 1.51     $ 1.02  
Diluted Earnings Per Common Share   $ 1.03     $ 0.95     $ 0.75     $ 1.49     $ 1.01  
Annualized Return on Avg. Assets     1.01 %     0.92 %     0.74 %     1.44 %     0.98 %
Pre-Tax, Pre-Provision Earnings/ AvgAssets     1.52 %     1.38 %     1.21 %     2.26 %     1.71 %
Annualized Return on Avg. Equity     9.63 %     8.89 %     7.19 %     14.17 %     9.81 %
Annualized Return on Avg. Tangible Equity     10.05 %     9.27 %     7.52 %     14.80 %     10.25 %
Average Assets (In millions)   $ 847.3     $ 849.3     $ 847.6     $ 851.1     $ 846.1  
Average Deposits (In millions)   $ 646.7     $ 649.0     $ 640.5     $ 623.7     $ 612.8  
Average FHLB Advances (In millions)   $ 103.8     $ 106.5     $ 114.1     $ 131.8     $ 141.6  
                                         
                                         
FISCAL YEAR COMPARISON   2013     2012     2011     2010  
Net Income (In 000's)   $ 8,731     $ 7,285     $ 7,228     $ 7,101  
Pre-Tax, Pre-Provision Earnings (In 000's)   $ 13,528     $ 12,850     $ 14,602     $ 14,363  
Basic Earnings Per Common Share   $ 4.29     $ 3.55     $ 3.49     $ 3.40  
Diluted Earnings Per Common Share   $ 4.22     $ 3.51     $ 3.45     $ 3.37  
Annualized Return on Avg. Assets     1.03 %     0.88 %     0.94 %     0.93 %
Pre-Tax, Pre-Provision Earnings/ Avg. Assets     1.59 %     1.56 %     1.89 %     1.88 %
Annualized Return on Avg. Equity     9.96 %     8.80 %     9.12 %     9.43 %
Annualized Return on Avg. Tangible Equity     10.40 %     9.21 %     9.58 %     9.94 %
Average Assets (in millions)   $ 848.8     $ 825.0     $ 772.0     $ 762.4  
Average Earning Assets (in millions)   $ 773.9     $ 757.5     $ 705.5     $ 697.3  
Average Deposits (in millions)   $ 640.0     $ 608.3     $ 598.1     $ 578.3  
Average FHLB Advances(in millions)   $ 114.1     $ 127.4     $ 88.3     $ 102.3  
                                 
                                 
Loans
 
QUARTERLY COMPARISON
(In 000,000's)
  Sep '13   Jun '13   Mar '13   Dec '12   Sep '12
SmartGrowth Loans                              
  Consumer   $ 129.6   $ 122.4   $ 115.8   $ 113.4   $ 110.2
  Commercial     224.2     216.9     212.4     220.5     215.2
  Home Equity     41.6     41.7     42.1     42.5     43.2
  SmartMortgages     113.6     110.6     104.0     100.8     111.1
Total SmartGrowth Loans   $ 509.0   $ 491.6   $ 474.3   $ 477.2   $ 479.7
Mortgage Loans (owner occupied conforming)     175.4     176.2     169.0     165.4     194.7
Total Loans   $ 684.4   $ 667.8   $ 643.3   $ 642.6   $ 674.4
                               

"For the last two quarters, loans increased 6.4% or $41.1 million, primarily due to increased loan production," said Little. "Our loan production for fiscal 2013 was a record $252 million compared to $228 million in fiscal 2012."

Gross loans receivable increased to $684.4 million at September 30, 2013, from $667.8 million at June 30, 2013 and $674.4 million at September 30, 2012, representing a linked quarter increase of $16.6 million, or 2.5% (9.9% annualized) and a twelve month increase of $10.0 million or 1.5%, primarily due to consumer and commercial loan growth offset somewhat by decreases in home equity, SmartMortgage and mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $509.0 million, or 74.4% of total loans at September 30, 2013, compared to $491.6 million, or 73.6% at June 30, 2013 and $479.7 million at September 30, 2012, for a three month increase of $17.4 million, or 3.5% (14.1% annualized) and a twelve month increase of $29.3 million, or 6.1%. 

Commercial loan balances at September 30, 2013 amounted to $224.2 million, compared to $216.9 million at June 30, 2013 and $215.2 million at September 30, 2012, which was a three month increase of $7.3 million or 3.4% (13.5% annualized), and a twelve-month increase of $9.0 million, or 4.2%. Consumer loan balances at September 30, 2013 amounted to $129.6 million, compared to $122.4 million at June 30, 2013 and $110.2 million at September 30, 2012, a linked quarter increase of $7.2 million, or 5.9% (23.5% annualized). 

                 
FISCAL YEAR COMPARISON
(In 000,000's)
  2013   2012   2011   2010
SmartGrowth Loans                        
  Consumer   $ 129.6   $ 110.2   $ 108.8   $ 111.6
  Commercial     224.2     215.2     209.5     212.9
  Home Equity     41.6     43.2     48.8     53.4
  SmartMortgages     113.6     111.1     92.9     87.0
Total SmartGrowth Loans   $ 509.0   $ 479.7   $ 460.0   $ 464.9
Mortgage Loans (owner occupied conforming)     175.4     194.7     148.6     131.0
Total Loans   $ 684.4   $ 674.4   $ 608.6   $ 595.9
                         
                         
Deposits  
   
QUARTERLY COMPARISON
(In 000,000's)
  Sep '13     Jun '13     Mar '13     Dec '12     Sep '12  
SmartGrowth Deposits                                        
  Checking   $ 245.4     $ 252.3     $ 259.0     $ 230.8     $ 220.3  
  Money Market     50.7       49.7       52.1       55.0       55.2  
  Savings     203.0       209.9       210.6       204.2       198.7  
Total SmartGrowth Deposits   $ 499.1     $ 511.9     $ 521.7     $ 490.0     $ 474.2  
Time Deposits     151.7       135.5       138.7       140.6       143.5  
Total Deposits   $ 650.8     $ 647.4     $ 660.4     $ 630.6     $ 617.7  
Avg. Yield on Deposits     0.40 %     0.41 %     0.45 %     0.53 %     0.58 %
Avg. Yield on Checking     0.07 %     0.10 %     0.10 %     0.12 %     0.12 %
                                         

The average rate paid on SmartGrowth Deposits was 0.08%, for the current quarter, 0.11% for the linked quarter and 0.22% for the same period a year ago.

The average rate on total deposits was 0.40%, compared to 0.58% a year ago and 0.41% for the linked quarter. "In the next year, approximately $78.6 million in time deposits, with an average rate of 1.03% will mature," said Little. "This will further help to reduce our cost of deposits in this current low market rate environment."

Three-Month Growth. The Company's SmartGrowth Deposits, consisting of checking, savings and money market accounts, decreased this quarter mainly due to seasonal shrinkage in savings and checking accounts. Total deposits increased to $650.8 million at September 30, 2013, from $647.4 million at June 30, 2013, a linked quarter increase of $3.4 million or 0.5%.

Checking account balances at September 30, 2013 decreased $6.9 million, or 2.7%, to $245.4 million from $252.3 million at June 30, 2013.

Twelve-Month Growth. Total deposits increased to $650.8 million at September 30, 2013, from $617.7 million at September 30, 2012, a twelve-month increase of $33.1 million, or 5.4%. Total SmartGrowth Deposits increased $24.9 million, or 5.3% from $474.2 million at September 30, 2012 to $499.1 million at September 30, 2013, primarily due to growth in checking and savings account balances offset somewhat by decreases in money market account balances.

SmartGrowth Deposits amounted to 76.7% of total deposits as of September 30, 2013 compared to 76.8% at September 30, 2012.

Checking account balances at September 30, 2013 increased 11.4% or $25.1 million, as compared to September 30, 2012. Checking account balances now account for 37.7% of total deposits compared to 35.7% at September 30, 2012.

                         
FISCAL YEAR COMPARISON
(In 000,000's)
  2013     2012     2011     2010  
SmartGrowth Deposits                                
  Checking   $ 245.4     $ 220.3     $ 190.8     $ 173.2  
  Money Market     50.7       55.2       55.0       60.3  
  Savings     203.0       198.7       190.7       166.7  
Total SmartGrowth Deposits   $ 499.1     $ 474.2     $ 436.5     $ 400.2  
Time Deposits     151.7       143.5       162.1       179.2  
Total Deposits   $ 650.8     $ 617.7     $ 598.6     $ 579.4  
Avg. Yield on Deposits     0.45 %     0.67 %     0.88 %     1.40 %
Avg. Yield on Checking     0.10 %     0.11 %     0.08 %     0.25 %
                                 

Over the past three years, SmartGrowth Deposits have increased $98.9 million or 24.7% due to growth in checking and savings balances offset somewhat by decreases in money market balances.

Capital
The tangible equity ratio increased to 10.01% at September 30, 2013 compared to 9.42% a year ago, as stockholders' equity increased to $89.1 million while assets increased to $856.7 million. Tangible book value per common share increased to $41.68 or 6.1% compared to a year ago. Risk based capital increased to 14.31% compared to 14.09% a year ago. The equity to asset ratio increased to 10.40% at September 30, 2013, from 9.81% a year ago.

                               
QUARTERLY COMPARISON   Sep '13     Jun '13     Mar '13     Dec '12     Sep '12  
Stockholders' Equity (In millions)   $ 89.1     $ 86.7     $ 86.6     $ 84.8     $ 83.5  
Ratio of Equity to Assets     10.40 %     10.32 %     10.07 %     10.09 %     9.81 %
Tangible Equity Ratio     10.01 %     9.92 %     9.69 %     9.70 %     9.42 %
Total Risk-Based Capital Ratio     14.31 %     14.31 %     14.38 %     14.34 %     14.09 %
Book Value per Common Share   $ 43.47     $ 42.82     $ 42.40     $ 41.65     $ 41.09  
Tangible Book Value Per Common Share   $ 41.68     $ 41.06     $ 40.62     $ 39.86     $ 39.29  
Total Assets (In millions)   $ 856.7     $ 839.8     $ 860.3     $ 839.7     $ 852.0  
                                         
                                         
FISCAL YEAR COMPARISON   2013     2012     2011     2010     2009  
Stockholders' Equity (In millions)   $ 89.1     $ 83.5     $ 80.0     $ 75.5     $ 71.5  
Ratio of Equity to Assets     10.40 %     9.81 %     10.08 %     9.92 %     9.34 %
Tangible Equity Ratio     10.01 %     9.42 %     9.67 %     9.48 %     8.90 %
Total Risk-Based Capital Ratio     14.31 %     14.09 %     14.30 %     13.52 %     12.72 %
Book Value per Common Share   $ 43.47     $ 41.09     $ 38.79     $ 36.19     $ 34.09  
Tangible Book Value Per Common Share   $ 41.68     $ 39.29     $ 37.02     $ 34.43     $ 32.33  
Total Assets (In millions)   $ 856.7     $ 852.0     $ 793.2     $ 761.5     $ 765.1  
                                         

"Since 2009 the Company's equity to assets ratio has gone from 9.34% to 10.40%, our stockholders' equity has gone from $71.5 million to $89.1 million and our tangible book value per share has gone from $32.33 to $41.68," said Little.

Asset Quality
The following table sets forth asset quality ratios for each of the past five quarters and the past four years:

                               
Net Charge-offs, ALLL, NPAs                              
QUARTERLY COMPARISON   Sep '13  Jun '13  Mar '13  Dec '12  Sep'12 
Charge-offs/Average Loans   0.02 %   0.01 %   0.05 %   0.07 %   0.05 %
ALLL*/NPLs   307.34 %   158.84 %   158.54 %   87.76 %   82.52 %
ALLL*/NPAs   236.57 %   132.76 %   138.95 %   81.52 %   78.54 %
ALLL*/Loans   1.15 %   1.20 %   1.26 %   1.28 %   1.27 %
NPAs/Assets   0.39 %   0.72 %   0.68 %   1.20 %   1.28 %
*ALLL figures include specific reserves                   
         
         
Net Charge-offs, ALLL, NPAs
FISCAL YEAR COMPARISON
  2013     2012     2011     2010  
Net Charge-offs/Average Loans   0.17 %   0.26 %   0.82 %   0.24 %
ALLL*/NPLs   307.34 %   82.52 %   76.63 %   63.92 %
ALLL*/NPAs   236.57 %   78.54 %   67.67 %   59.02 %
ALLL*/Loans   1.15 %   1.27 %   1.37 %   1.55 %
NPAs/Assets   0.39 %   1.28 %   1.55 %   2.06 %
*ALLL figures include specific reserves  
   

The following table sets forth the allowance for loan loss activity for each of the past 5 quarters.

                     
Allowance for Loan Loss Provision & Charge-offs
QUARTERLY COMPARISON (In 000's)
  Sep '13   Jun '13   Mar '13   Dec '12   Sep '12
Beginning ALLL   $ 8,038   $ 8,135   $ 8,234   $ 8,559   $ 8,411
Provision for Loan Losses     0     0     250     150     500
Net Charge-offs     170     97     349     475     352
Ending ALLL   $ 7,868   $ 8,038   $ 8,135   $ 8,234   $ 8,559
                               

Net charge-offs for the quarter ended September 30, 2013 were $0.2 million, or 0.02% of average loans, compared to $0.4 million or 0.05% of average loans for the same period a year ago. For the twelve months ended September 30, 2013, net charge-offs were $1.1 million or 0.17% of average loans, compared to $1.7 million or 0.26% of average loans for the twelve months ended September 30, 2012. 

Non-performing assets decreased to $3.3 million, or 0.39% of total assets at September 30, 2013, compared to $6.1 million, or 0.72% of total assets at June 30, 2013 and $10.9 million, or 1.28% of total assets a year ago, primarily due to lower delinquent loan levels.

                 
Allowance for Loan Loss Provision & Charge-offs
FISCAL YEAR COMPARISON (In 000's)
  2013   2012   2011   2010
Beginning ALLL   $ 8,559   $ 8,331   $ 9,256   $ 6,806
Provision for Loan Losses     400     1,910     3,900     3,896
Net Charge-offs     1,091     1,682     4,825     1,446
Ending ALLL   $ 7,868   $ 8,559   $ 8,331   $ 9,256
Ending ALLL (net of specific reserves)   $ 7,730   $ 8,559   $ 7,783   $ 7,125
                         
                         
Net Interest Income
 
QUARTERLY COMPARISON (In 000's)   Sep '13   Jun '13   Mar '13   Dec '12   Sep '12
Interest Income   $ 9,463   $ 9,392   $ 9,002   $ 9,571   $ 9,836
Interest Expense     1,591     1,630     1,697     1,832     1,895
Net Interest Income   $ 7,872   $ 7,762   $ 7,305   $ 7,739   $ 7,941

Net interest income for the three months ended September 30, 2013 amounted to $7.9 million compared to $7.9 million for the quarter ended September 30, 2012. Net interest income remained stable due to outstanding loan originations offset somewhat by the $46.5 million loan sale during the first fiscal quarter.

                 
FISCAL YEAR COMPARISON (In 000's)   2013   2012   2011   2010
Interest Income   $ 37,428   $ 39,134   $ 39,358   $ 41,336
Interest Expense     6,750     8,080     9,168     11,704
Net Interest Income   $ 30,678   $ 31,054   $ 30,190   $ 29,632
                         

Net interest income for fiscal 2013 amounted to $30.7 million compared to $31.1 million for fiscal 2012, a decrease of 1.2%. "We were extremely pleased that net interest income remained strong for fiscal 2013, even after the $46.5 million loan sale in the first quarter," said Little. "Thanks to strong loan demand and a great loan department, we had record loan production for fiscal 2013."

   
Interest Margin and Spread  
                               
QUARTERLY COMPARISON   Sep '13     Jun '13     Mar '13     Dec '12     Sep '12  
Yield on Earning Assets   4.91 %   4.85 %   4.66 %   4.92 %   5.07 %
Cost of Interest Bearing Liabilities   0.97 %   1.00 %   1.04 %   1.11 %   1.14 %
Spread   3.93 %   3.86 %   3.62 %   3.80 %   3.93 %
Net Interest Margin   4.08 %   4.01 %   3.78 %   3.98 %   4.10 %
                               
                               
FISCAL YEAR COMPARISON   2013     2012     2011     2010  
Yield on Earning Assets   4.84 %   5.17 %   5.58 %   5.93 %
Cost of Interest Bearing Liabilities   1.03 %   1.25 %   1.51 %   1.91 %
Spread   3.81 %   3.92 %   4.07 %   4.02 %
Net Interest Margin   3.96 %   4.10 %   4.28 %   4.25 %
                         

Net interest margin amounted to 4.08% for the three-month period ended September 30, 2013 compared to 4.01% for the linked quarter and 4.10% for quarter ended September 30, 2012. 

For the fiscal year ended September 30, 2013, net interest margin was 3.96% as compared to 4.10% for the fiscal year ended September 30, 2012 due to lower rates on loan originations offset somewhat by lower rates on interest bearing liabilities.

Operating Revenue
Operating revenue for the quarter ended September 30, 2013, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $12.0 million, compared to $12.1 million for the same quarter in 2012. For the year ended September 30, 2013, operating revenue amounted to $48.5 million as compared to $46.6 million for the year ended September 30, 2012. "Since 2009, the Company has posted record operating revenue every year," said Little.

The tables below reflect Teche's operating revenues in millions over the past five quarters and the past four years:

                     
QUARTERLY COMPARISON (In millions)   Sep '13   Jun '13   Mar '13   Dec '12   Sep '12
Net Interest Income   $ 7.9   $ 7.8   $ 7.3   $ 7.7   $ 7.9
Non-interest Income     4.1     3.9     4.0     5.8     4.2
Operating Revenue   $ 12.0   $ 11.7   $ 11.3   $ 13.5   $ 12.1
                               
                               
FISCAL YEAR COMPARISON (In millions)   2013   2012   2011   2010
Net Interest Income   $ 30.7   $ 31.1   $ 30.2   $ 29.6
Non-interest Income     17.8     15.5     15.5     16.0
Operating Revenue   $ 48.5   $ 46.6   $ 45.7   $ 45.6
                         

Non-Interest Income
Non-interest income was $4.1 million for the quarter ended September 30, 2013, compared to $3.9 million in the linked quarter and $4.2 million for the same quarter a year ago, remaining relatively stable. This amounted to 1.96% of average assets for the quarter, compared to 1.84% for the linked quarter and 1.99% a year ago.

Non-Interest Expense
For the quarter ended September 30, 2013, non-interest expense was $8.8 million or 4.15% of average assets, compared to $8.7 million, or 4.11% of average assets, in the linked quarter, which constituted an increase of 0.7%. Compared to the same quarter in fiscal 2012, non-interest expense increased $0.3 million or 3.1%.

For the year ended September 30, 2013, non-interest expense increased 3.8% to $35.0 million from $33.7 million for the year ended September 30, 2012. Over the same period, non-interest income increased from $15.5 million to $17.8 million, primarily due to the gain on sale of loans described earlier.

                               
QUARTERLY COMPARISON (In thousands)   Sep '13     Jun '13     Mar '13     Dec '12     Sep '12  
Interchange fee Income   $ 907     $ 954     $ 839     $ 826     $ 847  
Other Non-Interest Income   $ 3,247     $ 2,950     $ 3,132     $ 4,986     $ 3,361  
Total Non-Interest Income   $ 4,154     $ 3,904     $ 3,971     $ 5,812     $ 4,208  
Total Non-Interest Income/Avg. Assets     1.96 %     1.84 %     1.87 %     2.73 %     1.99 %
Non-Interest Expense   $ 8,797     $ 8,737     $ 8,705     $ 8,752     $ 8,534  
Non-Interest Expense/Avg. Assets     4.15 %     4.11 %     4.11 %     4.11 %     4.03 %
                                         
                                         
FISCAL YEAR COMPARISON (In thousands)   2013     2012     2011     2010  
Interchange fee Income   $ 3,526     $ 3,385     $ 3,317       N/A  
Other Non-Interest Income   $ 14,315     $ 12,125     $ 12,226       N/A  
Total Non-Interest Income   $ 17,841     $ 15,510     $ 15,543     $ 15,960  
Total Non-Interest Income/Avg. Assets     2.10 %     1.88 %     2.01 %     2.09 %
Non-Interest Expense   $ 34,991     $ 33,714     $ 31,131     $ 31,229  
Non-Interest Expense/Avg. Assets     4.12 %     4.09 %     4.03 %     4.10 %
                                 

Net Income and Dividends 
On August 30, 2013, the board of directors declared a $0.375 per share quarterly dividend. Based on the closing price of the Company's common stock of $45.54 per share on August 30, 2013, the annualized dividend yield was 3.33%. Since 2003, the Company has increased dividends for eleven consecutive years. During fiscal 2013, the Company declared dividends totaling $1.475 per share.

                     
QUARTERLY COMPARISON   Sep '13   Jun '13   Mar '13   Dec '12   Sep '12
Dividends Declared Per Share   $ 0.375   $ 0.37   $ 0.00   $ 0.73   $ 0.365
Basic Earnings Per Common Share   $ 1.05   $ 0.96   $ 0.76   $ 1.51   $ 1.02
Diluted Earnings Per Common Share   $ 1.03   $ 0.95   $ 0.75   $ 1.49   $ 1.01
                               
                               
FISCAL YEAR COMPARISON   2013   2012   2011   2010
Dividends Declared Per Share   $ 1.475   $ 1.455   $ 1.435   $ 1.42
Basic Earnings Per Common Share   $ 4.29   $ 3.55   $ 3.49   $ 3.40
Diluted Earnings Per Common Share   $ 4.22   $ 3.51   $ 3.45   $ 3.37
                         

Teche Holding Company is the parent company of Teche Federal Bank, which operates twenty offices in South Louisiana and serves over 86,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $856 million in assets. Deposits at Teche Federal Bank are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC). Teche Holding Company's common stock is traded under the symbol "TSH" on the NYSE MKT.

Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Teche Holding Company with the Securities and Exchange Commission from time to time. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.

   
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Selected Financial Data  
(UNAUDITED)  
    THREE MONTHS ENDED  
Condensed Statements of Income   Sep. 2013     Jun. 2013     Mar. 2013     Dec. 2012     Sep. 2012  
Interest Income   $ 9,463     $ 9,392     $ 9,002     $ 9,571     $ 9,836  
Interest Expense     1,591       1,630       1,697       1,832       1,895  
Net Interest Income     7,872       7,762       7,305       7,739       7,941  
Provision for Loan Losses     -       -       250       150       500  
Net Interest Income after Provision for Loan Losses     7,872       7,762       7,055       7,589       7,441  
Non Interest Income     4,154       3,904       3,971       5,812       4,208  
Non Interest Expense     8,797       8,737       8,705       8,752       8,534  
Income Before Income Taxes     3,229       2,929       2,321       4,649       3,115  
Income Taxes     1,082       976       762       1,577       1,042  
Net Income   $ 2,147     $ 1,953     $ 1,559     $ 3,072     $ 2,073  
                                         
Selected Financial Data                                        
Dividends Declared Per Share   $ 0.375     $ 0.37     $ 0.00     $ 0.73     $ 0.365  
Basic Earnings Per Common Share   $ 1.05     $ 0.96     $ 0.76     $ 1.51     $ 1.02  
Diluted Earnings Per Common Share   $ 1.03     $ 0.95     $ 0.75     $ 1.49     $ 1.01  
Annualized Return on Avg. Assets     1.01 %     0.92 %     0.74 %     1.44 %     0.98 %
Annualized Return on Avg. Equity     9.63 %     8.89 %     7.19 %     14.17 %     9.81 %
Annualized Return on Avg. Tangible Equity (1)     10.05 %     9.27 %     7.52 %     14.80 %     10.25 %
Yield on Interest Earning Assets     4.91 %     4.85 %     4.66 %     4.92 %     5.07 %
Cost of Interest Bearing Liabilities     0.97 %     1.00 %     1.04 %     1.11 %     1.14 %
Spread     3.93 %     3.86 %     3.62 %     3.80 %     3.93 %
Net Interest Margin     4.08 %     4.01 %     3.78 %     3.98 %     4.10 %
Non-Interest Income/Avg. Assets     1.96 %     1.84 %     1.87 %     2.73 %     1.99 %
Non-Interest Expense/Avg. Assets     4.15 %     4.11 %     4.11 %     4.11 %     4.03 %
Quarterly Net Charge-offs/Avg. Loans     0.02 %     0.01 %     0.05 %     0.07 %     0.05 %
Weighted avg. shares Outstanding                                        
  Basic     2,036       2,030       2,038       2,039       2,028  
  Diluted     2,078       2,064       2,066       2,064       2,061  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 847,261     $ 849,265     $ 847,615     $ 851,126     $ 846,114  
Earning assets   $ 771,019     $ 773,856     $ 772,248     $ 778,592     $ 775,399  
Loans   $ 676,957     $ 655,058     $ 641,192     $ 667,191     $ 665,952  
Interest-bearing deposits   $ 549,331     $ 547,249     $ 538,889     $ 527,476     $ 521,708  
Total deposits   $ 646,746     $ 648,985     $ 640,504     $ 623,689     $ 612,785  
Total stockholders' equity   $ 89,187     $ 87,892     $ 86,682     $ 86,713     $ 84,525  
                                         
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax affected basis. The amount was calculated using the following information.  
                                         
Average Stockholders' Equity   $ 89,187     $ 87,892     $ 86,682     $ 86,713     $ 84,525  
Less average goodwill and other intangible assets, net of related income taxes     3,653       3,655       3,656       3,657       3,659  
Average Tangible Equity   $ 85,534     $ 84,237     $ 83,026     $ 83,056     $ 80,866  
                                         
Net Income   $ 2,147     $ 1,953     $ 1,559     $ 3,072     $ 2,073  
Plus Amortization of core deposit intangibles, net of related income taxes     1       1       1       1       1  
Net Income, as adjusted   $ 2,148     $ 1,954     $ 1,560     $ 3,073     $ 2,074  
   
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Selected Financial Data  
(UNAUDITED)  
             
Condensed Statements of Income   Sep. 2013     Sep. 2012     Sep. 2011     Sep. 2010     Sep. 2009  
Interest Income   $ 37,428     $ 39,134     $ 39,358     $ 41,336     $ 44,237  
Interest Expense     6,750       8,080       9,168       11,704       15,297  
Net Interest Income     30,678       31,054       30,190       29,632       28,940  
Provision for Loan Losses     400       1,910       3,900       3,896       3,026  
Net Interest Income after Provision for Loan Losses     30,278       29,144       26,290       25,736       25,914  
Non Interest Income     17,841       15,510       15,543       15,960       15,852  
Non Interest Expense     34,991       33,714       31,131       31,229       31,372  
                                         
Income Before Income Taxes     13,128       10,940       10,702       10,467       10,394  
Income Taxes     4,397       3,655       3,474       3,366       3,258  
Net Income (loss)   $ 8,731     $ 7,285     $ 7,228     $ 7,101     $ 7,136  
Selected Financial Data                                        
Dividends Declared Per Share   $ 1.475     $ 1.455     $ 1.435     $ 1.42     $ 1.41  
Basic Earnings Per Common Share   $ 4.29     $ 3.55     $ 3.49     $ 3.40     $ 3.38  
Diluted Earnings Per Common Share   $ 4.22     $ 3.51     $ 3.45     $ 3.37     $ 3.35  
Annualized Return on Avg. Assets     1.03 %     0.88 %     0.94 %     0.93 %     0.91 %
Annualized Return on Avg. Equity     9.96 %     8.80 %     9.12 %     9.43 %     9.98 %
Annualized Return on Avg. Tangible Equity (1)     10.40 %     9.21 %     9.58 %     9.94 %     10.49 %
Yield on Interest Earning Assets     4.84 %     5.17 %     5.58 %     5.93 %     6.12 %
Cost of Interest Bearing Liabilities     1.03 %     1.25 %     1.51 %     1.91 %     2.40 %
Spread     3.81 %     3.92 %     4.07 %     4.02 %     3.73 %
Net Interest Margin     3.96 %     4.10 %     4.28 %     4.25 %     4.01 %
Non-Interest Income/Avg. Assets     2.10 %     1.88 %     2.01 %     2.09 %     2.03 %
Non-Interest Expense/Avg. Assets     4.12 %     4.09 %     4.03 %     4.10 %     4.02 %
Net Charge-offs/Avg. Loans     0.17 %     0.26 %     0.82 %     0.24 %     0.29 %
Weighted avg. shares Outstanding                                        
  Basic     2,036       2,052       2,069       2,089       2,110  
  Diluted     2,068       2,076       2,092       2,107       2,127  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 848,831     $ 825,036     $ 771,988     $ 762,355     $ 781,187  
Earning assets   $ 773,939     $ 757,488     $ 705,481     $ 697,315     $ 722,409  
Loans   $ 660,218     $ 643,224     $ 590,354     $ 599,134     $ 606,751  
Interest-bearing deposits   $ 540,730     $ 520,162     $ 517,938     $ 512,040     $ 533,022  
Total deposits   $ 639,955     $ 608,259     $ 598,070     $ 578,310     $ 597,559  
Total stockholders' equity   $ 87,620     $ 82,811     $ 79,229     $ 75,279     $ 71,479  
                                         
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax affected basis. The amount was calculated using the following information.  
                                         
Average Stockholders' Equity   $ 87,620     $ 82,811     $ 79,229     $ 75,279     $ 71,479  
Less average goodwill and other intangible assets, net of related income taxes     3,652       3,661       3,671       3,673       3,715  
Average Tangible Equity   $ 83,968     $ 79,150     $ 75,558     $ 71,606     $ 67,764  
                                         
Net Income   $ 8,731     $ 7,285     $ 7,228     $ 7,101     $ 7,136  
Plus Amortization of core deposit intangibles, net of related income taxes     4       7       12       19       28  
Net Income, as adjusted   $ 8,735     $ 7,292     $ 7,240     $ 7,120     $ 7,164  
                                         
   
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
(UNAUDITED)  
    Sep. 2013     Jun. 2013     Mar. 2013     Dec. 2012     Sep. 2012  
SmartGrowth Loans                                        
  Consumer   $ 129,571     $ 122,379     $ 115,803     $ 113,365     $ 110,235  
  Commercial     224,217       216,887       212,359       220,463       215,212  
  Home Equity     41,628       41,737       42,107       42,546       43,233  
  SmartMortgage Loans     113,561       110,586       104,040       100,859       111,072  
Total SmartGrowth Loans     508,977       491,589       474,309       477,233       479,752  
Mortgage Loans (owner occupied conforming)     175,426       176,188       168,989       165,364       194,650  
      684,403       667,777       643,298       642,597       674,402  
Allowance for Loan Losses     (7,868 )     (8,038 )     (8,135 )     (8,234 )     (8,559 )
Loans Receivable, Net     676,535       659,739       635,163       634,363       665,843  
                                         
Cash and Securities     116,511       116,709       162,262       142,406       124,080  
Goodwill and Other Intangibles     3,653       3,654       3,656       3,657       3,659  
Foreclosed Real Estate     741       950       639       697       513  
Other     59,224       58,769       58,609       58,575       57,867  
TOTAL ASSETS   $ 856,664     $ 839,821     $ 860,329     $ 839,698     $ 851,962  
                                         
SmartGrowth Deposits                                        
  Checking   $ 245,392     $ 252,278     $ 259,014     $ 230,845     $ 220,268  
  Money Market     50,652       49,768       52,077       54,955       55,251  
  Savings     203,010       209,896       210,636       204,241       198,667  
Total Smart Growth Deposits     499,054       511,942       521,727       490,041       474,186  
Time Deposits     151,737       135,490       138,728       140,598       143,536  
Total Deposits     650,791       647,432       660,455       630,639       617,722  
                                         
FHLB Advances     108,997       98,757       107,903       117,034       142,751  
Other Liabilities     7,815       6,971       5,340       7,258       7,948  
Stockholders' Equity     89,061       86,661       86,631       84,767       83,541  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 856,664     $ 839,821     $ 860,329     $ 839,698     $ 851,962  
                                         
Ratio of Equity to Assets     10.40 %     10.32 %     10.07 %     10.09 %     9.81 %
Tangible Equity Ratio (1)     10.01 %     9.92 %     9.69 %     9.70 %     9.42 %
Total Risk-Based Capital Ratio     14.31 %     14.31 %     14.38 %     14.34 %     14.09 %
Book Value per Common Share   $ 43.47     $ 42.82     $ 42.40     $ 41.65     $ 41.09  
Tangible Book Value Per Common Share (1)   $ 41.68     $ 41.06     $ 40.62     $ 39.86     $ 39.29  
Shares Outstanding (in thousands)     2,049       2,024       2,043       2,035       2,033  
Non-performing Assets/Total Assets     0.39 %     0.72 %     0.68 %     1.20 %     1.28 %
ALLL/Loans     1.15 %     1.20 %     1.26 %     1.28 %     1.27 %
ALLL/NPLs     307.34 %     158.84 %     158.54 %     87.76 %     82.52 %
                                         
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on atax affected basis. The amount was calculated using the following information.  
                                         
Stockholders' Equity   $ 89,061     $ 86,661     $ 86,631     $ 84,767     $ 83,541  
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,651 )     (3,654 )     (3,656 )     (3,655 )
Tangible Stockholders' Equity   $ 85,410     $ 83,010     $ 82,977     $ 81,111     $ 79,886  
                                         
Total Assets   $ 856,664     $ 839,821     $ 860,329     $ 839,698     $ 851,962  
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,651 )     (3,654 )     (3,656 )     (3,655 )
Total Tangible Assets   $ 853,013     $ 836,170     $ 856,675     $ 836,042     $ 848,307  
   
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
Fiscal Comparison  
(UNAUDITED)  
    Sep. 2013     Sep. 2012     Sep. 2011     Sep. 2010     Sep. 2009  
SmartGrowth Loans                                        
  Consumer   $ 129,571     $ 110,235     $ 108,849     $ 111,571     $ 108,013  
  Commercial     224,217       215,212       209,460       212,933       210,201  
  Home Equity     41,628       43,233       48,799       53,405       58,348  
  SmartMortgage Loans     113,561       111,072       92,910       86,959       83,775  
Total SmartGrowth Loans     508,977       479,752       460,018       464,868       460,337  
Mortgage Loans (owner occupied conforming)     175,426       194,650       148,584       131,023       134,996  
      684,403       674,402       608,602       595,891       595,333  
Allowance for Loan Losses     (7,868 )     (8,559 )     (8,331 )     (9,256 )     (6,806 )
Loans Receivable, Net     676,535       665,843       600,271       586,635       588,527  
                                         
Cash and Securities     116,511       124,080       134,902       115,217       125,058  
Goodwill and Other Intangibles     3,653       3,659       3,670       3,687       3,715  
Foreclosed Real Estate     741       513       1,405       1,181       1,953  
Other     59,224       57,867       52,955       54,804       45,818  
TOTAL ASSETS   $ 856,664     $ 851,962     $ 793,203     $ 761,524     $ 765,071  
                                         
SmartGrowth Deposits                                        
  Checking   $ 245,392     $ 220,268     $ 190,822     $ 173,206     $ 165,796  
  Money Market     50,652       55,251       54,970       60,246       95,461  
  Savings     203,010       198,667       190,727       166,734       106,479  
Total Smart Growth Deposits     499,054       474,186       436,519       400,186       367,736  
Time Deposits     151,737       143,536       162,063       179,169       217,733  
Total Deposits     650,791       617,722       598,582       579,355       585,469  
                                         
FHLB Advances     108,997       142,751       108,184       100,017       100,628  
Other Liabilities     7,815       7,948       6,450       6,639       7,490  
Stockholders' Equity     89,061       83,541       79,987       75,513       71,484  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 856,664     $ 851,962     $ 793,203     $ 761,524     $ 765,071  
                                         
Ratio of Equity to Assets     10.40 %     9.81 %     10.08 %     9.92 %     9.34 %
Tangible Equity Ratio (1)     10.01 %     9.42 %     9.67 %     9.48 %     8.90 %
Total Risk-Based Capital Ratio     14.31 %     14.09 %     14.30 %     13.52 %     12.72 %
Book Value per Common Share   $ 43.47     $ 41.09     $ 38.79     $ 36.19     $ 34.09  
Tangible Book Value Per Common Share (1)   $ 41.68     $ 39.29     $ 37.02     $ 34.43     $ 32.33  
Shares Outstanding (in thousands)     2,049       2,033       2,062       2,082       2,097  
Non-performing Assets/Total Assets     0.39 %     1.28 %     1.55 %     2.06 %     1.19 %
ALLL/Loans     1.15 %     1.27 %     1.37 %     1.55 %     1.14 %
ALLL/NPLs     307.34 %     82.52 %     76.63 %     63.92 %     95.44 %
                                         
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax affected basis. The amount was calculated using the following information.  
                                         
Stockholders' Equity   $ 89,061     $ 83,541     $ 79,987     $ 75,513     $ 71,484  
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,655 )     (3,659 )     (3,673 )     (3,692 )
Tangible Stockholders' Equity   $ 85,410     $ 79,886     $ 76,328     $ 71,840     $ 67,792  
                                         
Total Assets   $ 856,664     $ 851,962     $ 793,203     $ 761,524     $ 765,071  
                                         
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,655 )     (3,659 )     (3,673 )     (3,692 )
Total Tangible Assets   $ 853,013     $ 848,307     $ 789,544     $ 757,851     $ 761,379  
                           
                           
                           
Quarter-End Loan Data
September 30, 2013
(In 000's)
 
 
 
Total
Loans
Dollars
 
 
 
Net Charge-
Offs
Dollars
 
 
 
 
 
 
Net Charge-
Offs
Percentage
 
 
 
 
 
 
90 Days +
Non Accrual
Dollars
 
 
 
90 Days +
Non Accrual
Percentage
 
 
 
Real Estate Loans                                
  Construction   $ 13,704   $ --     0.00 %   $ --   0.0 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     22,939     --     0.00 %     7   0.0 %
      All Other                                
        Secured by First Liens     378,800     94     0.02 %     2,319   0.7 %
        Secured by Junior Liens     5,909     --     0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     22,432     7     0.03 %     --   0.0 %
    Nonresidential Property (Except Land)     111,217     62     0.06 %     --   0.0 %
    Land     31,710     --     0.00 %     63   0.2 %
        Consumer     21,361     --     0.00 %     63   0.3 %
        Commercial     10,349     --     0.00 %     --   0.0 %
Subtotal - Real Estate Loans   $ 586,711   $ 163     0.03 %   $ 2,389   0.4 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 30,685   $ (16 )   (0.05 %)     --   0.0 %
  Consumer Loans:                                
    Loans on Deposits     3,208     --     --       48   1.5 %
    Auto Loans     2,795     --     --       12   0.4 %
    Mobile Home Loans     43,199     17     0.04 %     246   0.6 %
    Other     17,806     6     0.03 %     83   0.5 %
Subtotal - Non Real Estate Loans   $ 97,693   $ 7     0.01 %   $ 389   0.4 %
                                 
Gross Loans   $ 684,404   $ 170     0.02 %   $ 2,778   0.4 %
                                 
Non-accruals   $ 2,425                          
90 + Days Past Due     353                          
OREO & Foreclosed     766                          
  Nonperforming Assets (Net)   $ 3,544                          
  Performing TDRs     --                          
                           
                           
                           
Fiscal Year-End Loan Data
September 30, 2013
(In 000's)
  Total
Loans
Dollars
  Net Charge-
Offs
Dollars
    Net Charge-
Offs
Percentage
    90 Days +
Non Accrual
Dollars
  90 Days +
Non Accrual
Percentage
 
Real Estate Loans                                
  Construction   $ 13,704   $ --     0.00 %   $ --   0.0 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     22,939     36     0.16 %     7   0.0 %
      All Other                                
        Secured by First Liens     378,800     557     0.15 %     2,319   0.7 %
        Secured by Junior Liens     5,909     15     0.25 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     22,432     7     0.03 %     --   0.0 %
    Nonresidential Property (Except Land)     111,217     78     0.07 %     --   0.0 %
    Land     31,710     157     0.50 %     63   0.2 %
        Consumer     21,361     14     0.07 %     63   0.3 %
        Commercial     10,349     143     1.38 %     --   0.0 %
Subtotal - Real Estate Loans   $ 586,711   $ 850     0.14 %   $ 2,389   0.4 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 30,685   $ (3 )   (0.01 %)     --   0.0 %
  Consumer Loans:                                
    Loans on Deposits     3,208     1     0.03 %     48   1.5 %
    Auto Loans     2,795     19     0.68 %     12   0.4 %
    Mobile Home Loans     43,199     196     0.45 %     246   0.6 %
    Other     17,806     29     0.16 %     83   0.5 %
Subtotal - Non Real Estate Loans   $ 97,693   $ 242     0.25 %   $ 389   0.4 %
                                 
Gross Loans   $ 684,404   $ 1,092     0.16 %   $ 2,778   0.4 %
                                 
Non-accruals   $ 2,425                          
90 + Days Past Due     353                          
OREO & Foreclosed     766                          
  Nonperforming Assets (Net)   $ 3,544                          
  Performing TDRs     --                          
                         
                         
                         
Quarter-End Loan Data
June 30, 2013
(In 000's)
  Total
Loans
Dollars
  Net Charge-
Offs
Dollars
  Net Charge-
Offs
Percentage
    90 Days +
Non Accrual
Dollars
  90 Days +
Non Accrual
Percentage
 
Real Estate Loans                              
  Construction   $ 14,808   $ --   0.00 %   $ --   0.0 %
  Permanent, Secured by:                              
    1-4 Dwelling Units:                              
      Revolving, Open-End Loans (HELOC)   $ 22,028     21   0.10 %     66   0.3 %
      All Other                              
        Secured by First Liens     372,857     12   0.00 %     3,261   0.9 %
        Secured by Junior Liens     6,468     --   0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     20,607     --   0.00 %     951   4.6 %
    Nonresidential Property (Except Land)     105,964     30   0.03 %     150   0.1 %
    Land     30,930     1   0.00 %     359   1.2 %
        Consumer     20,437     --   0.00 %     70   3.4 %
        Commercial     10,493     1   0.01 %     289   2.8 %
Subtotal - Real Estate Loans   $ 573,622   $ 64   0.01 %   $ 4,787   0.8 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 30,109   $ 13   0.04 %   $ 91   0.3 %
  Consumer Loans:                              
    Loans on Deposits     3,431     --   0.00 %     24   0.7 %
    Auto Loans     2,647     6   0.02 %     --   0.0 %
    Mobile Home Loans     40,692     1   0.00 %     262   0.6 %
    Other     17,236     14   0.08 %     94   0.3 %
Subtotal - Non Real Estate Loans   $ 94,115     34   0.04 %   $ 471   0.5 %
                               
Gross Loans   $ 667,777   $ 98   0.01 %   $ 5,258   0.8 %
                               
Non-accruals   $ 4,926                        
90 + Days Past Due     332                        
OREO & Foreclosed     994                        
  Nonperforming Assets (Net)   $ 6,252                        
  Performing TDRs     --                        
                           
                           
                           
Quarter-End Loan Data
March 31, 2013
(In 000's)
  Total
Loans
Dollars
  Net Charge-
Offs
Dollars
    Net Charge-
Offs
Percentage
    90 Days +
Non Accrual
Dollars
  90 Days +
Non Accrual
Percentage
 
Real Estate Loans                                
  Construction   $ 14,902   $ --     0.00 %   $ --   0.0 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     21,431     15     0.07 %     28   0.1 %
      All Other                                
        Secured by First Liens   $ 356,098     183     0.05 %   $ 2,831   0.8 %
        Secured by Junior Liens     6,625     --     0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     19,848     --     0.00 %     911   4.6 %
    Nonresidential Property (Except Land)     103,626     (15 )   (0.01 %)     347   0.3 %
    Land     30,000     34     0.11 %     820   2.7 %
        Consumer     20,125     14     0.07 %     96   0.5 %
        Commercial     9,875     20     0.20 %     724   7.3 %
Subtotal - Real Estate Loans   $ 552,530     217     0.04 %   $ 4,937   0.9 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 29,942   $ --     0.00 %   $ 14   0.0 %
  Consumer Loans:                                
    Loans on Deposits     3,416     1     0.03 %     25   0.7 %
    Auto Loans     2,459     --     0.00 %     5   0.2 %
    Mobile Home Loans     38,626     124     0.32 %     225   0.6 %
    Other     16,325     7     0.04 %     123   0.8 %
Subtotal - Non Real Estate Loans   $ 90,768     132     0.15 %   $ 392   0.4 %
                                 
Gross Loans   $ 643,298   $ 349     0.05 %   $ 5,329   0.8 %
                                 
Non-accruals   $ 4,994                          
90 + Days Past Due     335                          
OREO & Foreclosed     994                          
  Nonperforming Assets (Net)   $ 6,323                          
  Performing TDRs     --                          
                         
                         
                         
Quarter-End Loan Data
December 31, 2012
(In 000's)
  Total
Loans
Dollars
  Net Charge-
Offs
Dollars
  Net Charge-
Offs
Percentage
    90 Days +
Non Accrual
Dollars
  90 Days +
Non Accrual
Percentage
 
Real Estate Loans                              
  Construction   $ 17,108   $ --   0.00 %   $ --   0.0 %
  Permanent, Secured by:                              
    1-4 Dwelling Units:                              
      Revolving, Open-End Loans (HELOC)     20,839     --   0.00 %     68   0.3 %
      All Other                              
        Secured by First Liens     347,104     285   0.08 %     2,888   0.8 %
        Secured by Junior Liens     6,800     --   0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     20,112     --   0.00 %     943   4.7 %
    Nonresidential Property (Except Land)     103,307     --   0.00 %     212   0.2 %
    Land     34,040     121   0.36 %     4,714   13.8 %
        Consumer     19,973     --   0.00 %     177   0.9 %
        Commercial     14,067     121   0.86 %     4,537   32.3 %
Subtotal - Real Estate Loans   $ 549,310   $ 406   0.07 %   $ 8,825   1.6 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 33,364   $ --   0.00 %   $ 14   0.0 %
  Consumer Loans:                              
    Loans on Deposits     3,431     --   0.00 %     50   1.5 %
    Auto Loans     2,198     13   0.59 %     8   0.4 %
    Mobile Home Loans     38,055     54   0.14 %     645   1.7 %
    Other     16,239     2   0.01 %     39   0.2 %
Subtotal - Non Real Estate Loans   $ 93,287   $ 69   0.07 %   $ 756   0.8 %
                               
Gross Loans   $ 642,597   $ 475   0.07 %   $ 9,581   1.5 %
                               
Non-accruals   $ 9,177                        
90 + Days Past Due     404                        
OREO & Foreclosed     683                        
  Nonperforming Assets (Net)   $ 10,264                        
  Performing TDRs     --                        
                           
                           
                           
Quarter-End Loan Data
September 30, 2012
(In 000's)
  Total
Loans
Dollars
  Net Charge-
Offs
Dollars
    Net Charge-
Offs
Percentage
    90 Days +
Non Accrual
Dollars
  90 Days +
Non Accrual
Percentage
 
Real Estate Loans                                
  Construction   $ 16,835   $ --     0.00 %   $ --   0.0 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     20,641     --     0.00 %     127   0.6 %
      All Other                                
        Secured by First Liens     383,954     285     0.07 %     4,140   1.1 %
        Secured by Junior Liens     6,892     --     0.00 %     181   2.6 %
    Multifamily (5+ Dwelling Units)     21,248     --     0.00 %     --   0.0 %
    Nonresidential Property (Except Land)     99,347     26     0.03 %     810   0.8 %
    Land     32,652     (4 )   0.01 %     4,530   13.9 %
        Consumer     19,340     --     0.00 %     186   1.0 %
        Commercial     13,312     (4 )   (0.03 %)     4,344   32.6 %
Subtotal - Real Estate Loans   $ 581,569   $ 307     0.05 %   $ 9,788   1.7 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 34,032   $ --     0.00 %   $ 2   0.0 %
  Consumer Loans:                                
    Loans on Deposits