SOURCE: Teche Holding Company

Teche Holding Company

October 25, 2012 08:00 ET

Teche Holding Company Announces Fourth Consecutive Fiscal Year of Record EPS, Earns $1.01 per Share for Fourth Quarter

NEW IBERIA, LA--(Marketwire - Oct 25, 2012) - (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, 2012, the fourth quarter of fiscal 2012 and for the full fiscal year ended September 30, 2012.

Earnings for fiscal 2012 amounted to $7.3 million, or a record $3.51 per diluted share, compared to $7.2 million or $3.45 per diluted share for fiscal 2011, an increase of $0.06 per diluted share, or 1.7 %.

Earnings for the quarter ended September 30, 2012 amounted to $2.1 million, or $1.01 per diluted share, compared to $2.1 million, or $1.01 per diluted share for the same quarter in fiscal 2011.

"Asset quality led the way to our fourth consecutive year of record earnings per share," said Little. "Each year for the past four years it seems that we've found a different way to achieve record earnings." For fiscal 2012, the Bank recorded net charge-offs of 0.26%, much closer to fiscal year 2010 (at 0.24%) and fiscal year 2009 (at 0.29%) than the previous year's 0.82%. "Our record loan production of $220.0 million was also a significant factor, as well as our 15.4% growth in checking balances. We also posted record top-line income as operating revenue amounted to a record $46.6 million."

"There's also good news for the quarter," said Little. "Net interest margin increased to 4.10% from 4.06% for the third quarter and pre-provision, pre-tax income increased to 1.71%," said Little.

The Company reported the following highlights for Fiscal 2012 ended September 30, 2012:

  • Earnings for fiscal 2012 amounted to a record $3.51 per diluted share. This is the fourth consecutive year that Teche has posted record earnings per share.
  • Operating revenues increased to a record $46.6 million compared to $45.7 million for fiscal year ending September 30, 2011.
  • Net charge-offs for fiscal 2012 amounted to 0.26% of average loans, compared to 0.82% for fiscal 2011.
  • Tangible book value per share increased 6.1% to $39.29 at fiscal year end compared to $37.02 a year ago.
  • Total Loans increased 10.8% to $674.4 million at September 30, 2012 compared to $608.6 million a year ago.
  • SmartGrowth Loans increased 4.3% compared to a year ago. SmartGrowth Loans now amount to 71.1% of total loans.
  • Total assets increased 7.4% to $852.0 million, compared to a year ago.
  • Average earning assets for the quarter increased 7.8% to $775.4 million compared to the fourth quarter of fiscal 2011 and 1.8% compared to the linked quarter.
  • Total Deposits increased 3.2% compared to a year ago.
  • Checking Account balances increased 15.4% compared to September 30, 2011. Checking account balances now amount to 35.7% of total deposits, compared to 31.9% a year ago.
  • SmartGrowth Deposits increased 8.6% compared to a year ago. SmartGrowth Deposits now amount to 76.8% of total deposits, compared to 72.9% a year ago.
  • The average rate paid on all deposits was 0.67% for fiscal 2012 compared to 0.88% for fiscal 2011.
  • Net interest margin for the year amounted to 4.10% compared to 4.28% for Fiscal 2011.
                         
ANNUAL COMPARISON   2012     2011     Change     % Change  
Earnings Per Share (Diluted)   $ 3.51     $ 3.45     $ 0.06     1.7 %
Tangible Book Value per Common Share   $ 39.29     $ 37.02     $ 2.27     6.1 %
Dividends Declared per share   $ 1.455     $ 1.435     $ 0.02     1.4 %
Total Loans   $ 674.4     $ 608.6     $ 65.8     10.8 %
SmartGrowth Loans   $ 479.8     $ 460.0     $ 19.8     4.3 %
Net Charge-offs/Avg. Loans     0.26 %     0.82 %     (0.56 %)   N/A  
NPAs/Assets     1.28 %     1.55 %     (0.27 %)   N/A  
Total Assets   $ 852.0     $ 793.2     $ 58.8     7.4 %
Avg. Earning Assets   $ 757.5     $ 705.5     $ 52.0     7.4 %
Total Deposits   $ 617.7     $ 598.6     $ 19.1     3.2 %
Checking Balances   $ 220.3     $ 190.8     $ 29.5     15.4 %
Checking as a % of Total Deposits     35.7 %     31.9 %     3.8 %   N/A  
SmartGrowth Deposits   $ 474.2     $ 436.5     $ 37.7     8.6 %
Avg. Rate on Deposits     0.67 %     0.88 %     (0.21 %)   N/A  
ROAA     0.88 %     0.94 %     (0.06 %)   N/A  
ROAE     8.80 %     9.12 %     (0.32 %)   N/A  
                               

The Company reported the following highlights for the quarter:

  • Earnings for the quarter amounted to a record-equaling $1.01 per diluted share compared to $0.83 for the linked quarter and $1.01 a year ago. 
  • Quarterly operating revenue increased to a record $12.1 million compared to $11.4 million for the linked quarter.
  • Tangible book value per share increased 2.0% to $39.29 compared to $38.51 for the linked quarter.
  • Total Loans increased 2.1% or $13.9 million to $674.4 million compared to $660.5 million for the linked quarter.
  • SmartGrowth Loans increased 0.5% or $2.5 million compared to the linked quarter.
  • Total assets increased 1.0% or $8.2 million to $852.0 million compared to $843.8 million for the linked quarter.
  • Average earning assets for the quarter increased 7.8% to $775.4 million compared to the fourth quarter of fiscal 2011 and 1.8% to $775.4 million compared to the linked quarter.
  • Total Deposits increased 0.4% compared to the linked quarter.
  • Checking Account balances increased 0.7% compared to the linked quarter. Checking account balances now amount to 35.7% of total deposits, compared to 35.5% for the linked quarter.
  • SmartGrowth Deposits increased 1.1% compared to the linked quarter. SmartGrowth Deposits now amount to 76.8 % of total deposits, compared to 76.2% for the linked quarter.
  • The average rate paid on all deposits was 0.58% compared to 0.64% for the linked quarter.
  • Net interest margin for the quarter amounted to 4.10% compared to 4.06% for the linked quarter.
                         
QUARTERLY COMPARISON   4th Qtr 2012     3rd Qtr 2012     Change    
% Change
 
Earnings Per Share (Diluted)   $ 1.01     $ 0.83     $ 0.18     21.7 %
Tangible Book Value per Common Share   $ 39.29     $ 38.51     $ 0.78     2.0 %
Total Loans   $ 674.4     $ 660.5     $ 13.9     2.1 %
SmartGrowth Loans   $ 479.8     $ 477.3     $ 2.5     0.5 %
Total Assets   $ 852.0     $ 843.8     $ 8.2     1.0 %
Avg. Earning Assets   $ 775.4     $ 762.0     $ 13.4     1.8 %
Total Deposits   $ 617.7     $ 615.5     $ 2.2     0.4 %
Checking Balances   $ 220.3     $ 218.7     $ 1.6     0.7 %
Checking as a % of Total Deposits     35.7 %     35.5 %     0.2 %   N/A  
SmartGrowth Deposits   $ 474.2     $ 469.2     $ 5.0     1.1 %
Avg. Yield on Deposits     0.58 %     0.64 %     (0.06 %)   N/A  
Net Interest Margin     4.10 %     4.06 %     0.04 %   N/A  
                               

Net Income
 
Net income for the quarter amounted to $2.1 million or $1.01 per diluted share, an increase of 21.7% on a per-diluted share basis compared to the linked quarter. Net income for the quarter was unchanged as compared to the same period in 2011.

                               
QUARTERLY COMPARISON   Sep '12     Jun '12     Mar '12     Dec '11     Sep '11  
Net Income (In 000's)   $ 2,073     $ 1,732     $ 1,708     $ 1,772     $ 2,102  
Pre-Tax, Pre-Provision Earnings (In 000's)   $ 3,615     $ 3,096     $ 3,132     $ 3,007     $ 3,752  
Basic Earnings Per Common Share   $ 1.02     $ 0.84     $ 0.83     $ 0.86     $ 1.02  
Diluted Earnings Per Common Share   $ 1.01     $ 0.83     $ 0.82     $ 0.85     $ 1.01  
Annualized Return on Avg. Assets     0.98 %     0.83 %     0.83 %     0.88 %     1.07 %
Pre-Tax, Pre-Provision Earnings/ Avg. Assets     1.71 %     1.49 %     1.52 %     1.50 %     1.91 %
Annualized Return on Avg. Equity     9.81 %     8.28 %     8.22 %     8.86 %     10.40 %
Annualized Return on Avg. Tangible Equity     10.25 %     8.67 %     8.61 %     9.30 %     10.90 %
Average Assets (In millions)   $ 846.1     $ 831.0     $ 821.6     $ 803.0     $ 787.8  
Average Earning Assets (In millions)   $ 775.4     $ 762.0     $ 754.0     $ 738.1     $ 719.4  
Average Deposits (In millions)   $ 612.8     $ 617.2     $ 608.8     $ 594.4     $ 607.9  
Average FHLB Advances (In millions)   $ 141.6     $ 123.7     $ 123.7     $ 120.7     $ 92.5  
                                         
FISCAL YEAR COMPARISON   2012     2011     2010     2009  
Net Income (In 000's)   $ 7,285     $ 7,228     $ 7,101     $ 7,136  
Pre-Tax, Pre-Provision Earnings (In 000's)   $ 12,850     $ 14,602     $ 14,363     $ 13,420  
Basic Earnings Per Common Share   $ 3.55     $ 3.49     $ 3.40     $ 3.38  
Diluted Earnings Per Common Share   $ 3.51     $ 3.45     $ 3.37     $ 3.35  
Annualized Return on Avg. Assets     0.88 %     0.94 %     0.93 %     0.91 %
Pre-Tax, Pre-Provision Earnings/ Avg. Assets     1.56 %     1.89 %     1.88 %     1.72 %
Annualized Return on Avg. Equity     8.80 %     9.12 %     9.43 %     9.98 %
Annualized Return on Avg. Tangible Equity     9.21 %     9.58 %     9.94 %     10.49 %
Average Assets (in millions)   $ 825.0     $ 772.0     $ 762.4     $ 781.2  
Average Earning Assets (in millions)   $ 757.5     $ 705.5     $ 697.3     $ 722.4  
Average Deposits (in millions)   $ 608.3     $ 598.1     $ 578.3     $ 597.6  
Average FHLB Advances(in millions)   $ 127.4     $ 88.3     $ 102.3     $ 105.1  

Loans

                     
QUARTERLY COMPARISON (In 000,000's)   Sep '12   Jun '12   Mar '12   Dec '11   Sep '11
SmartGrowth Loans                              
  Consumer   $ 110.2   $ 109.3   $ 106.6   $ 107.4   $ 108.8
  Commercial     215.2     216.9     208.6     213.6     209.5
  Home Equity     43.2     44.5     46.5     47.3     48.8
  SmartMortgages     111.1     106.5     102.2     98.2     92.9
Total SmartGrowth Loans   $ 479.7   $ 477.2   $ 463.9   $ 466.5   $ 460.0
Mortgage Loans (owner occupied conforming)     194.7     183.3     177.6     166.1     148.6
Total Loans   $ 674.4   $ 660.5   $ 641.5   $ 632.6   $ 608.6
                               

Gross loans receivable increased to $674.4 million at September 30, 2012, from $660.5 million at June 30, 2012 and $608.6 million at September 30, 2011, representing a linked quarter increase of $13.9 million, or 2.1% and a twelve month increase of $65.8 million or 10.8%, primarily due to an increase in mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $479.7 million, or 71.1% of total loans at September 30, 2012, compared to $477.2 million, or 72.2% at June 30, 2012 and $460.0 million at September 30, 2011, for a three month increase of $2.5 million, or 0.5% and a twelve month increase of $19.7 million, or 4.3%.

"Our loan production for fiscal 2012 was a record $220 million," said Little.

Commercial loan balances at September 30, 2012 amounted to $215.2 million, compared to $216.9 million at June 30, 2012 and $209.5 million at September 30, 2011, for a three month decrease of $1.7 million or -0.8% and a twelve month increase of $5.8 million, or 2.7%. Consumer loan balances at September 30, 2012 amounted to $110.2 million, compared to $109.3 million at June 30, 2012 and $108.8 million at September 30, 2011, a linked quarter increase of $0.9 million, or 0.9%. 

                 
FISCAL YEAR COMPARISON (In 000,000's)   2012   2011   2010   2009
SmartGrowth Loans                        
  Consumer   $ 110.2   $ 108.8   $ 111.6   $ 108.0
  Commercial     215.2     209.5     212.9     210.2
  Home Equity     43.2     48.8     53.4     58.3
  SmartMortgages     111.1     92.9     87.0     83.8
Total SmartGrowth Loans   $ 479.7   $ 460.0   $ 464.9   $ 460.3
Mortgage Loans (owner occupied conforming)     194.7     148.6     131.0     135.0
Total Loans   $ 674.4   $ 608.6   $ 595.9   $ 595.3
                         

Deposits

                     
QUARTERLY COMPARISON (In 000,000's)   Sep '12   Jun '12   Mar '12   Dec '11   Sep '11
SmartGrowth Deposits                              
  Checking   $ 220.3   $ 218.7   $ 223.3   $ 199.0   $ 190.8
  Money Market     55.2     52.5     54.8     52.0     55.0
  Savings     198.7     198.1     194.9     188.3     190.7
Total SmartGrowth Deposits   $ 474.2   $ 469.3   $ 473.0   $ 439.3   $ 436.5
Time Deposits     143.5     146.2     157.5     160.0     162.1
Total Deposits   $ 617.7   $ 615.5   $ 630.5   $ 599.3   $ 598.6
                               

The average rate paid on SmartGrowth Deposits has remained steady at 0.22%, for the current quarter, the linked quarter and the same period a year ago.

Three Month Growth. The Company's SmartGrowth Deposits, consisting of checking, savings and money market accounts, increased this quarter due to growth in all categories. Total deposits increased to $617.7 million at September 30, 2012, from $615.5 million at June 30, 2012, a linked quarter increase of $2.2 million or 0.4%.

Checking account balances at September 30, 2012 increased $1.6 million, or 0.7%, to $220.3 million from $218.7 million at June 30, 2012.

Twelve Month Growth. Total deposits increased to $617.7 million at September 30, 2012, from $598.6 million at September 30, 2011, a twelve month increase of $19.1 million, or 3.2%. Total SmartGrowth Deposits increased $37.7 million, or 8.6% from $436.5 million at September 30, 2011.

SmartGrowth Deposits amounted to 76.8% of total deposits as of September 30, 2012 compared to 72.9% at September 30, 2011.

Checking account balances at September 30, 2012 increased 15.5% or $29.5 million, as compared to September 30, 2011. Checking account balances now account for 35.7% of total deposits compared to 31.9% at September 30, 2011. Total SmartGrowth Deposits increased $37.7 million or 8.6% year over year, primarily due to growth in checking and savings deposits. 

                 
FISCAL YEAR COMPARISON (In 000,000's)   2012   2011   2010   2009
SmartGrowth Deposits                        
  Checking   $ 220.3   $ 190.8   $ 173.2   $ 165.8
  Money Market     55.2     55.0     60.3     95.5
  Savings     198.7     190.7     166.7     106.5
Total SmartGrowth Deposits   $ 474.2   $ 436.5   $ 400.2   $ 367.8
Time Deposits     143.5     162.1     179.2     217.7
Total Deposits   $ 617.7   $ 598.6   $ 579.4   $ 585.5
                         

Over the past three years, SmartGrowth Deposits have increased $106.5 million or 28.9% primarily due to growth in checking and savings deposits offset somewhat by decreases in money market accounts.

Capital

The tangible equity ratio decreased to 9.42% compared to 9.67% a year ago, as stockholder equity increased to $83.5 million while assets increased to $852.0 million. Tangible book value per common share increased to $39.29 or 6.1% compared to a year ago. Risk based capital decreased to 14.09% compared to 14.30% a year ago; and the equity to asset ratio decreased to 9.81% from 10.08% a year ago.

                               
QUARTERLY COMPARISON   Sep '12     Jun '12     Mar '12     Dec '11     Sep '11  
Stockholders' Equity (In millions)   $ 83.5     $ 81.7     $ 82.2     $ 81.1     $ 80.0  
Ratio of Equity to Assets     9.81 %     9.68 %     9.90 %     9.97 %     10.08 %
Tangible Equity Ratio     9.42 %     9.29 %     9.50 %     9.56 %     9.67 %
Total Risk-Based Capital Ratio     14.09 %     13.79 %     14.12 %     14.09 %     14.30 %
Book Value per Common Share   $ 41.09     $ 40.32     $ 39.68     $ 39.24     $ 38.79  
Tangible Book Value Per Common Share   $ 39.29     $ 38.51     $ 37.91     $ 37.47     $ 37.02  
Total Assets (In millions)   $ 852.0     $ 843.8     $ 829.7     $ 813.5     $ 793.2  
                                         
                         
FISCAL YEAR COMPARISON   2012     2011     2010     2009  
Stockholders' Equity (In millions)   $ 83.5     $ 80.0     $ 75.5     $ 71.5  
Ratio of Equity to Assets     9.81 %     10.08 %     9.92 %     9.34 %
Tangible Equity Ratio     9.42 %     9.67 %     9.48 %     8.90 %
Total Risk-Based Capital Ratio     14.09 %     14.30 %     13.52 %     12.72 %
Book Value per Common Share   $ 41.09     $ 38.79     $ 36.19     $ 34.09  
Tangible Book Value Per Common Share   $ 39.29     $ 37.02     $ 34.43     $ 32.33  
Total Assets (In millions)   $ 852.0     $ 793.2     $ 761.5     $ 765.1  

"In three years," said Little, "the Company's equity to assets ratio has gone from 9.34% to 9.81%, our stockholders' equity has gone from $71.5 million to $83.5 million and our tangible book value per share has gone from $32.33 to $39.29."

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 '12     Jun '12     Mar '12     Dec '11     Sep '11  
Charge-offs/Average Loans   0.05 %   0.08 %   0.08 %   0.05 %   0.09 %
ALLL*/NPLs   82.52 %   79.63 %   74.02 %   71.25 %   76.63 %
ALLL*/NPAs   78.80 %   74.54 %   71.40 %   65.30 %   67.67 %
ALLL*/Loans   1.27 %   1.27 %   1.32 %   1.33 %   1.37 %
NPAs/Assets   1.28 %   1.34 %   1.43 %   1.53 %   1.55 %
*ALLL figures include specific reserves                              
                               
FISCAL YEAR COMPARISON   2012     2011     2010     2009  
Net Charge-offs/Average Loans   0.26 %   0.82 %   0.24 %   0.29 %
ALLL/NPLs   82.52 %   76.63 %   63.92 %   95.44 %
ALLL/NPAs   78.80 %   67.67 %   59.02 %   74.85 %
ALLL/Loans   1.27 %   1.37 %   1.55 %   1.14 %
NPAs/Assets   1.28 %   1.55 %   2.06 %   1.19 %
                         
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 '12   Jun '12   Mar '12   Dec '11   Sep '11
Beginning ALLL   $ 8,411   $ 8,450   $ 8,392   $ 8,331   $ 8,123
Provision for Loan Losses     500     510     550     350     750
Net Charge-offs     352     549     492     289     542
Ending ALLL   $ 8,559   $ 8,411   $ 8,450   $ 8,392   $ 8,331
Ending ALLL (net of specific reserves)   $ 8,559   $ 8,411   $ 8,246   $ 8,142   $ 7,783
                               

Net charge-offs for the quarter were $0.4 million, or 0.05% of average loans, compared to $0.5 million or 0.09% of average loans for the same period a year ago. For the twelve months ended September 30, 2012, net charge-offs were $1.7 million or 0.26% of average loans, compared to $4.8 million or 0.82% of loans for the twelve months ended September 30, 2011. 

Non-performing assets decreased to $10.9 million, or 1.28% of total assets at September 30, 2012, compared to $11.3 million, or 1.34% of total assets at June 30, 2012 and $12.3 million, or 1.55% of total assets a year ago, primarily due to reductions in real estate owned along with decreases in loans delinquent ninety days or more.

                 
FISCAL YEAR COMPARISON (In 000's)   2012   2011   2010   2009
Beginning ALLL   $ 8,331   $ 9,256   $ 6,806   $ 5,545
Provision for Loan Losses     1,910     3,900     3,896     3,026
Net Charge-offs     1,682     4,825     1,446     1,765
Ending ALLL   $ 8,559   $ 8,331   $ 9,256   $ 6,806
Ending ALLL (net of specific reserves)   $ 8,559   $ 7,783   $ 7,125   $ 6,264
                         

Net Interest Income

                     
QUARTERLY COMPARISON (In 000's)   Sep '12   Jun '12   Mar '12   Dec '11   Sep '11
Interest Income   $ 9,836   $ 9,725   $ 9,807   $ 9,766   $ 9,861
Interest Expense     1,895     1,993     2,111     2,080     2,078
Net Interest Income   $ 7,941   $ 7,732   $ 7,696   $ 7,686   $ 7,783
                               

Net interest income for the three months ended September 30, 2012 amounted to $7.9 million compared to $7.8 million for the quarter ended September 30, 2011, an increase of 2.0%, or $158,000. The decrease in interest paid on deposits resulted from a decrease in the average interest rates paid on deposits.

                 
FISCAL YEAR COMPARISON (In 000's)   2012   2011   2010   2009
Interest Income   $ 39,134   $ 39,358   $ 41,336   $ 44,237
Interest Expense     8,080     9,168     11,704     15,297
Net Interest Income   $ 31,054   $ 30,190   $ 29,632   $ 28,940
                         

Net interest income for fiscal 2012 amounted to $31.1 million compared to $30.2 million for fiscal 2011, an increase of 2.9%. "Our net interest income has increased consistently for the past three years," said Little.

Net Interest Margin and Spread

                               
QUARTERLY COMPARISON   Sep '12     Jun '12     Mar '12     Dec '11     Sep '11  
Yield on Earning Assets   5.07 %   5.10 %   5.20 %   5.30 %   5.48 %
Cost of Interest Bearing Liabilities   1.14 %   1.23 %   1.31 %   1.31 %   1.36 %
Spread   3.93 %   3.87 %   3.90 %   3.99 %   4.13 %
Net Interest Margin   4.10 %   4.06 %   4.08 %   4.17 %   4.33 %
                               
FISCAL YEAR COMPARISON   2012     2011     2010     2009  
Yield on Earning Assets   5.17 %   5.58 %   5.93 %   6.12 %
Cost of Interest Bearing Liabilities   1.25 %   1.51 %   1.91 %   2.40 %
Spread   3.92 %   4.07 %   4.02 %   3.73 %
Net Interest Margin   4.10 %   4.28 %   4.25 %   4.01 %
                         

Net interest margin amounted to 4.10% for the three-month period ended September 30, 2012; compared to 4.06% for the linked quarter and 4.33% for quarter-ended September 30, 2011. 

For the fiscal year ended September 30, 2012, net interest margin was 4.10% as compared to 4.28% for the fiscal year ended September 30, 2011 due to lower rates on interest earning assets offset somewhat by lower rates on interest bearing liabilities and increased balances on interest earning assets.

Operating Revenue

Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $12.1 million, which was higher than the same quarter in 2011 which was $11.6 million. For the year ended September 30, 2012, operating revenue amounted to $46.6 million as compared to $45.7 million for the year ended September 30, 2011. "Each year over the past three years, the Company has posted record operating revenue," 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 '12   Jun '12   Mar '12   Dec '11   Sep '11
Net Interest Income   $ 7.9   $ 7.7   $ 7.7   $ 7.7   $ 7.8
Non-interest Income     4.2     3.7     3.9     3.8     3.8
Operating Revenue   $ 12.1   $ 11.4   $ 11.6   $ 11.5   $ 11.6
                 
FISCAL YEAR COMPARISON (In millions)   2012   2011   2010   2009
Net Interest Income   $ 31.1   $ 30.2   $ 29.6   $ 28.9
Non-interest Income   $ 15.5   $ 15.5   $ 16.0   $ 15.9
Operating Revenue   $ 46.6   $ 45.7   $ 45.6   $ 44.8
                         

Non-Interest Income
Non-interest income increased to $4.2 million for the quarter compared to $3.7 million in the linked quarter while increasing from $3.8 million for the same quarter a year ago, primarily due to a gain on sale of securities and on the sale of fixed assets in the amounts of $135,000 and $205,000 respectively. This amounted to 1.99% of average assets for the quarter, compared to 1.76% for the linked quarter and 1.94% a year ago.

Non-Interest Expense
For the quarter, non-interest expense was $8.5 million or 4.03% of average assets, compared to the linked quarter total of $8.3 million or 3.99% of average assets, an increase of 3.0%. Compared to the same quarter in fiscal 2011, non-interest expense increased $0.7 million or 8.6%.

For the year, non-interest expense increased from $31.1 million to $33.7 million or 8.3%, while non-interest income remained unchanged at $15.5 million, primarily due to increases in compensation, marketing, data processing and expenses related to adjustments in values of foreclosed assets.

                               
QUARTERLY COMPARISON (In thousands)   Sep '12     Jun '12     Mar '12     Dec '11     Sep '11  
  Interchange fee Income   $ 847     $ 917     $ 843     $ 778     $ 830  
  Other Non-Interest Income   $ 3,361     $ 2,734     $ 3,038     $ 2,990     $ 2,994  
Total Non-Interest Income   $ 4,208     $ 3,651     $ 3,881     $ 3,768     $ 3,824  
Total Non-Interest Income/Assets     1.99 %     1.76 %     1.89 %     1.88 %     1.94 %
Non-Interest Expense   $ 8,534     $ 8,287     $ 8,445     $ 8,447     $ 7,855  
Non-Interest Expense/Assets     4.03 %     3.99 %     4.11 %     4.21 %     3.99 %
                                         
FISCAL YEAR COMPARISON (In thousands)   2012     2011     2010     2009  
  Interchange fee Income   $ 3,385     $ 3,317       N/A       N/A  
  Other Non-Interest Income   $ 12,125     $ 12,226       N/A       N/A  
Total Non-Interest Income   $ 15,510     $ 15,543     $ 15,960     $ 15,852  
Total Non-Interest Income/Assets     1.88 %     2.01 %     2.09 %     2.03 %
Non-Interest Expense   $ 33,714     $ 31,131     $ 31,229     $ 31,372  
Non-Interest Expense/Assets     4.09 %     4.03 %     4.10 %     4.02 %
                                 

Net Income and Dividends 
 On August 23, 2012, the board of directors declared a $0.365 per share quarterly dividend, its sixty-ninth consecutive. Based on the closing price of the Company's common stock of $39.26 on August 21, 2012, the annualized dividend yield was 3.70%. Since 2003, the Company has increased dividends for ten consecutive years.

                     
QUARTERLY COMPARISON   Sep '12   Jun '12   Mar '12   Dec '11   Sep '11
Dividends Declared Per Share   $ 0.365   $ 0.365   $ 0.365   $ 0.36   $ 0.36
Basic Earnings Per Common Share   $ 1.02   $ 0.84   $ 0.83   $ 0.86   $ 1.02
Diluted Earnings Per Common Share   $ 1.01   $ 0.83   $ 0.82   $ 0.85   $ 1.01
                               
FISCAL YEAR COMPARISON   2012   2011   2010   2009
Dividends Declared Per Share   $ 1.455   $ 1.435   $ 1.42   $ 1.41
Basic Earnings Per Common Share   $ 3.55   $ 3.49   $ 3.40   $ 3.38
Diluted Earnings Per Common Share   $ 3.51   $ 3.45   $ 3.37   $ 3.35
                         

Teche Holding Company is the parent company of Teche Federal Bank, which operates nineteen offices in South Louisiana and serves over 60,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $851 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.     Jun.     Mar.     Dec.     Sep.  
  2012     2012     2012     2011     2011  
Interest Income   $ 9,836     $ 9,725     $ 9,807     $ 9,766     $ 9,861  
Interest Expense     1,895       1,993       2,111       2,080       2,078  
Net Interest Income     7,941       7,732       7,696       7,686       7,783  
Provision for Loan Losses     500       510        550       350       750  
Net Interest Income after Provision for Loan Losses     7,441       7,222       7,146       7,336       7,033  
Non Interest Income     4,208       3,651       3,881       3,768       3,824  
Non Interest Expense     8,534       8,287       8,445       8,447       7,855  
                                         
Income Before Income Taxes     3,115       2,586       2,582       2,657       3,002  
Income Taxes     1,042       854       874       885       900  
Net Income   $ 2,073     $ 1,732     $ 1,708     $ 1,772     $ 2,102  
Selected Financial Data                                        
Dividends Declared Per Share   $ 0.365     $ 0.365     $ 0.365     $ 0.36     $ 0.36  
Basic Earnings Per Common Share   $ 1.02     $ 0.84     $ 0.83     $ 0.86     $ 1.02  
Diluted Earnings Per Common Share   $ 1.01     $ 0.83     $ 0.82     $ 0.85     $ 1.01  
Annualized Return on Avg. Assets     0.98 %     0.83 %     0.83 %     0.88 %     1.07 %
Annualized Return on Avg. Equity     9.81 %     8.28 %     8.22 %     8.86 %     10.40 %
Annualized Return on Avg. Tangible Equity (1)     10.25 %     8.67 %     8.61 %     9.30 %     10.90 %
Yield on Interest Earning Assets     5.07 %     5.10 %     5.20 %     5.30 %     5.48 %
Cost of Interest Bearing Liabilities     1.14 %     1.23 %     1.31 %     1.31 %     1.36 %
Spread     3.93 %     3.87 %     3.90 %     3.99 %     4.13 %
Net Interest Margin     4.10 %     4.06 %     4.08 %     4.17 %     4.33 %
Non-Interest Income/Avg. Assets     1.99 %     1.76 %     1.89 %     1.88 %     1.94 %
Non-Interest Expense/Avg. Assets     4.03 %     3.99 %     4.11 %     4.21 %     3.99 %
Quarterly Net Charge-offs/Avg. Loans     0.05 %     0.08 %     0.08 %     0.05 %     0.09 %
Weighted avg. shares Outstanding                                        
  Basic     2,028       2,055       2,067       2,059       2,064  
  Diluted     2,061       2,078       2,088       2,078       2,085  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 846,114     $ 830,958     $ 821,582     $ 803,024     $ 787,782  
Earning assets   $ 775,399     $ 762,007     $ 753,980     $ 738,111     $ 719,384  
Loans   $ 665,952     $ 648,640     $ 636,356     $ 621,073     $ 591,736  
Interest-bearing deposits   $ 521,708     $ 523,488     $ 522,420     $ 513,104     $ 520,489  
Total deposits   $ 612,785     $ 617,209     $ 608,777     $ 594,376     $ 607,949  
Total stockholders' equity   $ 84,525     $ 83,643     $ 83,095     $ 79,993     $ 80,857  
                                         
(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   $ 84,525     $ 83,643     $ 83,095     $ 79,993     $ 80,857  
Less average goodwill and other intangible assets, net of related income taxes     3,659       3,664       3,665       3,667       3,671  
Average Tangible Equity   $ 80,866     $ 79,979     $ 79,430     $ 76,326     $ 77,186  
                                         
Net Income     2,073       1,732       1,708       1,772       2,102  
Plus Amortization of core deposit intangibles, net of related income taxes     1       2       2       2       2  
Net Income, as adjusted   $ 2,074     $ 1,734     $ 1,710     $ 1,774     $ 2,104  
                                         
                                         
       
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Selected Financial Data  
(UNAUDITED)  
             
Condensed Statements of Income   Sep.
2012
    Sep.
2011
    Sep.
2010
    Sep.
2009
    Sep.
2008
 
Interest Income   $ 39,134     $ 39,358     $ 41,336     $ 44,237     $ 45,633  
Interest Expense     8,080       9,168       11,704       15,297       19,733  
Net Interest Income     31,054       30,190       29,632       28,940       25,900  
Provision for Loan Losses     1,910       3,900       3,896       3,026       825  
Net Interest Income after Provision for Loan Losses     29,144       26,290       25,736       25,914       25,075  
Non Interest Income     15,510       15,543       15,960       15,852       13,233  
Non Interest Expense     33,714       31,131       31,229       31,372       30,552  
                                         
Income Before Income Taxes     10,940       10,702       10,467       10,394       7,756  
Income Taxes     3,655       3,474       3,366       3,258       2,047  
Net Income (loss)   $ 7,285     $ 7,228     $ 7,101     $ 7,136     $ 5,709  
Selected Financial Data                                        
Dividends Declared Per Share   $ 1.455     $ 1.435     $ 1.42     $ 1.41     $ 1.37  
Basic Earnings Per Common Share   $ 3.55     $ 3.49     $ 3.40     $ 3.38     $ 2.65  
Diluted Earnings Per Common Share   $ 3.51     $ 3.45     $ 3.37     $ 3.35     $ 2.63  
Annualized Return on Avg. Assets     0.88 %     0.94 %     0.93 %     0.91 %     0.76 %
Annualized Return on Avg. Equity     8.80 %     9.12 %     9.43 %     9.98 %     8.29 %
Annualized Return on Avg. Tangible Equity (1)     9.21 %     9.58 %     9.94 %     10.49 %     8.80 %
Yield on Interest Earning Assets     5.17 %     5.58 %     5.93 %     6.12 %     6.54 %
Cost of Interest Bearing Liabilities     1.25 %     1.51 %     1.91 %     2.40 %     3.17 %
Spread     3.92 %     4.07 %     4.02 %     3.73 %     3.42 %
Net Interest Margin     4.10 %     4.28 %     4.25 %     4.01 %     3.71 %
Non-Interest Income/Avg. Assets     1.88 %     2.01 %     2.09 %     2.03 %     1.77 %
Non-Interest Expense/Avg. Assets     4.09 %     4.03 %     4.10 %     4.02 %     4.07 %
Net Charge-offs/Avg. Loans     0.26 %     0.82 %     0.24 %     0.29 %     0.06 %
Weighted avg. shares Outstanding                                        
  Basic     2,052       2,069       2,089       2,110       2,154  
  Diluted     2,076       2,092       2,107       2,127       2,171  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 825,036     $ 771,988     $ 762,355     $ 781,187     $ 749,825  
Earning assets   $ 757,488     $ 705,481     $ 697,315     $ 722,409     $ 697,236  
Loans   $ 643,224     $ 590,354     $ 599,134     $ 606,751     $ 594,944  
Interest-bearing deposits   $ 520,162     $ 517,938     $ 512,040     $ 533,022     $ 526,456  
Total deposits   $ 608,259     $ 598,070     $ 578,310     $ 597,559     $ 581,253  
Total stockholders' equity   $ 82,811     $ 79,229     $ 75,279     $ 71,479     $ 68,833  
                                         
(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    
 $ 82,811
     
 $ 79,229
    $ 75,279     $ 71,479     $ 68,833  
Less average goodwill and other intangible assets, net of related income taxes    
3,661
     
3,671
      3,673       3,715       3,743  
Average Tangible Equity    
 $ 79,150
     
 $ 75,558
    $ 71,606     $ 67,764     $ 65,090  
                                         
Net Income    
 $ 7,285
     
 $ 7,228
    $ 7,101     $ 7,136     $ 5,709  
Plus Amortization of core deposit intangibles, net of related income taxes     7       12       19       28       36  
Net Income, as adjusted   $ 7,292     $ 7,240     $ 7,120     $ 7,164     $ 5,745  
                                         
                                         
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
(UNAUDITED)  
   
    Sep.
2012
    Jun.
2012
    Mar.
2012
    Dec.
2011
    Sep.
2011
 
SmartGrowth Loans                                        
  Consumer   $ 110,235     $ 109,287     $ 106,596     $ 107,399     $ 108,849  
  Commercial     215,212       216,929       208,579       213,659       209,460  
  Home Equity     43,233       44,513       46,486       47,261       48,799  
  SmartMortgage Loans     111,072       106,532       102,228       98,221       92,910  
Total SmartGrowth Loans     479,752       477,261       463,889       466,540       460,018  
  Mortgage Loans (owner occupied conforming)     194,650       183,274       177,566       166,088       148,584  
      674,402       660,535       641,455       632,628       608,602  
Allowance for Loan Losses     (8,559 )     (8,411 )     (8,450 )     (8,392 )     (8,331 )
Loans Receivable, Net     665,843       652,124       633,005       624,236       600,271  
                                         
Cash and Securities     124,080       129,750       136,841       130,126       134,902  
Goodwill and Other Intangibles     3,659       3,661       3,664       3,667       3,670  
Foreclosed Real Estate     513       625       397       1,012       1,405  
Other     57,867       57,608       55,799       54,504       52,955  
TOTAL ASSETS   $ 851,962     $ 843,768     $ 829,706     $ 813,545     $ 793,203  
                                         
SmartGrowth Deposits                                        
  Checking   $ 220,268     $ 218,717     $ 223,228     $ 199,021     $ 190,822  
  Money Market     55,251       52,478       54,817       52,019       54,970  
  Savings     198,667       198,042       194,919       188,303       190,727  
Total Smart Growth Deposits     474,186       469,237       472,964       439,343       436,519  
Time Deposits     143,536       146,227       157,547       159,968       162,063  
Total Deposits     617,722       615,464       630,511       599,311       598,582  
                                         
FHLB Advances     142,751       139,955       110,344       127,621       108,184  
Other Liabilities     7,948       6,669       6,682       5,501       6,450  
Stockholders' Equity     83,541       81,680       82,169       81,112       79,987  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 851,962     $ 843,768     $ 829,706     $ 813,545     $ 793,203  
                                         
Ratio of Equity to Assets     9.81 %     9.68 %     9.90 %     9.97 %     10.08 %
Tangible Equity Ratio (1)     9.42 %     9.29 %     9.50 %     9.56 %     9.67 %
Total Risk-Based Capital Ratio     14.09 %     13.79 %     14.12 %     14.09 %     14.30 %
Book Value per Common Share   $ 41.09     $ 40.32     $ 39.68     $ 39.24     $ 38.79  
Tangible Book Value Per Common Share (1)   $ 39.29     $ 38.51     $ 37.91     $ 37.47     $ 37.02  
Shares Outstanding (in thousands)     2,033       2,026       2,071       2,067       2,062  
Non-performing Assets/Total Assets     1.28 %     1.34 %     1.43 %     1.53 %     1.55 %
ALLL/Loans     1.27 %     1.27 %     1.32 %     1.33 %     1.37 %
ALLL/NPLs     82.52 %     79.63 %     74.02 %     71.25 %     76.63 %
   
(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   $ 83,541     $ 81,680     $ 82,169     $ 81,112     $ 79,987  
Less goodwill and other Intangible assets, net of related income taxes     (3,655 )     (3,658 )     (3,654 )     (3,657 )     (3,659 )
Tangible Stockholders' Equity   $ 79,886     $ 78,022     $ 78,515     $ 77,455     $ 76,328  
                                         
Total Assets   $ 851,962     $ 843,768     $ 829,706     $ 813,545     $ 793,203  
Less goodwill and other Intangible assets, net of related income taxes     (3,655 )     (3,658 )     (3,654 )     (3,657 )     (3,659 )
Total Tangible Assets   $ 848,307     $ 840,110     $ 826,052     $ 809,888     $ 789,544  
                                         
                                         
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
Fiscal Comparison  
(UNAUDITED)  
   
    Sep.
2012
    Sep.
2011
    Sep. 2010     Sep.
2009
    Sep.
2008
 
SmartGrowth Loans                                        
  Consumer   $ 110,235     $ 108,849     $ 111,571     $ 108,013     $ 98,632  
  Commercial     215,212       209,460       212,933       210,201       187,791  
  Home Equity     43,233       48,799       53,405       58,348       55,713  
  SmartMortgage Loans     111,072       92,910       86,959       83,775       87,404  
Total SmartGrowth Loans     479,752       460,018       464,868       460,337       429,540  
  Mortgage Loans (owner occupied conforming)     194,650       148,584       131,023       134,996       160,596  
      674,402       608,602       595,891       595,333       590,136  
Allowance for Loan Losses     -8,559       -8,331       -9,256       -6,806       -5,545  
Loans Receivable, Net     665,843       600,271       586,635       588,527       584,591  
                                         
Cash and Securities     124,080       134,902       115,217       125,058       135,819  
Goodwill and Other Intangibles     3,659       3,670       3,687       3,715       3,756  
Foreclosed Real Estate     513       1,405       1,181       1,953       343  
Other     57,867       52,955       54,804       45,818       44,979  
TOTAL ASSETS   $ 851,962     $ 793,203     $ 761,524     $ 765,071     $ 769,488  
                                         
SmartGrowth Deposits                                        
  Checking   $ 220,268     $ 190,822     $ 173,206     $ 165,796     $ 144,601  
  Money Market     55,251       54,970       60,246       95,461       130,399  
  Savings     198,667       190,727       166,734       106,479       55,390  
Total Smart Growth Deposits     474,186       436,519       400,186       367,736       330,390  
Time Deposits     143,536       162,063       179,169       217,733       258,838  
Total Deposits     617,722       598,582       579,355       585,469       589,228  
                                         
FHLB Advances     142,751       108,184       100,017       100,628       104,877  
Other Liabilities     7,948       6,450       6,639       7,490       7,339  
Stockholders' Equity     83,541       79,987       75,513       71,484       68,044  
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY   $ 851,962     $ 793,203     $ 761,524     $ 765,071     $ 769,488  
                                         
Ratio of Equity to Assets     9.81 %     10.08 %     9.92 %     9.34 %     8.84 %
Tangible Equity Ratio (1)     9.42 %     9.67 %     9.48 %     8.90 %     8.40 %
Total Risk-Based Capital Ratio     14.09 %     14.30 %     13.52 %     12.72 %     12.21 %
Book Value per Common Share   $ 41.09     $ 38.79     $ 36.19     $ 34.09     $ 32.12  
Tangible Book Value Per Common Share (1)   $ 39.29     $ 37.02     $ 34.43     $ 32.33     $ 30.37  
Shares Outstanding (in thousands)     2,033       2,062       2,082       2,097       2,118  
Non-performing Assets/Total Assets     1.28 %     1.55 %     2.06 %     1.19 %     0.88 %
ALLL/Loans     1.27 %     1.37 %     1.55 %     1.14 %     0.94 %
ALLL/NPLs     82.52 %     76.63 %     63.92 %     95.44 %     86.81 %
   
(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   $ 83,541     $ 79,987     $ 75,513     $ 71,484     $ 68,044  
Less goodwill and other Intangible assets, net of related income taxes     -3,655       -3,659       -3,673       -3,692       -3,721  
Tangible Stockholders' Equity   $ 79,886     $ 76,328     $ 71,840     $ 67,792     $ 64,323  
                                         
Total Assets   $ 851,962     $ 793,203     $ 761,524       765,071     $ 769,488  
Less goodwill and other Intangible assets, net of related income taxes     -3,655       -3,659       -3,673       -3,692       -3,721  
Total Tangible Assets   $ 848,307     $ 789,544     $ 757,851     $ 761,379     $ 765,767  
                                         
                                         
                           
                           
Quarter-End Loan Data
September 30, 2012
 
 
 
 
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     2,652     (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     3,636     --     0.00 %     89   2.4 %
      Auto Loans     2,112     --     0.00 %     21   1.0 %
      Mobile Home Loans     37,030     30     0.08 %     425   1.1 %
      Other     16,023     15     0.09 %     47   0.3 %
Subtotal - Non Real Estate Loans   $ 92,833   $ 45     0.05 %   $ 584   0.6 %
                                 
Gross Loans   $ 674,402   $ 352     0.05 %   $ 10,372   1.5 %
                                 
Non-accruals   $ 10,021                          
90 + Days Past Due     351                          
OREO & Foreclosed     490                          
  Nonperforming Assets (Net)   $ 10,862                          
  Performing TDRs     --                          
                                 
                                 
                         
                         
Fiscal Year-End Loan Data
September 30, 2012
  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     20   0.10 %     127   0.6 %
      All Other                              
        Secured by First Liens     383,954     721   0.19 %     4,140   1.1 %
        Secured by Junior Liens     6,892     --   0.00 %     181   2.6 %
    Multifamily (5+ Dwelling Units)     21,248     141   0.66 %     --   0.0 %
    Nonresidential Property (Except Land)     99,347     126   0.13 %     810   0.8 %
    Land     32,652     254   0.78 %     4,530   13.9 %
        Consumer     19,340     8   0.04 %     186   1.0 %
        Commercial     13,312     246   1.85 %     4,344   32.6 %
Subtotal - Real Estate Loans   $ 581,569   $ 1,262   0.22 %   $ 9,788   1.7 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 34,032   $ 165   0.48 %   $ 2   0.0 %
  Consumer Loans:                              
      Loans on Deposits     3,636     --   0.00 %     89   2.4 %
      Auto Loans     2,112     6   0.28 %     21   1.0 %
      Mobile Home Loans     37,030     193   0.52 %     425   1.1 %
      Other     16,023     56   0.35 %     47   0.3 %
Subtotal - Non Real Estate Loans   $ 92,833   $ 420   0.45 %   $ 584   0.6 %
                               
Gross Loans   $ 674,402   $ 1,682   0.25 %   $ 10,372   1.5 %
                               
Non-accruals   $ 10,021                        
90 + Days Past Due     351                        
OREO & Foreclosed     490                        
  Nonperforming Assets (Net)   $ 10,862                        
  Performing TDRs     --                        
                               
                               
                           
                           
Quarter-End Loan Data
June 30, 2012
  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   $ 20,020   $ --     0.00 %     656   3.3 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     20,207     --     0.00 %     28   0.1 %
      All Other                                
        Secured by First Liens     368,625     188     0.05 %     4,574   1.2 %
        Secured by Junior Liens     7,702     --     0.00 %     28   0.4 %
    Multifamily (5+ Dwelling Units)     20,968     (3 )   (0.14 %)     --   0.0 %
    Nonresidential Property (Except Land)     100,021     100     0.10 %     559   0.6 %
    Land     32,904     8     0.02 %     4,048   12.3 %
        Consumer     19,530     8     0.04 %     114   0.6 %
        Commercial     13,374     --     0.00 %     3,934   29.4 %
Subtotal - Real Estate Loans   $ 570,447   $ 293     0.05 %   $ 9,893   1.7 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 31,564   $ 165     0.52 %     --   0.0 %
  Consumer Loans:                                
      Loans on Deposits     3,684     --     0.00 %     138   3.7 %
      Auto Loans     1,972     6     0.30 %     9   0.5 %
      Mobile Home Loans     36,910     58     0.16 %     438   1.2 %
      Other     15,958     27     0.17 %     84   0.5 %
Subtotal - Non Real Estate Loans   $ 90,088   $ 256     0.28 %   $ 669   0.7 %
                                 
Gross Loans   $ 660,535   $ 549     0.08 %   $ 10,562   1.6 %
                                 
Non-accruals   $ 10,263                          
90 + Days Past Due     299                          
OREO & Foreclosed     722                          
  Nonperforming Assets (Net)   $ 11,284                          
  Performing TDRs     --                          
                                 
                                 
                         
                         
Quarter-End Loan Data
March 31, 2012
  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   $ 15,986   $ --   0.00 %   $ 656   4.1 %
  Permanent, Secured by:                              
    1-4 Dwelling Units:                              
      Revolving, Open-End Loans (HELOC)   $ 20,748   $ --   0.00 %   $ 96   0.5 %
      All Other                              
        Secured by First Liens   $ 360,057   $ 81   0.02 %   $ 4,105   1.1 %
        Secured by Junior Liens     8,147     --   0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     21,767     99   0.45 %     733   3.4 %
    Nonresidential Property (Except Land)     97,679     --   0.00 %     730   0.7 %
    Land     33,138     250   0.75 %     4,409   13.3 %
        Consumer     18,760     --   0.00 %     147   0.8 %
        Commercial     14,378     250   1.74 %     4,262   29.6 %
Subtotal - Real Estate Loans   $ 557,522   $ 430   0.08 %   $ 10,729   1.9 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 26,773   $ --   0.00 %   $ 165   0.6 %
  Consumer Loans:                              
      Loans on Deposits     3,575     --   0.00 %     104   2.9 %
      Auto Loans     1,786     --   0.00 %     34   1.9 %
      Mobile Home Loans     36,864     50   0.14 %     289   0.8 %
      Other     14,935     12   0.08 %     95   0.6 %
Subtotal - Non Real Estate Loans   $ 83,933   $ 62   0.07 %   $ 687   0.8 %
                               
Gross Loans   $ 641,455   $ 492   0.08 %   $ 11,416   1.8 %
                               
Non-accruals   $ 11,199                        
90 + Days Past Due     217                        
OREO & Foreclosed     419                        
  Nonperforming Assets (Net)   $ 11,835                        
  Performing TDRs     --                        
                               
                               
                         
                         
Quarter-End Loan Data
December 31, 2011
  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   $ 18,657   $ --   0.00 %   $ 763   4.1 %
  Permanent, Secured by:                              
    1-4 Dwelling Units:                              
      Revolving, Open-End Loans (HELOC)     20,309     20   0.10 %     75   0.4 %
      All Other                              
        Secured by First Liens   $ 347,058   $ 167   0.05 %   $ 3,505   1.0 %
        Secured by Junior Liens     8,492     --   0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     23,460     45   0.19 %     843   3.6 %
    Nonresidential Property (Except Land)     95,233     --   0.00 %     337   0.4 %
    Land     34,641     --   0.00 %     4,759   13.7 %
        Consumer     19,478     --   0.00 %     130   0.7 %
        Commercial     15,163     --   0.00 %     4,629   30.5 %
Subtotal - Real Estate Loans   $ 547,850   $ 232   0.04 %   $ 10,282   1.9 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 27,217   $ --   0.00 %   $ --   0.0 %
  Consumer Loans:                              
      Loans on Deposits     3,667     --   0.00 %     39   1.1 %
      Auto Loans     1,898     --   0.00 %     22   1.2 %
      Mobile Home Loans     37,494     55   0.15 %     534   1.4 %
      Other     14,502     2   0.01 %     113   0.8 %
Subtotal - Non Real Estate Loans   $ 84,778   $ 57   0.07 %   $ 708   0.8 %
                               
Gross Loans   $ 632,628   $ 289   0.05 %   $ 10,990   1.7 %
                               
Non-accruals   $ 10,835                        
90 + Days Past Due     549                        
OREO & Foreclosed     1,073                        
  Nonperforming Assets (Net)   $ 12,457                        
  Performing TDRs     --                        
                               
                               
                           
                           
Quarter-End Loan Data
September 30, 2011
  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   $ 20,046   $ --     0.00 %   $ 1,021   5.1 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     20,287     --     0.00 %     104   0.51 %
      All Other                                
        Secured by First Liens     326,027     25     0.01 %     2,931   0.90 %
        Secured by Junior Liens     9,032     60     0.66 %