SOURCE: 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.

 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 --