SOURCE: Teche Holding Company

Teche Holding Company

April 20, 2011 08:00 ET

Teche Holding Company Earns $0.72 per Share for Second Quarter and $1.59 for Fiscal 2011 Year to Date

NEW IBERIA, LA--(Marketwire - Apr 20, 2011) - (NYSE Amex: 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 March 31, 2011, the second quarter of fiscal 2011.

Earnings for the quarter ended March 31, 2011 amounted to $1.5 million, or $0.72 per diluted share, compared to $1.7 million, or $0.80 per diluted share for the same quarter in fiscal 2010, a decrease of $0.08 per diluted share, or 10.0%.

Earnings for the six month period ended March 31, 2011 amounted to $3.3 million, or $1.59 per diluted share, compared to $3.4 million or $1.62 per diluted share, for the same period in fiscal 2010, a decrease of $0.03 per diluted share, or 1.9%. For the same period in FY 2009, diluted EPS amounted to $1.61.

"Our decrease in earnings this quarter was due to a slight compression in margin, a slight decrease in non-interest income, and a seasonal increase in non-interest expense," said Little. "On the other hand, our fiscal year-to-date earnings remained steady," said Little, "due in part to our very strong earnings in the first quarter, and our strong asset quality which has kept our credit-related costs under control."

"Total assets increased 3.8% this quarter and this was driven by increases in our low-cost SmartGrowth deposits," said Little. "This has led to an increase in cash which in turn has lowered our yield on earning assets," said Little. "We intend to remedy this pretty quickly."

The Company reported the following key achievements:

  • SmartGrowth Deposits increased $27.6 million, or 6.7% as compared to the linked quarter and 11.0% compared to a year ago. SmartGrowth Deposits amounted to 71.8% of total deposits, compared to 70.5% at December 31, 2010 and 67.3% a year ago.
  • Total Deposits increased $27.5 million, or 4.7% compared to the linked quarter and 4.1% compared to a year ago.
  • Checking Account Balances increased 3.8% compared to the linked quarter and 9.1% compared to March 31, 2010.
  • The Average yield on all deposits was 0.94%compared to 1.01% for the linked quarter and 1.26% a year ago.
  • Total Assets increased to $782.2 million, an increase of $28.5 million for the linked quarter, or 3.8%.
  • Net Interest Margin remains high at 4.25%.
  • All capital measures continue to remain strong.
  • Tangible book value per share increased to a record $35.47.
  • The ratio of allowance for loan losses to loans increased to a strong 1.78%.
  • Net Charge Offs remained low for the linked quarters and the past year.
  • The Company increased the quarterly dividend to $0.36 per share compared to $0.355 per share for the quarter ended March 31, 2010, an increase of 1.4%.

Capital

Dollars in ThousandsMar '11Dec '10Sep '10Jun '10Mar '10
Stockholders' Equity$77,578$76,497$75,513$74,549$73,551
Ratio of Equity to Assets9.92%10.15%9.92%9.74%9.63%
Tangible Equity Ratio9.49%9.71%9.48%9.30%9.20%
Total Risk-Based Capital Ratio13.94%13.79%13.52%13.30%12.91%
Book Value per Common Share$37.23$36.81$36.19$35.45$35.02
Tangible Book Value Per Common Share$35.47$35.04$34.43$33.70$33.27

"Our consistent increase in tangible book value per share is a strong demonstration that we have been growing capital through earnings," said Little. "Even with our growth in assets this quarter, we still maintain nice capital ratios."

Asset Quality
Non-performing assets remained fairly stable at $17.3 million, or 2.22% of total assets, at March 31, 2011, compared to $17.1 million, or 2.27% of total assets at December 31, 2010. Non-performing assets consist of non-accrual loans, accruing loans 90 days or more past due and other real estate owned.

The following table sets forth asset quality ratios for each of the past five quarters:

Mar '11Dec '10Sep '10Jun '10Mar '10
Net Charge-offs/Average Loans0.09%0.08%0.08%0.05%0.07%
ALLL/NPLs68.32%66.36%63.92%59.29%52.18%
ALLL/NPAs60.29%58.11%59.02%53.62%47.76%
ALLL/Loans1.78%1.68%1.55%1.48%1.37%
Non-Accrual Loans/Loans (Net of specific reserves)1.92%1.91%2.08%1.96%2.05%
NPAs/Assets (Net of specific reserves)1.85%1.96%1.88%1.87%2.00%

Net charge-offs for the quarter were $0.5 million, or 0.09% of average loans, compared to $0.4 million or 0.07% of average loans for the same period a year ago. For the last twelve months, net charge offs were $1.8 million or 0.30% of average loans, compared to $2.2 million or 0.36% of loans for the previous twelve months.

The allowance for loan losses was 1.78% of total loans, or $10.5 million, at March 31, 2011 compared to 1.37% of total loans, or $8.2 million at March 31, 2010 and 1.68% of total loans, or $9.9 million at December 31, 2010

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

(in 000's)Mar '11Dec '10Sep '10Jun '10Mar '10
Beginning ALLL$9,953$9,256$8,830$8,253$7,744
Provision for Loan Losses1,0001,150900900900
Net Charge-offs501453474323391
Ending ALLL$10,452$9,953$9,256$8,830$8,253

During the quarter the Company recorded a loan loss provision of $1.0 million primarily due to charge-offs and to a residential real estate development in reorganization.

Net Interest Income
(In 000's)Mar '11Dec '10Sep '10Jun '10Mar '10
Interest Income$9,736$10,003$10,163$10,299$10,374
Interest Expense2,3632,5422,7282,9692,940
Net Interest Income$7,373$7,461$7,435$7,330$7,434

Net interest income for the three months ended March 31, 2011 amounted to $7.37 million compared to $7.43 million for the quarter ended March 31, 2010, a decrease of 0.8%, or $61,000 primarily due to a decrease in average rates earned and the average balance of the loan portfolio, offset somewhat by a decrease in the average rates paid on deposits.

Net Interest Margin and Spread
Mar '11Dec '10Sep '10Jun '10Mar '10
Yield on Earning Assets5.61%5.75%5.84%5.87%5.99%
Cost of Interest Bearing Liabilities1.57%1.69%1.79%1.93%1.91%
Spread4.04%4.06%4.05%3.94%4.08%
Net Interest Margin4.25%4.29%4.27%4.18%4.29%

Net interest margin amounted to 4.25% for the three-month period ended March 31, 2011; compared to 4.29% for the three-months ended March 31, 2010. The decrease was primarily due to a decrease in interest on loans and securities combined with an increase in cash balances, offset somewhat by a decrease in interest paid on deposits and borrowings.

Spread amounted to 4.04% for the three month period ended March 31, 2011, compared to 4.08% for the same period in the previous year. Compared to the same quarter last year, average yield on earnings assets decreased 38 basis points from 5.99% to 5.61%, while average cost of funds decreased 34 basis points from 1.91% to 1.57%.

The average yield on loans decreased from 6.40% for the quarter ended March 31, 2010 to 6.17% for the quarter ended March 31, 2011 as the loan portfolio adjusted to lower market interest rates. Similarly, cost of interest bearing deposits decreased from 1.42% for the quarter ended March 31, 2010 to 1.08% for the quarter ended March 31, 2011.

"The reduction in both the yield on earning assets and the cost of interest bearing liabilities was affected by the increase in SmartGrowth deposits," said Little. "The increase in SmartGrowth deposits increased overall deposits, which led to a decrease in our cost of interest bearing liabilities. This also resulted in an increase in cash, thereby reducing our yield on earning assets.

The average yield on SmartGrowth deposits is 0.32%, compared to 0.35% for the linked quarter and 0.56% a year ago.

Operating Revenue
Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.2 million, a slight decrease compared to the four preceding quarters.

The table below reflects Teche's operating revenues in millions over the past five quarters:

Operating RevenueMar '11Dec '10Sep '10Jun '10Mar '10
Net Interest Income$7.4$7.5$7.4$7.3$7.4
Non-interest Income$3.8$4.0$4.0$4.2$4.0
Operating Revenue$11.2$11.5$11.4$11.5$11.4

Non-Interest Income
Non-interest income decreased slightly to $3.8 million for the quarter compared to $4.0 million in the linked quarter and $4.0 million a year ago. This amounted to 2.02% of average assets for the quarter, compared to 2.09% for the linked quarter and 2.08% a year ago. Deposit fees comprised 90.5% of non-interest income for the quarter, compared to 89.5% for the linked quarter and 90.2% a year ago.

Non-interest income amounted to 34.2% of operating income for the quarter ended March 31, 2011, compared to 34.7% for the three months ended March 31, 2010 and to 34.7% for the linked quarter.

Non-Interest Expense
For the quarter, non-interest expense was $7.9 million or 4.17% of average assets, compared to the linked quarter of $7.6 million or 3.99% of average assets, an increase of 4.4%, primarily due to an increase in compensation and occupancy expense. Compared to the same quarter in fiscal 2010, non-interest expense decreased $62,000 or 0.8%.

Net Income
Since 2003, the Company has increased dividends for eight consecutive years and on March 31, 2011 paid a $0.36 per share quarterly dividend, its sixty-third consecutive. Based on the closing price of the Company's common stock on March 31, 2011 of $36.39, the annualized dividend yield was 4.0%.

(In 000's)Mar '11Dec '10Sep '10Jun '10Mar'10
Last twelve months
Previous twelve months
Net Income$1,513$1,824$1,847$1,821$1,700$7,005$7,149
Dividends Declared Per Share$0.36$0.355$0.355$0.355$0.355$1.425$1.415
Basic Earnings Per Common Share$0.73$0.88$0.89$0.87$0.81$3.370$3.410
Diluted Earnings Per Common Share$0.72$0.87$0.88$0.87$0.80$3.340$3.370
Annualized Return on Avg. Assets0.80%0.96%0.97%0.95%0.89%0.92%0.92%
Annualized Return on Avg. Equity7.74%9.36%9.61%9.60%9.14%9.08%9.74%
Annualized Return on Avg. Tangible Equity8.13%9.84%10.12%10.12%9.64%9.55%10.30%
Loans
(In 000's)Mar '11Dec '10Sep '10Jun '10Mar '10
SmartGrowth Loans
Consumer$109,092$111,139$111,571$110,855$110,438
Commercial207,509208,797212,933212,762212,485
Home Equity51,04552,18253,40555,86057,443
SmartMortgages88,79989,38986,95986,62486,677
Total SmartGrowth Loans456,445461,507464,868466,101467,043
Mortgage Loans (owner occupied conforming)131,708132,224131,023131,590133,478
Total Loans$588,153$593,731$595,891$597,691$600,521

Gross loans receivable decreased to $588.2 million at March 31, 2011, from $593.7 million at December 31, 2010 and $600.5 million at March 31, 2010, representing a linked quarter decrease of $5.6 million, or 0.9% and a twelve month decrease of $12.4 million or 2.1%. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $467.0 million, or 77.6% of total loans at March 31, 2011, compared to $461.5 million, or 77.7% at December 31, 2010 and $456.4 million at March 31, 2010, for a three month decrease of $5.1 million, or 1.1% and a twelve month decrease of $10.6 million, or 2.3%.

Commercial loan balances at March 31, 2011 amounted to $207.5 million, compared to $208.8 million at December 31, 2010 and $212.5 million at March 31, 2010, for a three month decrease of $1.3 million or 0.6% and a twelve month decrease of $5.0 million, or 2.3%. Consumer loan balances at March 31, 2011 amounted to $109.1 million, compared to $111.1 million at December 31, 2010 and $110.4 million at March 31, 2010, a linked quarter decrease of $2.0 million, or 1.8%.

Deposits
(In 000's)Mar '11Dec '10Sep '10Jun '10Mar '10
SmartGrowth Deposits
Checking$193,244$186,240$173,206$169,396$177,174
Money Market56,61855,55760,24662,64368,763
Savings188,819169,326166,734160,567149,233
Total SmartGrowth Deposits$438,681$411,123$400,186$392,606$395,170
Time Deposits172,211172,316179,169185,496191,573
Total Deposits$610,892$583,439$579,355$578,102$586,743

"Our SmartGrowth deposits increased both on a linked-quarter basis and over the past year and our cost of interest bearing liabilities decreased by 34 basis points," said Little. "This is consistent with our long-term SmartGrowth strategy."

Three Month Growth. Total deposits increased to $610.9 million at March 30, 2011, from $583.4 million at December 30, 2010, a linked quarter increase of $27.5 million or 4.7%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts, had solid growth. Total SmartGrowth Deposits increased $27.6 million to $438.7 million or 6.7% at March 31, 2011, from $411.1 million at December 31, 2010.

Checking account balances at March 31, 2011 increased $7.0 million, or 3.8%, to $193.2 million from $186.2 million at December 31, 2010.

Twelve Month Growth. Total Deposits increased to $610.9 million at March 31, 2011, from $586.7 million at March 31, 2010, a twelve month increase of $24.2 million, or 4.1%. Total SmartGrowth Deposits increased $43.5 million, or 11.0% from $395.2 million at March 31, 2010.

SmartGrowth Deposits amounted to 71.8% of total deposits as of March 31, 2011 compared to 67.3% at March 31, 2010.

Checking account balances at March 31, 2011 increased 9.1% or $16.1 million in the past 12 months. Checking account balances now account for 31.6% of total deposits compared to 30.2% at March 31, 2010.

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 Federal Bank is the fourth largest publicly owned bank based in Louisiana with over $782 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 AMEX.

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
Statements of Income
(UNAUDITED)
THREE MONTHS ENDED
Mar.Dec.Sep.Jun.Mar.
20112010201020102010
Interest Income$9,736$10,003$10,163$10,299$10,374
Interest Expense2,3632,5422,7282,9692,940
Net Interest Income7,3737,4617,4357,3307,434
Provision for Loan Losses1,0001,150900900900
Net Interest Income after Provision for Loan Losses
6,373

6,311

6,535

6,430

6,534
Non Interest Income3,8323,9723,9644,1533,956
Non Interest Expense7,9187,5837,7327,8777,980
Income Before Gain on Securities and Sale of Loans
2,287

2,700

2,767

2,706

2,510
Gain(Loss) on Securities8--(95)--(8)
Gain(Loss) on Sale of Loans10967--
Income Taxes792885831892802
Net Income$1,513$1,824$1,847$1,821$1,700
Selected Financial Data
Dividends Declared Per Share$0.36$0.355$0.355$0.355$0.355
Basic Earnings Per Common Share$0.73$0.88$0.89$0.87$0.81
Diluted Earnings Per Common Share$0.72$0.87$0.88$0.87$0.80
Annualized Return on Avg. Assets0.80%0.96%0.97%0.95%0.89%
Annualized Return on Avg. Equity7.74%9.36%9.61%9.60%9.14%
Annualized Return on Avg. Tangible Equity (1)8.13%9.84%10.12%10.12%9.64%
Yield on Interest Earning Assets5.61%5.75%5.84%5.87%5.99%
Cost of Interest Bearing Liabilities1.57%1.69%1.79%1.93%1.91%
Spread4.04%4.06%4.05%3.94%4.08%
Net Interest Margin4.25%4.29%4.27%4.18%4.29%
Non-Interest Income/Avg. Assets2.02%2.09%2.08%2.16%2.08%
Non-Interest Expense/Avg. Assets4.17%3.99%4.06%4.11%4.20%
Quarterly Net Charge-offs/Avg. Loans0.09%0.08%0.08%0.05%0.06%
Weighted avg. shares Outstanding
Basic2,0722,0682,0742,0832,100
Diluted2,0982,0892,0922,1032,118
AVERAGE BALANCE SHEET DATA
Total Assets$759,993$759,858$761,191$767,379$759,908
Earning assets$693,747$696,304$696,494$701,756$692,527
Loans$589,879$595,547$597,024$599,883$600,554
Interest-bearing deposits$514,771$506,887$509,572$515,165$511,521
Total deposits$590,664$579,902$576,373$583,576$576,502
Total stockholders' equity$78,197$77,923$76,855$75,859$74,416

(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax effected basis. The amount was calculated using the following information.

Average Stockholders' Equity$78,197$77,923$76,855$75,859$74,416
Less average goodwill and other intangible assets, net of related income taxes
3,667

3,670

3,673

3,689

3,705
Average Tangible Equity$74,530$74,253$73,182$72,170$70,711
Net Income1,5131,8241,8471,8211,700
Plus Amortization of core deposit intangibles, net of related income taxes
2

3

5

5

5
Net Income, as adjusted$1,515$1,827$1,852$1,826$1,705
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Statements of Income
(UNAUDITED)
FISCAL YEAR TO DATE (SIX MONTHS) ENDED
Mar.Mar.
20112010$Change%Change
Interest Income$19,739$20,875$(1,136)-5.4%
Interest Expense4,9056,007(1,102)-18.3%
Net Interest Income14,83414,868(34)-0.2%
Provision for Loan Losses2,1502,096542.6%
Net Interest Income after Provision for Loan Losses
12,684

12,772

(88
)
-0.7
%
Non Interest Income7,8057,970(165)-2.1%
Non Interest Expense15,50015,621(121)-0.8%
Income Before Gain on Securities and Sale of Loans
4,989

5,121

(132
)
-2.6
%
Gain(Loss) on Securities8(45)53117.8%
Gain(Loss) on Sale of Loans18-180.0%
Income Taxes1,6781,643352.1%
Net Income (loss)$3,337$3,433$(96)-2.8%
Selected Financial Data
Dividends Declared Per Share$0.72$0.71$0.011.4%
Basic Earnings Per Common Share1.611.64-0.03-1.8%
Diluted Earnings Per Common Share1.591.62-0.03-1.9%
Annualized Return on Avg. Assets0.88%0.90%-0.02%-2.2%
Annualized Return on Avg. Equity8.55%9.25%-0.70%-7.6%
Annualized Return on Avg.
Tangible Equity (1)

8.99
%
9.77
%
-0.78
%
-8.0
%
Yield on Interest Earning Assets5.68%6.00%-0.32%-5.3%
Cost of Interest Bearing Liabilities1.63%1.95%-0.32%-16.4%
Spread4.05%4.05%0.00%0.0%
Net Interest Margin4.27%4.28%-0.01%-0.2%
Non-Interest Income/Avg. Assets2.06%2.08%-0.02%-1.0%
Non-Interest Expense/Avg. Assets4.08%4.11%-0.03%-0.7%
Quarterly Net Charge-offs/Avg. Loans0.09%0.11%-0.02%-18.2%
Weighted avg. shares Outstanding
Basic2,0702,117(47)-2.2%
Diluted2,0932,099(6)-0.3%
AVERAGE BALANCE SHEET DATA
Total Assets$759,920$760,618$698-0.1%
Earning assets$695,040$695,429$(389)-0.1%
Loans$592,745$599,827$(7,082)-1.2%
Interest-bearing deposits$510,787$511,789$(1,002)-0.2%
Total deposits$585,225$576,546$(8,679)-1.5%
Total stockholders' equity$78,053$74,194$3,8595.2%

(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense on a tax effected basis. The amount was calculated using the following information.

Average Stockholders' Equity$78,053$74,194$3,8595.2%
Less average goodwill and other intangible assets, net of related income taxes
3,677

3,711

(34
)
-0.1
%
Average Tangible Equity$74,376$70,483$3,8935.5%
Net Income3,3373,433(96)-2.8%
Plus Amortization of core deposit intangibles, net of related income taxes
6

10

(4
)
-40.0
%
Net Income, as adjusted$3,343$3,443$(100)-2.9%
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
New Iberia, LA
Balance Sheet
(UNAUDITED)
Mar. 2011Dec. 2010Sep. 2010Jun. 2010Mar. 2010
SmartGrowth Loans
Consumer$109,092$111,139$111,571$110,855$110,438
Commercial207,509208,797212,933212,762212,485
Home Equity51,04552,18253,40555,86057,443
SmartMortgage Loans88,79989,38986,95986,62486,677
Total SmartGrowth Loans456,445461,507464,868466,101467,043
Mortgage Loans (owner occupied conforming)131,708132,224131,023131,590133,478
588,153593,731595,891597,691600,521
Allowance for Loan Losses-10,452-9,953-9,256-8,830-8,253
Loans Receivable, Net577,701583,778586,635588,861592,268
Cash and Securities144,465110,405115,217121,783116,367
Goodwill and Other Intangibles3,6783,6823,6873,6923,700
Foreclosed Real Estate2,0392,0791,1811,5471,426
Other54,26953,75754,80449,60149,874
TOTAL ASSETS$782,152$753,701$761,524$765,484$763,635
SmartGrowth Deposits
Checking$193,244$186,240$173,206$169,396$177,174
Money Market56,61855,55760,24662,64368,763
Savings188,819169,326166,734160,567149,233
Total SmartGrowth Deposits438,681411,123400,186392,606395,170
Time Deposits172,211172,316179,169185,496191,573
Total Deposits610,892583,439579,355578,102586,743
FHLB Advances83,58587,756100,017106,44597,857
Other Liabilities10,0976,0096,6396,3885,484
Stockholders' Equity77,57876,49775,51374,54973,551
TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY
$
782,152
$
753,701
$
761,524
$
765,484
$
763,635
Ratio of Equity to Assets9.92%10.15%9.92%9.74%9.63%
Tangible Equity Ratio9.49%9.71%9.48%9.30%9.20%
Total Risk-Based Capital Ratio13.94%13.79%13.52%13.30%12.91%
Book Value per Common Share$37.23$36.81$36.19$35.45$35.02
Tangible Book Value Per Common Share$35.47$35.04$34.43$33.70$33.27
Non-performing Assets/Total Assets2.22%2.27%2.06%2.15%2.27%
ALLL/Loans1.78%1.68%1.55%1.48%1.37%
ALLL/NPLs68.32%66.36%63.92%59.92%52.18%
Shares Outstanding (in thousands)2,0842,0782,0822,0912,101
The amount was calculated using the following information:
Stockholders' Equity$77,578$76,497$75,513$74,549$73,551
Less goodwill and other Intangible assets, net of related income taxes
-3,664

-3,670

-3,673

-3,677

-3,683
Tangible Stockholders' Equity$73,914$72,827$71,840$70,872$69,868
Total Assets$782,152$753,701$761,524$765,484$763,635
Less goodwill and other Intangible assets, net of related income taxes
-3,664

-3,670

-3,673

-3,677

-3,683
Total Tangible Assets$778,488$750,031$757,851$761,807$759,952


Quarter-End Loan Data
March 31, 2011


Total
Loans
Dollars




Charge-
Offs
Dollars




Charge-
Offs
Percentage




90 Days +
Non Accrual
Dollars


90 Days +
Non Accrual
Percentage


Real Estate Loans
Construction$16,462--0.00%$1,0216.20%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC)18,691(15)-0.08%270.14%
All Other
Secured by First Liens307,5321120.04%3,0380.99%
Secured by Junior Liens10,244230.22%300.29%
Multifamily (5+ Dwelling Units)22,358--0.00%8974.01%
Nonresidential Property (Except Land)90,5322280.25%8840.98%
Land38,923--0.00%5,02512.91%
Consumer20,059--0.00%590.29%
Commercial18,864--0.00%4,96626.33%
Subtotal - Real Estate Loans$504,7423480.07%$10,9222.16%
Non-Real Estate Loans:
Commercial Loans$24,8131280.52%$8353.37%
Consumer Loans:
Loans on Deposits3,921--0.00%--0.00%
Auto Loans2,428--0.00%70.29%
Mobile Home Loans38,925250.06%4711.21%
Other13,324--0.00%1671.25%
Subtotal - Non Real Estate Loans$83,4111530.18%$1,4801.77%
Gross Loans$588,104$5010.09%$12,4022.11%
Non-accruals11,305
90 + Days Past Due1,097
OREO & Foreclosed2,039
Nonperforming Assets (Net)$14,441
NPAs/Assets1.85%
NPAs/(Loans + OREO)2.45%


Quarter-End Loan Data
December 31, 2010


Total
Loans
Dollars




Charge-
Offs
Dollars




Charge-
Offs
Percentage




90 Days +
Non Accrual
Dollars


90 Days +
Non Accrual
Percentage


Real Estate Loans
Construction$18,140--0.00%$1,0155.59%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC)18,585450.24%--0.00%
All Other
Secured by First Liens308,0883250.11%3,6781.19%
Secured by Junior Liens10,840(3)-0.03%1020.94%
Multifamily (5+ Dwelling Units)21,752--0.00%7913.64%
Nonresidential Property (Except Land)91,411--0.00%-0.00%
Land39,597(1)0.00%5,47813.83%
Consumer20,076(1)0.00%980.49%
Commercial19,521--0.00%5,38027.56%
Subtotal - Real Estate Loans$508,4133660.07%$11,0642.18%
Non-Real Estate Loans:
Commercial Loans$24,94850.02%$8983.60%
Consumer Loans:
Loans on Deposits4,445(2)-0.04%20.04%
Auto Loans2,68410.04%70.26%
Mobile Home Loans39,628720.18%4971.25%
Other13,613110.08%1551.14%
Subtotal - Non Real Estate Loans$85,318870.10%$1,5591.83%
Gross Loans$593,731$4530.08%$12,6232.13%
Non-accruals11,324
90 + Days Past Due1,299
OREO & Foreclosed2,129
Nonperforming Assets (Net)$14,752
NPAs/Assets1.96%
NPAs/(Loans + OREO)2.48%
Quarter-End Loan Data
September 30, 2010
Total
Loans
Dollars
Charge-
Offs
Dollars
Charge-
Offs
Percentage
90 Days +
Non Accrual
Dollars
90 Days +
Non Accrual
Percentage
Real Estate Loans
Construction$21,3101020.48%$1,0665.00%
Permanent, Secured by:
1-4 Dwelling Units:
Revolving, Open-End Loans (HELOC)18,530510.28%--0.00%
All Other
Secured by First Liens303,587--0.00%4,7651.57%
Secured by Junior Liens11,048(4)-0.04%880.80%
Multifamily (5+ Dwelling Units)24,357--0.00%8863.64%
Nonresidential Property (Except Land)85,7182570.30%--0.00%
Land39,555230.06%5,44013.75%
Consumer20,044--0.00%580.29%
Commercial19,511230.12%5,38227.58%
Subtotal - Real Estate Loans$504,1054290.09%$12,2452.43%
Non-Real Estate Loans:
Commercial Loans$30,929--0.00%$270.09%
Consumer Loans:
Loans on Deposits4,67210.02%270.58%
Auto Loans2,71630.11%40.15%
Mobile Home Loans40,094200.05%4581.14%
Other13,375210.16%900.67%
Subtotal - Non Real Estate Loans$91,786450.05%$6060.66%
Gross Loans$595,891$4740.08%$12,8512.16%
Non-accruals12,390
90 + Days Past Due461
OREO & Foreclosed1,201
Nonperforming Assets (Net)$14,052
NPAs/Assets1.85%
NPAs/(Loans + OREO)2.34%

Average Loan Balances & Yields
03/31/
2011

Balance
03/31/
2011

Yield
12/31/
2010

Balance
12/31/
2010

Yield
Change
Balance
Change
Yield
Real Estate Loans
1-4 Family$352,8015.78%$351,1215.81%$1,680-0.03%
Commercial133,0055.48%134,6985.76%(1,693)-0.28%
485,8065.70%485,8195.80%(13)-0.10%
Non-Real Estate Loans
Commercial24,8765.78%28,8896.21%(4,013)-0.43%
Consumer79,1979.23%80,8399.29%(1,642)-0.06%
104,0738.40%109,7288.48%(5,655)-0.08%
Total All Loans$589,8796.17%$595,5476.29%$(5,668)-0.12%
Average Loan Balances & Yields
03/31/
2011

Balance
03/31/
2011

Yield
03/31/
2010

Balance
03/31/
2010

Yield
Change
Balance
Change
Yield

Real Estate Loans
1-4 Family$352,8015.78%$350,7766.05%$2,025-0.27%
Commercial133,0055.48%139,9295.69%(6,924)-0.21%
485,8065.70%490,7055.95%(4,899)-0.25%
Non-Real Estate Loans
Commercial24,8765.78%29,2916.44%(4,415)-0.66%
Consumer79,1979.23%80,5589.11%(1,361)0.12%
104,0738.40%109,8498.40%(5,776)0.00%
Total All Loans$589,8796.17%$600,5546.40%$(10,675)-0.23%
Interest-bearing Liabilities: Linked Quarter Comparison
Average balances
03/31/
2011

$Balance
03/31/
2011

Avg. Yield
12/31/
2010

$Balance
12/31/
2010

Avg. Yield
Change
$Balance
Change
Avg. Yield
%Balance
Change
NOW Accounts$110,3570.17%$105,2250.18%$5,132-0.01%4.9%
Non-interest bearing Deposits75,8930.00%73,0150.00%2,8780.00%3.9%
Checking Total186,2500.10%178,2400.11%8,010-0.01%4.5%
Savings Accounts176,5150.55%167,2910.60%9,224-0.05%5.5%
Money Market Accounts56,6700.35%58,5590.35%(1,889)0.00%-3.2%
Total Smart Growth Deposits419,4350.32%404,0900.35%15,345-0.03%3.8%
Time Deposits171,2292.47%175,9472.53%(4,718)-0.06%-2.7%
Total Deposits590,6640.94%580,0371.01%10,627-0.07%1.8%
FHLB Advances85,5504.53%95,2514.53%(9,701)0.00%-10.2%
Total Interest-bearing liabilities$600,3211.57%$602,2731.69%$(1,952)-0.08%-0.3%
Non-interest bearing Deposits$75,8930.00%$73,0150.00%$2,8780.00%3.9%
Interest-bearing Liabilities: Prior Year Comparison
Average balances
03/31/
2011

$Balance
03/31/
2011

Avg. Yield
03/31/
2010

$Balance
03/31/
2010

Avg. Yield
Change
$Balance
Change
Avg. Yield
%Balance
Change
NOW Accounts$110,3570.17%$105,0870.45%$5,270-0.28%5.0%
Non-interest bearing Deposits75,8930.00%64,9810.00%10,9120.00%16.8%
Checking Total186,2500.10%170,0680.28%16,182-0.18%9.5%
Savings Accounts176,5150.55%137,9211.01%38,594-0.46%28.0%
Money Market Accounts56,6700.35%73,6720.39%(17,002)-0.04%-23.1%
Total Smart Growth Deposits419,4350.32%381,6610.56%37,774-0.24%9.9%
Time Deposits171,2292.47%194,8412.64%(23,612)-0.17%-12.1%
Total Deposits590,6640.94%576,5021.26%14,162-0.32%2.5%
FHLB Advances85,5504.53%103,2574.34%(17,707)0.19%-17.1
Total Interest-bearing liabilities$600,3211.57%$614,7781.91%$(14,457)-0.34%-2.4%
Non-interest bearing Deposits$75,8930.00%$64,9810.00%$10,9120.00%16.7%
Quarter-End Loan Quality Details
March 31, 2011
(In Thousands)

Total
Loans


Classified


% Total

Special
Mention


% Total


Pass


% Total
Commercial Loans
Commercial Land$18,864$6,34833.7%$7273.9%$11,78962.5%
Commercial Construction6,5561,07216.4%3755.7%5,10977.9%
Commercial Real Estate112,8904,3863.9%3,1342.8%105,37093.3%
Commercial Non Real Estate24,8131040.4%2,0388.2%22,67191.4%
Total Commercial$163,123$11,9107.3%$6,2743.8%$144,93988.9%
Residential Loans
Residential Construction9,906--0.0%--0.0%9,906100.0%
Residential336,4673,9941.2%2850.1%332,18898.7%
Total Residential$346,373$3,9941.2%$2850.1%$342,09498.8%
Consumer Loans
Mobile Homes38,9254711.2%--0.0%38,45498.8%
Consumer Other39,7322320.6%--0.0%39,50099.4%
Total Consumer78,6577030.9%--0.0%77,95499.1%
Total All Loans$588,153$16,6072.8%$6,5591.1%$564,98796.1%

Contact Information

  • Contact:
    Patrick Little
    President & CEO
    Teche Holding Company
    (337) 560-7151