SOURCE: Teche Holding Company

Teche Holding Company

July 24, 2012 08:00 ET

Teche Holding Company Earns $0.83 per Share for Third Quarter and $2.50 for Fiscal 2012 Year to Date

NEW IBERIA, LA--(Marketwire - Jul 24, 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 June 30, 2012, the third quarter of fiscal year 2012.

Earnings for the quarter ended June 30, 2012 amounted to $1.7 million or $0.83 per diluted share, compared to $1.8 million or $0.85 per diluted share for the same quarter in fiscal 2011, a decrease of $0.02 per diluted share, or 2.4%.

"Earnings for the nine month period ended June 30, 2012 amounted to $5.2 million, or $2.50 per diluted share, compared to $5.1 million or $2.45 per diluted share, for the same period in fiscal 2011, an increase of $0.05 per diluted share, or 2.0%. Loan growth in recent quarters has been strong," said Little. "SmartGrowth loans are up nearly 3% for the linked quarter and up 6% for the year."

"Our focus on stockholder value is also bearing fruit. Over the past 12 months, we have increased tangible book value per share 6.6%, increased assets nearly 7.0%, paid dividends of nearly 4.0% and repurchased over 3.0% of our stock," said Little.

The Company reported the following points of interest:

  • Tangible book value per share increased to a record $38.51.
  • Average earning assets increased 1.1% or $8.0 million to $762.0 million as compared to the linked quarter and 6.6% or $47.5 million as compared to the same quarter a year ago.
  • Total loans increased 3.0% or $19.1 million to $660.5 million at June 30, 2012 as compared to the linked quarter end while increasing $77.1 million or 13.2% compared to June 30, 2011.
  • Net charge offs for the quarter amounted to 0.08% of average loans and 0.30% of average loans for the past four quarters.
  • Checking Account Balances increased 4.6% compared to June 30, 2011.
  • SmartGrowth Deposits increased 2.9% compared to a year ago. SmartGrowth Deposits amounted to 76.2% of total deposits, compared to 75.0% at March 31, 2012 and 72.9% a year ago.
  • The average rate paid on all deposits was 0.64% for the quarter compared to 0.72% for the linked quarter and 0.82% for the same period a year ago.
  • Cost of interest bearing liabilities amounted to 1.23%, compared to 1.31% for the linked quarter and 1.43% a year ago.
  • Net interest margin for the quarter amounted to 4.06%, compared to 4.08% for the linked quarter and 4.24% a year ago.
  • Total Assets increased to $843.8 million, an increase of $14.1 million for the linked quarter, or 1.7% and $54.8 million, or 6.9% compared to a year ago.
  • The Company repurchased 2.5% of the common stock during the quarter.
  • The Company paid a quarterly dividend of $0.365 per share compared to $0.36 per share for the quarter ended June 30, 2011, an increase of 1.4%.
  • All capital measures continue to remain strong.

Capital
Over the past twelve months, stockholders' equity increased 3.9% to $81.7 million while assets increased 6.9% to a record $843.8 million. Stockholders equity decreased from $82.2 million at March 31, 2012 to $81.7 million at June 30, 2012 primarily due to a large stock repurchase offset somewhat by quarterly earnings. The tangible equity ratio at June 30, 2012 decreased to 9.29% compared to 9.54% a year ago and the equity to asset ratio decreased to 9.68% from 9.96% a year ago all primarily due to the increase in total assets of the Company and stock repurchases. Tangible book value per common share has increased to a record $38.51, an increase of 6.6% compared to a year ago. Risk based capital decreased to 13.79% compared to 14.26% a year ago.

Over the past twelve month period, total assets increased 6.9% or $54.8 million to $843.8 million.

                               
                               
                               
QUARTERLY COMPARISON   Jun '12     Mar '12     Dec '11     Sep '11     Jun '11  
Stockholders' Equity (in millions)   $ 81.7
    $ 82.2
    $ 81.1
    $ 80.0
    $ 78.6
 
Ratio of Equity to Assets     9.68 %     9.90 %     9.97 %     10.08 %     9.96 %
Tangible Equity Ratio     9.29 %     9.50 %     9.56 %     9.67 %     9.54 %
Total Risk-Based Capital Ratio     13.79 %     14.12 %     14.09 %     14.30 %     14.26 %
Book Value per Common Share   $ 40.32     $ 39.68     $ 39.24     $ 38.79     $ 37.87  
Tangible Book Value Per Common Share   $ 38.51     $ 37.91     $ 37.47     $ 37.02     $ 36.11  
Total Assets (in millions)   $ 843.8     $ 829.7     $ 813.5     $ 793.2     $ 789.0  
                                         
                                         
                                         

Asset Quality

The following tables set forth asset quality ratios and allowance for loan loss activity for each of the past five quarters:

                               
Net Charge offs, ALLL, NPAs
QUARTERLY COMPARISON
  Jun '12     Mar' 12     Dec '11     Sep '11     Jun '11  
Net Charge-offs/Average Loans   0.08 %   0.08 %   0.05 %   0.09 %   0.57 %
ALLL/NPLs   79.63 %   74.02 %   71.25 %   76.63 %   69.94 %
ALLL/NPAs   74.77 %   71.40 %   65.30 %   67.67 %   56.45 %
ALLL/Loans   1.27 %   1.32 %   1.33 %   1.37 %   1.39 %
NPAs/Assets   1.33 %   1.43 %   1.53 %   1.55 %   1.82 %
                               

ALLL figures include specific reserves.

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

                     
                     
Allowance for Loan Loss Provision & Charge-offs
QUARTERLY COMPARISON (in 000's)
  Jun '12   Mar '12   Dec '11   Sep '11   Jun '11
Beginning ALLL   $ 8,450   $ 8,392   $ 8,331   $ 8,123   $ 10,452
Provision for Loan Losses     510     550     350     750     1,000
Net Charge-offs     549     492     289     542     3,329
Ending ALLL   $ 8,411   $ 8,450   $ 8,392   $ 8,331   $ 8,123
Ending ALLL (net of specific reserves)   $ 8,411   $ 8,246   $ 8,142   $ 7,783   $ 8,075
                               
                               
                               

Net charge-offs for the quarter were $0.5 million, or 0.08% of average loans, compared to $3.3 million or 0.57% of average loans for the same period a year ago. For the twelve months ended June 30, 2012, net charge offs were $1.9 million or 0.30% of average loans, compared to $4.8 million or 0.80% of loans for the twelve months ended June 30, 2011. The decrease in our net charge-offs for the twelve month period ended June 30, 2012 over the same period one year ago, was primarily due to the prior year charge off of specific reserves on impaired loans which we previously held in reserve as was accepted practice under our previous regulator.

Non-performing assets decreased to $11.3 million, or 1.34% of total assets at June 30, 2012, compared to $11.8 million, or 1.43% of total assets at March 31, 2012 and $14.4 million, or 1.83% of total assets a year ago, primarily due to decreases in loans that were delinquent over ninety days.

The allowance for loan losses was 1.27% of total loans, or $8.4 million, at June 30, 2012 compared to 1.32% of total loans, or $8.5 million at March 31, 2012 and 1.39% of total loans, or $8.1 million at June 30, 2011.

"Non-performing assets have been steadily decreasing for the past several quarters," said Little.

                             
                             
                             
Net Interest Income
QUARTERLY COMPARISON (In 000's)
  Jun '12   Mar '12   Dec '11  
Sep '11
 
Jun '11
  FYTD 2012   FYTD 2011
Interest Income   $ 9,725   $ 9,807   $ 9,766   $ 9,861   $ 9,758   $ 29,298   $ 29,497
Interest Expense     1,993     2,111     2,080     2,078     2,185     6,185     7,090
Net Interest Income   $ 7,732   $ 7,696   $ 7,686   $ 7,783   $ 7,573   $ 23,113   $ 22,407
Provision for loan losses     510     550     350     750     1,000     1,410     3,150
After Provision for loan losses   $ 7,222   $ 7,146   $ 7,336   $ 7,033   $ 6,573   $ 21,703   $ 19,257
                                           
                                           
                                           

Net interest income after provisions for loan loss amounted to $21.7 million for the nine months ending June 30, 2012, compared to $19.3 million for the same period in fiscal 2011, an increase of $2.4 million or 12.70%, primarily due to a decrease in the provision for loan losses.

                               
                               
                               
Net Interest Margin and Spread
QUARTERLY COMPARISON
  Jun '12     Mar '12     Dec '11     Sep '11     Jun '11  
Yield on Earning Assets   5.10 %   5.20 %   5.30 %   5.48 %   5.46 %
Cost of Interest Bearing Liabilities   1.23 %   1.31 %   1.31 %   1.36 %   1.43 %
Spread   3.87 %   3.90 %   3.99 %   4.13 %   4.03 %
Net Interest Margin   4.06 %   4.08 %   4.17 %   4.33 %   4.24 %
                               
                               
                               

Net interest margin amounted to 4.06% for the three month period ended June 30, 2012 compared to 4.24% for the three months ended June 30, 2011. The decrease was primarily due to lower interest rates on interest earning assets offset somewhat by lower interest rates on interest bearing liabilities.

Spread amounted to 3.87% for the three month period ended June 30, 2012, compared to 4.03% for the same period in the previous year and 3.90% for the linked quarter. Compared to the same quarter last year, the average yield on earnings assets decreased 36 basis points from 5.46% to 5.10%, while the average cost of funds decreased 20 basis points from 1.43% to 1.23%.

Operating Revenue
Operating revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.4 million, which was $0.1 million lower than the same quarter in 2011.

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

                     
Operating Revenue
QUARTERLY COMPARISON (in millions)
  Jun '12   Mar '12   Dec '11   Sep '11   Jun '11
Net Interest Income   $ 7.7   $ 7.7   $ 7.7   $ 7.8   $ 7.6
Non Interest Income     3.7     3.9     3.8     3.8     3.9
Operating Revenue   $ 11.4   $ 11.6   $ 11.5   $ 11.6   $ 11.5
                               
                               
                               

Non-Interest Income
Non-interest income decreased slightly to $3.7 million compared to $3.9 million in the linked quarter and $3.9 million for the same quarter in 2011. Non-interest income amounted to 1.76% of average assets for the quarter, compared to 1.89% for the linked quarter and 1.99% a year ago.

                               
                               
                               
Non-Interest Income & Expense
QUARTERLY COMPARISON (in thousands)
  Jun '12     Mar '12     Dec '11     Sep '11     Jun '11  
  Interchange fee Income   $ 917     $ 843     $ 778     $ 830     $ 881  
  Other Non-Interest Income   $ 2,734     $ 3,038     $ 2,990     $ 2,994     $ 3,009  
Total Non-Interest Income   $ 3,651     $ 3,881     $ 3,768     $ 3,824     $ 3,890  
Total Non-Interest Income/Avg. Assets     1.76 %     1.89 %     1.88 %     1.94 %     1.99 %
Non-Interest Expense   $ 8,287     $ 8,445     $ 8,447     $ 7,855     $ 7,777  
Non-Interest Expense/Avg. Assets     3.99 %     4.11 %     4.21 %     3.99 %     3.99 %
                                         
                                         
                                         

Non-Interest Expense
For the quarter, non-interest expense was $8.3 million or 3.99% of average assets, compared to the linked quarter of $8.4 million or 4.11% of average assets with the decrease primarily due to decreases in some expense accounts along with a higher average asset balance for the quarter. Compared to the same quarter in fiscal 2011, non-interest expense increased by $0.5 million from $7.8 million to $8.3 million, an increase of 6.5% primarily due to increases in compensation, marketing, data processing and expenses related to adjustments in values of foreclosed assets.

Net Income and Dividends
On May 24, 2012, the board of directors declared a $0.365 per share quarterly dividend, its sixty-eighth consecutive. Based on the closing price of the Company's common stock of $37.05 that date, the annualized dividend yield was 3.9%. Since 2003, the Company has increased dividends for nine consecutive years.

                     
                     
                     
QUARTERLY COMPARISON   Jun '12   Mar '12   Dec '11   Sep '11   Jun '11
Dividends Declared Per Share   $ 0.365   $ 0.365   $ 0.36   $ 0.36   $ 0.36
Basic Earnings Per Common Share   $ 0.84   $ 0.83   $ 0.86   $ 1.02   $ 0.86
Diluted Earnings Per Common Share   $ 0.83   $ 0.82   $ 0.85   $ 1.01   $ 0.85
                               
                               
                               

Loans

                     
                     
                     
QUARTERLY COMPARISON (In 000,000's)   Jun '12   Mar '12   Dec '11   Sep '11   Jun '11
SmartGrowth Loans                              
  Consumer   $ 109.3   $ 106.6   $ 107.4   $ 108.8   $ 109.5
  Commercial     216.9     208.6     213.6     209.5     201.3
  Home Equity     44.5     46.5     47.3     48.8     51.3
  SmartMortgages     106.5     102.2     98.2      92.9      88.0
Total SmartGrowth Loans   $ 477.2   $ 463.9   $ 466.5   $ 460.0   $ 450.1
Mortgage Loans (owner occupied conforming)     183.3     177.6     166.1     148.6     133.3
Total Loans   $ 660.5   $ 641.5   $ 632.6   $ 608.6   $ 583.4
                               
                               
                               

Linked Quarter Comparison. Gross loans receivable increased to $660.5 million at June 30, 2012, from $641.5 million at March 31, 2012, an increase of $19.0 million, or 3.0% due primarily to increases in SmartGrowth loans, along with increases in 15 year 1-4 family mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $477.2 million, or 72.2% of total loans at June 30, 2012, compared to $463.9 million, or 72.3% at March 31, 2012, a three month increase of $13.3 million, or 2.9%.

Commercial loan balances at June 30, 2012 amounted to $216.9 million, compared to $208.6 million at March 31, 2012, a three month increase of $8.3 million or 4.0%. Consumer loan balances at June 30, 2012 amounted to $109.3 million, compared to $106.6 million at March 31, 2012, a linked quarter increase of $2.7 million, or 2.5%.

One Year Comparison. Gross loans receivable increased to $660.5 million at June 30, 2012 from $583.4 million at June 30, 2011, a twelve month increase of $77.1 million, or 13.2%. SmartGrowth Loans increased to $477.2 million at June 30, 2012, from $450.1 million at June 30, 2011, a twelve month increase of $27.1 million, or 6.0%.

Commercial loan balances at June 30, 2012 amounted to $216.9 million, compared to $201.3 million at June 30, 2011, a twelve month increase of $15.6 million, or 7.7%. Consumer loan balances at June 30, 2012 amounted to $109.3 million, compared to $109.5 million at June 30, 2011, a twelve month decrease of $0.2 million, or 0.2%.

Deposits

                     
                     
                     
QUARTERLY COMPARISON (In 000,000's)   Jun '12   Mar '12   Dec '11   Sep '11   Jun '11
SmartGrowth Deposits                              
  Checking   $ 218.7   $ 223.3   $ 199.0   $ 190.8   $ 209.1
  Money Market     52.5     54.8     52.0     55.0     55.3
  Savings     198.1     194.9     188.3     190.7     191.6
Total SmartGrowth Deposits   $ 469.3   $ 473.0   $ 439.3   $ 436.5   $ 456.0
Time Deposits     146.2     157.5     160.0     162.1     169.4
Total Deposits   $ 615.5   $ 630.5   $ 599.3   $ 598.6   $ 625.3
                               
                               
                               

Linked Quarter Comparison. Total deposits decreased to $615.5 million at June 30, 2012, from $630.5 million at March 31, 2011, a linked quarter decrease of $15.0 million or 2.4%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts decreased $3.7 million to $469.3 million or 0.8% at June 30, 2012, from $473.0 million at March 31, 2012.

Checking account balances at June 30, 2012 decreased $4.6 million, or 2.1%, to $218.7 million from $223.3 million at March 31, 2012.

One Year Comparison. Total deposits decreased to $615.5 million at June 30, 2012, from $625.3 million at June 30, 2011, a twelve month decrease of $9.8 million, or 1.6%. Total SmartGrowth Deposits increased $13.3 million, or 2.9% from $456.0 million at June 30, 2011 to $469.3 million at June 30, 2012.

SmartGrowth Deposits amounted to 76.2% of total deposits as of June 30, 2012 compared to 72.9% at June 30, 2011.

Checking account balances have increased 4.6%, or $9.6 million, in the past twelve months from $209.1 million at June 30, 2011 to $218.7 million at June 30, 2012. Checking account balances at June 30, 2012 accounted for 35.5% of total deposits compared to 33.4% of total deposits at June 30, 2011.

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 $843 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)  
(Dollars in Thousands Except Share Data)  
    THREE MONTHS ENDED  
Condensed Statements of Income   Jun.
2012
    Mar.
2012
    Dec.
2011
    Sep.
2011
    Jun.
2011
 
Interest Income   $ 9,725     $ 9,807     $ 9,766     $ 9,861     $ 9,758  
Interest Expense     1,993       2,111       2,080       2,078       2,185  
Net Interest Income     7,732       7,696       7,686       7,783       7,573  
Provision for Loan Losses     510       550       350       750       1,000  
Net Interest Income after Provision for Loan Losses  
 
 
 
 7,222  
 
 
 
 
 
 7,146  
 
 
 
 
 
 7,336  
 
 
 
 
 
 7,033  
 
 
 
 
 
 6,573  
Non Interest Income     3,651       3,881       3,768       3,824       3,890  
Non Interest Expense     8,287       8,445       8,447       7,855       7,777  
Income Before Income Taxes     2,586       2,582       2,657       3,002       2,686  
Income Taxes     854       874       885       900       896  
Net Income   $ 1,732     $ 1,708     $ 1,772     $ 2,102     $ 1,790  
Selected Financial Data                                        
Dividends Declared Per Share   $ 0.365     $ 0.365     $ 0.36     $ 0.36     $ 0.36  
Basic Earnings Per Common Share   $ 0.84     $ 0.83     $ 0.86     $ 1.02     $ 0.86  
Diluted Earnings Per Common Share   $ 0.83     $ 0.82     $ 0.85     $ 1.01     $ 0.85  
Annualized Return on Avg. Assets     0.83 %     0.83 %     0.88 %     1.07 %     0.92 %
Annualized Return on Avg. Equity     8.28 %     8.22 %     8.86 %     10.40 %     8.96 %
Annualized Return on Avg. Tangible Equity (1)  
 
 
 
 
8.67
 
%
 
 
 
 
 
8.61
 
%
 
 
 
 
 
9.30
 
%
 
 
 
 
 
10.90
 
%
 
 
 
 
 
9.40
 
%
Yield on Interest Earning Assets     5.10 %     5.20 %     5.30 %     5.48 %     5.46 %
Cost of Interest Bearing Liabilities     1.23 %     1.31 %     1.31 %     1.36 %     1.43 %
Spread     3.87 %     3.90 %     3.99 %     4.13 %     4.03 %
Net Interest Margin     4.06 %     4.08 %     4.17 %     4.33 %     4.24 %
Non-Interest Income/Avg. Assets     1.76 %     1.89 %     1.88 %     1.94 %     1.99 %
Non-Interest Expense/Avg. Assets     3.99 %     4.11 %     4.21 %     3.99 %     3.99 %
Quarterly Net Charge-offs/Avg. Loans     0.08 %     0.08 %     0.05 %     0.09 %     0.57 %
Weighted avg. shares Outstanding                                        
  Basic     2,055       2,067       2,059       2,064       2,073  
  Diluted     2,078       2,088       2,078       2,085       2,097  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 830,958     $ 821,582     $ 803,024     $ 787,782     $ 780,213  
Earning assets   $ 762,007     $ 753,980     $ 738,111     $ 719,384     $ 714,528  
Loans   $ 648,640     $ 636,356     $ 621,073     $ 591,736     $ 586,420  
Interest-bearing deposits   $ 523,488     $ 522,420     $ 513,104     $ 520,489     $ 529,664  
Total deposits   $ 617,209     $ 608,777     $ 594,376     $ 607,949     $ 613,778  
Total stockholders' equity   $ 83,643     $ 83,095     $ 79,993     $ 80,857     $ 79,942  
                                         
(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   $ 83,643     $ 83,095     $ 79,993     $ 80,857     $ 79,942  
Less average goodwill and other intangible assets, net of related income taxes     3,664       3,665       3,667       3,671       3,671  
Average Tangible Equity   $ 79,979     $ 79,430     $ 76,326     $ 77,186     $ 76,271  
                                         
Net Income     1,732       1,708       1,772       2,102       1,790  
Plus Amortization of core deposit intangibles, net of related income taxes     2       2       2       2       3  
Net Income, as adjusted   $ 1,734     $ 1,710     $ 1,774     $ 2,104     $ 1,793  
                                         
                                         
                                         
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Statements of Income  
(UNAUDITED)  
(Dollars in Thousands Except Share Data)  
    FISCAL YEAR TO DATE (NINE MONTHS) ENDED  
    Jun.     Jun.              
    2012     2011     $Change     %Change  
Interest Income   $ 29,298     $ 29,497     $ (199 )   (0.7 %)
Interest Expense     6,185       7,090       (905 )   (12.8 %)
Net Interest Income     23,113       22,407       706     3.2 %
Provision for Loan Losses     1,410       3,150       (1,740 )   (55.2 %)
Net Interest Income after                              
  Provision for Loan Losses     21,703       19,257       2,446     12.7 %
Non Interest Income     11,301       11,721       (420 )   (3.6 %)
Non Interest Expense     25,179       23,277       1,902     8.2 %
Income Before Income Taxes     7,825       7,701       124     1.6 %
Income Taxes     2,613       2,574       39     1.5 %
Net Income   $ 5,212     $ 5,127     $ 85     1.7 %
Selected Financial Data                              
Dividends Declared Per Share   $ 1.09     $ 1.075     $ 0.015     1.4 %
Basic Earnings Per Common Share   $ 2.53       2.48     $ 0.05     2.0 %
Diluted Earnings Per Common Share   $ 2.50       2.45     $ 0.05     2.0 %
Annualized Return on Avg. Assets     0.85 %     0.89 %     (0.04 %)   (4.5 %)
Annualized Return on Avg. Equity     8.45 %     8.69 %     (0.24 %)   (2.8 %)
Annualized Return on Avg.                              
  Tangible Equity (1)     8.84 %     9.13 %     (0.29 %)   (3.2 %)
Yield on Interest Earning Assets     5.20 %     5.61 %     (0.41 %)   (7.3 %)
Cost of Interest Bearing Liabilities     1.28 %     1.57 %     (0.29 %)   (18.5 %)
Spread     3.92 %     4.04 %     (0.12 %)   (3.0 %)
Net Interest Margin     4.10 %     4.26 %     (0.16 %)   (3.8 %)
Non-Interest Income/Avg. Assets     1.84 %     2.03 %     (0.18 %)   (8.9 %)
Non-Interest Expense/Avg. Assets     4.10 %     4.05 %     0.05 %   1.2 %
Net Charge-offs/Avg. Loans     0.21 %     0.73 %     (0.52 %)   (71.2 %)
Weighted avg. shares Outstanding                              
  Basic     2,061       2,071       (10 )   -0.5 %
  Diluted     2,081       2,094       (11 )   -0.5 %
AVERAGE BALANCE SHEET DATA                              
Total Assets   $ 817,959     $ 766,684     $ 51,275     6.7 %
Earning assets   $ 751,186     $ 701,527     $ 49,659     7.1 %
Loans   $ 635,304     $ 590,637     $ 44,667     7.6 %
Interest-bearing deposits   $ 519,643     $ 517,079     $ 2,564     0.5 %
Total deposits   $ 606,739     $ 594,256     $ 12,483     2.1 %
Total stockholders' equity   $ 82,235     $ 78,683     $ 3,552     4.5 %
                               
(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   $ 82,235     $ 78,683     $ 3,552     4.5 %
Less average goodwill and other intangible assets, net of related income taxes     3,666       3,667       (1 )   (0.0 %)
Average Tangible Equity     78,569       75,016       3,553     4.7 %
                               
Net Income     5,212       5,127       85     1.7 %
                               
Plus Amortization of core deposit intangibles, net of related income taxes     6       9       (3 )   (33.3 %)
Net Income, as adjusted   $ 5,218     $ 5,136     $ 82     1.6 %
                               
                               
                               

TECHE HOLDING COMPANY
 
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
(UNAUDITED)  
(Dollars in Thousands Except Share Data)  
   
    Jun.
2012
    Mar.
2012
    Dec.
2011
    Sep.
2011
    Jun.
2011
 
SmartGrowth Loans                                        
  Consumer   $ 109,287     $ 106,596     $ 107,399     $ 108,849     $ 109,476  
  Commercial     216,929       208,579       213,659       209,460       201,324  
  Home Equity     44,513       46,486       47,261       48,799       51,293  
  SmartMortgage Loans     106,532       102,228       98,221       92,910       88,019  
Total SmartGrowth Loans     477,261       463,889       466,540       460,018       450,112  
Mortgage Loans (owner occupied conforming)     183,274       177,566       166,088       148,584       133,264  
      660,535       641,455       632,628       608,602       583,376  
Allowance for Loan Losses     (8,411 )     (8,450 )     (8,392 )     (8,331 )     (8,123 )
Loans Receivable, Net     652,124       633,005       624,236       600,271       575,253  
                                         
Cash and Securities     129,750       136,841       130,126       134,902       154,061  
Goodwill and Other Intangibles     3,661       3,664       3,667       3,670       3,673  
Foreclosed Real Estate     625       397       1,012       1,405       2,694  
Other     57,608       55,799       54,504       52,955       53,323  
TOTAL ASSETS   $ 843,768     $ 829,706     $ 813,545     $ 793,203     $ 789,004  
                                         
SmartGrowth Deposits                                        
  Checking   $ 218,717     $ 223,228     $ 199,021     $ 190,822     $ 209,080  
  Money Market     52,478       54,817       52,019       54,970       55,280  
  Savings     198,042       194,919       188,303       190,727       191,586  
Total Smart Growth Deposits     469,237       472,964       439,343       436,519       455,946  
Time Deposits     146,227       157,547       159,968       162,063       169,377  
Total Deposits     615,464       630,511       599,311       598,582       625,323  
                                         
FHLB Advances     139,955       110,344       127,621       108,184       79,533  
Other Liabilities     6,669       6,682       5,501       6,450       5,567  
Stockholders' Equity     81,680       82,169       81,112       79,987       78,581  
TOTAL LIABILITIES AND                                        
STOCKHOLDERS' EQUITY   $ 843,768     $ 829,706     $ 813,545     $ 793,203     $ 789,004  
                                         
Ratio of Equity to Assets     9.68 %     9.90 %     9.97 %     10.08 %     9.96 %
Tangible Equity Ratio     9.29 %     9.50 %     9.56 %     9.67 %     9.54 %
Total Risk-Based Capital Ratio     13.79 %     14.12 %     14.09 %     14.30 %     14.26 %
Book Value per Common Share   $ 40.32     $ 39.68     $ 39.24     $ 38.79     $ 37.87  
Tangible Book Value Per Common Share (1)   $ 38.51     $ 37.91     $ 37.47     $ 37.02     $ 36.11  
Shares Outstanding (in thousands)     2,026       2,071       2,067       2,062       2,075  
Non-performing Assets/Total Assets     1.34 %     1.43 %     1.53 %     1.55 %     1.82 %
ALLL/Loans     1.27 %     1.32 %     1.33 %     1.37 %     1.39 %
ALLL/NPLs     79.63 %     74.02 %     73.72 %     76.63 %     69.94 %
                                         
(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   $ 81,680     $ 82,169     $ 81,112     $ 79,987     $ 78,581  
Less goodwill and other Intangible assets, net of related income taxes     (3,658 )     (3,654 )     (3,657 )     (3,659 )     (3,661 )
Tangible Stockholders' Equity   $ 78,022     $ 78,515     $ 77,455     $ 76,328     $ 74,920  
                                         
Total Assets   $ 843,768     $ 829,706     $ 813,545     $ 793,203     $ 789,004  
Less goodwill and other Intangible assets, net of related income taxes     (3,658 )     (3,654 )     (3,657 )     (3,659 )     (3,661 )
Total Tangible Assets   $ 840,110     $ 826,052     $ 809,888     $ 789,544     $ 785,343  
                                         
                                         
                                         
Quarter-End Loan Data
June 30, 2012
(Dollars in Thousands)
  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
(Dollars in Thousands)
  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
(Dollars in Thousands)
  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
(Dollars in Thousands)
  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 %     5   0.05 %
    Multifamily (5+ Dwelling Units)     23,747     --     0.00 %     863   3.63 %
    Nonresidential Property (Except Land)     87,797     105     0.12 %     412   0.47 %
    Land     35,774     306     0.86 %     4,963   13.87 %
        Consumer     20,023     7     0.03 %     130   0.65 %
        Commercial     15,751     299     1.90 %     4.833   30.7 %
Subtotal - Real Estate Loans   $ 522,710   $ 496     0.09 %   $ 10,299   1.97 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 27,403     (1 )   0.00 %   $ --   0.00 %
  Consumer Loans:                                
    Loans on Deposits     3,737     7     0.19 %     69   1.85 %
    Auto Loans     2,105     --     0.00 %     23   1.07 %
    Mobile Home Loans     38,285     31     0.08 %     379   0.99 %
    Other     14,362     9     0.06 %     101   0.70 %
Subtotal - Non Real Estate Loans   $ 85,892   $ 46     0.05 %   $ 572   0.67 %
                                 
Gross Loans   $ 608,602   $ 542     0.09 %   $ 10,871   1.79 %
                                 
Non-accruals   $ 10,079                          
90 + Days Past Due     793                          
OREO & Foreclosed     1,438                          
  Nonperforming Assets (Net)   $ 12,310                          
  Performing TDRs   $ 1,075                          
                                 
                                 
                                 
Loans: Linked Quarter Comparison  
Average Loan
Balances & Yields
  06/30/2012
Balance
  06/30/2012
Yield

    03/31/2012 Balance   03/31/2012
Yield
    Change
Balance
    Change
Yield
 
(Dollars in Thousands)
Real Estate Loans                                      
  1-4 Family   $ 407,115   5.03 %   $ 396,005   5.19 %   $ 11,110     -0.16 %
  Commercial     136,402   5.57 %     137,203   5.54 %     (801 )   0.03 %
      543,517   5.18 %     533,208   5.28 %     10,309     -0.10 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 28,206   5.46 %   $ 26,721   5.77 %   $ 1,485     -0.31 %
  Consumer     76,917   9.10 %     76,427   9.16 %     490     -0.06 %
      105,123   8.13 %     103,148   8.28 %     1,975     -0.15 %
                                       
Total All Loans   $ 648,640   5.63 %   $ 636,356   5.76 %   $ 12,284     -0.13 %
                                       
                                       
                                 
Prior Year Comparison                                
Average Loan Balances & Yields   06/30/2012
Balance
  06/30/2012
Yield
    06/30/2011
Balance
  06/30/2011
Yield
    Change
Balance
    Change
Yield
 
Real Estate Loans                                      
  1-4 Family   $ 407,115   5.03 %   $ 352,181   5.70 %   $ 54,934     -0.67 %
  Commercial     136,402   5.57 %     130,800   5.58 %     5,602     -0.01 %
      543,517   5.18 %     482,981   5.67 %     60,536     -0.49 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 28,206   5.46 %   $ 24,813   5.97 %   $ 3,393     -0.51 %
  Consumer     76,917   9.10 %     78,626   9.51 %     (1,709 )   -0.41 %
      105,123   8.13 %     103,439   8.66 %     1,684     -0.53 %
                                       
Total All Loans   $ 648,640   5.63 %   $ 586,420   6.20 %   $ 62,220     -0.57 %
                                       
                                       
                                       
Loans: Linked Quarter Comparison  
Average Loan
Balances & Yields
  03/31/2012   03/31/2012     12/31/2011   12/31/2011     Change     Change  
(Dollars in Thousands)   Balance   Yield     Balance   Yield     Balance     Yield  
Real Estate Loans                                      
  1-4 Family   $ 396,005   5.19 %   $ 384,094   5.21 %   $ 11,911     -0.02 %
  Commercial     137,203   5.54 %     132,074   5.64 %     5,129     -0.10 %
      533,208   5.28 %     516,168   5.32 %     17,040     -0.04 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 26,721   5.77 %   $ 27,258   6.06 %   $ (537 )   -0.29 %
  Consumer     76,427   9.16 %     77,647   9.33 %     (1,220 )   -0.17 %
      103,148   8.28 %     104,905   8.48 %     (1,757 )   -0.20 %
                                       
Total All Loans   $ 636,356   5.76 %   $ 621,073   5.85 %   $ 15,283     -0.09 %
                                       
                                 
                                 
Prior Year Comparison                                
Average Loan Balances & Yields   03/31/2012
Balance
  03/31/2012
Yield
    03/31/2011
Balance
  03/31/2011
Yield
    Change
Balance
    Change
Yield
 
Real Estate Loans                                      
  1-4 Family   $ 396,005   5.19 %   $ 352,801   5.78 %   $ 43,204     -0.59 %
  Commercial     137,203   5.54 %     133,005   5.48 %     4,198     0.06 %
      533,208   5.28 %     485,806   5.70 %     47,402     -0.42 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 26,721   5.77 %   $ 24,876   5.78 %   $ 1,845     -0.01 %
  Consumer     76,427   9.16 %     79,197   9.23 %     (2,770 )   -0.07 %
      103,148   8.28 %     104,073   8.40 %     (925 )   -0.12 %
                                       
Total All Loans   $ 636,356   5.76 %   $ 589,879   6.17 %   $ 46,477     -0.41 %
                                       
                                       
                                       
Loans: Linked Quarter Comparison  
Average Loan
Balances & Yields
  12/31/2011
Balance
  12/31/2011
Yield
    09/30/2011
Balance
  09/30/2011
Yield
    Change
Balance
    Change
Yield
 
(Dollars in Thousands)
Real Estate Loans                                      
  1-4 Family   $ 384,094   5.21 %   $ 360,569   5.59 %   $ 23,525     -0.38 %
  Commercial     132,074   5.64 %     126,299   5.69 %     5,775     -0.05 %
      516,168   5.32 %     486,868   5.62 %     29,300     -0.30 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 27,258   6.06 %   $ 26,223   5.99 %   $ 1,035     0.07 %
  Consumer     77,647   9.33 %     78,645   9.67 %     (998 )   -0.34 %
      104,905   8.48 %     104,868   8.75 %     37     -0.27 %
                                       
Total All Loans   $ 621,073   5.85 %   $ 591,736   6.17 %   $ 29,337     -0.32 %
                                       
                                 
                                 
Prior Year Comparison                                
Average Loan Balances & Yields   12/31/2011
Balance
  12/31/2011
Yield
    12/31/2010
Balance
  12/31/2010
Yield
    Change
Balance
    Change
Yield
 
Real Estate Loans                                      
  1-4 Family   $ 384,094   5.21 %   $ 351,121   5.81 %   $ 32,973     -0.60 %
  Commercial     132,074   5.64 %     134,698   5.76 %     (2,624 )   -0.12 %
      516,168   5.32 %     485,819   5.80 %     30,349     -0.48 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 27,258   6.06 %   $ 28,889   6.21 %     (1,631 )   -0.15 %
  Consumer     77,647   9.33 %     80,839   9.29 %     (3,192 )   0.04 %
      104,905   8.48 %     109,728   8.48 %     (4,823 )   0.00 %
                                       
Total All Loans   $ 621,073   5.85 %   $ 595,547   6.29 %   $ 25,526     -0.44 %
                                       
                                       
                                       
Loans: Linked Quarter Comparison  
Average Loan
Balances & Yields
  09/30/2011
Balance
  09/30/2011
Yield
    06/30/2011
Balance
  06/30/2011
Yield
    Change
Balance
    Change
Yield
 
(Dollars in Thousands)
Real Estate Loans                                      
  1-4 Family   $ 360,569   5.59 %   $ 352,181   5.70 %   $ 8,388     -0.11 %
  Commercial     126,299   5.69 %     130,800   5.58 %     (4,501 )   0.11 %
Total Real Estate Loans   $ 486,868   5.62 %   $ 482,981   5.67 %     3,887     -0.05 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 26,223   5.99 %   $ 24,813   5.97 %   $ 1,410     0.02 %
  Consumer     78,645   9.67 %     78,626   9.51 %     19     0.16 %
  Total Non-Real Estate Loans     104,868   8.75 %     103,439   8.66 %     1,429     0.09 %
                                       
Total All Loans   $ 591,736   6.17 %   $ 586,420   6.20 %   $ 5,316     -0.03 %
                                       
                                       
                                       
Loans: Prior Year Comparison  
Average Loan
Balances & Yields
  09/30/2011
Balance
  09/30/2011
Yield
    09/30/2010
Balance
  09/30/2010
Yield
    Change
Balance
    Change
Yield
 
Real Estate Loans                                      
  1-4 Family   $ 353,573   5.73 %   $ 349,621   5.98 %   $ 3,952     -0.25 %
  Commercial     131,192   5.63 %     138,950   5.82 %     (7,758 )   -0.19 %
      484,765   5.70 %     488,571   5.94 %     (3,806 )   -0.24 %
                                       
Non-Real Estate Loans                                      
  Commercial   $ 26,211   5.99 %   $ 29,996   6.37 %   $ (3,785 )   -0.38 %
  Consumer     79,378   9.42 %     80,567   9.30 %     (1,189 )   0.12 %
      105,589   8.57 %     110,563   8.50 %     (4,974 )   0.07 %
                                       
Total All Loans   $ 590,354   6.21 %   $ 599,134   6.41 %   $ (8,780 )   -0.20 %
                                       
                                       
                                       
Interest-bearing Liabilities: Linked Quarter Comparison  
   
Average balances                                      
(Dollars in Thousands)   06/30/
2012
$Balance
  06/30/
2012 Avg. Yield
    03/31/
2012
$Balance
  03/31/
2012 Avg. Yield
    Change $Balance     Change Avg. Yield     %Balance Change  
  NOW Accounts   $ 123,851   0.20 %   $ 119,544   0.19 %   $ 4,307     0.01 %   3.6 %
  Non-interest bearing Deposits     93,721   0.00 %     86,358   0.00 %     7,363     0.00 %   8.5 %
    Checking Total   $ 217,572   0.12 %   $ 205,902   0.11 %   $ 11,670     0.01 %   5.7 %
                                             
  Savings Accounts   $ 196,611   0.33 %   $ 190,365   0.32 %   $ 6,246     0.01 %   3.3 %
  Money Market Accounts     52,489   0.25 %     53,727   0.25 %     (1,238 )   0.00 %   -2.3 %
                                             
  Total Smart Growth Deposits   $ 466,672   0.22 %   $ 449,994   0.22 %   $ 16,678     0.00 %   3.7 %
                                             
  Time Deposits   $ 150,537   1.92 %   $ 158,784   2.16 %     (8,247 )   -0.24 %   -5.2 %
                                             
  Total Deposits   $ 617,209   0.64 %   $ 608,778   0.72 %   $ 8,431     -0.08 %   1.4 %
                                             
  FHLB Advances   $ 123,681   3.27 %   $ 123,665   3.28 %   $ 16     -0.01 %   0.0 %
                                             
Total Interest-bearing liabilities   $ 647,169   1.23 %   $ 646,085   1.31 %   $ 1,084     -0.08 %   0.2 %
                                             
Non-interest bearing Deposits   $ 93,721   0.00 %   $ 86,358   0.00 %   $ 7,363     0.00 %   8.5 %
                                             
                                             
                                             
Interest-bearing Liabilities: Prior Year Comparison  
   
Average balances   06/30/2012 $Balance   06/30/2012 Avg. Yield     06/30/2011 $Balance   06/30/2011 Avg. Yield     Change $Balance     Change Avg. Yield     %Balance Change  
  NOW Accounts   $ 123,851   0.20 %   $ 112,611   0.18 %   $ 11,240     0.02 %   10.0 %
  Non-interest bearing Deposits     93,721   0.00 %     84,114   0.00 %     9,607     0.00 %   11.4 %
    Checking Total   $ 217,572   0.12 %   $ 196,725   0.10 %   $ 20,847     0.02 %   10.6 %
                                             
  Savings Accounts   $ 196,611   0.33 %   $ 190,379   0.38 %   $ 6,232     -0.05 %   3.3 %
  Money Market Accounts     52,489   0.25 %     55,619   0.27 %     (3,130 )   -0.02 %   -5.6 %
                                             
  Total Smart Growth Deposits   $ 466,672   0.22 %   $ 442,723   0.24 %   $ 23,949     -0.02 %   5.4 %
                                             
  Time Deposits   $ 150,537   1.92 %   $ 171,055   2.33 %     (20,518 )   -0.41 %   -12.0 %
                                             
  Total Deposits   $ 617,209   0.64 %   $ 613,778   0.82 %   $ 3,431     -0.18 %   0.6 %
                                             
  FHLB Advances   $ 123,681   3.27 %   $ 79,879   4.61 %   $ 43,802     -1.34 %   54.8 %
                                             
Total Interest-bearing liabilities   $ 647,169   1.23 %   $ 609,543   1.43 %   $ 37,626     -0.20 %   6.2 %
                                             
Non-interest bearing Deposits   $ 93,721   0.00 %   $ 84,114   0.00 %   $ 9,607     0.00 %   11.4 %
                                             
                                             
                                             
Interest-bearing Liabilities: Linked Quarter Comparison  
   
Average balances                                      
(Dollars in Thousands)   03/31/2012 $Balance   03/31/2012 Avg. Yield     12/31/2011 $Balance   12/31/2011 Avg. Yield     Change $Balance     Change Avg. Yield     %Balance Change  
  NOW Accounts   $ 119,544   0.19 %   $ 111,078   0.18 %   $ 8,466     0.01 %   7.6 %
  Non-interest bearing Deposits     86,358   0.00 %     81,272   0.00 %     5,086     0.00 %   6.3 %
    Checking Total   $ 205,902   0.11 %   $ 192,350   0.11 %   $ 13,552     0.00 %   7.0 %
                                             
  Savings Accounts   $ 190,365   0.32 %   $ 186,897   0.31 %   $ 3,468     0.01 %   1.9 %
  Money Market Accounts     53,727   0.25 %     54,473   0.23 %     (746 )   0.02 %   -1.4 %
                                               
  Total Smart Growth Deposits   $ 449,994   0.22 %   $ 433,720   0.21 %   $ 16,274     0.01 %   3.8 %
                                               
  Time Deposits   $ 158,784   2.16 %   $ 160,656   2.24 %   $ (1,872 )   -0.08 %   -1.2 %
                                             
  Total Deposits   $ 608,778   0.72 %   $ 594,376   0.76 %   $ 14,402     -0.04 %   2.4 %
                                             
  FHLB Advances   $ 123,665   3.28 %   $ 120,740   3.15 %   $ 2,925     0.13 %   2.4 %
                                             
Total Interest-bearing liabilities   $ 646,085   1.31 %   $ 633,844   1.31 %   $ 12,241     0.00 %   1.9 %
                                             
Non-interest bearing Deposits   $ 86,358   0.00 %   $ 81,272   0.00 %   $ 5,086     0.00 %   6.3 %
                                             
                                             
                                             
Interest-bearing Liabilities: Prior Year Comparison                   
 
Average balances   03/31/2012 $Balance   03/31/2012 Avg. Yield     03/31/2011 $Balance   03/31/2011 Avg. Yield     Change $Balance     Change Avg. Yield     %Balance Change  
  NOW Accounts   $ 119,544   0.19 %   $ 110,357   0.17 %   $ 9,187     0.02 %   8.3 %
  Non-interest bearing Deposits     86,358   0.00 %     75,893   0.00 %     10,465     0.00 %   13.8 %
    Checking Total   $ 205,902   0.11 %   $ 186,250   0.10 %   $ 19,652     0.01 %   10.6 %
                                             
  Savings Accounts   $ 190,365   0.32 %   $ 176,515   0.55 %   $ 13,850     -0.23 %   7.8 %
  Money Market Accounts     53,727   0.25 %     56,670   0.35 %     (2,943 )   -0.10 %   -5.2 %
                                             
  Total Smart Growth Deposits   $ 449,994   0.22 %   $ 419,435   0.32 %   $ 30,559     -0.10 %   7.3 %
                                             
  Time Deposits   $ 158,784   2.16 %   $ 171,229   2.47 %   $ (12,445 )   -0.31 %   -7.3 %