SOURCE: Teche Holding Company

Teche Holding Company

April 30, 2014 16:30 ET

Teche Posts $0.51 EPS for Second Quarter 2014

NEW IBERIA, LA--(Marketwired - Apr 30, 2014) - (NYSE MKT: TSH) Patrick Little, President and CEO of Teche Holding Company (the "Company"), holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended March 31, 2014, the second quarter of fiscal year 2014.

Earnings for the quarter ended March 31, 2014 amounted to $1.1 million, or $0.51 per diluted share. This is compared to $1.6 million, or $0.75 per diluted share, for the same quarter in fiscal 2013, a decrease of $0.24 per diluted share, or 32.0% compared to the prior year second quarter results. 

Earnings for the six month period ended March 31, 2014 amounted to $3.5 million, or $1.65 per diluted share, compared to $4.6 million or $2.24 per diluted share, for the same period in fiscal 2013, a decrease of $0.59 per diluted share, or 26.3%.

The Company reported the following points of interest:

  • SmartGrowth Deposits increased 4.0% over the linked quarter-end while decreasing 0.3% compared to a year ago. SmartGrowth Deposits amounted to 79.5% of total deposits at March 31, 2014, compared to 77.1% at December 31, 2013 and 79.0% a year ago.
  • Checking Account balances increased $14.0 million, or 5.5% compared to the linked quarter-end and 4.0% compared to March 31, 2013.
  • The average rate paid on all deposits was 0.39% for the quarter compared to 0.40% for the linked quarter and 0.45% for the same quarter in the prior fiscal year.
  • Quarterly operating revenue decreased to $11.7 million for the current quarter, as compared to $11.9 million in the linked quarter and increased from $11.3 million for the same period a year ago.
  • Tangible book value per share at March 31, 2014 increased to $42.39, an increase of 0.2%, or $0.10, compared to December 31, 2013 and 4.4%, or $1.77, year-over-year.
  • Net charge-offs for the quarter amounted to 0.02% of average loans.

Capital
Over the past twelve months, stockholders' equity increased 7.5% to $93.1 million at March 31, 2014, while assets increased 0.4% to $863.7 million. The tangible equity ratio at March 31, 2014 increased to 10.40%, compared to 9.69% a year ago. Tangible book value per common share increased to a record $42.39, an increase of 4.4% compared to a year ago. Risk-based capital remained strong at 14.75%, and the equity to assets ratio increased to 10.78% from 10.07% a year ago.

                               
QUARTERLY COMPARISON   Mar '14     Dec '13     Sep '13     Jun '13     Mar '13  
Stockholders' Equity (in millions)   $ 93.1     $ 91.7     $ 89.1     $ 86.7     $ 86.6  
Ratio of Equity to Assets     10.78 %     10.46 %     10.40 %     10.32 %     10.07 %
Basic Earnings Per Share   $ 0.52     $ 1.17     $ 1.05     $ 0.96     $ 0.76  
Tangible Equity Ratio     10.40 %     10.09 %     10.01 %     9.92 %     9.69 %
Total Risk-Based Capital Ratio     14.75 %     14.34 %     14.31 %     14.31 %     14.38 %
Book Value Per Common Share   $ 44.12     $ 44.04     $ 43.47     $ 42.82     $ 42.40  
Tangible Book Value Per Common Share   $ 42.39     $ 42.29     $ 41.68     $ 41.06     $ 40.62  
Total Assets (in millions)   $ 863.7     $ 876.7     $ 856.7     $ 839.8     $ 860.3  
                                         

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
  Mar '14     Dec '13     Sep '13     Jun '13     Mar '13  
Net Charge-offs/Average Loans   0.02 %   0.02 %   0.02 %   0.01 %   0.05 %
ALLL*/NPLs   228.79 %   229.00 %   307.34 %   158.84 %   158.54 %
ALLL*/NPAs   203.65 %   200.43 %   236.57 %   132.76 %   138.95 %
ALLL*/Loans   1.07 %   1.10 %   1.15 %   1.20 %   1.26 %
NPAs/Assets   0.43 %   0.44 %   0.39 %   0.72 %   0.68 %
                               

*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)
  Mar '14   Dec '13   Sep '13   Jun '13   Mar '13
Beginning ALLL   $ 7,709   $ 7,868   $ 8,038   $ 8,135   $ 8,234
Provision for Loan Losses     0     0     0     0     250
Net Charge-offs     147     159     170     97     349
Ending ALLL   $ 7,562   $ 7,709   $ 7,868   $ 8,038   $ 8,135
Ending ALLL (net of specific reserves)   $ 7,424   $ 7,571   $ 7,730   $ 8,038   $ 8,135
                               

The allowance for loan losses was 1.07% of total loans, or $7.6 million, at March 31, 2014 compared to 1.10% of total loans, or $7.7 million, at December 31, 2013 and 1.26% of total loans, or $8.1 million, at March 31, 2013. 

Net charge-offs for the quarter were $0.1 million, or 0.02% of average loans, compared to $0.3 million, or 0.05% of average loans, for the same period a year ago. For the twelve months ended March 31, 2014, net charge offs were $0.6 million, or 0.08% of average loans, compared to $1.7 million, or 0.26% of loans, for the twelve months ended March 31, 2013. 

Non-performing assets decreased slightly to $3.7 million, or 0.43% of total assets, at March 31, 2014 compared to $3.9 million, or 0.44% of total assets, at December 31, 2013 and $5.9 million, or 0.68% of total assets, a year ago. The decrease from one year ago was primarily due to lower commercial loan delinquencies. 

Revenue

                     
Net Interest Income
QUARTERLY COMPARISON (In 000's)
  Mar '14   Dec '13   Sep '13   Jun '13   Mar '13
Interest Income   $ 9,381   $ 9,475   $ 9,463   $ 9,392   $ 9,002
Interest Expense     1,505     1,582     1,591     1,630     1,697
Net Interest Income   $ 7,876   $ 7,893   $ 7,872   $ 7,762   $ 7,305
                               

Net interest income remained relatively stable compared to the linked quarter while increasing $0.6 million from the same quarter last year.

                               
Net Interest Margin and Spread
QUARTERLY COMPARISON
  Mar '14     Dec '13     Sep '13     Jun '13     Mar '13  
Yield on Earning Assets   4.72 %   4.80 %   4.91 %   4.85 %   4.66 %
Cost of Interest Bearing Liabilities   0.90 %   0.96 %   0.97 %   1.00 %   1.04 %
Spread   3.81 %   3.85 %   3.93 %   3.86 %   3.62 %
Net Interest Margin   3.96 %   4.00 %   4.08 %   4.01 %   3.78 %
                               

Net interest margin amounted to 3.96% for the three-month period ended March 31, 2014, compared to 3.78% for the three months ended March 31, 2013. The increase was primarily due to lower rates on both deposits and FHLB advance rates.

Spread amounted to 3.81% for the three month period ended March 31, 2014, compared to 3.62% for the same period in the previous year. Compared to the same quarter last year, the average yield on earning assets increased 6 basis points from 4.66% to 4.72%, while the average cost of funds decreased 14 basis points from 1.04% to 0.90%.

Operating Revenue
Operating revenue consisting of net interest income plus non-interest income amounted to $11.7 million for the quarter ended March 31, 2014, compared to $11.3 million for the same quarter in fiscal 2013. The table below reflects the Company's operating revenues in millions over the past five quarters:

                     
Operating Revenue
QUARTERLY COMPARISON (in millions)
  Mar '14   Dec '13   Sep '13   Jun '13   Mar '13
Net Interest Income   $ 7.9   $ 7.9   $ 7.9   $ 7.8   $ 7.3
Non Interest Income     3.8     4.0     4.1     3.9     4.0
Operating Revenue   $ 11.7   $ 11.9   $ 12.0   $ 11.7   $ 11.3
                               

Non-Interest Income
Non-interest income was $3.8 million for the quarter ended March 31, 2014, as compared to $4.0 million in the linked quarter and $4.0 million for the same quarter in 2013. Non-interest income amounted to 1.72% of average assets for the quarter ended March 31, 2014 compared to 1.86% for the linked quarter and 1.87% for the quarter ended March 31, 2013. 

                               
Non-Interest Income & Expense                              
QUARTERLY COMPARISON (in thousands)   Mar '14     Dec '13     Sep '13     Jun '13     Mar '13  
Interchange fee Income   $ 872     $ 860     $ 907     $ 954     $ 839  
Other Non-Interest Income   $ 2,898     $ 3,166     $ 3,247     $ 2,950     $ 3,132  
Total Non-Interest Income   $ 3,770     $ 4,026     $ 4,154     $ 3,904     $ 3,971  
Total Non-Interest Income/Avg. Assets     1.72 %     1.86 %     1.96 %     1.84 %     1.87 %
Non-Interest Expense   $ 9,572     $ 8,450     $ 8,797     $ 8,737     $ 8,705  
Non-Interest Expense/Avg. Assets     4.38 %     3.90 %     4.15 %     4.11 %     4.11 %
                                         

Non-Interest Expense
For the quarter ended March 31, 2014, non-interest expense was $9.6 million, or 4.38% of average assets, compared to $8.5 million, or 3.90% of average assets, in the linked quarter, which was an increase of 13.3%, primarily due to increased legal expense of $947,000 related to the merger with IBERIABANK Corporation. Compared to the same quarter in fiscal 2013, non-interest expense increased by $0.9 million, or 10.0%, from $8.7 million to $9.6 million, which was primarily due to legal expense.

Net Income and Dividends
On February 26, 2014, the Board of Directors declared a $0.38 per share quarterly dividend. Based on the closing price of the Company's common stock of $73.00 per share on February 26, 2014, the effective dividend yield was 2.1%. During fiscal 2013, the Company declared dividends totaling $1.475 per share.

                     
QUARTERLY COMPARISON   Mar '14   Dec '13   Sep '13   Jun '13   Mar '13
Dividends Declared Per Share   $ 0.38   $ 0.38   $ 0.375   $ 0.37   $ 0.00
Basic Earnings Per Common Share   $ 0.52   $ 1.17   $ 1.05   $ 0.96   $ 0.76
Diluted Earnings Per Common Share   $ 0.51   $ 1.15   $ 1.03   $ 0.95   $ 0.75
                               

Loans

                     
QUARTERLY COMPARISON
(in millions)
  Mar '14   Dec '13   Sep '13   Jun '13   Mar'13
SmartGrowth Loans                              
  Consumer   $ 137.1   $ 134.1   $ 129.6   $ 122.4   $ 115.8
  Commercial     231.8     233.5     224.2     216.9     212.4
  Home Equity     41.0     41.4     41.6     41.7     42.1
  SmartMortgages     114.7     115.3     113.6     110.6     104.0
Total SmartGrowth Loans   $ 524.6   $ 524.3   $ 509.0   $ 491.6   $ 474.3
Mortgage Loans (owner occupied conforming)     180.8     179.5     175.4     176.2     169.0
Total Loans   $ 705.4   $ 703.8   $ 684.4   $ 667.8   $ 643.3
                               

Linked Quarter Comparison. Gross loans receivable increased to $705.4 million at March 31, 2014 from $703.8 million at December 31, 2013, an increase of $1.6 million or 0.2%, primarily due to increases in consumer and mortgage loans offset somewhat by decreases in commercial, home equity, and smart mortgages. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans, and consumer loans, were $524.6 million, or 74.4% of total loans, at March 31, 2014, compared to $524.3 million, or 74.5%, at December 31, 2013, a three month increase of $0.3 million, or 0.1%.

Commercial loan balances at March 31, 2014 amounted to $231.8 million compared to $233.5 million at December 31, 2013, a three month decrease of $1.7 million, or 0.7%. Consumer loan balances at March 31, 2014 amounted to $137.1 million compared to $134.1 million at December 31, 2013, a linked quarter increase of $3.0 million, or 2.2%. 

One Year Comparison. Gross loans receivable increased to $705.4 million at March 31, 2014 from $643.3 million at March 31, 2013, a twelve-month increase of $62.1 million, or 9.7%. SmartGrowth Loans increased to $524.6 million at March 31, 2014 from $474.3 million at March 31, 2013, a twelve-month increase of $50.3 million, or 10.6%. 

Commercial loan balances at March 31, 2014 amounted to $231.8 million compared to $212.4 million at March 31, 2013, a twelve month increase of $19.4 million, or 9.1%. Consumer loan balances at March 31, 2014 amounted to $137.1 million, compared to $115.8 million at March 31, 2013, a twelve-month increase of $21.3 million, or 18.4%.

"We made over $38.7 million in loans this quarter," said Little, "including $29.9 million in SmartGrowth Loans. The Southwest Louisiana region is a great area with a growing economy and low unemployment."

Deposits

                               
QUARTERLY COMPARISON
(in millions)
  Mar '14     Dec '13     Sep '13     Jun '13     Mar '13  
SmartGrowth Deposits                                        
  Checking   $ 269.4     $ 255.4     $ 245.4     $ 252.3     $ 259.0  
  Money Market     45.6       44.9       50.7       49.7       52.1  
  Savings     205.2       199.8       203.0       209.9       210.6  
Total SmartGrowth Deposits   $ 520.2     $ 500.1     $ 499.1     $ 511.9     $ 521.7  
Time Deposits     133.8       148.4       151.7       135.5       138.7  
Total Deposits   $ 654.0     $ 648.5     $ 650.8     $ 647.4     $ 660.4  
Avg. Yield on Deposits     0.39 %     0.40 %     0.40 %     0.41 %     0.45 %
Avg. Yield on Checking     0.07 %     0.07 %     0.07 %     0.07 %     0.10 %
                                         

Linked Quarter Comparison. Total deposits increased to $654.0 million at March 31, 2014 from $648.5 million at December 31, 2013, a linked quarter increase of $5.5 million, or 0.9%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts, increased $20.1 million, or 4.0%, to $520.2 million at March 31, 2014, from $500.1 million at December 31, 2013.

Checking account balances at March 31, 2014 increased $14.0 million, or 5.5%, to $269.4 million from $255.4 million at December 31, 2013.

One Year Comparison. Total deposits decreased to $654.0 million at March 31, 2014 from $660.4 million at March 31, 2013, a twelve month decrease of $6.4 million, or 1.00%. Total SmartGrowth Deposits decreased $1.5 million, or 0.3%, from $521.7 million at March 31, 2013 to $520.2 million at March 31, 2014.

SmartGrowth Deposits amounted to 79.5% of total deposits as of March 31, 2014, compared to 79.0% at March 31, 2013.

Checking account balances have increased 4.0%, or $10.4 million, in the past 12 months from $259.0 million at March 31, 2013 to $269.4 million at March 31, 2014. Checking account balances at March 31, 2014 accounted for 41.2% of total deposits, compared to 39.2% at March 31, 2013.

Teche Holding Company is the parent company of Teche Federal Bank, which operates twenty offices in South Louisiana and serves over 86,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $864 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.

As previously announced, on January 12, 2014, the Company entered into an Agreement and Plan of Merger (the "Merger Agreement") with IBERIABANK Corporation ("IBKC"), the parent company of IBERIABANK. Under the Merger Agreement, subject to the receipt of shareholder and regulatory approval and the satisfaction of certain other conditions, the Company will merge with and into IBKC (the "Merger") after which Teche Federal Bank is expected to merge with and into IBERIABANK. As a result of the Merger, each share of Company common stock will be exchanged for 1.162 shares of IBKC common stock, subject to adjustment as set forth in the Merger Agreement. The Company will hold a special meeting of shareholders on May 28, 2014 at which shareholders will vote on the Merger Agreement. All of the requisite regulatory approvals have been received by IBKC. Subject to the satisfaction of all conditions, the Company and IBKC anticipate that the Merger will close during the second quarter of 2014.

Caution About Forward-Looking Statements
This press release may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. In general, forward-looking statements usually use words such as "may," "believe," "expect," "anticipate," "intend," "will," "should," "plan," "estimate," "predict," "continue," and "potential" or the negative of these terms or other comparable terminology. Forward-looking statements represent management's beliefs, based upon information available at the time the statements are made, with regard to the matters addressed; they are not guarantees of future performance. Forward-looking statements are subject to numerous assumptions, risks and uncertainties that change over time and could cause actual results or financial condition to differ materially from those expressed in or implied by such statements. Factors that could cause or contribute to such differences include, but are not limited to, the possibility that expected benefits may not materialize in the time frame expected or at all, or may be more costly to achieve, that the Merger may not be timely completed, if at all, that prior to completion of the Merger or thereafter, IBKC's and the Company's respective business may not perform as expected due to transaction-related uncertainties or other factors; that the parties are unable to implement successful integration strategies; that the required regulator, shareholder, or other closing conditions are not satisfied in a timely manner, or at all, reputational risks and the reaction of the parties' customers to the Merger; diversion of management time to Merger-related issues, and other factors and risk influences contained in the cautionary language included under the headings "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Risk Factors" in IBKC's Annual Report on Form 10-K for the fiscal year ended December 31, 2013, and other documents subsequently filed by IBKC with the SEC and under "Management's Discussion and Analysis of Financial Condition and Results of Operations" contained in the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2013, and other documents subsequently filed by the Company with the SEC. Consequently, no forward-looking statement can be guaranteed. Neither IBKC nor the Company undertakes any obligation to update or revise any forward-looking statements, whether as a result of all information, future events or otherwise. For any forward-looking statements made in this press release or any related documents, protection under the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 is being claimed.

   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Statements of Income  
(UNAUDITED)  
   
    THREE MONTHS ENDED  

Condensed Statements of Income
  Mar.
2014
    Dec.
2013
    Sep.
2013
    Jun.
2013
    Mar.
2013
 
 
Interest Income   $ 9,381     $ 9,475     $ 9,463     $ 9,392     $ 9,002  
Interest Expense     1,505       1,582       1,591       1,630       1,697  
Net Interest Income     7,876       7,893       7,872       7,762       7,305  
Provision for Loan Losses     -       -       -       -       250  
Net Interest Income after                                        
  Provision for Loan Losses     7,876       7,893       7,872       7,762       7,055  
Non Interest Income     3,770       4,026       4,154       3,904       3,971  
Non Interest Expense     9,572       8,450       8,797       8,737       8,705  
Income Before Income Taxes     2,074       3,469       3,229       2,929       2,321  
Income Taxes     973       1,054       1,082       976       762  
Net Income   $ 1,101     $ 2,415     $ 2,147     $ 1,953     $ 1,559  
                                         
Selected Financial Data                                        
Dividends Declared Per Share   $ 0.38     $ 0.38     $ 0.375     $ 0.37     $ 0.00  
Basic Earnings Per Common Share   $ 0.52     $ 1.17     $ 1.05     $ 0.96     $ 0.76  
Diluted Earnings Per Common Share   $ 0.51     $ 1.15     $ 1.03     $ 0.95     $ 0.75  
Annualized Return on Avg. Assets     0.50 %     1.11 %     1.01 %     0.92 %     0.74 %
Annualized Return on Avg. Equity     4.67 %     10.49 %     9.63 %     8.89 %     7.19 %
Annualized Return on Avg.                                        
  Tangible Equity (1)     4.86 %     10.93 %     10.05 %     9.27 %     7.52 %
Yield on Interest Earning Assets     4.72 %     4.80 %     4.91 %     4.85 %     4.66 %
Cost of Interest Bearing Liabilities     0.90 %     0.96 %     0.97 %     1.00 %     1.04 %
Spread     3.81 %     3.85 %     3.93 %     3.86 %     3.62 %
Net Interest Margin     3.96 %     4.00 %     4.08 %     4.01 %     3.78 %
Non-Interest Income/Avg. Assets     1.72 %     1.86 %     1.96 %     1.84 %     1.87 %
Non-Interest Expense/Avg. Assets     4.38 %     3.90 %     4.15 %     4.11 %     4.11 %
Quarterly Net Charge-offs/Avg. Loans     0.02 %     0.02 %     0.02 %     0.01 %     0.05 %
Weighted avg. shares Outstanding                                        
  Basic     2,102       2,059       2,036       2,030       2,038  
  Diluted     2,174       2,098       2,078       2,064       2,066  
                                           
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 874,842     $ 867,027     $ 847,261     $ 849,265     $ 847,615  
Earning assets   $ 795,803     $ 789,228     $ 771,019     $ 773,856     $ 772,248  
Loans   $ 704,196     $ 695,696     $ 676,957     $ 655,058     $ 641,192  
Interest-bearing deposits   $ 546,363     $ 548,762     $ 549,331     $ 547,249     $ 538,889  
Total deposits   $ 652,881     $ 653,539     $ 646,746     $ 648,985     $ 640,504  
Total stockholders' equity   $ 94,287     $ 92,067     $ 89,187     $ 87,892     $ 86,682  
                                         
(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   $ 94,287     $ 92,067     $ 89,187     $ 87,892     $ 86,682  
Less average goodwill and other intangible assets, net of related income taxes    
3,651
     
3,652
     
3,653
     
3,655
     
3,656
 
Average Tangible Equity   $ 90,636     $ 88,415     $ 85,534     $ 84,237     $ 83,026  
                                         
Net Income   $ 1,101     $ 2,415     $ 2,147     $ 1,953     $ 1,559  
Plus Amortization of core deposit intangibles, net of related income taxes    
1
     
1
     
1
     
1
     
1
 
Net Income, as adjusted   $ 1,102     $ 2,416     $ 2,148     $ 1,954     $ 1,560  
                                         
                                         
   
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.
2014
    Mar.
2013
    $Change     %Change  
Interest Income   $ 18,856     $ 18,573     $ 283     1.5 %
Interest Expense     3,087       3,529       (442 )   -12.5 %
Net Interest Income     15,769       15,044       725     4.8 %
Provision for Loan Losses     -       400       (400 )   n/a  
Net Interest Income after                              
  Provision for Loan Losses     15,769       14,644       1,125     7.7 %
Non Interest Income     7,796       9,783       (1,987 )   -20.3 %
Non Interest Expense     18,022       17,457       565     3.2 %
                               
Income Before Income Taxes     5,543       6,970       (1,427 )   -20.5 %
Income Taxes     2,027       2,339       (312 )   -13.3 %
Net Income   $ 3,516     $ 4,631     $ (1,115 )   -24.1 %
                               
Selected Financial Data                              
Dividends Declared Per Share   $ 0.76     $ 0.73     $ 0.03     4.1 %
Basic Earnings Per Common Share   $ 1.69     $ 2.27     $ (0.58 )   -25.6 %
Diluted Earnings Per Common Share   $ 1.65     $ 2.24     $ (0.59 )   -26.3 %
Annualized Return on Avg. Assets     0.81 %     1.09 %     -0.28 %   -25.7 %
Annualized Return on Avg. Equity     7.55 %     10.68 %     -3.13 %   -29.3 %
Annualized Return on Avg.                              
  Tangible Equity (1)     7.86 %     11.16 %     -2.64 %   -23.7 %
Yield on Interest Earning Assets     4.76 %     4.79 %     -0.03 %   -0.6 %
Cost of Interest Bearing Liabilities     0.93 %     1.08 %     -0.15 %   -13.9 %
Spread     3.83 %     3.71 %     0.12 %   3.2 %
Net Interest Margin     3.98 %     3.88 %     0.10 %   2.6 %
Non-Interest Income/Avg. Assets     1.79 %     2.30 %     -0.51 %   -22.2 %
Non-Interest Expense/Avg. Assets     4.14 %     4.11 %     0.03 %   0.7 %
Net Charge-offs/Avg. Loans     0.04 %     0.13 %     -0.09 %   -69.2 %
Weighted avg. shares Outstanding                              
  Basic     2,081       2,039       42     2.1 %
  Diluted     2,136       2,065       71     3.4 %
                               
AVERAGE BALANCE SHEET DATA                              
Total Assets   $ 870,882     $ 849,384     $ 21,498     2.5 %
Earning assets   $ 792,782     $ 775,458     $ 17,324     2.2 %
Loans   $ 699,899     $ 654,336     $ 45,563     7.0 %
Interest-bearing deposits   $ 547,572     $ 533,117     $ 14,455     2.7 %
Total deposits   $ 653,210     $ 632,001     $ 21,209     3.4 %
Total stockholders' equity   $ 93,155     $ 86,694     $ 6,461     7.5 %
                               
(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   $ 93,155     $ 86,694     $ 6,461     7.5 %
Less average goodwill and other intangible assets, net of related income taxes     3,651       3,658       (7 )   -0.2 %
Average Tangible Equity     89,504       83,036       6,468     7.8 %
                               
Net Income     3,516       4,631       (1,115 )   -24.1 %
Plus Amortization of core deposit intangibles, net of related income taxes     1       2       (1 )   -50.0 %
Net Income, as adjusted   $ 3,517     $ 4,633     $ (1,116 )   -24.1 %
                               
                               
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
(UNAUDITED)  
   
    Mar.
2014
    Dec.
2013
    Sep.
2013
    Jun.
2013
    Mar.
2013
 
SmartGrowth Loans                                        
  Consumer   $ 137,133     $ 134,090     $ 129,571     $ 122,379     $ 115,803  
  Commercial     231,845       233,459       224,217       216,887       212,359  
  Home Equity     41,013       41,451       41,628       41,737       42,107  
  SmartMortgage Loans     114,680       115,261       113,561       110,586       104,040  
Total SmartGrowth Loans     524,671       524,261       508,977       491,589       474,309  
Mortgage Loans (owner occupied conforming)     180,767       179,524       175,426       176,188       168,989  
      705,438       703,785       684,403       667,777       643,298  
Allowance for Loan Losses     (7,562 )     (7,709 )     (7,868 )     (8,038 )     (8,135 )
Loans Receivable, Net     697,876       696,076       676,535       659,739       635,163  
                                         
Cash and Securities     102,830       116,809       116,511       116,709       162,262  
Goodwill and Other Intangibles     3,651       3,652       3,653       3,654       3,656  
Foreclosed Real Estate     372       467       741       950       639  
Other     59,012       59,719       59,224       58,769       58,609  
TOTAL ASSETS   $ 863,741     $ 876,723     $ 856,664     $ 839,821     $ 860,329  
                                         
SmartGrowth Deposits                                        
  Checking   $ 269,371     $ 255,347     $ 245,392     $ 252,278     $ 259,014  
  Money Market     45,589       44,902       50,652       49,768       52,077  
  Savings     205,244       199,833       203,010       209,896       210,636  
Total Smart Growth Deposits     520,204       500,082       499,054       511,942       521,727  
Time Deposits     133,836       148,393       151,737       135,490       138,728  
Total Deposits     654,040       648,475       650,791       647,432       660,455  
                                         
FHLB Advances     108,634       129,123       108,997       98,757       107,903  
Other Liabilities     7,967       7,388       7,815       6,971       5,340  
Stockholders' Equity     93,100       91,737       89,061       86,661       86,631  
TOTAL LIABILITIES AND                                        
STOCKHOLDERS' EQUITY   $ 863,741     $ 876,723     $ 856,664     $ 839,821     $ 860,329  
                                         
Ratio of Equity to Assets     10.78 %     10.46 %     10.40 %     10.32 %     10.07 %
Tangible Equity Ratio     10.40 %     10.09 %     10.01 %     9.92 %     9.69 %
Total Risk-Based Capital Ratio     14.75 %     14.34 %     14.31 %     14.31 %     14.38 %
Book Value per Common Share   $ 44.12     $ 44.04     $ 43.47     $ 42.82     $ 42.40  
Tangible Book Value Per Common Share (1)   $ 42.39     $ 42.29     $ 41.68     $ 41.06     $ 40.62  
Shares Outstanding (in thousands) - End of Period     2,110       2,082       2,049       2,024       2,043  
Unexercised Options Outstanding     173       204       231       253       275  
Non-performing Assets/Total Assets     0.43 %     0.44 %     0.39 %     0.72 %     0.68 %
ALLL/Loans     1.07 %     1.10 %     1.15 %     1.20 %     1.26 %
ALLL/NPLs     228.79       229.00 %     307.34 %     158.84 %     158.54 %
                                         
(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   $ 93,100     $ 91,737     $ 89,061     $ 86,661     $ 86,631  
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,652 )     (3,651 )     (3,651 )     (3,654 )
Tangible Stockholders' Equity   $ 89,449     $ 88,085     $ 85,410     $ 83,010     $ 82,977  
                                         
Total Assets   $ 863,741     $ 876,723     $ 856,664     $ 839,821     $ 860,329  
Less goodwill and other Intangible assets, net of related income taxes     (3,651 )     (3,652 )     (3,651 )     (3,651 )     (3,654 )
Total Tangible Assets   $ 860,090     $ 873,071     $ 853,013     $ 836,170     $ 856,675  
                                         
                                         

Contact Information

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