SOURCE: Teche Holding Company

Teche Holding Company

February 04, 2014 08:00 ET

Teche Posts $1.15 EPS for First Quarter 2014

NEW IBERIA, LA--(Marketwired - Feb 4, 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 December 31, 2013, the first quarter of fiscal year 2014.

Earnings for the quarter ended December 31, 2013 amounted to $2.4 million, or $1.15 per diluted share. This is compared to $3.1 million, or $1.49 per diluted share, for the same quarter in fiscal 2013 that included an after-tax gain of $1.3 million from the sale of $46.3 million in mortgage loans. There was no similar transaction in this quarter ending December 31, 2013 resulting in a decrease of $0.34 per diluted share, or 22.8% compared to the prior year first quarter results.

"We had solid earnings this quarter on top of record EPS for the past five fiscal years," said Little. We had solid growth in the commercial, consumer, and mortgage loan categories.

The Company reported the following points of interest:

  • SmartGrowth Deposits increased 0.2% over the linked quarter-end and 2.0% compared to a year ago. SmartGrowth Deposits amounted to 77.1% of total deposits at December 31, 2013, compared to 76.7% at September 30, 2013 and 77.7% a year ago.
  • Checking Account Balances increased 4.1% compared to the linked quarter-end and 10.6% compared to December 31, 2012.
  • The average rate paid on all deposits was 0.40% for the quarter compared to 0.40% for the linked quarter and 0.53% for the same quarter in the prior fiscal year.
  • Quarterly operating revenue decreased slightly to $11.9 million for the current quarter, as compared to $12.0 million in the linked quarter and $13.5 million a year ago.
  • Tangible book value per share increased to $42.29, an increase of 1.5%, or $0.61, compared to September 30, 2013 and 6.1%, or $2.43, 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 8.2% to a record $91.7 million at December 31, 2013, while assets increased 4.4% to $876.7 million. The tangible equity ratio at December 31, 2013 increased to 10.09%, compared to 9.70% a year ago. Tangible book value per common share increased to a record $42.29, an increase of 6.1% compared to a year ago. Risk based capital remained strong at 14.34%, and the equity to assets ratio increased to 10.46% from 10.09% a year ago.

During the quarter ended December 31, 2013, the Company did not repurchase any stock.

                               
QUARTERLY COMPARISON   Dec '13     Sep '13     Jun '13     Mar '13     Dec '12  
Stockholders' Equity (in millions)   $ 91.7     $ 89.1     $ 86.7     $ 86.6     $ 84.8  
Ratio of Equity to Assets     10.46 %     10.40 %     10.32 %     10.07 %     10.09 %
Basic Earnings Per Share   $ 1.17     $ 1.05     $ 0.96     $ 0.76     $ 1.51  
Tangible Equity Ratio     10.09 %     10.01 %     9.92 %     9.69 %     9.70 %
Total Risk-Based Capital Ratio     14.34 %     14.31 %     14.31 %     14.38 %     14.34 %
Book Value Per Common Share   $ 44.04     $ 43.47     $ 42.82     $ 42.40     $ 41.65  
Tangible Book Value Per Common Share   $ 42.29     $ 41.68     $ 41.06     $ 40.62     $ 39.86  
Total Assets (in millions)   $ 876.7     $ 856.7     $ 839.8     $ 860.3     $ 839.7  
                                         

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
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Net Charge-offs/Average Loans   0.02 %   0.02 %   0.01 %   0.05 %   0.07 %
ALLL*/NPLs   229.00 %   307.34 %   158.84 %   158.54 %   87.76 %
ALLL*/NPAs   200.43 %   236.57 %   132.76 %   138.95 %   81.52 %
ALLL*/Loans   1.10 %   1.15 %   1.20 %   1.26 %   1.28 %
NPAs/Assets   0.44 %   0.39 %   0.72 %   0.68 %   1.20 %
                               

*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)
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Beginning ALLL   $ 7,868   $ 8,038   $ 8,135   $ 8,234   $ 8,559
Provision for Loan Losses     0     0     0     250     150
Net Charge-offs     159     170     97     349     475
Ending ALLL   $ 7,709   $ 7,868   $ 8,038   $ 8,135   $ 8,234
Ending ALLL (net of specific reserves)   $ 7,571   $ 7,730   $ 8,038   $ 8,135   $ 8,234
                               

The allowance for loan losses was 1.10% of total loans, or $7.7 million, at December 31, 2013 compared to 1.15% of total loans, or $7.9 million, at September 30, 2013 and 1.28% of total loans, or $8.2 million, at December 31, 2012.

Net charge-offs for the quarter were $0.2 million, or 0.02% of average loans, compared to $0.5 million, or 0.07% of average loans, for the same period a year ago. For the twelve months ended December 31, 2013, net charge offs were $0.8 million, or 0.12% of average loans, compared to $1.9 million, or 0.29% of loans, for the twelve months ended December 31, 2012.

Non-performing assets increased slightly to $3.9 million, or 0.44% of total assets, at December 31, 2013 compared to $3.3 million, or 0.39% of total assets, at September 30, 2013 and $10.3 million, or 1.20% of total assets, a year ago. The increase from the linked quarter was due to slight increases in delinquent loans offset by lower balances on real estate owned. The decrease from one year ago was primarily due to lower commercial loan delinquencies.

Revenue

                     
Net Interest Income
QUARTERLY COMPARISON (In 000's)
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Interest Income   $ 9,475   $ 9,463   $ 9,392   $ 9,002   $ 9,571
Interest Expense     1,582     1,591     1,630     1,697     1,832
Net Interest Income   $ 7,893   $ 7,872   $ 7,762   $ 7,305   $ 7,739
                               

Net interest income increased slightly compared to the linked quarter while increasing $0.2 million from the same quarter last year.

                     
Net Interest Margin and Spread
QUARTERLY COMPARISON
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Yield on Earning Assets   4.80 %   4.91 %   4.85 %   4.66 %   4.92 %
Cost of Interest Bearing Liabilities   0.96 %   0.97 %   1.00 %   1.04 %   1.11 %
Spread   3.85 %   3.93 %   3.86 %   3.62 %   3.80 %
Net Interest Margin   4.00 %   4.08 %   4.01 %   3.78 %   3.98 %
                               

Net interest margin amounted to 4.00% for the three-month period ended December 31, 2013, compared to 3.98% for the three months ended December 31, 2012. The increase was primarily due to lower deposit rates offset somewhat by increased FHLB advance rates along with lower rates on both loans and investments.

Spread amounted to 3.85% for the three month period ended December 31, 2013, compared to 3.80% for the same period in the previous year. Compared to the same quarter last year, the average yield on earning assets decreased 12 basis points from 4.92% to 4.80%, while the average cost of funds decreased 15 basis points from 1.11% to 0.96%.

Operating Revenue
Operating revenue consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $11.9 million for the quarter ended December 31, 2013, compared to $13.5 million for the same quarter in 2012. The 2012 quarter included a $2.0 million before tax gain from the sale of $46.3 million in mortgage loans.

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

                     
Operating Revenue
QUARTERLY COMPARISON (in millions)
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Net Interest Income   $ 7.9   $ 7.9   $ 7.8   $ 7.3   $ 7.7
Non Interest Income     4.0     4.1     3.9     4.0     5.8
Operating Revenue   $ 11.9   $ 12.0   $ 11.7   $ 11.3   $ 13.5
                               

Non-Interest Income
Non-interest income was $4.0 million for the quarter ended December 31, 2013, as compared to $4.2 million in the linked quarter and $5.8 million for the same quarter in 2012. The 2012 quarter included a $2.0 million before tax gain from the sale of $46.3 million in mortgage loans. Non-interest income amounted to 1.86% of average assets for the quarter ended December 31, 2013 compared to 1.96% for the linked quarter and 2.73% a year ago.

                     
Non-Interest Income & Expense                    
QUARTERLY COMPARISON (in thousands)   Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Interchange fee Income   $ 860     $ 907     $ 954     $ 839     $ 826  
Other Non-Interest Income   $ 3,166     $ 3,247     $ 2,950     $ 3,132     $ 4,986  
Total Non-Interest Income   $ 4,026     $ 4,154     $ 3,904     $ 3,971     $ 5,812  
Total Non-Interest Income/Avg. Assets     1.86 %     1.96 %     1.84 %     1.87 %     2.73 %
Non-Interest Expense   $ 8,450     $ 8,797     $ 8,737     $ 8,705     $ 8,752  
Non-Interest Expense/Avg. Assets     3.90 %     4.15 %     4.11 %     4.11 %     4.11 %
                                         

Non-Interest Expense
For the quarter ended December 31, 2013, non-interest expense was $8.5 million, or 3.90% of average assets, compared to $8.8 million, or 4.15% of average assets, in the linked quarter, which was a decrease of 3.9%, primarily due to decreases in compensation, marketing and professional expenses, partially offset by increases in occupancy expense. Compared to the same quarter in fiscal 2012, non-interest expense decreased by $0.3 million, or 3.5%, from $8.8 million to $8.5 million, which was primarily due to decreases in compensation, marketing and professional expenses, partially offset by increases in occupancy expense.

Net Income and Dividends
On November 20, 2013, the Board of Directors declared a $0.38 per share quarterly dividend. Based on the closing price of the Company's common stock of $50.13 per share on November 20, 2013, the annualized dividend yield was 3.03%. Since 2003, the Company has increased dividends for eleven consecutive years. During fiscal 2013, the Company declared dividends totaling $1.475 per share.

                     
QUARTERLY COMPARISON   Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
Dividends Declared Per Share   $ 0.38   $ 0.375   $ 0.37   $ 0.00   $ 0.73
Basic Earnings Per Common Share   $ 1.17   $ 1.05   $ 0.96   $ 0.76   $ 1.51
Diluted Earnings Per Common Share   $ 1.15   $ 1.03   $ 0.95   $ 0.75   $ 1.49
                               

Loans

                     
QUARTERLY COMPARISON
(in millions)
  Dec '13   Sep '13   Jun '13   Mar '13   Dec '12
SmartGrowth Loans                              
  Consumer   $ 134.1   $ 129.6   $ 122.4   $ 115.8   $ 113.4
  Commercial     233.5     224.2     216.9     212.4     220.5
  Home Equity     41.4     41.6     41.7     42.1     42.5
  SmartMortgages     115.3     113.6     110.6     104.0     100.8
Total SmartGrowth Loans   $ 524.3   $ 509.0   $ 491.6   $ 474.3   $ 477.2
  Mortgage Loans (owner occupied conforming)     179.5     175.4     176.2     169.0     165.4
Total Loans   $ 703.8   $ 684.4   $ 667.8   $ 643.3   $ 642.6
                               

Linked Quarter Comparison. Gross loans receivable increased to $703.8 million at December 31, 2013 from $684.4 million at September 30, 2013, an increase of $19.4 million or 2.8%, primarily due to increases in all loan categories with commercial loans experiencing the most growth with an increase of $9.3 million. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans, and consumer loans, were $524.3 million, or 74.5% of total loans, at December 31, 2013, compared to $509.0 million, or 74.4%, at September 30, 2013, a three month increase of $15.3 million, or 3.0%.

Commercial loan balances at December 31, 2013 amounted to $233.5 million compared to $224.2 million at September 30, 2013, a three month increase of $9.3 million, or 4.1%. Consumer loan balances at December 31, 2013 amounted to $134.1 million compared to $129.6 million at September 30, 2013, a linked quarter increase of $4.5 million, or 3.5%.

One Year Comparison. Gross loans receivable increased to $703.8 million at December 31, 2013 from $642.6 million at December 31, 2012, a twelve month increase of $61.2 million, or 9.5%. SmartGrowth Loans increased to $524.3 million at December 31, 2013 from $477.2 million at December 31, 2012, a twelve month increase of $47.1 million, or 9.9%.

Commercial loan balances at December 31, 2013 amounted to $233.5 million compared to $220.5 million at December 31, 2012, a twelve month increase of $13.0 million, or 5.9%. Consumer loan balances at December 31, 2013 amounted to $134.1 million, compared to $113.4 million at December 31, 2012, a twelve month increase of $20.7 million, or 18.3%.

"We made over $52.7 million in loans this quarter," said Little, "including $49.6 million in SmartGrowth loans. The Southwest Louisiana region is a great area with a growing economy and low unemployment."

Deposits

                               
QUARTERLY COMPARISON
(in millions)
  Dec '13     Sep '13     Jun '13     Mar '13     Dec '12  
SmartGrowth Deposits                                        
  Checking   $ 255.4     $ 245.4     $ 252.3     $ 259.0     $ 230.8  
  Money Market     44.9       50.7       49.7       52.1       55.0  
  Savings     199.8       203.0       209.9       210.6       204.2  
Total SmartGrowth Deposits   $ 500.1     $ 499.1     $ 511.9     $ 521.7     $ 490.0  
Time Deposits     148.4       151.7       135.5       138.7       140.6  
Total Deposits   $ 648.5     $ 650.8     $ 647.4     $ 660.4     $ 630.6  
Avg. Yield on Deposits     0.40 %     0.40 %     0.41 %     0.45 %     0.53 %
Avg. Yield on Checking     0.07 %     0.07 %     0.07 %     0.10 %     0.12 %
                                         

Linked Quarter Comparison. Total deposits decreased to $648.5 million at December 31, 2013 from $650.8 million at September 30, 2013, a linked quarter decrease of $2.3 million, or 0.4%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts, increased $1.0 million, or 0.2%, to $500.1 million at December 31, 2013, from $499.1 million at September 30, 2013.

Checking account balances at December 31, 2013 increased $10.0 million, or 4.1%, to $255.4 million from $245.4 million at September 30, 2013.

One Year Comparison. Total deposits increased to $648.5 million at December 31, 2013 from $630.6 million at December 31, 2012, a twelve month increase of $17.9 million, or 2.8%. Total SmartGrowth Deposits increased $10.1 million, or 2.1%, from $490.0 million at December 31, 2012 to $500.1 million at December 31, 2013.

SmartGrowth Deposits amounted to 77.1% of total deposits as of December 31, 2013, compared to 77.7% at December 31, 2012.

Checking account balances have increased 10.7%, or $24.6 million, in the past 12 months from $230.8 million at December 31, 2012 to $255.4 million at December 31, 2013. Checking account balances at December 31, 2013 accounted for 39.4% of total deposits, compared to 36.6% at December 31, 2012.

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 $876 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.

Important Additional Information.

This communication does not constitute an offer to sell or the solicitation of an offer to buy any securities or a solicitation of any vote or approval. In connection with the Merger, IBKC will file with the Securities and Exchange Commission ("SEC") a registration statement on Form S-4 that will include a proxy statement/prospectus for the shareholders of the Company. The Company will mail the final proxy statement/prospectus to its shareholders. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, INVESTORS ARE URGED TO READ THE PROXY STATEMENT/PROSPECTUS REGARDING THE MERGER AND ANY OTHER RELEVANT DOCUMENTS CAREFULLY IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. The proxy statement/prospectus, as well as other filings containing information about IBKC and the Company, will be available without charge, at the SEC's Internet site (http://www.sec.gov). Copies of the proxy statement/prospectus and the filings with the SEC that will be incorporated by reference in the proxy statement/prospectus can also be obtained, when available, without charge, from IBKC's website (http://www.iberiabank.com), under the heading "Investor Information" and on the Company's website (http://www.teche.com).

IBKC and the Company, and certain of their respective directors, executive officers and other members of management and employees may be deemed to be participants in the solicitation of proxies from the shareholders of the Company in respect of the Merger. Information regarding the directors and executive officers of IBKC, including their beneficial ownership of IBKC's common stock, is set forth in the definitive proxy statement for IBKC's 2013 annual meeting of shareholders, as filed with the SEC on April 12, 2013 and in Forms 3, 4 and 5 filed with the SEC by its officers and directors. Information regarding the directors and executive officers of the Company, including their beneficial ownership of the Company's common stock, is set forth in the definitive proxy statement for the Company's 2014 annual meeting of shareholders, as filed with the SEC on December 30, 2013 and in Forms 3, 4 and 5 filed with the SEC by its officers and directors. Additional information regarding the interests of such participants will be included in the proxy statement/prospectus and other relevant documents regarding the Merger filed with the SEC when they become available.

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, 2012, and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 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
 
 
Dec.
2013
 
 
 
 
Sep.
2013
 
 
 
 
Jun.
2013
 
 
 
 
Mar.
2013
 
 
 
 
Dec.
2012
 
 
Interest Income   $ 9,475     $ 9,463     $ 9,392     $ 9,002     $ 9,571  
Interest Expense     1,582       1,591       1,630       1,697       1,832  
Net Interest Income     7,893       7,872       7,762       7,305       7,739  
Provision for Loan Losses     -       -       -       250       150  
Net Interest Income after Provision for Loan Losses     7,893       7,872       7,762       7,055       7,589  
Non Interest Income     4,026       4,154       3,904       3,971       5,812  
Non Interest Expense     8,450       8,797       8,737       8,705       8,752  
Income Before Income Taxes     3,469       3,229       2,929       2,321       4,649  
Income Taxes     1,054       1,082       976       762       1,577  
Net Income   $ 2,415     $ 2,147     $ 1,953     $ 1,559     $ 3,072  
Selected Financial Data                                        
Dividends Declared Per Share   $ 0.38     $ 0.375     $ 0.37     $ 0.00     $ 0.73  
Basic Earnings Per Common Share   $ 1.17     $ 1.05     $ 0.96     $ 0.76     $ 1.51  
Diluted Earnings Per Common Share   $ 1.15     $ 1.03     $ 0.95     $ 0.75     $ 1.49  
Annualized Return on Avg. Assets     1.11 %     1.01 %     0.92 %     0.74 %     1.44 %
Annualized Return on Avg. Equity     10.49 %     9.63 %     8.89 %     7.19 %     14.17 %
Annualized Return on Avg. Tangible Equity (1)     10.93 %     10.05 %     9.27 %     7.52 %     14.80 %
Yield on Interest Earning Assets     4.80 %     4.91 %     4.85 %     4.66 %     4.92 %
Cost of Interest Bearing Liabilities     0.96 %     0.97 %     1.00 %     1.04 %     1.11 %
Spread     3.85 %     3.93 %     3.86 %     3.62 %     3.80 %
Net Interest Margin     4.00 %     4.08 %     4.01 %     3.78 %     3.98 %
Non-Interest Income/Avg. Assets     1.86 %     1.96 %     1.84 %     1.87 %     2.73 %
Non-Interest Expense/Avg. Assets     3.90 %     4.15 %     4.11 %     4.11 %     4.11 %
Quarterly Net Charge-offs/Avg. Loans     0.02 %     0.02 %     0.01 %     0.05 %     0.07 %
Weighted avg. shares Outstanding                                        
  Basic     2,059       2,036       2,030       2,038       2,039  
  Diluted     2,098       2,078       2,064       2,066       2,064  
AVERAGE BALANCE SHEET DATA                                        
Total Assets   $ 867,027     $ 847,261     $ 849,265     $ 847,615     $ 851,126  
Earning assets   $ 789,228     $ 771,019     $ 773,856     $ 772,248     $ 778,592  
Loans   $ 695,696     $ 676,957     $ 655,058     $ 641,192     $ 667,191  
Interest-bearing deposits   $ 548,762     $ 549,331     $ 547,249     $ 538,889     $ 527,476  
Total deposits   $ 653,539     $ 646,746     $ 648,985     $ 640,504     $ 623,689  
Total stockholders' equity   $ 92,067     $ 89,187     $ 87,892     $ 86,682     $ 86,713  
                                         
(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   $ 92,067     $ 89,187     $ 87,892     $ 86,682     $ 86,713  
Less average goodwill and other intangible assets, net of related income taxes     3,652       3,653       3,655       3,656       3,657  
Average Tangible Equity   $ 88,415     $ 85,534     $ 84,237     $ 83,026     $ 83,056  
                                         
Net Income   $ 2,415     $ 2,147     $ 1,953     $ 1,559     $ 3,072  
Plus Amortization of core deposit intangibles, net of related income taxes     1       1       1       1       1  
Net Income, as adjusted   $ 2,416     $ 2,148     $ 1,954     $ 1,560     $ 3,073  
                                         
                                         
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Balance Sheet  
(UNAUDITED)  
   
    Dec. 2013     Sep. 2013     Jun. 2013     Mar. 2013     Dec. 2012  
SmartGrowth Loans                                        
  Consumer   $ 134,090     $ 129,571     $ 122,379     $ 115,803     $ 113,365  
  Commercial     233,459       224,217       216,887       212,359       220,463  
  Home Equity     41,451       41,628       41,737       42,107       42,546  
  SmartMortgage Loans     115,261       113,561       110,586       104,040       100,859  
Total SmartGrowth Loans     524,261       508,977       491,589       474,309       477,233  
  Mortgage Loans (owner occupied conforming)     179,524       175,426       176,188       168,989       165,364  
      703,785       684,403       667,777       643,298       642,597  
Allowance for Loan Losses     (7,709 )     (7,868 )     (8,038 )     (8,135 )     (8,234 )
Loans Receivable, Net     696,076       676,535       659,739       635,163       634,363  
                                         
Cash and Securities     116,809       116,511       116,709       162,262       142,406  
Goodwill and Other Intangibles     3,652       3,653       3,654       3,656       3,657  
Foreclosed Real Estate     467       741       950       639       697  
Other     59,719       59,224       58,769       58,609       58,575  
TOTAL ASSETS   $ 876,723     $ 856,664     $ 839,821     $ 860,329     $ 839,698  
                                         
SmartGrowth Deposits                                        
  Checking   $ 255,347     $ 245,392     $ 252,278     $ 259,014     $ 230,845  
  Money Market     44,902       50,652       49,768       52,077       54,955  
  Savings     199,833       203,010       209,896       210,636       204,241  
Total Smart Growth Deposits     500,082       499,054       511,942       521,727       490,041  
Time Deposits     148,393       151,737       135,490       138,728       140,598  
Total Deposits     648,475       650,791       647,432       660,455       630,639  
                                         
FHLB Advances     129,123       108,997       98,757       107,903       117,034  
Other Liabilities     7,388       7,815       6,971       5,340       7,258  
Stockholders' Equity     91,737       89,061       86,661       86,631       84,767  
TOTAL LIABILITIES AND                                        
STOCKHOLDERS' EQUITY   $ 876,723     $ 856,664     $ 839,821     $ 860,329     $ 839,698  
                                         
Ratio of Equity to Assets     10.46 %     10.40 %     10.32 %     10.07 %     10.09 %
Tangible Equity Ratio     10.09 %     10.01 %     9.92 %     9.69 %     9.70 %
Total Risk-Based Capital Ratio     14.34 %     14.31 %     14.31 %     14.38 %     14.34 %
Book Value per Common Share   $ 44.04     $ 43.47     $ 42.82     $ 42.40     $ 41.65  
Tangible Book Value Per Common Share (1)   $ 42.29     $ 41.68     $ 41.06     $ 40.62     $ 39.86  
Shares Outstanding (in thousands)     2,083       2,049       2,024       2,043       2,035  
Non-performing Assets/Total Assets     0.44 %     0.39 %     0.72 %     0.68 %     1.20 %
ALLL/Loans     1.10 %     1.15 %     1.20 %     1.26 %     1.28 %
ALLL/NPLs     229.00 %     307.34 %     158.84 %     158.54 %     87.76 %
                                         
(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   $ 91,737     $ 89,061     $ 86,661     $ 86,631     $ 84,767  
Less goodwill and other Intangible assets, net of related income taxes     (3,652 )     (3,651 )     (3,651 )     (3,654 )     (3,656 )
Tangible Stockholders' Equity   $ 88,085     $ 85,410     $ 83,010     $ 82,977     $ 81,111  
                                         
Total Assets   $ 876,723     $ 856,664     $ 839,821     $ 860,329     $ 839,698  
Less goodwill and other Intangible assets, net of related income taxes     (3,652 )     (3,651 )     (3,651 )     (3,654 )     (3,656 )
Total Tangible Assets   $ 873,071     $ 853,013     $ 836,170     $ 856,675     $ 836,042  
                                         
   
   
TECHE HOLDING COMPANY  
(Dollars in thousands, except per share data)  
New Iberia, LA  
Annual Balance Sheet  
(UNAUDITED)  
   
    Dec. 2013     Dec. 2012     Dec. 2011     Dec. 2010  
SmartGrowth Loans                                
  Consumer   $ 134,090     $ 113,365     $ 107,399     $ 111,139  
  Commercial     233,459       220,463       213,659       208,797  
  Home Equity     41,451       42,546       47,261       52,182  
  SmartMortgage Loans     115,261       100,859       98,221       89,389  
Total SmartGrowth Loans     524,261       477,233       466,540       461,507  
Mortgage Loans (owner occupied conforming)     179,524       165,364       166,088       132,224  
      703,785       642,597       632,628       593,731  
Allowance for Loan Losses     (7,709 )     (8,234 )     (8,392 )     (9,953 )
Loans Receivable, Net     696,076       634,363       624,236       583,778  
                                 
Cash and Securities     116,809       142,406       130,126       110,405  
Goodwill and Other Intangibles     3,652       3,657       3,667       3,682  
Foreclosed Real Estate     467       697       1,012       2,079  
Other     59,719       58,575       54,504       53,757  
TOTAL ASSETS   $ 876,723     $ 839,698     $ 813,545     $ 753,701  
                                 
SmartGrowth Deposits                                
  Checking   $ 255,347     $ 230,845     $ 199,021     $ 186,240  
  Money Market     44,902       54,955       52,019       55,557  
  Savings     199,833       204,241       188,303       169,326  
Total Smart Growth Deposits     500,082       490,041       439,343       411,123  
Time Deposits     148,393       140,598       159,968       172,316  
Total Deposits     648,475       630,639       599,311       583,439  
                                 
FHLB Advances     129,123       117,034       127,621       87.756  
Other Liabilities     7,388       7,258       5,501       6,009  
Stockholders' Equity     91,737       84,767       81,112       76,497  
TOTAL LIABILITIES AND                                
STOCKHOLDERS' EQUITY   $ 876,723     $ 839,698     $ 813,545     $ 753,701  
                                 
Ratio of Equity to Assets     10.46 %     10.09 %     9.97 %     10.15 %
Tangible Equity Ratio     10.09 %     9.70 %     9.56 %     9.71 %
Total Risk-Based Capital Ratio     14.34 %     14.34 %     14.09 %     13.79 %
Book Value per Common Share   $ 2,083     $ 41.65     $ 39.24     $ 36.81  
Tangible Book Value Per Common Share (1)   $ 42.29     $ 39.86     $ 37.47     $ 35.04  
Non-performing Assets/Total Assets     0.44 %     1.20 %     1.53 %     2.27 %
ALLL/Loans     1.10 %     1.28 %     1.33 %     1.68 %
ALLL/NPLs     229.00 %     87.76 %     73.72 %     66.36 %
Shares Outstanding (in thousands)     2,083       2,035       2,067       2,078  
                                 
(1) Eliminates the effect of goodwill and the core deposit intangible assets and the related amortization expense.  
   
   
Stockholders' Equity   $ 91,737     $ 84,767     $ 81,112     $ 76,497  
Less goodwill and other Intangible assets, net of related income taxes     (3,652 )     (3,656 )     (3,657 )     (3,670 )
Tangible Stockholders' Equity   $ 88,085     $ 81,111     $ 77,455     $ 72,827  
                                 
Total Assets   $ 876,723     $ 839,698     $ 813,545     $ 753,701  
Less goodwill and other Intangible assets, net of related income taxes     (3,652 )     (3,656 )     (3,657 )     (3,670 )
Total Tangible Assets   $ 873,071     $ 836,042     $ 809,888     $ 750,031  
                                 
                         
                         
Quarter-End Loan Data
December 31, 2013
(In 000's)
 
 
 
Total
Loans
Dollars
 
 
 
Net Charge-
Offs
Dollars
 
 
 
Net Charge-
Offs
Percentage
 
 
 
 
 
 
90 Days +
Non Accrual
Dollars
 
 
 
90 Days +
Non Accrual
Percentage
 
 
 
Real Estate Loans                              
  Construction   $ 16,905   $ --   0.00 %   $ --   0.0 %
  Permanent, Secured by:                              
    1-4 Dwelling Units:                              
      Revolving, Open-End Loans (HELOC)     23,851     --   0.00 %     19   0.1 %
      All Other                              
        Secured by First Liens     385,752     68   0.02 %     3,075   0.8 %
        Secured by Junior Liens     5,449     --   0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     23,962     --   0.03 %     --   0.0 %
    Nonresidential Property (Except Land)     113,873     --   0.06 %     --   0.0 %
    Land     31,400     --   0.00 %     105   0.3 %
        Consumer     21,292     --   0.00 %     105   0.5 %
        Commercial     10,108     --   0.00 %     --   0.0 %
Subtotal - Real Estate Loans   $ 601,192   $ 68   0.01 %   $ 3,199   0.5 %
                               
Non-Real Estate Loans:                              
  Commercial Loans   $ 33,365     --   --       --   0.0 %
  Consumer Loans:                              
      Loans on Deposits     3,300     --   --       26   0.8 %
      Auto Loans     2,798     --   --       14   0.5 %
      Mobile Home Loans     45,182     33   0.07 %     308   0.7 %
      Other     17,948     58   0.32 %     37   0.2 %
Subtotal - Non Real Estate Loans   $ 102,593   $ 91   0.09 %   $ 385   0.4 %
                               
Gross Loans   $ 703,785   $ 159   0.02 %   $ 3,584   0.5 %
                               
Non-accruals   $ 3,234                        
90 + Days Past Due     350                        
OREO & Foreclosed     480                        
  Nonperforming Assets (Net)   $ 4,064                        
  Performing TDRs     --                        
                               
                               
                       
                       
Quarter-End Loan Data
September 30, 2013
(In 000's)
 
 
 
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   $ 13,704   $ --     0.00 %   $ --   0.0 %
  Permanent, Secured by:                                
    1-4 Dwelling Units:                                
      Revolving, Open-End Loans (HELOC)     22,939     --     0.00 %     7   0.0 %
      All Other                                
        Secured by First Liens     378,800     94     0.02 %     2,319   0.7 %
        Secured by Junior Liens     5,909     --     0.00 %     --   0.0 %
    Multifamily (5+ Dwelling Units)     22,432     7     0.03 %     --   0.0 %
    Nonresidential Property (Except Land)     111,217     62     0.06 %     --   0.0 %
    Land     31,710     --     0.00 %     63   0.2 %
        Consumer     21,361     --     0.00 %     63   0.3 %
        Commercial     10,349     --     0.00 %     --   0.0 %
Subtotal - Real Estate Loans   $ 586,711   $ 163     0.03 %   $ 2,389   0.4 %
                                 
Non-Real Estate Loans:                                
  Commercial Loans   $ 30,685   $ (16 )   (0.05 %)     --   0.0 %
  Consumer Loans:                                
    Loans on Deposits     3,208     --     --       48   1.5 %
    Auto Loans     2,795     --     --       12   0.4 %
    Mobile Home Loans     43,199     17     0.04 %     246   0.6 %
    Other     17,806     6     0.03 %     83   0.5 %
Subtotal - Non Real Estate Loans   $ 97,693   $ 7     0.01 %   $ 389   0.4 %
                                 
Gross Loans   $ 684,404   $ 170     0.02 %   $ 2,778   0.4 %
                                 
Non-accruals   $ 2,425                          
90 + Days Past Due     353                          
OREO & Foreclosed     766                          
  Nonperforming Assets (Net)   $ 3,544                          
  Performing TDRs     --                          
   
   
                           
                           
Loans: Linked Quarter Comparison                              
Average Loan
Balances & Yields (In 000's)
 
 
12/31/2013
Balance
 
 
12/31/2013
Yield
 
 
 
 
09/30/2013
Balance
 
 
09/30/2013
Yield
 
 
 
 
Change
Balance
 
 
Change
Yield
 
 
Real Estate Loans                                    
  1-4 Family   $ 425,721   4.63 %   $ 417,925   4.78 %   $ 7,796   -0.15 %
  Commercial     147,942   4.98 %     141,727   4.96 %     6,215   0.02 %
      573,663   4.72 %     559,652   4.83 %     14,011   -0.11 %
                                     
Non-Real Estate Loans                                    
  Commercial   $ 32,156   5.23 %   $ 30,588   5.31 %   $ 1,568   -0.08 %
  Consumer     89,877   8.57 %     86,717   8.92 %     3,160   -0.35 %
      122,033   7.69 %     117,305   7.98 %     4,728   -0.29 %
                                     
Total All Loans   $ 695,696   5.24 %   $ 676,957   5.37 %   $ 18,739   -0.13 %
                                     
                                     
Prior Year Comparison
Average Loan Balances & Yields (In 000's)
 
 
12/31/2013
Balance
 
 
12/31/2013
Yield
 
 
 
 
12/31/2012
Balance
 
 
12/31/2012
Yield
 
 
 
 
Change
Balance
 
 
Change
Yield
 
 
Real Estate Loans                                    
    1-4 Family   $ 425,721   4.63 %   $ 416,485   4.84 %   $ 9,236   -0.21 %
    Commercial     147,942   4.98 %     136,251   5.25 %     11,691   -0.27 %
      573,663   4.72 %     552,736   4.94 %   $ 20,927   -0.22 %
                                     
Non-Real Estate Loans                                    
  Commercial   $ 32,156   5.23 %   $ 35,093   5.41 %   $ (2,937 ) -0.18 %
  Consumer     89,877   8.57 %     79,362   9.05 %     10,515   -0.48 %
      122,033   7.69 %     114,455   7.93 %     7,578   -0.24 %
                                     
Total All Loans   $ 695,696   5.24 %   $ 667,191   5.45 %   $ 28,505   -0.21 %
                                     
                                     
                               
                               
Loans: Linked Quarter Comparison                              
Average Loan
Balances & Yields (In 000's)
 
 
09/30/2013
Balance
 
 
09/30/2013
Yield
 
 
 
 
06/30/2013
Balance
 
 
06/30/2013
Yield
 
 
 
 
Change
Balance
 
 
Change
Yield
 
 
Real Estate Loans                                    
  1-4 Family   $ 417,925   4.78 %   $ 405,580   4.89 %   $ 12,345   -0.11 %
  Commercial     141,727   4.96 %     136,246   5.02 %     5,481   -0.06 %
Total Real Estate Loans   $ 559,652   4.83 %   $ 541,826   4.92 %   $ 17,826   -0.09 %
                                     
Non-Real Estate Loans                                    
  Commercial   $ 30,588   5.31 %   $ 30,088   5.15 %   $ 500   -0.16 %
  Consumer     86,717   8.92 %     83,144   9.26 %     3,573   -0.34 %
Total Non-Real Estate Loans     117,305   7.98 %     113,232   8.17 %   $ 4,073   -0.19 %
                                     
Total All Loans   $ 676,957   5.37 %   $ 655,058   5.48 %   $ 21,899   -0.11 %
                                     
                                     
Loans: Prior Year Comparison                                    
Average Loan
Balances & Yields (In 000's)
 
 
09/30/2013
Balance
 
 
09/30/2013
Yield
 
 
 
 
09/30/2012
Balance
 
 
09/30/2012
Yield
 
 
 
 
Change
Balance
 
 
Change
Yield
 
 
Real Estate Loans                                    
  1-4 Family   $ 408,585   4.82 %   $ 401,968   5.08 %   $ 6,617   -0.26 %
  Commercial     137,275   5.05 %     135,300   5.51 %     1,975   -0.46 %
    $ 545,860   4.87 %   $ 537,268   5.19 %   $ 8,592   -0.32 %
                                     
Non-Real Estate Loans                                    
  Commercial   $ 31,893   5.23 %   $ 28,543   5.79 %   $ 3,350   -0.56 %
  Consumer     82,465   9.04 %     77,413   9.21 %     5,052   -0.17 %
    $ 114,358   7.98 %   $ 105,956   8.29 %   $ 8,402   -0.31 %
                                     
Total All Loans   $ 660,218   5.41 %   $ 643,224   5.70 %   $ 16,994   -0.29 %
                                     
                                     
   
   
Interest-bearing Liabilities: Linked Quarter Comparison  
Average balances   12/31/2013   12/31/2013     9/30/2013   9/30/2013     Change     Change     %Balance  
(In 000's)   $Balance   Avg. Yield     $Balance   Avg. Yield     $Balance     Avg. Yield     Change  
  NOW Accounts   $ 148,451   0.12 %   $ 144,813   0.12 %   $ 3,638     0.00 %      
  Non-interest bearing Deposits     104,777   0.00 %     97,415   0.00 %     7,362     0.00 %      
    Checking Total   $ 253,228   0.07 %   $ 242,228   0.07 %   $ 11,000     0.00 %      
                                             
  Savings Accounts   $ 200,626   0.11 %   $ 205,634   0.11 %   $ (5,009 )   0.00 %      
  Money Market Accounts     49,639   0.06 %     50,539   0.06 %     (900 )   0.00 %      
                                             
  Total Smart Growth Deposits   $ 503,493   0.08 %   $ 498,401   0.08 %   $ 5,092     0.08 %      
                                             
  Time Deposits   $ 150,046   1.47 %   $ 148,345   1.47 %   $ 1,701     0.00 %      
                                             
  Total Deposits   $ 653,539   0.40 %   $ 646,74425,7216   0.40 %   $ 6,793     0.00 %      
                                             
  FHLB Advances   $ 113,744   3.25 %   $ 103,833   3.62 %   $ 9,911     -0.37 %      
                                             
Total Interest-bearing liabilities   $ 662,506   0.96 %   $ 653,164   0.97 %   $ 9,342     -0.01 %      
                                             
Non-interest bearing Deposits   $ 104,777   0.00 %   $ 97,415   0.00 %   $ 7,362     0.00 %      
                                             
                                             
Interest-bearing Liabilities: Prior Year Comparison  
Average balances   12/31/2013   12/31/2013     12/31/2012   12/31/2012     Change     Change     %Balance  
(In 000's)   $Balance   Avg. Yield     $Balance   Avg. Yield     $Balance     Avg. Yield     Change  
  NOW Accounts   $ 148,451   0.12 %   $ 128,492   0.22 %   $ 19,959     -0.10 %   15.5 %
  Non-interest bearing Deposits     104,777   0.00 %     96,213   0.00 %     8,564     0.00 %   8.9 %
    Checking Total   $ 253,228   0.07 %   $ 224,705   0.12 %   $ 28,523     -0.05 %   12.7 %
                                             
  Savings Accounts   $ 200,626   0.11 %   $ 203,181   0.33 %   $ (2,555 )   -0.22 %   -1.3 %
  Money Market Accounts     49,639   0.06 %     54,445   0.15 %   $ (4,806 )   -0.09 %   -8.8 %
                                             
  Total Smart Growth Deposits   $ 503,493   0.08 %   $ 482,331   0.21 %   $ 21,162     -0.13 %   4.4 %
                                             
  Time Deposits   $ 150,046   1.47 %   $ 141,358   1.62 %   $ 8,688     -0.15 %   6.1 %
                                             
Total Deposits   $ 653,539   0.40 %   $ 623,689   0.53 %   $ 29,850     -0.13 %   4.8 %
                                             
  FHLB Advances   $ 113,744   3.25 %   $ 131,845   3.04 %   $ (18,101 )   -0.21 %   -13.7 %
                                             
Total Interest-bearing liabilities   $ 662,506   0.96 %   $ 659,321   1.11 %   $ 3,185     -0.15 %   0.5 %
                                             
Non-interest bearing Deposits   $ 104,777   0.00 %   $ 96,213   0.00 %   $ 8,564     0.00 %   8.9 %
                                             
                                             
   
   
Interest-bearing Liabilities: Linked Quarter Comparison  
Average balances   09/30/2013   09/30/2013     06/30/2013   06/30/2013     Change     Change     %Balance  
(In 000's)   $Balance   Avg. Yield     $Balance   Avg. Yield     $Balance     Avg. Yield     Change  
  NOW Accounts   $ 144,813   0.12 %   $ 147,593   0.17 %   $ (2,780 )   -0.05 %   -1.9 %
  Non-interest bearing Deposits     97,415   0.00 %     101,736   0.00 %     (4,321 )   0.00 %   -4.2 %
    Checking Total   $ 242,228   0.07 %   $ 249,329   0.10 %   $ (7,101 )   -0.03 %   -2.8 %
                                             
  Savings Accounts   $ 205,634   0.11 %   $ 211,168   0.13 %   $ (5,534 )   -0.02 %   -2.6 %
  Money Market Accounts     50,539   0.06 %     51,260   0.09 %     (721 )   -0.03 %   -1.4 %
                                             
  Total Smart Growth Deposits   $ 498,401   0.08 %   $ 511,757   0.11 %   $ (13,356 )   -0.03 %   -2.6 %
                                             
  Time Deposits   $ 148,345   1.47 %   $ 137,228   1.54 %   $ 11,117     -0.07 %   8.1 %
                                             
  Total Deposits   $ 646,746   0.40 %   $ 648,985   0.41 %   $ (2,239 )   -0.01 %   -0.3 %
                                             
  FHLB Advances   $ 103,833   3.62 %   $ 106,484   3.60 %   $ (2,651 )   0.02 %   -2.5 %
                                             
Total Interest-bearing liabilities   $ 653,164   0.97 %   $ 653,733   1.00 %   $ (569 )   -0.03 %   -0.1 %
                                             
Non-interest bearing Deposits   $ 97,415   0.00 %   $ 101,736   0.00 %   $ (4,321 )   0.00 %   -4.2 %
                                             
                                             
Interest-bearing Liabilities: Average Quarter Balances  
Average balances   09/30/2013   09/30/2013     09/30/2012   09/30/2012     Change     Change     %Balance  
(In 000's)   $Balance   Avg. Yield     $Balance   Avg. Yield     $Balance     Avg. Yield     Change  
  NOW Accounts   $ 144,813   0.12 %   $ 124,017   0.22 %   $ 20,796     -0.10 %   16.8 %
  Non-interest bearing Deposits     97,415   0.00 %     91,077   0.00 %     6,338     0.00 %   7.0 %
    Checking Total   $ 242,228   0.07 %   $ 215,094   0.12 %   $ 27,134     -0.05 %   12.6 %
                                             
  Savings Accounts   $ 205,634   0.11 %   $ 198,079   0.33 %   $ 7,555     -0.22 %   3.8 %
  Money Market Accounts     50,539   0.06 %     54,791   0.18 %     (4,252 )   -0.12 %   -7.8 %
                                             
  Total Smart Growth Deposits   $ 498,401   0.08 %   $ 467,964   0.22 %   $ 30,437     -0.14 %   6.5 %
                                             
  Time Deposits   $ 148,345   1.47 %   $ 144,821   1.75 %   $ 3,524     -0.28 %   2.4 %
                                             
Total Deposits   $ 646,746   0.40 %   $ 612,785   0.58 %   $ 33,961     -0.18 %   5.5 %
                                             
  FHLB Advances   $ 103,833   3.62 %   $ 141,565   2.85 %   $ (37,732 )   0.77 %   -26.7 %
                                             
Total Interest-bearing liabilities   $ 653,164   0.97 %   $ 663,273   1.14 %   $ (10,109 )   -0.17 %   -1.5 %
                                             
Non-interest bearing Deposits   $ 97,415   0.00 %   $ 91,077   0.00 %   $ 6,338     0.00 %   7.0 %
                                             
                                             
                                   
                                   
Quarter-End Loan Quality Details                                  
December 31, 2013
(In Thousands)
 
 
Total
Loans
 
 
 
Classified
 
 
 
% Total
 
 
 
 
Special
Mention
 
 
 
% Total
 
 
 
 
 
Pass
 
 
 
% Total
 
 
Commercial Loans                                          
  Commercial Land   $ 10,108   $ --   0.0 %   $ --   0.0 %   $ 10,108   100.0 %
  Commercial Construction     11,631     --   0.0 %     357   3.1 %     11,274   96.9 %
  Commercial Real Estate     137,834     3,229   2.3 %     3,802   2.8 %     130,803   94.9 %
  Commercial Non Real Estate     33,365     1,314   3.9 %     75   0.2 %     31,976   95.9 %
    Total Commercial   $ 192,938   $ 4,543   2.4 %   $ 4,234   2.2 %   $ 184,161   95.4 %
                                           
Residential Loans                                          
  Residential Construction   $ 5,275   $ --   0.0 %   $ --   0.0 %   $ 5,275   100.0 %
  Residential     417,120     4,373   1.0 %     314   0.1 %     412,433   98.9 %
    Total Residential   $ 422,395   $ 4,373   1.0 %   $ 314   0.1 %   $ 417,708   98.9 %
                                           
Consumer Loans                                          
  Mobile Homes   $ 45,182   $ 308   0.7 %   $ --   0.0 %   $ 44,874   99.3 %
  Consumer Other     45,337     172   0.4 %     --   0.0 %     45,165   99.6 %
    Total Consumer   $ 90,519   $ 480   0.5 %   $ --   0.0 %   $ 90,039   99.5 %
                                           
Total All Loans   $ 705,852   $ 9,396   1.3 %   $ 4,548   0.7 %   $ 691,908   98.0 %
                                           
                                           
                                   
                                   
Quarter-End Loan Quality Details                                  
September 30, 2013
(In Thousands)
 
 
Total
Loans
 
 
 
Classified
 
 
 
% Total
 
 
 
 
Special
Mention
 
 
 
% Total
 
 
 
 
 
Pass
 
 
 
% Total
 
 
Commercial Loans                                          
  Commercial Land   $ 10,349   $ --   0.0 %   $ --   0.0 %   $ 10,349   100.0 %
  Commercial Construction     8,593     --   0.0 %     --   0.0 %     8,593   100.0 %
  Commercial Real Estate     133,649     5,160   3.8 %     1,781   1.3 %     126,708   94.9 %
  Commercial Non Real Estate     30,685     1,311   4.3 %     91   0.3 %     29,283   95.4 %
    Total Commercial   $ 183,276   $ 6,471   3.5 %   $ 1,872   1.0 %   $ 174,933   95.5 %
                                           
Residential Loans                                          
  Residential Construction   $ 5,112   $ --   0.0 %   $
360
  7.0 %   $ 4,752   93.0 %
  Residential     409,693     3,514   0.9 %     316   0.1 %     405,863   99.0 %
    Total Residential   $ 414,805   $ 3,514   0.8 %   $ 676   0.2 %   $ 410,615   99.0 %
                                           
Consumer Loans                                          
  Mobile Homes   $ 43,199   $ 246   0.6 %   $ --   0.0 %   $ 42,953   99.4 %
  Consumer Other     45,170     266   0.6 %     --   0.0 %     44,904   99.4 %
    Total Consumer   $ 88,369   $ 512   0.6 %   $ --   0.0 %   $ 87,857   99.4 %
                                           
Total All Loans   $ 686,450   $ 10,497   1.5 %   $ 2,548   0.4 %   $ 673,405   98.1 %
                                           
                                           

Contact Information

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