Teche Reports Solid First Quarter Results
Diluted EPS Steady at $0.83, Loan Charge Offs 0.01%, Quarterly Dividend $0.35
- Press Release
- Source: Teche Holding Company
- On 9:30 am EST, Thursday January 29, 2009
FRANKLIN, LA--(MARKET WIRE)--Jan 29, 2009 -- (AMEX:TSH - News) -- 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 December 31, 2008, the first quarter of fiscal 2009.
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Earnings for the quarter ended December 31, 2008 amounted to $1.8 million or $0.83 per diluted share, compared to $1.9 million or $0.84 per diluted share for the same quarter in fiscal 2008, a decrease of $0.01 per diluted share, or 1.2%.
"Teche revenues this quarter showed solid results," said Little, "with increases in both net interest income and non-interest income. Furthermore, we had increases in both SmartGrowth Deposits and SmartGrowth Loans," he added. "But perhaps most importantly, our loan charge-offs were a very low 0.01% for the quarter, a key indication of the high asset quality of our loan portfolio."
"In addition, the bank achieved diluted EPS of $0.83 even while incurring an impairment charge of $0.14 per diluted share," Little said. "Our diluted earnings per share would have been $0.97 had we not incurred this charge."
Finally, as previously announced, the Company declined participation in TARP Capital Purchase Program of the U.S. Treasury Department.
The Company reported the following key achievements:
-- Diluted EPS for the quarter remained relatively unchanged at $0.83.
-- Net Charge Offs for the quarter amounted to 0.01% of average loans.
-- Tangible equity remained solid at 8.59% at December 31, 2008.
-- The Bank's total risk-based capital was a strong 12.29% at December
31, 2008.
-- The Bank declined participation in the TARP Capital Purchase Program
of the U.S. Treasury Department.
-- Quarterly operating revenue increased 7.5%, or $0.8 million, to $10.8
million from $10.0 million in fiscal 2008.
-- SmartGrowth Deposits, in the past three months, increased 2.2%, or
$7.4 million to $337.8 million from $330.4 million at September 30, 2008.
SmartGrowth Deposits in the past twelve months increased $48.6 million or
16.8%.
-- SmartGrowth Loans, in the past three months increased 3.4%, or $14.6
million to $444.1 million, from $429.5 million at September 30, 2008.
SmartGrowth Loans in the past twelve months increased $48.4 million or
12.2%.
-- Quarterly Dividends increased to $0.35 per share compared to $0.335
per share for the quarter ended December 31, 2007, an increase of 4.5%.Asset Quality
Non-performing Assets to Total Assets increased to 0.93% at December 31, 2008, compared to 0.71% at December 30, 2007.
Net charge-offs for the quarter amounted to 0.01% of average loans. Net charge-offs for the same period in fiscal 2008 amounted to 0.03% of average loans.
Net charge-offs for the twelve-month period ended December 31, 2008 amounted to 0.07% of average loans, compared to 0.05% for the twelve-month period ending December 31, 2007.
The allowance for loan losses was 0.93% of total loans, or $5.6 million, at December 31, 2008 compared to 0.90% of total loans, or $5.3 million at December 31, 2007 and 0.94% of total loans, or $5.5 million at September 30, 2008.
Operating Revenue
Operating Revenue for the quarter amounted to $10.8 million, an increase of 7.5% or $0.8 million, compared to the same period in fiscal 2008 and 1.1% or $119,000, compared to the linked quarter.
"Our steady increases in Operating Revenues for over ten years are a result of building customer relationships in our market areas and offering superior products and customer service," said Little.
Net Interest Income
Net Interest Income for the three months ended December 31, 2008 amounted to $6.8 million compared to $6.1 million for the quarter ended December 31, 2007, an increase of 11.6%, or $708,000.
Net Interest Margin and Spread
Net interest margin amounted to 3.82% for the three-month period ended December 31, 2008; compared to 3.66% for the three-months ended December 31, 2007. The increase was primarily due to a decrease in interest rates paid on interest bearing deposits, offset somewhat by an increase in total deposits.
Spread amounted to 3.49% for the three month period ended December 31, 2008, compared to 3.29% for the same period in the previous year. Compared to the same quarter last year, average yield on earnings assets decreased 53 basis points from 6.79% to 6.26%, while average cost of funds decreased 73 basis points from 3.50% to 2.77%.
Gain (Loss) on Investments
The company recorded an impairment charge of $436,000 ($296,000 net of taxes, $0.14 per diluted share) during the quarter to adjust selected investment securities to market value. The adjustment was due to the portfolio of private label mortgage backed securities and to a small community bank fund with remaining net book values of $6.0 million and $0.1 million respectively, as of December 31, 2008. Approximately 86% of the portfolio of private label securities is rated AAA, AA or A by the bond rating agencies. Securities rated below investment grade amounting to $0.9 million represent only 0.1% of total assets and 1.1% of total securities. Substantially all of the impairment charge was incurred in the securities rated below investment grade.
(millions)
NBV 12/31/08 NBV Diluted
Before Impairment After EPS
------ ---------- ----- -------
Private Label MBS's $ 6.3 $ 0.3 $ 6.0 $ (0.10)
Bank Equity Fund $ 0.2 $ 0.1 $ 0.1 $ (0.04)
------ ---------- ----- -------
Totals $ 6.5 $ 0.4 $ 6.1 $ (0.14)Capital
The ratio of tangible equity to total assets at December 31, 2008 amounted to 8.59%, compared to 8.40% at September 30, 2008 and 8.88% at December 31, 2007. The decrease compared to the previous year is primarily due to stock repurchases in fiscal 2008, offset somewhat by earnings for fiscal 2008. The increase in this ratio compared to the linked quarter was primarily due to earnings for the quarter.
Total risk-based capital amounted to 12.29% compared to 12.21% at September 30, 2008 and 12.05% at December 31, 2007.
During fiscal 2008, in a single privately negotiated transaction, the company repurchased 99,800 shares. As a result of this and other repurchases during the year, the Company had 2.1 million shares of common stock as of December 31, 2008.
TARP
After being notified by the U.S. Treasury Department that the Company had been approved to participate in the TARP Capital Purchase Program, Company officials notified the U.S. Treasury Department of its decision to decline participation in the program.
"We appreciate the federal government's recognition of our financial strength in approving Teche's participation in the TARP Capital Purchase Program," stated Little. "However, we are already a strong bank, are well capitalized and therefore have the means and ability to continue our highly successful lending programs."
Increase in Dividends
Since 2003, the Company has increased dividends for six consecutive years and on December 31, 2008 paid a $0.35 per share quarterly dividend. Based on the closing price of the Company's common stock on December 31, 2008 of $25.01, the annualized dividend yield was 5.6%.
Non-Interest Income
Non-interest income for quarter ended December 31, 2008 amounted to $4.0 million, compared to $3.9 million for quarter ended December 31, 2007, an increase of $45,000 or 1.2%. Non-interest income for the linked quarter amounted to $3.9 million, an increase of 2.1%, or $0.1 million.
Non-interest income amounted to 36.6% of operating income for the quarter ended December 31, 2008, compared to 38.9% for the three months ended December 31, 2007 and to 36.4% for the linked quarter. Deposit service charges amounted to 91.8% of total non-interest income for the quarter ended December 31, 2008, compared to 92.7% for the quarter ended December 31, 2007 and 95.7% for the linked quarter.
Non-Interest Expense
Non-interest Expense amounted to $7.6 million for the quarter ended December 31, 2008, compared to $7.0 million for the three months ended December 31, 2007, primarily due to compensation expense.
Loan Growth
Three Month Growth: Net Loans Receivable increased to $598.9 million at December 31, 2008, from $584.6 million at September 30, 2008, a linked quarter increase of $14.3 million, or 2.4%. SmartGrowth Loans, consisting of commercial loans, home equity loans, alternative mortgage loans and consumer loans, were $444.1 million, or 73.5% of total loans at December 31, 2008, compared to $429.5 million, or 72.8% at September 30, 2008, a three month increase of $14.6 million, or 3.4%.
Commercial loan balances at December 31, 2008 amounted to $195.8 million, compared to $187.8 million at September 30, 2008, a three month increase of $8.0 million or 4.2%. Consumer loan balances at December 31, 2008 amounted to $102.4 million, compared to $98.6 million at September 30, 2008, a linked quarter increase of $3.8 million, or 3.9%.
Twelve Month Growth: Net Loans Receivable increased to $598.9 million at December 31, 2008 from $579.7 million at December 31, 2007 a twelve month increase of $19.2 million, or 3.3%. SmartGrowth Loans increased to $444.1 million at December 31, 2008, from $395.7 million at December 31, 2007, a twelve month increase of $48.4 million, or 12.2%.
Commercial loan balances at December 31, 2008 amounted to $195.8 million, compared to $171.4 million at December 31, 2007 a twelve month increase of $24.3 million, or 14.2%. Consumer loan balances at December 31, 2008 amounted to $102.4 million, a twelve month increase of $17.5 million, or 20.7%.
Deposit Growth
Three Month Growth: Total Deposits decreased to $588.8 million at December 31, 2008, from $589.2 million at September 30, 2008, a linked quarter decrease of $0.4 million or 0.1%. The Company's SmartGrowth Deposit Accounts, consisting of checking accounts, money market accounts, and savings accounts, had solid growth. Total SmartGrowth Deposits grew $7.4 million to $337.8 million or 2.2% at December 31, 2008, from $330.4 million at September 30, 2008.
Checking account balances at December 31, 2008 increased $14.1 million, or 9.8%, to $158.7 million from $144.6 million at September 30, 2008.
Twelve Month Growth: Total Deposits increased to $588.8 million at December 31, 2008, from $558.6 million at December 31, 2007, a twelve month increase of $30.2 million, or 5.4%. Total SmartGrowth Deposits grew $48.6 million, or 16.8% from $289.2 million at December 31, 2007.
SmartGrowth Deposits amounted to 57.4% of total deposits as of December 31, 2008.
Checking account balances at December 31, 2008 increased 16.1%, or $22.0 million in the past 12 months. Checking account balances now account for 27.0% of total deposits.
Teche Holding Company is the parent company of Teche Federal Bank, which operates twenty 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 $700 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 Alternext US.
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)
Franklin, LA
Statements of Income
(UNAUDITED)
Three Three Three
months months months
ended ended ended
December September December
2008 2008 2007
----------- ----------- -----------
Interest Income $ 11,214 $ 11,417 $ 11,361
Interest Expense 4,378 4,620 5,233
----------- ----------- -----------
Net Interest Income 6,836 6,797 6,128
Provision for Loan Losses 155 160 180
----------- ----------- -----------
Net Interest Income after
Provision for Loan Losses 6,681 6,637 5,948
Non Interest Income 3,952 3,872 3,907
Non Interest Expense 7,595 7,196 6,992
----------- ----------- -----------
Income Before Gain on Sales of
Securities and Income Taxes 3,038 3,313 2,863
Gain(Loss) on
Securities (436) (407) 0
Income Taxes 838 787 980
----------- ----------- -----------
Net Income $ 1,764 $ 2,119 $ 1,883
=========== =========== ===========
Selected Financial Data
----------- ----------- -----------
Dividends Declared Per Share $ 0.35 $ 0.35 $ 0.335
Basic Earnings Per Common Share $ 0.83 $ 1.00 $ 0.85
Diluted Earnings Per Common Share $ 0.83 $ 0.99 $ 0.84
Annualized Return on Avg. Assets 0.92% 1.11% 1.04%
Annualized Return on Avg. Equity 10.37% 12.28% 11.16%
Annualized Return on Avg.
Tangible Equity (1) 11.00% 13.02% 11.91%
Yield on Interest Earning Assets 6.26% 6.42% 6.79%
Cost of Interest Bearing Liabilities 2.77% 2.91% 3.50%
Spread 3.49% 3.51% 3.29%
Net Interest Margin 3.82% 3.82% 3.66%
Non-Interest Income/Avg. Assets 2.05% 2.02% 2.16%
Non-Interest Expense/Avg. Assets 3.94% 3.97% 3.87%
Net Charge Offs/Avg. Loans 0.01% 0.01% 0.03%
Weighted avg. shares Outstanding
Basic 2,118 2,118 2,210
Diluted 2,128 2,133 2,240
AVERAGE BALANCE SHEET DATA
----------- ----------- -----------
Total Assets $ 770,227 $ 765,779 $ 723,584
Earning assets $ 716,127 $ 711,430 $ 669,198
Loans $ 601,355 $ 591,898 $ 577,559
Interest-bearing deposits $ 528,575 $ 537,422 $ 500,393
Total deposits $ 596,881 $ 593,862 $ 552,964
Total stockholders’ equity $ 68,057 $ 69,045 $ 67,514
(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:
Annualized Return on Avg. Tangible
Equity
----------- ----------- -----------
Average Stockholders’ Equity $ 68,057 $ 69,045 $ 67,514
Less average goodwill and other
intangible assets, net of related
income taxes 3,715 3,723 3,806
----------- ----------- -----------
Average Tangible Equity $ 64,342 $ 65,322 $ 63,708
=========== =========== ===========
Net Income $ 1,764 $ 2,119 $ 1,883
Plus Amortization of core deposit
intangibles, net of related income
taxes 7 7 14
----------- ----------- -----------
Net Income, as adjusted $ 1,771 $ 2,126 $ 1,897
=========== =========== ===========
TECHE HOLDING COMPANY
(Dollars in thousands, except per share data)
Franklin, LA
Balance Sheets
(UNAUDITED)
Dec. 31, Sept. 30, Dec. 31,
2008 2008 2007
--------- --------- ---------
SmartGrowth Loans
Consumer $ 102,438 $ 98,632 $ 84,902
Commercial 195,754 187,791 171,414
Home Equity 57,720 55,713 53,895
Alternative Mortgage Loans 88,181 87,404 85,463
--------- --------- ---------
Total SmartGrowth Loans 444,093 429,540 395,674
Mortgage Loans (owner occupied
conforming) 160,410 160,596 189,298
--------- --------- ---------
604,503 590,136 584,972
Allowance for Loan Losses (5,631) (5,545) (5,261)
--------- --------- ---------
Loans Receivable, Net 598,872 584,591 579,711
Cash and Securities 120,235 135,819 102,032
Goodwill and Other Intangibles 3,745 3,756 3,796
Foreclosed Real Estate 672 343 1,202
Other 44,094 44,979 48,689
--------- --------- ---------
TOTAL ASSETS $ 767,618 $ 769,488 $ 735,430
========= ========= =========
SmartGrowth Deposits
Checking $ 158,742 $ 144,601 $ 136,728
Money Market 121,621 130,399 102,399
Savings 57,387 55,390 50,029
--------- --------- ---------
Total Smart Growth Deposits 337,750 330,390 289,156
Time Deposits 251,032 258,838 269,398
--------- --------- ---------
Total Deposits 588,782 589,228 558,554
FHLB Advances 103,491 104,877 102,436
Other Liabilities 6,013 7,339 5,750
Stockholders’ Equity 69,332 68,044 68,690
--------- --------- ---------
TOTAL LIABILITIES AND
STOCKHOLDERS’ EQUITY $ 767,618 $ 769,488 $ 735,430
========= ========= =========
Ratio of Equity to Assets 9.03% 8.84% 9.34%
Tangible Equity Ratio (2) 8.59% 8.40% 8.88%
Risk-Based Capital Ratio 12.29% 12.21% 12.05%
Book Value per Common Share $ 32.72 $ 32.12 $ 31.08
Tangible Book Value Per Common Share (2) $ 31.00 $ 30.37 $ 29.39
Non-performing Assets/Total Assets 0.93% 0.88% 0.71%
Shares Outstanding (in thousands) 2,116 2,118 2,210
(2) Eliminates the effect of goodwill and the core deposit intangible
assets and the related accumulated amortization on a tax-effected basis.
The amount was calculated using the following information:
Stockholders’ Equity $ 69,332 $ 68,044 68,690
Less goodwill and other Intangible
assets, net of related income taxes (3,712) (3,721) (3,747)
--------- --------- ---------
Tangible Stockholders’ Equity $ 65,620 $ 64,323 $ 64,943
========= ========= =========
Total Assets $ 767,619 $ 769,488 $ 735,430
Less goodwill and other Intangible
assets, net of related income taxes (3,712) (3,721) (3,747)
--------- --------- ---------
Total Tangible Assets $ 763,907 $ 765,767 $ 731,683
========= ========= =========
Quarter-End Loan Data 90 Days + 90 Days +
December 31, 2008 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
--------- ---------- --------- ---------- ---------
Real Estate Loans
Construction $ 26,309 $ - 0.00% $ - 0.00%
Permanent, Secured
by:
1-4 Dwelling
Units:
Revolving,
Open-End
Loans 12,116 - 0.00% 19 0.16%
All Other
Secured by
First
Liens 327,762 14 0.00% 4,030 1.23%
Secured by
Junior
Liens 15,472 - 0.00% 110 0.71%
Multifamily (5+
Dwelling Units) 29,091 - 0.00% 559 1.92%
Nonresidential
Property
(Except Land) 74,665 - 0.00% 371 0.50%
Land 34,888 - 0.00% 265 0.76%
Non-Real Estate
Loans:
Commercial Loans 28,445 - 0.00% 315 1.11%
Consumer Loans:
Loans on
Deposits 8,304 - 0.00% 258 3.11%
Auto Loans 2,951 - 0.00% 39 1.32%
Mobile Home
Loans 38,833 32 0.08% 455 1.17%
Other 5,666 15 0.26% 13 0.23%
--------- ---------- ----------
Gross Loans $ 604,502 $ 61 0.01% $ 6,434 1.06%
========= ========== ==========
Non-accruals $ 4,908
OREO & Foreclosed 672
90 + Days Past Due 1,526
---------
Nonperforming
Assets $ 7,106
=========
NPAs/Assets 0.93%
NPAs/(Loans + OREO) 1.17%
LLR/Loans 0.93%
Net Charge-offs/
Loans 0.01%
Quarter-End Loan Data 90 Days + 90 Days +
September 30, 2008 Total Charge- Charge- Non Non
Loans Offs Offs Accrual Accrual
Dollars Dollars Percentage Dollars Percentage
--------- ---------- --------- ---------- ---------
Real Estate Loans
Construction $ 31,824 $ - 0.00% $ 198 0.62%
Permanent, Secured
by:
1-4 Dwelling
Units:
Revolving,
Open-End
Loans 10,191 - 0.00% - 0.00%
All Other
Secured by
First
Liens 322,221 38 0.01% 3,514 1.09%
Secured by
Junior
Liens 15,288 31 0.20% 74 0.48%
Multifamily (5+
Dwelling Units) 24,692 - 0.00% 734 2.97%
Nonresidential
Property
(Except Land) 67,999 - 0.00% 493 0.73%
Land 34,655 - 0.00% 619 1.79%
Non-Real Estate
Loans:
Commercial Loans 29,709 - 0.00% 249 0.84%
Consumer Loans:
Loans on
Deposits 8,189 1 0.01% 92 1.12%
Auto Loans 3,517 6 0.17% 44 1.25%
Mobile Home
Loans 36,675 - 0.00% 355 0.97%
Other 5,176 9 0.17% 12 0.23%
--------- ---------- ----------
Gross Loans $ 590,136 $ 85 0.01% $ 6,384 1.08%
========= ========== ==========
Non-accruals $ 3,863
OREO & Foreclosed 377
90 + Days Past Due 2,521
---------
Nonperforming
Assets $ 6,761
=========
NPAs/Assets 0.88%
NPAs/(Loans + OREO) 1.14%
LLR/Loans 0.94%
Net Charge-offs/
Loans 0.01%
Average
Loan
Balances &
Yields 12/31/2008 12/31/2008 9/30/2008 9/30/2008 Change Change
Balance Yield Balance Yield Balance Yield
---------- ---------- ---------- --------- --------- ------
Real Estate
Loans
1-4
Family $ 373,041 6.32% $ 368,232 6.44% $ 4,809 -0.12%
Commer-
cial 119,505 6.62% 118,873 6.70% 632 -0.08%
---------- ---------- ---------
492,546 6.39% 487,105 6.50% 5,441 -0.11%
Non-Real
Estate
Loans
Commer-
cial 29,500 6.52% 28,779 6.88% 721 -0.36%
Consumer 74,929 9.16% 71,852 9.13% 3,077 0.03%
---------- ---------- ---------
104,429 8.42% 100,631 8.49% 3,798 -0.07%
---------- ---------- ---------
Total All
Loans $ 596,975 6.74% $ 587,736 6.84% $ 9,239 -0.10%
========== ========== =========
Average
Loan
Balances &
Yields 12/31/2008 12/31/2008 12/31/2007 12/31/2007 Change Change
Balance Yield Balance Yield Balance Yield
---------- ---------- ---------- --------- --------- ------
Real
Estate
Loans
1-4
Family $ 373,041 6.32% $ 385,691 6.58% $ (12,650) -0.26%
Commer
cial 119,505 6.62% 112,143 7.43% 7,362 -0.81%
---------- ---------- ---------
492,546 6.39% 497,834 6.77% (5,288) -0.38%
Non-Real
Estate
Loans
Commer-
cial 29,500 6.52% 16,828 7.77% 12,672 -1.25%
Consumer 74,929 9.16% 63,510 9.10% 11,419 0.06%
---------- ---------- ---------
104,429 8.42% 80,338 8.82% 24,091 -0.40%
---------- ---------- ---------
Total All
Loans $ 596,975 6.74% $ 578,172 7.06% $ 18,803 -0.31%
========== ========== =========
Interest-bearing Liabilities: Linked Quarter Comparison
Average balances 12/31/2008 12/31/2008 9/30/2008 9/30/2008
$Balance Avg. Yield $Balance Avg. Yield
----------- ---------- ----------- ----------
NOW Accounts $ 92,918 0.57% $ 84,994 0.54%
Non-interest bearing
Deposits 61,961 0.00% 56,438 0.00%
----------- ---------- ----------- ----------
Checking Total 154,879 0.34% 141,432 0.32%
Savings Accounts 55,794 0.82% 55,159 0.80%
Money Market Accounts 123,950 1.90% 137,527 2.07%
----------- ---------- ----------- ----------
Total Smart Growth
Deposits 334,623 1.00% 334,118 1.12%
Time Deposits 255,914 3.62% 259,751 3.89%
FHLB Advances 103,974 4.52% 98,067 4.52%
----------- -----------
Total Interest-bearing
liabilities $ 632,550 2.74% $ 635,498 2.87%
=========== ===========
Non-interest bearing
Deposits $ 61,961 0.00% $ 56,438 0.00%
Average balances Change Change %Balance
$Balance Avg. Yield Change
---------- ---------- ----------
NOW Accounts $ 7,924 0.04% 9.3%
Non-interest bearing
Deposits 5,523 0.00% 9.8%
---------- ---------- ----------
Checking Total 13,447 0.02% 9.5%
Savings Accounts 635 0.03% 1.2%
Money Market Accounts (13,577) -0.16% -9.9%
---------- ---------- ----------
Total Smart Growth
Deposits 505 -0.12% 0.2%
Time Deposits (3,837) -0.27% -1.5%
FHLB Advances 5,907 0.00% 6.0%
----------
Total Interest-bearing
liabilities $ (2,948) -0.14% -0.5%
==========
Non-interest bearing
Deposits $ 5,523 0.00% 9.8%
Interest-bearing Liabilities: Prior Year Comparison
Average balances 12/31/2008 12/31/2008 12/31/2007 12/31/2007
$Balance Avg. Yield $Balance Avg. Yield
----------- ---------- ----------- ----------
NOW Accounts $ 92,918 0.57% $ 79,473 0.59%
Non-interest bearing
Deposits 61,961 0.00% 52,571 0.00%
----------- ---------- ----------- ----------
Checking Total 154,879 0.34% 132,044 0.36%
Savings Accounts 55,794 0.82% 50,250 0.77%
Money Market Accounts 123,950 1.90% 96,411 3.49%
----------- ---------- ----------- ----------
Total Smart Growth
Deposits 334,623 1.00% 278,705 1.51%
Time Deposits 255,914 3.62% 274,259 4.35%
Total Deposits 590,537 2.14% 552,964 2.92%
FHLB Advances 103,974 4.52% 97,673 4.72%
----------- -----------
Total Interest-bearing
liabilities $ 632,550 2.74% $ 598,066 3.47%
=========== ===========
Non-interest bearing
Deposits $ 61,961 0.00% $ 52,571 0.00%
Average balances Change Change
$Balance Avg. Yield
---------- ---------- ----------
NOW Accounts $ 13,445 -0.02% 16.9%
Non-interest bearing
Deposits 9,390 0.00% 17.9%
---------- ---------- ----------
Checking Total 22,835 -0.01% 17.3%
Savings Accounts 5,544 0.06% 11.0%
Money Market Accounts 27,539 -1.58% 28.6%
---------- ---------- ----------
Total Smart Growth
Deposits 55,918 -0.52% 20.1%
Time Deposits (18,345) -0.73% -6.7%
Total Deposits 37,573 -0.78% 6.8%
FHLB Advances 6,301 -0.20% 6.5%
----------
Total Interest-bearing
liabilities $ 34,484 -0.74% 5.8%
==========
Non-interest bearing
Deposits $ 9,390 0.00% 17.9%
Contact:
For More Information Contact:
Patrick Little
President and CEO
(337) 560-7151
Related Headlines
- Teche Holding Company Announces Fifty-Eighth Consecutive Quarterly Dividend - Marketwire
- TECHE HOLDING CO Files SEC form 8-K, Results of Operations and Financial Condition, Financial Statements and Exhibits - EDGAR Online
- Teche Holding Company Earns Record $3.35 per Share FYE 2009 - Marketwire
- Teche Federal Bank Launches "All-Day Banking" - Marketwire
- TECHE HOLDING CO Financials - EDGAR Online Financials
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