Teche Holding Company Announces $46.3M Loan Sale
Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today announced the sale of a portfolio of single-family owner-occupied, performing, fixed rate mortgage loans with a book value of $46.3 million.
The Company will recognize a one-time gain of approximately $2.0 million in the Company's first fiscal quarter associated with the sale of the loans. The Bank will retain servicing of these loans.
The portfolio has a weighted average coupon rate of approximately 3.7% and a weighted average remaining term of approximately 170 months. The transaction is expected to boost the Company's capital base, increase non-interest income of the Bank for the first quarter of fiscal 2013, and strengthen the overall financial position of the Company and the Bank.
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