Pulaski Financial Corp. (Nasdaq Global Select: PULB, the “Company”) reported net income available to common shareholders for the quarter ended June 30, 2014 of $2.8 million, or $0.25 per diluted common share, compared with $1.9 million, or $0.17 per diluted common share, for the linked quarter ended March 31, 2014 and $3.3 million, or $0.29 per diluted common share, for the same quarter last year. For the nine-month period, the Company reported net income available to common shareholders of $6.9 million, or $0.61 per diluted common share, in 2014 compared with $9.2 million, or $0.83 per diluted common share, in 2013.
The Company saw strong growth in portfolio loans and a significant decline in non-performing assets during the quarter resulting in an increase in interest earned on portfolio loans and continued low credit costs compared with the linked and prior-year quarters. The Company also saw a seasonal rebound in consumer demand for loans to finance home purchases during the quarter resulting in increases in mortgage revenues and interest income earned on loans held for sale compared with the March 2014 quarter. However, this level of consumer demand was weaker than what was experienced during the June 2013 quarter due to the higher interest rate environment and resulting decrease in refinancing activity. As a result, the Company saw decreases in mortgage revenues and interest income on loans held for sale compared with the June 2013 quarter.
Net interest income for the quarter was up 8.1% compared with the March 2014 quarter primarily as the result of strong growth in portfolio loans combined with an increase in loans held for sale. The total balance of portfolio loans at June 30, 2014 increased $64.5 million, or 6.3%, from March 31, 2014, showing almost equal increases in the amounts of residential first mortgage and commercial loans. The residential loan portfolio experienced significant growth for the first time in several years. The Company was successful in marketing two “niche” adjustable-rate loan products, resulting in a $34.0 million, or 15.5%, increase in residential first mortgage loans during the quarter. The commercial loan portfolio also continued to experience strong growth in commercial real estate and commercial and industrial loans. The portfolio loan growth, combined with increases in the average balance and average yield on loans held for sale, contributed to an improvement in the net interest margin from 3.41% for the March 2014 quarter to 3.68% for the June 2014 quarter. However, when compared with the June 2013 quarter, net interest income decreased 2.5% primarily due to a 60.6% decrease in interest income on loans held for sale, which was negatively impacted by the sharp drop in refinancing activity.
Non-interest income for the quarter increased 40.0% compared with the quarter ended March 31, 2014, but was down 47.2% compared with the same quarter last year primarily as the result of fluctuations in the level of mortgage revenues. Mortgage revenues increased $738,000, or 145.7%, compared with the March 2014 quarter. The level of mortgage loans originated for sale during the quarter increased 71.9% compared with the March 2014 quarter. The level of loans originated to finance home purchases increased 90.4% to $186.7 million, during the quarter, while the demand for mortgage loan refinancings remained soft. Loan sales increased 38.3% to $188.4 million. The net profit margin on loans sold improved to 0.66% in the June 2014 quarter compared with 0.37% in the March 2014 quarter primarily due to a proportionately lower level of origination costs as the increased loan production volume was absorbed by existing loan production staff. However, the levels of loans originated and sold during the June 2014 quarter were 41.2% and 46.9%, respectively, lower than the levels experienced during the June 2013 quarter as the higher level of market interest rates continued to dampen consumer demand for mortgage loan refinancings.
Non-performing assets decreased to $31.3 million at June 30, 2014 compared with $36.8 million at March 31, 2014 and $42.9 million at June 30, 2013. The combined level of adversely classified and watch list loans declined 11% during the quarter and 21% compared with the June 30, 2013 levels. Total credit costs, consisting of the provision for loan losses and foreclosed property losses, net of recoveries, and expense, was $189,000 for the June 2014 quarter compared with $88,000 for the March 2014 quarter and $1.9 million in the same quarter last year. The provision for loan losses for the June 2014 quarter totaled $200,000 versus net charge-offs of $199,000.
Gary Douglass, President and Chief Executive Officer, commented, “We are very pleased with the rebound in our third quarter results when compared with the first two quarters of fiscal 2014. It is also gratifying that all of the performance expectations I shared with you in last quarter's release and conference call were achieved in the current quarter. These include net interest income growth and net interest margin expansion, strong commercial and residential portfolio loan growth, a significant rebound in residential mortgage loan originations, sales and revenues and a continued decline in non-performing assets and low net credit costs. In addition, we strengthened our capital structure by completing an exchange offer and private placement of common stock that should result in the redemption of all of our remaining high-cost preferred stock by July 31, 2014. Notably, insiders either converted or acquired common shares accounting for 83% of the total common equity raised in the transactions, reflecting their high level of confidence in our prospects going forward.”
Douglass concluded, “We expect to finish our fourth fiscal quarter on a high note by reporting an even stronger earnings performance than the just-completed June quarter. The upcoming quarterly performance should be marked by a further rebound in mortgage originations and revenues, continued strength in commercial loan portfolio growth, and continued low net credit costs. We expect to see continued growth in net interest income as strong loan growth more than offsets modest pressure on the net interest margin. Finally, we anticipate a modest contribution to non-interest income generated by our new SBA lending platform and effective control over non-interest expense.”
Conference Call Tomorrow
Pulaski Financial's management will discuss third fiscal quarter results and other developments tomorrow, July 30, 2014, during a conference call beginning at 11 a.m. EDT (10 a.m. CDT). The call will also be simultaneously webcast and archived for three months at: https://www.pulaskibank.com/our-story/shareholder-relations/. Participants in the conference call may dial 877-473-3757, conference ID 44447048, a few minutes before the start time. The call will also be available for replay through August 29, 2014 at 855-859-2056 or 404-537-3406, conference ID 44447048.
About Pulaski Financial
Pulaski Financial Corp., operating in its 92nd year through its subsidiary, Pulaski Bank, offers a full line of quality retail and commercial banking products through 13 full-service branch offices in the St. Louis metropolitan area. The Bank also offers mortgage loan products through loan production offices in the St. Louis, Kansas City and Chicago metropolitan areas, mid-Missouri, southwestern Missouri, eastern Kansas, Omaha, Nebraska and Council Bluffs, Iowa. The Company's website can be accessed at www.pulaskibank.com.
This news release may contain forward-looking statements about Pulaski Financial Corp., which the Company intends to be covered under the safe harbor provisions contained in the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts, including statements about beliefs and expectations, are forward-looking statements. These forward-looking statements cover, among other things, anticipated future revenue and expenses and the future plans and prospects of the Company. These statements often include the words "may," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "targets," "potentially," "probably," "projects," "outlook" or similar expressions. You are cautioned that forward-looking statements involve uncertainties, and important factors could cause actual results to differ materially from those anticipated, including changes in general business and economic conditions, changes in interest rates, legal and regulatory developments, increased competition from both banks and non-banks, changes in customer behavior and preferences, and effects of critical accounting policies and judgments. For discussion of these and other risks that may cause actual results to differ from expectations, refer to our Annual Report on Form 10-K for the year ended September 30, 2013 on file with the SEC, including the sections entitled "Risk Factors." These risks and uncertainties should be considered in evaluating forward-looking statements and undue reliance should not be placed on such statements. Forward-looking statements speak only as of the date they are made, and the Company undertakes no obligation to update them in light of new information or future events.
| PULASKI FINANCIAL CORP. | |||||||||||||||
| CONDENSED STATEMENTS OF INCOME | |||||||||||||||
| (Unaudited) | |||||||||||||||
| (Dollars in thousands except per share data) | |||||||||||||||
| Three Months Ended | |||||||||||||||
| June 30, | March 31, | June 30, | |||||||||||||
| 2014 | 2014 | 2013 | |||||||||||||
| Interest income | $ | 12,157 | $ | 11,374 | $ | 12,707 | |||||||||
| Interest expense | 1,280 | 1,313 | 1,545 | ||||||||||||
| Net interest income | 10,877 | 10,061 | 11,162 | ||||||||||||
| Provision for loan losses | 200 | 500 | 1,800 | ||||||||||||
| Net interest income after provision for loan losses | 10,677 | 9,561 | 9,362 | ||||||||||||
| Mortgage revenues | 1,245 | 506 | 3,444 | ||||||||||||
| Retail banking fees | 1,099 | 988 | 998 | ||||||||||||
| Investment brokerage revenues | 2 | 63 | 185 | ||||||||||||
| Other | 250 | 297 | 287 | ||||||||||||
| Total non-interest income | 2,596 | 1,854 | 4,914 | ||||||||||||
| Salaries and employee benefits | 4,651 | 4,574 | 4,414 | ||||||||||||
| Occupancy, equipment and data processing expense | 2,762 | 2,732 | 2,664 | ||||||||||||
| Advertising | 167 | 126 | 157 | ||||||||||||
| Professional services | 508 | 503 | 569 | ||||||||||||
| FDIC deposit insurance premium expense | 278 | 263 | 265 | ||||||||||||
| Real estate foreclosure (recoveries) losses and expenses, net | (11 | ) | (412 | ) | 112 | ||||||||||
| Other | 531 | 452 | 617 | ||||||||||||
| Total non-interest expense | 8,886 | 8,238 | 8,798 | ||||||||||||
| Income before income taxes | 4,387 | 3,177 | 5,478 | ||||||||||||
| Income tax expense | 1,382 | 1,074 | 1,870 | ||||||||||||
| Net income after tax | 3,005 | 2,103 | 3,608 | ||||||||||||
| Premium paid to repurchase preferred stock | (27 | ) | - | - | |||||||||||
| Preferred stock dividends | (174 | ) | (188 | ) | (373 | ) | |||||||||
| Earnings available to common shares | $ | 2,804 | $ | 1,915 | $ | 3,235 | |||||||||
| Annualized Performance Ratios | |||||||||||||||
| Return on average assets | 0.95 | % | 0.67 | % | 1.11 | % | |||||||||
| Return on average common equity | 10.89 | % | 7.57 | % | 12.97 | % | |||||||||
| Interest rate spread | 3.58 | % | 3.31 | % | 3.54 | % | |||||||||
| Net interest margin | 3.68 | % | 3.41 | % | 3.65 | % | |||||||||
| SHARE DATA | |||||||||||||||
| Weighted average common shares outstanding - basic | 11,023,167 | 10,969,484 | 10,914,913 | ||||||||||||
| Weighted average common shares outstanding - diluted | 11,418,794 | 11,357,212 | 11,147,049 | ||||||||||||
| Basic earnings per common share | $ | 0.25 | $ | 0.17 | $ | 0.30 | |||||||||
| Diluted earnings per common share | $ | 0.25 | $ | 0.17 | $ | 0.29 | |||||||||
| Dividends per common share | $ | 0.095 | $ | 0.095 | $ | 0.095 | |||||||||
| PULASKI FINANCIAL CORP. | ||||||||||
| CONDENSED STATEMENTS OF INCOME, Continued | ||||||||||
| (Unaudited) | ||||||||||
| (Dollars in thousands except per share data) | ||||||||||
| Nine Months Ended June 30, | ||||||||||
| 2014 | 2013 | |||||||||
| Interest income | $ | 35,030 | $ | 39,496 | ||||||
| Interest expense | 3,916 | 5,038 | ||||||||
| Net interest income | 31,114 | 34,458 | ||||||||
| Provision for loan losses | 900 | 5,240 | ||||||||
| Net interest income after provision for loan losses | 30,214 | 29,218 | ||||||||
| Mortgage revenues | 2,784 | 9,580 | ||||||||
| Retail banking fees | 3,133 | 3,145 | ||||||||
| Investment brokerage revenues | 164 | 742 | ||||||||
| Other | 841 | 798 | ||||||||
| Total non-interest income | 6,922 | 14,265 | ||||||||
| Salaries and employee benefits | 13,416 | 13,393 | ||||||||
| Occupancy, equipment and data processing expense | 8,122 | 7,569 | ||||||||
| Advertising | 473 | 388 | ||||||||
| Professional services | 1,833 | 1,924 | ||||||||
| FDIC deposit insurance premiums | 802 | 975 | ||||||||
| Real estate foreclosure (recoveries) losses and expenses, net | (296 | ) | 1,566 | |||||||
| Other | 1,474 | 1,946 | ||||||||
| Total non-interest expense | 25,824 | 27,761 | ||||||||
| Income before income taxes | 11,312 | 15,722 | ||||||||
| Income tax expense | 3,701 | 5,334 | ||||||||
| Net income after tax | 7,611 | 10,388 | ||||||||
| Premium paid to repurchase preferred stock | (27 | ) | - | |||||||
| Preferred stock dividends | (657 | ) | (1,185 | ) | ||||||
| Earnings available to common shares | $ | 6,927 | $ | 9,203 | ||||||
| Annualized Performance Ratios | ||||||||||
| Return on average assets | 0.81 | % | 1.05 | % | ||||||
| Return on average common equity | 9.11 | % | 12.58 | % | ||||||
| Interest rate spread | 3.43 | % | 3.60 | % | ||||||
| Net interest margin | 3.54 | % | 3.73 | % | ||||||
| SHARE DATA | ||||||||||
| Weighted average shares outstanding - basic | 10,980,401 | 10,881,986 | ||||||||
| Weighted average shares outstanding - diluted | 11,373,371 | 11,116,479 | ||||||||
| Basic earnings per common share | $ | 0.63 | $ | 0.85 | ||||||
| Diluted earnings per common share | $ | 0.61 | $ | 0.83 | ||||||
| Dividends per common share | $ | 0.285 | $ | 0.285 | ||||||
| PULASKI FINANCIAL CORP. | ||||||||||||||||||||||||||
|
BALANCE SHEET DATA |
||||||||||||||||||||||||||
|
(Unaudited) |
||||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| June 30, | March 31, | September 30, | ||||||||||||||||||||||||
| 2014 | 2014 | 2013 | ||||||||||||||||||||||||
| Total assets | $ | 1,374,164 | $ | 1,337,492 | $ | 1,275,944 | ||||||||||||||||||||
| Loans receivable, net | 1,093,309 | 1,028,785 | 988,668 | |||||||||||||||||||||||
| Allowance for loan losses | 16,830 | 16,829 | 18,306 | |||||||||||||||||||||||
| Mortgage loans held for sale, net | 60,231 | 37,724 | 70,473 | |||||||||||||||||||||||
| Investment securities | 51,507 | 58,709 | 43,211 | |||||||||||||||||||||||
| Capital stock of Federal Home Loan Bank | 9,020 | 6,232 | 4,777 | |||||||||||||||||||||||
| Cash and cash equivalents | 78,839 | 125,522 | 86,309 | |||||||||||||||||||||||
| Deposits | 999,463 | 1,031,965 | 1,010,812 | |||||||||||||||||||||||
| Borrowed money | 224,113 | 165,632 | 113,483 | |||||||||||||||||||||||
| Subordinated debentures | 19,589 | 19,589 | 19,589 | |||||||||||||||||||||||
| Stockholders' equity - preferred | 6,653 | 7,388 | 17,310 | |||||||||||||||||||||||
| Stockholders' equity - common | 109,897 | 100,624 | 98,748 | |||||||||||||||||||||||
| Total book value per common share | $ | 9.10 | $ | 8.83 | $ | 8.65 | ||||||||||||||||||||
| Tangible book value per common share | $ | 8.77 | $ | 8.48 | $ | 8.30 | ||||||||||||||||||||
| Regulatory capital ratios - Pulaski Bank only: (1) | ||||||||||||||||||||||||||
| Tier 1 leverage capital (to average assets) | 9.59 | % | 9.73 | % | 10.05 | % | ||||||||||||||||||||
| Total risk-based capital (to risk-weighted assets) | 13.33 | % | 13.86 | % | 14.03 | % | ||||||||||||||||||||
| (1) June 30, 2014 regulatory capital ratios are estimated. | ||||||||||||||||||||||||||
| June 30, | March 31, | September 30, | ||||||||||||||||||||||||
| 2014 | 2014 | 2013 | ||||||||||||||||||||||||
| LOANS RECEIVABLE | ||||||||||||||||||||||||||
| Single-family residential: | ||||||||||||||||||||||||||
| First mortgage | $ | 252,961 | $ | 218,978 | $ | 212,357 | ||||||||||||||||||||
| Second mortgage | 40,785 | 41,696 | 43,208 | |||||||||||||||||||||||
| Home equity lines of credit | 96,672 | 101,276 | 110,906 | |||||||||||||||||||||||
| Total single-family residential real estate | 390,418 | 361,950 | 366,471 | |||||||||||||||||||||||
| Commercial: | ||||||||||||||||||||||||||
| Commercial and multi-family real estate: | ||||||||||||||||||||||||||
| Owner occupied | 128,474 | 123,912 | 110,487 | |||||||||||||||||||||||
| Non-owner occupied | 274,975 | 254,080 | 237,516 | |||||||||||||||||||||||
| Land acquisition and development | 37,431 | 41,042 | 40,430 | |||||||||||||||||||||||
| Real estate construction and development | 47,427 | 44,327 | 20,549 | |||||||||||||||||||||||
| Commercial and industrial | 224,816 | 215,006 | 226,263 | |||||||||||||||||||||||
| Total commercial | 713,123 | 678,367 | 635,245 | |||||||||||||||||||||||
| Consumer and installment | 3,165 | 3,476 | 3,326 | |||||||||||||||||||||||
| 1,106,706 | 1,043,793 | 1,005,042 | ||||||||||||||||||||||||
| Add (less): | ||||||||||||||||||||||||||
| Deferred loan costs | 4,160 | 3,364 | 3,188 | |||||||||||||||||||||||
| Loans in process | (727 | ) | (1,543 | ) | (1,256 | ) | ||||||||||||||||||||
| Allowance for loan losses | (16,830 | ) | (16,829 | ) | (18,306 | ) | ||||||||||||||||||||
| Total | $ | 1,093,309 | $ | 1,028,785 | $ | 988,668 | ||||||||||||||||||||
| Weighted average rate at end of period | 4.21 | % | 4.32 | % | 4.45 | % | ||||||||||||||||||||
| June 30, 2014 | March 31, 2014 | September 30, 2013 | ||||||||||||||||||||||||
| Weighted | Weighted | Weighted | ||||||||||||||||||||||||
| Average | Average | Average | ||||||||||||||||||||||||
| Interest | Interest | Interest | ||||||||||||||||||||||||
| DEPOSITS | Balance | Rate | Balance | Rate | Balance | Rate | ||||||||||||||||||||
| Demand deposits: | (Dollars in thousands) | |||||||||||||||||||||||||
| Non-interest-bearing checking | $ | 182,941 | 0.00 | % | $ | 182,788 | 0.00 | % | $ | 168,033 | 0.00 | % | ||||||||||||||
| Interest-bearing checking | 242,844 | 0.10 | % | 258,553 | 0.10 | % | 237,362 | 0.10 | % | |||||||||||||||||
| Savings accounts | 43,195 | 0.13 | % | 42,254 | 0.13 | % | 39,845 | 0.13 | % | |||||||||||||||||
| Money market | 215,207 | 0.29 | % | 211,045 | 0.29 | % | 206,927 | 0.26 | % | |||||||||||||||||
| Total demand deposits | 684,187 | 0.13 | % | 694,640 | 0.13 | % | 652,167 | 0.13 | % | |||||||||||||||||
| Certificates of Deposit: | ||||||||||||||||||||||||||
| Traditional | 275,569 | 0.67 | % | 289,587 | 0.72 | % | 313,217 | 0.84 | % | |||||||||||||||||
| CDARS | 39,707 | 0.25 | % | 47,738 | 0.25 | % | 45,428 | 0.28 | % | |||||||||||||||||
| Total certificates of deposit | 315,276 | 0.62 | % | 337,325 | 0.66 | % | 358,645 | 0.77 | % | |||||||||||||||||
| Total deposits | $ | 999,463 | 0.29 | % | $ | 1,031,965 | 0.30 | % | $ | 1,010,812 | 0.35 | % | ||||||||||||||
| PULASKI FINANCIAL CORP. | ||||||||||||||||||||||||||
| RESIDENTIAL MORTGAGE LOAN ACTIVITY | ||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||
| RESIDENTIAL MORTGAGE LOANS ORIGINATED FOR SALE | ||||||||||||||||||||||||||
| 2014 | 2013 | |||||||||||||||||||||||||
| Mortgage | Home | Mortgage | Home | |||||||||||||||||||||||
| Refinancings | Purchases | Total | Refinancings | Purchases | Total | |||||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||||
| First quarter | $ | 29,996 | $ | 136,423 | $ | 166,419 | $ | 230,399 | $ | 149,241 | $ | 379,640 | ||||||||||||||
| Second quarter | $ | 24,376 | $ | 98,065 | $ | 122,441 | $ | 186,515 | $ | 123,009 | $ | 309,524 | ||||||||||||||
| Third quarter | $ | 28,212 | $ | 186,716 | $ | 214,928 | $ | 133,380 | $ | 224,655 | $ | 358,035 | ||||||||||||||
| RESIDENTIAL MORTGAGE LOANS SOLD TO INVESTORS | ||||||||||||||||||||||||||
| 2014 | 2013 | |||||||||||||||||||||||||
| Net | Net | |||||||||||||||||||||||||
| Loans | Mortgage | Profit | Loans | Mortgage | Profit | |||||||||||||||||||||
| Sold | Revenues | Margin | Sold | Revenues | Margin | |||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||||
| First quarter | $ | 179,919 | $ | 1,033 | 0.57 | % | $ | 367,388 | $ | 2,988 | 0.81 | % | ||||||||||||||
| Second quarter | $ | 136,231 | $ | 507 | 0.37 | % | $ | 349,870 | $ | 3,148 | 0.90 | % | ||||||||||||||
| Third quarter | $ | 188,431 | $ | 1,245 | 0.66 | % | $ | 354,544 | $ | 3,444 | 0.97 | % | ||||||||||||||
| PULASKI FINANCIAL CORP. | ||||||||||
| NONPERFORMING ASSETS | ||||||||||
| (Unaudited) | ||||||||||
| (In thousands) | ||||||||||
| June 30, | March 31, | September 30, | ||||||||
| NON-PERFORMING ASSETS | 2014 | 2014 | 2013 | |||||||
| Non-accrual loans: | ||||||||||
| Single-family residential real estate: | ||||||||||
| First mortgage | $ 3,878 | $ 4,352 | $ 5,335 | |||||||
| Second mortgage | 353 | 588 | 442 | |||||||
| Home equity lines of credit | 2,027 | 1,926 | 2,124 | |||||||
| Total single-family residential real estate | 6,258 | 6,866 | 7,901 | |||||||
| Commercial: | ||||||||||
| Commercial and multi-family real estate | - | 1,471 | 1,774 | |||||||
| Land acquisition and development | - | 2,928 | - | |||||||
| Real estate construction and development | - | - | 23 | |||||||
| Commercial and industrial | 350 | 312 | - | |||||||
| Total commercial | 350 | 4,711 | 1,797 | |||||||
| Consumer & installment | 54 | 93 | 78 | |||||||
| Total non-accrual loans | 6,662 | 11,670 | 9,776 | |||||||
| Non-Accrual Troubled debt restructurings: (1) | ||||||||||
| Current under the restructured terms: | ||||||||||
| Single-family residential real estate: | ||||||||||
| First mortgage | 5,225 | 5,646 | 5,169 | |||||||
| Second mortgage | 1,323 | 1,097 | 904 | |||||||
| Home equity lines of credit | 863 | 835 | 498 | |||||||
| Total single-family residential real estate | 7,411 | 7,578 | 6,571 | |||||||
| Commercial: | ||||||||||
| Commercial and multi-family real estate | 3,469 | 1,308 | 2,585 | |||||||
| Land acquisition and development | - | - | 43 | |||||||
| Real estate construction and development | 40 | 43 | 23 | |||||||
| Commercial and industrial | 1,464 | 1,996 | 2,055 | |||||||
| Total commercial | 4,973 | 3,347 | 4,706 | |||||||
| Consumer and installment | 18 | 21 | 28 | |||||||
| Total current troubled debt restructurings | 12,402 | 10,946 | 11,305 | |||||||
| Past due under restructured terms: | ||||||||||
| Single-family residential real estate: | ||||||||||
| First mortgage | 2,636 | 3,772 | 3,974 | |||||||
| Second mortgage | 99 | 92 | 155 | |||||||
| Home equity lines of credit | 238 | 178 | 178 | |||||||
| Total single-family residential real estate | 2,973 | 4,042 | 4,307 | |||||||
| Commercial: | ||||||||||
| Commercial and multi-family real estate | 660 | 3,093 | 1,652 | |||||||
| Land acquisition and development | 40 | 41 | 19 | |||||||
| Real estate construction and development | - | - | - | |||||||
| Commercial and industrial | 939 | 451 | 572 | |||||||
| Total commercial | 1,639 | 3,585 | 2,243 | |||||||
| Total past due troubled debt restructurings | 4,612 | 7,627 | 6,550 | |||||||
| Total non-accrual troubled debt restructurings | 17,014 | 18,573 | 17,855 | |||||||
| Total non-performing loans | 23,676 | 30,243 | 27,631 | |||||||
| Real estate acquired in settlement of loans: | ||||||||||
| Residential real estate | 2,364 | 2,809 | 3,019 | |||||||
| Commercial real estate | 5,229 | 3,751 | 3,376 | |||||||
| Total real estate acquired in settlement of loans | 7,593 | 6,560 | 6,395 | |||||||
| Total non-performing assets | $ 31,269 | $ 36,803 | $ 34,026 | |||||||
|
(1) |
Troubled debt restructured includes non-accrual loans totaling $17.0 million, $18.6 million and $17.9 million at June 30, 2014, March 31, 2013 and September 30, 2013, respectively. These totals are not included in non-accrual loans above. |
|||||||||
| PULASKI FINANCIAL CORP. | |||||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES AND ASSET QUALITY RATIOS | |||||||||||||||||||
| (Unaudited) | |||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||
| Three Months | Nine Months | ||||||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||||||
| ALLOWANCE FOR LOAN LOSSES | 2014 | 2013 | 2014 | 2013 | |||||||||||||||
| Allowance for loan losses, beginning of period | $ | 16,829 | $ | 18,608 | $ | 18,306 | $ | 17,117 | |||||||||||
| Provision charged to expense | 200 | 1,800 | 900 | 5,240 | |||||||||||||||
| Charge-offs: | |||||||||||||||||||
| Single-family residential real estate: | |||||||||||||||||||
| First mortgage | 526 | 1,328 | 1,500 | 2,930 | |||||||||||||||
| Second mortgage | 131 | 210 | 500 | 1,078 | |||||||||||||||
| Home equity | 237 | 557 | 1,249 | 1,906 | |||||||||||||||
| Total single-family residential real estate | 894 | 2,095 | 3,249 | 5,914 | |||||||||||||||
| Commercial: | |||||||||||||||||||
| Commercial and multi-family real estate | - | 438 | - | 1,003 | |||||||||||||||
| Land acquisition and development | - | 2 | 1,027 | 24 | |||||||||||||||
| Real estate construction and development | - | - | - | 260 | |||||||||||||||
| Commercial and industrial | - | - | 1 | 484 | |||||||||||||||
| Total commercial | - | 440 | 1,028 | 1,771 | |||||||||||||||
| Consumer and installment | 26 | 25 | 81 | 84 | |||||||||||||||
| Total charge-offs | 920 | 2,560 | 4,358 | 7,769 | |||||||||||||||
| Recoveries: | |||||||||||||||||||
| Single-family residential real estate: | |||||||||||||||||||
| First mortgage | 199 | 30 | 391 | 59 | |||||||||||||||
| Second mortgage | 19 | 45 | 77 | 154 | |||||||||||||||
| Home equity | 7 | 152 | 237 | 309 | |||||||||||||||
| Total single-family residential real estate | 225 | 227 | 705 | 522 | |||||||||||||||
| Commercial: | |||||||||||||||||||
| Commercial and multi-family real estate | 485 | 110 | 778 | 1,219 | |||||||||||||||
| Land acquisition and development | 4 | 6 | 4 | 23 | |||||||||||||||
| Real estate construction and development | - | 1 | - | 1,797 | |||||||||||||||
| Commercial and industrial | 1 | 375 | 472 | 400 | |||||||||||||||
| Total commercial | 490 | 492 | 1,254 | 3,439 | |||||||||||||||
| Consumer and installment | 6 | 14 | 23 | 32 | |||||||||||||||
| Total recoveries | 721 | 733 | 1,982 | 3,993 | |||||||||||||||
| Net charge-offs | 199 | 1,827 | 2,376 | 3,776 | |||||||||||||||
| Balance, end of period | $ | 16,830 | $ | 18,581 | $ | 16,830 | $ | 18,581 | |||||||||||
| June 30, | March 31, | September 30, | |||||||||||||||||
| ASSET QUALITY RATIOS | 2014 | 2014 | 2013 | ||||||||||||||||
| Non-performing loans as a percent of total loans | 2.14 | % | 2.90 | % | 2.75 | % | |||||||||||||
|
Non-performing loans excluding current troubled debt restructurings as a percent of total loans |
1.02 | % | 1.85 | % | 1.62 | % | |||||||||||||
| Non-performing assets as a percent of total assets | 2.28 | % | 2.75 | % | 2.66 | % | |||||||||||||
|
Non-performing assets excluding current troubled debt restructurings as a percent of total assets |
1.37 | % | 1.93 | % | 1.78 | % | |||||||||||||
| Allowance for loan losses as a percent of total loans | 1.52 | % | 1.61 | % | 1.82 | % | |||||||||||||
|
Allowance for loan losses as a percent of non-performing loans |
71.08 | % | 55.65 | % | 66.31 | % | |||||||||||||
|
Allowance for loan losses as a percent of non-performing loans excluding current troubled debt restructurings and related allowance for loan losses |
144.30 | % | 83.37 | % | 106.56 | % | |||||||||||||
| PULASKI FINANCIAL CORP. | |||||||||||||||||||||||||||
| AVERAGE BALANCE SHEETS | |||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||||
| June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||
| Interest | Average | Interest | Average | ||||||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | ||||||||||||||||||||||
| Interest-earning assets: | Balance | Dividends | Cost | Balance | Dividends | Cost | |||||||||||||||||||||
| Loans receivable | $ | 1,067,823 | $ | 11,578 | 4.34 | % | $ | 1,018,207 | $ | 11,381 | 4.47 | % | |||||||||||||||
| Mortgage loans held for sale | 44,718 | 488 | 4.36 | % | 149,517 | 1,238 | 3.31 | % | |||||||||||||||||||
| Other interest-earning assets | 71,262 | 91 | 0.51 | % | 55,158 | 89 | 0.65 | % | |||||||||||||||||||
| Total interest-earning assets | 1,183,803 | 12,157 | 4.11 | % | 1,222,882 | 12,708 | 4.16 | % | |||||||||||||||||||
| Non-interest-earning assets | 87,326 | 83,141 | |||||||||||||||||||||||||
| Total assets | $ | 1,271,129 | $ | 1,306,023 | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Deposits | $ | 831,497 | $ | 829 | 0.40 | % | $ | 893,572 | $ | 1,169 | 0.52 | % | |||||||||||||||
| Borrowed money | 133,341 | 451 | 1.35 | % | 107,056 | 377 | 1.40 | % | |||||||||||||||||||
| Total interest-bearing liabilities | 964,838 | 1,280 | 0.53 | % | 1,000,628 | 1,546 | 0.62 | % | |||||||||||||||||||
| Non-interest-bearing deposits | 184,362 | 167,810 | |||||||||||||||||||||||||
| Non-interest-bearing liabilities | 11,576 | 13,984 | |||||||||||||||||||||||||
| Stockholders' equity | 110,353 | 123,601 | |||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,271,129 | $ | 1,306,023 | |||||||||||||||||||||||
| Net interest income | $ | 10,877 | $ | 11,162 | |||||||||||||||||||||||
| Interest rate spread | 3.58 | % | 3.54 | % | |||||||||||||||||||||||
| Net interest margin | 3.68 | % | 3.65 | % | |||||||||||||||||||||||
| (Dollars in thousands) | |||||||||||||||||||||||||||
| Nine Months Ended | |||||||||||||||||||||||||||
| June 30, 2014 | June 30, 2013 | ||||||||||||||||||||||||||
| Interest | Average | Interest | Average | ||||||||||||||||||||||||
| Average | and | Yield/ | Average | and | Yield/ | ||||||||||||||||||||||
| Interest-earning assets: | Balance | Dividends | Cost | Balance | Dividends | Cost | |||||||||||||||||||||
| Loans receivable | $ | 1,032,178 | $ | 33,313 | 4.30 | % | $ | 1,004,110 | $ | 34,964 | 4.64 | % | |||||||||||||||
| Mortgage loans held for sale | 44,832 | 1,419 | 4.22 | % | 170,719 | 4,219 | 3.30 | % | |||||||||||||||||||
| Other interest-earning assets | 95,800 | 298 | 0.41 | % | 57,309 | 314 | 0.73 | % | |||||||||||||||||||
| Total interest-earning assets | 1,172,810 | 35,030 | 3.98 | % | 1,232,138 | 39,497 | 4.27 | % | |||||||||||||||||||
| Non-interest-earning assets | 82,343 | 83,982 | |||||||||||||||||||||||||
| Total assets | $ | 1,255,153 | $ | 1,316,120 | |||||||||||||||||||||||
| Interest-bearing liabilities: | |||||||||||||||||||||||||||
| Deposits | $ | 846,434 | $ | 2,694 | 0.42 | % | $ | 915,712 | $ | 3,930 | 0.57 | % | |||||||||||||||
| Borrowed money | 105,317 | 1,222 | 1.55 | % | 90,342 | 1,109 | 1.64 | % | |||||||||||||||||||
| Total interest-bearing liabilities | 951,751 | 3,916 | 0.55 | % | 1,006,054 | 5,039 | 0.67 | % | |||||||||||||||||||
| Non-interest-bearing deposits | 178,502 | 173,182 | |||||||||||||||||||||||||
| Non-interest-bearing liabilities | 11,932 | 14,734 | |||||||||||||||||||||||||
| Stockholders' equity | 112,968 | 122,150 | |||||||||||||||||||||||||
| Total liabilities and stockholders' equity | $ | 1,255,153 | $ | 1,316,120 | |||||||||||||||||||||||
| Net interest income | $ | 31,114 | $ | 34,458 | |||||||||||||||||||||||
| Interest rate spread | 3.43 | % | 3.60 | % | |||||||||||||||||||||||
| Net interest margin | 3.54 | % | 3.73 | % | |||||||||||||||||||||||
Pulaski Financial Corp.
Paul Milano, 314-878-2210
Chief
Financial Officer
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
