Form 8-K PULASKI FINANCIAL CORP For: Apr 28
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E-mailUNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): April 28, 2015
PULASKI FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
|
Missouri
(State or other jurisdiction of
(State or other jurisdiction of
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0- 24571
(Commission
File Number)
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43-1816913
(IRS Employer
Identification No.)
|
12300 Olive Boulevard, St. Louis, Missouri 63141
(Address of principal executive offices) (Zip Code)
(314) 878-2210
(Registrant’s telephone number, including area code)
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02 Results of Operations and Financial Condition
On April 28, 2015, Pulaski Financial Corp., the parent of Pulaski Bank, announced its financial results for the three and six months ended March 31, 2015. The press release announcing financial results for the three and six months ended March 31, 2015 is filed as Exhibit 99.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
|
|
Number
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Description
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|
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99.1
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Press Release Dated April 28, 2015
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
|
Date: April 29, 2015
|
By:
|
/s/ Paul J. Milano | |
| Paul J. Milano | |||
| Chief Financial Officer | |||
PULASKI FINANCIAL REPORTS 47% INCREASE IN
SECOND FISCAL QUARTER EPS
Current Versus Prior Year Quarter Highlights
|
●
|
Diluted EPS were $0.25 in March 2015 quarter versus $0.17 in same quarter last year; up 44% to $0.52 for six months ended March 31, 2015 versus $0.36 last year
|
|
●
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Annualized return on average assets improved to 0.91% in March 2015 quarter compared with 0.67% in last year’s quarter
|
|
●
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Annualized return on average common equity for March 2015 quarter increased to 10.48% versus 7.57% in March 2014 quarter
|
|
●
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Mortgage revenues more than quadrupled from prior year quarter on increases in loans originated for refinancing and home purchase activity combined with an improvement in the net profit margin
|
|
●
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Net interest income increased 6% over prior year quarter as the result of substantial growth in average loan balances partially offset by a decline in the net interest margin
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●
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Loan portfolio balance at March 31, 2015 up 8% from same time last year, but down 2% from December 31, 2014 on shrinkage in commercial and residential loans
|
|
●
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Deposits increased 3% during quarter on substantial growth in municipal and public entity and retail deposits
|
|
●
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Additional 6% improvement in non-performing assets dropped the ratio of non-performing assets to total assets below 2% for first time since September 30, 2008
|
|
●
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Book value per common share grew to $9.67 at March 31, 2015 from $9.50 at December 31, 2014
|
ST. LOUIS, April 28, 2015 —Pulaski Financial Corp. (Nasdaq Global Select: PULB, the “Company”) reported net income available to common shareholders for the quarter ended March 31, 2015 of $3.1 million, or $0.25 per diluted common share, compared with $1.9 million, or $0.17 per diluted common share, for the same quarter last year. For the six months ended March 31, 2015, net income available to common shareholders was $6.2 million, or $0.52 per diluted common share, compared with $4.1 million, or $0.36 per diluted common share, for the same period last year.
The Company reported sharply higher returns for the quarter ended March 31, 2015 compared with the same quarter last year. The annualized return on average assets increased to 0.91%, up 24 basis points from 0.67% reported in last year’s quarter. The annualized average return on common equity increased to 10.48%, up 291 basis points from 7.57% reported for the quarter ended March 31, 2014.
Earnings for the quarter were marked by a 332% increase in mortgage revenues over the same quarter last year as low market interest rates fueled customer demand for loans to refinance existing mortgages. In addition, the Company saw a 57% increase in loans to finance home purchases compared with last year’s quarter.
Net interest income for the quarter saw a 6% increase from the March 2014 quarter as the Company continued to benefit from substantial loan growth experienced in earlier quarters. This growth more than offset a decline in the net interest margin that resulted primarily from market driven declines in portfolio loan rates. However, the total balance of loans receivable decreased 2% from December 31, 2014 as the result of a decrease in residential real estate loans, and to a lesser extent, a decrease in commercial loans.
The Company continued to be successful in raising deposits while controlling the total cost of deposits. Total deposits increased 3% during the quarter, while the average cost of deposits remained almost unchanged from the same quarter last year.
Gary Douglass, President and Chief Executive Officer, commented, “Considering that the March quarter is typically negatively impacted by mortgage and other seasonality, we are particularly pleased with our overall operating results for the current quarter. The better than anticipated results were largely driven by increased mortgage-related revenues and the absence of net credit costs for the quarter.”
Douglass concluded, “We are looking forward to an even stronger second half of our fiscal year driven by a continued strengthening of mortgage revenues, a restart of modest commercial and residential portfolio growth and continued low net credit costs.”
Conference Call Tomorrow
Pulaski Financial’s management will discuss second quarter results and other developments tomorrow, April 29, 2015, during a conference call beginning at 11 a.m. EST (10 a.m. CST). The call will also be simultaneously webcast and archived for three months at: Error! Hyperlink reference not valid.http://www.pulaskibank.com/our-story/shareholder-relations/. Participants in the conference call may dial 877-473-3757, conference ID 67756688, a few minutes before the start time. The call will also be available for replay through May 30, 2015 at 855-859-2056 or 404-537-3406, conference ID 67756688.
About Pulaski Financial
Pulaski Financial Corp., operating in its 93rd 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, 2014 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
|
||||||||||||
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March 31,
|
December 31,
|
March 31,
|
||||||||||
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2015
|
2014
|
2014
|
||||||||||
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Interest income
|
$ | 12,037 | $ | 12,223 | $ | 11,374 | ||||||
|
Interest expense
|
1,375 | 1,373 | 1,313 | |||||||||
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Net interest income
|
10,662 | 10,850 | 10,061 | |||||||||
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Provision for loan losses
|
- | 500 | 500 | |||||||||
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Net interest income after provision for loan losses
|
10,662 | 10,350 | 9,561 | |||||||||
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Mortgage revenues
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2,189 | 1,474 | 506 | |||||||||
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Retail banking fees
|
1,030 | 1,055 | 988 | |||||||||
|
SBA loan sale revenues
|
113 | 179 | - | |||||||||
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Other
|
329 | 1,008 | 360 | |||||||||
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Total non-interest income
|
3,661 | 3,716 | 1,854 | |||||||||
|
Salaries and employee benefits
|
5,501 | 4,970 | 4,574 | |||||||||
|
Occupancy, equipment and data processing expense
|
2,997 | 2,794 | 2,732 | |||||||||
|
Advertising
|
194 | 172 | 126 | |||||||||
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Professional services
|
422 | 497 | 503 | |||||||||
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FDIC deposit insurance premium expense
|
251 | 259 | 263 | |||||||||
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Real estate foreclosure (recoveries) losses and expenses, net
|
(159 | ) | 77 | (412 | ) | |||||||
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Other
|
523 | 557 | 452 | |||||||||
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Total non-interest expense
|
9,729 | 9,326 | 8,238 | |||||||||
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Income before income taxes
|
4,594 | 4,740 | 3,177 | |||||||||
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Income tax expense
|
1,506 | 1,605 | 1,074 | |||||||||
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Net income after tax
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3,088 | 3,135 | 2,103 | |||||||||
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Preferred stock dividends and premium paid on repurchases
|
- | - | (188 | ) | ||||||||
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Earnings available to common shares
|
$ | 3,088 | $ | 3,135 | $ | 1,915 | ||||||
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Annualized Performance Ratios
|
||||||||||||
|
Return on average assets
|
0.91 | % | 0.93 | % | 0.67 | % | ||||||
|
Return on average common equity
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10.48 | % | 10.91 | % | 7.57 | % | ||||||
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Interest rate spread
|
3.27 | % | 3.32 | % | 3.31 | % | ||||||
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Net interest margin
|
3.36 | % | 3.43 | % | 3.41 | % | ||||||
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SHARE DATA
|
||||||||||||
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Weighted average common shares outstanding - basic
|
11,805,494 | 11,715,120 | 10,969,484 | |||||||||
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Weighted average common shares outstanding - diluted
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12,115,757 | 12,063,777 | 11,357,212 | |||||||||
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Basic earnings per common share
|
$ | 0.26 | $ | 0.27 | $ | 0.17 | ||||||
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Diluted earnings per common share
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$ | 0.25 | $ | 0.26 | $ | 0.17 | ||||||
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Dividends per common share
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$ | 0.095 | $ | 0.095 | $ | 0.095 | ||||||
PULASKI FINANCIAL CORP.
CONDENSED STATEMENTS OF INCOME, Continued
(Unaudited)
| (Dollars in thousands except per share data) | ||||||||
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Six Months Ended March 31,
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||||||||
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2015
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2014
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|||||||
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Interest income
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$ | 24,261 | $ | 22,873 | ||||
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Interest expense
|
2,749 | 2,636 | ||||||
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Net interest income
|
21,512 | 20,237 | ||||||
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Provision for loan losses
|
500 | 700 | ||||||
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Net interest income after provision for loan losses
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21,012 | 19,537 | ||||||
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Mortgage revenues
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3,663 | 1,540 | ||||||
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Retail banking fees
|
2,085 | 2,034 | ||||||
|
SBA loan sale revenues
|
293 | - | ||||||
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Other
|
1,336 | 752 | ||||||
|
Total non-interest income
|
7,377 | 4,326 | ||||||
|
Salaries and employee benefits
|
10,471 | 8,765 | ||||||
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Occupancy, equipment and data processing expense
|
5,791 | 5,360 | ||||||
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Advertising
|
365 | 306 | ||||||
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Professional services
|
919 | 1,325 | ||||||
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FDIC deposit insurance premiums
|
511 | 524 | ||||||
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Real estate foreclosure (recoveries) losses and expenses, net
|
(82 | ) | (285 | ) | ||||
|
Other
|
1,080 | 943 | ||||||
|
Total non-interest expense
|
19,055 | 16,938 | ||||||
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Income before income taxes
|
9,334 | 6,925 | ||||||
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Income tax expense
|
3,111 | 2,319 | ||||||
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Net income after tax
|
6,223 | 4,606 | ||||||
|
Preferred stock dividends
|
- | (483 | ) | |||||
|
Earnings available to common shares
|
$ | 6,223 | $ | 4,123 | ||||
|
Annualized Performance Ratios
|
||||||||
|
Return on average assets
|
0.92 | % | 0.74 | % | ||||
|
Return on average common equity
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10.69 | % | 8.20 | % | ||||
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Interest rate spread
|
3.30 | % | 3.36 | % | ||||
|
Net interest margin
|
3.39 | % | 3.47 | % | ||||
|
SHARE DATA
|
||||||||
|
Weighted average shares outstanding - basic
|
11,759,811 | 10,959,019 | ||||||
|
Weighted average shares outstanding - diluted
|
12,079,766 | 11,349,010 | ||||||
|
Basic earnings per common share
|
$ | 0.53 | $ | 0.38 | ||||
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Diluted earnings per common share
|
$ | 0.52 | $ | 0.36 | ||||
|
Dividends per common share
|
$ | 0.19 | $ | 0.19 | ||||
|
PULASKI FINANCIAL CORP.
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||||||||||||
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SELECTED BALANCE SHEET DATA
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||||||||||||
|
(Unaudited)
|
||||||||||||
|
|
||||||||||||
|
March 31,
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December 31,
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September 30,
|
||||||||||
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2015
|
2014
|
2014
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||||||||||
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Total assets
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$ | 1,383,450 | $ | 1,426,456 | $ | 1,380,096 | ||||||
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Loans receivable, net
|
1,113,271 | 1,130,638 | 1,110,861 | |||||||||
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Allowance for loan losses
|
15,704 | 15,926 | 15,978 | |||||||||
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Mortgage loans held for sale, net
|
101,993 | 87,076 | 58,139 | |||||||||
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Investment securities
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45,757 | 46,172 | 41,431 | |||||||||
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Capital stock of Federal Home Loan Bank
|
4,271 | 7,012 | 8,268 | |||||||||
|
Cash and cash equivalents
|
34,407 | 72,953 | 81,549 | |||||||||
|
Deposits
|
1,126,396 | 1,098,333 | 1,021,653 | |||||||||
|
Borrowed money
|
102,345 | 181,313 | 210,940 | |||||||||
|
Subordinated debentures
|
19,589 | 19,589 | 19,589 | |||||||||
|
Stockholders' equity - common
|
116,449 | 114,512 | 112,116 | |||||||||
|
Total book value per common share
|
$ | 9.67 | $ | 9.50 | $ | 9.31 | ||||||
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Tangible book value per common share
|
$ | 9.34 | $ | 9.17 | $ | 8.99 | ||||||
|
Tangible common equity to total assets
|
8.16 | % | 7.77 | % | 7.86 | % | ||||||
|
March 31,
|
December 31,
|
September 30,
|
||||||||||
|
2015
|
2014
|
2014
|
||||||||||
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LOANS RECEIVABLE
|
||||||||||||
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Single-family residential:
|
||||||||||||
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First mortgage
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$ | 276,731 | $ | 283,365 | $ | 273,370 | ||||||
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Second mortgage
|
40,029 | 39,434 | 39,555 | |||||||||
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Home equity lines of credit
|
80,961 | 87,143 | 90,179 | |||||||||
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Total single-family residential real estate
|
397,721 | 409,942 | 403,104 | |||||||||
|
Commercial:
|
||||||||||||
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Commercial and multi-family real estate:
|
||||||||||||
|
Owner occupied
|
129,929 | 136,901 | 134,609 | |||||||||
|
Non-owner occupied
|
261,520 | 252,732 | 261,948 | |||||||||
|
Land acquisition and development
|
32,133 | 30,457 | 37,052 | |||||||||
|
Real estate construction and development
|
62,398 | 52,747 | 46,777 | |||||||||
|
Commercial and industrial
|
238,769 | 257,315 | 235,297 | |||||||||
|
Total commercial
|
724,749 | 730,152 | 715,683 | |||||||||
|
Consumer and installment
|
2,969 | 3,618 | 4,024 | |||||||||
| 1,125,439 | 1,143,712 | 1,122,811 | ||||||||||
|
Add (less):
|
||||||||||||
|
Deferred loan costs
|
4,752 | 4,627 | 4,669 | |||||||||
|
Loans in process
|
(1,216 | ) | (1,775 | ) | (641 | ) | ||||||
|
Allowance for loan losses
|
(15,704 | ) | (15,926 | ) | (15,978 | ) | ||||||
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Total
|
$ | 1,113,271 | $ | 1,130,638 | $ | 1,110,861 | ||||||
|
Weighted average rate at end of period
|
4.04 | % | 4.04 | % | 4.11 | % | ||||||
|
March 31, 2015
|
December 31, 2014
|
September 30, 2014
|
||||||||||||||||
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Weighted
|
Weighted
|
Weighted
|
||||||||||||||||
|
Average
|
Average
|
Average
|
||||||||||||||||
|
Interest
|
Interest
|
Interest
|
||||||||||||||||
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DEPOSITS
|
Balance
|
Rate
|
Balance
|
Rate
|
Balance
|
Rate
|
||||||||||||
|
Demand deposits:
|
(Dollars in thousands)
|
|||||||||||||||||
|
Non-interest-bearing checking
|
$ | 189,107 | 0.00 | % | $ | 194,758 | 0.00 | % | $ | 189,642 | 0.00 | % | ||||||
|
Interest-bearing checking
|
231,111 | 0.12 | % | 229,847 | 0.12 | % | 222,156 | 0.10 | % | |||||||||
|
Savings accounts
|
43,041 | 0.13 | % | 42,029 | 0.13 | % | 43,640 | 0.13 | % | |||||||||
|
Money market
|
237,422 | 0.29 | % | 223,778 | 0.29 | % | 203,974 | 0.29 | % | |||||||||
|
Total demand deposits
|
700,681 | 0.15 | % | 690,412 | 0.14 | % | 659,412 | 0.13 | % | |||||||||
|
Certificates of Deposit:
|
||||||||||||||||||
|
Traditional
|
311,864 | 0.77 | % | 299,863 | 0.72 | % | 273,349 | 0.66 | % | |||||||||
|
CDARS
|
73,876 | 0.40 | % | 63,962 | 0.40 | % | 44,794 | 0.31 | % | |||||||||
|
Brokered
|
39,975 | 0.42 | % | 44,096 | 0.40 | % | 44,098 | 0.39 | % | |||||||||
|
Total certificates of deposit
|
425,715 | 0.67 | % | 407,921 | 0.64 | % | 362,241 | 0.59 | % | |||||||||
|
Total deposits
|
$ | 1,126,396 | 0.34 | % | $ | 1,098,333 | 0.32 | % | $ | 1,021,653 | 0.29 | % | ||||||
|
PULASKI FINANCIAL CORP.
|
||||||||||||||||||||||||
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RESIDENTIAL MORTGAGE LOAN ACTIVITY
|
||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||
|
RESIDENTIAL MORTGAGE LOANS ORIGINATED FOR SALE
|
||||||||||||||||||||||||
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
|
March 31, 2015
|
March 31, 2014
|
|||||||||||||||||||||||
|
Mortgage
|
Home
|
Mortgage
|
Home
|
|||||||||||||||||||||
|
Refinancings
|
Purchases
|
Total
|
Refinancings
|
Purchases
|
Total
|
|||||||||||||||||||
| (In thousands) | ||||||||||||||||||||||||
|
First quarter
|
$ | 94,694 | $ | 167,472 | $ | 262,166 | $ | 29,996 | $ | 136,423 | $ | 166,419 | ||||||||||||
|
Second quarter
|
$ | 209,458 | $ | 153,486 | $ | 362,944 | $ | 24,376 | $ | 98,065 | $ | 122,441 | ||||||||||||
|
RESIDENTIAL MORTGAGE LOANS SOLD TO INVESTORS
|
||||||||||||||||||||||||
|
Six Months Ended
|
Six Months Ended
|
|||||||||||||||||||||||
|
March 31, 2015
|
March 31, 2014
|
|||||||||||||||||||||||
|
Net
|
Net
|
|||||||||||||||||||||||
|
Loans
|
Mortgage
|
Profit
|
Loans
|
Mortgage
|
Profit
|
|||||||||||||||||||
|
Sold
|
Revenues
|
Margin
|
Sold
|
Revenues
|
Margin
|
|||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
|
First quarter
|
$ | 229,565 | $ | 1,474 | 0.64 | % | $ | 179,919 | $ | 1,033 | 0.57 | % | ||||||||||||
|
Second quarter
|
$ | 337,890 | $ | 2,189 | 0.65 | % | $ | 136,231 | $ | 507 | 0.37 | % | ||||||||||||
|
PULASKI FINANCIAL CORP.
|
||||||||||||
|
NONPERFORMING ASSETS
|
||||||||||||
|
(Unaudited)
|
||||||||||||
|
|
||||||||||||
|
(In thousands)
|
|
|||||||||||
|
March 31,
|
December 31,
|
September 30, | ||||||||||
|
NON-PERFORMING ASSETS
|
2015
|
2014
|
2014
|
|||||||||
|
Non-accrual loans:
|
||||||||||||
|
Single-family residential real estate:
|
|
|
||||||||||
|
First mortgage
|
$ | 3,231 | $ | 3,417 | $ | 4,026 | ||||||
|
Second mortgage
|
567 | 607 | 354 | |||||||||
|
Home equity lines of credit
|
1,861 | 1,410 | 1,479 | |||||||||
|
|
5,659 | 5,434 | 5,859 | |||||||||
|
Commercial:
|
||||||||||||
|
Commercial and multi-family real estate
|
279 | - | 457 | |||||||||
|
Land acquisition and development
|
- | - | 3,734 | |||||||||
|
Commercial and industrial
|
302 | 310 | 348 | |||||||||
|
Total commercial
|
581 | 310 | 4,539 | |||||||||
|
Consumer and installment
|
49 | - | - | |||||||||
|
Total non-accrual loans
|
6,289 | 5,744 | 10,398 | |||||||||
|
Non-Accrual Troubled debt restructurings: (1)
|
||||||||||||
|
Current under the restructured terms:
|
||||||||||||
|
Single-family residential real estate:
|
||||||||||||
|
First mortgage
|
4,825 | 5,163 | 4,668 | |||||||||
|
Second mortgage
|
1,026 | 1,065 | 1,126 | |||||||||
|
Home equity lines of credit
|
997 | 867 | 741 | |||||||||
|
Total single-family residential real estate
|
6,848 | 7,095 | 6,535 | |||||||||
|
Commercial:
|
||||||||||||
|
Commercial and multi-family real estate
|
3,385 | 3,442 | 3,335 | |||||||||
|
Real estate construction and development
|
13 | 14 | - | |||||||||
|
Commercial and industrial
|
904 | 1,069 | 1,102 | |||||||||
|
Total commercial
|
4,302 | 4,525 | 4,437 | |||||||||
|
Consumer and installment
|
6 | 9 | 13 | |||||||||
|
Total current troubled debt restructurings
|
11,156 | 11,629 | 10,985 | |||||||||
|
Past due under restructured terms:
|
||||||||||||
|
Single-family residential real estate:
|
||||||||||||
|
First mortgage
|
2,087 | 2,914 | 3,477 | |||||||||
|
Second mortgage
|
492 | 548 | 483 | |||||||||
|
Home equity lines of credit
|
224 | 224 | 395 | |||||||||
|
Total single-family residential real estate
|
2,803 | 3,686 | 4,355 | |||||||||
|
Commercial:
|
||||||||||||
|
Commercial and multi-family real estate
|
388 | 443 | 669 | |||||||||
|
Land acquisition and development
|
38 | 39 | 38 | |||||||||
|
Real estate construction and development
|
- | - | 39 | |||||||||
|
Commercial and industrial
|
- | - | 488 | |||||||||
|
Total commercial
|
426 | 482 | 1,234 | |||||||||
|
Total past due troubled debt restructurings
|
3,229 | 4,168 | 5,589 | |||||||||
|
Total non-accrual troubled debt restructurings
|
14,385 | 15,797 | 16,574 | |||||||||
|
Total non-performing loans
|
20,674 | 21,541 | 26,972 | |||||||||
|
Real estate acquired in settlement of loans:
|
||||||||||||
|
Residential real estate
|
993 | 1,590 | 2,631 | |||||||||
|
Commercial real estate
|
5,699 | 6,130 | 3,171 | |||||||||
|
Total real estate acquired in settlement of loans
|
6,692 | 7,720 | 5,802 | |||||||||
|
Total non-performing assets
|
$ | 27,366 | $ | 29,261 | $ | 32,774 | ||||||
|
(1) Troubled debt restructured includes non-accrual loans totaling $14.4 million, $15.8 million and $16.6 million at March 31, 2015, December 31, 2014 September 30, 2014, 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
|
Six Months
|
|||||||||||||||
|
Ended March 31,
|
Ended March 31,
|
|||||||||||||||
|
ALLOWANCE FOR LOAN LOSSES
|
2015
|
2014
|
2015
|
2014
|
||||||||||||
|
Allowance for loan losses, beginning of period
|
$ | 15,926 | $ | 17,670 | $ | 15,978 | $ | 18,306 | ||||||||
|
Provision charged to expense
|
- | 500 | 500 | 700 | ||||||||||||
|
Charge-offs:
|
||||||||||||||||
|
Single-family residential real estate:
|
||||||||||||||||
|
First mortgage
|
161 | 258 | 330 | 975 | ||||||||||||
|
Second mortgage
|
96 | 173 | 248 | 369 | ||||||||||||
|
Home equity
|
143 | 658 | 427 | 1,012 | ||||||||||||
|
Total single-family residential real estate
|
400 | 1,089 | 1,005 | 2,356 | ||||||||||||
|
Commercial:
|
||||||||||||||||
|
Land acquisition and development
|
- | 562 | - | 1,027 | ||||||||||||
|
Commercial and industrial
|
8 | 1 | 37 | 1 | ||||||||||||
|
Total commercial
|
8 | 563 | 37 | 1,028 | ||||||||||||
|
Consumer and installment
|
42 | 33 | 105 | 54 | ||||||||||||
|
Total charge-offs
|
450 | 1,685 | 1,147 | 3,438 | ||||||||||||
|
Recoveries:
|
||||||||||||||||
|
Single-family residential real estate:
|
||||||||||||||||
|
First mortgage
|
60 | 133 | 63 | 192 | ||||||||||||
|
Second mortgage
|
92 | 11 | 106 | 58 | ||||||||||||
|
Home equity
|
36 | 71 | 130 | 230 | ||||||||||||
|
Total single-family residential real estate
|
188 | 215 | 299 | 480 | ||||||||||||
|
Commercial:
|
||||||||||||||||
|
Commercial and multi-family real estate
|
14 | 107 | 23 | 293 | ||||||||||||
|
Land acquisition and development
|
- | - | 8 | 1 | ||||||||||||
|
Real estate construction and development
|
- | - | 3 | - | ||||||||||||
|
Commercial and industrial
|
17 | 14 | 24 | 471 | ||||||||||||
|
Total commercial
|
31 | 121 | 58 | 765 | ||||||||||||
|
Consumer and installment
|
9 | 8 | 16 | 16 | ||||||||||||
|
Total recoveries
|
228 | 344 | 373 | 1,261 | ||||||||||||
|
Net charge-offs
|
222 | 1,341 | 774 | 2,177 | ||||||||||||
|
Balance, end of period
|
$ | 15,704 | $ | 16,829 | $ | 15,704 | $ | 16,829 | ||||||||
|
|
||||||||||||||||
|
March 31,
|
December 31,
|
September 30,
|
||||||||||||||
|
ASSET QUALITY RATIOS
|
2015 | 2014 | 2014 | |||||||||||||
|
Non-performing loans as a percent of total loans
|
1.84 | % | 1.88 | % | 2.40 | % | ||||||||||
|
Non-performing loans excluding current troubled debt
|
||||||||||||||||
|
restructurings as a percent of total loans
|
0.85 | % | 0.87 | % | 1.42 | % | ||||||||||
|
Non-performing assets as a percent of total assets
|
1.98 | % | 2.05 | % | 2.37 | % | ||||||||||
|
Non-performing assets excluding current troubled debt
|
||||||||||||||||
|
restructurings as a percent of total assets
|
1.17 | % | 1.24 | % | 1.58 | % | ||||||||||
|
Allowance for loan losses as a percent of total loans
|
1.40 | % | 1.39 | % | 1.42 | % | ||||||||||
|
Allowance for loan losses as a percent
|
||||||||||||||||
|
of non-performing loans
|
75.96 | % | 73.94 | % | 59.24 | % | ||||||||||
|
Allowance for loan losses as a percent of
|
||||||||||||||||
|
non-performing loans excluding current troubled debt
|
||||||||||||||||
|
restructurings and related allowance for loan losses
|
159.70 | % | 154.67 | % | 97.06 | % | ||||||||||
|
PULASKI FINANCIAL CORP.
|
||||||||||||||||||||||||
|
AVERAGE BALANCE SHEETS
|
||||||||||||||||||||||||
|
(Unaudited)
|
||||||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
|
Three Months Ended
|
||||||||||||||||||||||||
|
March 31, 2015
|
March 31, 2014
|
|||||||||||||||||||||||
|
|
Interest
|
Average
|
Interest
|
Average
|
||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
|
Loans receivable
|
$ | 1,123,910 | $ | 11,182 | 3.98 | % | $ | 1,020,247 | $ | 10,899 | 4.27 | % | ||||||||||||
|
Mortgage loans held for sale
|
79,924 | 757 | 3.79 | % | 35,331 | 365 | 4.13 | % | ||||||||||||||||
|
Other interest-earning assets
|
64,377 | 98 | 0.61 | % | 125,911 | 111 | 0.35 | % | ||||||||||||||||
|
Total interest-earning assets
|
1,268,211 | 12,037 | 3.80 | % | 1,181,489 | 11,375 | 3.85 | % | ||||||||||||||||
|
Non-interest-earning assets
|
88,983 | 80,621 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,357,194 | $ | 1,262,110 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits
|
$ | 920,547 | $ | 986 | 0.43 | % | $ | 870,054 | $ | 907 | 0.42 | % | ||||||||||||
|
Borrowed money
|
118,515 | 389 | 1.31 | % | 94,108 | 407 | 1.73 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
1,039,062 | 1,375 | 0.53 | % | 964,162 | 1,314 | 0.54 | % | ||||||||||||||||
|
Non-interest-bearing deposits
|
188,448 | 176,095 | ||||||||||||||||||||||
|
Non-interest-bearing liabilities
|
11,792 | 10,728 | ||||||||||||||||||||||
|
Stockholders' equity
|
117,892 | 111,125 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,357,194 | $ | 1,262,110 | ||||||||||||||||||||
|
Net interest income
|
$ | 10,662 | $ | 10,061 | ||||||||||||||||||||
|
Interest rate spread
|
3.27 | % | 3.31 | % | ||||||||||||||||||||
|
Net interest margin
|
3.36 | % | 3.41 | % | ||||||||||||||||||||
| (Dollars in thousands) | ||||||||||||||||||||||||
|
Six Months Ended
|
||||||||||||||||||||||||
|
March 31, 2015
|
March 31, 2014
|
|||||||||||||||||||||||
|
|
Interest
|
Average
|
Interest
|
Average
|
||||||||||||||||||||
|
Average
|
and
|
Yield/
|
Average
|
and
|
Yield/
|
|||||||||||||||||||
|
Interest-earning assets:
|
Balance
|
Dividends
|
Cost
|
Balance
|
Dividends
|
Cost
|
||||||||||||||||||
|
Loans receivable
|
$ | 1,126,943 | $ | 22,589 | 4.01 | % | $ | 1,014,355 | $ | 21,734 | 4.29 | % | ||||||||||||
|
Mortgage loans held for sale
|
73,847 | 1,461 | 3.96 | % | 44,889 | 932 | 4.15 | % | ||||||||||||||||
|
Other interest-earning assets
|
66,704 | 211 | 0.63 | % | 108,070 | 207 | 0.38 | % | ||||||||||||||||
|
Total interest-earning assets
|
1,267,494 | 24,261 | 3.83 | % | 1,167,314 | 22,873 | 3.92 | % | ||||||||||||||||
|
Non-interest-earning assets
|
86,130 | 79,851 | ||||||||||||||||||||||
|
Total assets
|
$ | 1,353,624 | $ | 1,247,165 | ||||||||||||||||||||
|
Interest-bearing liabilities:
|
||||||||||||||||||||||||
|
Deposits
|
$ | 882,789 | $ | 1,880 | 0.43 | % | $ | 853,902 | $ | 1,864 | 0.44 | % | ||||||||||||
|
Borrowed money
|
147,830 | 869 | 1.18 | % | 91,305 | 772 | 1.69 | % | ||||||||||||||||
|
Total interest-bearing liabilities
|
1,030,619 | 2,749 | 0.53 | % | 945,207 | 2,636 | 0.56 | % | ||||||||||||||||
|
Non-interest-bearing deposits
|
193,703 | 175,573 | ||||||||||||||||||||||
|
Non-interest-bearing liabilities
|
12,920 | 12,109 | ||||||||||||||||||||||
|
Stockholders' equity
|
116,382 | 114,276 | ||||||||||||||||||||||
|
Total liabilities and stockholders' equity
|
$ | 1,353,624 | $ | 1,247,165 | ||||||||||||||||||||
|
Net interest income
|
$ | 21,512 | $ | 20,237 | ||||||||||||||||||||
|
Interest rate spread
|
3.30 | % | 3.36 | % | ||||||||||||||||||||
|
Net interest margin
|
3.39 | % | 3.47 | % | ||||||||||||||||||||
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 878-2210
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