By ONEIDA, N.Y., Jan. 31, 2012/PRNewswire/ -- Oneida Financial Corp. (NASDAQ Global: ONFC), the parent company of The Oneida Savings Bank, has announced fourth quarter and full year operating results. Net income for the three months ended December 31, 2011was $1.7 million, or $0.24diluted earnings per share, compared to $1.5 million, or $0.21diluted earnings per share, for the three months ended December 31, 2010. The increase in net income during the respective fourth quarter period is primarily the result of an increase in net interest income, an increase in non-interest income, a decrease in provision for loan losses, and an increase in net investment gains, partially offset by an increase in non-interest expenses, a decrease in the change in fair value of our trading securities and an increase in income tax provision.
Net income for the year ended December 31, 2011was $5.7 millionor $0.82diluted earnings per share, as compared with $3.8 millionor $0.53diluted earnings per share for the same period in 2010. Net income from operations for the year ended December 31, 2011, excluding non-cash gains and losses, as referenced in the table below, was $5.9 millionor $0.84basic earnings per share. This compares to net income from operations for the year ended December 31, 2010of $5.6 millionor $0.79basic earnings per share. The increase of $343,000in operating earnings was primarily the result of an increase in net interest income, a decrease in provision for loan losses and an increase in non-interest income, partially offset by a decrease in gains from the sale of investments, an increase non-interest expense and an increase in income tax provision.
Key Balance Sheet Changes at December 31, 2011
- The Bank is well capitalized at December 31, 2011with a Tier 1 leverage ratio of 9.62% and a total risk-based capital ratio of 15.62%. The Company's average equity ratio as a percent of average assets was 13.56% at December 31, 2011compared to 13.87% at September 30, 2011and further compared to 13.66% at December 31, 2010.
- Deposit accounts were $550.6 millionat December 31, 2011, a decrease of $6.0 millionfrom September 30, 2011. Total deposits decreased $1.5 millionfrom December 31, 2010, a decrease of $3.1 millionin retail deposits partially offset by an increase of $1.6 millionin municipal deposits over the past twelve months.
- Net loans receivable totaled $285.6 millionat December 31, 2011compared to $287.9 millionat September 30, 2011and $283.4 millionat December 31, 2010. The increase in net loan balances over the past twelve months reflect the Company's continued loan origination efforts partially offset by loan sales activity. The Company sold $25.5 millionin fixed rate residential loans, which represents the majority of the Company's fixed-rate residential loan origination volume, during the trailing twelve months ended December 31, 2011.
- Investment and mortgage-backed securities totaled $244.5 millionat December 31, 2011, a decrease of $13.9 millionfrom September 30, 2011, and a decrease of $7.1 millionfrom December 31, 2010. The decrease in investment and mortgage-backed securities from December 31, 2010is primarily the result of the increase in loans receivable and the decrease in borrowings.
- The Company continued to repay maturing Federal Home Loan Bank advances with proceeds from investment securities maturities, calls and other cash flows. Borrowings outstanding were $11.0 millionat December 31, 2011, unchanged from September 30, 2011and a decrease of $1.0 millionfrom December 31, 2010.
- Total equity at December 31, 2011was $88.0 million, a decrease of $1.2 millionfrom September 30, 2011and an increase of $2.0 millionfrom December 31, 2010. The change in total equity is the result of the contribution of net earnings combined with valuation adjustments made for the Company's available for sale investment and mortgage-backed securities, partially offset by a repurchase by the Bank of $2.5 millionof a non-controlling minority interest in a subsidiary, the repurchase of 249,224 shares of common stock of the Company and the declaration of cash dividends during the trailing twelve month period.
Key Operating items for fourth quarter 2011 include:
- Net interest income was $4.9 millionfor the three months ended December 31, 2011compared to $4.7 millionfor the three months ended December 31, 2010. Net interest margin was 3.40% for the fourth quarter of 2011 compared to 3.33% for the fourth quarter of 2010.
- Non-interest income was $6.6 millionfor the three months ended December 31, 2011compared to $6.1 millionfor the three months ended December 31, 2010. This increase is primarily the result of an increase in revenue derived from the Company's insurance and other non-banking operations of $577,000to $5.1 millionin the fourth quarter of 2011 compared to $4.6 millionin the comparable 2010 period.
- Non-cash increase in the fair value recognized on trading (equity) securities was $40,000for the three months ended December 31, 2011compared to a non-cash increase in fair value of $418,000for the three months ended December 31, 2010. Non-cash impairment charges of $10,000were recorded in the fourth quarter 2011 on certain investment securities compared with $723,000in non-cash charges recorded in the fourth quarter of 2010.
- Non-interest expense increased to $9.4 millionfor the three months ended December 31, 2011compared to $8.8 millionfor the comparable period in 2010. This increase was primarily the result of an increase in compensation and employee benefits expense associated with the Company's insurance and other non-banking operations. The opening in November 2011of the previously announced banking and financial services office located in Rome, New Yorkalso contributed to the increase in non-interest expense.
Michael R. Kallet, President and Chief Executive Officer of Oneida Financial Corp., said, "Oneida Financial Corp. continues to succeed in Central New Yorkand beyond despite record low interest rates and a highly competitive banking and insurance marketplace. Net income for the fourth quarter of 2011 is 11% above the prior year period and our net income of $5.7 millionfor 2011 represents a record earnings year for the Company." Kallet continued, "Oneida Savings Bank announced plans in the spring of 2011 to develop a second banking and financial services office in Rome, New Yorkresulting in twelve Central New Yorkbanking locations. The new office began welcoming new customers to Oneida Savings Bank in November of this year, just 110 days after groundbreaking." Kallet stated, "Our insurance and financial services subsidiaries, Bailey & Haskell Associates, Inc. and Benefit Consulting Group, Inc., continue to post impressive results, both companies increasing revenue over 9% from prior year levels." Kallet concluded, "Oneida Financial Corp. has continued its strong record of cash dividend payments to shareholders while implementing a share repurchase plan during the fourth quarter, both intended to deliver exceptional shareholder value. Oneida Financial Corp. continues to deploy business strategies which position us as a diversified banking and financial services company."
Net Interest Income and Margin
Fourth quarter 2011 compared with fourth quarter 2010
Net interest income was $4.9 millionfor the fourth quarter of 2011, an increase of $126,000from the fourth quarter of 2010. The net interest margin was 3.40% for the fourth quarter of 2011, compared to 3.33% for the fourth quarter of 2010. The yield on interest-earning assets has decreased 18 basis points to 4.03% partially offset by an increase in average interest-earning assets of $2.9 million. For the same period, the cost of interest-bearing deposits decreased 28 basis points to 0.64% while average interest-bearing deposits increased $9.8 million. The Company executed on its planned repayment of Federal Home Loan Bank borrowings upon the maturity of its advances resulting in a decrease of $2.8 millionin average borrowings outstanding. The average cost of interest-bearing liabilities decreased 30 basis points to 0.72% for the fourth quarter of 2011 as compared to the fourth quarter of 2010.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
Net interest income for the quarter ended December 31, 2011, decreased $171,000from the quarter ended September 30, 2011. The decrease in net interest income reflects a 14 basis point decrease in net interest margin from 3.54% for the quarter ended September 30, 2011partially offset by an increase in average interest earning assets of $3.4 millionduring the three months ended December 31, 2011compared with the three months ended September 30, 2011. The yield on interest-earning assets decreased 18 basis points from 4.21% for the quarter ended September 30, 2011while the cost of interest-bearing liabilities decreased 5 basis points from 0.77% during the third quarter of 2011 to 0.72% during the fourth quarter of 2011.
Year-to-date comparison 2011 to 2010
On a full year-to-date basis, net interest income increased $1.7 millionfor the twelve months ended December 31, 2011, as compared to the same period in 2010. The increase in net interest income is the result of an increase in average interest-earning assets of $43.3 millionto $579.1 millionfor the year ended December 31, 2011from the same period in 2010 combined with an increase in net interest margin of 3 basis points from 3.38% to 3.41%.
Provision for loan losses
Fourth quarter 2011 compared with fourth quarter 2010
During the fourth quarter of 2011, the Company made a $50,000provision for loan losses as compared with $300,000in provision for loan losses during the fourth quarter of 2010. The decrease in loan loss provision during the current period is reflective of the decrease in nonperforming loans as a percentage of total loans of 0.50% at December 31, 2011as compared with 1.38% at December 31, 2010. Net charge-offs during the current quarter were $252,000compared with net charge-offs of $122,000in the fourth quarter of 2010. The Company continues to monitor the adequacy of the allowance for loan losses given the risk assessment of the loan portfolio and current economic conditions. Net loan charge-offs as a percentage of average loans were 0.09% for the fourth quarter of 2011. The ratio of the loan loss allowance to loans receivable was 1.02% at December 31, 2011compared to 1.51% at December 31, 2010. The decrease in the allowance ratio reflects the charge-off of a fully reserved commercial loan during the second quarter of 2011.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
The provision for loan losses of $50,000during the fourth quarter of 2011 is consistent with the linked prior quarter. Non-performing loans to total loans were 0.50% at December 31, 2011as compared with 0.59% at September 30, 2011. The ratio of the loan loss allowance to loans receivable was 1.02% at December 31, 2011compared to 1.08% at September 30, 2011. Net charge-offs to average loans were 0.09% at December 31, 2011as compared with 0.01% at September 30, 2011.
Year-to-date comparison 2011 to 2010
Provision for loan losses totaled $1.1 millionfor the year ended December 31, 2011as compared with $1.7 millionin the same period of 2010. The higher level of provision for loan losses recorded during the 2010 year were primarily the result of the Company increasing a specific reserve for a $2.0 millionimpaired unsecured commercial loan that was subsequently charged-off in the second quarter of 2011.
Non-interest Income
Fourth quarter 2011 compared with fourth quarter 2010
Non-interest income totaled $6.6 millionfor the fourth quarter of 2011, an increase of $515,000or 8.4% from $6.1 millionin the fourth quarter of 2010. The increase was primarily due to an increase of $577,000in commissions and fees on the sales of non-bank products through the Company's insurance and financial service subsidiaries. The increase in non-interest income was partially offset by a decrease of $12,000in service charges on deposit accounts to $660,000in the fourth quarter of 2011 from $672,000for the same period in 2010 reflective of a decrease in total deposits. The increase in non-interest income was also partially offset by a decrease in loan sale and servicing income in the fourth quarter of 2011 of $63,000primarily due to a decrease in loan sales volume.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
Non-interest income increased $982,000from $5.7 millionon a linked-quarter basis, primarily the result of an increase of $875,000in commissions and fees on the sales of non-bank products through the Company's insurance and financial service subsidiaries. The increase from the linked quarter ended September 30, 2011reflects a seasonal decrease in commissions and fees on the sales of non-bank products typical for the Company during the third quarter of the year. The increase in non-interest income was also supported by an increase in loan sale and servicing income in the fourth quarter of 2011 of $150,000and an increase in service charges on deposit accounts of $11,000.
Year-to-date comparison 2011 to 2010
Non-interest income totaled $24.7 millionfor the year ended December 31, 2011as compared with $22.9 millionin the same period of 2010, an increase of 7.9%. For the year ended December 31, 2011commissions and fees on the sales of non-bank products increased $1.9 millionfrom the same period in 2010. Loan sale and servicing income decreased $245,000in the year ended December 31, 2011as compared with same period in 2010. The Bank sells substantially all of its fixed-rate residential mortgage loan originations on a servicing retained basis in the secondary market. These loan sales help the Bank to control interest rate risk. The volume of fixed-rate residential mortgage loan originations has decreased in the current year as compared with the 2010 period.
Net Investment Gains (Losses)
Fourth quarter 2011 compared with fourth quarter 2010
Net investment gains of $86,000were recorded in the fourth quarter of 2011 compared with net investment losses of $488,000in the fourth quarter of 2010. During the fourth quarter of 2011 eight trust preferred securities were reviewed for other-than-temporarily-impairment with the result yielding no impairment in trust preferred securities in the fourth quarter of 2011 as compared with a non-cash impairment charge of $693,000in the fourth quarter of 2010. The trust preferred securities owned by the Company are diversified pools of collateralized debt obligations primarily issued by domestic financial institutions. The Company also reviewed the privately-issued collateralized mortgage obligation ("CMO") portfolio in both periods for possible other-than-temporary impairment. A non-cash impairment charge of $10,000was recorded in the fourth quarter of 2011 on the Company's CMO portfolio as compared with a non-cash charge of $30,000during the fourth quarter of 2010. During the fourth quarter of 2011 the Company realized gains of $96,000upon the sale of certain investments, this compares to realized gains of $235,000during the three months ended December 31, 2010.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
During the linked quarter ended September 30, 2011, the Company realized net investment gains of $180,000as the Company recorded non-cash impairment charges of $72,000representing the credit impairment on one trust preferred securities and one CMO securities and realized gains of $252,000upon the sale of certain mortgage-backed and investment securities.
Year-to-date comparison 2011 to 2010
For the year ended December 31, 2011the Company has recorded net investment gains of $58,000as compared with net investment losses of $901,000during the year ended December 31, 2010. During the year ended December 31, 2011, the Company realized gains of $425,000upon the sale of certain mortgage-backed and investment securities partially offset by non-cash impairment charges of $367,000. For the year ended December 31, 2010, the Company recorded $2.4 millionin non-cash other-than-temporary impairment charges partially offset by realized gains of $1.5 millionupon the sale of certain mortgage-backed and investment securities
Change in the Fair Value of Investments
Fourth quarter 2011 compared with fourth quarter 2010
The Company has identified the preferred and common equity securities it holds in the investment portfolio as trading securities and as such the change in fair value of these securities is reflected as a non-cash adjustment through the income statement. For the three months ended December 31, 2011, the market value of the Company's trading securities increased $40,000as compared with an increase of $418,000in the fourth quarter of 2010. The increase in market value of the Company's trading securities in the fourth quarter of 2011 is reflective of the increase in broader equity markets during the period.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
During the linked quarter ended September 30, 2011, the Company recorded a non-cash decrease of $665,000reflecting a decrease in market value of the Company's trading securities during the third quarter of 2011.
Year-to-date comparison 2011 to 2010
For the year ended December 31, 2011a positive net fair value adjustment of $199,000reflects the increase in market value of the Bank's trading securities at December 31, 2011from the prior year end. This compares with a net increase in the fair value for the same 2010 period of $103,000.
The table below summarizes the Company's operating results excluding these cumulative non-cash charges related to the change in fair value of trading securities and the non-cash impairment charges recorded as net investment losses in each period.
Reported Results | ||||
Year to Date | Year to Date | |||
Dec 31, | Dec 31, | |||
2011 | 2010 | |||
Net interest income | $19,760 | $18,099 | ||
Provision for loan losses | 1,050 | 1,650 | ||
Investment gains/(losses) | 58 | ( 901) | ||
Change in fair value of investments | 199 | 103 | ||
Non-interest income | 24,654 | 22,888 | ||
Non-interest expense | 35,939 | 33,864 | ||
Income tax provision | 1,953 | 914 | ||
Net income | $ 5,729 | $ 3,761 | ||
Net income per basic share | $ 0.82 | $ 0.53 | ||
Operating Results / Non-GAAP | ||||
Year to Date | Year to Date | |||
Dec 31, | Dec 31, | |||
2011 | 2010 | |||
Net interest income | $19,760 | $18,099 | ||
Provision for loan losses | 1,050 | 1,650 | ||
Investment gains | 425 | 1,522 | ||
Non-interest income | 24,654 | 22,888 | ||
Non-interest expense | 35,939 | 33,864 | ||
Income tax provision | 1,995 | 1,368 | ||
Net income | $ 5,855 | $ 5,627 | ||
Net income per basic share | $ 0.84 | $ 0.79 | ||
The Company believes these non-GAAP financial measures provide a meaningful comparison of the underlying operational performance of the Company, and facilitate investors' assessments of business and performance trends in comparison to others in the financial services industry. In addition, the Company believes this alternate presentation of these items enables management to perform a more effective evaluation and comparison of the Company's results and to assess the overall performance of our business in relation to the Company's ongoing operations.
Non-interest Expense
Fourth quarter 2011 compared with fourth quarter 2010
Non-interest expense was $9.4 millionfor the three months ended December 31, 2011as compared with $8.8 millionduring the fourth quarter of 2010. The increase in noninterest expense was primarily due to an increase in compensation and employee benefit expenses associated with the increase in sales of insurance and other non-banking products through our subsidiaries.
Fourth quarter 2011 compared with linked quarter ended September 30, 2011
Non-interest expense increased $576,000in the fourth quarter of 2011 as compared with the linked prior quarter. The increase in non-interest expense is primarily the result of an increase in compensation and employee benefits reflecting the seasonal decrease in sales of insurance and other non-banking products during the third quarter of 2011 as compared with the current quarter. Compensation and employee benefit expense increased by $515,000as compared with quarter ended September 30, 2011. Also contributing to the increase in non-interest expense in the fourth quarter of 2011 as compared with the linked quarter ended September 30, 2011was an increase of $96,000in equipment and net occupancy expenses associated with the development and construction of a new banking office to be located in Rome, New Yorkwhich opened in November 2011.
Year-to-date comparison 2011 to 2010
Non-interest expense totaled $35.9 millionfor the year ended December 31, 2011as compared with $33.9 millionin the same period of 2010. The increase in noninterest expense was primarily due to the increase in sales of insurance and other non-banking products through our subsidiaries resulting in an increase in compensation and employee benefit expenses partially offset by a decrease in FDIC deposit insurance premium assessments. The reduction in our FDIC premium expense is the result of the FDIC's adoption of a new risk-based assessment formula whereby financial institutions deemed to represent a reduced risk to the FDIC insurance fund are assessed lower insurance premiums. The Company's FDIC deposit insurance premium assessments have decreased $256,000for the year ended December 31, 2011as compared with the same period in 2010.
Income Taxes
The Company's effective tax rate was 24.1% for the fourth quarter of 2011 as compared with an effective tax rate of 13.9% for the fourth quarter of 2010. For the linked quarter ended September 30, 2011, the Company's effective tax rate was 28.9%. For the year ended December 31, 2011the Company's effective tax rate was 25.4% as compared with an effective tax rate of 19.6% for the year ended December 31, 2010. The higher effective tax rate for the quarter and year ended December 31, 2011was due to changes in the bank's tax exempt and tax preferred investment income and the overall tax rate in effect for the year.
About Oneida Financial Corp.
The Company's wholly owned subsidiaries include The Oneida Savings Bank, a New York Statechartered FDIC insured stock savings bank; State Bank of Chittenango, a state chartered limited-purpose commercial bank; Bailey & Haskell Associates, Inc., an insurance and risk management company; Benefit Consulting Group, Inc., an employee benefits consulting and retirement plan administration firm; and Workplace Health Solutions, Inc., a risk management company specializing in workplace injury claims management. Oneida Savings Bank was established in 1866 and operates twelve full-service banking offices in Madison, Oneidaand Onondagacounties. For more information, visit the Company's web site at www.oneidafinancial.com.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK FACTORS
In addition to historical information, this earnings release may contain forward-looking statements for purposes of applicable securities laws. Any statements contained herein that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are subject to numerous assumptions, risks and uncertainties. There are a number of important factors described in documents previously filed by the Company with the Securities and Exchange Commission, and other factors that could cause the Company's actual results to differ materially from those contemplated by such forward-looking statements. The Company undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the date of this release or to reflect the occurrence of unanticipated events.
All financial information provided at and for the quarter ended December 31, 2011and all quarterly data is unaudited. Selected financial ratios have been annualized where appropriate. Operating data is presented in thousands of dollars, except for per share amounts.
At | At | At | At | At | ||
Selected Financial Condition Data: | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |
(in thousands except per share data) | 2011 | 2011 | 2011 | 2011 | 2010 | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Total assets | $663,713 | $678,326 | $658,151 | $683,236 | $661,579 | |
Cash and cash equivalents | 40,572 | 41,824 | 20,427 | 50,143 | 33,741 | |
Loans receivable, net | 285,608 | 287,866 | 281,177 | 283,330 | 283,431 | |
Mortgage-backed securities | 92,755 | 108,180 | 107,553 | 96,906 | 89,882 | |
Investment securities | 151,749 | 150,220 | 156,734 | 161,218 | 161,739 | |
Trading securities | 7,010 | 6,970 | 7,635 | 7,252 | 7,691 | |
Goodwill and other intangibles | 24,947 | 25,043 | 25,139 | 25,223 | 24,519 | |
Interest bearing deposits | 481,505 | 486,076 | 478,360 | 508,240 | 486,985 | |
Non-interest bearing deposits | 69,119 | 70,518 | 67,340 | 67,896 | 65,179 | |
Borrowings | 11,000 | 11,000 | 12,000 | 12,000 | 12,000 | |
Total equity | 87,961 | 89,171 | 90,748 | 86,794 | 85,920 | |
Book value per share | ||||||
(end of period) | $12.87 | $12.81 | $12.89 | $12.32 | $12.20 | |
Tangible value per share | ||||||
(end of period) | $9.94 | $9.27 | $9.30 | $8.74 | $8.72 | |
Quarter Ended | Year to Date | ||||
Selected Operating Data: | Dec 31, | Dec 31, | Dec 31, | Dec 31, | |
(in thousands except per share data) | 2011 | 2010 | 2011 | 2010 | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Interest income: | |||||
Interest and fees on loans | $3,867 | $4,104 | $15,588 | $16,791 | |
Interest and dividends | |||||
on investments | 1,893 | 1,882 | 8,174 | 6,950 | |
Interest on fed funds | 4 | 11 | 21 | 39 | |
Total interest income | 5,764 | 5,997 | 23,783 | 23,780 | |
Interest expense: | |||||
Interest on deposits | 775 | 1,100 | 3,512 | 4,685 | |
Interest on borrowings | 121 | 155 | 511 | 996 | |
Total interest expense | 896 | 1,255 | 4,023 | 5,681 | |
Net interest income | 4,868 | 4,742 | 19,760 | 18,099 | |
Provision for loan losses | 50 | 300 | 1,050 | 1,650 | |
Net interest income after | |||||
provision for loan losses | 4,818 | 4,442 | 18,710 | 16,449 | |
Net investment gains (losses) | 86 | (488) | 58 | (901) | |
Change in fair value of investments | 40 | 418 | 199 | 103 | |
Non-interest income: | |||||
Service charges on deposit accts | 660 | 672 | 2,587 | 2,635 | |
Commissions and fees on sales | |||||
of non-banking products | 5,134 | 4,557 | 19,422 | 17,499 | |
Other revenue from operations | 853 | 903 | 2,645 | 2,754 | |
Total non-interest income | 6,647 | 6,132 | 24,654 | 22,888 | |
Non-interest expense | |||||
Salaries and employee benefits | 6,100 | 5,609 | 23,065 | 21,446 | |
Equipment and net occupancy | 1,258 | 1,276 | 4,838 | 4,997 | |
Intangible amortization | 96 | 101 | 391 | 412 | |
Other costs of operations | 1,946 | 1,770 | 7,645 | 7,009 | |
Total non-interest expense | 9,400 | 8,756 | 35,939 | 33,864 | |
Income before income taxes | 2,191 | 1,748 | 7,682 | 4,675 | |
Income tax provision | 527 | 243 | 1,953 | 914 | |
Net income | $ 1,664 | $ 1,505 | $ 5,729 | $ 3,761 | |
Net income per common | |||||
share ( EPS - Basic ) | $0.24 | $0.21 | $0.82 | $0.53 | |
Net income per common | |||||
share ( EPS - Diluted) | $0.24 | $0.21 | $0.82 | $0.53 | |
Cash dividends paid | $0.12 | $0.12 | $0.48 | $0.30 | |
Fourth | Third | Second | First | Fourth | ||
Selected Operating Data: | Quarter | Quarter | Quarter | Quarter | Quarter | |
(in thousands except per share data) | 2011 | 2011 | 2011 | 2011 | 2010 | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Interest income: | ||||||
Interest and fees on loans | $3,867 | $3,939 | $3,852 | $3,931 | $4,104 | |
Interest and dividends | ||||||
on investments | 1,893 | 2,043 | 2,177 | 2,060 | 1,882 | |
Interest on fed funds | 4 | 3 | 5 | 8 | 11 | |
Total interest income | 5,764 | 5,985 | 6,034 | 5,999 | 5,997 | |
Interest expense: | ||||||
Interest on deposits | 775 | 823 | 886 | 1,028 | 1,100 | |
Interest on borrowings | 121 | 123 | 135 | 132 | 155 | |
Total interest expense | 896 | 946 | 1,021 | 1,160 | 1,255 | |
Net interest income | 4,868 | 5,039 | 5,013 | 4,839 | 4,742 | |
Provision for loan losses | 50 | 50 | 550 | 400 | 300 | |
Net interest income after | ||||||
provision for loan losses | 4,818 | 4,989 | 4,463 | 4,439 | 4,442 | |
Net investment gains (losses) | 86 | 180 | 16 | (224) | (488) | |
Change in fair value of investments | 40 | (665) | 393 | 430 | 418 | |
Non-interest income: | ||||||
Service charges on deposit accts | 660 | 649 | 676 | 601 | 672 | |
Commissions and fees on sales | ||||||
of non-banking products | 5,134 | 4,259 | 5,084 | 4,945 | 4,557 | |
Other revenue from operations | 853 | 757 | 546 | 491 | 903 | |
Total non-interest income | 6,647 | 5,665 | 6,306 | 6,037 | 6,132 | |
Non-interest expense | ||||||
Salaries and employee benefits | 6,100 | 5,585 | 5,793 | 5,587 | 5,609 | |
Equipment and net occupancy | 1,258 | 1,162 | 1,204 | 1,214 | 1,276 | |
Intangible amortization | 96 | 96 | 96 | 103 | 101 | |
Other costs of operations | 1,946 | 1,981 | 1,752 | 1,965 | 1,770 | |
Total non-interest expense | 9,400 | 8,824 | 8,845 | 8,869 | 8,756 | |
Income before income taxes | 2,191 | 1,345 | 2,333 | 1,813 | 1,748 | |
Income tax provision | 527 | 389 | 637 | 400 | 243 | |
Net income | $ 1,664 | $ 956 | $ 1,696 | $ 1,413 | $ 1,505 | |
Net income per common | ||||||
share ( EPS - Basic ) | $0.24 | $0.14 | $0.24 | $0.20 | $0.21 | |
Net income per common | ||||||
share ( EPS - Diluted) | $0.24 | $0.14 | $0.24 | $0.20 | $0.21 | |
Cash dividends paid | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | |
At | At | At | At | At | ||
Selected Financial Ratios (1) | Dec 31, | Sep 30, | Jun 30, | Mar 31, | Dec 31, | |
and Other Data | 2011 | 2011 | 2011 | 2011 | 2010 | |
(unaudited) | (unaudited) | (unaudited) | (unaudited) | (unaudited) | ||
Performance Ratios: | ||||||
Return on average assets | 1.01% | 0.58% | 1.00% | 0.85% | 0.92% | |
Return on average equity | 7.43% | 4.20% | 7.75% | 6.52% | 6.73% | |
Return on average tangible equity | 10.31% | 5.80% | 10.89% | 9.08% | 9.28% | |
Interest rate spread (2) | 3.31% | 3.44% | 3.27% | 3.22% | 3.19% | |
Net interest margin (3) | 3.40% | 3.54% | 3.38% | 3.33% | 3.33% | |
Efficiency ratio (4) | 80.80% | 81.54% | 77.29% | 80.01% | 79.59% | |
Non-interest income to average assets | 4.03% | 3.45% | 3.72% | 3.62% | 3.74% | |
Non-interest expense to average assets | 5.69% | 5.38% | 5.22% | 5.28% | 5.35% | |
Average interest-earning assets as a ratio | ||||||
of average interest-bearing liabilities | 115.58% | 116.04% | 115.24% | 115.06% | 116.70% | |
Average equity to average total assets | 13.56% | 13.87% | 12.90% | 12.99% | 13.66% | |
Equity to total assets (end of period) | 13.25% | 13.15% | 13.79% | 12.70% | 12.99% | |
Tangible equity to tangible assets | 9.86% | 9.82% | 10.36% | 9.36% | 9.64% | |
Asset Quality Ratios: | ||||||
Nonperforming assets to | ||||||
total assets (5) | 0.79% | 0.78% | 0.88% | 1.16% | 1.15% | |
Nonperforming loans to | ||||||
total loans | 0.50% | 0.59% | 0.62% | 1.41% | 1.38% | |
Net charge-offs to average loans | 0.09% | 0.01% | 0.76% | 0.01% | 0.10% | |
Allowance for loan losses to | ||||||
loans receivable | 1.02% | 1.08% | 1.09% | 1.64% | 1.51% | |
Allowance for loan losses to | ||||||
nonperforming loans | 201.81% | 181.24% | 174.43% | 114.45% | 107.54% | |
Bank Regulatory Capital Ratios: | ||||||
Total capital | ||||||
to risk weighted assets | 15.62% | 15.33% | 15.97% | 15.44% | 15.15% | |
Tier 1 capital | ||||||
to risk weighted assets | 14.91% | 14.57% | 15.20% | 14.30% | 14.11% | |
Tier 1 capital | ||||||
to average assets | 9.62% | 9.37% | 9.27% | 9.26% | 9.17% | |
1 - Ratios are annualized where appropriate. | ||||||
2 - The average interest rate spread represents the difference between the weighted-average yield on interest-earning assets and the weighted-average cost of interest-bearing liabilities for the period. | ||||||
3 - The net interest margin represents net interest income as a percent of average interest-earning assets for the period. | ||||||
4 - The efficiency ratio represents non-interest expense divided by the sum of net interest income and non-interest income excluding net impairment losses, net investment gains (losses) and changes in the fair value of trading securities. | ||||||
5 - Non-performing assets include non-performing loans and non-accrual trust preferred securities. | ||||||
SOURCE Oneida Financial Corp.
| distribué par | Ce noodl a été diffusé par Oneida Financial Corporation et initialement mise en ligne sur le site http://www.oneidabank.com. La version originale est disponible ici. Ce noodl a été distribué par noodls dans son format d'origine et sans modification sur 2012-01-31 22:27:08 PM et restera accessible depuis ce lien permanent. Cette annonce est protégée par les règles du droit d'auteur et toute autre loi applicable, et son propriétaire est seul responsable de sa véracité et de son originalité. |
