- Diluted EPS was $0.26 in each of the
quarters ended December 31, 2015 and 2014
- Annualized return on average assets was
0.84% in December 2015 quarter compared with 0.93% in last year’s
quarter
- Annualized return on average common
equity for December 2015 quarter at 10.28% versus 10.91% in
December 2014 quarter
- Net interest income up 8% from
prior-year quarter as the result of loan growth partially offset by
a decline in the net interest margin
- Mortgage revenues up 48% from
prior-year quarter on increases in loans originated for refinancing
and home purchase activity combined with an improvement in the net
profit margin
- Net credit costs decreased $1.4 million
compared with prior-year quarter on continued improvement in asset
quality and collection of significant recoveries on loans charged
off in prior periods
- Non-interest expense up 22% from
prior-year quarter on higher compensation expense resulting from
increases in staffing related to lending activities and regulatory
compliance, and certain merger-related expenses
- Loan portfolio balance at December 31,
2015 increased $33.9 million, or 3%, from September 30, 2015 on
growth in commercial and residential loans
- Deposits up $76.4 million, or 7%,
during the quarter on substantial growth in retail, municipal and
public entity deposits, and to a lesser extent, growth in
commercial deposits
- Book value per common share grew to
$10.37 at December 31, 2015 from $10.19 at September 30, 2015
Pulaski Financial Corp. (Nasdaq Global Select: PULB)(the
“Company”) reported net income available to common shareholders for
the quarter ended December 31, 2015 of $3.2 million, or $0.26 per
diluted common share, compared with $3.1 million, or $0.26 per
diluted common share, for the same quarter last year and
$3.6 million, or $0.29 per diluted common share, for the
linked quarter ended September 30, 2015.
Earnings for the quarter benefited from significant increases in
net interest income and mortgage revenues combined with
significantly lower credit costs compared with the same quarter
last year. Also impacting the comparability of earnings with last
year’s quarter were $666,000 of merger-related professional fees
incurred in the December 2015 quarter, which reduced diluted
earnings per share by $0.03, and the receipt of a $688,000 payment
from the Company’s insurance carrier during the December 2014
quarter, representing a partial recovery of a loss incurred in a
prior fiscal year as the result of a fraud perpetrated against the
Bank by one of its commercial loan customers, which increased
diluted earnings per share by $0.04.
Net interest income for the quarter was up 8% from the same
quarter last year as the Company benefited from growth in portfolio
loans and residential mortgage loans held for sale. This growth
more than offset a decline in the net interest margin that resulted
primarily from market driven declines in loan interest rates. The
total balance of portfolio loans at December 31, 2015 increased
$33.9 million, or 3%, from September 30, 2015, due to increases in
commercial loans and residential first mortgage loans. The
commercial loan portfolio increased $24.1 million, or 3%, with
growth in all loan categories except non-owner occupied commercial
real estate loans. In addition, the Company continued to be
successful in marketing “niche” adjustable-rate loan products,
resulting in an $8.7 million, or 3%, increase in residential first
mortgage loans during the quarter.
Mortgage revenues increased 48% over the same quarter last year,
as the demand for loans to finance home purchases remained strong.
The Company saw a 39% increase in loans to finance home purchases
compared with last year’s quarter. In addition, low market interest
rates continued to fuel strong customer demand for loans to
refinance existing mortgages, resulting in a 92% increase in
refinancing volume.
The Company recorded an $800,000 credit to the provision for
loan losses for the December 2015 quarter as the result of
significant recoveries collected during the quarter combined with
continued improvement in asset quality. Recoveries totaled $1.4
million in the current-year quarter compared with $145,000 in the
same period last year. Following extended collection efforts,
approximately $1.1 million was recovered from two commercial
borrowers during the quarter related to loans that were charged off
in previous periods. The balance of non-performing assets decreased
12% from September 30, 2015, dropping the quarter-end ratio of
non-performing assets to total assets to 1.22%. The ratio of the
allowance for loan losses to total loans was 1.28% at December 31,
2015 compared with 1.31% at September 30, 2015.
Gary Douglass, President and Chief Executive Officer, commented,
“We are very pleased with our quarterly results driven by
meaningful loan portfolio growth, significant growth in
mortgage-related revenues and continued improvement in net credit
costs. In addition, the strong residential loan demand during the
quarter resulted in a 68% increase in the quarter-end balance of
loans held for sale. This will give us strong momentum going into
our second fiscal quarter, which has historically been negatively
impacted by a seasonal slowdown in residential mortgage
demand.”
Pending Merger
On December 3, 2015, the Company and First Busey Corporation,
Champaign, Illinois (“First Busey”) announced that they entered
into an Agreement and Plan of Merger (the “Merger Agreement”),
pursuant to which First Busey will acquire the Company and the
Bank. Under the terms of the Merger Agreement, each share of
Company common stock will be converted into the right to receive
0.79 of a share of First Busey common stock. Consummation of the
transaction remains subject to customary closing conditions,
including receipt of requisite shareholder approval and all
required regulatory approvals.
First Busey has filed a registration statement on Form S-4 with
the SEC in connection with the proposed transaction. The
registration statement includes a proxy statement of First Busey
and the Company that also constitutes a prospectus of First Busey,
which will be sent to the stockholders of each of the Company and
First Busey. Stockholders are advised to read the proxy
statement/prospectus when it becomes available because it will
contain important information about First Busey, the Company and
the proposed transaction. This document and other documents
relating to the merger filed by First Busey and the Company can be
obtained free of charge from the SEC’s website at www.sec.gov.
These documents also can be obtained free of charge by accessing
First Busey’s website at www.busey.com under the tab “Investor
Relations” and then under “SEC Filings” or by accessing the
Company’s website at www.pulaskibank.com under the tab “Our Story”
and then under “Shareholder Relations” and “SEC Filings”.
Alternatively, these documents, when available, can be obtained
free of charge from First Busey upon written request to First Busey
Corporation, Corporate Secretary, 100 W. University Avenue,
Champaign, Illinois 61820 or by calling (217) 365-4544, or from the
Company, upon written request to Pulaski Financial Corp., Corporate
Secretary, 12300 Olive Boulevard, St. Louis, Missouri 63141 or by
calling 314-878-2210.
First Busey, the Company and certain of their respective
directors and executive officers may be deemed to be participants
in the solicitation of proxies from stockholders in connection with
the proposed transaction under the rules of the SEC. Information
about these participants may be found in the definitive proxy
statement of First Busey relating to its 2015 Annual Meeting of
Stockholders filed with the SEC by First Busey on April 17, 2015
and the definitive proxy statement of Pulaski relating to its 2016
Annual Meeting of Stockholders filed with the SEC on December 23,
2015. These definitive proxy statements can be obtained free of
charge from the sources indicated above. Additional information
regarding the interests of these participants will also be included
in the proxy statement/prospectus regarding the proposed
transaction when it becomes available.
About Pulaski Financial
Pulaski Financial Corp., operating in its 94th 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, Chicago and Omaha-Council Bluffs metropolitan areas,
mid-Missouri, southwestern Missouri, eastern Kansas, and Lincoln,
Nebraska. 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, 2015 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 December 31, September
30, December 31, 2015 2015 2014
Interest income $ 13,307 $ 12,933 $ 12,223 Interest expense
1,600 1,476 1,373 Net
interest income 11,707 11,457 10,850 Provision for loan losses
(800 ) 500 500 Net
interest income after provision for loan losses 12,507
10,957 10,350 Mortgage
revenues 2,183 3,103 1,474 Retail banking fees 1,064 1,094 1,055
SBA loan sale revenues 64 14 179 Proceeds from insurance settlement
- - 688 Other 299 305 320
Total non-interest income 3,610 4,516
3,716 Salaries and employee benefits 6,359
5,682 4,970 Occupancy, equipment and data processing expense 3,063
3,221 2,794 Advertising 155 182 172 Professional services 338 441
497 Merger-related expenses 666 - - FDIC deposit insurance premium
expense 251 229 259 Real estate foreclosure (recoveries) losses and
expenses, net (13 ) 29 77 Other 561 556
557 Total non-interest expense 11,380
10,340 9,326 Income before
income taxes 4,737 5,133 4,740 Income tax expense 1,581
1,581 1,605 Net income after tax
3,156 3,552 3,135
Earnings available to common shares $ 3,156 $ 3,552 $
3,135
Annualized Performance Ratios Return on
average assets 0.84 % 0.98 % 0.93 % Return on average common equity
10.28 % 11.79 % 10.91 % Interest rate spread 3.23 % 3.27 % 3.32 %
Net interest margin 3.33 % 3.38 % 3.43 %
SHARE DATA
Weighted average common shares outstanding - basic 11,896,508
11,883,373 11,715,120 Weighted average common shares outstanding -
diluted 12,080,234 12,065,763 12,063,777 Basic earnings per common
share $0.27 $0.30 $0.27 Diluted earnings per common share $0.26
$0.29 $0.26 Dividends per common share $0.095 $0.095 $0.095
PULASKI FINANCIAL
CORP. SELECTED BALANCE SHEET DATA (Unaudited)
(Dollars in thousands) December
31, September 30, 2015 2015 Total assets $
1,645,736 $ 1,521,694 Loans receivable, net 1,222,235 1,188,369
Allowance for loan losses 15,853 15,799 Mortgage loans held for
sale, net 189,669 112,651 Investment securities 47,909 47,528
Capital stock of Federal Home Loan Bank/Federal Reserve Bank 13,216
11,156 Cash and cash equivalents 88,510 79,784 Deposits 1,214,200
1,137,805 Borrowed money 269,600 219,854 Subordinated debentures
19,589 19,589 Stockholders' equity - common 124,002 121,498 Total
book value per common share $10.37 $10.19 Tangible book value per
common share (1) $10.04 $9.86 Tangible common equity to total
assets 7.31 % 7.75 % Regulatory capital ratios: (2) Pulaski
Financial Corp. Consolidated: Tier 1 leverage capital (to average
assets) 9.31 % 9.47 % Total risk-based capital (to risk-weighted
assets) 11.42 % 11.99 % Pulaski Bank Only: Tier 1 leverage capital
(to average assets) 9.64 % 9.83 % Total risk-based capital (to
risk-weighted assets) 11.78 % 12.41 % (1) Tangible book
value per common share represents total common stockholders' equity
less goodwill divided by common shares outstanding. (2) December
31, 2015 regulatory capital ratios are estimated.
December 31, September 30, 2015 2015
LOANS RECEIVABLE Single-family residential: First mortgage $
326,991 $ 318,268 Second mortgage 41,148 41,822 Home equity lines
of credit 69,188 70,530 Total
single-family residential real estate 437,327
430,620 Commercial: Commercial and multi-family real estate:
Owner occupied 155,060 147,655 Non-owner occupied 251,349 253,216
Land acquisition and development 34,942 32,584 Real estate
construction and development 85,601 79,390 Commercial and
industrial 268,195 258,229 Total
commercial 795,147 771,074 Consumer and
installment 3,243 1,651 1,235,717
1,203,345 Add (less): Deferred loan costs 5,292 5,243 Loans in
process (2,921 ) (4,420 ) Allowance for loan losses (15,853
) (15,799 ) Total $ 1,222,235 $ 1,188,369
Weighted average rate at end of period 3.96 %
3.97 %
December 31, 2015
September 30, 2015
Weighted Weighted Average Average
Interest Interest DEPOSITS Balance
Rate Balance
Rate Demand deposits:
(Dollars in thousands)
Non-interest-bearing checking $ 240,034 0.00 % $ 203,551 0.00 %
Interest-bearing checking 231,200 0.11 % 225,967 0.11 % Savings
accounts 44,670 0.12 % 43,938 0.12 % Money market 228,274
0.30 % 228,679 0.31 % Total demand deposits
744,178 0.13 % 702,135 0.14 %
Certificates of Deposit: Traditional 339,678 0.92 % 323,593 0.88 %
CDARS 100,386 0.60 % 82,106 0.50 % Brokered 29,978
0.74 % 29,971 0.59 % Total certificates of deposit
470,042 0.84 % 435,670 0.79 % Total
deposits $ 1,214,220 0.41 % $ 1,137,805 0.39 %
PULASKI FINANCIAL CORP. RESIDENTIAL
MORTGAGE LOAN ACTIVITY (Unaudited) RESIDENTIAL
MORTGAGE LOANS ORIGINATED FOR SALE Three Months
Ended Three Months Ended December 31, 2015
December 31, 2014 Mortgage Home
Mortgage Home Refinancings
Purchases Total
Refinancings Purchases
Total (In thousands) First quarter $
182,179 $ 233,286 $ 415,465 $ 94,694 $ 167,472 $ 262,166
RESIDENTIAL MORTGAGE LOANS SOLD TO INVESTORS
Three Months Ended Three Months Ended December 31,
2015 December 31, 2014 Net Net
Loans Mortgage Profit Loans
Mortgage Profit Sold Revenues
Margin Sold Revenues Margin (Dollars
in thousands) First quarter $ 332,610 $ 2,183 0.66 % $ 229,565
$ 1,474 0.64 %
PULASKI FINANCIAL CORP.
NONPERFORMING ASSETS (Unaudited)
(In thousands) December 31,
September 30, NON-PERFORMING ASSETS 2015
2015 Non-accrual loans: Single-family residential real
estate: First mortgage $ 3,199 $ 2,821 Second mortgage 668 651 Home
equity lines of credit 1,674 1,533 5,541
5,005 Commercial: Commercial and multi-family real estate -
230 Commercial and industrial 300 304 Total
commercial 300 534 Total non-accrual loans
5,841 5,539 Non-Accrual Troubled debt restructurings:
(1) Current under the restructured terms: Single-family residential
real estate: First mortgage 4,787 4,697 Second mortgage 755 777
Home equity lines of credit 788 763 Total
single-family residential real estate 6,330 6,237
Commercial: Commercial and multi-family real estate 1,023 3,211
Commercial and industrial 228 321 Total commercial
1,251 3,532 Total current troubled debt
restructurings 7,581 9,769 Past due under
restructured terms: Single-family residential real estate: First
mortgage 1,427 1,879 Second mortgage 187 167 Home equity lines of
credit 53 208 Total single-family residential real
estate 1,667 2,254 Commercial: Land acquisition and
development 134 - Real estate construction and development - 12
Commercial and industrial 76 - Total commercial
210 12 Total past due troubled debt restructurings
1,877 2,266 Total non-accrual troubled debt
restructurings 9,458 12,035 Total non-performing
loans 15,299 17,574 Real estate acquired in
settlement of loans: Residential real estate 349 744 Commercial
real estate 4,406 4,407 Total real estate acquired in
settlement of loans 4,755 5,151 Total non-performing
assets $ 20,054 $ 22,725
(1)
Troubled debt restructured includes
non-accrual loans totaling $9.5 million and $12.0 million at
December 31, 2015 and September 30, 2015, 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 Ended December 31, ALLOWANCE FOR LOAN
LOSSES 2015 2014 Allowance for loan losses,
beginning of period $ 15,799 $ 15,978 Provision charged to expense
(800 ) 500 Charge-offs: Single-family residential real estate:
First mortgage 107 169 Second mortgage 110 152 Home equity
284 284 Total single-family residential real
estate 501 605 Commercial: Commercial
and industrial - 29 Total commercial
- 29 Consumer and installment 36
63 Total charge-offs 537
697 Recoveries: Single-family residential real estate: First
mortgage 12 3 Second mortgage 24 13 Home equity 80
95 Total single-family residential real estate
116 111 Commercial: Commercial and
multi-family real estate 94 9 Land acquisition and development - 8
Real estate construction and development 252 3 Commercial and
industrial 915 7 Total commercial
1,261 27 Consumer and installment
14 7 Total recoveries 1,391
145 Net charge-offs (854 ) 552
Balance, end of period $ 15,853 $ 15,926
December 31, September 30, ASSET
QUALITY RATIOS 2015 2015 Non-performing loans as
a percent of total loans 1.24 % 1.46 %
Non-performing loans excluding current
troubled debt restructurings as a percent of total loans
0.62 % 0.65 % Non-performing assets as a percent of total assets
1.22 % 1.49 %
Non-performing assets excluding current
troubled debt restructurings as a percent of total assets
0.76 % 0.85 % Allowance for loan losses as a percent of total loans
1.28 % 1.31 %
Allowance for loan losses as a percent of
non-performing loans
103.62 % 89.90 %
Allowance for loan losses as a percent of
non-performing loans excluding current troubled debt restructurings
and related allowance for loan losses
198.43 % 197.40 %
PULASKI FINANCIAL CORP.
AVERAGE BALANCE SHEETS (Unaudited)
(Dollars in thousands) Three Months
Ended December 31, 2015 December 31, 2014
Interest Average Interest Average
Average and Yield/ Average and
Yield/ Interest-earning assets:
Balance
Dividends Cost Balance
Dividends Cost Loans receivable
$ 1,205,762 $ 11,883 3.94 % $ 1,129,910 $ 11,406 4.04 % Mortgage
loans held for sale 123,246 1,264 4.11 % 67,903 703 4.14 % Other
interest-earning assets 75,822 160 0.84
% 68,981 115 0.67 % Total
interest-earning assets 1,404,830 13,307 3.79 % 1,266,794
12,224 3.86 % Non-interest-earning assets 92,663
83,337 Total assets $ 1,497,493 $ 1,350,131
Interest-bearing liabilities: Deposits $ 939,610 $ 1,240 0.53 % $
845,853 $ 894 0.42 % Borrowed money 195,644
360 0.74 % 176,507 480 1.09 %
Total interest-bearing liabilities 1,135,254 1,600 0.56 %
1,022,360 1,374 0.54 % Non-interest-bearing deposits 217,625
198,843 Non-interest-bearing liabilities 20,006 14,024
Stockholders' equity 124,608 114,904 Total
liabilities and stockholders' equity $ 1,497,493 $ 1,350,131 Net
interest income $ 11,707 $ 10,850 Interest rate spread 3.23 % 3.32
% Net interest margin 3.33 % 3.43 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160126006368/en/
Pulaski Financial Corp.Paul Milano, 314-878-2210Chief Financial
Officer
Pulaski Financial Corp. (NASDAQ:PULB)
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