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Share Name | Share Symbol | Market | Type |
---|---|---|---|
HF Financial Corp. | NASDAQ:HFFC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 19.64 | 0 | 01:00:00 |
Delaware | 0-19972 | 46-0418532 | ||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
225 South Main Avenue Sioux Falls, SD | 57104 | |
(Address of principal executive offices) | (Zip Code) |
HF Financial Corp | |||
(Registrant) | |||
Date: | April 27, 2015 | By: | /s/ Stephen M. Bianchi |
Stephen M. Bianchi, President | |||
and Chief Executive Officer | |||
(Duly Authorized Officer) | |||
Date: | April 27, 2015 | By: | /s/ Brent R. Olthoff |
Brent R. Olthoff, Senior Vice President, | |||
Chief Financial Officer, and Treasurer | |||
(Principal Financial Officer) |
• | Core earnings, a non- GAAP measure, were $1.6 million, or $0.23 per share, for the third fiscal quarter of 2015. GAAP earnings were $719,000, or $0.10 per diluted share for the third quarter. The reported earnings were impacted by a $1.1 million loss on the sale of securities, costs associated with branch closures of $695,000, and offset partially by gains on the sale of property of $313,000. |
• | FHLB advances totaling $122.9 million were repaid during the third fiscal quarter and funded through the sale of investment securities. These sale and repayment activities largely complete the balance sheet restructuring initiated in the previous fiscal quarter. Average borrowing costs decreased to 0.35% in the third fiscal quarter compared to 1.68% the previous quarter. |
• | The net interest margin expressed on a fully taxable equivalent basis (“NIM, TE”), a non-GAAP measure, increased to 3.33% for the fiscal third quarter 2015 compared to 3.19% for the previous quarter. |
• | Total loans increased to $871.6 million at March 31, 2015, from $855.1 million at December 31, 2014, and from $754.8 million one year earlier, or a 15.5% increase year over year. |
• | Nonperforming assets totaled $13.1 million, or 1.15% of total assets at quarter end compared to $12.8 million or 1.01% of total assets one quarter earlier. One year earlier, nonperforming assets totaled $18.8 million, or 1.50% of total assets. Nonperforming assets at March 31, 2015, include $8.7 million of non-accruing troubled debt restructured loans that are compliant with their restructured terms. Net charge-offs were $203,000 for the fiscal third quarter, and $691,000 on a year-to-date basis or just 0.11% annualized of the average total loans. |
• | Loan loss allowances totaled 1.26% of total loans at March 31, 2015, compared to 1.28% one quarter earlier. The Company has no direct exposure to the Oil & Gas Industry. |
• | As previously announced, the Bank reached an agreement to sell its branch office in Pierre, SD. The transaction is expected to close in the first fiscal quarter of 2016. |
• | Bank capital ratios as of March 31, 2015, continued to remain well above the newly implemented regulatory “well-capitalized” minimum levels and includes the newly implemented common equity tier 1 capital to risk-weighted assets ratio: |
• | Total risk-based capital to risk-weighted assets was 13.64% versus 13.86% at December 31, 2014. |
• | Tier 1 capital to risk-weighted assets was 12.50% versus 12.70% at December 31, 2014. |
• | Tier 1 capital to total adjusted assets was 10.23% versus 9.46% at December 31, 2014. |
• | Common equity tier 1 capital to risk-weighted assets was 12.50% at March 31, 2015. |
• | The most recent dividend of $0.1125 per share represents 3.05% current yield at recent market prices. |
• | Tangible book value was $13.93 per share at March 31, 2015, compared to $13.41 per share one year earlier. This increase in tangible book value combined with a total dividend of $0.45 results in an intrinsic return of 7.23% for the past twelve month period. |
• | Projections of income, loss, revenues, earnings or losses per share, dividends, capital expenditures, capital structure, adequacy of loan loss reserves, tax benefit or other financial items. |
• | Descriptions of plans or objectives of management for future operations, products or services, transactions, investments and use of subordinated debentures payable to trusts. |
• | Forecasts of future economic performance. |
• | Use and descriptions of assumptions and estimates underlying or relating to such matters. |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | |||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||
Interest, dividend and loan fee income: | ||||||||||||||||||||
Loans and leases receivable | $ | 9,197 | $ | 10,192 | $ | 8,781 | $ | 28,549 | $ | 25,740 | ||||||||||
Investment securities and interest-earning deposits | 863 | 1,059 | 1,716 | 3,128 | 4,099 | |||||||||||||||
10,060 | 11,251 | 10,497 | 31,677 | 29,839 | ||||||||||||||||
Interest expense: | ||||||||||||||||||||
Deposits | 846 | 899 | 960 | 2,661 | 2,996 | |||||||||||||||
Advances from Federal Home Loan Bank and other borrowings | 365 | 988 | 1,212 | 2,517 | 3,955 | |||||||||||||||
1,211 | 1,887 | 2,172 | 5,178 | 6,951 | ||||||||||||||||
Net interest income | 8,849 | 9,364 | 8,325 | 26,499 | 22,888 | |||||||||||||||
Provision for losses on loans and leases | 282 | 941 | 260 | 1,201 | 279 | |||||||||||||||
Net interest income after provision for losses on loans and leases | 8,567 | 8,423 | 8,065 | 25,298 | 22,609 | |||||||||||||||
Noninterest income: | ||||||||||||||||||||
Fees on deposits | 1,375 | 1,550 | 1,472 | 4,524 | 4,727 | |||||||||||||||
Loan servicing income, net | 319 | 345 | 703 | 1,034 | 2,132 | |||||||||||||||
Gain on sale of loans | 457 | 472 | 344 | 1,476 | 1,759 | |||||||||||||||
Earnings on cash value of life insurance | 204 | 208 | 201 | 619 | 613 | |||||||||||||||
Trust income | 234 | 225 | 229 | 682 | 642 | |||||||||||||||
Commission and insurance income | 438 | 367 | 404 | 1,224 | 1,035 | |||||||||||||||
Gain (loss) on sale of securities, net | (1,076 | ) | (75 | ) | 233 | (1,117 | ) | 591 | ||||||||||||
Loss on disposal of closed-branch fixed assets | (298 | ) | — | — | (461 | ) | — | |||||||||||||
Other | 402 | 33 | 98 | 540 | 295 | |||||||||||||||
2,055 | 3,125 | 3,684 | 8,521 | 11,794 | ||||||||||||||||
Noninterest expense: | ||||||||||||||||||||
Compensation and employee benefits | 5,675 | 5,508 | 5,298 | 16,434 | 16,025 | |||||||||||||||
Occupancy and equipment | 1,330 | 1,008 | 1,058 | 3,381 | 3,140 | |||||||||||||||
FDIC insurance | 221 | 191 | 220 | 627 | 661 | |||||||||||||||
Check and data processing expense | 815 | 815 | 784 | 2,463 | 2,297 | |||||||||||||||
Professional fees | 447 | 425 | 502 | 1,512 | 1,633 | |||||||||||||||
Marketing and community investment | 444 | 376 | 315 | 1,192 | 935 | |||||||||||||||
Foreclosed real estate and other properties, net | 24 | 9 | 50 | 61 | 306 | |||||||||||||||
Loss on early extinguishment of debt | — | 4,065 | — | 4,065 | — | |||||||||||||||
Other | 824 | 752 | 691 | 2,215 | 2,027 | |||||||||||||||
9,780 | 13,149 | 8,918 | 31,950 | 27,024 | ||||||||||||||||
Income (loss) before income taxes | 842 | (1,601 | ) | 2,831 | 1,869 | 7,379 | ||||||||||||||
Income tax expense (benefit) | 123 | (733 | ) | 858 | 206 | 2,257 | ||||||||||||||
Net income (loss) | $ | 719 | $ | (868 | ) | $ | 1,973 | $ | 1,663 | $ | 5,122 | |||||||||
Basic earnings (loss) per common share: | $ | 0.10 | $ | (0.12 | ) | $ | 0.28 | $ | 0.24 | $ | 0.73 | |||||||||
Diluted earnings (loss) per common share: | $ | 0.10 | $ | (0.12 | ) | $ | 0.28 | $ | 0.24 | $ | 0.73 | |||||||||
Basic weighted average shares: | 7,054,197 | 7,054,340 | 7,055,440 | 7,054,662 | 7,055,256 | |||||||||||||||
Diluted weighted average shares: | 7,061,035 | 7,059,032 | 7,057,953 | 7,059,805 | 7,057,896 | |||||||||||||||
Outstanding shares (end of period): | 7,054,451 | 7,054,352 | 7,055,440 | 7,054,451 | 7,055,440 | |||||||||||||||
Number of full-service offices | 23 | 26 | 27 |
March 31, 2015 | June 30, 2014 | ||||||
(Unaudited) | (Audited) | ||||||
ASSETS | |||||||
Cash and cash equivalents | $ | 19,933 | $ | 24,256 | |||
Investment securities available for sale | 160,951 | 348,878 | |||||
Investment securities held to maturity | 20,234 | 19,507 | |||||
Correspondent bank stock | 3,203 | 6,367 | |||||
Loans held for sale | 4,460 | 6,173 | |||||
Loans and leases receivable | 871,613 | 811,946 | |||||
Allowance for loan and lease losses | (11,012 | ) | (10,502 | ) | |||
Loans and leases receivable, net | 860,601 | 801,444 | |||||
Accrued interest receivable | 4,970 | 5,407 | |||||
Office properties and equipment, net of accumulated depreciation | 14,882 | 13,805 | |||||
Foreclosed real estate and other properties | 27 | 180 | |||||
Cash value of life insurance | 21,150 | 20,644 | |||||
Servicing rights, net | 10,671 | 11,218 | |||||
Goodwill and intangible assets, net | 4,749 | 4,830 | |||||
Other assets | 12,535 | 12,020 | |||||
Total assets | $ | 1,138,366 | $ | 1,274,729 | |||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||
Liabilities | |||||||
Deposits | $ | 934,318 | $ | 999,174 | |||
Advances from Federal Home Loan Bank and other borrowings | 41,201 | 120,643 | |||||
Subordinated debentures payable to trusts | 24,837 | 24,837 | |||||
Advances by borrowers for taxes and insurance | 20,418 | 13,683 | |||||
Accrued expenses and other liabilities | 14,548 | 14,740 | |||||
Total liabilities | 1,035,322 | 1,173,077 | |||||
Stockholders' equity | |||||||
Preferred stock, $.01 par value, 500,000 shares authorized, none outstanding | — | — | |||||
Series A Junior Participating Preferred Stock, $1.00 stated value, 50,000 shares authorized, none outstanding | — | — | |||||
Common stock, $.01 par value, 10,000,000 shares authorized, 9,137,906 and 9,138,895 shares issued at March 31, 2015 and June 30, 2014, respectively | 91 | 91 | |||||
Additional paid-in capital | 46,320 | 46,218 | |||||
Retained earnings, substantially restricted | 88,976 | 89,694 | |||||
Accumulated other comprehensive (loss), net of related deferred tax effect | (1,446 | ) | (3,454 | ) | |||
Less cost of treasury stock, 2,083,455 shares at March 31, 2015 and June 30, 2014 | (30,897 | ) | (30,897 | ) | |||
Total stockholders' equity | 103,044 | 101,652 | |||||
Total liabilities and stockholders' equity | $ | 1,138,366 | $ | 1,274,729 |
Allowance for Loan and Lease Loss Activity | Three Months Ended | Nine Months Ended | ||||||||||||||||||
Mar 31, | Dec 31, | Mar 31, | March 31, | |||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | ||||||||||||||||
Balance, beginning | $ | 10,933 | $ | 10,379 | $ | 10,605 | $ | 10,502 | $ | 10,743 | ||||||||||
Provision charged to income | 282 | 941 | 260 | 1,201 | 279 | |||||||||||||||
Charge-offs | (268 | ) | (433 | ) | (563 | ) | (842 | ) | (1,094 | ) | ||||||||||
Recoveries | 65 | 46 | 44 | 151 | 418 | |||||||||||||||
Balance, ending | $ | 11,012 | $ | 10,933 | $ | 10,346 | $ | 11,012 | $ | 10,346 |
Asset Quality | March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Nonaccruing loans and leases | $ | 13,043 | $ | 12,811 | $ | 18,553 | ||||||
Accruing loans and leases delinquent more than 90 days | — | — | — | |||||||||
Foreclosed assets | 27 | 2 | 266 | |||||||||
Total nonperforming assets (1) | $ | 13,070 | $ | 12,813 | $ | 18,819 | ||||||
General allowance for loan and lease losses | $ | 10,491 | $ | 10,473 | $ | 9,628 | ||||||
Specific impaired loan valuation allowance | 521 | 460 | 718 | |||||||||
Total allowance for loans and lease losses | $ | 11,012 | $ | 10,933 | $ | 10,346 | ||||||
Ratio of nonperforming assets to total assets at end of period (1) | 1.15 | % | 1.01 | % | 1.50 | % | ||||||
Ratio of nonperforming loans and leases to total loans and leases at end of period (2) | 1.50 | % | 1.50 | % | 2.46 | % | ||||||
Ratio of net charge-offs to average loans and leases for the year-to-date period (3) | 0.11 | % | 0.12 | % | 0.12 | % | ||||||
Ratio of allowance for loan and lease losses to total loans and leases at end of period | 1.26 | % | 1.28 | % | 1.37 | % | ||||||
Ratio of allowance for loan and lease losses to nonperforming loans and leases at end of period (2) | 84.4 | % | 85.3 | % | 55.8 | % |
Troubled Debt Restructuring Summary | March 31, 2015 | December 31, 2014 | March 31, 2014 | |||||||||
Nonaccruing troubled debt restructurings-non-compliant (1)(2) | $ | 52 | $ | 182 | $ | 47 | ||||||
Nonaccruing troubled debt restructurings-compliant (1)(2)(3) | 8,664 | 9,339 | 15,200 | |||||||||
Accruing troubled debt restructurings (4) | 2,788 | 1,633 | 1,384 | |||||||||
Total troubled debt restructurings | $ | 11,504 | $ | 11,154 | $ | 16,631 |
March 31, 2015 | December 31, 2014 | June 30, 2014 | ||||||
Common stockholder's equity before OCI (1) to consolidated assets | 9.22 | % | 8.31 | % | 8.27 | % | ||
OCI components to consolidated assets: | ||||||||
Net changes in unrealized gains and losses: | ||||||||
Investment securities available for sale | 0.03 | (0.06 | ) | (0.11 | ) | |||
Defined benefit plan | (0.12 | ) | (0.11 | ) | (0.11 | ) | ||
Derivatives and hedging activities | (0.04 | ) | (0.04 | ) | (0.05 | ) | ||
Goodwill and intangible assets, net to consolidated assets | (0.42 | ) | (0.38 | ) | (0.38 | ) | ||
Tangible common equity to tangible assets | 8.67 | % | 7.72 | % | 7.62 | % |
Tangible book value per common share (2) | $ | 13.93 | $ | 13.76 | $ | 13.72 |
Tier I capital (to adjusted total assets) (3) | 10.23 | % | 9.46 | % | 9.49 | % | ||
Tier I capital (to risk-weighted assets) (3) | 12.50 | 12.70 | 13.38 | |||||
Common equity tier I capital (to risk-weighted assets) (3)(4) | 12.50 | NA | NA | |||||
Total risk-based capital (to risk-weighted assets) (3) | 13.64 | 13.86 | 14.54 |
Loan and Lease Portfolio Composition | |||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Residential: | |||||||||||||
One-to four-family | $ | 50,681 | 5.8 | % | $ | 47,886 | 5.9 | % | |||||
Construction | 5,880 | 0.7 | 3,838 | 0.5 | |||||||||
Commercial: | |||||||||||||
Commercial business (1) | 71,648 | 8.2 | 82,459 | 10.2 | |||||||||
Equipment finance leases | 224 | — | 847 | 0.1 | |||||||||
Commercial real estate: | |||||||||||||
Commercial real estate | 309,204 | 35.5 | 294,388 | 36.3 | |||||||||
Multi-family real estate | 103,345 | 11.9 | 87,364 | 10.7 | |||||||||
Construction | 49,226 | 5.6 | 22,946 | 2.8 | |||||||||
Agricultural: | |||||||||||||
Agricultural real estate | 93,265 | 10.7 | 79,805 | 9.8 | |||||||||
Agricultural business | 121,493 | 13.9 | 115,397 | 14.2 | |||||||||
Consumer: | |||||||||||||
Consumer direct | 14,869 | 1.7 | 17,449 | 2.1 | |||||||||
Consumer home equity | 49,171 | 5.7 | 56,666 | 7.0 | |||||||||
Consumer overdraft & reserve | 2,607 | 0.3 | 2,901 | 0.4 | |||||||||
Total (2) | $ | 871,613 | 100.0 | % | $ | 811,946 | 100.0 | % |
Deposit Composition | |||||||||||||
March 31, 2015 | June 30, 2014 | ||||||||||||
Amount | Percent | Amount | Percent | ||||||||||
Noninterest-bearing checking accounts | $ | 151,211 | 16.2 | % | 164,918 | 16.5 | % | ||||||
Interest-bearing checking accounts | 178,745 | 19.1 | 173,879 | 17.4 | |||||||||
Money market accounts | 217,507 | 23.3 | 238,507 | 23.9 | |||||||||
Savings accounts | 93,571 | 10.0 | 160,277 | 16.0 | |||||||||
In-market certificates of deposit | 253,861 | 27.2 | 236,026 | 23.6 | |||||||||
Out-of-market certificates of deposit | 39,423 | 4.2 | 25,567 | 2.6 | |||||||||
Total deposits | $ | 934,318 | 100.0 | % | $ | 999,174 | 100.0 | % |
Average Balance, Interest Yields and Rates | Three Months Ended | ||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||
Average Outstanding Balance | Yield/ Rate | Average Outstanding Balance | Yield/ Rate | ||||||||||
Interest-earning assets: | |||||||||||||
Loans and leases receivable(1)(3) | $ | 861,736 | 4.33 | % | $ | 846,772 | 4.78 | % | |||||
Investment securities(2)(3) | 239,105 | 1.46 | 342,251 | 1.23 | |||||||||
Total interest-earning assets | 1,100,841 | 3.71 | % | 1,189,023 | 3.75 | % | |||||||
Noninterest-earning assets | 78,432 | 76,821 | |||||||||||
Total assets | $ | 1,179,273 | $ | 1,265,844 | |||||||||
Interest-bearing liabilities: | |||||||||||||
Deposits: | |||||||||||||
Checking and money market | $ | 391,645 | 0.23 | % | $ | 393,683 | 0.23 | % | |||||
Savings | 99,196 | 0.20 | 108,277 | 0.19 | |||||||||
Certificates of deposit | 294,573 | 0.79 | 290,981 | 0.85 | |||||||||
Total interest-bearing deposits | 785,414 | 0.44 | 792,941 | 0.45 | |||||||||
FHLB advances and other borrowings | 90,707 | 0.35 | 164,800 | 1.68 | |||||||||
Subordinated debentures payable to trusts | 24,837 | 4.67 | 24,837 | 4.66 | |||||||||
Total interest-bearing liabilities | 900,958 | 0.55 | % | 982,578 | 0.76 | % | |||||||
Noninterest-bearing deposits | 141,370 | 149,505 | |||||||||||
Other liabilities | 34,495 | 30,593 | |||||||||||
Total liabilities | 1,076,823 | 1,162,676 | |||||||||||
Equity | 102,450 | 103,168 | |||||||||||
Total liabilities and equity | $ | 1,179,273 | $ | 1,265,844 | |||||||||
Net interest spread(4) | 3.16 | % | 2.99 | % | |||||||||
Net interest margin(4)(5) | 3.26 | % | 3.12 | % | |||||||||
Net interest margin, TE(6) | 3.33 | % | 3.19 | % | |||||||||
Return on average assets(7) | 0.25 | % | (0.27 | )% | |||||||||
Return on average equity(8) | 2.85 | % | (3.34 | )% |
(1) | Includes loan fees and interest on accruing loans and leases past due 90 days or more. |
(2) | Includes federal funds sold and interest earning reserve balances at the Federal Reserve Bank. |
(3) | Yields do not reflect the tax-exempt nature of loans, equipment leases and municipal securities. |
(4) | Percentages for the three months ended March 31, 2015 and December 31, 2014 have been annualized. |
(5) | Net interest income divided by average interest-earning assets. |
(6) | Net interest margin expressed on a fully taxable equivalent basis ("Net Interest Margin, TE") is a non-GAAP financial measure. See the following Non-GAAP Disclosure Reconciliation of Net Interest Income (GAAP) to Net Interest Margin, TE (Non-GAAP). The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income and certain other permanent income tax differences. We believe that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis, and accordingly believe the presentation of this non-GAAP financial measure may be useful for peer comparison purposes. As a non-GAAP financial measure, Net Interest Margin, TE should be considered supplemental to and not a substitute for or superior to, financial measures calculated in accordance with GAAP. As other companies may use different calculations for Net Interest Margin, TE, this presentation may not be comparable to similarly titled measures reported by other companies. |
(7) | Ratio of net income to average total assets. |
(8) | Ratio of net income to average equity. |
Average Balance, Interest Yields and Rates | Nine Months Ended | ||||||||||||
March 31, 2015 | March 31, 2014 | ||||||||||||
Average Outstanding Balance | Yield/ Rate | Average Outstanding Balance | Yield/ Rate | ||||||||||
Interest-earning assets: | |||||||||||||
Loans and leases receivable(1)(3) | $ | 842,062 | 4.52 | % | $ | 742,320 | 4.62 | % | |||||
Investment securities(2)(3) | 316,305 | 1.32 | 427,220 | 1.28 | |||||||||
Total interest-earning assets | 1,158,367 | 3.64 | % | 1,169,540 | 3.40 | % | |||||||
Noninterest-earning assets | 76,064 | 73,184 | |||||||||||
Total assets | $ | 1,234,431 | $ | 1,242,724 | |||||||||
Interest-bearing liabilities: | |||||||||||||
Deposits: | |||||||||||||
Checking and money market | $ | 395,476 | 0.24 | % | $ | 362,809 | 0.26 | % | |||||
Savings | 118,616 | 0.20 | 143,448 | 0.24 | |||||||||
Certificates of deposit | 280,474 | 0.85 | 264,470 | 1.02 | |||||||||
Total interest-bearing deposits | 794,566 | 0.45 | 770,727 | 0.52 | |||||||||
FHLB advances and other borrowings | 131,175 | 1.66 | 157,187 | 2.49 | |||||||||
Subordinated debentures payable to trusts | 24,837 | 4.75 | 24,837 | 5.42 | |||||||||
Total interest-bearing liabilities | 950,578 | 0.73 | % | 952,751 | 0.97 | % | |||||||
Noninterest-bearing deposits | 148,988 | 162,141 | |||||||||||
Other liabilities | 32,262 | 30,642 | |||||||||||
Total liabilities | 1,131,828 | 1,145,534 | |||||||||||
Equity | 102,603 | 97,190 | |||||||||||
Total liabilities and equity | $ | 1,234,431 | $ | 1,242,724 | |||||||||
Net interest spread(4) | 2.91 | % | 2.43 | % | |||||||||
Net interest margin(4)(5) | 3.05 | % | 2.61 | % | |||||||||
Net interest margin, TE(6) | 3.11 | % | 2.66 | % | |||||||||
Return on average assets(7) | 0.18 | % | 0.55 | % | |||||||||
Return on average equity(8) | 2.16 | % | 7.02 | % |
(1) | Includes loan fees and interest on accruing loans and leases past due 90 days or more. |
(2) | Includes federal funds sold and interest earning reserve balances at the Federal Reserve Bank. |
(3) | Yields do not reflect the tax-exempt nature of loans, equipment leases and municipal securities. |
(4) | Percentages for the nine months ended March 31, 2015 and March 31, 2014 have been annualized. |
(5) | Net interest income divided by average interest-earning assets. |
(6) | Net interest margin expressed on a fully taxable equivalent basis ("Net Interest Margin, TE") is a non-GAAP financial measure. See the following Non-GAAP Disclosure Reconciliation of Net Interest Income (GAAP) to Net Interest Margin, TE (Non-GAAP). The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income and certain other permanent income tax differences. We believe that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis, and accordingly believe the presentation of this non-GAAP financial measure may be useful for peer comparison purposes. As a non-GAAP financial measure, Net Interest Margin, TE should be considered supplemental to and not a substitute for or superior to, financial measures calculated in accordance with GAAP. As other companies may use different calculations for Net Interest Margin, TE, this presentation may not be comparable to similarly titled measures reported by other companies. |
(7) | Ratio of net income to average total assets. |
(8) | Ratio of net income to average equity. |
March 31, 2015 | Accruing and Nonaccruing Loans | Nonperforming Loans | |||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days | Total Past Due | Current | Recorded Investment > 90 Days and Accruing (1) | Nonaccrual Balance | Total | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||
One-to four-family | $ | 178 | $ | — | $ | 111 | $ | 289 | $ | 50,392 | $ | — | $ | 225 | $ | 225 | |||||||||||||||
Construction | — | — | — | — | 5,880 | — | — | — | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial business | 18 | 250 | 235 | 503 | 71,145 | — | 2,443 | 2,443 | |||||||||||||||||||||||
Equipment finance leases | — | — | — | — | 224 | — | — | — | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | — | — | 66 | 66 | 309,138 | — | 531 | 531 | |||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 103,345 | — | — | — | |||||||||||||||||||||||
Construction | — | — | — | — | 49,226 | — | — | — | |||||||||||||||||||||||
Agricultural: | |||||||||||||||||||||||||||||||
Agricultural real estate | — | 87 | — | 87 | 93,178 | — | 3,356 | 3,356 | |||||||||||||||||||||||
Agricultural business | 1,333 | 17 | 124 | 1,474 | 120,019 | — | 6,156 | 6,156 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||
Consumer direct | — | — | 4 | 4 | 14,865 | — | 44 | 44 | |||||||||||||||||||||||
Consumer home equity | 170 | 46 | 204 | 420 | 48,751 | — | 288 | 288 | |||||||||||||||||||||||
Consumer OD & reserve | — | — | — | — | 2,607 | — | — | — | |||||||||||||||||||||||
Total | $ | 1,699 | $ | 400 | $ | 744 | $ | 2,843 | $ | 868,770 | $ | — | $ | 13,043 | $ | 13,043 |
December 31, 2014 | Accruing and Nonaccruing Loans | Nonperforming Loans | |||||||||||||||||||||||||||||
30 - 59 Days Past Due | 60 - 89 Days Past Due | Greater Than 89 Days | Total Past Due | Current | Recorded Investment > 90 Days and Accruing (1) | Nonaccrual Balance | Total | ||||||||||||||||||||||||
Residential: | |||||||||||||||||||||||||||||||
One-to four-family | $ | — | $ | — | $ | 111 | $ | 111 | $ | 44,629 | $ | — | $ | 227 | $ | 227 | |||||||||||||||
Construction | — | — | — | — | 5,890 | — | — | — | |||||||||||||||||||||||
Commercial: | |||||||||||||||||||||||||||||||
Commercial business | 32 | — | 195 | 227 | 69,917 | — | 2,722 | 2,722 | |||||||||||||||||||||||
Equipment finance leases | — | — | — | — | 344 | — | — | — | |||||||||||||||||||||||
Commercial real estate: | |||||||||||||||||||||||||||||||
Commercial real estate | — | — | 66 | 66 | 314,174 | — | 563 | 563 | |||||||||||||||||||||||
Multi-family real estate | — | — | — | — | 99,722 | — | — | — | |||||||||||||||||||||||
Construction | — | — | — | — | 39,112 | — | — | — | |||||||||||||||||||||||
Agricultural: | |||||||||||||||||||||||||||||||
Agricultural real estate | — | — | — | — | 92,123 | — | 3,134 | 3,134 | |||||||||||||||||||||||
Agricultural business | 25 | — | 178 | 203 | 119,268 | — | 5,613 | 5,613 | |||||||||||||||||||||||
Consumer: | |||||||||||||||||||||||||||||||
Consumer direct | 12 | — | 4 | 16 | 15,514 | — | 66 | 66 | |||||||||||||||||||||||
Consumer home equity | 151 | — | 315 | 466 | 50,387 | — | 486 | 486 | |||||||||||||||||||||||
Consumer OD & reserve | 7 | — | — | 7 | 2,954 | — | — | — | |||||||||||||||||||||||
Total | $ | 227 | $ | — | $ | 869 | $ | 1,096 | $ | 854,034 | $ | — | $ | 12,811 | $ | 12,811 |
(1) | Loans accruing and delinquent greater than 90 days have government guarantees or acceptable loan-to-value ratios. |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||
Net interest income | $ | 8,849 | $ | 9,364 | $ | 8,325 | $ | 26,499 | $ | 22,888 | |||||||||
Taxable equivalent adjustment | 183 | 191 | 176 | 561 | 486 | ||||||||||||||
Adjusted net interest income | 9,032 | 9,555 | 8,501 | 27,060 | 23,374 | ||||||||||||||
Average interest-earning assets | 1,100,841 | 1,189,023 | 1,167,017 | 1,158,367 | 1,169,540 | ||||||||||||||
Net interest margin, TE | 3.33 | % | 3.19 | % | 2.95 | % | 3.11 | % | 2.66 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||
GAAP earnings before income taxes | $ | 842 | $ | (1,601 | ) | $ | 2,831 | $ | 1,869 | $ | 7,379 | ||||||||
Net loss (gain) on sale of securities | 1,076 | 75 | (233 | ) | 1,117 | (591 | ) | ||||||||||||
Charges incurred from prepayment of borrowings(1) | — | 4,065 | — | 4,065 | — | ||||||||||||||
Net (gain) loss on sale of property | (313 | ) | 64 | — | (249 | ) | — | ||||||||||||
Costs incurred for branch closures(2) | 695 | 2 | — | 896 | — | ||||||||||||||
Core earnings before income taxes | 2,300 | 2,605 | 2,598 | 7,698 | 6,788 | ||||||||||||||
Provision for income taxes for core earnings | 677 | 865 | 769 | 2,421 | 2,032 | ||||||||||||||
Core earnings | $ | 1,623 | $ | 1,740 | $ | 1,829 | $ | 5,277 | $ | 4,756 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
March 31, | December 31, | March 31, | March 31, | ||||||||||||||||
2015 | 2014 | 2014 | 2015 | 2014 | |||||||||||||||
GAAP diluted earnings per share | $ | 0.10 | $ | (0.12 | ) | $ | 0.28 | $ | 0.24 | $ | 0.73 | ||||||||
Net loss (gain) on sale of securities, net of tax | 0.10 | — | (0.02 | ) | 0.10 | (0.06 | ) | ||||||||||||
Charges incurred from prepayment of borrowings, net of tax | — | 0.36 | — | 0.36 | — | ||||||||||||||
Net (gain) loss on sale of property, net of tax | (0.03 | ) | 0.01 | — | (0.02 | ) | — | ||||||||||||
Costs incurred for branch closures, net of tax | 0.06 | — | — | 0.07 | — | ||||||||||||||
Core diluted earnings per share | $ | 0.23 | $ | 0.25 | $ | 0.26 | $ | 0.75 | $ | 0.67 |
1 Year HF Financial Corp. Chart |
1 Month HF Financial Corp. Chart |
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