Pocahontas Bancorp (NASDAQ:PFSL)
Historical Stock Chart
From Jun 2019 to Jun 2024
Pocahontas Bancorp, Inc. (NASDAQ: PFSL) announced
earnings for the third quarter of the fiscal year ending September 30,
2006.
Net income was $638,713 for the quarter ended June 30, 2006,
compared to net income of $838,076 for the quarter ended June 30,
2005. Basic and diluted earnings per share were $0.14 for the quarter
ended June 30, 2006 compared to basic earnings per share of $0.19 and
diluted earnings per share of $0.18 for the same period last year.
Net interest income before provision for loan loss for the quarter
ended June 30, 2006 was $3.61 million compared to $4.20 million for
the quarter ended June 30, 2005, a decrease of $0.59 million. The
decrease was primarily due to a 39 basis point decrease in the net
interest rate spread to 2.20% for the quarter ended June 30, 2006
compared to 2.59% for the quarter ended June 30, 2005. Net interest
margin was 2.15% for the quarter ended June 30, 2006 compared to 2.53%
for the quarter ended June 30, 2005.
There was no provision for loan losses for the quarter ended June
30, 2006 or the quarter ended June 30, 2005. Management periodically
reviews the credit quality of the loan portfolio in order to establish
a sufficient allowance for losses on loans. The provision for loan
loss for the quarters ended June 30, 2006 and 2005 reflected
management's estimate of the amount of allowance for loan losses
required based on management's current judgments about the credit
quality of individual loans and segments of the loan portfolio;
changing economic and other conditions may require future adjustments
to the allowance for loan losses.
Non-interest income decreased $0.58 million to $1.15 million for
the quarter ended June 30, 2006 compared to the quarter ended June 30,
2005. The decrease in non-interest income was primarily due to having
no gain on sale of securities during the quarter ended June 30, 2006
compared to a $0.56 million gain for the quarter ended June 30, 2005.
Total operating expenses were $4.16 million for the quarter ended
June 30, 2006, compared to $4.65 million for the quarter ended June
30, 2005. The decrease in total operating expense was primarily due to
decreases in compensation, REO and other repossessed assets and in
advertising and donations expenses.
Net income was $2.13 million for the nine months ended June 30,
2006, compared to net income of $2.39 million for the nine months
ended June 30, 2005. Basic and diluted earnings per share were $0.47
for the nine months ended June 30, 2006 compared to basic earnings per
share of $0.53 and diluted earnings per share of $0.52 for the same
period last year.
Net interest income before provision for loan loss for the nine
months ended June 30, 2006 was $11.46 million compared to $12.72
million for the nine months ended June 30, 2005, a decrease of $1.26
million. The decrease was primarily due to a 38 basis point decrease
in the net interest rate spread to 2.31% for the nine months ended
June 30, 2006 compared to 2.69% for the nine months ended June 30,
2005. Net interest margin was 2.26% for the nine months ended June 30,
2006 compared to 2.59% for the nine months ended June 30, 2005.
There was a $0.31 million provision for loan losses for the nine
months ended June 30, 2006 compared to a $0.13 million provision for
loan losses for the nine months ended June 30, 2005.
Non-interest income decreased $0.14 million to $3.96 million for
the nine months ended June 30, 2006 from $4.10 million for the nine
months ended June 30, 2005. The decrease in non-interest income was
primarily due to a $0.29 million decrease in gain on the sale of
securities and a $0.15 million decrease in gain on the sale of loans
during the nine months ended June 30, 2006 compared to the nine months
ended June 30, 2005, which was partially offset by a $0.16 million
gain on the sale of loan servicing during the nine months ended June
30, 2006, compared to no gain on loan servicing during the same period
last year.
Total operating expenses were $12.86 million for the nine months
ended June 30, 2006, compared to $13.08 million for the nine months
ended June 30, 2005. The $0.22 million decrease in total operating
expense was primarily due to the decreases in compensation and
benefits, and in advertising and donations expenses, which were
partially offset by an increase in occupancy and equipment.
Total assets decreased 1.1% to $732.94 million at June 30, 2006
from $741.26 million at September 30, 2005. The decrease was primarily
the result of a $7.24 million decrease in cash. The yield on average
interest earning assets at June 30, 2006 was 5.73% compared to 5.44%
at September 30, 2005.
Investment balances increased $3.85 million during the nine-month
period ended June 30, 2006 due to investment purchases of $34.44
million, which were partially offset by $28.57 million in principal
payments, calls and maturities and $2.90 million in investment sales.
Total net loans receivable were $429.22 million at June 30, 2006
compared to $429.60 million at September 30, 2005. During the
nine-month period ended June 30, 2006, proceeds from the sale of
mortgage loans held for sale were $38.32 million, compared to $37.82
million during the nine-month period ended June 30, 2005. Total
nonperforming loans decreased 44.9% to $2.17 million at June 30, 2006
from $3.94 million at September 30, 2005.
Total deposits increased $20.71 million or 4.0% to $534.75 million
at June 30, 2006 compared to $514.04 million at September 30, 2005.
The increase was mainly due to the Company refocusing its efforts on
attracting certificate accounts by offering more competitive interest
rates and terms on those accounts. Total Federal Home Loan Bank
advances decreased $23.57 million or 15.9% to $125.08 million at June
30, 2006 compared to $148.65 million at September 30, 2005.
Accrued expenses and other liabilities decreased $4.22 million at
June 30, 2006 to $2.85 million from $7.07 million at September 30,
2005. The decrease in accrued expenses and other liabilities was
primarily due to a $2.4 million liability for investment securities
that were committed prior to September 30, 2005 but had a settlement
date after the fiscal year end.
Stockholders' equity decreased $0.90 million at June 30, 2006 to
$51.47 million from $52.37 million at September 30, 2005. The decrease
in stockholders' equity at June 30, 2006 compared to September 30,
2005, was primarily due to the payment of cash dividends and to the
change in accumulated other comprehensive loss on securities, which
were partially offset by net income for the nine-month period ended
June 30, 2006. Accumulated other comprehensive loss on securities
increased $1.84 million to $4.36 million at June 30, 2006 compared to
$2.52 million at September 30, 2005. The decrease in market value was
due primarily to changes in market interest rates and is considered a
temporary impairment.
Pocahontas Bancorp, Inc. is a unitary thrift holding company that
owns First Community Bank, a federally chartered savings and loan.
First Community Bank conducts business from 21 offices located
primarily in Northeast Arkansas and Tulsa County, Oklahoma. Pocahontas
Bancorp's common stock is traded on the NASDAQ Global Market under the
symbol "PFSL."
Except for the historical information contained in this press
release, the matters discussed may be deemed to be forward-looking
statements, within the meaning of the Private Securities Litigation
Reform Act of 1995, that involve risks and uncertainties, including
changes in economic conditions in the Company's market area, changes
in policies by regulatory agencies, fluctuations in interest rates,
demand for loans in the Company's market area, competition, and other
risks detailed from time to time in the Company's SEC reports. Actual
strategies and results in future periods may differ materially from
those currently expected. These forward-looking statements represent
the Company's judgment as of the date of this release. The Company
disclaims, however, any intent or obligation to update these
forward-looking statements.
-0-
*T
POCAHONTAS BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
----------------------------------------------------------------------
June 30, September 30,
2006 2005
(Unaudited)
ASSETS
Cash and due from banks $ 16,172,216 $ 23,411,451
Cash surrender value of life insurance 8,342,739 8,019,097
Securities held-to-maturity, at cost 136,423,194 129,952,373
Securities available-for-sale, at fair
value 96,841,074 99,460,045
Trading securities, at fair value - 3,126,044
Loans receivable, net 425,681,760 426,538,047
Loans receivable, held for sale 3,536,780 3,057,985
Accrued interest receivable 4,701,138 4,487,837
Premises and equipment, net 16,137,635 16,716,912
Federal Home Loan Bank stock, at cost 7,154,200 7,962,000
Goodwill 8,847,572 8,847,572
Core deposit premiums, net 4,593,416 5,323,319
Other assets 4,511,923 4,360,885
------------ ------------
TOTAL ASSETS $732,943,647 $741,263,567
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Deposits $534,754,881 $514,043,734
Federal Home Loan Bank advances 125,076,586 148,645,397
Deferred compensation 1,817,911 2,176,859
Accrued expenses and other liabilities 2,849,582 7,066,640
Trust preferred securities 16,978,258 16,962,683
------------ ------------
Total liabilities 681,477,218 688,895,313
------------ ------------
STOCKHOLDERS' EQUITY:
Common stock, $0.01 par value, 8,000,000
shares authorized; 7,602,492 shares
issued and 4,641,717 shares outstanding
at June 30, 2006 and September 30, 2005 76,024 76,024
Additional paid-in capital 57,275,390 57,275,390
Unearned ESOP shares (2,152,968) (2,076,856)
Accumulated other comprehensive loss, net (4,354,961) (2,517,282)
Retained earnings 25,025,488 24,013,522
------------ ------------
75,868,973 76,770,798
Treasury stock at cost, 2,960,775 shares,
at June 30, 2006 and September 30, 2005 (24,402,544) (24,402,544)
Total stockholders' equity 51,466,429 52,368,254
------------ ------------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $732,943,647 $741,263,567
============ ============
POCAHONTAS BANCORP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND
COMPREHENSIVE INCOME (UNAUDITED)
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
June 30, June 30,
2006 2005 2006 2005
INTEREST INCOME:
Loans receivable $ 7,208,684 $ 5,876,659 $21,093,650 $17,191,584
Investment
securities 2,607,873 3,181,993 7,944,276 9,369,404
----------- ----------- ----------- -----------
Total interest
income 9,816,557 9,058,652 29,037,926 26,560,988
INTEREST EXPENSE:
Deposits 4,442,662 3,122,294 12,277,310 8,852,830
Borrowed funds 1,353,128 1,376,226 4,119,373 3,930,244
Trust preferred
securities 408,297 363,597 1,185,020 1,056,870
----------- ----------- ----------- -----------
Total interest
expense 6,204,087 4,862,117 17,581,703 13,839,944
NET INTEREST
INCOME 3,612,470 4,196,535 11,456,223 12,721,044
PROVISION FOR LOAN
LOSSES - - 310,000 125,000
----------- ----------- ----------- -----------
NET INTEREST
INCOME AFTER
PROVISION FOR
LOAN LOSSES 3,612,470 4,196,535 11,146,223 12,596,044
NON-INTEREST
INCOME:
Dividends 93,442 89,986 290,580 217,447
Fees and service
charges 794,107 808,673 2,374,334 2,372,253
Gain on sale of
loans 213,927 258,390 583,804 733,428
Gain/(loss) on
sale of loan
servicing (34,908) - 159,148 -
Gain on sale of
securities, net 3,982 564,290 269,941 564,290
Trading
gain/(loss),
net - (16,227) 337 7,492
Other 79,319 29,001 278,702 208,692
----------- ----------- ----------- -----------
Total non-
interest
income 1,149,869 1,734,113 3,956,846 4,103,602
----------- ----------- ----------- -----------
ON-INTEREST
EXPENSE
Compensation and
benefits 2,329,291 2,508,409 7,151,644 7,269,121
Occupancy and
equipment 724,239 645,067 2,223,130 2,079,739
Insurance
premiums 102,965 95,559 301,361 271,899
Professional
fees 286,281 251,862 870,658 789,116
Data processing 194,856 167,173 561,980 478,796
Advertising and
donations 139,147 312,342 429,435 732,870
Office supplies 73,042 140,996 228,612 258,925
REO and other
repossessed
assets 4,307 132,981 85,410 172,494
Other 307,067 398,483 1,005,814 1,025,174
----------- ----------- ----------- -----------
Total non-
interest
expense 4,161,195 4,652,872 12,858,044 13,078,134
----------- ----------- ----------- -----------
INCOME BEFORE
INCOME TAXES 601,144 1,277,776 2,245,025 3,621,512
INCOME TAXES (37,569) 439,700 119,048 1,236,200
----------- ----------- ----------- -----------
NET INCOME $ 638,713 $ 838,076 $ 2,125,977 $ 2,385,312
=========== =========== =========== ===========
EARNINGS PER
SHARE:
Basic earnings
per share $ 0.14 $ 0.19 $ 0.47 $ 0.53
=========== =========== =========== ===========
Diluted earnings
per share $ 0.14 $ 0.18 $ 0.47 $ 0.52
=========== =========== =========== ===========
*T