UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 28, 2015

ONEIDA FINANCIAL CORP.
(Exact Name of Registrant as Specified in its charter)

Maryland
 
001-34813
 
80-0632920
(State or Other Jurisdiction)
of Incorporation)
 
(Commission
File No.)
 
(I.R.S. Employer
Identification No.)
 
182 Main Street, Oneida, New York 13421-1676
(Address of Principal Executive Offices)
(315) 363-2000
Registrant’s telephone number, including area code

Not Applicable
(Former name or former address, if changed since last report)


Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[ ]
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

[ ]
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

[ ]
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

[ ]
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Item 2.02    Results of Operations and Financial Condition

On October 28, 2015, Oneida Financial Corp. issued a press release disclosing third quarter 2015 financial results. A copy of the press release is included as exhibit 99.1 to this report.

The information contained in this Item 2.02, including Exhibit 99.1, shall not be deemed filed with the Securities and Exchange Commission nor incorporated by reference in any registration statement filed by the Company under the Securities Act of 1933, as amended.


Item 9.01     Financial Statements and Exhibits

(a)
No financial statements of businesses acquired are required.

(b)
No pro forma financial information is required.

(c)
Not Applicable.

(d)
Exhibits.

99.1
Press release dated October 28, 2015.




SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ONEIDA FINANCIAL CORP


DATE: October 29, 2015
By: /s/ Eric E. Stickels
 
 
Eric E. Stickels
 
 
 
President and Chief Operating Officer
 
 
 
 
 







 
 
 
 
 
News Release
 
 
 
 
 

Release Date:     Wednesday, October 28, 2015

Release Time: At Market Close

Contact:     Eric E. Stickels, President & COO

Phone:     (315) 366-3702
 
 
 
 
 

Oneida Financial Corp. Reports 2015 Third quarter Operating Results (unaudited)

Oneida, NY, October 28, 2015 - Oneida Financial Corp. (NASDAQ Global: ONFC), the parent company of The Oneida Savings Bank, has announced third quarter operating results. Net income for the three months ended September 30, 2015 was $824,000 or $0.12 diluted earnings per share, compared to $1.5 million or $0.21 diluted earnings per share, for the three months ended September 30, 2014. The decrease in net income during the current third quarter period is primarily the result of a decrease in net investment gains, an increase in income tax provision and merger-related expenses incurred in connection with our previously announced merger with and into Community Bank System, Inc. which is expected to close during the fourth quarter of 2015. Partially offsetting the decrease in net income for the third quarter of 2015 as compared with the same period last year was an increase in the fair value of our equity investments, an increase in net interest income, an increase in non-interest income and a decrease in provision for loan losses.
Net income for the nine months ended September 30, 2015 was $3.3 million or $0.46 diluted earnings per share, as compared with $4.8 million or $0.69 diluted earnings per share for the same period in 2014. The decrease in net income during the nine months ended September 30, 2015 as compared with the same period last year was primarily the result of merger-related expenses incurred, an increase in income tax provision and a decrease in net investment gains; partially offset by an increase in fair value of our equity investments, a decrease in non-interest expense (excluding merger-related expenses), an increase in net interest income, an increase in non-interest income and a decrease in provision for loan losses.
Key balance sheet changes at September 30, 2015
•
The Bank is categorized as well capitalized at September 30, 2015 with a Tier 1 leverage ratio of 9.37% and a total risk-based capital ratio of 16.96%. The Company’s average equity ratio as a percent of average assets was 11.82% at September 30, 2015 compared to 12.50% at September 30, 2014.

•
Deposit accounts were $707.5 million at September 30, 2015, an increase of $28.3 million from September 30, 2014. The increase in total deposits from September 30, 2014 represents an increase of $8.9 million in retail deposits and further supported by an increase of $19.4 million in municipal deposits over the past twelve months. The increase in deposits was held in cash equivalents and invested in loans receivable.
 
•
Net loans receivable totaled $397.0 million at September 30, 2015 compared to $355.7 million at September 30, 2014. 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 has sold $7.9 million in newly originated fixed rate residential loans, which represents the majority




of the Company’s fixed-rate residential loan origination volume with terms exceeding 15 years, during the trailing twelve months ended September 30, 2015.

•
Investment and mortgage-backed securities totaled $254.2 million at September 30, 2015, a decrease of $40.4 million from September 30, 2014. The decrease in investment and mortgage-backed securities is primarily the result of the Company’s strategy to hold a higher level of cash and cash equivalents given the increase in deposits over the trailing twelve months and to support loan origination activities.

•
There were no borrowings outstanding at September 30, 2015 and September 30, 2014.

•
Total equity at September 30, 2015 was $97.1 million, an increase of $2.2 million from September 30, 2014. The change in total equity is the result of the contribution of earnings combined with net positive valuation adjustments made for the Company's available for sale investment and mortgage-backed securities over the trailing twelve months, partially offset by the declaration of cash dividends during the trailing twelve month period.
Key operating items for third quarter 2015 include:
•
Net interest income was $5.1 million for the three months ended September 30, 2015 compared to $5.0 million for the three months ended September 30, 2014. Net interest margin was 2.84% for the third quarter of 2015 compared to 3.02% for the third quarter of 2014.

•
Non-interest income was $7.8 million for the three months ended September 30, 2015 compared to $7.6 million for the three months ended September 30, 2014. Revenue derived from the Company’s insurance and other non-banking operations increased to $6.6 million in the third quarter of 2015 compared to $6.4 million in the comparable 2014 period.

•
Net investment losses were $84,000 for the three months ended September 30, 2015 as compared with net investment gains of $2.0 million for the three months ended September 30, 2014. The investment gains recorded in the third quarter of 2014 represents the sale of the Company’s remaining trust preferred securities that were sold at a market price significantly higher than the previously impaired book value of the securities.

•
An increase in the fair value of trading (equity) securities of $36,000 was recognized for the three months ended September 30, 2015 compared to a decrease in fair value of $1.5 million for the three months ended September 30, 2014.

•
Non-interest expense increased to $11.6 million for the three months ended September 30, 2015 compared to $11.0 million for the comparable period in 2014. This increase is primarily the result of $401,000 in merger-related expenses recognized during the current quarter.

Michael R. Kallet, President and Chief Executive Officer of Oneida Financial Corp., said, “We would like to thank our stockholders, customers, communities and employees for their continued support as we work toward the successful completion of our announced merger with Community Bank System.” Kallet continued, “Our financial results continue to demonstrate the exceptional performance of Oneida Financial Corp. accomplished through our integrated community banking and diversified financial services model. Excluding merger-related expenses recorded in the second and third quarters of 2015, the Company is again reporting near record year-to-date earnings.” Kallet stated, “Earlier this year our stockholders approved the merger with Community Bank System, Inc. pending receipt of various regulatory approvals expected in the fourth quarter of this year.” Under the terms of the agreement, shareholders of Oneida Financial Corp. can elect to receive either 0.5635 shares of Community Bank System, Inc. common stock or $20.00 in cash for each share of Oneida Financial Corp. common stock they hold, subject to an overall 60% stock and 40% cash split. Kallet concluded, “Community Bank System has an impressive history of creating shareholder value through both earnings and dividend growth and we look forward to combining our shared cultures and record of exceptional service and support to our communities.”
Net Interest Income and Margin
Third quarter 2015 compared with third quarter 2014
Net interest income was $5.1 million for the three months ended September 30, 2015, an increase of $61,000 from the third quarter of 2014. The net interest margin was 2.84% for the third quarter of 2015, compared to 3.02% for the third quarter of 2014. The increase in net interest income is primarily the result of an increase




in average interest-earning assets of $48.5 million partially offset by a decrease in the yield on interest-earning assets of 26 basis points to 3.15%. The average balance of interest-bearing liabilities increased $43.2 million with the average cost of interest-bearing liabilities decreasing by 11 basis points to 0.35% for the third quarter of 2015 as compared to 0.46% for the third quarter of 2014.
Third quarter 2015 compared with linked quarter ended June 30, 2015
Net interest income for the three months ended September 30, 2015 decreased $51,000 from the three months ended June 30, 2015. The decrease in net interest income is primarily the result of a decrease in average interest-earning assets of $49.7 million from the quarter ended June 30, 2015 partially offset by an increase of 15 basis points in the yield on average interest-earning assets. The average interest-bearing liabilities decreased $50.8 million during the three months ended September 30, 2015 as compared with the linked quarter, while the cost of interest-bearing liabilities decreased 1 basis point from 0.36% during the second quarter of 2015 to 0.35% during the third quarter of 2015.
Year-to-date comparison 2015 to 2014
On a full year-to-date basis, net interest income has increased $563,000 for the nine months ended September 30, 2015, as compared to the same period in 2014. The increase in net interest income is primarily the result of an increase of $63.9 million in average interest-earning assets partially offset by decrease in net interest margin of 16 basis points to 2.80% for nine months ended September 30, 2015 from 2.96% for the same period in 2014. The average interest-bearing liabilities increased $52.7 million during the nine months ended September 30, 2015 as compared with the same period last year, while the cost of interest-bearing liabilities decreased 9 basis points from 0.46% during the nine months ended September 30, 2014 to 0.37% during the nine months ended September 30, 2015.
Provision for Loan Losses
Third quarter 2015 compared with third quarter 2014
During the third quarter of 2015, the Company made no provision for loan losses as compared with a $270,000 provision for loan losses during the third quarter of 2014. 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. Non-performing loans as a percentage of total loans was 0.08% at September 30, 2015 as compared with 0.17% at September 30, 2014. The ratio of the allowance for loan losses to loans receivable was 0.87% at September 30, 2015 compared to 0.98% at September 30, 2014. Net charge-offs during the current quarter were 0.00% of average loans receivable as compared with net charge-offs of 0.01% of average loans receivable in the same period last year.
Third quarter 2015 compared with linked quarter ended June 30, 2015
Similar to the linked quarter there was no provision for loan losses during the third quarter of 2015. The absence of a provision for loan losses in both quarters of 2015 is primarily the result of the continued low level of nonperforming loans and a decrease in net loan charge-offs. Non-performing loans to total loans were 0.08% at September 30, 2015 as compared with 0.09% at June 30, 2015. The ratio of the allowance for loan losses to loans receivable was 0.87% at September 30, 2015 compared to 0.88% at June 30, 2015.
Year-to-date comparison 2015 to 2014
The absence of provision for loan losses for the nine months ended September 30, 2015 as compared to $470,000 in the same period of 2014. Net charge-offs have totaled $60,000 for the nine months ended September 30, 2015 as compared with net charge-offs of $89,000 for the same period last year.
Non-interest Income
Third quarter 2015 compared with third quarter 2014
Non-interest income totaled $7.8 million for the third quarter of 2015, an increase of $218,000 from $7.6 million in the third quarter of 2014. The increase in non-interest income was primarily due to an increase in commissions and fees on the sales of non-banking products through the Bank’s insurance and financial service subsidiaries of $257,000 to $6.6 million for the three months ended September 30, 2015 as compared with $6.4 million during the same period of 2014.




Third quarter 2015 compared with linked quarter ended June 30, 2015
Non-interest income decreased $353,000 from $8.1 million on a linked-quarter basis. The decrease is primarily due to a decrease in commissions and fees on the sales of non-bank products in the third quarter of 2015 of $314,000 to $6.6 million as compared with $6.9 million in the second quarter of 2015.
Year-to-date comparison 2015 to 2014
Non-interest income totaled $24.4 million for the nine months ended September 30, 2015 as compared with $23.9 million in the same period of 2014. For the nine months ended September 30, 2015 commissions and fees on the sales of non-bank products increased $833,000 from the same period in 2014. Other revenue from operations decreased $296,000 in the nine months ended September 30, 2015 as compared with the same period in 2014; reflecting the receipt during the third quarter of 2014 of $614,000 from the proceeds of a bank-owned life insurance policy partially offset by a partial recovery of a previously charged off asset in the amount of $316,000 received during the first quarter of 2015. Service charges on deposit accounts decreased $29,000 for the nine months ended September 30, 2015 as compared with the same period in 2014.
Net Investment (Losses) Gains
Third quarter 2015 compared with third quarter 2014
Net investment losses of $84,000 were recorded in the third quarter of 2015 compared with net investment gains of $2.0 million in the third quarter of 2014. The investment gains recorded in the third quarter of 2014 represents the sale of the Company’s remaining trust preferred securities that were sold at a market price significantly higher than the previously impaired book value of the securities.
Third quarter 2015 compared with linked quarter ended June 30, 2015
During the linked quarter ended June 30, 2015, the Company realized net investment gains of $76,000 as compared with $84,000 in net investment losses in the three months ended September 30, 2015.
Year-to-date comparison 2015 to 2014
For the nine months ended September 30, 2015, the Company has recorded net investment gains of $138,000 as compared with net investment gains of $2.1 million during the nine months ended September 30, 2014. The sale of our remaining trust preferred securities and the resulting recapture of impairment charges recorded in fiscal years prior to 2014 represents most of the net investment gains during the 2014 period.
Change in the Fair Value of Investments
Third quarter 2015 compared with third quarter 2014
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 September 30, 2015, the fair value of the Company’s trading securities increased $36,000 as compared with a decrease of $1.5 million in the third quarter of 2014. During the third quarter of 2015 the Company sold $1.3 million of our trading securities including all of our Freddie Mac preferred stock.
Third quarter 2015 compared with linked quarter ended June 30, 2015
During the linked quarter ended June 30, 2015, the Company recorded a $220,000 decrease in fair value of the Company’s trading securities at the end of the second quarter of 2015 as compared with the fair value at the end of the first quarter of 2015.
Year-to-date comparison 2015 to 2014
For the nine months ended September 30, 2015, a positive net fair value adjustment of $58,000 reflects the increase in market value of the Bank’s trading securities at September 30, 2015 as compared with year-end 2014. This compares with a net decrease in the fair value for the same 2014 period of $684,000.
Non-interest Expense




Third quarter 2015 compared with third quarter 2014
Non-interest expense was $11.6 million for the three months ended September 30, 2015 as compared with $11.0 million during the third quarter of 2014. The increase in non-interest expense was primarily due to recording $401,000 in merger-related expenses during the current quarter in connection with the previously announced merger with Community Bank System, Inc. which is expected to close during the fourth quarter of 2015. Also contributing to the increase in non-interest expense is an increase in equipment and net occupancy costs of $212,000 as compared with the third quarter of 2014. This increase is reflective of occupancy expenses related to a new building for our Syracuse-based insurance and financial services businesses. These increased expenses were partially offset by a decrease in compensation and employee benefits of $106,000 during the third quarter of 2015 as compared with the same period in 2014.
Third quarter 2015 compared with linked quarter ended June 30, 2015
Non-interest expense decreased $787,000 in the third quarter of 2015 as compared with the linked prior quarter. The decrease in noninterest expense was due to the recognition of merger-related expenses of $1.3 million during the second quarter of 2015 as compared with $401,000 in merger-related expenses in the current quarter.
Year-to-date comparison 2015 to 2014
Non-interest expense totaled $35.3 million for the nine months ended September 30, 2015 as compared with $33.3 million in the same period of 2014. The increase in non-interest expense is primarily the result of the recognition of merger-related expenses of $1.7 million during the first half of 2015 as compared with the same period in 2014.
Income Taxes
The Company’s effective tax rate was 34.1% for the third quarter of 2015 as compared with an effective tax rate of 20% for the third quarter of 2014. For the linked quarter ended June 30, 2015, the Company’s effective tax rate was 38.7%. The decrease in the effective tax rate in the current period as compared with the linked quarter is reflective of the overall tax rate expected to be recognized for the full year. For the nine months ended September 30, 2015 the Company’s effective tax rate was 29.8% as compared with an effective tax rate was 24.8% during the prior nine months ended September 30, 2014.
About Oneida Financial Corp.
The Company’s wholly owned subsidiaries include The Oneida Savings Bank, a New York State chartered FDIC insured stock savings bank; State Bank of Chittenango, a state chartered limited-purpose commercial bank; OneGroup NY, Inc. (formerly Bailey & Haskell Associates, Inc.), an insurance, risk management and employee benefits company; and Oneida Wealth Management, Inc., a financial services and investment advisory firm. Oneida Savings Bank was established in 1866 and operates twelve banking offices in Madison and Oneida counties. 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 September 30, 2015 and 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:
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
(in thousands except per share data)
2015
2015
2015
2014
2014
 
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
 
 
 
 
 
 
Total assets
$815,766
$849,570
$881,966
$798,169
$786,768
Cash and cash equivalents
     70,612
     84,438
   105,929
     31,075
     44,341
Loans receivable, net
   396,982
   391,019
   379,937
   367,859
   355,685
Mortgage-backed securities
   102,543
   108,189
   115,407
   115,911
   110,462
Investment securities
   151,679
   169,734
   188,851
   189,818
   184,122
Trading securities
         2,567
         3,922
         4,142
         3,900
         4,379
Goodwill and other intangibles
     26,107
     26,165
     26,223
     26,288
     26,360
Interest bearing deposits
   599,847
   645,415
   679,167
   603,482
   586,191
Non-interest bearing deposits
   107,695
     95,983
     92,323
     85,688
     93,077
Borrowings
0
0
0
0
0
Total equity
     97,118
     96,409
     97,613
      95,773
     94,857
 
 
 
 
 
 
Book value per share
 
 
 
 
 
   (end of period)
$13.94
$13.85
$14.06
$13.81
$13.70
Tangible value per share
 
 
 
 
 
   (end of period)
$10.20
$10.09
$10.28
$10.02
$9.89






 
       Quarter Ended
 
           Year to Date
Selected Operating Data:
Sep 30,
Sep 30,
 
Sep 30,
Sep 30,
(in thousands except per share data)
2015
2014
 
2015
2014
 
(unaudited)
(unaudited)
 
(unaudited)
(unaudited)
Interest income:
 
 
 
 
 
   Interest and fees on loans
$ 3,993
$ 3,767
 
      11,791
$ 11,117
   Interest and dividends
 
 
 
 
 
      on investments
         1,615
         1,909
 
         5,283
         5,695
   Interest on fed funds
              17
                4
 
              54
              16
      Total interest income
         5,625
         5,680
 
     17,128
     16,828
Interest expense:
 
 
 
 
 
   Interest on deposits
            539
            645
 
         1,731
         1,952
   Interest on borrowings
0
              10
 
                1
              43
      Total interest expense
            539
            655
 
         1,732
         1,995
Net interest income
         5,086
         5,025
 
        15,396
        14,833
   Provision for loan losses
0
            270
 
0
            470
Net interest income after
 
 
 
 
 
     provision for loan losses
         5,086
         4,755
 
     15,396
     14,363
Net investment (losses) gains
           (84)
       2,044
 
          138
       2,116
Change in fair value of investments
              36
      (1,507)
 
            58
         (684)
Non-interest income:
 
 
 
 
 
   Service charges on deposit accts
            705
            724
 
         2,089
         2,118
   Commissions and fees on sales
 
 
 
 
 
       of non-banking products
         6,632
         6,375
 
      20,599
      19,766
   Other revenue from operations
            439
            459
 
         1,712
         2,008
      Total non-interest income
         7,776
         7,558
 
      24,400
      23,892
Non-interest expense:
 
 
 
 
 
   Salaries and employee benefits
         7,258
         7,364
 
      21,842
      21,864
   Equipment and net occupancy
         1,468
         1,256
 
         4,077
         3,806
   Intangible amortization
              58
              72
 
            181
            222
   Merger related expenses
            401
0
 
         1,658
0
   Other costs of operations
         2,379
         2,333
 
         7,580
         7,369
      Total non-interest expense
      11,564
      11,025
 
      35,338
      33,261
Income before income taxes
         1,250
         1,825
 
         4,654
         6,426
Income tax provision
            426
            365
 
         1,167
         1,593
Net income
 $ 824
$ 1,460
 
$ 3,487
$ 4,833
Net income per common
 
 
 
 
 
   share ( EPS - Basic )
$0.12
$0.21
 
$0.47
$0.69
Net income per common
 
 
 
 
 
   share ( EPS - Diluted)
$0.12
$0.21
 
$0.46
$0.69
Cash dividends paid
$0.12
$0.12
 
$0.36
$0.36






 
Third
Second
First
Fourth
Third
Selected Operating Data:
Quarter
Quarter
Quarter
Quarter
Quarter
(in thousands except per share data)
2015
2015
2015
2014
2014
 
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Interest income:
 
 
 
 
 
   Interest and fees on loans
$ 3,993
$ 3,967
$ 3,831
$ 3,811
$ 3,767
   Interest and dividends
 
 
 
 
 
      on investments
         1,615
         1,738
         1,929
         1,908
         1,909
   Interest on fed funds
              17
              27
              11
                9
                4
      Total interest income
         5,625
         5,732
         5,771
         5,728
         5,680
Interest expense:
 
 
 
 
 
   Interest on deposits
            539
            595
            597
            638
            645
   Interest on borrowings
0
0
                1
                1
              10
      Total interest expense
            539
            595
            598
            639
            655
Net interest income
         5,086
         5,137
         5,173
         5,089
         5,025
   Provision for loan losses
0
0
0
              30
            270
Net interest income after
 
 
 
 
 
     provision for loan losses
         5,086
         5,137
         5,173
         5,059
         4,755
Net investment (losses) gains
           (84)
              76
           146
          335
       2,044
Change in fair value of investments
              36
         (220)
            242
         (479)
      (1,507)
Non-interest income:
 
 
 
 
 
   Service charges on deposit accts
            705
            697
            686
            713
            724
   Commissions and fees on sales
 
 
 
 
 
       of non-banking products
         6,632
         6,946
         7,022
         6,875
         6,375
   Other revenue from operations
            439
            486
            788
            575
            459
      Total non-interest income
         7,776
         8,129
         8,496
         8,163
         7,558
Non-interest expense:
 
 
 
 
 
   Salaries and employee benefits
         7,258
         7,117
         7,467
         8,952
         7,364
   Equipment and net occupancy
         1,468
         1,319
         1,290
         1,269
         1,256
   Intangible amortization
              58
              58
              65
              72
              72
   Merger related expenses
            401
         1,257
0
0
0
   Other costs of operations
         2,379
         2,600
         2,601
         2,623
         2,333
      Total non-interest expense
      11,564
      12,351
      11,423
      12,916
      11,025
Income before income taxes
         1,250
            771
         2,634
            162
         1,825
Income tax provision (benefit)
            426
            298
            663
         (132)
            365
Net income
 $ 824
 $ 473
$ 1,971
 $ 294
$ 1,460
Net income per common
 
 
 
 
 
   share ( EPS - Basic )
$0.12
$0.07
$0.28
$0.04
$0.21
Net income per common
 
 
 
 
 
   share ( EPS - Diluted)
$0.12
$0.07
$0.28
$0.04
$0.21
Cash dividends paid
$0.12
$0.12
$0.12
$0.12
$0.12






 
       At
       At
       At
        At
       At
 
Selected Financial Ratios (1)
Sep 30,
Jun 30,
Mar 31,
Dec 31,
Sep 30,
    and Other Data
2015
2015
2015
2014
2014
 
(unaudited)
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Performance Ratios:
 
 
 
 
 
Return on average assets
0.40%
0.22%
0.96%
0.15%
0.76%
Return on average equity
3.39%
1.91%
8.14%
1.23%
6.06%
Return on average tangible equity
4.64%
2.60%
11.16%
1.70%
8.34%
Interest rate spread (2)
2.80%
2.64%
2.82%
2.89%
2.95%
Net interest margin (3)
2.84%
2.69%
2.88%
2.95%
3.02%
Efficiency ratio (4)
89.46%
92.67%
83.09%
96.92%
87.05%
Non-interest income to average assets
3.78%
3.74%
4.12%
4.11%
3.92%
Non-interest expense to average assets
5.63%
5.68%
5.55%
6.51%
5.72%
Average interest-earning assets as a ratio
 
 
 
 
     of average interest-bearing liabilities
117.23%
115.74%
116.95%
117.00%
117.62%
Average equity to average total assets
11.82%
11.38%
11.76%
12.05%
12.50%
Equity to total assets (end of period)
11.91%
11.35%
11.07%
12.00%
12.06%
Tangible equity to tangible assets
8.99%
8.53%
8.34%
9.00%
9.01%
 
 
 
 
 
 
Asset Quality Ratios:
 
 
 
 
 
Nonperforming assets to
 
 
 
 
 
    total assets
0.04%
0.05%
0.07%
0.07%
0.11%
Nonperforming loans to
 
 
 
 
 
    total loans
0.08%
0.09%
0.10%
0.08%
0.17%
Net charge-offs to average loans
0.00%
0.01%
0.00%
0.01%
0.01%
Allowance for loan losses to
 
 
 
 
 
    loans receivable
0.87%
0.88%
0.92%
0.95%
0.98%
Allowance for loan losses to
 
 
 
 
 
    nonperforming loans
1039.88%
942.51%
955.46%
1144.44%
575.12%
 
 
 
 
 
 
Bank Regulatory Capital Ratios:
 
 
 
 
 
Total capital
 
 
 
 
 
    to risk weighted assets
16.96%
15.87%
15.92%
16.54%
16.90%
Tier 1 capital
 
 
 
 
 
    to risk weighted assets
16.21%
15.15%
15.20%
15.77%
16.11%
Tier 1 capital
 
 
 
 
 
    to average assets
9.37%
8.66%
9.32%
9.36%
9.57%
 
 
 
 
 
 
 
          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 investment gains (losses) and changes in the fair value of trading securities.
 
 
 




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