PULASKI FINANCIAL REPORTS first FISCAL quarter RESULTS
| • | 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 |
ST. LOUIS, January 27, 2016 —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 atwww.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.
For Additional Information Contact:
Paul Milano
Chief Financial Officer
Pulaski Financial Corp.
(314) 878-2210
Tables follow...
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 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% | |
