Teche Holding Co (TSH) filed Quarterly Report for the period ended 2009-12-31.
Teche Holding Co has a market cap of $65 million; its shares were traded at around $30.9899 with a P/E ratio of 9.3 and P/S ratio of 1.1. The dividend yield of Teche Holding Co stocks is 4.6%. Teche Holding Co had an annual average earning growth of 3.5% over the past 5 years.
This is the annual revenues and earnings per share of TSH over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of TSH.
Highlight of Business Operations:
Securities available-for-sale totaled $18.9 million and securities held to maturity totaled $62.5 million at December 31, 2009, which, combined, represented a decrease of $14.8 million or 15.4% as compared to September 30, 2009. The decrease was primarily due to maturities of certificates held at other banks totaling $9.7 million along with normal principal repayments on the existing portfolio. Also, for the three months ended December 31, 2009 other than temporary impairments of $740,000 were incurred related to certain private label mortgage backed investment securities. The $3.6 million carrying value of the held-to-maturity private label mortgage related securities amounts to 0.50% of total assets. Approximately 40% are rated AAA, AA or A at December 31, 2009. The following table provides additional information on this part of our investment portfolio:
Stockholders’ equity was $72.3 million at December 31, 2009 and $71.5 million at September 30, 2009. The increase was due primarily to net income less dividend payments of $733,000.
Net Income. The Company had net income of $1.7 million or $0.82 per diluted share for the three months ended December 31, 2009 as compared to net income of $1.8 million or $0.83 per diluted share for the three months ended December 31, 2008. The decrease in income is due primarily to an increase in loan loss provision in the amount of $1.0 million.
Provision for Loan Losses. Management recorded a $1.2 million provision for loan loss this quarter primarily due to an increase in past due residential real estate loans and to two credit relationships involving commercial real estate loans totaling approximately $7.5 million. One of the commercial relationships with loan balances of $6.4 million included a residential land development loan of $5.6 million located in Baton Rouge which was determined to be impaired at December 31, 2009. In January 2010 the loans became non-performing after the borrower declared bankruptcy.
Non-Performing Assets. Non-performing assets increased to $11.9 million at December 31, 2009 from $9.1 million at September 30, 2009. The increase was primarily due to an increase in past due and non-accrual commercial real estate and residential loans, offset somewhat by an $0.8 million decrease in the portfolio of foreclosed real estate. Non-performing assets are expected to increase during the quarter ending March 31, 2010 due to the default, subsequent to December 31, 2009, of a commercial credit relationship involving a residential land development with total outstanding loans of approximately $6.4 million as of December 31, 2009.
Non-Interest Income. Total non-interest income increased $462,000 for the three month period ended December 31, 2009 as compared to the same period in 2008. The increase was attributable to an impairment write down on securities in the amount of $436,000 for the quarter ended December 31, 2008, compared to an impairment write down on securities in the amount of $136,000 for the quarter ended December 31, 2009.