Oneida Financial Corp. (ONFC, Financial) filed Quarterly Report for the period ended 2009-06-30.
ONEIDA FINANCIAL CORP is a bank holding company which through its subsidiary Oneida Savings Bank is engaged primarily in the business of accepting deposits from customers and using those deposits together with funds generated from operations and borrowing proceeds to make one-to-four family residential and commercial real estate loans commercial business loans consumer loans and to invest in mortgage-backed and other securities. The Bank offers a variety of deposit accounts with a range of interest rates and terms. Oneida Financial Corp. has a market cap of $69.7 million; its shares were traded at around $9 with and P/S ratio of 1.6. The dividend yield of Oneida Financial Corp. stocks is 5.4%. Oneida Financial Corp. had an annual average earning growth of 46.8% over the past 5 years.
to Oneida Financial Corp. $ 1,069 $ 646 $ 2,183 $ 1,075
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EARNINGS PER SHARE - BASIC $ 0.14 $ 0.08 $ 0.28 $ 0.14
=
EARNINGS PER SHARE - DILUTED $ 0.14 $ 0.08 $ 0.28 $ 0.14
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Accumulated
Additional Other
Common Stock Paid-In Retained Comprehensive Treasury Noncontrolling Total
Shares Amount Capital Earnings Loss Stock Interest
(in thousands, except number of shares)
Balance as of December 31, 2008 8,322,452 $83 $19,221 $41,585 $(5,562) $(3,058) $2,560 $ 54,829
Net income 1,114 1,114
Other comprehensive loss,
net of tax (2,200) (2,200)
Shares earned under stock plans 38 38
Common stock dividends: $0.24 per share (831) (831)
Treasury stock reissued 9 9
Tax benefit from stock plans 12 12
-
Balance as of March 31, 2009 8,322,452 $83 $19,271 $41,868 $(7,762) $(3,049) $2,560 $ 52,971
Net income 1,069 1,069
Other comprehensive loss,
net of tax 1,544 1,544
Shares earned under stock plans 38 38
Common stock dividends: $0.24 per share -
Stock repurchased (1) (1)
Treasury stock reissued (1) 1 -
-
Balance as of June 30, 2009 8,322,452 $83 $19,308 $42,937 $(6,218) $(3,048) $2,559 $55,621
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Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
- - - -
Operating Activities: (in thousands)
Net income $ 1,069 $ 646 $ 2,183 $ 1,075
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 523 524 1,048 1,047
Amortization of premiums/discounts on securities, net 76 25 116 50
Net change in valuation of financial instruments carried
at fair value (998) (5) (569) 599
Provision for loan losses 160 150 160 150
Stock compensation earned 38 41 76 85
Loss on sale of other real estate - 6 - 6
Net realized loss (gain) on sale of securities 454 (22) 216 (18)
Gain on sale of loans, net (110) (27) (238) (72)
Income tax payable (351) (58) 58 108
Accrued interest receivable (232) (262) 227 (22)
Other assets (1,041) (1,128) (595) (248)
Other liabilities 2,671 (27) 2,663 (1,166)
Origination of loans held for sale (19,496) (4,852) (37,396) (6,741)
Proceeds from sales of loans 19,271 5,012 37,344 10,029
-
Net cash provided by operating activities 2,034 23 5,293 4,882
-
Investing Activities:
Purchase of investment securities (19,859) (4,177) (34,580) (17,180)
Principal collected on and proceeds of maturities
sales or calls from investments 2,933 10,156 16,592 23,164
Purchase of mortgage-backed securities (4,043) (18,998) (24,007) (40,020)
Principal collected on and proceeds from sales
of mortgage-backed securities 6,804 3,918 22,306 6,671
Net decrease (increase) in loans 3,172 (10,082) 9,760 (9,792)
Purchase of bank premises and equipment (127) (295) (475) (401)
Proceeds from sale of other real estate - 69 - 69
Purchase of insurance agency (84) (73) (84) (73)
Purchase of employee benefits company - - (136) (129)
Purchase of bank - - - (8)
-
Net cash used in investing activities (11,204) (19,482) (10,624) (37,699)
-
Financing Activities:
Net increase in demand deposit, savings,
money market, super now and escrow 20,850 22,741 37,946 21,737
Net (decrease) increase in time deposits (5,864) (16,904) (3,119) 6,143
Proceeds from borrowings - 16,000 - 36,000
Repayment of borrowings (12,000) (13,500) (20,825) (33,500)
Cash dividends - - (831) (831)
Exercise of stock options (using treasury stock) - - 9 -
-
Net cash provided by financing activities 2,986 8,337 13,180 29,549
-
(Decrease) increase in cash and cash equivalents (6,184) (11,122) 7,849 (3,268)
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Cash and cash equivalents at beginning of period 27,327 24,315 13,294 16,461
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Cash and cash equivalents at end of period $ 21,143 $ 13,193 $21,143 $13,193
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Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
- - - -
Basic
Distributed earnings allocated to common stock $ 824,546 $ 824,546 $ 824,546 $ 824,546
Undistributed earnings allocated to common stock 236,238 (188,302) 1,346,529 238,539
- - - -
Net earnings allocated to common stock $ 1,060,784 $ 636,244 $ 2,171,075 $1,063,085
= = = =
Weighted average common shares outstanding
including shares considered participating securities 7,792,672 7,771,140 7,783,556 7,771,124
Less: Average participating securities (28,800) (44,400) (28,800) (44,400)
- - - -
Weighted average shares 7,763,872 7,726,740 7,754,756 7,726,724
= = = =
Basic earnings per share $ 0.14 $ 0.08 $ 0.28 $ 0.14
= = = =
Range of
- Weighted Average
Option Exercise Exercise Price
Options Price for Options Intrinsic
Outstanding Per Share Outstanding Value
-
Outstanding at December 31, 2008 168,967 $4.722 - $18.167 $ 7.707 $315,434
Granted 25,186 $11.25
Exercised (61,782) $4.722
Forfeited -
-
Outstanding at June 30, 2009 132,371 $4.722 - $18.167 $ 9.744 $232,549
= = =
Shares outstanding and Exercisable
-
Range of Average Average
Exercise Exercise Remaining Life
Prices Shares Price (Years)
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$3.63 - $5.45 51,358 $4.722 0.82
$9.09 - $10.90 4,465 $9.419 0.82
$10.91 - $12.72 40,957 $11.532 0.82
$12.73 - $14.53 18,689 $14.000 0.82
$14.54 - $16.35 6,600 $14.794 0.82
$16.36 - $18.17 10,302 $17.247 0.82
- - -
Total 132,371 $ 9.774 0.82
= = =
Read the The complete Report
ONEIDA FINANCIAL CORP is a bank holding company which through its subsidiary Oneida Savings Bank is engaged primarily in the business of accepting deposits from customers and using those deposits together with funds generated from operations and borrowing proceeds to make one-to-four family residential and commercial real estate loans commercial business loans consumer loans and to invest in mortgage-backed and other securities. The Bank offers a variety of deposit accounts with a range of interest rates and terms. Oneida Financial Corp. has a market cap of $69.7 million; its shares were traded at around $9 with and P/S ratio of 1.6. The dividend yield of Oneida Financial Corp. stocks is 5.4%. Oneida Financial Corp. had an annual average earning growth of 46.8% over the past 5 years.
Highlight of Business Operations:
NET INCOME attributableto Oneida Financial Corp. $ 1,069 $ 646 $ 2,183 $ 1,075
=
EARNINGS PER SHARE - BASIC $ 0.14 $ 0.08 $ 0.28 $ 0.14
=
EARNINGS PER SHARE - DILUTED $ 0.14 $ 0.08 $ 0.28 $ 0.14
=
Accumulated
Additional Other
Common Stock Paid-In Retained Comprehensive Treasury Noncontrolling Total
Shares Amount Capital Earnings Loss Stock Interest
(in thousands, except number of shares)
Balance as of December 31, 2008 8,322,452 $83 $19,221 $41,585 $(5,562) $(3,058) $2,560 $ 54,829
Net income 1,114 1,114
Other comprehensive loss,
net of tax (2,200) (2,200)
Shares earned under stock plans 38 38
Common stock dividends: $0.24 per share (831) (831)
Treasury stock reissued 9 9
Tax benefit from stock plans 12 12
-
Balance as of March 31, 2009 8,322,452 $83 $19,271 $41,868 $(7,762) $(3,049) $2,560 $ 52,971
Net income 1,069 1,069
Other comprehensive loss,
net of tax 1,544 1,544
Shares earned under stock plans 38 38
Common stock dividends: $0.24 per share -
Stock repurchased (1) (1)
Treasury stock reissued (1) 1 -
-
Balance as of June 30, 2009 8,322,452 $83 $19,308 $42,937 $(6,218) $(3,048) $2,559 $55,621
=
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
- - - -
Operating Activities: (in thousands)
Net income $ 1,069 $ 646 $ 2,183 $ 1,075
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation and amortization 523 524 1,048 1,047
Amortization of premiums/discounts on securities, net 76 25 116 50
Net change in valuation of financial instruments carried
at fair value (998) (5) (569) 599
Provision for loan losses 160 150 160 150
Stock compensation earned 38 41 76 85
Loss on sale of other real estate - 6 - 6
Net realized loss (gain) on sale of securities 454 (22) 216 (18)
Gain on sale of loans, net (110) (27) (238) (72)
Income tax payable (351) (58) 58 108
Accrued interest receivable (232) (262) 227 (22)
Other assets (1,041) (1,128) (595) (248)
Other liabilities 2,671 (27) 2,663 (1,166)
Origination of loans held for sale (19,496) (4,852) (37,396) (6,741)
Proceeds from sales of loans 19,271 5,012 37,344 10,029
-
Net cash provided by operating activities 2,034 23 5,293 4,882
-
Investing Activities:
Purchase of investment securities (19,859) (4,177) (34,580) (17,180)
Principal collected on and proceeds of maturities
sales or calls from investments 2,933 10,156 16,592 23,164
Purchase of mortgage-backed securities (4,043) (18,998) (24,007) (40,020)
Principal collected on and proceeds from sales
of mortgage-backed securities 6,804 3,918 22,306 6,671
Net decrease (increase) in loans 3,172 (10,082) 9,760 (9,792)
Purchase of bank premises and equipment (127) (295) (475) (401)
Proceeds from sale of other real estate - 69 - 69
Purchase of insurance agency (84) (73) (84) (73)
Purchase of employee benefits company - - (136) (129)
Purchase of bank - - - (8)
-
Net cash used in investing activities (11,204) (19,482) (10,624) (37,699)
-
Financing Activities:
Net increase in demand deposit, savings,
money market, super now and escrow 20,850 22,741 37,946 21,737
Net (decrease) increase in time deposits (5,864) (16,904) (3,119) 6,143
Proceeds from borrowings - 16,000 - 36,000
Repayment of borrowings (12,000) (13,500) (20,825) (33,500)
Cash dividends - - (831) (831)
Exercise of stock options (using treasury stock) - - 9 -
-
Net cash provided by financing activities 2,986 8,337 13,180 29,549
-
(Decrease) increase in cash and cash equivalents (6,184) (11,122) 7,849 (3,268)
-
Cash and cash equivalents at beginning of period 27,327 24,315 13,294 16,461
-
Cash and cash equivalents at end of period $ 21,143 $ 13,193 $21,143 $13,193
=
Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2009 2008 2009 2008
- - - -
Basic
Distributed earnings allocated to common stock $ 824,546 $ 824,546 $ 824,546 $ 824,546
Undistributed earnings allocated to common stock 236,238 (188,302) 1,346,529 238,539
- - - -
Net earnings allocated to common stock $ 1,060,784 $ 636,244 $ 2,171,075 $1,063,085
= = = =
Weighted average common shares outstanding
including shares considered participating securities 7,792,672 7,771,140 7,783,556 7,771,124
Less: Average participating securities (28,800) (44,400) (28,800) (44,400)
- - - -
Weighted average shares 7,763,872 7,726,740 7,754,756 7,726,724
= = = =
Basic earnings per share $ 0.14 $ 0.08 $ 0.28 $ 0.14
= = = =
Range of
- Weighted Average
Option Exercise Exercise Price
Options Price for Options Intrinsic
Outstanding Per Share Outstanding Value
-
Outstanding at December 31, 2008 168,967 $4.722 - $18.167 $ 7.707 $315,434
Granted 25,186 $11.25
Exercised (61,782) $4.722
Forfeited -
-
Outstanding at June 30, 2009 132,371 $4.722 - $18.167 $ 9.744 $232,549
= = =
Shares outstanding and Exercisable
-
Range of Average Average
Exercise Exercise Remaining Life
Prices Shares Price (Years)
-
$3.63 - $5.45 51,358 $4.722 0.82
$9.09 - $10.90 4,465 $9.419 0.82
$10.91 - $12.72 40,957 $11.532 0.82
$12.73 - $14.53 18,689 $14.000 0.82
$14.54 - $16.35 6,600 $14.794 0.82
$16.36 - $18.17 10,302 $17.247 0.82
- - -
Total 132,371 $ 9.774 0.82
= = =
Read the The complete Report
