Teche Posts $0.51 EPS for Second Quarter 2014
NEW IBERIA, LA--(Marketwired - Apr 30, 2014) - (NYSEMKT: TSH)
Patrick Little, President and CEO of Teche Holding Company (the
"Company"), holding company for Teche Federal Bank, today
reported on earnings for the Company for the quarter ended March
31, 2014, the second quarter of fiscal year 2014.
Earnings for the quarter ended March 31, 2014 amounted to $1.1
million, or $0.51 per diluted share. This is compared to $1.6
million, or $0.75 per diluted share, for the same quarter in fiscal
2013, a decrease of $0.24 per diluted share, or 32.0% compared to
the prior year second quarter results.
Earnings for the six month period ended March 31, 2014 amounted
to $3.5 million, or $1.65 per diluted share, compared to $4.6
million or $2.24 per diluted share, for the same period in fiscal
2013, a decrease of $0.59 per diluted share, or 26.3%.
The Company reported the following points of interest:
- SmartGrowth Deposits
increased 4.0% over the linked quarter-end while decreasing
0.3% compared to a year ago. SmartGrowth Deposits amounted to
79.5% of total deposits at March 31, 2014, compared to 77.1% at
December 31, 2013 and 79.0% a year ago.
- Checking Account
balances increased $14.0 million, or 5.5% compared to the
linked quarter-end and 4.0% compared to March 31, 2013.
- The average rate paid
on all deposits was 0.39% for the quarter compared to 0.40%
for the linked quarter and 0.45% for the same quarter in the prior
fiscal year.
- Quarterly operating
revenue decreased to $11.7 million for the current quarter,
as compared to $11.9 million in the linked quarter and increased
from $11.3 million for the same period a year ago.
- Tangible book value
per share at March 31, 2014 increased to $42.39, an increase of
0.2%, or $0.10, compared to December 31, 2013 and
4.4%, or
$1.77, year-over-year.
- Net charge-offs for
the quarter amounted to 0.02% of average loans.
Capital Over the past twelve months, stockholders' equity
increased 7.5% to $93.1 million at March 31, 2014, while assets
increased 0.4% to $863.7 million. The tangible equity ratio at
March 31, 2014 increased to 10.40%, compared to 9.69% a year
ago. Tangible book value per common share increased to a
record $42.39, an increase of 4.4% compared to a year
ago. Risk-based capital remained strong at 14.75%, and the
equity to assets ratio increased to 10.78% from 10.07% a year
ago.
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QUARTERLY COMPARISON |
|
Mar '14 |
|
|
Dec '13 |
|
|
Sep '13 |
|
|
Jun '13 |
|
|
Mar '13 |
|
Stockholders' Equity (in millions) |
|
$ |
93.1 |
|
|
$ |
91.7 |
|
|
$ |
89.1 |
|
|
$ |
86.7 |
|
|
$ |
86.6 |
|
Ratio
of Equity to Assets |
|
|
10.78 |
% |
|
|
10.46 |
% |
|
|
10.40 |
% |
|
|
10.32 |
% |
|
|
10.07 |
% |
Basic
Earnings Per Share |
|
$ |
0.52 |
|
|
$ |
1.17 |
|
|
$ |
1.05 |
|
|
$ |
0.96 |
|
|
$ |
0.76 |
|
Tangible Equity Ratio |
|
|
10.40 |
% |
|
|
10.09 |
% |
|
|
10.01 |
% |
|
|
9.92 |
% |
|
|
9.69 |
% |
Total
Risk-Based Capital Ratio |
|
|
14.75 |
% |
|
|
14.34 |
% |
|
|
14.31 |
% |
|
|
14.31 |
% |
|
|
14.38 |
% |
Book
Value Per Common Share |
|
$ |
44.12 |
|
|
$ |
44.04 |
|
|
$ |
43.47 |
|
|
$ |
42.82 |
|
|
$ |
42.40 |
|
Tangible Book Value Per Common Share |
|
$ |
42.39 |
|
|
$ |
42.29 |
|
|
$ |
41.68 |
|
|
$ |
41.06 |
|
|
$ |
40.62 |
|
Total
Assets (in millions) |
|
$ |
863.7 |
|
|
$ |
876.7 |
|
|
$ |
856.7 |
|
|
$ |
839.8 |
|
|
$ |
860.3 |
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Asset Quality
The following tables set forth asset quality ratios and
allowance for loan loss activity for each of the past five
quarters:
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Net Charge offs, ALLL, NPAs QUARTERLY COMPARISON |
|
Mar '14 |
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|
Dec '13 |
|
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Sep '13 |
|
|
Jun '13 |
|
|
Mar '13 |
|
Net
Charge-offs/Average Loans |
|
0.02 |
% |
|
0.02 |
% |
|
0.02 |
% |
|
0.01 |
% |
|
0.05 |
% |
ALLL*/NPLs |
|
228.79 |
% |
|
229.00 |
% |
|
307.34 |
% |
|
158.84 |
% |
|
158.54 |
% |
ALLL*/NPAs |
|
203.65 |
% |
|
200.43 |
% |
|
236.57 |
% |
|
132.76 |
% |
|
138.95 |
% |
ALLL*/Loans |
|
1.07 |
% |
|
1.10 |
% |
|
1.15 |
% |
|
1.20 |
% |
|
1.26 |
% |
NPAs/Assets |
|
0.43 |
% |
|
0.44 |
% |
|
0.39 |
% |
|
0.72 |
% |
|
0.68 |
% |
|
|
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*ALLL figures include specific reserves
The following table sets forth the allowance for loan loss
activity for each of the past five quarters.
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Allowance for Loan Loss Provision & Charge-offs QUARTERLY
COMPARISON (in 000's) |
|
Mar '14 |
|
Dec '13 |
|
Sep '13 |
|
Jun '13 |
|
Mar '13 |
Beginning ALLL |
|
$ |
7,709 |
|
$ |
7,868 |
|
$ |
8,038 |
|
$ |
8,135 |
|
$ |
8,234 |
Provision for Loan Losses |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
0 |
|
|
250 |
Net
Charge-offs |
|
|
147 |
|
|
159 |
|
|
170 |
|
|
97 |
|
|
349 |
Ending ALLL |
|
$ |
7,562 |
|
$ |
7,709 |
|
$ |
7,868 |
|
$ |
8,038 |
|
$ |
8,135 |
Ending ALLL (net of specific reserves) |
|
$ |
7,424 |
|
$ |
7,571 |
|
$ |
7,730 |
|
$ |
8,038 |
|
$ |
8,135 |
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The allowance for loan losses was 1.07% of total loans, or $7.6
million, at March 31, 2014 compared to 1.10% of total loans, or
$7.7 million, at December 31, 2013 and 1.26% of total loans, or
$8.1 million, at March 31, 2013.
Net charge-offs for the quarter were $0.1 million, or 0.02% of
average loans, compared to $0.3 million, or 0.05% of average loans,
for the same period a year ago. For the twelve months ended
March 31, 2014, net charge offs were $0.6 million, or 0.08% of
average loans, compared to $1.7 million, or 0.26% of loans, for the
twelve months ended March 31, 2013.
Non-performing assets decreased slightly to $3.7 million, or
0.43% of total assets, at March 31, 2014 compared to $3.9 million,
or 0.44% of total assets, at December 31, 2013 and $5.9 million, or
0.68% of total assets, a year ago. The decrease from one year
ago was primarily due to lower commercial loan
delinquencies.
Revenue
|
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Net Interest Income QUARTERLY COMPARISON (In 000's) |
|
Mar '14 |
|
Dec '13 |
|
Sep '13 |
|
Jun '13 |
|
Mar '13 |
Interest Income |
|
$ |
9,381 |
|
$ |
9,475 |
|
$ |
9,463 |
|
$ |
9,392 |
|
$ |
9,002 |
Interest Expense |
|
|
1,505 |
|
|
1,582 |
|
|
1,591 |
|
|
1,630 |
|
|
1,697 |
Net
Interest Income |
|
$ |
7,876 |
|
$ |
7,893 |
|
$ |
7,872 |
|
$ |
7,762 |
|
$ |
7,305 |
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Net interest income remained relatively stable compared to the
linked quarter while increasing $0.6 million from the same quarter
last year.
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Net Interest Margin and Spread QUARTERLY COMPARISON |
|
Mar '14 |
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Dec '13 |
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Sep '13 |
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Jun '13 |
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Mar '13 |
|
Yield
on Earning Assets |
|
4.72 |
% |
|
4.80 |
% |
|
4.91 |
% |
|
4.85 |
% |
|
4.66 |
% |
Cost
of Interest Bearing Liabilities |
|
0.90 |
% |
|
0.96 |
% |
|
0.97 |
% |
|
1.00 |
% |
|
1.04 |
% |
Spread |
|
3.81 |
% |
|
3.85 |
% |
|
3.93 |
% |
|
3.86 |
% |
|
3.62 |
% |
Net
Interest Margin |
|
3.96 |
% |
|
4.00 |
% |
|
4.08 |
% |
|
4.01 |
% |
|
3.78 |
% |
|
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Net interest margin amounted to 3.96% for the three-month period
ended March 31, 2014, compared to 3.78% for the three months ended
March 31, 2013. The increase was primarily due to lower rates
on both deposits and FHLB advance rates.
Spread amounted to 3.81% for the three month period ended March
31, 2014, compared to 3.62% for the same period in the previous
year. Compared to the same quarter last year, the average
yield on earning assets increased 6 basis points from 4.66% to
4.72%, while the average cost of funds decreased 14 basis points
from 1.04% to 0.90%.
Operating Revenue Operating revenue consisting of net interest
income plus non-interest income amounted to $11.7 million for the
quarter ended March 31, 2014, compared to $11.3 million for the
same quarter in fiscal 2013. The table below reflects the Company's
operating revenues in millions over the past five quarters:
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Operating Revenue QUARTERLY COMPARISON (in millions) |
|
Mar '14 |
|
Dec '13 |
|
Sep '13 |
|
Jun '13 |
|
Mar '13 |
Net
Interest Income |
|
$ |
7.9 |
|
$ |
7.9 |
|
$ |
7.9 |
|
$ |
7.8 |
|
$ |
7.3 |
Non
Interest Income |
|
|
3.8 |
|
|
4.0 |
|
|
4.1 |
|
|
3.9 |
|
|
4.0 |
Operating Revenue |
|
$ |
11.7 |
|
$ |
11.9 |
|
$ |
12.0 |
|
$ |
11.7 |
|
$ |
11.3 |
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|
Non-Interest Income Non-interest income was $3.8 million for the
quarter ended March 31, 2014, as compared to $4.0 million in the
linked quarter and $4.0 million for the same quarter in
2013. Non-interest income amounted to 1.72% of average assets
for the quarter ended March 31, 2014 compared to 1.86% for the
linked quarter and 1.87% for the quarter ended March 31,
2013.
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Non-Interest Income & Expense |
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QUARTERLY COMPARISON (in thousands) |
|
Mar '14 |
|
|
Dec '13 |
|
|
Sep '13 |
|
|
Jun '13 |
|
|
Mar '13 |
|
Interchange fee Income |
|
$ |
872 |
|
|
$ |
860 |
|
|
$ |
907 |
|
|
$ |
954 |
|
|
$ |
839 |
|
Other
Non-Interest Income |
|
$ |
2,898 |
|
|
$ |
3,166 |
|
|
$ |
3,247 |
|
|
$ |
2,950 |
|
|
$ |
3,132 |
|
Total
Non-Interest Income |
|
$ |
3,770 |
|
|
$ |
4,026 |
|
|
$ |
4,154 |
|
|
$ |
3,904 |
|
|
$ |
3,971 |
|
Total
Non-Interest Income/Avg. Assets |
|
|
1.72 |
% |
|
|
1.86 |
% |
|
|
1.96 |
% |
|
|
1.84 |
% |
|
|
1.87 |
% |
Non-Interest Expense |
|
$ |
9,572 |
|
|
$ |
8,450 |
|
|
$ |
8,797 |
|
|
$ |
8,737 |
|
|
$ |
8,705 |
|
Non-Interest Expense/Avg. Assets |
|
|
4.38 |
% |
|
|
3.90 |
% |
|
|
4.15 |
% |
|
|
4.11 |
% |
|
|
4.11 |
% |
|
|
|
|
|
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|
Non-Interest Expense For the quarter ended March 31, 2014,
non-interest expense was $9.6 million, or 4.38% of average assets,
compared to $8.5 million, or 3.90% of average assets, in the linked
quarter, which was an increase of 13.3%, primarily due to increased
legal expense of $947,000 related to the merger with IBERIABANK
Corporation. Compared to the same quarter in fiscal 2013,
non-interest expense increased by $0.9 million, or 10.0%, from $8.7
million to $9.6 million, which was primarily due to legal
expense.
Net Income and Dividends On February 26, 2014, the Board of
Directors declared a $0.38 per share quarterly dividend. Based
on the closing price of the Company's common stock of $73.00 per
share on February 26, 2014, the effective dividend yield was
2.1%. During fiscal 2013, the Company declared dividends
totaling $1.475 per share.
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QUARTERLY COMPARISON |
|
Mar '14 |
|
Dec '13 |
|
Sep '13 |
|
Jun '13 |
|
Mar '13 |
Dividends Declared Per Share |
|
$ |
0.38 |
|
$ |
0.38 |
|
$ |
0.375 |
|
$ |
0.37 |
|
$ |
0.00 |
Basic
Earnings Per Common Share |
|
$ |
0.52 |
|
$ |
1.17 |
|
$ |
1.05 |
|
$ |
0.96 |
|
$ |
0.76 |
Diluted Earnings Per Common Share |
|
$ |
0.51 |
|
$ |
1.15 |
|
$ |
1.03 |
|
$ |
0.95 |
|
$ |
0.75 |
|
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Loans
|
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|
QUARTERLY COMPARISON (in millions) |
|
Mar '14 |
|
Dec '13 |
|
Sep '13 |
|
Jun '13 |
|
Mar'13 |
SmartGrowth Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
137.1 |
|
$ |
134.1 |
|
$ |
129.6 |
|
$ |
122.4 |
|
$ |
115.8 |
|
Commercial |
|
|
231.8 |
|
|
233.5 |
|
|
224.2 |
|
|
216.9 |
|
|
212.4 |
|
Home
Equity |
|
|
41.0 |
|
|
41.4 |
|
|
41.6 |
|
|
41.7 |
|
|
42.1 |
|
SmartMortgages |
|
|
114.7 |
|
|
115.3 |
|
|
113.6 |
|
|
110.6 |
|
|
104.0 |
Total SmartGrowth Loans |
|
$ |
524.6 |
|
$ |
524.3 |
|
$ |
509.0 |
|
$ |
491.6 |
|
$ |
474.3 |
Mortgage Loans (owner occupied conforming) |
|
|
180.8 |
|
|
179.5 |
|
|
175.4 |
|
|
176.2 |
|
|
169.0 |
Total Loans |
|
$ |
705.4 |
|
$ |
703.8 |
|
$ |
684.4 |
|
$ |
667.8 |
|
$ |
643.3 |
|
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|
Linked Quarter
Comparison. Gross loans receivable increased to $705.4
million at March 31, 2014 from $703.8 million at December 31, 2013,
an increase of $1.6 million or 0.2%, primarily due to increases in
consumer and mortgage loans offset somewhat by decreases in
commercial, home equity, and smart mortgages. SmartGrowth
Loans, consisting of commercial loans, home equity loans,
SmartMortgage loans, and consumer loans, were $524.6 million, or
74.4% of total loans, at March 31, 2014, compared to $524.3
million, or 74.5%, at December 31, 2013, a three month increase of
$0.3 million, or 0.1%.
Commercial loan balances at March 31, 2014 amounted to $231.8
million compared to $233.5 million at December 31, 2013, a three
month decrease of $1.7 million, or 0.7%. Consumer loan
balances at March 31, 2014 amounted to $137.1 million compared to
$134.1 million at December 31, 2013, a linked quarter increase of
$3.0 million, or 2.2%.
One Year
Comparison. Gross loans receivable increased to $705.4
million at March 31, 2014 from $643.3 million at March 31, 2013, a
twelve-month increase of $62.1 million, or 9.7%. SmartGrowth
Loans increased to $524.6 million at March 31, 2014 from $474.3
million at March 31, 2013, a twelve-month increase of $50.3
million, or 10.6%.
Commercial loan balances at March 31, 2014 amounted to $231.8
million compared to $212.4 million at March 31, 2013, a twelve
month increase of $19.4 million, or 9.1%. Consumer loan
balances at March 31, 2014 amounted to $137.1 million, compared to
$115.8 million at March 31, 2013, a twelve-month increase of $21.3
million, or 18.4%.
"We made over $38.7 million in loans this quarter," said Little,
"including $29.9 million in SmartGrowth Loans. The Southwest
Louisiana region is a great area with a growing economy and low
unemployment."
Deposits
|
|
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|
QUARTERLY COMPARISON (in millions) |
|
Mar '14 |
|
|
Dec '13 |
|
|
Sep '13 |
|
|
Jun '13 |
|
|
Mar '13 |
|
SmartGrowth Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
269.4 |
|
|
$ |
255.4 |
|
|
$ |
245.4 |
|
|
$ |
252.3 |
|
|
$ |
259.0 |
|
|
Money
Market |
|
|
45.6 |
|
|
|
44.9 |
|
|
|
50.7 |
|
|
|
49.7 |
|
|
|
52.1 |
|
|
Savings |
|
|
205.2 |
|
|
|
199.8 |
|
|
|
203.0 |
|
|
|
209.9 |
|
|
|
210.6 |
|
Total SmartGrowth Deposits |
|
$ |
520.2 |
|
|
$ |
500.1 |
|
|
$ |
499.1 |
|
|
$ |
511.9 |
|
|
$ |
521.7 |
|
Time Deposits |
|
|
133.8 |
|
|
|
148.4 |
|
|
|
151.7 |
|
|
|
135.5 |
|
|
|
138.7 |
|
Total Deposits |
|
$ |
654.0 |
|
|
$ |
648.5 |
|
|
$ |
650.8 |
|
|
$ |
647.4 |
|
|
$ |
660.4 |
|
Avg. Yield on Deposits |
|
|
0.39 |
% |
|
|
0.40 |
% |
|
|
0.40 |
% |
|
|
0.41 |
% |
|
|
0.45 |
% |
Avg. Yield on Checking |
|
|
0.07 |
% |
|
|
0.07 |
% |
|
|
0.07 |
% |
|
|
0.07 |
% |
|
|
0.10 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Linked Quarter
Comparison. Total deposits increased to $654.0 million
at March 31, 2014 from $648.5 million at December 31, 2013, a
linked quarter increase of $5.5 million, or 0.9%. The Company's
SmartGrowth Deposit Accounts, consisting of checking accounts,
money market accounts, and savings accounts, increased $20.1
million, or 4.0%, to $520.2 million at March 31, 2014, from $500.1
million at December 31, 2013.
Checking account balances at March 31, 2014 increased $14.0
million, or 5.5%, to $269.4 million from $255.4 million at December
31, 2013.
One Year
Comparison. Total deposits decreased to $654.0 million at
March 31, 2014 from $660.4 million at March 31, 2013, a twelve
month decrease of $6.4 million, or 1.00%. Total SmartGrowth
Deposits decreased $1.5 million, or 0.3%, from $521.7 million at
March 31, 2013 to $520.2 million at March 31, 2014.
SmartGrowth Deposits amounted to 79.5% of total deposits as of
March 31, 2014, compared to 79.0% at March 31, 2013.
Checking account balances have increased 4.0%, or $10.4 million,
in the past 12 months from $259.0 million at March 31, 2013 to
$269.4 million at March 31, 2014. Checking account balances at
March 31, 2014 accounted for 41.2% of total deposits, compared to
39.2% at March 31, 2013.
Teche Holding Company is the parent company of Teche Federal
Bank, which operates twenty offices in South Louisiana and serves
over 86,000 customers. Teche is the fourth largest publicly
traded bank holding company based in Louisiana with over $864
million in assets. Deposits at Teche Federal Bank are insured up to
the legal maximum amount by the Federal Deposit Insurance
Corporation (FDIC). Teche Holding Company's common stock is
traded under the symbol "TSH" on the NYSEMKT.
As previously announced, on January 12, 2014, the Company
entered into an Agreement and Plan of Merger (the "Merger
Agreement") with IBERIABANK Corporation ("IBKC"), the parent
company of IBERIABANK. Under the Merger Agreement, subject to
the receipt of shareholder and regulatory approval and the
satisfaction of certain other conditions, the Company will merge
with and into IBKC (the "Merger") after which Teche Federal Bank is
expected to merge with and into IBERIABANK. As a result of the
Merger, each share of Company common stock will be exchanged for
1.162 shares of IBKC common stock, subject to adjustment as set
forth in the Merger Agreement. The Company will hold a special
meeting of shareholders on May 28, 2014 at which shareholders will
vote on the Merger Agreement. All of the requisite regulatory
approvals have been received by IBKC. Subject to the
satisfaction of all conditions, the Company and IBKC anticipate
that the Merger will close during the second quarter of 2014.
Caution About Forward-Looking Statements This press release may
contain "forward-looking statements" as defined in the Private
Securities Litigation Reform Act of 1995. In general,
forward-looking statements usually use words such as "may,"
"believe," "expect," "anticipate," "intend," "will," "should,"
"plan," "estimate," "predict," "continue," and "potential" or the
negative of these terms or other comparable terminology.
Forward-looking statements represent management's beliefs, based
upon information available at the time the statements are made,
with regard to the matters addressed; they are not guarantees of
future performance. Forward-looking statements are subject to
numerous assumptions, risks and uncertainties that change over time
and could cause actual results or financial condition to differ
materially from those expressed in or implied by such
statements. Factors that could cause or contribute to such
differences include, but are not limited to, the possibility that
expected benefits may not materialize in the time frame expected or
at all, or may be more costly to achieve, that the Merger may not
be timely completed, if at all, that prior to completion of the
Merger or thereafter, IBKC's and the Company's respective business
may not perform as expected due to transaction-related
uncertainties or other factors; that the parties are unable to
implement successful integration strategies; that the required
regulator, shareholder, or other closing conditions are not
satisfied in a timely manner, or at all, reputational risks and the
reaction of the parties' customers to the Merger; diversion of
management time to Merger-related issues, and other factors and
risk influences contained in the cautionary language included under
the headings "Management's Discussion and Analysis of Financial
Condition and Results of Operations" and "Risk Factors" in IBKC's
Annual Report on Form 10-K for the fiscal year ended December 31,
2013, and other documents subsequently filed by IBKC with the SEC
and under "Management's Discussion and Analysis of Financial
Condition and Results of Operations" contained in the Company's
Annual Report on Form 10-K for the fiscal year ended September 30,
2013, and other documents subsequently filed by the Company with
the SEC. Consequently, no forward-looking statement can be
guaranteed. Neither IBKC nor the Company undertakes any
obligation to update or revise any forward-looking statements,
whether as a result of all information, future events or
otherwise. For any forward-looking statements made in this
press release or any related documents, protection under the safe
harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995 is being claimed.
|
|
TECHE HOLDING COMPANY |
|
(Dollars in thousands, except per share data) |
|
New Iberia, LA |
|
Statements of Income |
|
(UNAUDITED) |
|
|
|
|
|
THREE MONTHS ENDED |
|
Condensed Statements of Income |
|
Mar. 2014 |
|
|
Dec. 2013 |
|
|
Sep. 2013 |
|
|
Jun. 2013 |
|
|
Mar. 2013 |
|
Interest Income |
|
$ |
9,381 |
|
|
$ |
9,475 |
|
|
$ |
9,463 |
|
|
$ |
9,392 |
|
|
$ |
9,002 |
|
Interest Expense |
|
|
1,505 |
|
|
|
1,582 |
|
|
|
1,591 |
|
|
|
1,630 |
|
|
|
1,697 |
|
Net Interest Income |
|
|
7,876 |
|
|
|
7,893 |
|
|
|
7,872 |
|
|
|
7,762 |
|
|
|
7,305 |
|
Provision for Loan Losses |
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
250 |
|
Net Interest Income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan Losses |
|
|
7,876 |
|
|
|
7,893 |
|
|
|
7,872 |
|
|
|
7,762 |
|
|
|
7,055 |
|
Non Interest Income |
|
|
3,770 |
|
|
|
4,026 |
|
|
|
4,154 |
|
|
|
3,904 |
|
|
|
3,971 |
|
Non Interest Expense |
|
|
9,572 |
|
|
|
8,450 |
|
|
|
8,797 |
|
|
|
8,737 |
|
|
|
8,705 |
|
Income Before Income Taxes |
|
|
2,074 |
|
|
|
3,469 |
|
|
|
3,229 |
|
|
|
2,929 |
|
|
|
2,321 |
|
Income Taxes |
|
|
973 |
|
|
|
1,054 |
|
|
|
1,082 |
|
|
|
976 |
|
|
|
762 |
|
Net Income |
|
$ |
1,101 |
|
|
$ |
2,415 |
|
|
$ |
2,147 |
|
|
$ |
1,953 |
|
|
$ |
1,559 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared Per Share |
|
$ |
0.38 |
|
|
$ |
0.38 |
|
|
$ |
0.375 |
|
|
$ |
0.37 |
|
|
$ |
0.00 |
|
Basic Earnings Per Common Share |
|
$ |
0.52 |
|
|
$ |
1.17 |
|
|
$ |
1.05 |
|
|
$ |
0.96 |
|
|
$ |
0.76 |
|
Diluted Earnings Per Common Share |
|
$ |
0.51 |
|
|
$ |
1.15 |
|
|
$ |
1.03 |
|
|
$ |
0.95 |
|
|
$ |
0.75 |
|
Annualized Return on Avg. Assets |
|
|
0.50 |
% |
|
|
1.11 |
% |
|
|
1.01 |
% |
|
|
0.92 |
% |
|
|
0.74 |
% |
Annualized Return on Avg. Equity |
|
|
4.67 |
% |
|
|
10.49 |
% |
|
|
9.63 |
% |
|
|
8.89 |
% |
|
|
7.19 |
% |
Annualized Return on Avg. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity (1) |
|
|
4.86 |
% |
|
|
10.93 |
% |
|
|
10.05 |
% |
|
|
9.27 |
% |
|
|
7.52 |
% |
Yield on Interest Earning Assets |
|
|
4.72 |
% |
|
|
4.80 |
% |
|
|
4.91 |
% |
|
|
4.85 |
% |
|
|
4.66 |
% |
Cost of Interest Bearing Liabilities |
|
|
0.90 |
% |
|
|
0.96 |
% |
|
|
0.97 |
% |
|
|
1.00 |
% |
|
|
1.04 |
% |
Spread |
|
|
3.81 |
% |
|
|
3.85 |
% |
|
|
3.93 |
% |
|
|
3.86 |
% |
|
|
3.62 |
% |
Net Interest Margin |
|
|
3.96 |
% |
|
|
4.00 |
% |
|
|
4.08 |
% |
|
|
4.01 |
% |
|
|
3.78 |
% |
Non-Interest Income/Avg. Assets |
|
|
1.72 |
% |
|
|
1.86 |
% |
|
|
1.96 |
% |
|
|
1.84 |
% |
|
|
1.87 |
% |
Non-Interest Expense/Avg. Assets |
|
|
4.38 |
% |
|
|
3.90 |
% |
|
|
4.15 |
% |
|
|
4.11 |
% |
|
|
4.11 |
% |
Quarterly Net Charge-offs/Avg. Loans |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.02 |
% |
|
|
0.01 |
% |
|
|
0.05 |
% |
Weighted avg. shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,102 |
|
|
|
2,059 |
|
|
|
2,036 |
|
|
|
2,030 |
|
|
|
2,038 |
|
|
Diluted |
|
|
2,174 |
|
|
|
2,098 |
|
|
|
2,078 |
|
|
|
2,064 |
|
|
|
2,066 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
874,842 |
|
|
$ |
867,027 |
|
|
$ |
847,261 |
|
|
$ |
849,265 |
|
|
$ |
847,615 |
|
Earning assets |
|
$ |
795,803 |
|
|
$ |
789,228 |
|
|
$ |
771,019 |
|
|
$ |
773,856 |
|
|
$ |
772,248 |
|
Loans |
|
$ |
704,196 |
|
|
$ |
695,696 |
|
|
$ |
676,957 |
|
|
$ |
655,058 |
|
|
$ |
641,192 |
|
Interest-bearing deposits |
|
$ |
546,363 |
|
|
$ |
548,762 |
|
|
$ |
549,331 |
|
|
$ |
547,249 |
|
|
$ |
538,889 |
|
Total deposits |
|
$ |
652,881 |
|
|
$ |
653,539 |
|
|
$ |
646,746 |
|
|
$ |
648,985 |
|
|
$ |
640,504 |
|
Total stockholders' equity |
|
$ |
94,287 |
|
|
$ |
92,067 |
|
|
$ |
89,187 |
|
|
$ |
87,892 |
|
|
$ |
86,682 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Eliminates the effect of goodwill and the core
deposit intangible assets and the related amortization expense on
a tax effected basis. The amount was calculated using the
following information. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders' Equity |
|
$ |
94,287 |
|
|
$ |
92,067 |
|
|
$ |
89,187 |
|
|
$ |
87,892 |
|
|
$ |
86,682 |
|
Less average goodwill and other intangible assets, net
of related income taxes |
|
|
3,651 |
|
|
|
3,652 |
|
|
|
3,653 |
|
|
|
3,655 |
|
|
|
3,656 |
|
Average Tangible Equity |
|
$ |
90,636 |
|
|
$ |
88,415 |
|
|
$ |
85,534 |
|
|
$ |
84,237 |
|
|
$ |
83,026 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
$ |
1,101 |
|
|
$ |
2,415 |
|
|
$ |
2,147 |
|
|
$ |
1,953 |
|
|
$ |
1,559 |
|
Plus Amortization of core deposit intangibles, net of
related income taxes |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
Net Income, as adjusted |
|
$ |
1,102 |
|
|
$ |
2,416 |
|
|
$ |
2,148 |
|
|
$ |
1,954 |
|
|
$ |
1,560 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHE HOLDING COMPANY |
|
(Dollars in thousands, except per share data) |
|
New Iberia, LA |
|
Statements of Income |
|
(UNAUDITED) |
|
|
|
|
|
FISCAL YEAR TO DATE (SIX MONTHS) ENDED |
|
|
|
Mar. 2014 |
|
|
Mar. 2013 |
|
|
$Change |
|
|
%Change |
|
Interest Income |
|
$ |
18,856 |
|
|
$ |
18,573 |
|
|
$ |
283 |
|
|
1.5 |
% |
Interest Expense |
|
|
3,087 |
|
|
|
3,529 |
|
|
|
(442 |
) |
|
-12.5 |
% |
Net Interest Income |
|
|
15,769 |
|
|
|
15,044 |
|
|
|
725 |
|
|
4.8 |
% |
Provision for Loan Losses |
|
|
- |
|
|
|
400 |
|
|
|
(400 |
) |
|
n/a |
|
Net Interest Income after |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for Loan Losses |
|
|
15,769 |
|
|
|
14,644 |
|
|
|
1,125 |
|
|
7.7 |
% |
Non Interest Income |
|
|
7,796 |
|
|
|
9,783 |
|
|
|
(1,987 |
) |
|
-20.3 |
% |
Non Interest Expense |
|
|
18,022 |
|
|
|
17,457 |
|
|
|
565 |
|
|
3.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Before Income Taxes |
|
|
5,543 |
|
|
|
6,970 |
|
|
|
(1,427 |
) |
|
-20.5 |
% |
Income Taxes |
|
|
2,027 |
|
|
|
2,339 |
|
|
|
(312 |
) |
|
-13.3 |
% |
Net Income |
|
$ |
3,516 |
|
|
$ |
4,631 |
|
|
$ |
(1,115 |
) |
|
-24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selected Financial Data |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividends Declared Per Share |
|
$ |
0.76 |
|
|
$ |
0.73 |
|
|
$ |
0.03 |
|
|
4.1 |
% |
Basic Earnings Per Common Share |
|
$ |
1.69 |
|
|
$ |
2.27 |
|
|
$ |
(0.58 |
) |
|
-25.6 |
% |
Diluted Earnings Per Common Share |
|
$ |
1.65 |
|
|
$ |
2.24 |
|
|
$ |
(0.59 |
) |
|
-26.3 |
% |
Annualized Return on Avg. Assets |
|
|
0.81 |
% |
|
|
1.09 |
% |
|
|
-0.28 |
% |
|
-25.7 |
% |
Annualized Return on Avg. Equity |
|
|
7.55 |
% |
|
|
10.68 |
% |
|
|
-3.13 |
% |
|
-29.3 |
% |
Annualized Return on Avg. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Tangible Equity (1) |
|
|
7.86 |
% |
|
|
11.16 |
% |
|
|
-2.64 |
% |
|
-23.7 |
% |
Yield on Interest Earning Assets |
|
|
4.76 |
% |
|
|
4.79 |
% |
|
|
-0.03 |
% |
|
-0.6 |
% |
Cost of Interest Bearing Liabilities |
|
|
0.93 |
% |
|
|
1.08 |
% |
|
|
-0.15 |
% |
|
-13.9 |
% |
Spread |
|
|
3.83 |
% |
|
|
3.71 |
% |
|
|
0.12 |
% |
|
3.2 |
% |
Net Interest Margin |
|
|
3.98 |
% |
|
|
3.88 |
% |
|
|
0.10 |
% |
|
2.6 |
% |
Non-Interest Income/Avg. Assets |
|
|
1.79 |
% |
|
|
2.30 |
% |
|
|
-0.51 |
% |
|
-22.2 |
% |
Non-Interest Expense/Avg. Assets |
|
|
4.14 |
% |
|
|
4.11 |
% |
|
|
0.03 |
% |
|
0.7 |
% |
Net Charge-offs/Avg. Loans |
|
|
0.04 |
% |
|
|
0.13 |
% |
|
|
-0.09 |
% |
|
-69.2 |
% |
Weighted avg. shares Outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
2,081 |
|
|
|
2,039 |
|
|
|
42 |
|
|
2.1 |
% |
|
Diluted |
|
|
2,136 |
|
|
|
2,065 |
|
|
|
71 |
|
|
3.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
AVERAGE BALANCE SHEET DATA |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
870,882 |
|
|
$ |
849,384 |
|
|
$ |
21,498 |
|
|
2.5 |
% |
Earning assets |
|
$ |
792,782 |
|
|
$ |
775,458 |
|
|
$ |
17,324 |
|
|
2.2 |
% |
Loans |
|
$ |
699,899 |
|
|
$ |
654,336 |
|
|
$ |
45,563 |
|
|
7.0 |
% |
Interest-bearing deposits |
|
$ |
547,572 |
|
|
$ |
533,117 |
|
|
$ |
14,455 |
|
|
2.7 |
% |
Total deposits |
|
$ |
653,210 |
|
|
$ |
632,001 |
|
|
$ |
21,209 |
|
|
3.4 |
% |
Total stockholders' equity |
|
$ |
93,155 |
|
|
$ |
86,694 |
|
|
$ |
6,461 |
|
|
7.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Eliminates the effect of goodwill and the core
deposit intangible assets and the related amortization expense on a
tax effected basis. The amount was calculated using the following
information. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Average Stockholders' Equity |
|
$ |
93,155 |
|
|
$ |
86,694 |
|
|
$ |
6,461 |
|
|
7.5 |
% |
Less average goodwill and other intangible assets, net
of related income taxes |
|
|
3,651 |
|
|
|
3,658 |
|
|
|
(7 |
) |
|
-0.2 |
% |
Average Tangible Equity |
|
|
89,504 |
|
|
|
83,036 |
|
|
|
6,468 |
|
|
7.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income |
|
|
3,516 |
|
|
|
4,631 |
|
|
|
(1,115 |
) |
|
-24.1 |
% |
Plus Amortization of core deposit intangibles, net
of related income taxes |
|
|
1 |
|
|
|
2 |
|
|
|
(1 |
) |
|
-50.0 |
% |
Net Income, as adjusted |
|
$ |
3,517 |
|
|
$ |
4,633 |
|
|
$ |
(1,116 |
) |
|
-24.1 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TECHE HOLDING COMPANY |
|
(Dollars in thousands, except per share data) |
|
New Iberia, LA |
|
Balance Sheet |
|
(UNAUDITED) |
|
|
|
|
|
Mar. 2014 |
|
|
Dec. 2013 |
|
|
Sep. 2013 |
|
|
Jun. 2013 |
|
|
Mar. 2013 |
|
SmartGrowth Loans |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consumer |
|
$ |
137,133 |
|
|
$ |
134,090 |
|
|
$ |
129,571 |
|
|
$ |
122,379 |
|
|
$ |
115,803 |
|
|
Commercial |
|
|
231,845 |
|
|
|
233,459 |
|
|
|
224,217 |
|
|
|
216,887 |
|
|
|
212,359 |
|
|
Home
Equity |
|
|
41,013 |
|
|
|
41,451 |
|
|
|
41,628 |
|
|
|
41,737 |
|
|
|
42,107 |
|
|
SmartMortgage Loans |
|
|
114,680 |
|
|
|
115,261 |
|
|
|
113,561 |
|
|
|
110,586 |
|
|
|
104,040 |
|
Total SmartGrowth Loans |
|
|
524,671 |
|
|
|
524,261 |
|
|
|
508,977 |
|
|
|
491,589 |
|
|
|
474,309 |
|
Mortgage Loans (owner occupied conforming) |
|
|
180,767 |
|
|
|
179,524 |
|
|
|
175,426 |
|
|
|
176,188 |
|
|
|
168,989 |
|
|
|
|
705,438 |
|
|
|
703,785 |
|
|
|
684,403 |
|
|
|
667,777 |
|
|
|
643,298 |
|
Allowance for Loan Losses |
|
|
(7,562 |
) |
|
|
(7,709 |
) |
|
|
(7,868 |
) |
|
|
(8,038 |
) |
|
|
(8,135 |
) |
Loans Receivable, Net |
|
|
697,876 |
|
|
|
696,076 |
|
|
|
676,535 |
|
|
|
659,739 |
|
|
|
635,163 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and Securities |
|
|
102,830 |
|
|
|
116,809 |
|
|
|
116,511 |
|
|
|
116,709 |
|
|
|
162,262 |
|
Goodwill and Other Intangibles |
|
|
3,651 |
|
|
|
3,652 |
|
|
|
3,653 |
|
|
|
3,654 |
|
|
|
3,656 |
|
Foreclosed Real Estate |
|
|
372 |
|
|
|
467 |
|
|
|
741 |
|
|
|
950 |
|
|
|
639 |
|
Other |
|
|
59,012 |
|
|
|
59,719 |
|
|
|
59,224 |
|
|
|
58,769 |
|
|
|
58,609 |
|
TOTAL ASSETS |
|
$ |
863,741 |
|
|
$ |
876,723 |
|
|
$ |
856,664 |
|
|
$ |
839,821 |
|
|
$ |
860,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SmartGrowth Deposits |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Checking |
|
$ |
269,371 |
|
|
$ |
255,347 |
|
|
$ |
245,392 |
|
|
$ |
252,278 |
|
|
$ |
259,014 |
|
|
Money
Market |
|
|
45,589 |
|
|
|
44,902 |
|
|
|
50,652 |
|
|
|
49,768 |
|
|
|
52,077 |
|
|
Savings |
|
|
205,244 |
|
|
|
199,833 |
|
|
|
203,010 |
|
|
|
209,896 |
|
|
|
210,636 |
|
Total Smart Growth Deposits |
|
|
520,204 |
|
|
|
500,082 |
|
|
|
499,054 |
|
|
|
511,942 |
|
|
|
521,727 |
|
Time Deposits |
|
|
133,836 |
|
|
|
148,393 |
|
|
|
151,737 |
|
|
|
135,490 |
|
|
|
138,728 |
|
Total Deposits |
|
|
654,040 |
|
|
|
648,475 |
|
|
|
650,791 |
|
|
|
647,432 |
|
|
|
660,455 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FHLB Advances |
|
|
108,634 |
|
|
|
129,123 |
|
|
|
108,997 |
|
|
|
98,757 |
|
|
|
107,903 |
|
Other Liabilities |
|
|
7,967 |
|
|
|
7,388 |
|
|
|
7,815 |
|
|
|
6,971 |
|
|
|
5,340 |
|
Stockholders' Equity |
|
|
93,100 |
|
|
|
91,737 |
|
|
|
89,061 |
|
|
|
86,661 |
|
|
|
86,631 |
|
TOTAL LIABILITIES AND |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
STOCKHOLDERS' EQUITY |
|
$ |
863,741 |
|
|
$ |
876,723 |
|
|
$ |
856,664 |
|
|
$ |
839,821 |
|
|
$ |
860,329 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ratio of Equity to Assets |
|
|
10.78 |
% |
|
|
10.46 |
% |
|
|
10.40 |
% |
|
|
10.32 |
% |
|
|
10.07 |
% |
Tangible Equity Ratio |
|
|
10.40 |
% |
|
|
10.09 |
% |
|
|
10.01 |
% |
|
|
9.92 |
% |
|
|
9.69 |
% |
Total Risk-Based Capital Ratio |
|
|
14.75 |
% |
|
|
14.34 |
% |
|
|
14.31 |
% |
|
|
14.31 |
% |
|
|
14.38 |
% |
Book Value per Common Share |
|
$ |
44.12 |
|
|
$ |
44.04 |
|
|
$ |
43.47 |
|
|
$ |
42.82 |
|
|
$ |
42.40 |
|
Tangible Book Value Per Common Share (1) |
|
$ |
42.39 |
|
|
$ |
42.29 |
|
|
$ |
41.68 |
|
|
$ |
41.06 |
|
|
$ |
40.62 |
|
Shares Outstanding (in thousands) - End of Period |
|
|
2,110 |
|
|
|
2,082 |
|
|
|
2,049 |
|
|
|
2,024 |
|
|
|
2,043 |
|
Unexercised Options Outstanding |
|
|
173 |
|
|
|
204 |
|
|
|
231 |
|
|
|
253 |
|
|
|
275 |
|
Non-performing Assets/Total Assets |
|
|
0.43 |
% |
|
|
0.44 |
% |
|
|
0.39 |
% |
|
|
0.72 |
% |
|
|
0.68 |
% |
ALLL/Loans |
|
|
1.07 |
% |
|
|
1.10 |
% |
|
|
1.15 |
% |
|
|
1.20 |
% |
|
|
1.26 |
% |
ALLL/NPLs |
|
|
228.79 |
|
|
|
229.00 |
% |
|
|
307.34 |
% |
|
|
158.84 |
% |
|
|
158.54 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Eliminates the effect of goodwill and the core
deposit intangible assets and the related amortization expense on a
tax affected basis. The amount was calculated using the following
information. |
|
|
|
Stockholders' Equity |
|
$ |
93,100 |
|
|
$ |
91,737 |
|
|
$ |
89,061 |
|
|
$ |
86,661 |
|
|
$ |
86,631 |
|
Less goodwill and other Intangible assets, net of
related income taxes |
|
|
(3,651 |
) |
|
|
(3,652 |
) |
|
|
(3,651 |
) |
|
|
(3,651 |
) |
|
|
(3,654 |
) |
Tangible Stockholders' Equity |
|
$ |
89,449 |
|
|
$ |
88,085 |
|
|
$ |
85,410 |
|
|
$ |
83,010 |
|
|
$ |
82,977 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Assets |
|
$ |
863,741 |
|
|
$ |
876,723 |
|
|
$ |
856,664 |
|
|
$ |
839,821 |
|
|
$ |
860,329 |
|
Less goodwill and other Intangible assets, net of
related income taxes |
|
|
(3,651 |
) |
|
|
(3,652 |
) |
|
|
(3,651 |
) |
|
|
(3,651 |
) |
|
|
(3,654 |
) |
Total Tangible Assets |
|
$ |
860,090 |
|
|
$ |
873,071 |
|
|
$ |
853,013 |
|
|
$ |
836,170 |
|
|
$ |
856,675 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Contact: Patrick Little President & CEO Teche Holding
Company (337) 560-7151
Teche (AMEX:TSH)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Teche (AMEX:TSH)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024