Jefferson Bancshares, Inc. (NASDAQ: JFBI), the holding company
for Jefferson Federal Bank (the “Bank”), announced net income for
the quarter ended September 30, 2013 of $498,000, or $0.08 per
diluted share, compared to net income of $295,000, or $0.05 per
diluted share, for the quarter ended September 30, 2012. The
improvement in net income is largely the result of lower provision
for loan losses and lower noninterest expense more than offsetting
a decrease in net interest income during the quarter ended
September 30, 2013.
Anderson L. Smith, President and Chief Executive Officer,
commented, “We are encouraged by our results for the quarter ended
September 30, 2013, which include positive net earnings, increases
in capital and continued improvements in asset quality. We have
made significant progress in reducing our non-performing assets to
$15.2 million at September 30, 2013 compared to $19.2 million at
June 30, 2013 and $24.7 million at September 30, 2012. Delinquency
levels have declined, with the 30-89 day category totaling $397,000
at September 30, 2013, compared to $4.1 million for the same period
in 2012.”
Net interest income decreased $167,000, or 4.1%, to $4.0 million
for the quarter ended September 30, 2013 compared to $4.1 million
for the same period in 2012. The decrease in net interest income is
primarily due to lower yields on loans, partially offset by lower
rates on interest-bearing liabilities. The net interest margin was
3.56% for the quarter ended September 30, 2013 compared to 3.57%
for the same period in 2012.
Noninterest income increased 8.3% to $494,000 for the quarter
ended September 30, 2013 compared to $456,000 for the same period
in 2012. The increase was primarily the result of a decline in
net losses on sale of other real estate owned (“OREO”) totaling
$132,000 more than offsetting a decrease in mortgage origination
fee income totaling $98,000. The decrease in mortgage origination
fee income is due to a decline in refinance originations.
Noninterest expense decreased $184,000, or 4.7%, to $3.7 million
for the quarter ended September 30, 2013 compared to the same
period in 2012. Valuation adjustments and expenses on OREO
decreased $111,000 for the three month period ended September 30,
2013 compared to the same period in 2012.
At September 30, 2013, total assets were $498.6 million compared
to $503.0 million at June 30, 2013. Net loans decreased $7.3
million, or 2.3%, to $314.0 million at September 30, 2013, compared
to $321.3 million at June 30, 2013. Although loan demand has
increased during the quarter ended September 30, 2013, loan payoffs
have exceeded the origination of new loans. Total deposits
decreased $3.7 million to $396.0 million at September 30, 2013
compared to $399.6 million at June 30, 2013 primarily due to the
planned runoff of higher cost certificates of deposit. Certificates
of deposit comprised 36.6% of total deposits at September 30, 2013
compared to 37.1% of total deposits at June 30, 2013. The average
cost of interest-bearing deposits for the three-month period ended
September 30, 2013 was 0.39% compared to 0.49% for the
corresponding period in 2012.
The Bank continues to be well-capitalized under regulatory
requirements. At September 30, 2013, the Bank's total risk-based,
Tier 1 risk-based, and Tier 1 leverage capital ratios were 14.47%,
13.25%, and 9.35%, respectively, compared to 14.18%, 12.93%, and
9.21%, respectively, at June 30, 2013. At September 30, 2013, the
Company had 6,597,739 common shares outstanding with a book value
of $8.08 per common share.
Nonperforming assets totaled $15.2 million, or 3.05% of total
assets, at September 30, 2013, compared to $19.2 million, or 3.81%
of total assets, at June 30, 2013. Nonaccrual loans totaled $8.4
million at September 30, 2013 compared to $12.8 million at June 30,
2013. Nonaccrual loans with a current payment status represented
approximately 54% of total nonaccrual loans at June 30, 2013.
Foreclosed real estate totaled $5.9 million at September 30, 2013
compared to $5.4 million at June 30, 2013. Net charge-offs for the
three months ended September 30, 2013 were $667,000, or 0.82% of
average loans annualized, compared to $391,000, or 0.48% of average
loans annualized, for the quarter ended September 30, 2012. The
allowance for loan losses was $5.0 million, or 1.56% of total
loans, at September 30, 2013 compared to $5.7 million, or 1.73% of
total loans, at June 30, 2013. There was no provision for loan
losses recorded for the quarter ended September 30, 2013, compared
to a $300,000 provision for the quarter ended September 30, 2012.
The decrease in the provision for loan losses is the result of
continued improvement in asset quality.
Jefferson Bancshares, Inc. is the holding company for Jefferson
Federal Bank, a Tennessee-chartered savings bank headquartered in
Morristown, Tennessee. Jefferson Federal Bank is a community
oriented financial institution offering traditional financial
services with offices in Hamblen, Knox, Washington and Sullivan
Counties, Tennessee. The Company’s stock is listed on the NASDAQ
Global Market under the symbol “JFBI.” More information about
Jefferson Bancshares and Jefferson Federal Bank can be found at its
website: www.jeffersonfederal.com.
This press release, as well as other written communications made
from time to time by the Company and its subsidiaries and oral
communications made from time to time by authorized officers of the
Company, may contain statements relating to the future results of
the Company (including certain projections and business trends)
that are considered “forward-looking statements” as defined in the
Private Securities Litigation Reform Act of 1995 (the “PSLRA”).
Such forward-looking statements may be identified by the use of
such words as “believe,” “expect,” “anticipate,” “should,”
“planned,” “estimated,” “intend” and “potential.” For these
statements, the Company claims the protection of the safe harbor
for forward-looking statements contained in the PSLRA.
The Company cautions you that a number of important factors
could cause actual results to differ materially from those
currently anticipated in any forward-looking statement. Such
factors include, but are not limited to: prevailing economic and
geopolitical conditions; changes in interest rates, loan demand,
real estate values and competition; changes in accounting
principles, policies and guidelines; changes in any applicable law,
rule, regulation or practice with respect to tax or legal issues;
and other economic, competitive, governmental, regulatory and
technological factors affecting the Company’s operations, pricing,
products and services and other factors that may be described in
the Company’s annual report on Form 10-K and quarterly reports on
Form 10-Q as filed with the Securities and Exchange Commission. The
forward-looking statements are made as of the date of this release,
and, except as may be required by applicable law or regulation, the
Company assumes no obligation to update the forward-looking
statements or to update the reasons why actual results could differ
from those projected in the forward-looking statements.
JEFFERSON BANCSHARES, INC.
At At September 30, 2013 June 30, 2013
(Dollars in thousands)
Financial Condition Data:
Total assets $ 498,565 $ 503,028 Loans receivable, net 313,995
321,299
Cash and cash equivalents, and
interest-bearing deposits
23,593 24,514 Investment securities 100,960 96,024 Deposits 395,972
399,642 Repurchase agreements 916 551 FHLB advances 37,418 37,626
Subordinated debentures 7,386 7,358 Stockholders' equity $ 53,316 $
53,025
Three Months Ended September 30,
2013 2012 (Dollars in thousands, except per share
data)
Operating Data: Interest income $ 4,601 $ 4,969
Interest expense 645 846 Net interest income 3,956 4,123 Provision
for loan losses - 300
Net interest income after provision for
loan losses
3,956 3,823 Noninterest income 494 456 Noninterest expense 3,722
3,906 Earnings before income taxes 728 373 Total income taxes 230
78 Net earnings $ 498 $ 295
Share Data:
Earnings per share, basic $ 0.08 $ 0.05 Earnings per share, diluted
$ 0.08 $ 0.05 Book value per common share $ 8.08 $ 8.02 Weighted
average shares: Basic 6,272,957 6,261,233 Diluted 6,272,957
6,261,233
Three Months Ended September 30,
2013 2012 (Dollars in thousands)
Allowance
for Loan Losses: Allowance at beginning of period $ 5,660 $
5,852 Provision for loan losses - 300 Recoveries 97 392 Charge-offs
(764 ) (783 ) Net Charge-offs (667 )
(391 ) Allowance at end of period $ 4,993 $ 5,761
Net charge-offs to average outstanding
loans during the period, annualized
0.82 % 0.48 %
At At At September 30,
2013 June 30, 2013 September 30, 2012 (Dollars in
thousands)
Nonperforming Assets: Nonperforming loans
$ 8,402 $ 12,796 $ 17,252 Nonperforming investments 930 942 668
Real estate owned 5,882 5,433 6,753 Other nonperforming assets
-
-
31 Total nonperforming assets $ 15,214
$ 19,171 $ 24,704
Three Months Ended Year Ended Three Months
Ended September 30, 2013 June 30, 2013
September 30, 2012 Performance Ratios: Return
on average assets 0.40 % 0.31 % 0.23 % Return on average equity
3.74 % 2.97 % 2.21 % Interest rate spread 3.49 % 3.55 % 3.47 % Net
interest margin 3.56 % 3.64 % 3.57 % Efficiency ratio 83.64 % 84.16
% 85.38 %
Average interest-earning assets to average
interest-bearing liabilities
113.02 % 112.76 % 112.72 %
Asset Quality Ratios:
Allowance for loan losses as a percent of
total loans
1.56 % 1.73 % 1.80 %
Allowance for loan losses as a percent of
nonperforming loans
59.43 % 44.23 % 33.39 %
Nonperforming loans as a percent of total
loans
2.63 % 3.91 % 5.40 %
Nonperforming assets as a percent of total
assets
3.05 % 3.81 % 4.87 %
Jefferson Bancshares, Inc.Anderson L. Smith,
423-586-8421President and Chief Executive OfficerorJane P. Hutton,
423-586-8421Chief Financial Officer
Jefferson Bancshares (NASDAQ:JFBI)
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