ONEIDA, N.Y., July 29, 2015 /PRNewswire/ -- Oneida Financial
Corp. (NASDAQ Global: ONFC), the parent company of The Oneida
Savings Bank, has announced second quarter operating results.
Net income for the three months ended June
30, 2015 was $473,000 or
$0.07 diluted earnings per share,
compared to $1.4 million or
$0.20 diluted earnings per share, for
the three months ended June 30, 2014.
The decrease in net income during the current second quarter
period is primarily the result of merger-related expenses incurred
in connection with our previously announced merger with and into
Community Bank System, Inc. which is expected to close during the
fourth quarter of 2015. Also contributing to the decrease in
net income for the second quarter of 2015 as compared with the same
period last year was a decrease in the fair value of our equity
investments and a decrease in non-interest income. These
decreases were offset by an increase in net interest income, an
increase in net investment gains, a decrease in non-interest
expense (excluding merger-related expense) and a decrease in income
tax provision.
Net income for the six months ended June
30, 2015 was $2.4 million or
$0.34 diluted earnings per share, as
compared with $3.4 million or
$0.48 diluted earnings per share for
the same period in 2014. The decrease in net income during
the six months ended June 30, 2015 as
compared with the same period last year was primarily the result of
merger-related expenses incurred, a decrease in the change in fair
value of our equity investments and an increase in non-interest
expense; partially offset by an increase in net interest income, an
increase in net investment gains, an increase in non-interest
income and a decrease in income tax provision.
Key balance sheet changes at June 30,
2015
- The Bank is categorized as well capitalized at June 30, 2015 with a Tier 1 leverage ratio of
8.66% and a total risk-based capital ratio of 15.87%. The Company's
average equity ratio as a percent of average assets was 11.38% at
June 30, 2015 compared to 11.89% at
June 30, 2014.
- Deposit accounts were $741.4
million at June 30, 2015, an
increase of $70.2 million from
June 30, 2014. The increase in
total deposits from June 30, 2014
represents an increase of $44.5
million in retail deposits and further supported by an
increase of $25.7 million in
municipal deposits over the past twelve months. The increase
in deposits was held in cash equivalents and invested in loans
receivable.
- Net loans receivable totaled $391.0
million at June 30, 2015
compared to $344.0 million at
June 30, 2014. The increase in
net loan balances over the past twelve months reflect the Company's
continued loan origination efforts partially offset by loan sales
activity. The Company has sold $8.4
million in newly originated fixed rate residential loans,
which represents the majority of the Company's fixed-rate
residential loan origination volume with terms exceeding 15 years,
during the trailing twelve months ended June
30, 2015.
- Investment and mortgage-backed securities totaled $277.9 million at June 30,
2015, a decrease of $21.7
million from June 30,
2014. The decrease in investment and mortgage-backed
securities is primarily the result of the Company's strategy to
hold a higher level of cash and cash equivalents given the increase
in deposits over the trailing twelve months and to support loan
origination activities.
- There were no borrowings outstanding at June 30, 2015 compared with $1.0 million in borrowings outstanding at
June 30, 2014.
- Total equity at June 30, 2015 was
$96.4 million, an increase of
$1.7 million from June 30, 2014. The change in total equity
is the result of the contribution of net earnings combined with
valuation adjustments made for the Company's available for sale
investment and mortgage-backed securities over the trailing twelve
months, partially offset by the declaration of cash dividends
during the trailing twelve month period.
Key operating items for second quarter 2015 include:
- Net interest income was $5.1
million for the three months ended June 30, 2015 compared to $5.0 million for the three months ended
June 30, 2014. Net interest
margin was 2.69% for the second quarter of 2015 compared to 2.94%
for the second quarter of 2014.
- Non-interest income was $8.1
million for the three months ended June 30, 2015 compared to $8.3 million for the three months ended
June 30, 2014. The cash
surrender value of bank owned life insurance decreased during the
second quarter of 2015 as compared with the same period in 2014 due
to proceeds on a policy received in the second quarter of 2014
which did not occur in the current period. Partially
offsetting the revenue reduction was an increase in revenue derived
from the Company's insurance and other non-banking operations to
$6.9 million in the second quarter of
2015 compared to $6.5 million in the
comparable 2014 period.
- A decrease in the fair value of trading (equity) securities of
$220,000 was recognized for the three
months ended June 30, 2015 compared
to an increase in fair value of $13,000 for the three months ended June 30, 2014.
- Non-interest expense increased to $12.4
million for the three months ended June 30, 2015 compared to $11.3 million for the comparable period in
2014. This increase is the result of $1.3 million in merger-related expenses
recognized during the current quarter.
Michael R. Kallet, President and
Chief Executive Officer of Oneida Financial Corp., said, "We would
like to thank our stockholders, customers, communities and
employees for their support as we work toward the successful
completion of our announced merger with Community Bank System."
Kallet continued, "Our financial results continue to demonstrate
the exceptional performance of Oneida Financial Corp. accomplished
through our integrated community banking and diversified financial
services model. Excluding merger-related expenses recorded in
the second quarter of 2015, the Company is again reporting near
record earnings through the first half of 2015." Kallet stated, "On
June 17th our stockholders approved
the merger with Community Bank System, Inc. pending receipt of the
anticipated regulatory approvals later this year." Under the terms
of the agreement, shareholders of Oneida Financial Corp. can elect
to receive either 0.5635 shares of Community Bank System, Inc.
common stock or $20.00 in cash for
each share of Oneida Financial Corp. common stock they hold,
subject to an overall 60% stock and 40% cash split. Kallet
continued, "This is an ideal opportunity for Oneida Financial to
partner with a true community bank that has been nationally
recognized for its financial strength, exceptional customer service
and a company equally skilled at integrating non-interest income
producing businesses. Our customers will benefit from an
expanded network of branch locations and ATM's, and broader product
and service offerings." Mr. Kallet continued, "Community Bank
System has an impressive history of creating shareholder value
through both earnings and dividend growth."
Net Interest Income and Margin
Second quarter 2015 compared with second quarter 2014
Net interest income was $5.1
million for the three months ended June 30, 2015, an increase of $114,000 from the second quarter of 2014. The net
interest margin was 2.69% for the second quarter of 2015, compared
to 2.94% for the second quarter of 2014. The increase in net
interest income is primarily the result of an increase in average
interest-earning assets of $80.6
million partially offset by a decrease in the yield on
interest-earning assets of 34 basis points to 3.00%. The average
balance of interest-bearing liabilities increased $67.6 million with the average cost of
interest-bearing deposits decreasing by 11 basis points to 0.36%
for the second quarter of 2015 as compared to 0.47% for the second
quarter of 2014.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
Net interest income for the three month ended June 30, 2015 decreased $36,000 from the three months ended March 31, 2015. The decrease in net interest
income is primarily the result of a decrease in the yield on
average interest-earning assets of 21 basis points from 3.21% for
the quarter ended March 31, 2015
partially offset by an increase of $46.6
million in average interest-earning assets. The average
interest-bearing liabilities increased $46.6
million during the three months ended June 30, 2015 as compared with the linked
quarter, while the cost of interest-bearing liabilities decreased 3
basis points from 0.39% during the first quarter of 2015 to 0.36%
during the second quarter of 2015.
Year-to-date comparison 2015 to 2014
On a full year-to-date basis, net interest income has increased
$501,000 for the six months ended
June 30, 2015, as compared to the
same period in 2014. The increase in net interest income is
primarily the result of an increase of $71.7
million in average interest-earning assets partially offset
by decrease in net interest margin of 23 basis points to 3.10% for
six months ended June 30, 2015 from
3.33% for the same period in 2014. The average
interest-bearing liabilities increased $57.3
million during the six months ended June 30, 2015 as compared with the same period
last year, while the cost of interest-bearing liabilities decreased
9 basis points from 0.47% during the six months ended June 30, 2014 to 0.38% during the first half of
2015.
Provision for Loan Losses
Second quarter 2015 compared with second quarter 2014
During the second quarter of 2015, the Company made no provision
for loan losses as compared with a $100,000 provision for loan losses during the
second quarter of 2014. The Company continues to monitor the
adequacy of the allowance for loan losses given the risk assessment
of the loan portfolio and current economic conditions.
Non-performing loans as a percentage of total loans was 0.09% at
June 30, 2015 as compared with 0.15%
at June 30, 2014. The ratio of
the allowance for loan losses to loans receivable was 0.88% at
June 30, 2015 compared to 0.95% at
June 30, 2014. Net charge-offs during
the current quarter were 0.01% of average loans receivable as
compared with net charge-offs of 0.01% of average loans receivable
in the same period last year.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
During the linked quarter ended March 31,
2015 there was no provision for loan losses compared with no
provision for loan losses during the second quarter of 2015. The
absence of a provision for loan losses in both quarters of 2015 is
primarily the result of the continued low level of nonperforming
loans and a decrease in net loan charge-offs. Non-performing loans
to total loans were 0.09% at June 30,
2015 as compared with 0.10% at March
31, 2015. The ratio of the allowance for loan
losses to loans receivable was 0.88% at June
30, 2015 compared to 0.92% at March
31, 2015.
Year-to-date comparison 2015 to 2014
The absence of provision for loan losses for the six months
ended June 30, 2015 compares with
$200,000 in the same period of 2014.
Net charge-offs have totaled $44,000
for the six months ended June 30,
2015 as compared with net charge-offs of $37,000 for the same period last year.
Non-interest Income
Second quarter 2015 compared with second quarter 2014
Non-interest income totaled $8.1
million for the second quarter of 2015, a decrease of
$145,000 from $8.3 million in the second quarter of 2014. The
decrease in non-interest income was primarily due to a decrease in
other revenue from operations of $622,000 reflecting the receipt during the second
quarter of 2014 of $614,000 from the
proceeds of a bank-owned life insurance policy. Partially
offsetting the decrease in non-interest income was an increase in
commissions and fees on the sales of non-banking products through
the Bank's insurance and financial service subsidiaries of
$491,000 to $6.9 million for the three months ended
June 30, 2015 as compared with
$6.5 million during the same period
of 2014.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
Non-interest income decreased $367,000 from $8.5
million on a linked-quarter basis. The decrease is primarily
the result of a partial recovery of a previously charged off asset
in the amount of $316,000 received
during the first quarter of 2015. Commissions and fees on the
sales of non-bank products also decreased in the second quarter of
2015 by $76,000 to $6.9 million as compared with the first quarter
of 2015.
Year-to-date comparison 2015 to 2014
Non-interest income totaled $16.6
million for the six months ended June
30, 2015 as compared with $16.3
million in the same period of 2014. For the six months
ended June 30, 2015 commissions and
fees on the sales of non-bank products increased $577,000 from the same period in 2014.
Other revenue from operations decreased $277,000 in the six months ended June 30, 2015 as compared with same period in
2014. Service charges on deposit accounts decreased $10,000 for the six months ended June 30, 2015 as compared with the same period in
2014.
Net Investment Gains
Second quarter 2015 compared with second quarter 2014
Net investment gains of $76,000
were recorded in the second quarter of 2015 compared with net
investment gains of $27,000 in the
second quarter of 2014.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
During the linked quarter ended March 31,
2015, the Company realized net investment gains of
$146,000 as compared with
$76,000 in net investment gains in
the three months ended June 30,
2015.
Year-to-date comparison 2015 to 2014
For the six months ended June 30,
2015, the Company has recorded net investment gains of
$222,000 as compared with net
investment gains of $73,000 during
the six months ended June 30,
2014.
Change in the Fair Value of Investments
Second quarter 2015 compared with second quarter 2014
The Company has identified the preferred and common equity
securities it holds in the investment portfolio as trading
securities and as such the change in fair value of these securities
is reflected as a non-cash adjustment through the income
statement. For the three months ended June 30, 2015, the fair value of the Company's
trading securities decreased $220,000
as compared with an increase of $13,000 in the second quarter of 2014.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
During the linked quarter ended March 31,
2015, the Company recorded a positive non-cash adjustment of
$242,000 reflecting an increase in
fair value of the Company's trading securities at the end of the
first quarter of 2015 as compared with the fair value at the end of
the fourth quarter of 2014.
Year-to-date comparison 2015 to 2014
For the six months ended June 30,
2015, a positive net fair value adjustment of $22,000 reflects the increase in market value of
the Bank's trading securities at June 30,
2015 as compared with year-end 2014. This
compares with a net increase in the fair value for the same 2014
period of $823,000.
Non-interest Expense
Second quarter 2015 compared with second quarter 2014
Non-interest expense was $12.4
million for the three months ended June 30, 2015 as compared with $11.3 million during the second quarter of 2014.
The increase in non-interest expense was primarily due to recording
$1.3 million in merger-related
expenses during the current quarter in connection with the
previously announced merger with Community Bank System, Inc. which
is expected to close during the fourth quarter of 2015. These
non-recurring merger-related expenses were partially offset by a
decrease in compensation and employee benefits of $205,000 and a decrease in equipment and net
occupancy expense of $119,000 during
the second quarter of 2015 as compared with the same period in
2014.
Second quarter 2015 compared with linked quarter ended
March 31, 2015
Non-interest expense increased $928,000 in the second quarter of 2015 as
compared with the linked prior quarter. The increase in
noninterest expense was due to the recognition of merger-related
expenses of $1.3 million during the
current quarter.
Year-to-date comparison 2015 to 2014
Non-interest expense totaled $23.8
million for the six months ended June
30, 2015 as compared with $22.2
million in the same period of 2014. The increase in
non-interest expense is primarily the result of the recognition of
merger-related expenses of $1.3
million during the first half of 2015 as compared with the
same period in 2014.
Income Taxes
The Company's effective tax rate was 38.7% for the second
quarter of 2015 as compared with an effective tax rate of 26.2% for
the second quarter of 2014. For the linked quarter ended
March 31, 2015, the Company's
effective tax rate was 25.2%. The increase in the effective
tax rate in the current period as compared with the linked quarter
is reflective of the overall tax rate expected to be recognized for
the full year. For the six months ended June 30, 2015 the Company's effective tax rate
was 28.2% as compared with an effective tax rate was 26.7% during
the prior six months ended June 30,
2014.
About Oneida Financial Corp.
The Company's wholly owned subsidiaries include The Oneida
Savings Bank, a New York State
chartered FDIC insured stock savings bank; State Bank of
Chittenango, a state chartered
limited-purpose commercial bank; OneGroup NY, Inc. (formerly Bailey
& Haskell Associates, Inc.), an insurance, risk management and
employee benefits company; and Oneida Wealth Management, Inc., a
financial services and investment advisory firm. Oneida
Savings Bank was established in 1866 and operates twelve banking
offices in Madison and
Oneida counties. For more
information, visit the Company's web site at
www.oneidafinancial.com.
FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISK
FACTORS
In addition to historical information, this earnings release
may contain forward-looking statements for purposes of applicable
securities laws. Any statements contained herein that are not
statements of historical fact may be deemed to be forward-looking
statements. Forward-looking statements are subject to numerous
assumptions, risks and uncertainties. There are a number of
important factors described in documents previously filed by the
Company with the Securities and Exchange Commission, and other
factors that could cause the Company's actual results to differ
materially from those contemplated by such forward-looking
statements. The Company undertakes no obligation to publicly
release the results of any revisions to those forward-looking
statements which may be made to reflect events or circumstances
after the date of this release or to reflect the occurrence of
unanticipated events.
All financial information provided at and for the quarter ended
June 30, 2015 and all quarterly data
is unaudited. Selected financial ratios have been annualized
where appropriate. Operating data is presented in thousands
of dollars, except for per share amounts.
|
At
|
At
|
At
|
At
|
At
|
Selected Financial
Condition Data:
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sep
30,
|
Jun
30,
|
(in thousands except
per share data)
|
2015
|
2015
|
2014
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
|
|
|
|
|
Total
assets
|
$849,570
|
$881,966
|
$798,169
|
$786,768
|
$777,838
|
Cash and cash
equivalents
|
84,438
|
105,929
|
31,075
|
44,341
|
43,146
|
Loans receivable,
net
|
391,019
|
379,937
|
367,859
|
355,685
|
343,951
|
Mortgage-backed
securities
|
108,189
|
115,407
|
115,911
|
110,462
|
114,653
|
Investment
securities
|
169,734
|
188,851
|
189,818
|
184,122
|
184,913
|
Trading
securities
|
3,922
|
4,142
|
3,900
|
4,379
|
5,886
|
Goodwill and other
intangibles
|
26,165
|
26,223
|
26,288
|
26,360
|
26,432
|
Interest bearing
deposits
|
645,415
|
679,167
|
603,482
|
586,191
|
585,214
|
Non-interest
bearing deposits
|
95,983
|
92,323
|
85,688
|
93,077
|
85,992
|
Borrowings
|
-
|
-
|
-
|
-
|
1,000
|
Total
equity
|
96,409
|
97,613
|
95,773
|
94,857
|
94,733
|
|
|
|
|
|
|
Book value per
share
|
|
|
|
|
|
(end
of period)
|
$13.85
|
$14.06
|
$13.81
|
$13.70
|
$13.71
|
Tangible value per
share
|
|
|
|
|
|
(end
of period)
|
$10.09
|
$10.28
|
$10.02
|
$9.89
|
$9.89
|
|
Quarter
Ended
|
|
Year to
Date
|
Selected Operating
Data:
|
Jun
30,
|
Jun
30,
|
|
Jun
30,
|
Jun
30,
|
(in thousands except
per share data)
|
2015
|
2014
|
|
2015
|
2014
|
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
Interest
income:
|
|
|
|
|
|
Interest and fees on loans
|
$ 3,967
|
$ 3,693
|
|
$ 7,798
|
$ 7,350
|
Interest
and dividends
|
|
|
|
|
|
on
investments
|
1,738
|
2,012
|
|
3,668
|
3,786
|
Interest
on fed funds
|
27
|
6
|
|
37
|
12
|
Total interest
income
|
5,732
|
5,711
|
|
11,503
|
11,148
|
Interest
expense:
|
|
|
|
|
|
Interest
on deposits
|
595
|
672
|
|
1,193
|
1,307
|
Interest
on borrowings
|
-
|
16
|
|
1
|
33
|
Total interest
expense
|
595
|
688
|
|
1,194
|
1,340
|
Net interest
income
|
5,137
|
5,023
|
|
10,309
|
9,808
|
Provision for loan losses
|
-
|
100
|
|
-
|
200
|
Net interest income
after
|
|
|
|
|
|
provision for loan
losses
|
5,137
|
4,923
|
|
10,309
|
9,608
|
Net investment
gains
|
76
|
27
|
|
222
|
73
|
Change in fair value
of investments
|
(220)
|
13
|
|
22
|
823
|
Non-interest
income:
|
|
|
|
|
|
Service
charges on deposit accts
|
697
|
711
|
|
1,384
|
1,394
|
Commissions and fees on sales
|
|
|
|
|
|
of non-banking
products
|
6,946
|
6,455
|
|
13,968
|
13,391
|
Other
revenue from operations
|
486
|
1,108
|
|
1,272
|
1,549
|
Total non-interest
income
|
8,129
|
8,274
|
|
16,624
|
16,334
|
Non-interest
expense:
|
|
|
|
|
|
Salaries
and employee benefits
|
7,117
|
7,322
|
|
14,584
|
14,500
|
Equipment and net occupancy
|
1,210
|
1,329
|
|
2,609
|
2,729
|
Intangible amortization
|
58
|
72
|
|
123
|
150
|
Merger
related expenses
|
1,257
|
-
|
|
1,257
|
-
|
Other
costs of operations
|
2,709
|
2,577
|
|
5,199
|
4,858
|
Total non-interest
expense
|
12,351
|
11,300
|
|
23,772
|
22,237
|
Income before income
taxes
|
771
|
1,937
|
|
3,405
|
4,601
|
Income tax
provision
|
298
|
508
|
|
961
|
1,228
|
Net
income
|
$ 473
|
$ 1,429
|
|
$ 2,444
|
$ 3,373
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Basic )
|
$0.07
|
$0.20
|
|
$0.35
|
$0.48
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Diluted)
|
$0.07
|
$0.20
|
|
$0.34
|
$0.48
|
Cash dividends
paid
|
$0.12
|
$0.12
|
|
$0.24
|
$0.24
|
|
Second
|
First
|
Fourth
|
Third
|
Second
|
Selected Operating
Data:
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
(in thousands except
per share data)
|
2015
|
2015
|
2014
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Interest
income:
|
|
|
|
|
|
Interest and fees on loans
|
$ 3,967
|
$ 3,831
|
$ 3,811
|
$ 3,767
|
$ 3,693
|
Interest
and dividends
|
|
|
|
|
|
on
investments
|
1,738
|
1,929
|
1,908
|
1,909
|
2,012
|
Interest
on fed funds
|
27
|
11
|
9
|
4
|
6
|
Total interest
income
|
5,732
|
5,771
|
5,728
|
5,680
|
5,711
|
Interest
expense:
|
|
|
|
|
|
Interest
on deposits
|
595
|
597
|
638
|
645
|
672
|
Interest
on borrowings
|
-
|
1
|
1
|
10
|
16
|
Total interest
expense
|
595
|
598
|
639
|
655
|
688
|
Net interest
income
|
5,137
|
5,173
|
5,089
|
5,025
|
5,023
|
Provision for loan losses
|
-
|
-
|
30
|
270
|
100
|
Net interest income
after
|
|
|
|
|
|
provision for loan
losses
|
5,137
|
5,173
|
5,059
|
4,755
|
4,923
|
Net investment
gains
|
76
|
146
|
335
|
2,044
|
27
|
Change in fair value
of investments
|
(220)
|
242
|
(479)
|
(1,507)
|
13
|
Non-interest
income:
|
|
|
|
|
|
Service
charges on deposit accts
|
697
|
686
|
713
|
724
|
711
|
Commissions and fees on sales
|
|
|
|
|
|
of non-banking
products
|
6,946
|
7,022
|
6,875
|
6,375
|
6,455
|
Other
revenue from operations
|
486
|
788
|
575
|
459
|
1,108
|
Total non-interest
income
|
8,129
|
8,496
|
8,163
|
7,558
|
8,274
|
Non-interest
expense:
|
|
|
|
|
|
Salaries
and employee benefits
|
7,117
|
7,467
|
8,952
|
7,364
|
7,322
|
Equipment and net occupancy
|
1,210
|
1,399
|
1,256
|
1,364
|
1,329
|
Intangible amortization
|
58
|
65
|
72
|
72
|
72
|
Merger
related expenses
|
1,257
|
-
|
-
|
-
|
-
|
Other
costs of operations
|
2,709
|
2,492
|
2,636
|
2,225
|
2,577
|
Total non-interest
expense
|
12,351
|
11,423
|
12,916
|
11,025
|
11,300
|
Income before income
taxes
|
771
|
2,634
|
162
|
1,825
|
1,937
|
Income tax provision
(benefit)
|
298
|
663
|
(132)
|
365
|
508
|
Net
income
|
$ 473
|
$ 1,971
|
$ 294
|
$ 1,460
|
$ 1,429
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Basic )
|
$0.07
|
$0.28
|
$0.04
|
$0.21
|
$0.20
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Diluted)
|
$0.07
|
$0.28
|
$0.04
|
$0.21
|
$0.20
|
Cash dividends
paid
|
$0.12
|
$0.12
|
$0.12
|
$0.12
|
$0.12
|
|
At
|
At
|
At
|
At
|
At
|
Selected Financial
Ratios (1)
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sep
30,
|
Jun
30,
|
and Other Data
|
2015
|
2015
|
2014
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Performance
Ratios:
|
|
|
|
|
|
Return on average
assets
|
0.22%
|
0.96%
|
0.15%
|
0.76%
|
0.72%
|
Return on average
equity
|
1.91%
|
8.14%
|
1.23%
|
6.06%
|
6.09%
|
Return on average
tangible equity
|
2.60%
|
11.16%
|
1.70%
|
8.34%
|
8.49%
|
Interest rate spread
(2)
|
2.64%
|
2.82%
|
2.89%
|
2.95%
|
2.87%
|
Net interest margin
(3)
|
2.69%
|
2.88%
|
2.95%
|
3.02%
|
2.94%
|
Efficiency ratio
(4)
|
92.67%
|
83.09%
|
96.92%
|
87.05%
|
84.44%
|
Non-interest income
to average assets
|
3.74%
|
4.12%
|
4.11%
|
3.92%
|
4.20%
|
Non-interest expense
to average assets
|
5.68%
|
5.55%
|
6.51%
|
5.72%
|
5.73%
|
Average
interest-earning assets as a ratio
|
|
|
|
|
of average interest-bearing
liabilities
|
115.74%
|
116.95%
|
117.00%
|
117.62%
|
115.33%
|
Average equity to
average total assets
|
11.38%
|
11.76%
|
12.05%
|
12.50%
|
11.89%
|
Equity to total
assets (end of period)
|
11.35%
|
11.07%
|
12.00%
|
12.06%
|
12.18%
|
Tangible equity to
tangible assets
|
8.53%
|
8.34%
|
9.00%
|
9.01%
|
9.09%
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
Nonperforming assets
to
|
|
|
|
|
|
total assets
|
0.05%
|
0.07%
|
0.07%
|
0.11%
|
0.08%
|
Nonperforming loans
to
|
|
|
|
|
|
total loans
|
0.09%
|
0.10%
|
0.08%
|
0.17%
|
0.15%
|
Net charge-offs to
average loans
|
0.01%
|
0.00%
|
0.01%
|
0.01%
|
0.01%
|
Allowance for loan
losses to
|
|
|
|
|
|
loans receivable
|
0.88%
|
0.92%
|
0.95%
|
0.98%
|
0.95%
|
Allowance for loan
losses to
|
|
|
|
|
|
nonperforming loans
|
942.51%
|
955.46%
|
1144.44%
|
575.12%
|
625.81%
|
|
|
|
|
|
|
Bank Regulatory
Capital Ratios:
|
|
|
|
|
|
Total
capital
|
|
|
|
|
|
to
risk weighted assets
|
15.87%
|
15.92%
|
16.54%
|
16.90%
|
16.82%
|
Tier 1
capital
|
|
|
|
|
|
to
risk weighted assets
|
15.15%
|
15.20%
|
15.77%
|
16.11%
|
16.06%
|
Tier 1
capital
|
|
|
|
|
|
to
average assets
|
8.66%
|
9.32%
|
9.36%
|
9.57%
|
9.10%
|
|
|
|
|
|
|
1 - Ratios are annualized where appropriate.
|
|
|
|
|
|
2 - The average interest rate spread represents the difference
between the weighted-average yield on
|
|
|
interest-earning assets and the weighted-average cost of
interest-bearing liabilities for the period.
|
|
|
3 - The net interest margin represents net interest income as a
percent of average interest-earning assets for the
period.
|
|
4 - The efficiency ratio represents non-interest expense divided by
the sum of net interest income and non-interest income
|
|
excluding net investment gains (losses) and changes in the fair
value of trading securities.
|
|
|
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/oneida-financial-corp-reports-2015-second-quarter-operating-results-unaudited-300120655.html
SOURCE Oneida Financial Corp.