-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, F0/s9E5vJHuKaAaUZhw8buQczOJncsbmxoYfDl5Kdaja90GnqtGTiEQ0SLH3XTp3 2Ddm1CL1s2MiNm8m2FVm0w== 0000909654-09-000722.txt : 20090731 0000909654-09-000722.hdr.sgml : 20090731 20090731150152 ACCESSION NUMBER: 0000909654-09-000722 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090730 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20090731 DATE AS OF CHANGE: 20090731 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Fox Chase Bancorp Inc CENTRAL INDEX KEY: 0001359111 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 000000000 STATE OF INCORPORATION: X1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-32971 FILM NUMBER: 09977007 BUSINESS ADDRESS: STREET 1: 4390 DAVISVILLE ROAD CITY: HATBORO STATE: PA ZIP: 19040 BUSINESS PHONE: 215-682-7400 MAIL ADDRESS: STREET 1: 4390 DAVISVILLE ROAD CITY: HATBORO STATE: PA ZIP: 19040 8-K 1 foxchase8kjuly302009.txt 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Date of Report (Date of earliest event reported): July 30, 2009 FOX CHASE BANCORP, INC. ----------------------- (Exact Name of Registrant as Specified in Its Charter) UNITED STATES 1-32971 33-1145559 ------------- ------- ---------- (State or other jurisdiction of (Commission (IRS Employer incorporation or organization) File Number) Identification No.) 4390 DAVISVILLE ROAD, HATBORO, PENNSYLVANIA 19040 ------------------------------------------------- (Address of principal executive offices) (Zip Code) (215) 682-7400 -------------- (Registrant's telephone number, including area code) Not Applicable -------------- (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) [ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) [ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 2 ITEM 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION. ---------------------------------------------- On July 30, 2009, Fox Chase Bancorp, Inc. (the "Company"), the holding company for Fox Chase Bank, issued a press release announcing its financial results for the three and six months ended June 30, 2009. For more information, reference is made to the Company's press release dated July 30, 2009, a copy of which is attached to this Report as Exhibit 99.1 and is furnished herewith. ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS. ---------------------------------- (d) Exhibits Number Description ------ ----------- 99.1 Press Release dated July 30, 2009 3 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized. Date: July 30, 2009 By /s/ Roger S. Deacon ------------------------------------- Roger S. Deacon Executive Vice President and Chief Financial Officer Exhibit 99.1 EX-99.1 2 foxchase8kjuly302009release.txt 1 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 1 [FOX CHASE BANCORP, INC. LOGO] 4390 Davisville Road, Hatboro, PA 19040 Phone (215) 682-7400 Fax (215) 682-4144 NEWS RELEASE ------------ FOR IMMEDIATE RELEASE DATE: July 30, 2009 CONTACT: Roger Deacon Chief Financial Officer PHONE: (215) 682-4116 FOX CHASE BANCORP ANNOUNCES EARNINGS FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2009 HATBORO, PA, JULY 30, 2009 - Fox Chase Bancorp, Inc. (the "Company") (NASDAQ GM: FXCB), the holding company for Fox Chase Bank (the "Bank"), today announced net income of $298,000 and $899,000 for the three and six months ended June 30, 2009, respectively, compared to net income of $304,000 and $649,000 for the three and six months ended June 30, 2008, respectively. Net income for the three and six months ended June 30, 2009 was impacted by: (1) a Federal Deposit Insurance Corporation special assessment of $536,000 (after tax $354,000); (2) an other than temporary impairment charge on the Bank's only private label residential mortgage related security of $157,000 (after tax $104,000); and (3) a reduced valuation allowance on the Bank's mortgage servicing rights of $99,000 (after tax $66,000) that positively impacted noninterest income. Net income for the three and six months ended June 30, 2008 was impacted by expenses of $244,000 and $297,000, respectively (after tax $161,000 and $196,000, respectively), associated with final distributions from the Company's terminated pension plan. 2 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 2 Highlights for the three and six month periods ended June 30, 2009 included: o Net interest income increased $300,000, or 5.8%, to $5.4 million for the three months ended June 30, 2009, compared to $5.1 million for the three months ended June 30, 2008 and increased $1.1 million, or 11.6%, to $11.2 million for the six months ended June 30, 2009 from $10.1 million for the same period in 2008; o Net interest income decreased $360,000 for the three months ended June 30, 2009, compared to the three months ended March 31, 2009 and net interest margin decreased to 1.93% for the three months ended June 30, 2009 from 2.45% for the three months ended March 31, 2009. This decrease was primarily the result of: (1) the Bank maintaining a significant portion of its increased deposits in short-term cash and cash equivalents; and (2) a reduction in yield on the Bank's mortgage related securities portfolio resulting from a significant increase in mortgage related prepayments during the quarter; o Gain on the sale of securities was $588,000 for each of the three and six months ended June 30, 2009, compared to $48,000 and $118,000, respectively, for the three and six months ended June 30, 2008; o Total assets were $1.17 billion at June 30, 2009, an increase of $238 million, or 25.6% from December 31, 2008; o Deposits totaled $845 million at June 30, 2009, representing an increase of $236 million, or 38.8%, from December 31, 2008; and o Nonperforming loans increased to $7.7 million, or 1.22% of gross loans, at June 30, 2009 from $5.9 million, or 0.98% of gross loans, at December 31, 2008. The increase occurred in both the Bank's commercial and residential mortgage portfolios. Thomas M. Petro, President and CEO said, "In this challenging economic environment, Fox Chase Bancorp continues to execute a two-fold strategy of managing risks within its credit portfolio while positioning itself to take advantage of a future economic recovery. Because credit conditions in our market area continue to show substantial softness, we are devoting substantial resources to risk mitigation efforts. At the same time we expanded our commercial lending capability during the quarter by adding a team of seasoned middle market lenders. The Bank is well positioned to weather the economic downturn and eventual recovery with significant capital and liquidity and is having great success in growing core deposits." The Company recorded provisions 3 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 3 for loan losses of $567,000 and $962,000 for the three and six months ended June 30, 2009, respectively, and $225,000 and $400,000 for the three and six months ended June 30, 2008, respectively. The increase in the provision reflected loan growth, primarily in commercial categories, and the increase in nonperforming assets and internally classified loans in both the residential and commercial loan portfolios. The allowance for loan losses at June 30, 2009 was 1.12% of total loans outstanding at June 30, 2009, compared to 1.05% of total loans outstanding at December 31, 2008. During the three and six months ended June 30, 2009, the Company repurchased 177,550 and 266,589 shares of its common stock, respectively, pursuant to previously announced stock repurchase programs. There are 101,220 shares remaining to be repurchased under the Company's July 2008 program and 327,000 shares available to be repurchased under the Company's May 2009 program. The timing and volume of future purchases will depend on market conditions and other factors. Repurchased shares will be held in treasury. Fox Chase Bancorp, Inc. is the mid-tier stock holding company of Fox Chase Bank. The Bank is a federally chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and ten other branch offices in Bucks, Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank's website at www.foxchasebank.com. -------------------- This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission. 4 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 4
CONSOLIDATED STATEMENT OF OPERATIONS (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) THREE MONTHS ENDED SIX MONTHS ENDED JUNE 30, JUNE 30, 2009 2008 2009 2008 --------- --------- -------- -------- INTEREST INCOME Interest and fees on loans $ 8,758 $ 7,181 $17,135 $14,309 Interest on money market funds 122 246 160 521 Interest on mortgage related securities available-for-sale 3,505 3,206 6,760 6,110 Interest on investment securities available-for-sale Taxable 261 104 385 755 Nontaxable 140 155 283 323 Dividend income -- 66 1 124 Other interest income 135 37 136 107 --------- --------- -------- -------- TOTAL INTEREST INCOME 12,921 10,995 24,860 22,249 --------- --------- -------- -------- INTEREST EXPENSE Deposits 5,719 4,552 10,098 9,659 Federal Home Loan Bank advances 1,329 1,120 2,659 2,150 Other borrowed funds 432 182 861 364 --------- --------- -------- -------- TOTAL INTEREST EXPENSE 7,480 5,854 13,618 12,173 --------- --------- -------- -------- NET INTEREST INCOME 5,441 5,141 11,242 10,076 Provision for loan losses 567 225 962 400 --------- --------- -------- -------- NET INTEREST INCOME AFTER PROVISION FOR LOAN LOSSES 4,874 4,916 10,280 9,676 --------- --------- -------- -------- NONINTEREST INCOME Service charges and other fee income 310 224 480 415 Net gain on sale of loans -- 1 3 4 Income on bank-owned life insurance 112 113 221 224 Other 146 17 211 35 Total other-than-temporary impairment loss (605) -- (605) -- Less: Portion of loss recognized in other comprehensive income (before taxes 448 -- 448 -- --------- --------- -------- -------- Net other-than-temporary impairment loss (157) -- (157) - Net gains on sale of investment securities 588 48 588 118 --------- --------- -------- -------- Net investment securities gains 431 48 431 118 --------- --------- -------- -------- TOTAL NONINTEREST INCOME 999 403 1,346 796 --------- --------- -------- -------- NONINTEREST EXPENSE Salaries, benefits and other compensation 2,915 3,064 5,765 5,862 Occupancy expense 438 468 933 954 Furniture and equipment expense 180 227 401 443 Data processing costs 377 409 762 802 Professional fees 298 265 564 578 Marketing expense 86 125 170 220 FDIC premiums 831 25 1,072 55 Other 367 373 776 764 --------- --------- -------- -------- TOTAL NONINTEREST EXPENSE 5,492 4,956 10,443 9,678 --------- --------- -------- -------- INCOME BEFORE INCOME TAXES 381 363 1,183 794 Income tax provision 83 59 284 145 --------- --------- -------- -------- NET INCOME $ 298 $ 304 $ 899 $ 649 ========= ========= ======== ======== Earnings per share: Basic $ 0.02 $ 0.02 $ 0.07 $ 0.05 Diluted $ 0.02 $ 0.02 $ 0.07 $ 0.05
5 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 5
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (DOLLARS IN THOUSANDS, EXCEPT SHARE DATA) June 30, December 31, 2009 2008 ------------ ------------ (unaudited) ASSETS Cash and due from banks $ 520 $ 642 Interest-earning demand deposits in other banks 72,819 3,302 Money market funds 31,916 -- ------------ ------------ Total cash and cash equivalents 105,255 3,944 Investment securities available-for-sale 37,272 25,041 Mortgage related securities available-for-sale 357,894 269,682 Loans, net of allowance for loan losses of $7,071 at June 30, 2009 and $6,260 at December 31, 2008 624,564 588,975 Loans held for sale 168 -- Federal Home Loan Bank stock, at cost 9,778 9,707 Bank-owned life insurance 12,435 12,214 Premises and equipment 11,390 11,748 Real estate held for investment 1,957 1,957 Accrued interest receivable 4,359 3,721 Mortgage servicing rights 793 827 Deferred tax asset, net 30 1,869 Other assets 3,736 1,585 ------------ ------------ TOTAL ASSETS $1,169,631 $ 931,270 ============ ============ LIABILITIES AND STOCKHOLDERS' EQUITY LIABILITIES Deposits $ 844,737 $ 608,472 Federal Home Loan Bank advances 144,290 146,379 Other borrowed funds 50,000 50,000 Advances from borrowers for taxes and insurance 2,878 2,589 Accrued interest payable 762 727 Accrued expenses and other liabilities 2,453 1,883 ------------ ------------ TOTAL LIABILITIES 1,045,120 810,050 ------------ ------------ STOCKHOLDERS' EQUITY Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at June 30, 2009 and December 31, 2009) -- -- Common stock ($.01 par value; 35,000,000 shares authorized, 14,679,750 shares issued and 13,799,970 shares outstanding at June 30, 2009 and 14,679,750 shares issued and 14,066,559 shares outstanding at December 31, 2008) 147 147 Additional paid-in capital 64,008 63,516 Treasury stock (at cost, 879,780 shares at June 30, 2009 and 613,191 shares at December 31, 2008) (9,929) (7,293) Common stock acquired by benefit plans (7,582) (7,819) Retained earnings 73,557 72,664 Accumulated other comprehensive income, net 4,310 5 ------------ ------------ TOTAL STOCKHOLDERS' EQUITY 124,511 121,220 ------------ ------------ TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $1,169,631 $ 931,270 ============ ============
6 FOX CHASE BANCORP, INC. 2nd QUARTER EARNINGS 2009 PAGE 5
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED) (DOLLARS IN THOUSANDS, EXCEPT PER SHARE DATA) June 30, December 31, June 30, 2009 2008 2008 ---------- ------------ --------- CAPITAL RATIOS(1): Total Stockholders' Equity (to Total Assets)(1) 10.65% 13.02% 14.23% Tier 1 capital (to adjusted assets)(2) 8.71% 10.70% 11.63% Tier 1 risk-based capital (to risk-weighted assets)(2) 15.81 18.11 20.01 Total risk-based capital (to risk-weighted assets)(2) 16.80 19.25 20.77 ASSET QUALITY INDICATORS: Nonperforming loans(3) $7,713 $5,850 $1,460 Real estate owned -- -- -- -------- ---------- ------- Total nonperforming assets $7,713 $5,850 $1,460 ======== ========== ======= Ratio of nonperforming loans to total loans 1.22% 0.98% 0.28% ======== ========== ======= Ratio of nonperforming loans to total assets 0.66 0.63 0.17 ======== ========== ======= Ratio of allowance for loan losses to total loans 1.12 1.05 0.71 ======== ========== ======= Ratio of allowance for loan losses to nonperforming assets 91.7 107.0 257.5 ======== ========== =======
At or for the Three Months Ended; June 30, March 31, June 30, 2009 2009 2008 ------------- ----------- ----------- PERFORMANCE RATIOS(4): Return on average assets 0.10% 0.25% 0.14% Return on average equity 0.96 1.97 0.99 Net interest margin 1.93 2.45 2.48 OTHER: Book value per share $9.02 $8.87 $8.56 Employees (full-time equivalents) 142 137 138
For the Six Months Ended; June 30, June 30, 2009 2008 ------------ ----------- PERFORMANCE RATIOS(4): Return on average assets 0.17% 0.15% Return on average equity 1.46 1.06 Net interest margin 2.17 2.43
(1) Represents stockholders' equity ratio of Fox Chase Bancorp, Inc. (2) Represents capital ratios of Fox Chase Bank (3) Includes nonaccruing loans and accruing loans past due 90 days or more (4) Annualized ### -----END PRIVACY-ENHANCED MESSAGE-----