UNITED STATES
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 29, 2015
FOX CHASE BANCORP, INC.
(Exact Name of Registrant as Specified in Its Charter)
Maryland |
|
000-54025 |
|
35-2379633 |
4390 Davisville Road, Hatboro, Pennsylvania 19040
(Address of principal executive offices) (Zip Code)
(215) 682-7400
(Registrants 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))
Item 2.02 Results of Operations and Financial Condition.
On July 29, 2015, 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, 2015. The Company also announced a quarterly cash dividend payment of $0.14 per outstanding share of common stock, payable on August 27, 2015 to stockholders of record as of August 13, 2015, and the approval of an additional 5% stock repurchase plan. For more information, reference is made to the Companys press release dated July 29, 2015, 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 29, 2015 |
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, 2015 |
By: |
/s/ Roger S. Deacon |
|
|
Roger S. Deacon |
|
|
Executive Vice President and Chief |
|
|
Financial Officer |
Exhibit 99.1
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
4390 Davisville Road, Hatboro, PA 19040 Phone (215) 283-2900 Fax (215) 775-1401
For Immediate Release
Date: |
July 29, 2015 |
Contact: |
Roger S. Deacon |
|
Chief Financial Officer |
Phone: |
(215) 775-1435 |
FOX CHASE BANCORP, INC. REPORTS INCREASED EARNINGS
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2015
(Announces Additional 5% Stock Repurchase Plan)
HATBORO, PA. July 29, 2015 Fox Chase Bancorp, Inc. (the Company) (NASDAQ GS: FXCB), the holding company for Fox Chase Bank (the Bank), today announced net income of $3.2 million, or $0.28 per diluted share, and $5.4 million, or $0.48 per diluted share, for the three and six months ended June 30, 2015, compared to net income of $2.3 million, or $0.20 per diluted share, and $4.3 million, or $0.37 per diluted share, for the three and six months ended June 30, 2014, respectively.
Commenting on performance for the quarter, Thomas M. Petro, President and CEO said, We are pleased with the impressive earnings growth for the three and six months ended June 30, 2015. We continue to build our commercial bank balance sheet as commercial loans increased to 84% of total loans, average commercial loan growth was 10.4% and our business fundamentals remain strong. The current quarter results were positively impacted by $840,000 (pre-tax) of recoveries on previously charged-off loans. The outsourced data processing systems conversion, which will provide the Company the ability to be more responsive to commercial customers, deliver innovative services and provide increased productivity, is expected to be completed in the fourth quarter of 2015. The pre-tax expenses related to this initiative were $248,000 in the second quarter
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
of 2015 and $478,000 for the first half of 2015. Total expense related to this initiative is estimated to be approximately $1.1 million to $1.3 million for 2015.
Highlights for the three and six months ended June 30, 2015 included:
· Total average assets were $1.10 billion for the six months ended June 30, 2015 compared to $1.09 billion for the six months ended June 30, 2014. Total average commercial loans increased by $54.4 million, or 9.6%, to $623.0 million for the six months ended June 30, 2015, compared to $568.6 million for the six months ended June 30, 2014. Additionally, average commercial loans increased by $15.1 million, or 2.5%, to $630.6 million for the three months ended June 30, 2015, compared to $615.5 million for the three months ended March 31, 2015.
· Assets were $1.09 billion at June 30, 2015 as compared to $1.09 billion at December 31, 2014 and $1.11 billion at June 30, 2014. Total commercial loans increased by $17.4 million, or 2.8% to $624.9 million at June 30, 2015 compared to $607.5 million at December 31, 2014. As anticipated, total commercial loans decreased by $17.6 million, or 2.7%, to $624.9 million at June 30, 2015 compared to $642.5 million at March 31, 2015. This reduction was due to seasonal line usage and expected payoffs.
· Return on average assets was 1.15% and 0.99% for the three and six months ended June 30, 2015, respectively, compared to 0.85% and 0.78% for the three and six months ended June 30, 2014, respectively.
· Net interest income increased $583,000, or 3.5%, to $17.3 million for the six months ended June 30, 2015, compared to $16.7 million for the six months ended June 30, 2014 and increased $228,000, or 2.7%, to $8.7 million for the three months ended June 30, 2015, compared to $8.4 million for the three months ended June 30, 2014. The net interest margin was 3.24% for the three months ended June 30, 2015, compared to 3.29% for the three months ended March 31, 2015 and 3.20% for the three months ended June 30, 2014. During the three months ended June 30, 2015, the Company received $130,000 in prepayment fees, which increased net interest margin by five basis points. During the three months ended March 31, 2015, the Company received a $254,000 special dividend from the FHLB of Pittsburgh, which increased the net interest margin by ten basis points.
· The Company recorded a credit to the provision for loan losses of $1.3 million during the three months ended June 30, 2015, which was primarily due to $840,000 of recoveries on
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
previously charged-off loans, a decrease in the loan portfolio of $25.0 million, of which $17.6 million was commercial loans, and loan pay downs on two classified loans. The ratio of the allowance for loan losses to total loans was 1.45% at June 30, 2015, compared to 1.46% at March 31, 2015 and December 31, 2014.
· Nonperforming assets continued to decrease to $5.8 million, or 0.53% of total assets, at June 30, 2015 compared to $6.2 million, or 0.55% of total assets, at March 31, 2015 and $6.3 million, or 0.57% of total assets, at December 31, 2014. Delinquent loans totaled $660,000 at June 30, 2015, compared to $780,000 at March 31, 2015 and $258,000 at December 31, 2014. There was only one delinquent commercial loan totaling $49,000 at June 30, 2015.
· Noninterest income increased $294,000 to $1.3 million for the six months ended June 30, 2015 compared to $973,000 for the six months ended June 30, 2014 primarily due to an increase of $117,000 in equity in earnings of affiliate due to higher mortgage volumes, an increase of $47,000 in service charges and other fee income due to increased loan fees.
· Noninterest expense increased $376,000, or 3.3%, to 11.8 million for the six months ended June 30, 2015, compared to $11.4 million for the six months ended June 30, 2014. This increase was primarily due to the Company incurring $478,000 of system conversion costs offset by a decrease of $301,000 in assets acquired through foreclosure expense. System conversion costs for the six months ended June 30, 2015 are captured in the following financial statement categories: Salary, benefits and other compensation ($70,000), data processing costs ($247,000), professional fees ($147,000) and other ($14,000).
· Income tax provision for the six months ended June 30, 2015 includes the reversal of an $182,000 valuation allowance on certain state deferred tax assets, which occurred during the three months ended March 31, 2015. The effective income tax rate for the six months ended June 30, 2015 was 28.5%. Excluding this reversal, the effective income tax rate for the six months ended June 30, 2015 was 30.9% compared to 31.1% for the six months ended June 30, 2014.
The Company also announced that its Board of Directors declared a cash dividend of $0.14 per outstanding share of common stock. The dividend will be paid on or about August 27, 2015 to stockholders of record as of the close of business on August 13, 2015. Finally, on July 29, 2015, the Board of Directors approved an additional 5% stock repurchase plan (the July 2015 Plan).
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
Subject to market conditions and other factors, repurchases related to the July 2015 Plan will begin subsequent to the completion of repurchases under the Companys existing repurchase plan, which was approved in July 2014. During the three months ended June 30, 2015, the Company repurchased 199,329 shares of treasury stock and has approximately 258,000 shares remaining in its approved repurchase plan.
Fox Chase Bancorp, Inc. will host a conference call to discuss second quarter 2015 results on Thursday, July 30, 2015 at 9:00 am EDT. The general public can access the call by dialing (877) 507-3275. A replay of the conference call will be available through September 11, 2015 by dialing (877) 344-7529; use Conference ID: 10067181. Participants may preregister at http://dpregister.com/10067181.
Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Banks 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.
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Per Share Data)
|
|
Three Months Ended |
|
|
Six Months Ended |
| ||||||||||
|
|
June 30, |
|
|
June 30, |
| ||||||||||
|
|
2015 |
|
|
2014 |
|
|
2015 |
|
|
2014 |
| ||||
|
|
(Unaudited) |
| |||||||||||||
INTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest and fees on loans |
|
$ |
8,391 |
|
|
$ |
8,130 |
|
|
$ |
16,530 |
|
|
$ |
16,240 |
|
Interest and dividends on investment securities |
|
1,696 |
|
|
1,947 |
|
|
3,678 |
|
|
3,895 |
| ||||
Other interest income |
|
3 |
|
|
1 |
|
|
6 |
|
|
1 |
| ||||
Total Interest Income |
|
10,090 |
|
|
10,078 |
|
|
20,214 |
|
|
20,136 |
| ||||
INTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Deposits |
|
728 |
|
|
797 |
|
|
1,443 |
|
|
1,695 |
| ||||
Short-term borrowings |
|
22 |
|
|
30 |
|
|
54 |
|
|
55 |
| ||||
Federal Home Loan Bank advances |
|
523 |
|
|
576 |
|
|
1,062 |
|
|
1,146 |
| ||||
Other borrowed funds |
|
164 |
|
|
250 |
|
|
330 |
|
|
498 |
| ||||
Total Interest Expense |
|
1,437 |
|
|
1,653 |
|
|
2,889 |
|
|
3,394 |
| ||||
Net Interest Income |
|
8,653 |
|
|
8,425 |
|
|
17,325 |
|
|
16,742 |
| ||||
(Credit) provision for loan losses |
|
(1,267 |
) |
|
100 |
|
|
(795 |
) |
|
100 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net Interest Income after Provision for Loan Losses |
|
9,920 |
|
|
8,325 |
|
|
18,120 |
|
|
16,642 |
| ||||
NONINTEREST INCOME |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Service charges and other fee income |
|
439 |
|
|
424 |
|
|
823 |
|
|
776 |
| ||||
Net loss on sale of assets acquired through foreclosure |
|
(15 |
) |
|
(121 |
) |
|
(15 |
) |
|
(121 |
) | ||||
Income on bank-owned life insurance |
|
122 |
|
|
120 |
|
|
242 |
|
|
237 |
| ||||
Equity in earnings of affiliate |
|
111 |
|
|
67 |
|
|
151 |
|
|
34 |
| ||||
Other |
|
39 |
|
|
24 |
|
|
66 |
|
|
47 |
| ||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Total Noninterest Income |
|
696 |
|
|
514 |
|
|
1,267 |
|
|
973 |
| ||||
NONINTEREST EXPENSE |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Salaries, benefits and other compensation |
|
3,943 |
|
|
3,519 |
|
|
7,662 |
|
|
7,160 |
| ||||
Occupancy expense |
|
420 |
|
|
418 |
|
|
897 |
|
|
914 |
| ||||
Furniture and equipment expense |
|
99 |
|
|
96 |
|
|
182 |
|
|
207 |
| ||||
Data processing costs |
|
502 |
|
|
377 |
|
|
1,075 |
|
|
762 |
| ||||
Professional fees |
|
414 |
|
|
337 |
|
|
777 |
|
|
815 |
| ||||
Marketing expense |
|
57 |
|
|
61 |
|
|
98 |
|
|
102 |
| ||||
FDIC premiums |
|
141 |
|
|
150 |
|
|
260 |
|
|
315 |
| ||||
Assets acquired through foreclosure expense |
|
62 |
|
|
72 |
|
|
92 |
|
|
393 |
| ||||
Other |
|
385 |
|
|
389 |
|
|
745 |
|
|
744 |
| ||||
Total Noninterest Expense |
|
6,023 |
|
|
5,419 |
|
|
11,788 |
|
|
11,412 |
| ||||
Income Before Income Taxes |
|
4,593 |
|
|
3,420 |
|
|
7,599 |
|
|
6,203 |
| ||||
Income tax provision |
|
1,437 |
|
|
1,105 |
|
|
2,164 |
|
|
1,932 |
| ||||
Net Income |
|
$ |
3,156 |
|
|
$ |
2,315 |
|
|
$ |
5,435 |
|
|
$ |
4,271 |
|
Earnings per share: |
|
|
|
|
|
|
|
|
|
|
|
| ||||
Basic |
|
$ |
0.29 |
|
|
$ |
0.21 |
|
|
$ |
0.49 |
|
|
$ |
0.38 |
|
Diluted |
|
$ |
0.28 |
|
|
$ |
0.20 |
|
|
$ |
0.48 |
|
|
$ |
0.37 |
|
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(Dollars in Thousands, Except Share Data)
|
|
June 30, |
|
|
December 31, |
| ||
|
|
2015 |
|
|
2014 |
| ||
|
|
(Unaudited) |
|
|
(Audited) |
| ||
ASSETS |
|
|
|
|
|
| ||
Cash and due from banks |
|
$ |
1,795 |
|
|
$ |
2,763 |
|
Interest-earning demand deposits in other banks |
|
3,557 |
|
|
14,450 |
| ||
Total cash and cash equivalents |
|
5,352 |
|
|
17,213 |
| ||
Investment securities available-for-sale |
|
139,381 |
|
|
134,037 |
| ||
Investment securities held-to-maturity (fair value of $162,182 at June 30, 2015 and $170,854 at December 31, 2014) |
|
162,995 |
|
|
170,172 |
| ||
Loans, net of allowance for loan losses of $10,736 at June 30, 2015 and $10,730 at December 31, 2014 |
|
729,217 |
|
|
724,326 |
| ||
Federal Home Loan Bank stock, at cost |
|
6,786 |
|
|
6,015 |
| ||
Bank-owned life insurance |
|
15,269 |
|
|
15,027 |
| ||
Premises and equipment, net |
|
9,269 |
|
|
9,418 |
| ||
Assets acquired through foreclosure |
|
2,819 |
|
|
2,814 |
| ||
Real estate held for investment |
|
1,620 |
|
|
1,620 |
| ||
Accrued interest receivable |
|
3,118 |
|
|
3,147 |
| ||
Mortgage servicing rights, net |
|
102 |
|
|
111 |
| ||
Deferred tax asset, net |
|
4,536 |
|
|
4,561 |
| ||
Other assets |
|
9,506 |
|
|
6,155 |
| ||
Total Assets |
|
$ |
1,089,970 |
|
|
$ |
1,094,616 |
|
|
|
|
|
|
|
| ||
LIABILITIES AND STOCKHOLDERS EQUITY |
|
|
|
|
|
| ||
LIABILITIES |
|
|
|
|
|
| ||
Deposits |
|
$ |
715,630 |
|
|
$ |
711,909 |
|
Short-term borrowings |
|
64,800 |
|
|
50,000 |
| ||
Federal Home Loan Bank advances |
|
100,000 |
|
|
120,000 |
| ||
Other borrowed funds |
|
30,000 |
|
|
30,000 |
| ||
Advances from borrowers for taxes and insurance |
|
1,592 |
|
|
1,447 |
| ||
Accrued interest payable |
|
269 |
|
|
311 |
| ||
Accrued expenses and other liabilities |
|
3,866 |
|
|
5,038 |
| ||
Total Liabilities |
|
916,157 |
|
|
918,705 |
| ||
STOCKHOLDERS EQUITY |
|
|
|
|
|
| ||
Preferred stock ($.01 par value; 1,000,000 shares authorized, none issued and outstanding at June 30, 2015 and December 31, 2014) |
|
- |
|
|
- |
| ||
Common stock ($.01 par value; 60,000,000 shares authorized, 11,567,540 shares outstanding at June 30, 2015 and 11,802,791 shares outstanding at December 31, 2014) |
|
147 |
|
|
147 |
| ||
Additional paid-in capital |
|
139,837 |
|
|
139,177 |
| ||
Treasury stock, at cost (3,121,701 shares at June 30, 2015 and 2,852,572 at December 31, 2014) |
|
(44,135 |
) |
|
(39,698 |
) | ||
Common stock acquired by benefit plans |
|
(7,201 |
) |
|
(8,056 |
) | ||
Retained earnings |
|
85,264 |
|
|
84,225 |
| ||
Accumulated other comprehensive income, net |
|
(99 |
) |
|
116 |
| ||
Total Stockholders Equity |
|
173,813 |
|
|
175,911 |
| ||
|
|
|
|
|
|
| ||
Total Liabilities and Stockholders Equity |
|
$ |
1,089,970 |
|
|
$ |
1,094,616 |
|
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED)
(Dollars in Thousands, Except Per Share Data)
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
| ||||
|
|
2015 |
|
2015 |
|
2014 |
|
2014 |
| ||||
CAPITAL RATIOS: |
|
|
|
|
|
|
|
|
| ||||
Stockholders equity (to total assets) (1) |
|
15.95 |
% |
15.59 |
% |
16.07 |
% |
16.13 |
% | ||||
|
|
|
|
|
|
|
|
|
| ||||
Common equity tier 1 capital ratio (to risk-weighted assets) (2) |
|
16.86 |
|
16.28 |
|
N/A |
|
N/A |
| ||||
Tier 1 leverage ratio (to adjusted average assets) (2) |
|
13.30 |
|
13.04 |
|
13.99 |
|
13.18 |
| ||||
Tier 1 capital ratio (to risk-weighted assets) (2) |
|
16.86 |
|
16.28 |
|
18.97 |
|
18.59 |
| ||||
Total capital ratio (to risk-weighted assets) (2) |
|
17.91 |
|
17.34 |
|
20.02 |
|
19.64 |
| ||||
|
|
|
|
|
|
|
|
|
| ||||
ASSET QUALITY INDICATORS: |
|
|
|
|
|
|
|
|
| ||||
Nonperforming Assets: |
|
|
|
|
|
|
|
|
| ||||
Nonaccruing loans |
|
$ |
3,002 |
|
$ |
3,374 |
|
$ |
3,454 |
|
$ |
4,144 |
|
Accruing loans past due 90 days or more |
|
- |
|
- |
|
- |
|
- |
| ||||
Total nonperforming loans |
|
$ |
3,002 |
|
$ |
3,374 |
|
$ |
3,454 |
|
$ |
4,144 |
|
Assets acquired through foreclosure |
|
2,819 |
|
2,804 |
|
2,814 |
|
2,017 |
| ||||
Total nonperforming assets |
|
$ |
5,821 |
|
$ |
6,178 |
|
$ |
6,268 |
|
$ |
6,161 |
|
|
|
|
|
|
|
|
|
|
| ||||
Ratio of nonperforming loans to total loans |
|
0.41 |
% |
0.44 |
% |
0.47 |
% |
0.56 |
% | ||||
Ratio of nonperforming assets to total assets |
|
0.53 |
|
0.55 |
|
0.57 |
|
0.56 |
| ||||
Ratio of allowance for loan losses to total loans |
|
1.45 |
|
1.46 |
|
1.46 |
|
1.57 |
| ||||
Ratio of allowance for loan losses to nonperforming loans |
|
357.6 |
|
331.3 |
|
310.7 |
|
279.3 |
| ||||
Troubled Debt Restructurings: |
|
|
|
|
|
|
|
|
| ||||
Nonaccruing troubled debt restructurings (3) |
|
$ |
1,331 |
|
$ |
1,349 |
|
$ |
1,401 |
|
$ |
282 |
|
Accruing troubled debt restructurings |
|
5,892 |
|
4,817 |
|
3,624 |
|
5,324 |
| ||||
Total troubled debt restructurings |
|
$ |
7,223 |
|
$ |
6,166 |
|
$ |
5,025 |
|
$ |
5,606 |
|
|
|
|
|
|
|
|
|
|
| ||||
Past Due Loans: |
|
|
|
|
|
|
|
|
| ||||
30 - 59 days |
|
$ |
639 |
|
$ |
653 |
|
$ |
113 |
|
$ |
526 |
|
60 - 89 days |
|
21 |
|
127 |
|
145 |
|
10 |
| ||||
Total |
|
$ |
660 |
|
$ |
780 |
|
$ |
258 |
|
$ |
536 |
|
(1) Represents stockholders equity ratio of Fox Chase Bancorp, Inc.
(2) Represents regulatory capital ratios of Fox Chase Bank.
(3) Nonaccruing troubled debt restructurings are included in total nonaccruing loans above
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
|
|
At or for the Three Months Ended |
| ||||||||||
|
|
June 30, |
|
March 31, |
|
December 31, |
|
June 30, |
| ||||
|
|
2015 |
|
2015 |
|
2014 |
|
2014 |
| ||||
PERFORMANCE RATIOS (4): |
|
|
|
|
|
|
|
|
| ||||
Return on average assets |
|
1.15 |
% |
0.83 |
% |
0.79 |
% |
0.85 |
% | ||||
Return on average equity |
|
7.22 |
|
5.18 |
|
4.76 |
|
5.25 |
| ||||
Net interest margin |
|
3.24 |
|
3.29 |
|
3.18 |
|
3.20 |
| ||||
Efficiency ratio (5) |
|
64.3 |
|
62.2 |
|
63.3 |
|
59.8 |
| ||||
OTHER: |
|
|
|
|
|
|
|
|
| ||||
Average commercial loans |
|
$ |
630,577 |
|
$ |
615,474 |
|
$ |
571,875 |
|
$ |
571,032 |
|
Tangible book value per share - Core (6) |
|
$ |
15.03 |
|
$ |
14.88 |
|
$ |
14.89 |
|
$ |
14.73 |
|
Tangible book value per share (7) |
|
$ |
15.03 |
|
$ |
14.94 |
|
$ |
14.90 |
|
$ |
14.71 |
|
Employees (full-time equivalents) |
|
136 |
|
136 |
|
138 |
|
140 |
|
|
|
At or for the Six Months |
|
|
|
|
| ||||
|
|
June 30, |
|
June 30, |
|
|
|
|
| ||
|
|
2015 |
|
2014 |
|
|
|
|
| ||
PERFORMANCE RATIOS (4): |
|
|
|
|
|
|
|
|
| ||
Average commercial loans |
|
$ |
623,026 |
|
$ |
568,591 |
|
|
|
|
|
Return on average assets |
|
0.99 |
% |
0.78 |
% |
|
|
|
| ||
Return on average equity |
|
6.20 |
|
4.85 |
|
|
|
|
| ||
Net interest margin |
|
3.26 |
|
3.19 |
|
|
|
|
| ||
Efficiency ratio (5) |
|
63.2 |
|
62.4 |
|
|
|
|
| ||
(4) Annualized
(5) Represents noninterest expense, excluding valuation adjustments on assets acquired through foreclosure, divided by the sum of net interest income and noninterest income, excluding gains or losses on the sale of securities, premises and equipment and assets acquired through foreclosure.
(6) Total stockholders equity, excluding the impact of accumulated other comprehensive (loss) income, net (($99,000) at June 30, 2015, $666,000 at March 31, 2015, $116,000 at December 31, 2014 and ($252,000) at June 30, 2014), divided by total shares outstanding.
(7) Total stockholders equity divided by total shares outstanding. Tangible book value per share and book value per share were the same for all periods indicated.
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
Three Months Ended June 30, |
| |||||||||||||||||
|
|
2015 |
|
2014 |
| |||||||||||||||
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| |||||||
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| |||||||
|
|
Balance |
|
Dividends |
|
Cost (2) |
|
Balance |
|
Dividends |
|
Cost (2) |
| |||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-earning demand deposits |
|
$ |
10,285 |
|
|
$ |
3 |
|
0.13% |
|
$ |
6,241 |
|
|
$ |
1 |
|
0.05% |
| |
Investment securities |
|
309,583 |
|
|
1,696 |
|
2.19% |
|
332,940 |
|
|
1,947 |
|
2.34% |
| |||||
Loans (1) |
|
749,997 |
|
|
8,391 |
|
4.49% |
|
714,243 |
|
|
8,130 |
|
4.56% |
| |||||
Allowance for loan losses |
|
(11,919 |
) |
|
|
|
|
|
(11,553 |
) |
|
|
|
|
| |||||
Net loans |
|
738,078 |
|
|
8,391 |
|
|
|
702,690 |
|
|
8,130 |
|
|
| |||||
Total interest-earning assets |
|
1,057,946 |
|
|
10,090 |
|
3.82% |
|
1,041,871 |
|
|
10,078 |
|
3.88% |
| |||||
Noninterest-earning assets |
|
42,400 |
|
|
|
|
|
|
45,628 |
|
|
|
|
|
| |||||
Total assets |
|
$ |
1,100,346 |
|
|
|
|
|
|
$ |
1,087,499 |
|
|
|
|
|
| |||
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Interest-bearing deposits |
|
$ |
585,892 |
|
|
$ |
728 |
|
0.50% |
|
$ |
560,578 |
|
|
$ |
797 |
|
0.57% |
| |
Borrowings |
|
156,130 |
|
|
709 |
|
1.82% |
|
220,770 |
|
|
856 |
|
1.56% |
| |||||
Total interest-bearing liabilities |
|
742,022 |
|
|
1,437 |
|
0.78% |
|
781,348 |
|
|
1,653 |
|
0.85% |
| |||||
Noninterest-bearing deposits |
|
177,223 |
|
|
|
|
|
|
122,395 |
|
|
|
|
|
| |||||
Other noninterest-bearing liabilities |
|
6,353 |
|
|
|
|
|
|
7,284 |
|
|
|
|
|
| |||||
Total liabilities |
|
925,598 |
|
|
|
|
|
|
911,027 |
|
|
|
|
|
| |||||
Stockholders equity |
|
174,201 |
|
|
|
|
|
|
177,895 |
|
|
|
|
|
| |||||
Accumulated comprehensive income |
|
547 |
|
|
|
|
|
|
(1,423 |
) |
|
|
|
|
| |||||
Total stockholders equity |
|
174,748 |
|
|
|
|
|
|
176,472 |
|
|
|
|
|
| |||||
Total liabilities and stockholders equity |
|
$ |
1,100,346 |
|
|
|
|
|
|
$ |
1,087,499 |
|
|
|
|
|
| |||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Net interest income |
|
|
|
|
$ |
8,653 |
|
|
|
|
|
|
$ |
8,425 |
|
|
| |||
Interest rate spread |
|
|
|
|
|
|
3.04% |
|
|
|
|
|
|
3.03% |
| |||||
Net interest margin |
|
|
|
|
|
|
3.24% |
|
|
|
|
|
|
3.20% |
| |||||
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
Three Months Ended |
| ||||||||||||||||||
|
|
June 30, 2015 |
|
March 31, 2015 |
| ||||||||||||||||
|
|
|
|
Interest |
|
|
|
|
|
Interest |
|
|
| ||||||||
|
|
Average |
|
and |
|
Yield/ |
|
Average |
|
and |
|
Yield/ |
| ||||||||
|
|
Balance |
|
Dividends |
|
Cost (2) |
|
Balance |
|
Dividends |
|
Cost (2) |
| ||||||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning demand deposits |
|
$ |
10,285 |
|
|
$ |
3 |
|
|
0.13% |
|
$ |
11,550 |
|
|
$ |
3 |
|
|
0.10% |
|
Investment securities |
|
309,583 |
|
|
1,696 |
|
|
2.19% |
|
311,049 |
|
|
1,982 |
|
|
2.55% |
| ||||
Loans (1) |
|
749,997 |
|
|
8,391 |
|
|
4.49% |
|
742,005 |
|
|
8,139 |
|
|
4.44% |
| ||||
Allowance for loan losses |
|
(11,919 |
) |
|
|
|
|
|
|
(10,777 |
) |
|
|
|
|
|
| ||||
Net loans |
|
738,078 |
|
|
8,391 |
|
|
|
|
731,228 |
|
|
8,139 |
|
|
|
| ||||
Total interest-earning assets |
|
1,057,946 |
|
|
10,090 |
|
|
3.82% |
|
1,053,827 |
|
|
10,124 |
|
|
3.88% |
| ||||
Noninterest-earning assets |
|
42,400 |
|
|
|
|
|
|
|
42,702 |
|
|
|
|
|
|
| ||||
Total assets |
|
$ |
1,100,346 |
|
|
|
|
|
|
|
$ |
1,096,529 |
|
|
|
|
|
|
| ||
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits |
|
$ |
585,892 |
|
|
$ |
728 |
|
|
0.50% |
|
$ |
546,465 |
|
|
$ |
715 |
|
|
0.53% |
|
Borrowings |
|
156,130 |
|
|
709 |
|
|
1.82% |
|
190,129 |
|
|
737 |
|
|
1.57% |
| ||||
Total interest-bearing liabilities |
|
742,022 |
|
|
1,437 |
|
|
0.78% |
|
736,594 |
|
|
1,452 |
|
|
0.80% |
| ||||
Noninterest-bearing deposits |
|
177,223 |
|
|
|
|
|
|
|
176,389 |
|
|
|
|
|
|
| ||||
Other noninterest-bearing liabilities |
|
6,353 |
|
|
|
|
|
|
|
7,442 |
|
|
|
|
|
|
| ||||
Total liabilities |
|
925,598 |
|
|
|
|
|
|
|
920,425 |
|
|
|
|
|
|
| ||||
Stockholders equity |
|
174,201 |
|
|
|
|
|
|
|
175,552 |
|
|
|
|
|
|
| ||||
Accumulated comprehensive income |
|
547 |
|
|
|
|
|
|
|
552 |
|
|
|
|
|
|
| ||||
Total stockholders equity |
|
174,748 |
|
|
|
|
|
|
|
176,104 |
|
|
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,100,346 |
|
|
|
|
|
|
|
$ |
1,096,529 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest income |
|
|
|
|
$ |
8,653 |
|
|
|
|
|
|
|
$ |
8,672 |
|
|
|
| ||
Interest rate spread |
|
|
|
|
|
|
|
3.04% |
|
|
|
|
|
|
|
3.08% |
| ||||
Net interest margin |
|
|
|
|
|
|
|
3.24% |
|
|
|
|
|
|
|
3.29% |
|
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
FOX CHASE BANCORP, INC. |
2nd QUARTER EARNINGS 2015 |
|
|
AVERAGE BALANCE SHEET
(Dollars in Thousands, Unaudited)
|
|
Six Months Ended June 30, |
| ||||||||||||||||||
|
|
2015 |
|
2014 |
| ||||||||||||||||
|
|
|
|
|
Interest |
|
|
|
|
|
|
|
Interest |
|
|
|
| ||||
|
|
Average |
|
|
and |
|
|
Yield/ |
|
Average |
|
|
and |
|
|
Yield/ |
| ||||
|
|
Balance |
|
|
Dividends |
|
|
Cost (2) |
|
Balance |
|
|
Dividends |
|
|
Cost (2) |
| ||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-earning demand deposits |
|
$ |
10,917 |
|
|
$ |
6 |
|
|
0.11% |
|
$ |
6,783 |
|
|
$ |
1 |
|
|
0.04% |
|
Investment securities |
|
310,316 |
|
|
3,678 |
|
|
2.37% |
|
334,228 |
|
|
3,895 |
|
|
2.33% |
| ||||
Loans (1) |
|
746,001 |
|
|
16,530 |
|
|
4.46% |
|
714,613 |
|
|
16,240 |
|
|
4.57% |
| ||||
Allowance for loan losses |
|
(11,348 |
) |
|
|
|
|
|
|
(11,578 |
) |
|
|
|
|
|
| ||||
Net loans |
|
734,653 |
|
|
16,530 |
|
|
|
|
703,035 |
|
|
16,240 |
|
|
|
| ||||
Total interest-earning assets |
|
1,055,886 |
|
|
20,214 |
|
|
3.85% |
|
1,044,046 |
|
|
20,136 |
|
|
3.88% |
| ||||
Noninterest-earning assets |
|
42,551 |
|
|
|
|
|
|
|
46,043 |
|
|
|
|
|
|
| ||||
Total assets |
|
$ |
1,098,437 |
|
|
|
|
|
|
|
$ |
1,090,089 |
|
|
|
|
|
|
| ||
Liabilities and equity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Interest-bearing deposits |
|
$ |
566,178 |
|
|
$ |
1,443 |
|
|
0.51% |
|
$ |
566,963 |
|
|
$ |
1,695 |
|
|
0.60% |
|
Borrowings |
|
173,130 |
|
|
1,446 |
|
|
1.68% |
|
218,343 |
|
|
1,699 |
|
|
1.57% |
| ||||
Total interest-bearing liabilities |
|
739,308 |
|
|
2,889 |
|
|
0.79% |
|
785,306 |
|
|
3,394 |
|
|
0.87% |
| ||||
Noninterest-bearing deposits |
|
176,806 |
|
|
|
|
|
|
|
120,801 |
|
|
|
|
|
|
| ||||
Other noninterest-bearing liabilities |
|
6,897 |
|
|
|
|
|
|
|
7,952 |
|
|
|
|
|
|
| ||||
Total liabilities |
|
923,011 |
|
|
|
|
|
|
|
914,059 |
|
|
|
|
|
|
| ||||
Stockholders equity |
|
174,877 |
|
|
|
|
|
|
|
178,081 |
|
|
|
|
|
|
| ||||
Accumulated comprehensive income |
|
549 |
|
|
|
|
|
|
|
(2,051 |
) |
|
|
|
|
|
| ||||
Total stockholders equity |
|
175,426 |
|
|
|
|
|
|
|
176,030 |
|
|
|
|
|
|
| ||||
Total liabilities and stockholders equity |
|
$ |
1,098,437 |
|
|
|
|
|
|
|
$ |
1,090,089 |
|
|
|
|
|
|
| ||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Net interest income |
|
|
|
|
$ |
17,325 |
|
|
|
|
|
|
|
$ |
16,742 |
|
|
|
| ||
Interest rate spread |
|
|
|
|
|
|
|
3.06% |
|
|
|
|
|
|
|
3.01% |
| ||||
Net interest margin |
|
|
|
|
|
|
|
3.26% |
|
|
|
|
|
|
|
3.19% |
|
(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.
###
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