ONEIDA, N.Y., Oct. 28, 2015 /PRNewswire/ -- Oneida
Financial Corp. (NASDAQ Global: ONFC), the parent company of The
Oneida Savings Bank, has announced third quarter operating
results. Net income for the three months ended September 30, 2015 was $824,000 or $0.12
diluted earnings per share, compared to $1.5
million or $0.21 diluted
earnings per share, for the three months ended September 30, 2014. The decrease in net
income during the current third quarter period is primarily the
result of a decrease in net investment gains, an increase in income
tax provision and 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. Partially offsetting the decrease in net income for
the third quarter of 2015 as compared with the same period last
year was an increase in the fair value of our equity investments,
an increase in net interest income, an increase in non-interest
income and a decrease in provision for loan losses.
Net income for the nine months ended September 30, 2015 was $3.3 million or $0.46 diluted earnings per share, as compared
with $4.8 million or $0.69 diluted earnings per share for the same
period in 2014. The decrease in net income during the nine
months ended September 30, 2015 as
compared with the same period last year was primarily the result of
merger-related expenses incurred, an increase in income tax
provision and a decrease in net investment gains; partially offset
by an increase in fair value of our equity investments, a decrease
in non-interest expense (excluding merger-related expenses), an
increase in net interest income, an increase in non-interest income
and a decrease in provision for loan losses.
Key balance sheet changes at September
30, 2015
- The Bank is categorized as well capitalized at September 30, 2015 with a Tier 1 leverage ratio
of 9.37% and a total risk-based capital ratio of 16.96%. The
Company's average equity ratio as a percent of average assets was
11.82% at September 30, 2015 compared
to 12.50% at September 30, 2014.
- Deposit accounts were $707.5
million at September 30, 2015,
an increase of $28.3 million from
September 30, 2014. The
increase in total deposits from September
30, 2014 represents an increase of $8.9 million in retail deposits and further
supported by an increase of $19.4
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 $397.0
million at September 30, 2015
compared to $355.7 million at
September 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 $7.9 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 September 30, 2015.
- Investment and mortgage-backed securities totaled $254.2 million at September 30, 2015, a decrease of $40.4 million from September 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 September 30, 2015 and September 30, 2014.
- Total equity at September 30,
2015 was $97.1 million, an
increase of $2.2 million from
September 30, 2014. The change
in total equity is the result of the contribution of earnings
combined with net positive 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 third quarter 2015 include:
- Net interest income was $5.1
million for the three months ended September 30, 2015 compared to $5.0 million for the three months ended
September 30, 2014. Net
interest margin was 2.84% for the third quarter of 2015 compared to
3.02% for the third quarter of 2014.
- Non-interest income was $7.8
million for the three months ended September 30, 2015 compared to $7.6 million for the three months ended
September 30, 2014. Revenue
derived from the Company's insurance and other non-banking
operations increased to $6.6 million
in the third quarter of 2015 compared to $6.4 million in the comparable 2014 period.
- Net investment losses were $84,000 for the three months ended September 30, 2015 as compared with net
investment gains of $2.0 million for
the three months ended September 30,
2014. The investment gains recorded in the third quarter of
2014 represents the sale of the Company's remaining trust preferred
securities that were sold at a market price significantly higher
than the previously impaired book value of the securities.
- An increase in the fair value of trading (equity) securities of
$36,000 was recognized for the three
months ended September 30, 2015
compared to a decrease in fair value of $1.5
million for the three months ended September 30, 2014.
- Non-interest expense increased to $11.6
million for the three months ended September 30, 2015 compared to $11.0 million for the comparable period in
2014. This increase is primarily the result of $401,000 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 continued 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 and third quarters
of 2015, the Company is again reporting near record year-to-date
earnings." Kallet stated, "Earlier this year our stockholders
approved the merger with Community Bank System, Inc. pending
receipt of various regulatory approvals expected in the fourth
quarter of 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 concluded,
"Community Bank System has an impressive history of creating
shareholder value through both earnings and dividend growth and we
look forward to combining our shared cultures and record of
exceptional service and support to our communities."
Net Interest Income and Margin
Third quarter 2015 compared with third quarter 2014
Net interest income was $5.1
million for the three months ended September 30, 2015, an increase of $61,000 from the third quarter of 2014. The net
interest margin was 2.84% for the third quarter of 2015, compared
to 3.02% for the third quarter of 2014. The increase in net
interest income is primarily the result of an increase in average
interest-earning assets of $48.5
million partially offset by a decrease in the yield on
interest-earning assets of 26 basis points to 3.15%. The average
balance of interest-bearing liabilities increased $43.2 million with the average cost of
interest-bearing liabilities decreasing by 11 basis points to 0.35%
for the third quarter of 2015 as compared to 0.46% for the third
quarter of 2014.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
Net interest income for the three months ended September 30, 2015 decreased $51,000 from the three months ended June 30, 2015. The decrease in net interest
income is primarily the result of a decrease in average
interest-earning assets of $49.7
million from the quarter ended June
30, 2015 partially offset by an increase of 15 basis points
in the yield on average interest-earning assets. The average
interest-bearing liabilities decreased $50.8
million during the three months ended September 30, 2015 as compared with the linked
quarter, while the cost of interest-bearing liabilities decreased 1
basis point from 0.36% during the second quarter of 2015 to 0.35%
during the third quarter of 2015.
Year-to-date comparison 2015 to 2014
On a full year-to-date basis, net interest income has increased
$563,000 for the nine months ended
September 30, 2015, as compared to
the same period in 2014. The increase in net interest income
is primarily the result of an increase of $63.9 million in average interest-earning assets
partially offset by decrease in net interest margin of 16 basis
points to 2.80% for nine months ended September 30, 2015 from 2.96% for the same period
in 2014. The average interest-bearing liabilities increased
$52.7 million during the nine months
ended September 30, 2015 as compared
with the same period last year, while the cost of interest-bearing
liabilities decreased 9 basis points from 0.46% during the nine
months ended September 30, 2014 to
0.37% during the nine months ended September
30, 2015.
Provision for Loan Losses
Third quarter 2015 compared with third quarter 2014
During the third quarter of 2015, the Company made no provision
for loan losses as compared with a $270,000 provision for loan losses during the
third 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 0.08% at
September 30, 2015 as compared with
0.17% at September 30, 2014.
The ratio of the allowance for loan losses to loans receivable was
0.87% at September 30, 2015 compared
to 0.98% at September 30, 2014. Net
charge-offs during the current quarter were 0.00% of average loans
receivable as compared with net charge-offs of 0.01% of average
loans receivable in the same period last year.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
Similar to the linked quarter there was no provision for loan
losses during the third 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
0.08% at September 30, 2015 as
compared with 0.09% at June 30,
2015. The ratio of the allowance for loan losses to
loans receivable was 0.87% at September 30,
2015 compared to 0.88% at June 30,
2015.
Year-to-date comparison 2015 to 2014
The absence of provision for loan losses for the nine months
ended September 30, 2015 as compared
to $470,000 in the same period of
2014. Net charge-offs have totaled $60,000 for the nine months ended September 30, 2015 as compared with net
charge-offs of $89,000 for the same
period last year.
Non-interest Income
Third quarter 2015 compared with third quarter 2014
Non-interest income totaled $7.8
million for the third quarter of 2015, an increase of
$218,000 from $7.6 million in the third quarter of 2014. The
increase in non-interest income was primarily due to an increase in
commissions and fees on the sales of non-banking products through
the Bank's insurance and financial service subsidiaries of
$257,000 to $6.6 million for the three months ended
September 30, 2015 as compared with
$6.4 million during the same period
of 2014.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
Non-interest income decreased $353,000 from $8.1
million on a linked-quarter basis. The decrease is primarily
due to a decrease in commissions and fees on the sales of non-bank
products in the third quarter of 2015 of $314,000 to $6.6
million as compared with $6.9
million in the second quarter of 2015.
Year-to-date comparison 2015 to 2014
Non-interest income totaled $24.4
million for the nine months ended September 30, 2015 as compared with $23.9 million in the same period of 2014.
For the nine months ended September 30,
2015 commissions and fees on the sales of non-bank products
increased $833,000 from the same
period in 2014. Other revenue from operations decreased
$296,000 in the nine months ended
September 30, 2015 as compared with
the same period in 2014; reflecting the receipt during the third
quarter of 2014 of $614,000 from the
proceeds of a bank-owned life insurance policy partially offset by
a partial recovery of a previously charged off asset in the amount
of $316,000 received during the first
quarter of 2015. Service charges on deposit accounts decreased
$29,000 for the nine months ended
September 30, 2015 as compared with
the same period in 2014.
Net Investment (Losses) Gains
Third quarter 2015 compared with third quarter 2014
Net investment losses of $84,000
were recorded in the third quarter of 2015 compared with net
investment gains of $2.0 million in
the third quarter of 2014. The investment gains recorded in
the third quarter of 2014 represents the sale of the Company's
remaining trust preferred securities that were sold at a market
price significantly higher than the previously impaired book value
of the securities.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
During the linked quarter ended June 30,
2015, the Company realized net investment gains of
$76,000 as compared with $84,000 in net investment losses in the three
months ended September 30,
2015.
Year-to-date comparison 2015 to 2014
For the nine months ended September 30,
2015, the Company has recorded net investment gains of
$138,000 as compared with net
investment gains of $2.1 million
during the nine months ended September 30,
2014. The sale of our remaining trust preferred securities
and the resulting recapture of impairment charges recorded in
fiscal years prior to 2014 represents most of the net investment
gains during the 2014 period.
Change in the Fair Value of Investments
Third quarter 2015 compared with third 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 September 30, 2015, the fair value of the
Company's trading securities increased $36,000 as compared with a decrease of
$1.5 million in the third quarter of
2014. During the third quarter of 2015 the Company sold
$1.3 million of our trading
securities including all of our Freddie Mac preferred stock.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
During the linked quarter ended June 30,
2015, the Company recorded a $220,000 decrease in fair value of the Company's
trading securities at the end of the second quarter of 2015 as
compared with the fair value at the end of the first quarter of
2015.
Year-to-date comparison 2015 to 2014
For the nine months ended September 30,
2015, a positive net fair value adjustment of $58,000 reflects the increase in market value of
the Bank's trading securities at September
30, 2015 as compared with year-end 2014. This compares
with a net decrease in the fair value for the same 2014 period of
$684,000.
Non-interest Expense
Third quarter 2015 compared with third quarter 2014
Non-interest expense was $11.6
million for the three months ended September 30, 2015 as compared with $11.0 million during the third quarter of 2014.
The increase in non-interest expense was primarily due to recording
$401,000 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. Also contributing
to the increase in non-interest expense is an increase in equipment
and net occupancy costs of $212,000
as compared with the third quarter of 2014. This increase is
reflective of occupancy expenses related to a new building for our
Syracuse-based insurance and
financial services businesses. These increased expenses were
partially offset by a decrease in compensation and employee
benefits of $106,000 during the third
quarter of 2015 as compared with the same period in 2014.
Third quarter 2015 compared with linked quarter ended
June 30, 2015
Non-interest expense decreased $787,000 in the third quarter of 2015 as compared
with the linked prior quarter. The decrease in noninterest
expense was due to the recognition of merger-related expenses of
$1.3 million during the second
quarter of 2015 as compared with $401,000 in merger-related expenses in the
current quarter.
Year-to-date comparison 2015 to 2014
Non-interest expense totaled $35.3
million for the nine months ended September 30, 2015 as compared with $33.3 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 $1.7 million during the first half of 2015 as
compared with the same period in 2014.
Income Taxes
The Company's effective tax rate was 34.1% for the third quarter
of 2015 as compared with an effective tax rate of 20% for the third
quarter of 2014. For the linked quarter ended June 30, 2015, the Company's effective tax rate
was 38.7%. The decrease 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 nine months ended September
30, 2015 the Company's effective tax rate was 29.8% as
compared with an effective tax rate was 24.8% during the prior nine
months ended September 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
September 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:
|
Sep
30,
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sep
30,
|
(in thousands except
per share data)
|
2015
|
2015
|
2015
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
|
|
|
|
|
|
Total
assets
|
$815,766
|
$849,570
|
$881,966
|
$798,169
|
$786,768
|
Cash and cash
equivalents
|
70,612
|
84,438
|
105,929
|
31,075
|
44,341
|
Loans receivable,
net
|
396,982
|
391,019
|
379,937
|
367,859
|
355,685
|
Mortgage-backed
securities
|
102,543
|
108,189
|
115,407
|
115,911
|
110,462
|
Investment
securities
|
151,679
|
169,734
|
188,851
|
189,818
|
184,122
|
Trading
securities
|
2,567
|
3,922
|
4,142
|
3,900
|
4,379
|
Goodwill and other
intangibles
|
26,107
|
26,165
|
26,223
|
26,288
|
26,360
|
Interest bearing
deposits
|
599,847
|
645,415
|
679,167
|
603,482
|
586,191
|
Non-interest
bearing deposits
|
107,695
|
95,983
|
92,323
|
85,688
|
93,077
|
Borrowings
|
-
|
-
|
-
|
-
|
-
|
Total
equity
|
97,118
|
96,409
|
97,613
|
95,773
|
94,857
|
|
|
|
|
|
|
Book value per
share
|
|
|
|
|
|
(end
of period)
|
$13.94
|
$13.85
|
$14.06
|
$13.81
|
$13.70
|
Tangible value per
share
|
|
|
|
|
|
(end
of period)
|
$10.20
|
$10.09
|
$10.28
|
$10.02
|
$9.89
|
|
Quarter
Ended
|
|
Year to
Date
|
Selected Operating
Data:
|
Sep
30,
|
Sep
30,
|
|
Sep
30,
|
Sep
30,
|
(in thousands except
per share data)
|
2015
|
2014
|
|
2015
|
2014
|
|
(unaudited)
|
(unaudited)
|
|
(unaudited)
|
(unaudited)
|
Interest
income:
|
|
|
|
|
|
Interest and fees on loans
|
$ 3,993
|
$ 3,767
|
|
11,791
|
$ 11,117
|
Interest
and dividends
|
|
|
|
|
|
on
investments
|
1,615
|
1,909
|
|
5,283
|
5,695
|
Interest
on fed funds
|
17
|
4
|
|
54
|
16
|
Total interest
income
|
5,625
|
5,680
|
|
17,128
|
16,828
|
Interest
expense:
|
|
|
|
|
|
Interest
on deposits
|
539
|
645
|
|
1,731
|
1,952
|
Interest
on borrowings
|
-
|
10
|
|
1
|
43
|
Total interest
expense
|
539
|
655
|
|
1,732
|
1,995
|
Net interest
income
|
5,086
|
5,025
|
|
15,396
|
14,833
|
Provision for loan losses
|
-
|
270
|
|
-
|
470
|
Net interest income
after
|
|
|
|
|
|
provision for loan
losses
|
5,086
|
4,755
|
|
15,396
|
14,363
|
Net investment
(losses) gains
|
(84)
|
2,044
|
|
138
|
2,116
|
Change in fair value
of investments
|
36
|
(1,507)
|
|
58
|
(684)
|
Non-interest
income:
|
|
|
|
|
|
Service
charges on deposit accts
|
705
|
724
|
|
2,089
|
2,118
|
Commissions and fees on sales
|
|
|
|
|
|
of non-banking
products
|
6,632
|
6,375
|
|
20,599
|
19,766
|
Other
revenue from operations
|
439
|
459
|
|
1,712
|
2,008
|
Total non-interest
income
|
7,776
|
7,558
|
|
24,400
|
23,892
|
Non-interest
expense:
|
|
|
|
|
|
Salaries
and employee benefits
|
7,258
|
7,364
|
|
21,842
|
21,864
|
Equipment and net occupancy
|
1,468
|
1,256
|
|
4,077
|
3,806
|
Intangible amortization
|
58
|
72
|
|
181
|
222
|
Merger
related expenses
|
401
|
-
|
|
1,658
|
-
|
Other
costs of operations
|
2,379
|
2,333
|
|
7,580
|
7,369
|
Total non-interest
expense
|
11,564
|
11,025
|
|
35,338
|
33,261
|
Income before income
taxes
|
1,250
|
1,825
|
|
4,654
|
6,426
|
Income tax
provision
|
426
|
365
|
|
1,167
|
1,593
|
Net
income
|
$ 824
|
$ 1,460
|
|
$ 3,487
|
$ 4,833
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Basic )
|
$0.12
|
$0.21
|
|
$0.47
|
$0.69
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Diluted)
|
$0.12
|
$0.21
|
|
$0.46
|
$0.69
|
Cash dividends
paid
|
$0.12
|
$0.12
|
|
$0.36
|
$0.36
|
|
Third
|
Second
|
First
|
Fourth
|
Third
|
Selected Operating
Data:
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
(in thousands except
per share data)
|
2015
|
2015
|
2015
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Interest
income:
|
|
|
|
|
|
Interest and fees on loans
|
$ 3,993
|
$ 3,967
|
$ 3,831
|
$ 3,811
|
$ 3,767
|
Interest
and dividends
|
|
|
|
|
|
on
investments
|
1,615
|
1,738
|
1,929
|
1,908
|
1,909
|
Interest
on fed funds
|
17
|
27
|
11
|
9
|
4
|
Total interest
income
|
5,625
|
5,732
|
5,771
|
5,728
|
5,680
|
Interest
expense:
|
|
|
|
|
|
Interest
on deposits
|
539
|
595
|
597
|
638
|
645
|
Interest
on borrowings
|
-
|
-
|
1
|
1
|
10
|
Total interest
expense
|
539
|
595
|
598
|
639
|
655
|
Net interest
income
|
5,086
|
5,137
|
5,173
|
5,089
|
5,025
|
Provision for loan losses
|
-
|
-
|
-
|
30
|
270
|
Net interest income
after
|
|
|
|
|
|
provision for loan
losses
|
5,086
|
5,137
|
5,173
|
5,059
|
4,755
|
Net investment
(losses) gains
|
(84)
|
76
|
146
|
335
|
2,044
|
Change in fair value
of investments
|
36
|
(220)
|
242
|
(479)
|
(1,507)
|
Non-interest
income:
|
|
|
|
|
|
Service
charges on deposit accts
|
705
|
697
|
686
|
713
|
724
|
Commissions and fees on sales
|
|
|
|
|
|
of non-banking
products
|
6,632
|
6,946
|
7,022
|
6,875
|
6,375
|
Other
revenue from operations
|
439
|
486
|
788
|
575
|
459
|
Total non-interest
income
|
7,776
|
8,129
|
8,496
|
8,163
|
7,558
|
Non-interest
expense:
|
|
|
|
|
|
Salaries
and employee benefits
|
7,258
|
7,117
|
7,467
|
8,952
|
7,364
|
Equipment and net occupancy
|
1,468
|
1,319
|
1,290
|
1,269
|
1,256
|
Intangible amortization
|
58
|
58
|
65
|
72
|
72
|
Merger
related expenses
|
401
|
1,257
|
-
|
-
|
-
|
Other
costs of operations
|
2,379
|
2,600
|
2,601
|
2,623
|
2,333
|
Total non-interest
expense
|
11,564
|
12,351
|
11,423
|
12,916
|
11,025
|
Income before income
taxes
|
1,250
|
771
|
2,634
|
162
|
1,825
|
Income tax provision
(benefit)
|
426
|
298
|
663
|
(132)
|
365
|
Net
income
|
$ 824
|
$ 473
|
$ 1,971
|
$ 294
|
$ 1,460
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Basic )
|
$0.12
|
$0.07
|
$0.28
|
$0.04
|
$0.21
|
Net income per
common
|
|
|
|
|
|
share (
EPS – Diluted)
|
$0.12
|
$0.07
|
$0.28
|
$0.04
|
$0.21
|
Cash dividends
paid
|
$0.12
|
$0.12
|
$0.12
|
$0.12
|
$0.12
|
|
At
|
At
|
At
|
At
|
At
|
Selected Financial
Ratios (1)
|
Sep
30,
|
Jun
30,
|
Mar
31,
|
Dec
31,
|
Sep
30,
|
and Other Data
|
2015
|
2015
|
2015
|
2014
|
2014
|
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
(unaudited)
|
Performance
Ratios:
|
|
|
|
|
|
Return on average
assets
|
0.40%
|
0.22%
|
0.96%
|
0.15%
|
0.76%
|
Return on average
equity
|
3.39%
|
1.91%
|
8.14%
|
1.23%
|
6.06%
|
Return on average
tangible equity
|
4.64%
|
2.60%
|
11.16%
|
1.70%
|
8.34%
|
Interest rate spread
(2)
|
2.80%
|
2.64%
|
2.82%
|
2.89%
|
2.95%
|
Net interest margin
(3)
|
2.84%
|
2.69%
|
2.88%
|
2.95%
|
3.02%
|
Efficiency ratio
(4)
|
89.46%
|
92.67%
|
83.09%
|
96.92%
|
87.05%
|
Non-interest income
to average assets
|
3.78%
|
3.74%
|
4.12%
|
4.11%
|
3.92%
|
Non-interest expense
to average assets
|
5.63%
|
5.68%
|
5.55%
|
6.51%
|
5.72%
|
Average
interest-earning assets as a ratio
|
|
|
|
|
of average interest-bearing
liabilities
|
117.23%
|
115.74%
|
116.95%
|
117.00%
|
117.62%
|
Average equity to
average total assets
|
11.82%
|
11.38%
|
11.76%
|
12.05%
|
12.50%
|
Equity to total
assets (end of period)
|
11.91%
|
11.35%
|
11.07%
|
12.00%
|
12.06%
|
Tangible equity to
tangible assets
|
8.99%
|
8.53%
|
8.34%
|
9.00%
|
9.01%
|
|
|
|
|
|
|
Asset Quality
Ratios:
|
|
|
|
|
|
Nonperforming assets
to
|
|
|
|
|
|
total assets
|
0.04%
|
0.05%
|
0.07%
|
0.07%
|
0.11%
|
Nonperforming loans
to
|
|
|
|
|
|
total loans
|
0.08%
|
0.09%
|
0.10%
|
0.08%
|
0.17%
|
Net charge-offs to
average loans
|
0.00%
|
0.01%
|
0.00%
|
0.01%
|
0.01%
|
Allowance for loan
losses to
|
|
|
|
|
|
loans receivable
|
0.87%
|
0.88%
|
0.92%
|
0.95%
|
0.98%
|
Allowance for loan
losses to
|
|
|
|
|
|
nonperforming loans
|
1039.88%
|
942.51%
|
955.46%
|
1144.44%
|
575.12%
|
|
|
|
|
|
|
Bank Regulatory
Capital Ratios:
|
|
|
|
|
|
Total
capital
|
|
|
|
|
|
to
risk weighted assets
|
16.96%
|
15.87%
|
15.92%
|
16.54%
|
16.90%
|
Tier 1
capital
|
|
|
|
|
|
to
risk weighted assets
|
16.21%
|
15.15%
|
15.20%
|
15.77%
|
16.11%
|
Tier 1
capital
|
|
|
|
|
|
to
average assets
|
9.37%
|
8.66%
|
9.32%
|
9.36%
|
9.57%
|
|
|
|
|
|
|
|
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-third-quarter-operating-results-unaudited-300167973.html
SOURCE Oneida Financial Corp.