MONROEVILLE, Pa., Oct. 19 /PRNewswire-FirstCall/ -- Parkvale Financial Corporation Monroeville, PA reported net income for the quarter ended September 30, 2006, of $3.5 million or $0.61 per diluted share, up 7.8%, compared to net income of $3.2 million or $0.57 per diluted share for the quarter ended September 30, 2005. The $253,000 increase in net income for the September 2006 quarter reflects an increase in net interest income of $155,000 and higher noninterest income of $345,000, offset by an increase in related income tax expense. Net interest income increased to $9.6 million from $9.4 million for the prior period. Return on average equity was 11.17% for the September 2006 quarter.
Parkvale Financial Corporation is the parent of Parkvale Bank, which has 47 offices in the Tri-State area and assets of $1.9 billion at September 30, 2006.
(Condensed Consolidated Statement of Operations and selected financial data follows.)
PARKVALE FINANCIAL CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
(In Thousands except per share data)
(Unaudited)
Three months ended
September 30,
2006 2005
Total interest income $23,929 $21,652
Total interest expense 14,338 12,216
Net interest income 9,591 9,436
Provision for loan losses 204 136
Net interest income after
provision for losses 9,387 9,300
Gain (loss) on sale of assets (9) -
Noninterest income 2,637 2,283
Total noninterest expense 6,847 6,840
Income before income taxes 5,168 4,743
Income tax expense 1,687 1,515
Net income $3,481 $3,228
Basic earnings per share $0.61 $0.57
Diluted earnings per share $0.61 $0.57
Dividend per share $0.20 $0.20
SELECTED FINANCIAL DATA
(In Thousands except per share data)
Sept. 30, June 30, Sept. 30,
2006 2006 2005
Total assets $1,923,586 $1,858,715 $1,848,671
Savings deposits 1,519,881 1,451,764 1,447,590
Total loans, net 1,214,310 1,217,328 1,196,538
Loan loss reserves 14,957 14,907 15,150
Non-performing assets 6,994 4,564 6,632
Ratio of classified assets to total
assets 0.36% 0.25% 0.36%
Allowance for loan losses as a % of
gross loans 1.22% 1.21% 1.25%
Total shareholders' equity $125,218 $122,704 $115,079
Book value per share 22.05 21.64 20.43
OTHER SELECTED DATA
Three months ended
September 30,
2006 2005
Average yield earned on all interest-
earning assets 5.46% 4.90%
Average rate paid on all interest-
bearing liabilities 3.34% 2.81%
Average interest rate spread 2.12% 2.09%
Return on average assets 0.75% 0.69%
Return on average equity 11.17% 11.27%
Other expense to average assets 1.48% 1.46%
