Anzeige
Mehr »
Login
Donnerstag, 28.03.2024 Börsentäglich über 12.000 News von 687 internationalen Medien
Spezial am Donnerstag: Rallye II. - Neuer Anstoß, News und was die Börsencommunity jetzt nicht verpassen will…
Anzeige

Indizes

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Aktien

Kurs

%
News
24 h / 7 T
Aufrufe
7 Tage

Xetra-Orderbuch

Fonds

Kurs

%

Devisen

Kurs

%

Rohstoffe

Kurs

%

Themen

Kurs

%

Erweiterte Suche
PR Newswire
159 Leser
Artikel bewerten:
(0)

First Financial Service Corporation Reports Improved Credit Quality for the Fifth Consecutive Quarter

ELIZABETHTOWN, Ky., Aug.9, 2013 /PRNewswire/ --First Financial Service Corporation (the Company, NASDAQ: FFKY) today reported a net loss to common stockholders of $1.4 million for the quarter ended June 30, 2013, an improvement from the net loss to common stockholders of $4.4 million for the same quarter in 2012. The net loss per diluted common share was $0.29 for the quarter ended June 30, 2013, compared to a net loss per diluted common share of $0.92 for the same quarter in 2012, an improvement of 68%.

First Financial also reported a net loss of $1.5 million for the six months ended June 30, 2013, an improvement from the net loss to common stockholders of $5.0 million for the same six-month period in 2012. The net loss per diluted common share was $0.32 for the six months ended June 30, 2013, compared to a net loss per diluted common share of $1.04 for the six months ended June 30, 2012, an improvement of 69%.

"We continue to see significant progress in credit trends with an improvement in the overall loan portfolio," said President, Greg Schreacke. "This is extremely important to us as we continue to shift our focus from dealing with problem assets to positioning the Company for profitable performance. While net loans declined 3.2% from the previous quarter mainly due to normal pay downs in the loan portfolio and continued reduction in non-performing loans, new loan production is accelerating. The Company generated $38 million in new loans during the second quarter following $34 million in the first quarter of 2013 and $26 million in quarter ended December 31, 2012."

SECOND QUARTER 2013 HIGHLIGHTS

  • Non-performing assets, excluding restructured loans that are accruing and paying as agreed, declined by $8.3 million or 20.6%, to $32.1 million from March 31, 2013 and $42.6 million or 57.0% from June 30, 2012. This represents the fifth consecutive quarterly reduction in non-performing assets, excluding restructured loans that are accruing and paying as agreed.
  • Allowance for loan losses to total non-performing loans, excluding restructured loans that are accruing and paying as agreed, was 89.3% at June 30, 2013 compared to 42.0% for the same quarter last year.
  • Annualized net charge-offs were 0.06% at June 30, 2013 compared to 1.37% for the same quarter last year.
  • Other real estate expenses have declined 69.4% for the six months ended June 30, 2013 to $800,000 when compared to $2.7 million for the same period last year.
  • Net interest margin improved to 2.87% for the quarter ended June 30, 2013, up from 2.66% last quarter and 2.42% for the quarter ended June 30, 2012. The yield on interest earning assets improved by 12 basis points and the cost of interest bearing liabilities improved by 9 basis points when compared to the quarter ended March 31, 2013.
  • Regulatory capital ratios continue to improve at the bank level. The tier I leverage ratio was 7.27%, the tier I risk-based ratio was 11.09%, and the total risk-based ratio was 12.36% for the quarter ended June 30, 2013 compared to 5.73%, 9.42%, and 10.68% respectively for the quarter ended June 30, 2012.

"The improvement to the net interest margin is consistent with our expectations," said Chief Financial Officer, Frank Perez. "The combination of improved net interest margin and better asset quality are key factors as we move forward and put our challenges behind us."

First Financial Service Corporation is the parent bank holding company of First Federal Savings Bank of Elizabethtown, which was chartered in 1923. The Bank serves the needs and caters to the economic strengths of the local communities in which it operates and strives to provide a high level of personal and professional customer service. The Bank offers a variety of financial services to its retail and commercial banking customers. These services include personal and corporate banking services, and personal investment financial counseling services. Currently, the Bank serves six contiguous counties in central Kentucky through its 17 full-service banking centers.

This release includes forward-looking statements. The words "expect," "anticipate," "goal," "objective," "intend," "plan," "believe," "should," "seek," "estimate" and similar expressions identify forward-looking statements, but other statements not limited to historical information may also be considered forward-looking. All forward-looking statements are subject to risks, uncertainties and other factors that may cause our actual results to differ materially from any results expressed or implied by such forward-looking statements. Such risks and uncertainties include, without limitation, (i) events or conditions that adversely affect the financial condition of borrowers; (ii) continuation of the current historically low short-term interest rate environment; (iii) our ability to attract performing loans; (iv) changes in loan underwriting, credit review or loss reserve policies resulting from economic conditions, regulatory oversight or regulatory developments; (v) the effectiveness of our efforts to improve, resolve or liquidate lower-quality assets; (vi) increased competition from other financial institutions; (vii) greater than anticipated adverse conditions in the national or local economies, particularly in commercial and residential real estate markets; (viii) rapid fluctuations or unanticipated changes in interest rates; (ix) events that would cause us to conclude that there was impairment of any asset, including intangible assets; (x) events that further reduce the value of, or increase expenses associated with, other real estate owned; (xi) our ability to comply with regulatory capital requirements; and (xiii) changes in state and federal legislation, regulations or policies applicable to banks and other financial service providers, including implementation of the Dodd-Frank Wall Street Reform and Consumer Protection Act. A more detailed description of these and other risks and uncertainties is contained in our most recent annual report on Form 10-K and our most recent quarterly report on Form 10-Q filed with the Securities and Exchange Commission. Many of the risks and uncertainties described above are beyond our ability to control or predict, and therefore readers are cautioned not to put undue reliance on the forward-looking statements made in this release. First Financial Service Corporation disclaims any obligation to update or revise any forward-looking statements made in this release, whether as a result of new information, future events or otherwise, unless required by law.


FIRST FINANCIAL SERVICE CORPORATION

Consolidated Balance Sheets

(Unaudited)
















June 30,


December 31,

(Dollars in thousands, except per share data)


2013


2012










ASSETS:






Cash and due from banks




$ 11,947


$ 12,598

Interest bearing deposits




15,978


50,505

Total cash and cash equivalents



27,925


63,103










Securities available-for-sale




309,132


354,131

Loans held for sale





3,595


3,887










Loans, net of unearned fees




490,586


524,835

Allowance for loan losses




(15,947)


(17,265)

Net loans





474,639


507,570










Federal Home Loan Bank stock




4,430


4,805

Cash surrender value of life insurance



10,244


10,060

Premises and equipment, net




26,742


27,048

Real estate owned:








Acquired through foreclosure, net of valuation





allowance of $721 Jun (2013) and $500 Dec (2012)


14,169


22,286

Other repossessed assets




37


34

Accrued interest receivable




2,390


2,690

Accrued income taxes




2,907


2,928

Low-income housing investments



6,821


7,061

Other assets





1,487


1,459











TOTAL ASSETS




$ 884,518


$ 1,007,062











LIABILITIES AND STOCKHOLDERS' EQUITY




LIABILITIES:








Deposits:









Non-interest bearing




$ 80,584


$ 75,842

Interest bearing





717,793


846,778

Total deposits





798,377


922,620










Advances from Federal Home Loan Bank



22,526


12,596

Subordinated debentures




18,000


18,000

Accrued interest payable




3,798


3,121

Accrued senior preferred dividend



2,969


2,469

Accounts payable and other liabilities



4,246


3,884











TOTAL LIABILITIES




849,916


962,690










Commitments and contingent liabilities



-


-










STOCKHOLDERS' EQUITY:







Senior preferred stock, $1 par value per share;





authorized 5,000,000 shares; issued and





outstanding, 20,000 shares with a liquidation





preference of $23.0 million Jun (2013), and





$22.5 million Dec (2012)




19,970


19,943

Common stock, $1 par value per share;






authorized 35,000,000 shares; issued and





outstanding, 4,855,890 shares Jun (2013), and 4,775,114




shares Dec (2012)





4,856


4,775

Additional paid-in capital




35,990


35,782

Accumulated deficit





(18,929)


(17,398)

Accumulated other comprehensive income



(7,285)


1,270











TOTAL STOCKHOLDERS' EQUITY


34,602


44,372


TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY

$ 884,518


$ 1,007,062



FIRST FINANCIAL SERVICE CORPORATION





Consolidated Statements of Operations







(Unaudited)





















Three Months Ended


Six Months Ended

(Amounts in thousands, except per share data)

June 30,


June 30,






2013

2012


2013

2012











Loans, including fees



$ 6,603

$ 8,868


$ 13,421

$ 18,829

Taxable securities




1,541

1,726


3,198

3,436

Tax exempt securities



67

144


132

357


Total interest income



8,211

10,738


16,751

22,622











Interest Expense:









Deposits





1,774

3,444


3,910

7,389

Federal Home Loan Bank advances


132

283


264

567

Subordinated debentures



341

341


682

682


Total interest expense


2,247

4,068


4,856

8,638











Net interest income




5,964

6,670


11,895

13,984

Provision for loan losses



212

915


(825)

1,927

Net interest income after provision for loan losses

5,752

5,755


12,720

12,057











Non-interest Income:








Customer service fees on deposit accounts

1,307

1,399


2,498

2,782

Gain on sale of mortgage loans


161

384


588

695

Gain on sale of investments



334

598


843

1,309

Loss on sale of investments



(334)

(303)


(616)

(303)

Other than temporary impairment loss:







Total other-than-temporary impairment losses

-

-


-

(26)

Portion of loss recognized in other comprehensive






income/(loss) (before taxes)


-

-


-

-

Net impairment losses recognized in earnings

-

-


-

(26)

Loss on sale and write downs on real estate acquired






through foreclosure



(532)

(2,016)


(1,592)

(3,582)

Gain on sale of premises and equipment


-

322


-

322

Gain on sale on real estate acquired through foreclosure

150

210


207

613

Gain on sale of real estate held for development

-

-


-

175

Brokerage commissions



139

112


257

207

Other income




461

617


955

1,028


Total non-interest income


1,686

1,323


3,140

3,220











Non-interest Expense:








Employee compensation and benefits


3,757

3,822


7,550

7,675

Office occupancy expense and equipment

690

782


1,398

1,550

Marketing and advertising



74

135


174

168

Outside services and data processing


941

893


1,804

1,704

Bank franchise tax




315

402


630

744

FDIC insurance premiums



505

682


1,194

1,097

Amortization of intangible assets


-

62


-

127

Real estate acquired through foreclosure expense

524

2,336


818

2,676

Loan expense




385

656


607

1,164

Other expense




1,372

1,446


2,688

2,800


Total non-interest expense


8,563

11,216


16,863

19,705











Loss before income taxes



(1,125)

(4,138)


(1,003)

(4,428)

Income tax expense/(benefit)



1

1


1

1

Net Loss





(1,126)

(4,139)


(1,004)

(4,429)

Less:










Dividends on preferred stock



(250)

(250)


(500)

(500)

Accretion on preferred stock



(13)

(13)


(27)

(27)

Net loss attributable to common shareholders

$ (1,389)

$ (4,402)


$ (1,531)

$ (4,956)











Shares applicable to basic loss per common share

4,806,444

4,767,464


4,797,259

4,764,240

Basic loss per common share



$ (0.29)

$ (0.92)


$ (0.32)

$ (1.04)











Shares applicable to diluted loss per common share

4,806,444

4,767,464


4,797,259

4,764,240

Diluted loss per common share


$ (0.29)

$ (0.92)


$ (0.32)

$ (1.04)











Cash dividends declared per common share

$ -

$ -


$ -

$ -




Quarter Ended June 30,





2013




2012


(Dollars in thousands)











Average


Average


Average


Average




Balance

Interest

Yield/Cost (5)


Balance

Interest

Yield/Cost (5)

ASSETS










Interest earning assets:








U.S. Government and federal agency

$ -

$ -

-%


$ 19,399

$ 98

2.03%

Mortgage-backed securities

244,501

1,031

1.69%


309,475

1,498

1.94%

State and political subdivision








securities (1)


15,501

248

6.42%


13,755

218

6.36%

Trust Preferred Securities

-

-

-%


1,032

16

6.22%

Corporate bonds


59,231

377

2.55%


412

1

0.97%

Loans (2) (3) (4)


499,079

6,603

5.31%


662,340

8,868

5.37%

FHLB stock


4,430

47

4.26%


4,805

56

4.67%

Interest bearing deposits

24,982

16

0.26%


107,296

57

0.21%

Total interest earning assets

847,724

8,322

3.94%


1,118,514

10,812

3.88%

Less: Allowance for loan losses

(16,156)




(17,759)



Non-interest earning assets

78,642




92,289



Total assets


$ 910,210




$ 1,193,044













LIABILITIES AND









STOCKHOLDERS' EQUITY








Interest bearing liabilities:








Savings accounts


$ 91,122

$ 52

0.23%


$ 98,445

$ 72

0.29%

NOW and money market








accounts


265,784

153

0.23%


305,064

390

0.51%

Certificates of deposit and








other time deposits

390,885

1,569

1.61%


605,531

2,983

1.98%

FHLB advances


13,762

132

3.85%


27,678

282

4.09%

Subordinated debentures

18,000

341

7.60%


18,000

341

7.60%

Total interest bearing liabilities

779,553

2,247

1.16%


1,054,718

4,068

1.55%

Non-interest bearing liabilities:








Non-interest bearing deposits

80,433




82,698



Other liabilities


11,060




5,069



Total liabilities


871,046




1,142,485













Stockholders' equity


39,164




50,559



Total liabilities and








stockholders' equity

$ 910,210




$ 1,193,044













Net interest income



$ 6,075




$ 6,744


Net interest spread




2.78%




2.33%

Net interest margin




2.87%




2.42%





















(1) Taxable equivalent yields are calculated assuming a 34% federal income tax rate.

(2) Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans.

(3) Calculations include non-accruing loans in the average loan amounts outstanding.

(4) Includes loans held for sale.

(5) Annualized




Six Months Ended June 30,





2013




2012


(Dollars in thousands)











Average


Average


Average


Average




Balance

Interest

Yield/Cost (5)


Balance

Interest

Yield/Cost (5)

ASSETS










Interest earning assets:








U.S. Government and federal agency

$ 3,822

$ 28

1.48%


$ 21,537

$ 230

2.15%

Mortgage-backed securities

266,443

2,241

1.70%


294,883

2,969

2.03%

State and political subdivision








securities (1)


15,078

421

5.63%


16,636

541

6.56%

Trust Preferred Securities

-

-

-%


1,055

29

5.54%

Corporate bonds


50,862

651

2.58%


206

1

0.98%

Loans (2) (3) (4)


510,593

13,421

5.30%


694,733

18,829

5.47%

FHLB stock


4,555

98

4.34%


4,805

103

4.32%

Interest bearing deposits

27,701

34

0.25%


95,855

104

0.22%

Total interest earning assets

879,054

16,894

3.88%


1,129,710

22,806

4.07%

Less: Allowance for loan losses

(16,587)




(17,868)



Non-interest earning assets

81,181




92,995



Total assets


$ 943,648




$ 1,204,837













LIABILITIES AND









STOCKHOLDERS' EQUITY








Interest bearing liabilities:








Savings accounts


$ 88,947

$ 107

0.24%


$ 96,491

$ 143

0.30%

NOW and money market








accounts


272,224

355

0.26%


304,972

838

0.55%

Certificates of deposit and








other time deposits

419,536

3,448

1.66%


621,632

6,408

2.08%

FHLB advances


13,168

264

4.04%


27,761

567

4.12%

Subordinated debentures

18,000

682

7.64%


18,000

682

7.64%

Total interest bearing liabilities

811,875

4,856

1.21%


1,068,856

8,638

1.63%

Non-interest bearing liabilities:








Non-interest bearing deposits

79,492




79,215



Other liabilities


10,727




4,858



Total liabilities


902,094




1,152,929













Stockholders' equity


41,554




51,908



Total liabilities and








stockholders' equity

$ 943,648




$ 1,204,837













Net interest income



$ 12,038




$ 14,168


Net interest spread




2.67%




2.44%

Net interest margin




2.76%




2.53%





















(1) Taxable equivalent yields are calculated assuming a 34% federal income tax rate.

(2) Includes loan fees, immaterial in amount, in both interest income and the calculation of yield on loans.

(3) Calculations include non-accruing loans in the average loan amounts outstanding.

(4) Includes loans held for sale.

(5) Annualized





Three Months Ended


Six Months Ended





June 30,


June 30,

(Dollars in thousands)


2013


2012


2013


2012












Balance at beginning of period


$ 15,812


$ 17,329


$ 17,265


$ 17,181












Loans charged-off:










Residential mortgage


-


31


-


62

Consumer & home equity


92


158


155


276

Commercial & commercial real estate


61


2,190


546


2,990

Total charge-offs



153


2,379


701


3,328

Recoveries:










Residential mortgage


4


-


4


1

Consumer & home equity


48


42


90


86

Commercial & commercial real estate


24


75


114


102

Total recoveries



76


117


208


189












Net loans charged-off


77


2,262


493


3,139












Provision for loan losses


212


915


(825)


1,927












Balance at end of period


15,947


15,982


15,947


15,969












Less: Allowance allocated to loans held for








sale in probable branch divestiture

-


(682)


-


(669)












Balance at end of period, net


$ 15,947


$ 15,300


$ 15,947


$ 15,300












Allowance for loan losses to total loans (1) (2)

3.25%


2.50%


3.25%


2.50%

Annualized net charge-offs to average








loans outstanding



0.06%


1.37%


0.19%


0.91%

Allowance for loan losses to









total non-performing loans (2)


89%


42%


89%


42%












(1) Includes loans held for sale in probablebranch divestiture and probable loan sale for 2012

(2) Includes allowance allocated to loans held for sale in probable branch divestiture for 2012
















June 30,


March 31,


December 31,


September 30,

June 30,

(Dollars in thousands)

2013


2013


2012


2012


2012













Restructured on non-accrual status

$ 8,639


$ 9,099


$ 9,753


$ 16,151


$ 21,844

Past due 90 days still on accrual

-


1,950


-


-


-

Loans on non-accrual status

9,215


9,596


11,702


15,565


16,217













Total non-performing loans

17,854


20,645


21,455


31,716


38,061

Real estate acquired through










foreclosure


14,169


19,705


22,286


28,649


36,529

Other repossessed assets

37


32


34


24


30

Total non-performing assets

$ 32,060


$ 40,382


$ 43,775


$ 60,389


$ 74,620













Ratios: Non-performing loans










to total loans (includes loans held for sale in










probable branch divestiture and probable










loan sale for 2012)

3.64%


4.08%


4.09%


5.53%


5.97%

Non-performing assets










to total loans (includes loans held for sale in










probable branch divestiture and probable










loan sale for 2012)

6.54%


7.98%


8.34%


10.53%


11.71%

SOURCE First Financial Service Corporation

Großer Dividenden-Report 2024 von Dr. Dennis Riedl
Der kostenlose Dividenden-Report zeigt ganz genau, wo Sie in diesem Jahr zuschlagen können. Das sind die Favoriten von Börsenprofi Dr. Dennis Riedl
Jetzt hier klicken
© 2013 PR Newswire
Werbehinweise: Die Billigung des Basisprospekts durch die BaFin ist nicht als ihre Befürwortung der angebotenen Wertpapiere zu verstehen. Wir empfehlen Interessenten und potenziellen Anlegern den Basisprospekt und die Endgültigen Bedingungen zu lesen, bevor sie eine Anlageentscheidung treffen, um sich möglichst umfassend zu informieren, insbesondere über die potenziellen Risiken und Chancen des Wertpapiers. Sie sind im Begriff, ein Produkt zu erwerben, das nicht einfach ist und schwer zu verstehen sein kann.