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Jefferson Bancshares, Inc. Announces Earnings For The Quarter And Fiscal Year Ended June 30, 2013

The Company cautions you that a number of important factors could cause actual results to differ materially from those currently anticipated in any forward-looking statement. Such factors include, but are not limited to: prevailing economic and geopolitical conditions; changes in interest rates, loan demand, real estate values and competition; changes in accounting principles, policies and guidelines; changes in any applicable law, rule, regulation or practice with respect to tax or legal issues; and other economic, competitive, governmental, regulatory and technological factors affecting the Company’s operations, pricing, products and services and other factors that may be described in the Company’s annual report on Form 10-K and quarterly reports on Form 10-Q as filed with the Securities and Exchange Commission. The forward-looking statements are made as of the date of this release, and, except as may be required by applicable law or regulation, the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

 
 
 
 
 
JEFFERSON BANCSHARES, INC.
         
At At
June 30, 2013 June 30, 2012
(Dollars in thousands)
 
Financial Condition Data:
Total assets $ 503,028 $ 522,930
Loans receivable, net 321,299 322,499

Cash and cash equivalents, and interest-bearing deposits
24,514 56,693
Investment securities 96,024 83,483
Deposits 399,642 423,882
Repurchase agreements 551 398
FHLB advances 37,626 37,863
Subordinated debentures 7,358 7,245
Stockholders' equity $ 53,025 $ 52,629
 
 
 
 
 
Three Months Ended June 30, Year Ended June 30,
2013 2012 2013 2012
(Dollars in thousands, except per share data) (Dollars in thousands, except per share data)
 
Operating Data:
Interest income $ 4,820 $ 5,235 $ 19,501 $ 22,432
Interest expense 744 939 3,130 4,570
Net interest income 4,076 4,296 16,371 17,862
Provision for loan losses - 600 800 9,873

Net interest income after provision for loan losses
4,076 3,696 15,571 7,989
Noninterest income 494 491 2,113 2,180
Noninterest expense 3,806 3,806 15,546 16,693
Earnings before income taxes 764 381 2,138 (6,524 )
Total income taxes 199 90 544 (2,524 )
Net earnings $ 565 $ 291 $ 1,594 ($4,000 )
 
 
Share Data:
Earnings per share, basic $ 0.09 $ 0.05 $ 0.25 ($0.64 )
Earnings per share, diluted $ 0.09 $ 0.05 $ 0.25 ($0.64 )
Book value per common share $ 8.03 $ 7.94 $ 8.03 $ 7.94
Weighted average shares:
Basic 6,275,519 6,261,914 6,270,523 6,243,347
Diluted 6,275,519 6,261,914 6,270,523 6,243,347
 
 
 
 
 
Three Months Ended June 30, Year Ended June 30,
2013 2012 2013 2012
(Dollars in thousands) (Dollars in thousands)
 
Allowance for Loan Losses:
Allowance at beginning of period $ 5,670 $ 6,807 $ 5,852 $ 8,181
Provision for loan losses - 600 800 9,873
Recoveries 12 677 439 934
Charge-offs   (22 )   (2,232 )   (1,431 )   (13,136 )
Net Charge-offs   (10 )   (1,555 )   (992 )   (12,202 )
Allowance at end of period $ 5,660   $ 5,852   $ 5,660   $ 5,852  
 

Net charge-offs to average outstanding loans during the period, annualized
0.01 % 1.84 % 0.31 % 3.36 %
 
 
 
 
 
At At
June 30, 2013 June 30, 2012
(Dollars in thousands)
 
Nonperforming Assets:
Nonperforming loans $ 12,796 $ 18,562
Nonperforming investments 942 207
Real estate owned 5,433 6,075
Other nonperforming assets   -     348  
 
Total nonperforming assets $ 19,171   $ 25,192  
 
 
 
 
 
Year Ended Year Ended
June 30, 2013 June 30, 2012
 
Performance Ratios:
Return on average assets 0.31 % (0.74 %)
Return on average equity 2.97 % (7.37 %)
Interest rate spread 3.55 % 3.60 %
Net interest margin 3.64 % 3.72 %
Efficiency ratio 84.16 % 83.38 %

Average interest-earning assets to average interest-bearing liabilities
112.76 % 111.99 %
 
Asset Quality Ratios:

Allowance for loan losses as a percent of total loans
1.73 % 1.78 %

Allowance for loan losses as a percent of nonperforming loans
44.23 % 31.53 %

Nonperforming loans as a percent of total loans
3.91 % 5.65 %

Nonperforming assets as a percent of total assets
3.81 % 4.82 %
 
 
 

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