ý
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):
October 26, 2015
HF FINANCIAL CORP.
(Exact name of registrant as specified in its charter)
|
| | | | |
Delaware | | 0-19972 | | 46-0418532 |
(State or other jurisdiction of incorporation) | | (Commission File Number) | | (IRS Employer Identification No.) |
|
| | |
225 South Main Avenue Sioux Falls, SD | | 57104 |
(Address of principal executive offices) | | (Zip Code) |
(605) 333-7556
(Registrant’s 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 (see General Instruction A.2):
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o 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 October 26, 2015, HF Financial Corp. (the “Company”) issued a press release regarding results for the quarter ended September 30, 2015.
The information in Item 2.02 of this Current Report on Form 8-K, including the Exhibit 99.1, which is incorporated herein by reference, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and is not incorporated by reference in to any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
ITEM 8.01 OTHER EVENTS.
Quarterly Cash Dividend
The Company announced on October 26, 2015, that it would pay a quarterly cash dividend of 11.25 cents per common share for the first quarter of the 2016 fiscal year. The dividend is payable November 13, 2015 to stockholders of record November 6, 2015.
A copy of the Company’s September 30, 2015 press release regarding these matters is attached as Exhibit 99.1.
ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.
(d) Exhibits:
99.1 Press Release dated October 26, 2015.
SIGNATURES
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 hereunto duly authorized.
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| | | |
| | HF Financial Corp |
| | (Registrant) |
| | |
| | |
Date: | October 26, 2015 | By: | /s/ Stephen M. Bianchi |
| | | Stephen M. Bianchi, President |
| | | and Chief Executive Officer |
| | | (Duly Authorized Officer) |
| | | |
| | | |
Date: | October 26, 2015 | By: | /s/ Brent R. Olthoff |
| | | Brent R. Olthoff, Senior Vice President, |
| | | Chief Financial Officer, and Treasurer |
| | | (Principal Financial Officer) |
HF Financial Corp. Reports Fiscal First Quarter Core Earnings of $0.30 Per Diluted Share and GAAP Earnings of $0.55 Per Diluted Share
Branch Sale Generates $2.8 Million Pre-tax Gain
Declares Regular Quarterly Dividend of $0.1125 per Share
SIOUX FALLS, SD, October 26, 2015 -- HF Financial Corp. (Nasdaq: HFFC) today reported fiscal first quarter 2016 earnings increased 113% to $3.9 million, or $0.55 per diluted share, compared to $1.8 million, or $0.26 per diluted share one year earlier and from $2.0 million, or $0.28 per diluted share, one quarter earlier. The quarter’s earnings reflect a pre-tax gain of $2.8 million on the previously announced sale of the Pierre branch with total deposits of approximately $21.4 million. Core earnings, a non-GAAP measure, were $2.1 million, or $0.30 per diluted share for the first fiscal quarter of 2016, as compared to core earnings of $1.7 million, or $0.24 per diluted share, for the first fiscal quarter a year ago. Core earnings were supported by a stronger tax equivalent net interest margin of 3.55% for the first quarter compared to 2.84% one year earlier.
Total assets were $1.17 billion at September 30, 2015, compared to $1.19 billion the previous quarter and tangible book value per share increased to $14.61 from $14.07 the previous quarter. Loan balances declined slightly reflecting $24.2 million in loan balances sold associated with the Pierre branch. Excluding loans sold in this branch sale, loans increased by $16.2 million compared to the previous quarter. Asset quality remains strong with nonperforming assets as a percentage of total assets at 1.04% at September 30, 2015, compared to 1.21% one year earlier.
“Over the past two years, we have better positioned our banking franchise to generate stronger returns on equity with healthier net interest margins, a branching platform that delivers quality service to our customers more efficiently, and a lending team with better coordination for reaching our customers. We also continue to improve workflows and examine our cost structure to maximize efficiencies,” said Stephen Bianchi, President and Chief Executive Officer.
Fiscal 2016 First Quarter Financial Highlights: (at or for the periods ended September 30, 2015, compared to June 30, 2015, and/or September 30, 2014.)
| |
• | Core earnings, a non-GAAP measure, were $2.1 million, or $0.30 per diluted share, for the first quarter of fiscal 2016. GAAP earnings increased 113% to $3.9 million for the first quarter, or $0.55 per diluted share, from earnings of $1.8 million, or $0.26 per diluted share in the prior year first quarter. |
| |
• | The net interest margin expressed on a fully taxable equivalent basis (“NIM, TE”), a non-GAAP measure, increased to 3.55% for the fiscal first quarter 2016 compared to 3.53% the previous quarter and 2.84% one year ago. |
| |
• | Total loans decreased to $906.3 million at September 30, 2015, from $914.4 million at June 30, 2015, and increased 10.9% from $817.3 million a year ago. The quarterly decrease included the sale of $24.2 million of loans associated with the Pierre branch. Excluding the loans sold with the Pierre branch, the loan balance expanded $16.2 million, or 1.8% in the quarter. |
| |
• | Nonperforming assets declined to $12.1 million, or 1.04% of total assets at quarter end compared to $13.3 million or 1.12% of total assets one quarter earlier. One year earlier, nonperforming assets totaled $15.2 million, or 1.21% of total assets. Nonperforming assets at September 30, 2015, include $9.9 million of non-accruing troubled debt restructured loans that are compliant with their restructured terms. |
| |
• | Net charge-offs were $152,000 for the fiscal first quarter or just 0.07% annualized of the average total loans. |
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• | Loan and lease losses allowance totaled 1.24% of total loans at September 30, 2015, compared to 1.23% one quarter earlier. The Company has no direct exposure to the oil & gas industry. |
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• | As previously announced, the Bank sold its branch office in Pierre, SD with $21.4 million in deposits on July 24, 2015, for a $2.8 million net pre-tax gain. |
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• | Bank capital ratios as of September 30, 2015, continued to remain well above the newly implemented regulatory “well-capitalized” minimum levels and include the newly implemented common equity tier 1 capital to risk- weighted assets ratio: |
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◦ | Total risk-based capital to risk-weighted assets was 13.64% versus 13.29% at June 30, 2015. |
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◦ | Tier 1 capital to risk-weighted assets was 12.50% versus 12.16% at June 30, 2015. |
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◦ | Tier 1 capital to total adjusted assets was 10.62% versus 10.39% at June 30, 2015. |
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◦ | Common equity tier 1 capital to risk-weighted assets was 12.50% versus 12.16% at June 30, 2015. |
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• | The most recent dividend of $0.1125 per share represents a 2.74% current yield at recent market prices. |
| |
• | Tangible book value was $14.61 per share at September 30, 2015, compared to $13.86 per share a year ago. This increase in tangible book value combined with a total dividend of $0.45 results in an intrinsic return of 8.66% for the past twelve month period. |
For a reconciliation of core earnings and core diluted earnings per share to accounting principles generally accepted in the United States ("GAAP") for net income and GAAP diluted earnings per share, please refer to the tables in the section titled "Reconciliation of GAAP Earnings and Core Earnings."
Balance Sheet and Asset Quality Review
HF Financial’s total asset base was $1.17 billion at September 30, 2015, compared to $1.19 billion one quarter earlier. Assets declined slightly related to the branch sale and seasonal outflow of public funds. Total loans decreased to $906.3 million at September 30, 2015, impacted by the $24.2 million in loans sold with the Pierre branch sale. The loan composition after the first fiscal quarter reflects slightly less agricultural and commercial loans and a larger balance of commercial real estate loans when compared to the prior quarter end. At September 30, 2015, commercial real estate totaled 49.7%, agricultural loans totaled 21.4%, commercial business loans were 7.9%, consumer were 7.7% and construction and residential loans totaled 7.2% and 6.1%, respectively.
Total deposits decreased to $916.3 million at September 30, 2015, from $963.2 million one quarter earlier. The deposit decline reflects both the sale of $21.4 million of deposits related to the Pierre branch and a seasonal decline in public funds. Non-certificate accounts represented 66.9% of total deposits, while certificates of deposit represented 33.1% of total deposits at September 30, 2015. Non-interest bearing deposits represent 16.0% of total deposits.
FHLB advances and other borrowings increased during the first fiscal quarter of 2016 to $92.6 million compared to $65.6 million in the previous quarter, primarily consisting of shorter-term borrowing. For the quarter ended September 30, 2015, the weighted average cost of the FHLB borrowing portfolio was 0.39% compared to 0.40% the previous quarter.
Nonperforming assets ("NPAs"), which included $9.9 million of nonaccruing troubled debt restructurings that are in compliance with their restructured terms, totaled $12.1 million at September 30, 2015 compared to $15.2 million one year earlier. At September 30, 2015, NPAs represented 1.04% of total assets and included only $272,000 in foreclosed assets.
The allowance for loan and lease losses at September 30, 2015, totaled $11.3 million and represented 1.24% of total loans and leases. Total allowance relative to total nonperforming loans was 95.0% at September 30, 2015, compared to 68.7% one year earlier.
Tangible common stockholders' equity was 8.83% of tangible assets at September 30, 2015 compared to 7.81%
one year earlier. Tangible book value per common share was $14.61 at September 30, 2015, up from $13.86 one year earlier.
Capital ratios continued to remain well above regulatory requirements with Tier 1 capital to risk-weighted assets of 12.50% at September 30, 2015, while the ratio of Tier 1 capital to total adjusted assets was 10.62%. These regulatory ratios were higher than the required minimum levels of 6.00% and 4.00%, respectively.
Review of Operations
For the first fiscal quarter ending September 30, 2015, HF Financial's operations reflected improved core earnings with expanding net interest margin, growing noninterest income and improving asset quality. Net interest income increased 1.5% to $9.6 million for the first fiscal quarter of fiscal 2016 compared to $9.5 million the previous quarter and 15.9% from $8.3 million one year earlier. The NIM, TE expanded to 3.55% for the fiscal first quarter compared to 3.53% the previous quarter and 2.84% one year earlier.
“The sale of our Pierre branch in the first quarter allowed us to realize a net premium on a single office with deposits of $21.4 million. In addition, the net interest margin continues to benefit from net loan growth against a lower cost of funding base, while our banking teams remain focused on developing deeper client relationships to drive fee income opportunities,” stated Brent Olthoff, Chief Financial Officer and Treasurer.
Provision for loan losses reflect reserves established for the expanding loan portfolio, economic conditions and historical charge-off activity. Provisions totaled $178,000 for the first fiscal quarter of 2016 compared to $630,000 for the fourth fiscal quarter of 2015. Gross charge-offs were $193,000 for the first quarter versus $448,000 in the prior quarter.
Noninterest income totaled $6.4 million for the fiscal first quarter of 2016 compared to $3.7 million in the previous quarter. The first quarter was impacted by the sale of a bank branch for a pre-tax gain of $2.8 million. Mortgage activity produced $1.1 million in servicing and gains on loan sales revenue in the first fiscal quarter of 2016, a similar level to the prior quarter. Fees on deposits totaled $1.5 million for the first quarter of fiscal 2016 which was similar to the previous quarter.
Total noninterest expense was $9.9 million compared to $9.7 million in the previous quarter. Compensation and employee benefits increased to $6.1 million from $6.0 million the previous quarter and $5.3 million one year earlier. The most recent quarters reflect additional costs associated with health care costs, performance incentives, and variable pay increases related to increased mortgage activity and investment sales commissions, when compared to the same quarter one year ago. One-time retention and severance pay of $98,000 was also incurred due to the Pierre branch sale and additional internal staffing restructuring completed during the first quarter.
These financial results are preliminary until the Form 10-Q is filed in November 2015.
Quarterly Dividend Declared
The board of directors declared a regular quarterly cash dividend of $0.1125 per common share for the first fiscal quarter 2016. The dividend is payable November 13, 2015 to stockholders of record November 6, 2015.
Use of Non-GAAP Financial Measures
This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). “Net Interest Margin, TE” and "Core Earnings" are non-GAAP financial measures. Information regarding the usefulness of Net Interest Margin, TE and Core Earnings appear in the notes to the attached financial statements. The Company believes that the presentation of non-GAAP financial measures will permit investors to assess the Company's core operating results on the same basis as management. Non-GAAP financial measures should be considered supplemental to, not a substitute for or superior to, financial measures calculated in accordance with GAAP. As other companies may use different calculations for these measures, these presentations may not be comparable to other similarly titled measures
reported by other companies. Reconciliation of the non-GAAP measures to the most comparable GAAP measures are set forth in the notes to the attached financial statements.
About HF Financial Corp.
HF Financial Corp., based in Sioux Falls, SD, is the parent company for financial services companies, including Home Federal Bank, Mid America Capital Services, Inc., dba Mid America Leasing Company, Hometown Investment Services, Inc. and HF Financial Group, Inc. As a publicly traded savings association headquartered in South Dakota, HF Financial Corp. operates with 23 offices in 17 communities, throughout Eastern South Dakota, Minnesota, and North Dakota. The Company operates a branch in the Twin Cities market as Infinia Bank, a Division of Home Federal Bank of South Dakota, and a full service branch in Fargo, North Dakota. Internet banking is also available at www.homefederal.com and www.infiniabank.com.
This news release and other reports issued by the Company, including reports filed with the Securities and Exchange Commission, contain “forward-looking statements” that deal with future results, expectations, plans and performance. In addition, the Company's management may make forward-looking statements orally to the media, securities analysts, investors or others. These forward-looking statements might include one or more of the following:
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• | Projections of income, loss, revenues, earnings or losses per share, dividends, capital expenditures, capital structure, adequacy of loan loss reserves, tax benefit or other financial items. |
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• | Descriptions of plans or objectives of management for future operations, products or services, transactions, investments and use of subordinated debentures payable to trusts. |
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• | Forecasts of future economic performance. |
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• | Use and descriptions of assumptions and estimates underlying or relating to such matters. |
Forward-looking statements can be identified by the fact they do not relate strictly to historical or current facts. They often include words such as “optimism,” “look-forward,” “bright,” “pleased,” “believe,” “expect,” “anticipate,” “intend,” “plan,” “estimate” or words of similar meaning, or future or conditional verbs such as “will,” “would,” “should,” “could,” or “may”.
Forward-looking statements about the Company's expected financial results and other plans are subject to certain risks, uncertainties and assumptions. These include, but are not limited to the following: possible legislative changes and adverse economic, business and competitive conditions and developments (such as shrinking interest margins and continued short-term environments); deposit outflows, reduced demand for financial services and loan products; changes in accounting policies or guidelines, or in monetary and fiscal policies of the federal government; changes in credit and other risks posed by the Company's loan and lease portfolios; the ability or inability of the Company to manage interest rate and other risks; unexpected or continuing claims against the Company's self-insured health plan; the ability or inability of the Company to successfully enter into a definitive agreement for and close anticipated transactions; technological, computer-related or operational difficulties; adverse changes in securities markets; results of litigation; and the other risks detailed from time to time in the Company's SEC filings, including but not limited to, its annual report on Form 10-K for the fiscal year ending June 30, 2015, and its subsequent quarterly reports on Form 10-Q.
Forward-looking statements speak only as of the date they are made. The Company does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Although the Company believes its expectations are reasonable, it can give no assurance that such expectations will prove to be correct. Based upon changing conditions, should any one or more of these risks or uncertainties materialize, or should any underlying assumptions prove incorrect, actual results may vary materially from those described in any forward-looking statements.
CONTACT: HF Financial Corp.
Stephen Bianchi, President and Chief Executive Officer (605) 333-7556
HF Financial Corp.
Selected Consolidated Operating Highlights
(Dollars in Thousands, except share data)
(Unaudited)
|
| | | | | | | | | | | | |
| | Three Months Ended |
| | September 30, | | June 30, | | September 30, |
| | 2015 | | 2015 | | 2014 |
Interest, dividend and loan fee income: | | |
| | |
| | |
|
Loans and leases receivable | | $ | 10,085 |
| | $ | 9,897 |
| | $ | 9,160 |
|
Investment securities and interest-earning deposits | | 746 |
| | 766 |
| | 1,206 |
|
| | 10,831 |
| | 10,663 |
| | 10,366 |
|
Interest expense: | | |
| | |
| | |
|
Deposits | | 845 |
| | 835 |
| | 916 |
|
Advances from Federal Home Loan Bank and other borrowings | | 379 |
| | 367 |
| | 1,164 |
|
| | 1,224 |
| | 1,202 |
| | 2,080 |
|
Net interest income | | 9,607 |
| | 9,461 |
| | 8,286 |
|
Provision (benefit) for losses on loans and leases | | 178 |
| | 630 |
| | (22 | ) |
Net interest income after provision for losses on loans and leases | | 9,429 |
| | 8,831 |
| | 8,308 |
|
Noninterest income: | | |
| | |
| | |
|
Fees on deposits | | 1,461 |
| | 1,447 |
| | 1,599 |
|
Loan servicing income, net | | 335 |
| | 318 |
| | 370 |
|
Gain on sale of loans | | 773 |
| | 751 |
| | 547 |
|
Earnings on cash value of life insurance | | 210 |
| | 208 |
| | 207 |
|
Trust income | | 214 |
| | 171 |
| | 223 |
|
Commission and insurance income | | 491 |
| | 534 |
| | 419 |
|
Gain on sale of securities, net | | 5 |
| | 18 |
| | 34 |
|
Gain on sale of bank branch | | 2,847 |
| | — |
| | — |
|
Loss on disposal of closed-branch fixed assets | | — |
| | — |
| | (163 | ) |
Other | | 109 |
| | 289 |
| | 105 |
|
| | 6,445 |
| | 3,736 |
| | 3,341 |
|
Noninterest expense: | | |
| | |
| | |
|
Compensation and employee benefits | | 6,059 |
| | 5,952 |
| | 5,251 |
|
Occupancy and equipment | | 1,046 |
| | 996 |
| | 1,043 |
|
FDIC insurance | | 190 |
| | 194 |
| | 215 |
|
Check and data processing expense | | 865 |
| | 767 |
| | 833 |
|
Professional fees | | 675 |
| | 609 |
| | 640 |
|
Marketing and community investment | | 274 |
| | 316 |
| | 372 |
|
Other | | 823 |
| | 857 |
| | 667 |
|
| | 9,932 |
| | 9,691 |
| | 9,021 |
|
Income before income taxes | | 5,942 |
| | 2,876 |
| | 2,628 |
|
Income tax expense | | 2,090 |
| | 913 |
| | 816 |
|
Net income | | $ | 3,852 |
| | $ | 1,963 |
| | $ | 1,812 |
|
| | | | | | |
Basic earnings per common share: | | $ | 0.55 |
| | $ | 0.28 |
| | $ | 0.26 |
|
Diluted earnings per common share: | | $ | 0.55 |
| | $ | 0.28 |
| | $ | 0.26 |
|
Basic weighted average shares: | | 7,054,451 |
| | 7,054,451 |
| | 7,055,440 |
|
Diluted weighted average shares: | | 7,064,924 |
| | 7,061,927 |
| | 7,060,042 |
|
Outstanding shares (end of period): | | 7,054,451 |
| | 7,054,451 |
| | 7,055,440 |
|
Number of full-service offices | | 23 |
| | 23 |
| | 26 |
|
HF Financial Corp.
Consolidated Statements of Financial Condition
(Dollars in Thousands, except share data)
|
| | | | | | | |
| September 30, 2015 | | June 30, 2015 |
| (Unaudited) | | (Audited) |
ASSETS | | | |
Cash and cash equivalents | $ | 18,941 |
| | $ | 21,476 |
|
Investment securities available for sale | 154,170 |
| | 158,806 |
|
Investment securities held to maturity | 20,042 |
| | 20,156 |
|
Correspondent bank stock | 5,261 |
| | 4,177 |
|
Loans held for sale | 9,027 |
| | 9,038 |
|
| | | |
Loans and leases receivable | 906,280 |
| | 914,419 |
|
Allowance for loan and lease losses | (11,256 | ) | | (11,230 | ) |
Loans and leases receivable, net | 895,024 |
| | 903,189 |
|
| | | |
Accrued interest receivable | 6,486 |
| | 5,414 |
|
Office properties and equipment, net of accumulated depreciation | 16,306 |
| | 15,493 |
|
Foreclosed real estate and other properties | 272 |
| | 157 |
|
Cash value of life insurance | 21,491 |
| | 21,320 |
|
Servicing rights, net | 10,457 |
| | 10,584 |
|
Goodwill and intangible assets, net | 4,725 |
| | 4,737 |
|
Other assets | 9,358 |
| | 10,648 |
|
Total assets | $ | 1,171,560 |
| | $ | 1,185,195 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY | | | |
Liabilities | | | |
Deposits | $ | 916,328 |
| | $ | 963,229 |
|
Advances from Federal Home Loan Bank and other borrowings | 92,647 |
| | 65,558 |
|
Subordinated debentures payable to trusts, net of unamortized debt issuance costs | 24,657 |
| | 24,655 |
|
Advances by borrowers for taxes and insurance | 16,576 |
| | 14,197 |
|
Accrued expenses and other liabilities | 13,548 |
| | 13,579 |
|
Total liabilities | 1,063,756 |
| | 1,081,218 |
|
Stockholders' equity | | | |
Preferred stock, $.01 par value, 500,000 shares authorized, none outstanding | — |
| | — |
|
Series A Junior Participating Preferred Stock, $1.00 stated value, 50,000 shares authorized, none outstanding | — |
| | — |
|
Common stock, $.01 par value, 10,000,000 shares authorized, 9,137,906 and 9,137,906 shares issued at September 30, 2015 and June 30, 2015, respectively | 91 |
| | 91 |
|
Additional paid-in capital | 46,373 |
| | 46,320 |
|
Retained earnings, substantially restricted | 93,204 |
| | 90,145 |
|
Accumulated other comprehensive (loss), net of related deferred tax effect | (967 | ) | | (1,682 | ) |
Less cost of treasury stock, 2,083,455 shares at September 30, 2015 and June 30, 2015 | (30,897 | ) | | (30,897 | ) |
Total stockholders' equity | 107,804 |
| | 103,977 |
|
Total liabilities and stockholders' equity | $ | 1,171,560 |
| | $ | 1,185,195 |
|
HF Financial Corp.
Selected Consolidated Financial Condition Data
(Dollars in Thousands)
(Unaudited)
|
| | | | | | | | | | | | |
Allowance for Loan and Lease Loss Activity | | Three Months Ended |
September 30, | | June 30, | | September 30, |
| 2015 | | 2015 | | 2014 |
Balance, beginning | | $ | 11,230 |
| | $ | 11,012 |
| | $ | 10,502 |
|
Provision charged to income | | 178 |
| | 630 |
| | (22 | ) |
Charge-offs | | (193 | ) | | (448 | ) | | (141 | ) |
Recoveries | | 41 |
| | 36 |
| | 40 |
|
Balance, ending | | $ | 11,256 |
| | $ | 11,230 |
| | $ | 10,379 |
|
|
| | | | | | | | | | | | |
Asset Quality | | September 30, 2015 | | June 30, 2015 | | September 30, 2014 |
Nonaccruing loans and leases | | $ | 11,854 |
| | $ | 13,107 |
| | $ | 15,098 |
|
Accruing loans and leases delinquent more than 90 days | | — |
| | — |
| | — |
|
Foreclosed assets | | 272 |
| | 157 |
| | 124 |
|
Total nonperforming assets (1) | | $ | 12,126 |
| | $ | 13,264 |
| | $ | 15,222 |
|
| | | | | | |
General allowance for loan and lease losses | | $ | 11,007 |
| | $ | 10,951 |
| | $ | 9,941 |
|
Specific impaired loan valuation allowance | | 249 |
| | 279 |
| | 438 |
|
Total allowance for loans and lease losses | | $ | 11,256 |
| | $ | 11,230 |
| | $ | 10,379 |
|
| | | | | | |
Ratio of nonperforming assets to total assets at end of period (1) | | 1.04 | % | | 1.12 | % | | 1.21 | % |
Ratio of nonperforming loans and leases to total loans and leases at end of period (2) | | 1.31 | % | | 1.43 | % | | 1.85 | % |
Ratio of net charge-offs to average loans and leases for the year-to-date period (3) | | 0.07 | % | | 0.13 | % | | 0.05 | % |
Ratio of allowance for loan and lease losses to total loans and leases at end of period | | 1.24 | % | | 1.23 | % | | 1.27 | % |
Ratio of allowance for loan and lease losses to nonperforming loans and leases at end of period (2) | | 95.0 | % | | 85.7 | % | | 68.7 | % |
_____________________________________________
(1) Nonperforming assets include nonaccruing loans and leases, accruing loans and leases delinquent more than 90 days and foreclosed assets. Includes nonaccruing troubled debt restructured loans compliant with their restructured terms of $9.9 million, $9.5 million, and $13.5 million, for the respective quarters.
(2) Nonperforming loans and leases include both nonaccruing and accruing loans and leases delinquent more than 90 days.
(3) Percentages for the three months ended September 30, 2015 and September 30, 2014 have been annualized.
|
| | | | | | | | | | | | |
Troubled Debt Restructuring Summary | | September 30, 2015 | | June 30, 2015 | | September 30, 2014 |
Nonaccruing troubled debt restructurings-non-compliant (1)(2) | | $ | 113 |
| | $ | — |
| | $ | 5 |
|
Nonaccruing troubled debt restructurings-compliant (1)(2)(3) | | 9,905 |
| | 9,499 |
| | 13,491 |
|
Accruing troubled debt restructurings (4) | | 2,545 |
| | 2,767 |
| | 1,861 |
|
Total troubled debt restructurings | | $ | 12,563 |
| | $ | 12,266 |
| | $ | 15,357 |
|
______________________________________________
(1) Non-compliant and compliant refer to the terms of the restructuring agreement.
(2) Balances are included in nonaccruing loans as part of nonperforming loans.
(3) Interest received but applied to the principal balance was $136, $156, and $250, for the respective quarters.
(4) None of the loans included are 90 days past due and are not included in the nonperforming loans.
HF Financial Corp.
Selected Capital Composition Highlights
(Unaudited)
|
| | | | | | | | |
| September 30, 2015 | | June 30, 2015 | | September 30, 2014 |
Common stockholder's equity before OCI (1) to consolidated assets | 9.31 | % | | 8.95 | % | | 8.47 | % |
OCI components to consolidated assets: | | | | | |
Net changes in unrealized gains and losses: | | | | | |
Investment securities available for sale | 0.04 |
| | (0.02 | ) | | (0.13 | ) |
Defined benefit plan | (0.09 | ) | | (0.09 | ) | | (0.11 | ) |
Derivatives and hedging activities | (0.03 | ) | | (0.03 | ) | | (0.04 | ) |
Goodwill and intangible assets, net to consolidated assets | (0.40 | ) | | (0.40 | ) | | (0.38 | ) |
Tangible common equity to tangible assets | 8.83 | % | | 8.41 | % | | 7.81 | % |
|
| | | | | | | | | | | |
Tangible book value per common share (2) | $ | 14.61 |
| | $ | 14.07 |
| | $ | 13.86 |
|
|
| | | | | | | | |
Tier I capital (to adjusted total assets) (3) | 10.62 | % | | 10.39 | % | | 9.70 | % |
Tier I capital (to risk-weighted assets) (3) | 12.50 |
| | 12.16 |
| | 13.36 |
|
Common equity tier I capital (to risk-weighted assets) (3)(4) | 12.50 |
| | 12.16 |
| | NA |
Total risk-based capital (to risk-weighted assets) (3) | 13.64 |
| | 13.29 |
| | 14.50 |
|
______________________________________________
(1) Accumulated other comprehensive income (loss).
(2) Common equity reduced by goodwill and intangible assets, net and divided by number of shares of outstanding common stock.
(3) Capital ratios for Home Federal Bank.
(4) Common equity tier I capital ratio is a regulatory ratio reporting requirement effective beginning March 31, 2015.
HF Financial Corp.
Selected Consolidated Financial Condition Data
(Dollars in Thousands)
(Unaudited)
|
| | | | | | | | | | | | | |
Loan and Lease Portfolio Composition | | | | | | | |
| September 30, 2015 | | June 30, 2015 |
| Amount | | Percent | | Amount | | Percent |
Residential: | | | | | | | |
One-to four-family | $ | 55,125 |
| | 6.1 | % | | $ | 55,572 |
| | 6.1 | % |
Construction | 9,194 |
| | 1.0 |
| | 6,308 |
| | 0.7 |
|
Commercial: | | | | | | | |
Commercial business (1) | 71,466 |
| | 7.9 |
| | 78,493 |
| | 8.6 |
|
Equipment finance leases | 130 |
| | — |
| | 158 |
| | — |
|
Commercial real estate: | | | | | | | |
Commercial real estate | 335,685 |
| | 37.0 |
| | 325,453 |
| | 35.6 |
|
Multi-family real estate | 115,268 |
| | 12.7 |
| | 111,354 |
| | 12.2 |
|
Construction | 56,527 |
| | 6.2 |
| | 48,224 |
| | 5.3 |
|
Agricultural: | | | | | | | |
Agricultural real estate | 88,024 |
| | 9.7 |
| | 96,952 |
| | 10.6 |
|
Agricultural business | 106,550 |
| | 11.7 |
| | 123,988 |
| | 13.5 |
|
Consumer: | | | | | | | |
Consumer direct | 14,983 |
| | 1.7 |
| | 14,837 |
| | 1.6 |
|
Consumer home equity | 50,786 |
| | 5.7 |
| | 50,377 |
| | 5.5 |
|
Consumer overdraft & reserve | 2,542 |
| | 0.3 |
| | 2,703 |
| | 0.3 |
|
Total (2) | $ | 906,280 |
| | 100.0 | % | | $ | 914,419 |
| | 100.0 | % |
_________________________________________________
(1) Includes $1,376 and $1,377 tax exempt leases at September 30, 2015 and June 30, 2015, respectively.
(2) Exclusive of undisbursed portion of loans in process and net of deferred loan fees and discounts.
|
| | | | | | | | | | | | | |
Deposit Composition | | | | | | | |
| September 30, 2015 | | June 30, 2015 |
| Amount | | Percent | | Amount | | Percent |
Noninterest-bearing checking accounts | $ | 146,799 |
| | 16.0 | % | | $ | 171,064 |
| | 17.8 | % |
Interest-bearing checking accounts | 178,475 |
| | 19.5 |
| | 185,075 |
| | 19.2 |
|
Money market accounts | 194,249 |
| | 21.2 |
| | 198,000 |
| | 20.5 |
|
Savings accounts | 93,317 |
| | 10.2 |
| | 93,053 |
| | 9.7 |
|
In-market certificates of deposit | 219,594 |
| | 24.0 |
| | 242,036 |
| | 25.1 |
|
Out-of-market certificates of deposit | 83,894 |
| | 9.1 |
| | 74,001 |
| | 7.7 |
|
Total deposits | $ | 916,328 |
| | 100.0 | % | | $ | 963,229 |
| | 100.0 | % |
HF Financial Corp.
Selected Consolidated Financial Condition Data
(Dollars in Thousands)
(Unaudited)
|
| | | | | | | | | | | | | |
Average Balance, Interest Yields and Rates | Three Months Ended |
| September 30, 2015 | | June 30, 2015 |
| Average Outstanding Balance | | Yield/ Rate | | Average Outstanding Balance | | Yield/ Rate |
Interest-earning assets: | | | | | | | |
Loans and leases receivable(1)(3) | $ | 913,277 |
| | 4.39 | % | | $ | 910,757 |
| | 4.36 | % |
Investment securities(2)(3) | 183,346 |
| | 1.62 |
| | 185,571 |
| | 1.66 |
|
Total interest-earning assets | 1,096,623 |
| | 3.93 | % | | 1,096,328 |
| | 3.90 | % |
Noninterest-earning assets | 74,964 |
| | |
| | 75,668 |
| | |
|
Total assets | $ | 1,171,587 |
| | |
| | $ | 1,171,996 |
| | |
|
Interest-bearing liabilities: | | | | | | | |
Deposits: | | | | | | | |
Checking and money market | $ | 374,980 |
| | 0.24 | % | | $ | 380,230 |
| | 0.23 | % |
Savings | 95,996 |
| | 0.25 |
| | 116,390 |
| | 0.20 |
|
Certificates of deposit | 299,554 |
| | 0.75 |
| | 289,084 |
| | 0.77 |
|
Total interest-bearing deposits | 770,530 |
| | 0.44 |
| | 785,704 |
| | 0.43 |
|
FHLB advances and other borrowings | 81,852 |
| | 0.41 |
| | 80,220 |
| | 0.38 |
|
Subordinated debentures payable to trusts | 24,656 |
| | 4.74 |
| | 24,837 |
| | 4.68 |
|
Total interest-bearing liabilities | 877,038 |
| | 0.56 | % | | 890,761 |
| | 0.54 | % |
Noninterest-bearing deposits | 155,703 |
| | |
| | 146,183 |
| | |
|
Other liabilities | 32,706 |
| | |
| | 31,777 |
| | |
|
Total liabilities | 1,065,447 |
| | |
| | 1,068,721 |
| | |
|
Equity | 106,140 |
| | |
| | 103,275 |
| | |
|
Total liabilities and equity | $ | 1,171,587 |
| | |
| | $ | 1,171,996 |
| | |
|
Net interest spread(4) | |
| | 3.37 | % | | |
| | 3.36 | % |
Net interest margin(4)(5) | |
| | 3.49 | % | | |
| | 3.46 | % |
Net interest margin, TE(6) | |
| | 3.55 | % | | |
| | 3.53 | % |
Return on average assets(7) | | | 1.31 | % | | | | 0.67 | % |
Return on average equity(8) | | | 14.44 | % | | | | 7.62 | % |
_____________________________________
| |
(1) | Includes loan fees and interest on accruing loans and leases past due 90 days or more. |
| |
(2) | Includes federal funds sold and interest earning reserve balances at the Federal Reserve Bank. |
| |
(3) | Yields do not reflect the tax-exempt nature of loans, equipment leases and municipal securities. |
| |
(4) | Percentages for the three months ended September 30, 2015 and June 30, 2015 have been annualized. |
| |
(5) | Net interest income divided by average interest-earning assets. |
| |
(6) | Net interest margin expressed on a fully taxable equivalent basis ("Net Interest Margin, TE") is a non-GAAP financial measure. See the following Non-GAAP Disclosure Reconciliation of Net Interest Income (GAAP) to Net Interest Margin, TE (Non-GAAP). The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income and certain other permanent income tax differences. We believe that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis, and accordingly believe the presentation of this non-GAAP financial measure may be useful for peer comparison purposes. As a non-GAAP financial measure, Net Interest Margin, TE should be considered supplemental to and not a substitute for or superior to, financial measures calculated in accordance with GAAP. As other companies may use different calculations for Net Interest Margin, TE, this presentation may not be comparable to similarly titled measures reported by other companies. |
| |
(7) | Ratio of net income to average total assets. |
| |
(8) | Ratio of net income to average equity. |
HF Financial Corp.
Selected Consolidated Financial Condition Data
(Dollars in Thousands)
(Unaudited)
|
| | | | | | | | | | | | | |
Average Balance, Interest Yields and Rates | Three Months Ended |
| September 30, 2015 | | September 30, 2014 |
| Average Outstanding Balance | | Yield/ Rate | | Average Outstanding Balance | | Yield/ Rate |
Interest-earning assets: | | | | | | | |
Loans and leases receivable(1)(3) | $ | 913,277 |
| | 4.39 | % | | $ | 818,100 |
| | 4.44 | % |
Investment securities(2)(3) | 183,346 |
| | 1.62 |
| | 365,880 |
| | 1.31 |
|
Total interest-earning assets | 1,096,623 |
| | 3.93 | % | | 1,183,980 |
| | 3.47 | % |
Noninterest-earning assets | 74,964 |
| | |
| | 73,181 |
| | |
|
Total assets | $ | 1,171,587 |
| | |
| | $ | 1,257,161 |
| | |
|
Interest-bearing liabilities: | | | | | | | |
Deposits: | | | | | | | |
Checking and money market | $ | 374,980 |
| | 0.24 | % | | $ | 400,864 |
| | 0.25 | % |
Savings | 95,996 |
| | 0.25 |
| | 147,952 |
| | 0.21 |
|
Certificates of deposit | 299,554 |
| | 0.75 |
| | 256,168 |
| | 0.91 |
|
Total interest-bearing deposits | 770,530 |
| | 0.44 |
| | 804,984 |
| | 0.45 |
|
FHLB advances and other borrowings | 81,852 |
| | 0.41 |
| | 136,731 |
| | 2.49 |
|
Subordinated debentures payable to trusts | 24,656 |
| | 4.74 |
| | 24,837 |
| | 4.90 |
|
Total interest-bearing liabilities | 877,038 |
| | 0.56 | % | | 966,552 |
| | 0.85 | % |
Noninterest-bearing deposits | 155,703 |
| | |
| | 156,070 |
| | |
|
Other liabilities | 32,706 |
| | |
| | 32,534 |
| | |
|
Total liabilities | 1,065,447 |
| | |
| | 1,155,156 |
| | |
|
Equity | 106,140 |
| | |
| | 102,005 |
| | |
|
Total liabilities and equity | $ | 1,171,587 |
| | |
| | $ | 1,257,161 |
| | |
|
Net interest spread(4) | |
| | 3.37 | % | | |
| | 2.62 | % |
Net interest margin(4)(5) | |
| | 3.49 | % | | |
| | 2.78 | % |
Net interest margin, TE(6) | |
| | 3.55 | % | | |
| | 2.84 | % |
Return on average assets(7) | | | 1.31 | % | | | | 0.57 | % |
Return on average equity(8) | | | 14.44 | % | | | | 7.05 | % |
_____________________________________
| |
(1) | Includes loan fees and interest on accruing loans and leases past due 90 days or more. |
| |
(2) | Includes federal funds sold and interest earning reserve balances at the Federal Reserve Bank. |
| |
(3) | Yields do not reflect the tax-exempt nature of loans, equipment leases and municipal securities. |
| |
(4) | Percentages for the three months ended September 30, 2015 and September 30, 2014 have been annualized. |
| |
(5) | Net interest income divided by average interest-earning assets. |
| |
(6) | Net interest margin expressed on a fully taxable equivalent basis ("Net Interest Margin, TE") is a non-GAAP financial measure. See the following Non-GAAP Disclosure Reconciliation of Net Interest Income (GAAP) to Net Interest Margin, TE (Non-GAAP). The tax-equivalent adjustment to net interest income recognizes the income tax savings when comparing taxable and tax-exempt assets and adjusting for federal and state exemption of interest income and certain other permanent income tax differences. We believe that it is a standard practice in the banking industry to present net interest margin expressed on a fully taxable equivalent basis, and accordingly believe the presentation of this non-GAAP financial measure may be useful for peer comparison purposes. As a non-GAAP financial measure, Net Interest Margin, TE should be considered supplemental to and not a substitute for or superior to, financial measures calculated in accordance with GAAP. As other companies may use different calculations for Net Interest Margin, TE, this presentation may not be comparable to similarly titled measures reported by other companies. |
| |
(7) | Ratio of net income to average total assets. |
| |
(8) | Ratio of net income to average equity. |
HF Financial Corp.
Age Analysis of Past Due Loans and Leases Receivables
(Dollars in Thousands)
(Unaudited)
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
September 30, 2015 | Accruing and Nonaccruing Loans | | Nonperforming Loans |
| 30 - 59 Days Past Due | | 60 - 89 Days Past Due | | Greater Than 89 Days | | Total Past Due | | Current | | Recorded Investment > 90 Days and Accruing (1) | | Nonaccrual Balance | | Total |
Residential: | | | | | | | | | | | | | | | |
One-to four-family | $ | — |
| | $ | 144 |
| | $ | 113 |
| | $ | 257 |
| | $ | 54,868 |
| | $ | — |
| | $ | 113 |
| | $ | 113 |
|
Construction | — |
| | — |
| | — |
| | — |
| | 9,194 |
| | — |
| | — |
| | — |
|
Commercial: | | | | | | | | | | | | | | | |
Commercial business | — |
| | — |
| | 123 |
| | 123 |
| | 71,343 |
| | — |
| | 1,590 |
| | 1,590 |
|
Equipment finance leases | — |
| | — |
| | — |
| | — |
| | 130 |
| | — |
| | — |
| | — |
|
Commercial real estate: | | | | | | | | | | | | | | | |
Commercial real estate | — |
| | 159 |
| | — |
| | 159 |
| | 335,526 |
| | — |
| | 476 |
| | 476 |
|
Multi-family real estate | — |
| | — |
| | — |
| | — |
| | 115,268 |
| | — |
| | — |
| | — |
|
Construction | — |
| | — |
| | — |
| | — |
| | 56,527 |
| | — |
| | — |
| | — |
|
Agricultural: | | | | | | | | | | | | | | | |
Agricultural real estate | — |
| | — |
| | 1,342 |
| | 1,342 |
| | 86,682 |
| | — |
| | 4,396 |
| | 4,396 |
|
Agricultural business | — |
| | 27 |
| | 1,959 |
| | 1,986 |
| | 104,564 |
| | — |
| | 5,036 |
| | 5,036 |
|
Consumer: | | | | | | | | | | | | | | | |
Consumer direct | — |
| | — |
| | 2 |
| | 2 |
| | 14,981 |
| | — |
| | 33 |
| | 33 |
|
Consumer home equity | 145 |
| | 8 |
| | 166 |
| | 319 |
| | 50,467 |
| | — |
| | 210 |
| | 210 |
|
Consumer OD & reserve | — |
| | — |
| | — |
| | — |
| | 2,542 |
| | — |
| | — |
| | — |
|
Total | $ | 145 |
| | $ | 338 |
| | $ | 3,705 |
| | $ | 4,188 |
| | $ | 902,092 |
| | $ | — |
| | $ | 11,854 |
| | $ | 11,854 |
|
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
June 30, 2015 | Accruing and Nonaccruing Loans | | Nonperforming Loans |
| 30 - 59 Days Past Due | | 60 - 89 Days Past Due | | Greater Than 89 Days | | Total Past Due | | Current | | Recorded Investment > 90 Days and Accruing (1) | | Nonaccrual Balance | | Total |
Residential: | | | | | | | | | | | | | | | |
One-to four-family | $ | — |
| | $ | — |
| | $ | — |
| | $ | — |
| | $ | 55,572 |
| | $ | — |
| | $ | 112 |
| | $ | 112 |
|
Construction | 4 |
| | — |
| | — |
| | 4 |
| | 6,304 |
| | — |
| | — |
| | — |
|
Commercial: | | | | | | | | | | | | | | | |
Commercial business | 26 |
| | — |
| | 485 |
| | 511 |
| | 77,982 |
| | — |
| | 2,398 |
| | 2,398 |
|
Equipment finance leases | — |
| | — |
| | — |
| | — |
| | 158 |
| | — |
| | — |
| | — |
|
Commercial real estate: | | | | | | | | | | | | | | | |
Commercial real estate | 23 |
| | — |
| | — |
| | 23 |
| | 325,430 |
| | — |
| | 359 |
| | 359 |
|
Multi-family real estate | — |
| | — |
| | — |
| | — |
| | 111,354 |
| | — |
| | — |
| | — |
|
Construction | — |
| | — |
| | — |
| | — |
| | 48,224 |
| | — |
| | — |
| | — |
|
Agricultural: | | | | | | | | | | | | | | | |
Agricultural real estate | 375 |
| | 139 |
| | 1,203 |
| | 1,717 |
| | 95,235 |
| | — |
| | 4,482 |
| | 4,482 |
|
Agricultural business | 720 |
| | 521 |
| | 1,206 |
| | 2,447 |
| | 121,541 |
| | — |
| | 5,474 |
| | 5,474 |
|
Consumer: | | | | | | | | | | | | | | | |
Consumer direct | 18 |
| | 3 |
| | 3 |
| | 24 |
| | 14,813 |
| | — |
| | 45 |
| | 45 |
|
Consumer home equity | 190 |
| | — |
| | 135 |
| | 325 |
| | 50,052 |
| | — |
| | 237 |
| | 237 |
|
Consumer OD & reserve | 5 |
| | — |
| | — |
| | 5 |
| | 2,698 |
| | — |
| | — |
| | — |
|
Total | $ | 1,361 |
| | $ | 663 |
| | $ | 3,032 |
| | $ | 5,056 |
| | $ | 909,363 |
| | $ | — |
| | $ | 13,107 |
| | $ | 13,107 |
|
____________________________________
| |
(1) | Loans accruing and delinquent greater than 90 days have government guarantees or acceptable loan-to-value ratios. |
HF Financial Corp.
Non-GAAP Disclosure Reconciliations
(Dollars in Thousands, except share data)
(Unaudited)
Reconciliation of Net Interest Margin to Net Interest Margin-Tax Equivalent Yield
|
| | | | | | | | | | | |
| Three Months Ended |
| September 30, | | June 30, | | September 30, |
| 2015 | | 2015 | | 2014 |
Net interest income | $ | 9,607 |
| | $ | 9,461 |
| | $ | 8,286 |
|
Taxable equivalent adjustment | 170 |
| | 174 |
| | 187 |
|
Adjusted net interest income | 9,777 |
| | 9,635 |
| | 8,473 |
|
Average interest-earning assets | 1,096,623 |
| | 1,096,328 |
| | 1,183,980 |
|
Net interest margin, TE | 3.55 | % | | 3.53 | % | | 2.84 | % |
Reconciliation of GAAP Earnings and Core Earnings
Although core earnings are not a measure of performance calculated in accordance with GAAP, the Company believes that its core earnings are an important indication of performance through ongoing operations. The Company believes that core earnings are useful to management and investors in evaluating its ongoing operating performance, and in comparing its performance with other companies in the banking industry. Core earnings should not be considered in isolation or as a substitute for GAAP earnings. During the periods presented, the Company calculated core earnings by adding back or subtracting, net of tax, net gain or loss recorded on the sale of securities, the charges incurred from the prepayment of borrowings, the net gain or loss recorded on the sale of property, and costs incurred for branch closures.
|
| | | | | | | | | | | |
| Three Months Ended |
| September 30, | | June 30, | | September 30, |
| 2015 | | 2015 | | 2014 |
GAAP earnings before income taxes | $ | 5,942 |
| | $ | 2,876 |
| | $ | 2,628 |
|
Net (gain) on sale of securities | (5 | ) | | (18 | ) | | (34 | ) |
Net (gain) on sale of bank branch | (2,847 | ) | | — |
| | — |
|
Net (gain) on sale of property | — |
| | (195 | ) | | — |
|
Costs incurred for branch closures (1) | — |
| | 1 |
| | (201 | ) |
Core earnings before income taxes | 3,090 |
| | 2,664 |
| | 2,393 |
|
Provision for income taxes for core earnings | 1,006 |
| | 832 |
| | 727 |
|
Core earnings | $ | 2,084 |
| | $ | 1,832 |
|
| $ | 1,666 |
|
| | | | | |
GAAP diluted earnings per share | $ | 0.55 |
| | $ | 0.28 |
| | $ | 0.26 |
|
Net (gain) on sale of securities, net of tax | — |
| | — |
| | — |
|
Net (gain) on sale of bank branch, net of tax | (0.25 | ) | | — |
| | — |
|
Net (gain) on sale of property, net of tax | — |
| | (0.02 | ) | | — |
|
Costs incurred for branch closures, net of tax | — |
| | — |
| | (0.02 | ) |
Core diluted earnings per share | $ | 0.30 |
| | $ | 0.26 |
| | $ | 0.24 |
|
(1) Branch closure costs include loss on disposal of closed branch fixed assets in noninterest income and other costs
associated with the closure and are included in the respective categories within noninterest expenses.
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