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Highlights for the quarter included:
* Net interest income increased $866,000, or 17.5%, to $5.8 million for the three months ended March 31, 2009, compared to $4.9 million for the three months ended March 31, 2008; * Noninterest expense increased $229,000, or 4.8%, to $5.0 million for the three months ended March 31, 2009, compared to $4.7 million for the three months ended March 31, 2008, primarily due to a $211,000 increase in FDIC insurance premium expense. A special insurance premium assessment has been proposed by the FDIC, which will substantially increase this amount in the second quarter of 2009; * Total assets were $1.1 billion at March 31, 2009, an increase of $203 million, or 21.8% from December 31, 2008; * Deposits totaled $810 million at March 31, 2009, representing an increase of $202 million, or 33.1%, from December 31, 2008.
Thomas M. Petro, President and CEO stated, "Fox Chase Bank achieved several significant milestones this quarter. For the first time in our 142-year history we surpassed $1.0 billion in assets and $600 million in loans. During the month of March, we offered attractive rates on selected deposit products to increase our market share in the Philadelphia region and we were pleased with the results. In that timeframe we opened 6,500 new deposit accounts, representing greater than $200 million in deposits, of which 50% were new deposit customers to Fox Chase Bank. We intend to lend these deposit dollars to qualified businesses and consumers in the year ahead. While we remain cautious about the economic environment, our strong capital base positions us to increase market share and build long-term relationships with borrowers and depositors."
The Bank intends to maintain a significant portion of the first quarter increase in deposits in short-term money market funds, which will have a negative impact on net interest margin, until the funds are deployed into higher-yielding loans.
Nonperforming assets totaled $6.5 million, or 0.58% of total assets, at March 31, 2009 compared to $5.9 million, or 0.63% of total assets, at December 31, 2008. The Company recorded provisions for loan losses of $395,000 and $175,000 for the three months ended March 31, 2009 and March 31, 2008, respectively. The increase in the provision reflected the increase in nonperforming assets and loan growth, primarily commercial loans. The allowance for loan losses at March 31, 2009 and December 31, 2008 was 1.05% of total loans outstanding.
During the three months ended March 31, 2009, the Company repurchased 89,039 shares of common stock, which included completing the stock repurchase program announced in February 2008 (the "February 2008 program"). Included in the repurchases this quarter was 48,230 shares of the 327,000 shares approved to be purchased under the repurchase program announced in July 2008 (the "July 2008" program). Timing and volume of purchases will depend on market conditions and other factors. Repurchased shares will be held in treasury.
Fox Chase Bancorp, Inc. is the mid-tier stock holding company of Fox Chase Bank. The Bank is a federally chartered savings bank originally established in 1867. The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and ten branch offices in Bucks, Montgomery, Chester, Delaware and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey. For more information, please visit the Bank's website at www.foxchasebank.com.
This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate" and "intend" or future or conditional verbs such as "will," "would," "should," "could" or "may." Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein. These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities. The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.
CONSOLIDATED STATEMENT OF OPERATIONS (Dollars in Thousands, Except Per Share Data)
Three Months Ended
March 31,
--------------------------
2009 2008
------------ ------------
INTEREST INCOME
Interest and fees on loans $ 8,377 $ 7,128
Interest on money market funds 38 275
Interest on mortgage
related securities
available-for-sale 3,255 2,904
Interest on investment securities
available-for-sale
Taxable 124 651
Nontaxable 143 168
Dividend income 1 58
Other interest income 1 70
------------ ------------
Total Interest Income 11,939 11,254
------------ ------------
INTEREST EXPENSE
Deposits 4,379 5,107
Federal Home Loan Bank advances 1,330 1,030
Other borrowed funds 429 182
------------ ------------
Total Interest Expense 6,138 6,319
------------ ------------
Net Interest Income 5,801 4,935
Provision for loan losses 395 175
------------ ------------
Net Interest Income after Provision
for Loan Losses 5,406 4,760
------------ ------------
NONINTEREST INCOME
Service charges and other fee income 170 191
Net gain on sale of:
Securities available-for-sale -- 70
Loans 3 3
Income on bank-owned life insurance 109 111
Other 65 18
------------ ------------
Total Noninterest Income 347 393
------------ ------------
NONINTEREST EXPENSE
Salaries, benefits and
other compensation 2,850 2,798
Occupancy expense 495 486
Furniture and equipment expense 221 216
Data processing costs 385 393
Professional fees 266 313
Marketing expense 84 95
FDIC premiums 241 30
Other 409 391
------------ ------------
Total Noninterest Expense 4,951 4,722
------------ ------------
Income Before Income Taxes 802 431
Income tax provision 201 86
------------ ------------
Net Income $ 601 $ 345
============ ============
Earnings per shares:
Basic $ 0.05 $ 0.03
Diluted $ 0.05 $ 0.03
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Dollars in Thousands, Except Share Data)
March 31,
2009 Dec. 31,
(unaudited) 2008
------------ ------------
ASSETS
Cash and due from banks $ 375 $ 642
Interest-earning demand deposits
in other banks 31,722 3,302
Money market funds 103,000 --
------------ ------------
Total cash and cash equivalents 135,097 3,944
Investment securities
available-for-sale 31,657 25,041
Mortgage related securities
available-for-sale 307,669 269,682
Loans, net of allowance for loan losses
of $6,510 at March 31, 2009 and
$6,260 at December 31, 2008 616,291 588,975
Federal Home Loan Bank stock, at cost 9,707 9,707
Bank-owned life insurance 12,323 12,214
Premises and equipment 13,540 13,705
Accrued interest receivable 3,907 3,721
Mortgage servicing rights 756 827
Deferred tax asset, net 719 1,869
Other assets 2,830 1,585
------------ ------------
Total Assets $ 1,134,496 $ 931,270
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
Deposits $ 810,095 $ 608,472
Federal Home Loan Bank advances 145,339 146,379
Other borrowed funds 50,000 50,000
Advances from borrowers for taxes
and insurance 2,427 2,589
Accrued interest payable 733 727
Accrued expenses and other liabilities 1,982 1,883
------------ ------------
Total Liabilities 1,010,576 810,050
------------ ------------
STOCKHOLDERS' EQUITY
Preferred stock ($.01 par value;
1,000,000 shares authorized,
none issued and outstanding at
March 31, 2009 and December 31, 2009 -- --
Common stock ($.01 par value;
35,000,000 shares authorized,
14,679,750 shares issued and
13,977,520 shares outstanding at
March 31, 2009 and 14,679,750 shares
issued and 14,066,559 shares
outstanding at December 31, 2008) 147 147
Additional paid-in capital 63,758 63,516
Treasury stock (at cost, 702,230 shares
at March 31, 2009 and 613,191 shares
at December 31, 2008) (8,149) (7,293)
Common stock acquired by benefit plans (7,695) (7,819)
Retained earnings 73,261 72,664
Accumulated other comprehensive
income, net 2,598 5
------------ ------------
Total Stockholders' Equity 123,920 121,220
------------ ------------
Total Liabilities and
Stockholders' Equity $ 1,134,496 $ 931,270
============ ============
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED) (Dollars in Thousands, Except Per Share Data)
March 31, Dec. 31, March 31,
2009 2008 2008
--------- --------- ---------
CAPITAL RATIOS(1):
Total Stockholders' Equity
(to Total Assets)(1) 10.92% 13.02% 14.26%
Tier 1 capital
(to adjusted assets) (2) 8.91% 10.70% 11.39%
Tier 1 risk -based capital
(to risk-weighted assets) (2) 16.40 18.11 21.75
Total risk-based capital
(to risk-weighted assets) (2) 17.35 19.25 22.53
ASSET QUALITY INDICATORS:
Nonperforming loans(3) $ 6,535 $ 5,850 $ 774
Real estate owned -- -- --
--------- --------- ---------
Total nonperforming assets $ 6,535 $ 5,850 $ 774
========= ========= =========
Ratio of nonperforming loans
to total loans 1.05% 0.98% 0.17%
========= ========= =========
Ratio of nonperforming loans
to total assets 0.58 0.63 0.09
========= ========= =========
Ratio of allowance for loan losses
to total loans 1.05 1.05 0.77
========= ========= =========
At or for the
Three Months Ended;
-------------------------------
March 31, Dec. 31, March 31,
2009 2008 2008
--------- --------- ---------
PERFORMANCE RATIOS (4):
Return on average assets 0.25% (0.04)% 0.16%
Return on average equity 1.97 (0.31) 1.12
Net interest margin 2.45 2.70 2.39
OTHER:
Book value per share $ 8.87 $ 8.62 $ 8.62
Employees (full-time equivalents) 137 137 140
(1) Represents stockholders' equity ratio of Fox Chase Bancorp, Inc.
(2) Represents capital ratios of Fox Chase Bank
(3) Includes nonaccruing loans and accruing loans past due 90
days or more
(4) Annualized
This news release was distributed by GlobeNewswire, www.globenewswire.com
SOURCE: Fox Chase Bancorp, Inc.
Fox Chase Bancorp, Inc.
Roger Deacon, Chief Financial Officer
(215) 682-4116
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