Teche reports fourth-quarter earnings
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Franklin-based Teche Holding Company, the parent company for Teche Federal Bank, reported net income for the fiscal fourth quarter ending September 30 fell to $1.98 million, or 94 cents per diluted share, compared to $2.12 million or 99 cents per diluted share, a year ago.
For fiscal 2009, Teche’s net income was a record $3.35 per diluted share compared to $2.63 per diluted share for fiscal 2008.
For fiscal 2009, revenue increased 8.5 percent to a record $45.3 million, compared to $41.7 million for fiscal 2008. Net interest income before the provision for loan losses increased 11.7 percent to $28.9 million for fiscal 2009, compared to $25.9 million for the same period a year ago.
Teche said it saw steady increases in SmartGrowth deposits and loans, increasing interest margin, and solid capital ratios.
The company said $1.3 million of charge-offs recorded this quarter “were primarily the result of a multi-family real estate project. This project has been completely resolved. The asset was sold to a new owner and there is no new credit relationship with Teche.”
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