Charter Financial Adjusts Fiscal 2009 Earnings
-- Net income $2,315,000 for the fiscal year
-- Net income for fourth quarter $510,000
WEST POINT, Ga., Jan. 7 /PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC Bulletin Board: CHFN) today reported fiscal 2009 (ended September 30, 2009) net income of $2,315,000, or $0.13 per share, compared with $10.5 million, or $0.55 per share, for the prior fiscal year. Earnings have been adjusted from the previously reported earnings of $2.8 million based on changes in accounting for the FDIC assisted acquisition of the assets and liabilities of Neighborhood Community Bank.
Charter Financial Corporation is a savings and loan holding company and the parent company of CharterBank, a full-service community bank and a federal savings institution. Charter Financial Corporation and CharterBank are in a mutual holding company structure. CharterBank is headquartered in West Point, Georgia, and operates 13 branches on the I-85 corridor from Newnan, Georgia to Auburn, Alabama. CharterBank's deposits are insured by the Federal Deposit Insurance Corporation.
FINANCIAL TABLES FOLLOW
Charter Financial Corporation
Selected Financial Data (in thousands except share data):
September 30, September 30, June 30,
2009 2008 2009
Unaudited
Total Assets $936,880 $801,501 $977,730
Loans Receivable, Net 552,550 428,472 543,852
Non-covered Loans
Receivable, Net 462,786 428,472 452,469
Covered Loans
Receivable, Net 89,764 - 91,383
Mortgage Securities
Available for Sale 201,626 242,848 209,231
Other Investment
Securities 4,435 34,291 11,477
Core Deposits* 216,902 169,499 216,364
Retail Deposits** 463,566 356,237 461,096
Total Deposits 597,634 420,175 618,367
Borrowings 227,000 267,000 257,000
Total Stockholders'
Equity 98,257 102,302 97,341
Book Value per Share 5.34 5.50 5.28
Tangible Book
Value per Share 5.06 5.21 5.00
Minority Shares
Outstanding 2,551,033 2,754,536 2,566,559
Total Shares
Outstanding -
at Quarter End 18,408,957 18,612,460 18,424,483
Weighted Average Total
Shares Outstanding -
Basic 18,417,123 19,022,870 18,452,395
Weighted Average Total
Shares Outstanding -
Fully Diluted 18,472,222 19,072,917 18,452,395
*Core deposits include transaction accounts, money market accounts, and savings accounts.
**Retail deposits include Core Deposits, and certificates of deposits excluding brokered and wholesale.
Selected Operating Data (in thousands except share data):
Year Ended Three months ended
---------- ------------------
September 30, September 30, June 30,
------------- ------------- --------
2009 2008 2009 2008 2009
---- ---- ---- ---- ----
Unaudited
---------
Total Interest
Income $40,559 $46,378 $12,189 $10,373 $9,141
Total Interest
Expense 22,599 26,771 5,917 6,219 5,346
------ ------ ----- ----- -----
Net Interest
Income 17,960 19,607 6,272 4,154 3,795
Provision for Loan
Losses 4,550 3,250 1,400 2,500 600
----- ----- ----- ----- ---
Net Interest
Income after
Provision for
Loan Losses 13,410 16,357 4,872 1,654 3,195
Noninterest Income 11,792 18,950 3,480 7,846 2,418
Noninterest
Expense 22,581 20,284 7,805 5,040 5,388
------ ------ ----- ----- -----
Income before
Income Taxes 2,621 15,023 547 4,460 225
Income Tax Expense
(Benefit) 306 4,491 37 1,521 (151)
--- ----- --- ----- ----
Net Income $2,315 $10,532 $510 $2,939 $376
====== ======= ==== ====== ====
Earnings per Share $0.13 $0.55 $0.03 $0.16 $0.02
Earnings per Share
- Fully Diluted 0.12 0.55 0.03 0.15 0.02
Cash Dividends per
Share*** 1.00 1.75 0.25 0.25 0.25
Net Charge-offs
(Recoveries)-
Legacy Charter
Loans 3,462 1,019 408 102 1,396
Deposit Fee 4,664 5,027 1,284 1,262 1,129
Gain on Sale of
Loans 682 762 135 153 234
Gain on Sale of
Freddie Mac Common
Stock - 9,557 - 5,885 -
Gain (Loss) on
Covered Calls
Related to Freddie
Mac Common Stock - 1,723 - 4 -
***First Charter, MHC has waived its portion of these dividends, resulting in payment only to the minority stockholders.
Year Ended Three months ended
---------- ------------------
Performance
Ratios: September 30, September 30, June 30,
------------- ------------- --------
2009 2008 2009 2008 2009
---- ---- ---- ---- ----
Unaudited
---------
Return on Equity 2.25% 6.23% 2.06 9.51% 1.46%
Return on Assets 0.27 1.16 0.21 1.41 0.19
Net Interest
Margin 2.35 2.32 3.00 2.16 2.08
Bank Core
Capital Ratio 9.30 10.51 9.30 10.51 8.64
Effective Tax Rate
Expense (Benefit) 11.66 29.89 6.83 34.10 (66.87)
Dividend Payout
Ratio 145.13 66.97 153.79 27.19 58.44
Ratios of Assets
Not Covered:
Loan Loss Reserve
as a % of Total
Loans 1.98 1.89 1.97 1.88 1.81
Loan Loss Reserve
as a % of
Nonperforming
Assets 51.58 61.29 52.18 61.29 43.76
Nonperforming
Assets as a %
of Total Loans
and REO 3.79 3.06 3.74 3.06 4.08
Net Chargeoffs
(Recoveries)
as a % of Average
Loans 0.71 0.24 0.35 0.09 1.22
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SOURCE Charter Financial Corporation
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