Parkvale Financial Corporation, Monroeville, PA Announces Earnings for the First Quarter of Fiscal 2011
MONROEVILLE, Pa., Oct. 27 /PRNewswire-FirstCall/ -- Parkvale Financial Corporation (Nasdaq: PVSA) reported net income for the quarter ended September 30, 2010 of $2.2 million compared to net income of $855,000 for the quarter ended September 30, 2009. Income available to common shareholders, after the payment of dividends on preferred stock, was $1.8 million or $0.33 per diluted common share for the quarter ended September 30, 2010 compared to $458,000 or $0.08 per diluted common share for the quarter ended September 30, 2009. The $1.4 million increase in net income for the September 2010 quarter reflects a $1.8 million reduction in non-cash debt security impairment charges and a $1.3 million decrease in the provision for loan losses, partially offset by increases in tax expense and noninterest expense. Income tax expense was $638,000 in the September 2010 quarter compared to a tax benefit of $515,000 in the September 2009 quarter, reflecting the increase in pre-tax income. Noninterest expense increased by $458,000 for the quarter primarily due to a $326,000 increase in FDIC insurance premiums. Net interest income decreased by $459,000 due to lower levels of net average interest-earning assets during the September 2010 quarter. The lower level of interest-earning assets was partially offset by an increase in the average interest rate spread to 2.09% for the September 2010 quarter from 2.01% for the September 2009 quarter.
Parkvale Financial Corporation is the parent of Parkvale Bank, which has 47 offices in the Tri-State area and assets of $1.8 billion at September 30, 2010.
(Condensed Consolidated Statement of Operations and selected financial data is attached.)
PARKVALE FINANCIAL CORPORATION |
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CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS |
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(In Thousands except per share data) |
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(Unaudited) |
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Three months ended |
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September 30, |
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2010 |
2009 |
|||
Total interest income |
$16,839 |
$20,022 |
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Total interest expense |
7,980 |
10,704 |
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Net interest income |
8,859 |
9,318 |
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Provision for loan losses |
1,034 |
2,289 |
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Net interest income after provision for losses |
7,825 |
7,029 |
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Net impairment charges recognized in earnings |
(996) |
(2,761) |
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Other noninterest income |
4,082 |
3,664 |
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Total noninterest expense |
8,050 |
7,592 |
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Income before income taxes |
2,861 |
340 |
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Income tax expense (benefit) |
638 |
(515) |
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Net income |
2,223 |
855 |
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Less: Preferred stock dividend |
397 |
397 |
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Income to common shareholders |
1,826 |
458 |
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Net income per basic common share |
$0.33 |
$0.08 |
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Net income per diluted common share |
$0.33 |
$0.08 |
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Cash dividends declared per common share |
$0.02 |
$0.05 |
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SELECTED FINANCIAL DATA |
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(In Thousands except per share data) |
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Sept. 30, |
June 30, |
Sept. 30, |
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2010 |
2010 |
2009 |
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Total assets |
$1,820,703 |
$1,842,380 |
$1,903,314 |
|
Deposits |
1,480,482 |
1,488,073 |
1,518,661 |
|
Total loans, net of allowance |
1,014,608 |
1,032,363 |
1,071,611 |
|
Loan loss allowance |
19,624 |
19,209 |
19,484 |
|
Nonperforming loans and foreclosed real estate |
36,476 |
35,157 |
40,879 |
|
Ratio to total assets |
2.00% |
1.91% |
2.15% |
|
Allowance for loan losses as a % of gross loans |
1.90% |
1.83% |
1.79% |
|
Total shareholders' equity |
$119,468 |
$118,944 |
$151,110 |
|
Book value per share |
15.86 |
15.77 |
21.99 |
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OTHER SELECTED DATA |
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Three months ended |
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September 30, |
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2010 |
2009 |
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Average yield earned on all interest-earning assets |
3.95% |
4.45% |
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Average rate paid on all interest-bearing liabilities |
1.86% |
2.44% |
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Average interest rate spread |
2.09% |
2.01% |
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Net yield on average interest-earning assets |
2.08% |
2.07% |
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Return on average assets |
0.48% |
0.18% |
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Return on average equity |
6.68% |
2.26% |
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Other noninterest expenses to average assets |
1.74% |
1.59% |
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SOURCE Parkvale Financial Corporation
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