SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended December 31, 1998
-------------------------------------------------
OR
|_| TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from to
----------------- --------------
Commission file number 0-25538
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TECHE HOLDING COMPANY
- --------------------------------------------------------------------------------
(Exact name of registrant as specified in its charter)
Louisiana 72-128746
- --------------------------------------------------------------------------------
(State or other jurisdiction of (I.R.S. employer identification no.)
incorporation or organization)
211 Willow Street, Franklin, Louisiana 70538
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (318) 828-3212
--------------
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year,
if changed since last report.
Indicate by check x/ whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes X No
--- ---
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the latest practicable date: February 22, 1999
Class Outstanding
- --------------------------- ----------------
$.01 par value common stock 2,957,030 shares
<PAGE>
TECHE HOLDING COMPANY
FORM 10-Q
FOR THE QUARTER ENDED DECEMBER 31, 1998
INDEX
Page
Number
------
PART I - CONSOLIDATED FINANCIAL INFORMATION OF TECHE
HOLDING COMPANY
Item 1. Financial Statements 1
Item 2. Management's Discussion and Analysis of Financial 6
Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 12
Item 2. Changes in Securities 12
Item 3. Defaults upon Senior Securities 12
Item 4. Submission of Matters to a Vote of Security Holders 12
Item 5. Other Materially Important Events 12
Item 6. Exhibits and Reports on Form 8-K 12
SIGNATURES
<PAGE>
TECHE HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
At At
December 31, September 30,
1998 1998*
------------ -------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents ................................... $ 29,613 $ 10,680
Certificates of deposit ..................................... -- 658
Securities available-for-sale, at estimated
market value (amortized cost of $32,744 and $36,239) ...... 33,135 36,769
Loans receivable, net of allowance for loan losses
of $3,491 and $3,515) ..................................... 336,729 345,172
Accrued interest receivable ................................. 1,951 2,065
Investment in Federal Home Loan Bank stock, at cost ......... 3,940 3,884
Real estate owned, net ...................................... 257 331
Prepaid expenses and other assets ........................... 491 500
Premises and equipment, at cost less accumulated depreciation 9,221 8,764
--------- ---------
TOTAL ASSETS .......................................... $ 415,337 $ 408,823
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits .................................................... $ 287,090 $ 279,265
Advances from Federal Home Loan Bank ........................ 66,073 67,721
Borrowings for common stock repurchase ...................... 7,114 5,178
Advance payments by borrowers for taxes and insurance ....... 1,034 1,644
Accrued interest payable .................................... 470 485
Accounts payable and other liabilities ...................... 1,064 1,223
Deferred income taxes ....................................... 687 780
--------- ---------
Total liabilities ..................................... 363,532 356,296
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 10,000,000 shares
authorized; 4,233,350 shares issued ..................... 42 42
Preferred stock, 5,000,000 shares authorized;
none issued ............................................. -- --
Additional paid in capital ................................ 42,064 42,037
Retained earnings ......................................... 29,247 28,757
Unearned ESOP shares ...................................... (2,003) (2,086)
Unearned Compensation (MSP) ............................... (690) (790)
Treasury stock 1,227,000 and 1,138,000 shares, at cost .... (17,113) (15,783)
Unrealized gain on securities available-for-sale, net of
deferred income taxes ................................... 258 350
--------- ---------
Total stockholders' equity ............................ 51,805 52,527
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
CAPITAL ........................................... $ 415,337 $ 408,823
========= =========
</TABLE>
- ---------------------
* The consolidated balance sheet at September 30, 1998 has been taken from
the audited balance sheet at that date.
See Notes to Unaudited Consolidated Financial Statements.
1
<PAGE>
TECHE HOLDING COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS)
<TABLE>
<CAPTION>
For Three Months ended
December 31,
-----------------------
1998 1997
------ -------
<S> <C> <C>
INTEREST INCOME
Interest and fees on loans.................................... $6,669 $6,810
Interest and dividends on investments......................... 137 185
Interest on mortgage-backed securities........................ 458 506
Other interest income......................................... 156 40
----- -----
7,420 7,541
----- -----
INTEREST EXPENSE:
Deposits...................................................... 3,145 3,377
Advances from Federal Home Loan Bank.......................... 901 908
Other borrowed money.......................................... 100 --
----- -----
4,146 4,285
----- -----
NET INTEREST INCOME............................................. 3,274 3,256
PROVISION FOR LOAN LOSSES....................................... 45 45
----- -----
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES............................................... 3,229 3,211
----- -----
NON-INTEREST INCOME:
Service charges and other..................................... 1,078 818
Other income.................................................. 19 18
----- -----
TOTAL NON-INTEREST INCOME....................................... 1,097 836
----- -----
GAIN ON SALE OF SECURITIES...................................... -- 7
----- -----
NON-INTEREST EXPENSE:
Compensation and employee benefits............................ 1,405 1,383
Occupancy expense............................................. 637 533
Marketing and professional.................................... 188 160
Other operating expenses...................................... 727 574
----- -----
Total non-interest expense................................ 2,957 2,650
----- -----
INCOME BEFORE INCOME TAXES...................................... 1,369 1,404
----- -----
INCOME TAXES.................................................... 479 491
----- -----
NET INCOME...................................................... $ 890 $ 913
===== =====
BASIC INCOME PER COMMON SHARE .................................. $ 0.32 $ 0.30
===== =====
DILUTED INCOME PER COMMON SHARE................................. $ 0.32 $ 0.28
===== =====
DIVIDENDS DECLARED PER COMMON SHARE $0.125 $0.125
===== =====
</TABLE>
See Notes to Unaudited Consolidated Financial Statements.
2
<PAGE>
TECHE HOLDING COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(IN THOUSANDS)
<TABLE>
<CAPTION>
For the Three Months
Ended December 31,
------------------------
1998 1997
---- ----
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .......................................................... $ 890 $ 913
Adjustments to reconcile net income to net cash provided by
operating activities:
Accretion of discount and amortization of premium on investments
and mortgage-backed securities ................................ 3 (52)
Provision for loan losses ....................................... 45 45
(Gain) on sale of securities .................................... -- (7)
Depreciation .................................................... 193 149
Accretion of deferred loan fees and other ....................... (52) (28)
Accretion of discounts on loans ................................. (5) (25)
Other items - net ............................................... 139 190
-------- --------
Net cash provided by (used in) operating activities ......... 1,213 1,185
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities available for sale ................ (143) (7,145)
Proceeds from maturities of investment securities available for sale 5 3,000
Principal repayments of mortgage-backed securities available for sale 3,630 1,550
Net loan repayments ................................................. 8,455 619
Investment in FHLB stock ............................................ (56) (59)
Net decrease in certificates of deposit ............................. 658 --
Purchase of premises and equipment .................................. (650) (404)
Sales of investment securities available for sale ................... -- 29
-------- --------
Net cash provided by (used in) investing activities ............. 11,899 (2,410)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase (decrease) in deposits ................................. 7,825 (2,073)
Net increase (decrease) in FHLB advances ............................ (1,648) 6,519
Net decrease in advance payments by borrowers for
taxes and insurance ............................................... (610) (620)
Dividends paid ...................................................... (352) (395)
Purchase of common stock for treasury ............................... (6,161) --
Borrowings under note payable agreement ............................. 6,767 --
-------- --------
Net cash provided by financing activities ....................... 5,821 3,431
-------- --------
NET INCREASE (DECREASE) IN CASH ....................................... 18,933 2,206
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ........................ 10,680 5,868
-------- --------
CASH AND CASH EQUIVALENTS, END OF PERIOD .............................. $ 29,613 $ 8,074
======== ========
</TABLE>
See Notes to Unaudited Financial Statements.
3
<PAGE>
TECHE HOLDING COMPANY
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS
NOTE 1 - PRINCIPLES OF CONSOLIDATION
The consolidated financial statements as of and for the three month
period ended December 31, 1998 include the accounts of Teche Holding
Company (the "Corporation") and its subsidiary, Teche Federal Savings
Bank (the "Bank"). The Corporation's business is conducted principally
through the Bank. All significant intercompany accounts and
transactions have been eliminated in consolidation.
NOTE 2 - BASIS OF PRESENTATION
The accompanying consolidated financial statements were prepared in
accordance with instructions for Form 10-Q and, therefore, do not
include all information necessary for a complete presentation of
consolidated financial condition, results of operations, and cash flows
in conformity with generally accepted accounting principles. However,
all adjustments, consisting of normal recurring accruals, which, in the
opinion of management, are necessary for a fair presentation of the
consolidated financial statements have been included. The results of
operations for the period ended December 31, 1998 are not necessarily
indicative of the results which may be expected for the entire fiscal
year or any other period.
NOTE 3 - EARNINGS PER SHARE
Following is a summary of the information used in the computation of
basic and diluted income per common share for the three months ended
December 31, 1998 and 1997.
1998 1997
--------------- -----------
Weighted average number of common
shares outstanding - used in computation
of basic income per common share................ 2,777,340 3,091,475
Effect of dilutive securities:
Stock options................................... 6,259 155,875
MSP stock grants................................ 24,414 39,187
---------- ----------
Weighted average number of common
shares outstanding plus effect of dilutive
securities - used in computation of diluted
net income per common share..................... 2,808,013 3,286,537
========== ==========
4
<PAGE>
NOTE 4 - COMPREHENSIVE INCOME
The Corporation adopted Statement of Financial Accounting Standards No.
130 "Reporting Comprehensive Income" ("SFAS 130") effective October 1,
1998. SFAS 130 establishes standards for reporting and display of
comprehensive income and its components. Comprehensive income includes
net income and other comprehensive income which, in the case of the
Corporation, only includes unrealized gains and losses on securities
available-for-sale. Following is a summary of the Corporation's
comprehensive income for the three months ended December 31, 1998 and
1997.
1998 1997
---- ----
Net income $ 890 $ 913
Other comprehensive income
(loss), net of tax (92) 73
------ ------
Total Comprehensive Income $ 798 $ 986
====== ======
5
<PAGE>
TECHE HOLDING COMPANY
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
---------------------------------------------
GENERAL
The Corporation's total assets at December 31, 1998 and September 30, 1998
totaled $415.3 million and $408.8 million, respectively, an increase $6.5
million or 1.6%.
Securities available-for-sale totaled $33.1 million at December 31, 1998, which
represents a decrease of $3.6 million or 9.9% as compared to September 30, 1998.
Loans receivable totaled $336.7 million at December 31, 1998 which represented
an $8.4 million or 2.4% decrease compared to September 30, 1998. This decrease
was primarily due to loan repayments in excess of originations during the
quarter.
Total deposits, after interest credited, at December 31, 1998 were $287.0
million which represents an increase of $7.8 million or 2.8% as compared to
September 30, 1998.
Advances decreased $1.6 million or 2.4% as compared to the amount at September
30, 1998.
Borrowings for common stock repurchases increased by $1.9 million or 37.4% to
$7.1 million at December 31, 1998. On January 8, 1999, the Company repaid the
entire borrowing from its available cash accounts but maintained its line of
credit of $8.0 million, which is available through a third party lender through
September 30, 1999 for further common stock repurchases and other limited
purposes.
Stockholders' equity decreased to $51.8 million at December 31, 1998, from $52.5
million at September 30, 1998, primarily as a result of stock repurchased during
the quarter and cash dividends paid, offset somewhat by retained earnings for
the quarter. During the quarter, the Corporation repurchased 89,000 shares at an
average price of $14.94 per share.
COMPARISON OF EARNINGS FOR THE THREE MONTHS ENDED DECEMBER 31, 1998 AND
1997
Net Income. The Corporation had net income of $890,000 for the three months
ended December 31, 1998 as compared to net income of $913,000 for the three
month period ended December 31, 1997. Earnings for the three months ended
December 31, 1998 represent a decrease of $23,000 compared to 1997. This
decrease was primarily due to expenses related to three new branches opened in
August and September, 1998.
Total Interest Income. Total interest income decreased by $121,000 or 1.6% to
$7.4 million for the three months ended December 31, 1998, from $7.5 million for
the three months ended December 31, 1997, due primarily to a decrease in average
yields on loans and securities. Interest income on loans increased $141,000 or
2.1% to $6.7 million for the period ended December 31, 1998 from $6.8 million
for the period ended December 31, 1997. The average yield on loans decreased to
7.74% for the three months ended December 31, 1998 from 7.79% for the same
period in 1997, and the average yield on investment and mortgage-backed
securities decreased to 6.07% for December 1998 from 6.57% for 1997.
6
<PAGE>
Total Interest Expense. Total interest expense decreased $139,000, or 3.2%, to
$4.1 million for the 1998 period from $4.3 million for the December 1997 period,
due primarily to a decrease in average rates paid, offset somewhat by an
increase in other interest expense due to the use of a line of credit to
repurchase the Corporation's common stock.
Net Interest Income. Net interest income remained relatively stable, increasing
$18,000 for the three month period ended December 31, 1998 as compared to the
same period ended December 31, 1997.
Provision for Loan Losses. The provision for loan losses was $45,000 for both
periods.
Management periodically estimates the likely level of losses to determine
whether the allowance for loan losses is adequate to absorb possible losses in
the existing portfolio. Based on these estimates, an amount is charged or
credited to the provision for loan losses and credited or charged to the
allowance for loan losses in order to adjust the allowance to a level determined
to be adequate to absorb anticipated future losses.
Management's judgment as to the level of losses on existing loans involves the
consideration of current and anticipated economic conditions and their potential
effects on specific borrowers, an evaluation of the existing relationships among
loans, known and inherent risks in the loan portfolio and the present level of
the allowance, results of examination of the loan portfolio by regulatory
agencies and management's internal review of the loan portfolio. In determining
the collectibility of certain loans, management also considers the fair value of
any underlying collateral.
Non-interest Income. Total non-interest income increased by $267,000 from
$836,000 in the three month period ended December 31, 1997 to $1,097,000 in the
three month period ended December 31, 1998. This increase is due primarily to
the increase of service fee income associated with increased demand account
volume as well as fee income generated from the sale of certain fixed-rate
mortgage loans originated for sale in the secondary market.
Non-interest Expense. Total non-interest expense increased by $307,000 over the
periods compared. This increase was due primarily to compensation and occupancy
expenses related to the three new branches opened in August and September of
1998.
Gain on Sale of Securities. The Company had no gain on the sale of securities
during the three months ended December 31, 1998 compared to a gain of $7,000
during the same period ended December 31, 1997.
Income Tax Expense. Income taxes remained relatively constant at about 35% of
income before income taxes.
7
<PAGE>
LIQUIDITY AND CAPITAL RESOURCES
Under current Office of Thrift Supervision ("OTS") regulations, the Bank
maintains certain levels of capital. On December 31, 1998, the Bank was in
compliance with its three regulatory capital requirements as follows:
Amount Percent
------ -------
(In thousands)
Tangible capital....................... $54,622 13.2 %
Tangible capital requirement........... 6,215 1.5
------ ----
Excess over requirement................ $48,407 11.7 %
====== ====
Core capital........................... $54,622 13.2 %
Core capital requirement............... 12,430 3.0
------ ----
Excess over requirement................ $42,192 10.2 %
====== ====
Risk based capital..................... $57,380 26.1 %
Risk based capital requirement......... 17,603 8.1
------ ----
Excess over requirement................ $39,777 18.0%
====== =====
Management believes that under current regulations, the Bank will continue to
meet its minimum capital requirements in the foreseeable future. Events beyond
the control of the Bank, such as increased interest rates or a downturn in the
economy in areas in which the Bank operates could adversely affect future
earnings and as a result, the ability of the Bank to meet its future minimum
capital requirements.
The Bank's liquidity is a measure of its ability to fund loans, pay withdrawals
of deposits, and other cash outflows in an efficient, cost effective manner. The
Bank's primary source of funds are deposits and scheduled amortization and
prepayment of loan and mortgage-backed securities principal. The Bank has also
borrowed funds from the Federal Home Loan Bank of Dallas ("FHLB") and other
sources. As of December 31, 1998, FHLB borrowed funds totaled $66.1 million. See
also "General" regarding funds borrowed to repurchase stock. Loan payments,
maturing investments and mortgage-backed security prepayments are greatly
influenced by general interest rates, economic conditions and competition.
The Bank is required under federal regulations to maintain certain specified
levels of "liquid investments," which include certain United States government
obligations and other approved investments. Current regulations require the Bank
to maintain liquid assets of not less than 4% of its net withdrawable accounts
plus short term borrowings. Those levels may be changed from time to time by the
regulators to reflect current economic conditions. The Bank has maintained
liquidity in excess of regulatory requirements. Furthermore, from time to time,
the Bank utilizes FHLB advances to the extent necessary to maintain its
liquidity.
Year 2000 Readiness
The "Year 2000" issue is a general term used to describe the various problems
that may result from improper processing of dates and date sensitive
calculations by computers, software, and other machinery.
8
<PAGE>
The problems generally arise from the fact that most computers and software
historically have used only two digits to identify the year in a date, often
meaning that the computer will not distinguish dates in the "2000's" from dates
in the "1900's".
The following discussion of the implications of the Year 2000 problem for the
Bank, contains numerous forward looking statements based on inherently uncertain
information. The cost of the project and the date on which the Bank plans to
complete the internal Year 2000 modifications are based on management's
assumptions of future events including the continued availability of internal
and external resources, third party modifications and other factors. However,
there can be no guarantee that these statements will be achieved and actual
results could differ, Moreover, although management believes it will be able to
make the necessary modifications in advance, there can be no guarantee that
failure to modify the systems would not have a material adverse effect on the
Bank.
The Bank places a high degree of reliance on computer systems of third parties,
such as customers, suppliers, and other financial and governmental institutions.
Although the Bank is assessing the readiness of these third parties and
preparing contingency plans, there can be no guarantee that the failure of these
third parties to modify their systems in advance of December 31, 1999 would not
have a material adverse effect on the Bank.
The Bank has a Year 2000 committee that is addressing potential Year 2000 issues
with its internal and external software and computer systems. The committee has
assessed the Bank's automated systems and has contacted third party vendors to
provide appropriate assurances regarding their ability to address any Year 2000
issues.
Most of the critical data processing of the Bank is provided by a third party
national service bureau. This service bureau began renovations to their software
applications in the early 1990's to address Year 2000 issues. The Bank and its
service bureau completed internal core system testing in December 1998. The Bank
is currently testing its internal systems compatibility with that of the service
bureau in live data tests.
Total cost associated with required modifications to existing systems is not
expected to be material to the Corporation's financial position. No additional
outside personnel is expected to be needed to resolve any Year 2000 issues at
this time. The current estimated costs to replace some hardware and software
systems is approximately $210,000, some of which will be capitalized and
depreciated over approximately three years. The Bank does not separately track
the internal costs incurred for the Year 2000 project because such costs are
principally the related payroll costs.
The Bank has contacted all material customers, vendors, and non-information
technology suppliers (i.e. utility systems, telephone systems and security
systems) regarding their Year 2000 state of readiness.
Testing has been completed on the most significant vendor applications, except
the utilities as noted below, however, final testing remains on a few critical
applications. This final testing, and development of contingency plans, is
expected to be completed for all critical and important applications and
services by June 30, 1999. Most of the items identified as minor are services
that are performed by outside vendors. Appropriate testing, if possible, and any
related contingency plans would be performed in the second and third quarter of
1999.
9
<PAGE>
We are unable to test the Year 2000 readiness of our significant suppliers of
utilities. We are relying on the utility companies' internal testing and
representations to provide the required services that drive our data systems.
As a practical matter, mortgage, consumer and commercial loan customers were not
contacted regarding their Year 2000 readiness. It was deemed to be beyond the
scope of our testing parameters to contact these borrowers. Further, most of
these are individuals with adequate collateral for their loans.
The most likely worst case Year 2000 scenario is that data processing would be
temporarily interrupted (as much as 2 to 3 days) which would increase the time
necessary to service customers and may prevent some customers from being
serviced until the problem is corrected. The Bank believes that completed and
planned modifications to its internal systems will allow it to be ready for the
Year 2000. However, factors outside of the Bank's control and unexpected service
bureau and other third party problems could impact the Bank's ability to process
data which could have a significant adverse impact on the financial condition
and results of operations of the Bank.
In the event that the Year 2000 problems affect daily operations, the Year 2000
committee is preparing daily operating procedures that should allow us to
provide most of our services. These procedures will be provided to each branch
and will be tested during 1999.
Despite the best efforts of management to address this issue, the vast number of
external entities that have direct and indirect business relationships with the
Bank, such as customers, vendors, payment systems providers and other financial
institutions, makes it impossible to assure that a failure to achieve compliance
by one or more of these entities would not have material adverse impact on the
operations of the Bank.
Risk Management
There have been no material changes from the information regarding market risk
disclosed under the heading "Asset and Liability Management" in the
Corporation's Annual Report for the year ended September 30, 1998.
Impact of Inflation
The consolidated financial statements of the Corporation and notes thereto,
presented elsewhere herein, have been prepared in accordance with GAAP, which
require the measurement of financial position and operating results in terms of
historical dollars without considering the change in the relative purchasing
power of money over time due to inflation. The impact of inflation is reflected
in the increased cost of the Corporation's operations. Unlike most industrial
companies, nearly all the assets and liabilities of the Corporation are
financial. As a result, interest rates have a greater impact on the
Corporation's performance than do the effects of general levels of inflation.
Interest rates do not necessarily move in the same direction or to the same
extent as the prices of goods and services.
10
<PAGE>
Additional Key Operating Ratios
At or For the Three
Months Ended
December 31,
--------------------------
1998(1) 1997(1)
------- -------
(Unaudited)
Return on average assets................... 0.86% 0.90%
Return on average equity................... 6.81 6.67
Average interest rate spread............... 2.63 2.45
Nonperforming assets to total assets....... 0.21 0.39
Nonperforming loans to total loans......... 0.26 0.45
Average net interest margin................ 3.31 3.28
Tangible book value per share.............. $17.26 $16.09
- ---------------
(1) Annualized where appropriate.
11
<PAGE>
TECHE HOLDING COMPANY AND SUBSIDIARIES
PART II
ITEM 1. LEGAL PROCEEDINGS
Neither the Corporation nor the Bank was engaged in any legal
proceeding of a material nature at December 31, 1998. From
time to time, the Corporation is a party to legal proceedings
in the ordinary course of business wherein it enforces its
security interest in loans.
ITEM 2. CHANGES IN SECURITIES
Not applicable.
ITEM 3. DEFAULTS UPON SENIOR SECURITIES
Not applicable.
ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
Not applicable.
ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
(a) Exhibits
Exhibit 27 - Financial Data Schedule
(in electronic filing only)
(b) Reports on Form 8-K
None.
12
<PAGE>
TECHE HOLDING COMPANY AND SUBSIDIARIES
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 thereunto duly authorized.
TECHE HOLDING COMPANY
Date: February 23, 1999 By: /s/Patrick O. Little
-----------------------------------------
Patrick O. Little
President and Chief Executive Officer
(Principal Executive Officer)
Date: February 23, 1999 By: /s/J.L. Chauvin
-----------------------------------------
J. L. Chauvin
Senior Vice President and
Chief Financial Officer
(Principal Accounting Officer)
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION DERIVED FROM THE
QUARTERLY REPORT ON FORM 10-Q AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO
SUCH FINANCIAL INFORMATION.
</LEGEND>
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 3-MOS
<FISCAL-YEAR-END> SEP-30-1999
<PERIOD-END> DEC-31-1998
<CASH> 9,588
<INT-BEARING-DEPOSITS> 20,025
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 33,135
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 340,334
<ALLOWANCE> 3,504
<TOTAL-ASSETS> 415,337
<DEPOSITS> 287,090
<SHORT-TERM> 43,955
<LIABILITIES-OTHER> 3,231
<LONG-TERM> 29,232
0
0
<COMMON> 43
<OTHER-SE> 51,785
<TOTAL-LIABILITIES-AND-EQUITY> 415,337
<INTEREST-LOAN> 6,668
<INTEREST-INVEST> 596
<INTEREST-OTHER> 156
<INTEREST-TOTAL> 7,420
<INTEREST-DEPOSIT> 3,177
<INTEREST-EXPENSE> 4,146
<INTEREST-INCOME-NET> 3,274
<LOAN-LOSSES> 45
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 2,956
<INCOME-PRETAX> 1,370
<INCOME-PRE-EXTRAORDINARY> 1,370
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 890
<EPS-PRIMARY> .32
<EPS-DILUTED> .32
<YIELD-ACTUAL> 2.63
<LOANS-NON> 672
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,515
<CHARGE-OFFS> 20
<RECOVERIES> 1
<ALLOWANCE-CLOSE> 3,504
<ALLOWANCE-DOMESTIC> 3,504
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
