SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
-----------
FORM 10-Q
(Mark One)
[x] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
ACT OF 1934
For the quarterly period ended March 31, 2000
-------------------------------------------------
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
- --------------------------------------------------------------------------------
(State or other jurisdiction of incorporation (I.R.S. employer
or organization) identification no.)
211 Willow Street, Franklin, Louisiana 70538
- --------------------------------------------------------------------------------
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (337) 828-3212
---------------
N/A
- --------------------------------------------------------------------------------
Former name, former address and former fiscal year,if changed since last report.
Indicate by check T 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 May 10, 2000.
Class Outstanding
- --------------------------- ------------------------
$.01 par value common stock 2,509,452
<PAGE>
TECHE HOLDING COMPANY
FORM 10-Q
FOR THE QUARTER ENDED MARCH 31, 2000
INDEX
Page
Number
-------
PART I - CONSOLIDATED FINANCIAL INFORMATION
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 9
PART II - OTHER INFORMATION
Item 1. Legal Proceedings 10
Item 2. Changes in Securities 10
Item 3. Defaults upon Senior Securities 10
Item 4. Submission of Matters to a Vote of Security Holders 10
Item 5. Other Information 10
Item 6. Exhibits and Reports on Form 8-K 10
SIGNATURES 11
<PAGE>
TECHE HOLDING COMPANY
CONSOLIDATED BALANCE SHEETS
(IN THOUSANDS)
<TABLE>
<CAPTION>
At At
March 31, September 30,
2000 1999*
--------- ------------
(unaudited)
<S> <C> <C>
ASSETS
Cash and cash equivalents ................................... $ 11,968 $ 10,292
Securities available-for-sale, at estimated
market value (amortized cost of $53,025 and $64,832) ...... 59,156 63,460
Securities held to maturity ................................. 3,143 -
Loans receivable, net of allowance for loan losses
of $3,566 and $3,537) ..................................... 360,844 342,986
Accrued interest receivable ................................. 2,185 2,159
Investment in Federal Home Loan Bank stock, at cost ......... 5,036 4,229
Real estate owned, net ...................................... 129 178
Prepaid expenses and other assets ........................... 844 621
Premises and equipment, at cost less accumulated depreciation 9,603 10,340
--------- ---------
TOTAL ASSETS .......................................... $ 452,908 $ 434,265
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits .................................................... $ 304,305 $ 303,084
Advances from Federal Home Loan Bank ........................ 98,494 78,682
Advance payments by borrowers for taxes and insurance ....... 1,317 1,578
Accrued interest payable .................................... 220 432
Accounts payable and other liabilities ...................... 1,693 1,722
Deferred income taxes ....................................... 285 67
--------- ---------
Total liabilities ..................................... 406,314 385,565
COMMITMENTS AND CONTINGENCIES
STOCKHOLDERS' EQUITY:
Common stock, $.01 par value, 10,000,000 shares
authorized; 4,232,000 shares issued ..................... 42 42
Preferred stock, 5,000,000 shares authorized;
none issued ............................................. - -
Additional paid in capital ................................ 42,171 42,153
Retained earnings ......................................... 32,124 30,928
Unearned ESOP shares ...................................... (1,588) (1,754)
Unearned Compensation (MSP) ............................... (214) (390)
Treasury stock - 1,724,000 and 1,496,000 shares, at cost .. (24,571) (21,387)
Unrealized (loss) on securities available-for-sale, net of
deferred income taxes ................................... (1,370) (892)
--------- ---------
Total stockholders' equity ............................ 46,594 48,700
--------- ---------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY ............ $ 452,908 $ 434,265
========= =========
</TABLE>
- ------------------------
* The consolidated balance sheet at September 30, 1999 has been taken from
the audited balance sheet at that date. See notes to unaudited consolidated
financial statements.
See notes to unaudited consolidted financial statements
1
<PAGE>
TECHE HOLDING COMPANY
UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
(IN THOUSANDS)
<TABLE>
<CAPTION>
For Three Months For Six Months
Ended March 31, Ended March 31,
----------------------- ----------------------
2000 1999 2000 1999
---------- ---------- ----------- ---------
<S> <C> <C> <C> <C>
INTEREST INCOME
Interest and fees on loans .......... $ 6,903 $ 6,652 $ 13,604 $ 13,320
Interest and dividends on investments 1,091 673 2,180 1,269
Other interest income ............... 49 174 87 330
---------- ---------- ---------- ----------
8,043 7,499 15,871 14,919
---------- ---------- ---------- ----------
INTEREST EXPENSE:
Deposits ............................ 3,179 3,120 6,402 6,265
Advances from Federal Home Loan Bank 1,350 868 2,485 1,769
Other borrowed money ................ - 11 - 111
---------- ---------- ---------- ----------
4,529 3,999 8,887 8,145
---------- ---------- ---------- ----------
NET INTEREST INCOME ................... 3,514 3,500 6,984 6,774
PROVISION FOR LOAN LOSSES ............. 30 45 60 90
NET INTEREST INCOME AFTER PROVISION
FOR LOAN LOSSES ..................... 3,484 3,455 6,924 6,684
---------- ---------- ---------- ----------
NON-INTEREST INCOME:
Service charges and other ........... 1,189 981 2,393 2,057
Gain on sale of real estate owned ... 47 16 54 16
Gain on sale of fixed assets ........ 85 - 85 -
Other income ........................ 49 19 116 40
---------- ---------- ---------- ----------
TOTAL NON-INTEREST INCOME ............. 1,370 1,016 2,648 2,113
---------- ---------- ---------- ----------
Gain on sale of securities ............ - 2 - 2
NON-INTEREST EXPENSE:
Compensation and employee benefits .. 1,716 1,477 3,330 2,933
Occupancy expense ................... 740 685 1,503 1,322
Marketing and professional .......... 281 259 542 447
Other operating expenses ............ 744 740 1,494 1,415
---------- ---------- ---------- ----------
TOTAL NON-INTEREST EXPENSE ...... 3,481 3,161 6,869 6,117
---------- ---------- ---------- ----------
INCOME BEFORE INCOME TAXES ............ 1,373 1,312 2,703 2,682
---------- ---------- ---------- ----------
INCOME TAXES .......................... 453 459 919 939
---------- ---------- ---------- ----------
NET INCOME ............................ $ 920 $ 853 $ 1,784 $ 1,743
========== ========== ========== ==========
BASIC EARNINGS PER COMMON SHARE ....... $ .40 $ .32 $ .75 .64
========== ========== ========== ==========
DILUTED EARNINGS PER COMMON SHARE ..... $ .39 $ .32 $ .75 .63
========== ========== ========== ==========
SHARES OUTSTANDING FOR EPS CALCULATIONS
BASIC ....................... 2,326,000 2,696,000 2,369,000 2,721,000
DILUTED ..................... 2,339,000 2,738,000 2,385,000 2,762,000
</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 Six Months
Ended March 31,
--------------------
2000 1999
--------- ---------
<S> <C> <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income .......................................................... $ 1,784 $ 1,743
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 ............................... (41) 21
Provision for loan losses ...................................... 60 90
Depreciation ................................................... 555 410
Accretion of deferred loan fees and other ...................... (31) (25)
Accretion of discounts on loans ................................ (42) (163)
Other items - net .............................................. 308 (312)
-------- --------
Net cash provided by operating activities .................. 2,593 1,764
-------- --------
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of investment securities available for sale ............... (1,995) (24,800)
Proceeds from maturities of investment securities available for sale 1,010 10
Principal repayments on mortgage-backed securities available
for sale ......................................................... 4,595 7,869
Loans originated, net of repayments ................................ (17,845) 10,896
Investment in FHLB stock ........................................... (807) (110)
Purchase of premises and equipment ................................. (327) (1,455)
Sales of investment securities available-for-sale .................. - 232
Net decrease in certificates of deposit ............................ - 658
Purchase of mortgage-backed securities held to maturity ............ (3,416) -
Proceeds of sales of premises and equipment ........................ 595 -
Principal repayments on mortgage-backed securities held to maturity 273 -
-------- --------
Net cash used in investing activities .......................... (17,917) (6,700)
-------- --------
CASH FLOWS FROM FINANCING ACTIVITIES:
Net increase in deposits ........................................... 1,221 20,341
Net (decrease) increase in FHLB advances ........................... 19,812 (3,320)
Net (decrease) increase in advance payments by borrowers for
taxes and insurance .............................................. (261) (378)
Dividends paid ..................................................... (588) (692)
Purchase of common stock for treasury .............................. (3,184 (7,501)
Borrowings under loan agreement .................................... - 6,767
Repayments of borrowings under loan agreement ...................... - (7,114)
-------- --------
Net cash provided by financing activities ...................... 17,000 8,103
-------- --------
NET INCREASE IN CASH ................................................. 1,676 3,167
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD ....................... 10,292 10,680
-------- --------
CASH AND CASH EQUIVALENTS, END OF YEAR ............................... $ 11,968 $ 13,847
======== ========
</TABLE>
See notes to unaudited consolidated 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 and six
month periods ended March 31, 2000 and 1999 include the accounts of
Teche Holding Company (the "Company") and its subsidiary, Teche Federal
Savings Bank (the "Bank"). The Company'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 March 31, 2000 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 and six months
ended March 31, 2000 and 1999.
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
March 31, March 31,
--------- ---------
2000 1999 2000 1999
---- ---- ---- ----
(In thousands)
<S> <C> <C> <C> <C>
Weighted average number of common
shares outstanding - used in computation
of basic income per common share............... 2,326 2,696 2,369 2,721
Effective of dilutive securities:
Stock options.................................. - 22 - 24
MSP stock grants............................... 13 20 16 17
----- ----- ----- -----
Weighted average number of common
shares outstanding plus effect of dilutive
securities - used in computation of diluted
net income per common share................... 2,339 2,738 2,385 2,762
===== ===== ===== =====
</TABLE>
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 six months ended March 31, 2000 and
1999.
2000 1999
------ ------
Net income $1,784 $1,743
Other comprehensive income (loss), net of tax
(478) (157)
------ ------
Total Comprehensive Income $1,306 $1,586
====== ======
5
<PAGE>
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General
The Company may from time to time make written or oral "forward-looking
statements" including statements contained in this Report and in other
communications by the Company which are made in good faith pursuant to the "safe
harbor" provisions of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements, such as statements of the Company's plans,
objectives, expectations, estimates and intentions, involve risks and
uncertainties and are subject to change based on various important factors (some
of which are beyond the Company's control). The following factors, among others,
could cause the Company's financial performance to differ materially from the
plans, objectives, expectations, estimates and intentions expressed in such
forward-looking statements: the strength of the United States economy in general
and the strength of the local economies in which the Company conducts
operations; the effects of, and changes in, trade, monetary and fiscal policies
and laws, including interest rate policies of the Board of Governors of the
Federal Reserve System, inflation, interest rate, market and monetary
fluctuations; the timely development of and acceptance of new products and
services of the Company and the perceived overall value of these products and
services by users, including the features, pricing and quality compared to
competitors' products and services; the willingness of users to substitute
competitors' products and services for the Company's products and services; the
success of the Company in gaining regulatory approval of its products and
services, when required; the impact of changes in financial services' laws and
regulations (including laws concerning taxes, banking, securities and
insurance); technological changes; acquisitions; changes in consumer spending
and saving habits; and the success of the Company at managing the risks involved
in the foregoing.
Comparison of Financial Condition at March 31, 2000 and September 30, 1999
The Company's total assets at March 31, 2000 and September 30, 1999 totaled
$452.9 million and $434.3 million, respectively, an increase of $18.6 million or
4.3%.
Securities available-for-sale totaled $59.2 million at March 31, 2000, which
represents a decrease of $4.3 million or 6.8% as compared to September 30, 1999,
due to maturity of securities during this period.
Loans receivable totaled $360.8 million at March 31, 2000 which represented an
increase of $17.9 million or 5.2% compared to September 30, 1999. This increase
was primarily due to increased loan originations during the period.
Total deposits increased to $304.3 million at March 31, 2000, an increase of
$1.2 million or 0.4% as compared to September 30, 1999.
Advances from the Federal Home Loan Bank ("FHLB") increased $19.8 million or
25.2% to $98.5 million at March 31, 2000 from $78.7 million at September 30,
1999, primarily in order to fund loan growth during the period. As part of the
Bank's interest rate risk management strategy, the Bank borrowed $15.0 million
from the FHLB on March 30, 2000. This borrowing from the FHLB has a twenty year
term with a 30 year amortization schedule, an interest rate of 7.70% and can be
prepaid after five years without penalty. While the purpose of the advance from
the FHLB was to manage interest rate risk in a rising interest rate environment,
this borrowing is expected to increase the Bank's interest expense and may
adversely effect net interest income in future periods.
6
<PAGE>
Stockholders' equity decreased to $46.6 million at March 31, 2000, from $48.7
million at September 30, 1999, primarily as a result of stock repurchased and
cash dividends paid, offset somewhat by earnings for the six month period.
During the six month period, the Company repurchased 227,528 shares at an
average price of $13.95 per share.
Comparison of Operating Results for the Three and Six Months Ended March 31,
2000 and 1999
Net Income. The Company had net income of $920,000 and $1,784,000 for the three
and six months ended March 31, 2000 as compared to net income of $853,000 and
$1,743,000 for the three and six month periods ended March 31, 1999,
respectively. The increases during both periods were due primarily to gains on
sales of real estate owned and fixed assets.
Total Interest Income. Total interest income increased by $544,000 or 7.3% and
$952,000 or 6.4% for the three and six months ended March 31, 2000,
respectively, as compared to the same periods ending March 31, 1999 due
primarily to an increase in the average balances of loans. The average yield on
loans decreased to 7.72% for the six months ended March 31, 2000 from 7.81% in
1999.
Total Interest Expense. Total interest expense increased 13.3% and 9.1% for the
three and six month periods primarily due to an increase in advances from the
Federal Home Loan Bank.
Net Interest Income. Net interest income remained relatively stable, increasing
0.4% and 3.1% for the three and six month periods ended March 31, 2000, as
compared to the same periods ended March 31, 1999.
Provision for Loan Losses. The provision for loan losses decreased $15,000 and
$30,000, respectively, for the three and six month periods ended March 31, 2000,
as compared to the same periods in 1999.
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 $354,000 and $535,000
for the three and six month periods ended March 31, 2000, primarily due to gain
on sales of real estate owned and fixed assets.
Non-interest Expense. Total non-interest expense increased $320,000 and
$752,000, respectively, during the three and six months ended March 31, 2000, as
compared to the same periods in 1999 due primarily to increases in compensation
and employee benefits and occupancy expense. Occupancy expense increased during
the periods due to the opening of four branch offices in 1999.
7
<PAGE>
Income Tax Expense. Income taxes remained relatively stable as a percentage of
income before income taxes.
Liquidity and Capital Resources
Under current Office of Thrift Supervision ("OTS") regulations, the Bank is
required to maintain certain levels of capital. On March 31, 2000, the Bank was
in compliance with its three regulatory capital requirements as follows:
Amount Percent
------ -------
(In thousands)
Tangible capital $43,243 9.53
Tangible capital requirement 9,071 2.00
------- ----
Excess over requirement $34,172 7.53
======= ====
Core capital $43,243 9.53
Core capital requirement 18,142 4.00
------- ----
Excess over requirement $25,101 5.53
======= ====
Risk based capital $46,385 18.47
Risk based capital requirement 20,088 8.00
------- ----
Excess over requirement $26,297 10.47
======= =====
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 principal. The Bank also utilizes
advances from the Federal Home Loan Bank of Dallas for its investment and
lending activities. As of March 31, 2000, such borrowed funds totaled $98.5
million. 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. This level 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.
8
<PAGE>
Year 2000
Like many financial institutions, the Company relies on computers to
conduct its business and information systems processing. Industry experts were
concerned that on January 1, 2000, some computers might not be able to interpret
the new year properly, causing computer malfunctions. Some banking industry
experts remain concerned that some computers may not be able to interpret
additional dates in the year 2000 properly. The Company has operated and
evaluated its computer operating systems following January 1, 2000 and has not
identified any errors or experienced any computer system malfunctions. The
Company will continue to monitor its information systems to assess whether its
systems are at risk of misinterpreting any future dates and will develop
appropriate contingency plans to prevent any potential system malfunction or
correct any system failures. The Company has not been informed of any such
problem experienced by its vendors or its customers, nor by any of the municipal
agencies that provide services to the Company.
Nevertheless, it is too soon to conclude that there will not be any
problems arising from the Year 2000 problem, particularly at some of the
Company's vendors. The Company will continue to monitor its significant vendors
of goods and services with respect to Year 2000 problems they may encounter as
those issues may effect the Company's ability to continue operations, or might
adversely affect the Company's financial position, results of operations and
cash flows. The Company does not believe at this time that these potential
problems will materially impact the ability of the Company to continue its
operations, however, no assurance can be given that this will be the case.
Quantitative and Qualitative Disclosures About Market Risk
There have been no material changes from the information regarding market risk
disclosed under the heading "Asset and Liability Management" in the Company's
Annual Report for the year ended September 30, 1999.
Key Operating Ratios
<TABLE>
<CAPTION>
At or For the Three Months Ended At or For Six Months Ended
-------------------------------- ----------------------------
March 31, March 31,
---------------------------- ---------------------------
2000(1) 1999(1) 2000(1) 1999(1)
----------- ------- ---------- -------
(Unaudited) (Unaudited)
<S> <C> <C> <C> <C>
Return on average assets ........... 0.83% 0.82% 0.81% 0.84%
Return on average equity ........... 7.95% 6.63% 7.63% 6.72%
Average interest rate spread ....... 2.78% 2.79% 2.76% 2.71%
Nonperforming assets to total assets 0.19% 0.17% 0.19% 0.17%
Nonperforming loans to total loans . 0.24% 0.21% 0.24% 0.21%
Average net interest margin ........ 3.31% 3.42% 3.31% 3.36%
Tangible book value per share ...... $18.52 $17.54 $18.52 $17.54
</TABLE>
- ------------------------------------
(1) Annualized where appropriate.
9
<PAGE>
TECHE HOLDING COMPANY AND SUBSIDIARIES
PART II
ITEM 1. LEGAL PROCEEDINGS
Neither the Company nor the Bank was engaged in any legal
proceeding of a material nature at March 31, 2000. From time to
time, the Company 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
On January 19, 2000, the Company held its annual meeting of
stockholders and the following items were presented:
Election of Directors: Henry L. Friedman, Robert Earl Mouton,
Christian Olivier, Jr.,W. Ross Little, Jr., were reelected as
directors for terms of three years ending in 2003. Mr. Friedman
received 2,316,676 votes in favor and 60,563 votes were withheld.
Mr. Mouton received 2,316,676 votes in favor and 59,783 votes
were withheld. Mr. Olivier received 2,315,576 votes in favor and
61,663 votes were withheld. Mr. Little received 2,316,114 votes
in favor and 61,125 votes were withheld.
Ratification of the appointment of Deloitte & Touche LLP as the
Company's auditors for the 2000 fiscal year: Deloitte & Touche
LLP was ratified as the Company's auditors with 2,363,551 votes
for, 4,352 votes against, and 9,336 abstentions.
ITEM 5. OTHER MATERIALLY IMPORTANT EVENTS
Not applicable.
ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K
27 Financial Data Schedule*
(b) Reports on Form 8-K
None.
10
<PAGE>
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: May 15, 2000 By: /s/Patrick O. Little
----------------------------------------
Patrick O. Little
President and Chief Executive Officer
(Principal Executive Officer)
Date: May 15, 2000 By: /s/J.L. Chauvin
----------------------------------------
J. L. Chauvin
Vice President and Chief Financial Officer
(Principal Accounting Officer)
11
<TABLE> <S> <C>
<ARTICLE> 9
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED 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> 6-MOS
<FISCAL-YEAR-END> SEP-30-2000
<PERIOD-END> MAR-31-2000
<CASH> 10,603
<INT-BEARING-DEPOSITS> 1,365
<FED-FUNDS-SOLD> 0
<TRADING-ASSETS> 0
<INVESTMENTS-HELD-FOR-SALE> 59,156
<INVESTMENTS-CARRYING> 0
<INVESTMENTS-MARKET> 0
<LOANS> 364,410
<ALLOWANCE> 3,566
<TOTAL-ASSETS> 452,908
<DEPOSITS> 304,305
<SHORT-TERM> 58,951
<LIABILITIES-OTHER> 3,515
<LONG-TERM> 39,543
0
0
<COMMON> 42
<OTHER-SE> 46,552
<TOTAL-LIABILITIES-AND-EQUITY> 452,908
<INTEREST-LOAN> 13,604
<INTEREST-INVEST> 2,180
<INTEREST-OTHER> 87
<INTEREST-TOTAL> 15,871
<INTEREST-DEPOSIT> 6,402
<INTEREST-EXPENSE> 8,887
<INTEREST-INCOME-NET> 6,984
<LOAN-LOSSES> 60
<SECURITIES-GAINS> 0
<EXPENSE-OTHER> 6,869
<INCOME-PRETAX> 2,703
<INCOME-PRE-EXTRAORDINARY> 2,703
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 1,784
<EPS-BASIC> 0.75
<EPS-DILUTED> 0.75
<YIELD-ACTUAL> 2.78
<LOANS-NON> 1,158
<LOANS-PAST> 0
<LOANS-TROUBLED> 0
<LOANS-PROBLEM> 0
<ALLOWANCE-OPEN> 3,537
<CHARGE-OFFS> 16
<RECOVERIES> 15
<ALLOWANCE-CLOSE> 3,566
<ALLOWANCE-DOMESTIC> 0
<ALLOWANCE-FOREIGN> 0
<ALLOWANCE-UNALLOCATED> 0
</TABLE>
