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Teche Holding Company Announces Fourth Consecutive Fiscal Year


Teche Holding Company Announces Fourth Consecutive Fiscal Year of Record EPS, Earns $1.01 per Share for Fourth Quarter

NEW IBERIA, LA -- (Marketwire) -- 10/25/12 -- (NYSE MKT: TSH) -- Patrick Little, President and CEO of Teche Holding Company, holding company for Teche Federal Bank, today reported on earnings for the Company for the quarter ended September 30, 2012, the fourth quarter of fiscal 2012 and for the full fiscal year ended September 30, 2012.

Earnings for fiscal 2012 amounted to $7.3 million, or a record $3.51 per diluted share, compared to $7.2 million or $3.45 per diluted share for fiscal 2011, an increase of $0.06 per diluted share, or 1.7 %.

Earnings for the quarter ended September 30, 2012 amounted to $2.1 million, or $1.01 per diluted share, compared to $2.1 million, or $1.01 per diluted share for the same quarter in fiscal 2011.

"Asset quality led the way to our fourth consecutive year of record earnings per share," said Little. "Each year for the past four years it seems that we've found a different way to achieve record earnings." For fiscal 2012, the Bank recorded net charge-offs of 0.26%, much closer to fiscal year 2010 (at 0.24%) and fiscal year 2009 (at 0.29%) than the previous year's 0.82%. "Our record loan production of $220.0 million was also a significant factor, as well as our 15.4% growth in checking balances. We also posted record top-line income as operating revenue amounted to a record $46.6 million."

"There's also good news for the quarter," said Little. "Net interest margin increased to 4.10% from 4.06% for the third quarter and pre-provision, pre-tax income increased to 1.71%," said Little.

The Company reported the following highlights for Fiscal 2012 ended September 30, 2012:


 
--  Earnings for fiscal 2012 amounted to a record $3.51 per diluted share.
    This is the fourth consecutive year that Teche has posted record
    earnings per share.
--  Operating revenues increased to a record $46.6 million compared to
    $45.7 million for fiscal year ending September 30, 2011.
--  Net charge-offs for fiscal 2012 amounted to 0.26% of average loans,
    compared to 0.82% for fiscal 2011.
--  Tangible book value per shareincreased 6.1% to $39.29 at fiscal year
    end compared to $37.02 a year ago.
--  Total Loans increased 10.8% to $674.4 million at September 30, 2012
    compared to $608.6 million a year ago.
--  SmartGrowth Loans increased 4.3% compared to a year ago. SmartGrowth
    Loans now amount to 71.1% of total loans.
--  Total assets increased 7.4% to $852.0 million, compared to a year ago.
--  Average earning assets for the quarter increased 7.8% to $775.4
    million compared to the fourth quarter of fiscal 2011 and 1.8%
    compared to the linked quarter.
--  Total Deposits increased 3.2% compared to a year ago.
--  Checking Account balances increased 15.4% compared to September 30,
    2011. Checking account balances now amount to 35.7% of total deposits,
    compared to 31.9% a year ago.
--  SmartGrowth Deposits increased 8.6% compared to a year ago.
    SmartGrowth Deposits now amount to 76.8% of total deposits, compared
    to 72.9% a year ago.
--  The average rate paid on all deposits was 0.67% for fiscal 2012
    compared to 0.88% for fiscal 2011.
--  Net interest margin for the year amounted to 4.10% compared to 4.28%
    for Fiscal 2011.

 
                                                                            
ANNUAL COMPARISON                        2012     2011    Change   % Change 
                                       -------  -------  -------   -------- 
Earnings Per Share (Diluted)           $  3.51  $  3.45  $  0.06        1.7%
Tangible Book Value per Common Share   $ 39.29  $ 37.02  $  2.27        6.1%
Dividends Declared per share           $ 1.455  $ 1.435  $  0.02        1.4%
Total Loans                            $ 674.4  $ 608.6  $  65.8       10.8%
SmartGrowth Loans                      $ 479.8  $ 460.0  $  19.8        4.3%
Net Charge-offs/Avg. Loans                0.26%    0.82%   (0.56%)      N/A 
NPAs/Assets                               1.28%    1.55%   (0.27%)      N/A 
Total Assets                           $ 852.0  $ 793.2  $  58.8        7.4%
Avg. Earning Assets                    $ 757.5  $ 705.5  $  52.0        7.4%
Total Deposits                         $ 617.7  $ 598.6  $  19.1        3.2%
Checking Balances                      $ 220.3  $ 190.8  $  29.5       15.4%
Checking as a % of Total Deposits         35.7%    31.9%     3.8%       N/A 
SmartGrowth Deposits                   $ 474.2  $ 436.5  $  37.7        8.6%
Avg. Rate on Deposits                     0.67%    0.88%   (0.21%)      N/A 
ROAA                                      0.88%    0.94%   (0.06%)      N/A 
ROAE                                      8.80%    9.12%   (0.32%)      N/A 

The Company reported the following highlights for the quarter:


 
--  Earnings for the quarter amounted to a record-equaling $1.01 per
    diluted share compared to $0.83 for the linked quarter and $1.01 a
    year ago.
--  Quarterly operating revenue increased to a record $12.1 million
    compared to $11.4 million for the linked quarter.
--  Tangible book value per shareincreased 2.0% to $39.29 compared to
    $38.51 for the linked quarter.
--  Total Loans increased 2.1% or $13.9 million to $674.4 million compared
    to $660.5 million for the linked quarter.
--  SmartGrowth Loans increased 0.5% or $2.5 million compared to the
    linked quarter.
--  Total assets increased 1.0% or $8.2 million to $852.0 million compared
    to $843.8 million for the linked quarter.
--  Average earning assets for the quarter increased 7.8% to $775.4
    million compared to the fourth quarter of fiscal 2011 and 1.8% to
    $775.4 million compared to the linked quarter.
--  Total Deposits increased 0.4% compared to the linked quarter.
--  Checking Account balances increased 0.7% compared to the linked
    quarter. Checking account balances now amount to 35.7% of total
    deposits, compared to 35.5% for the linked quarter.
--  SmartGrowth Deposits increased 1.1% compared to the linked quarter.
    SmartGrowth Deposits now amount to 76.8 % of total deposits, compared
    to 76.2% for the linked quarter.
--  The average rate paid on all deposits was 0.58% compared to 0.64% for
    the linked quarter.
--  Net interest margin for the quarter amounted to 4.10% compared to
    4.06% for the linked quarter.

 
                                                                            
                                  4th Qtr    3rd Qtr                        
QUARTERLY COMPARISON                2012       2012      Change    % Change 
                                 ---------  ---------  ---------   -------- 
Earnings Per Share (Diluted)     $    1.01  $    0.83  $    0.18       21.7%
Tangible Book Value per Common                                              
 Share                           $   39.29  $   38.51  $    0.78        2.0%
Total Loans                      $   674.4  $   660.5  $    13.9        2.1%
SmartGrowth Loans                $   479.8  $   477.3  $     2.5        0.5%
Total Assets                     $   852.0  $   843.8  $     8.2        1.0%
Avg. Earning Assets              $   775.4  $   762.0  $    13.4        1.8%
Total Deposits                   $   617.7  $   615.5  $     2.2        0.4%
Checking Balances                $   220.3  $   218.7  $     1.6        0.7%
Checking as a % of Total                                                    
 Deposits                             35.7%      35.5%       0.2%       N/A 
SmartGrowth Deposits             $   474.2  $   469.2  $     5.0        1.1%
Avg. Yield on Deposits                0.58%      0.64%     (0.06%)      N/A 
Net Interest Margin                   4.10%      4.06%      0.04%       N/A 

Net Income Net income for the quarter amounted to $2.1 million or $1.01 per diluted share, an increase of 21.7% on a per-diluted share basis compared to the linked quarter. Net income for the quarter was unchanged as compared to the same period in 2011.


 
                                                                            
QUARTERLY COMPARISON            Sep '12  Jun '12  Mar '12  Dec '11  Sep '11 
                                -------  -------  -------  -------  ------- 
Net Income (In 000's)           $ 2,073  $ 1,732  $ 1,708  $ 1,772  $ 2,102 
Pre-Tax, Pre-Provision Earnings                                             
 (In 000's)                     $ 3,615  $ 3,096  $ 3,132  $ 3,007  $ 3,752 
Basic Earnings Per Common Share $  1.02  $  0.84  $  0.83  $  0.86  $  1.02 
Diluted Earnings Per Common                                                 
 Share                          $  1.01  $  0.83  $  0.82  $  0.85  $  1.01 
Annualized Return on Avg.                                                   
 Assets                            0.98%    0.83%    0.83%    0.88%    1.07%
Pre-Tax, Pre-Provision                                                      
 Earnings/ Avg. Assets             1.71%    1.49%    1.52%    1.50%    1.91%
Annualized Return on Avg.                                                   
 Equity                            9.81%    8.28%    8.22%    8.86%   10.40%
Annualized Return on Avg.                                                   
 Tangible Equity                  10.25%    8.67%    8.61%    9.30%   10.90%
Average Assets (In millions)    $ 846.1  $ 831.0  $ 821.6  $ 803.0  $ 787.8 
Average Earning Assets (In                                                  
 millions)                      $ 775.4  $ 762.0  $ 754.0  $ 738.1  $ 719.4 
Average Deposits (In millions)  $ 612.8  $ 617.2  $ 608.8  $ 594.4  $ 607.9 
Average FHLB Advances (In                                                   
 millions)                      $ 141.6  $ 123.7  $ 123.7  $ 120.7  $  92.5 
                                                                            
FISCAL YEAR COMPARISON                     2012     2011     2010     2009  
                                         -------  -------  -------  ------- 
Net Income (In 000's)                    $ 7,285  $ 7,228  $ 7,101  $ 7,136 
Pre-Tax, Pre-Provision Earnings (In                                         
 000's)                                  $12,850  $14,602  $14,363  $13,420 
Basic Earnings Per Common Share          $  3.55  $  3.49  $  3.40  $  3.38 
Diluted Earnings Per Common Share        $  3.51  $  3.45  $  3.37  $  3.35 
Annualized Return on Avg. Assets            0.88%    0.94%    0.93%    0.91%
Pre-Tax, Pre-Provision Earnings/ Avg.                                       
 Assets                                     1.56%    1.89%    1.88%    1.72%
Annualized Return on Avg. Equity            8.80%    9.12%    9.43%    9.98%
Annualized Return on Avg. Tangible                                          
 Equity                                     9.21%    9.58%    9.94%   10.49%
Average Assets (in millions)             $ 825.0  $ 772.0  $ 762.4  $ 781.2 
Average Earning Assets (in millions)     $ 757.5  $ 705.5  $ 697.3  $ 722.4 
Average Deposits (in millions)           $ 608.3  $ 598.1  $ 578.3  $ 597.6 
Average FHLB Advances(in millions)       $ 127.4  $  88.3  $ 102.3  $ 105.1 

Loans


 
                                                                            
QUARTERLY COMPARISON (In 000,000's)  Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
                                     ------- ------- ------- ------- -------
SmartGrowth Loans                                                           
  Consumer                           $ 110.2 $ 109.3 $ 106.6 $ 107.4 $ 108.8
  Commercial                           215.2   216.9   208.6   213.6   209.5
  Home Equity                           43.2    44.5    46.5    47.3    48.8
  SmartMortgages                       111.1   106.5   102.2    98.2    92.9
                                     ------- ------- ------- ------- -------
Total SmartGrowth Loans              $ 479.7 $ 477.2 $ 463.9 $ 466.5 $ 460.0
Mortgage Loans (owner occupied                                              
 conforming)                           194.7   183.3   177.6   166.1   148.6
                                     ------- ------- ------- ------- -------
Total Loans                          $ 674.4 $ 660.5 $ 641.5 $ 632.6 $ 608.6

Gross loans receivable increased to $674.4 million at September 30, 2012, from $660.5 million at June 30, 2012 and $608.6 million at September 30, 2011, representing a linked quarter increase of $13.9 million, or 2.1% and a twelve month increase of $65.8 million or 10.8%, primarily due to an increase in mortgage loans. SmartGrowth Loans, consisting of commercial loans, home equity loans, SmartMortgage loans and consumer loans, were $479.7 million, or 71.1% of total loans at September 30, 2012, compared to $477.2 million, or 72.2% at June 30, 2012 and $460.0 million at September 30, 2011, for a three month increase of $2.5 million, or 0.5% and a twelve month increase of $19.7 million, or 4.3%.

"Our loan production for fiscal 2012 was a record $220 million," said Little.

Commercial loan balances at September 30, 2012 amounted to $215.2 million, compared to $216.9 million at June 30, 2012 and $209.5 million at September 30, 2011, for a three month decrease of $1.7 million or -0.8% and a twelve month increase of $5.8 million, or 2.7%. Consumer loan balances at September 30, 2012 amounted to $110.2 million, compared to $109.3 million at June 30, 2012 and $108.8 million at September 30, 2011, a linked quarter increase of $0.9 million, or 0.9%.


 
                                                                            
FISCAL YEAR COMPARISON (In 000,000's)          2012    2011    2010    2009 
                                             ------- ------- ------- -------
SmartGrowth Loans                                                           
  Consumer                                   $ 110.2 $ 108.8 $ 111.6 $ 108.0
  Commercial                                   215.2   209.5   212.9   210.2
  Home Equity                                   43.2    48.8    53.4    58.3
  SmartMortgages                               111.1    92.9    87.0    83.8
                                             ------- ------- ------- -------
Total SmartGrowth Loans                      $ 479.7 $ 460.0 $ 464.9 $ 460.3
Mortgage Loans (owner occupied conforming)     194.7   148.6   131.0   135.0
                                             ------- ------- ------- -------
Total Loans                                  $ 674.4 $ 608.6 $ 595.9 $ 595.3

Deposits


 
                                                                            
QUARTERLY COMPARISON (In 000,000's)  Sep '12 Jun '12 Mar '12 Dec '11 Sep '11
                                     ------- ------- ------- ------- -------
SmartGrowth Deposits                                                        
  Checking                           $ 220.3 $ 218.7 $ 223.3 $ 199.0 $ 190.8
  Money Market                          55.2    52.5    54.8    52.0    55.0
  Savings                              198.7   198.1   194.9   188.3   190.7
                                     ------- ------- ------- ------- -------
Total SmartGrowth Deposits           $ 474.2 $ 469.3 $ 473.0 $ 439.3 $ 436.5
Time Deposits                          143.5   146.2   157.5   160.0   162.1
                                     ------- ------- ------- ------- -------
Total Deposits                       $ 617.7 $ 615.5 $ 630.5 $ 599.3 $ 598.6

The average rate paid on SmartGrowth Deposits has remained steady at 0.22%, for the current quarter, the linked quarter and the same period a year ago.

Three Month Growth. The Company's SmartGrowth Deposits, consisting of checking, savings and money market accounts, increased this quarter due to growth in all categories. Total deposits increased to $617.7 million at September 30, 2012, from $615.5 million at June 30, 2012, a linked quarter increase of $2.2 million or 0.4%.

Checking account balances at September 30, 2012 increased $1.6 million, or 0.7%, to $220.3 million from $218.7 million at June 30, 2012.

Twelve Month Growth. Total deposits increased to $617.7 million at September 30, 2012, from $598.6 million at September 30, 2011, a twelve month increase of $19.1 million, or 3.2%. Total SmartGrowth Deposits increased $37.7 million, or 8.6% from $436.5 million at September 30, 2011.

SmartGrowth Deposits amounted to 76.8% of total deposits as of September 30, 2012 compared to 72.9% at September 30, 2011.

Checking account balances at September 30, 2012 increased 15.5% or $29.5 million, as compared to September 30, 2011. Checking account balances now account for 35.7% of total deposits compared to 31.9% at September 30, 2011. Total SmartGrowth Deposits increased $37.7 million or 8.6% year over year, primarily due to growth in checking and savings deposits.


 
                                                                            
FISCAL YEAR COMPARISON (In 000,000's)      2012     2011     2010     2009  
                                         -------- -------- -------- --------
SmartGrowth Deposits                                                        
  Checking                               $  220.3 $  190.8 $  173.2 $  165.8
  Money Market                               55.2     55.0     60.3     95.5
  Savings                                   198.7    190.7    166.7    106.5
                                         -------- -------- -------- --------
Total SmartGrowth Deposits               $  474.2 $  436.5 $  400.2 $  367.8
Time Deposits                               143.5    162.1    179.2    217.7
                                         -------- -------- -------- --------
Total Deposits                           $  617.7 $  598.6 $  579.4 $  585.5

Over the past three years, SmartGrowth Deposits have increased $106.5 million or 28.9% primarily due to growth in checking and savings deposits offset somewhat by decreases in money market accounts.

Capital

The tangible equity ratio decreased to 9.42% compared to 9.67% a year ago, as stockholder equity increased to $83.5 million while assets increased to $852.0 million. Tangible book value per common share increased to $39.29 or 6.1% compared to a year ago. Risk based capital decreased to 14.09% compared to 14.30% a year ago; and the equity to asset ratio decreased to 9.81% from 10.08% a year ago.


 
                                                                            
QUARTERLY COMPARISON            Sep '12  Jun '12  Mar '12  Dec '11  Sep '11 
                                -------  -------  -------  -------  ------- 
Stockholders' Equity (In                                                    
 millions)                      $  83.5  $  81.7  $  82.2  $  81.1  $  80.0 
Ratio of Equity to Assets          9.81%    9.68%    9.90%    9.97%   10.08%
Tangible Equity Ratio              9.42%    9.29%    9.50%    9.56%    9.67%
Total Risk-Based Capital Ratio    14.09%   13.79%   14.12%   14.09%   14.30%
Book Value per Common Share     $ 41.09  $ 40.32  $ 39.68  $ 39.24  $ 38.79 
Tangible Book Value Per Common                                              
 Share                          $ 39.29  $ 38.51  $ 37.91  $ 37.47  $ 37.02 
Total Assets (In millions)      $ 852.0  $ 843.8  $ 829.7  $ 813.5  $ 793.2 
                                                                            
                                                                            
FISCAL YEAR COMPARISON                     2012     2011     2010     2009  
                                         -------  -------  -------  ------- 
Stockholders' Equity (In millions)       $  83.5  $  80.0  $  75.5  $  71.5 
Ratio of Equity to Assets                   9.81%   10.08%    9.92%    9.34%
Tangible Equity Ratio                       9.42%    9.67%    9.48%    8.90%
Total Risk-Based Capital Ratio             14.09%   14.30%   13.52%   12.72%
Book Value per Common Share              $ 41.09  $ 38.79  $ 36.19  $ 34.09 
Tangible Book Value Per Common Share     $ 39.29  $ 37.02  $ 34.43  $ 32.33 
Total Assets (In millions)               $ 852.0  $ 793.2  $ 761.5  $ 765.1 

"In three years," said Little, "the Company's equity to assets ratio has gone from 9.34% to 9.81%, our stockholders' equity has gone from $71.5 million to $83.5 million and our tangible book value per share has gone from $32.33 to $39.29."

Asset Quality

The following table sets forth asset quality ratios for each of the past five quarters and the past four years:


 
Net Charge-offs, ALLL, NPAs                                                 
QUARTERLY COMPARISON            Sep '12  Jun '12  Mar '12  Dec '11  Sep '11 
                                -------  -------  -------  -------  ------- 
Charge-offs/Average Loans          0.05%    0.08%    0.08%    0.05%    0.09%
ALLL*/NPLs                        82.52%   79.63%   74.02%   71.25%   76.63%
ALLL*/NPAs                        78.80%   74.54%   71.40%   65.30%   67.67%
ALLL*/Loans                        1.27%    1.27%    1.32%    1.33%    1.37%
NPAs/Assets                        1.28%    1.34%    1.43%    1.53%    1.55%
*ALLL figures include specific                                              
 reserves                                                                   
                                                                            
FISCAL YEAR COMPARISON                        2012    2011    2010    2009  
                                             ------  ------  ------  ------ 
Net Charge-offs/Average Loans                  0.26%   0.82%   0.24%   0.29%
ALLL/NPLs                                     82.52%  76.63%  63.92%  95.44%
ALLL/NPAs                                     78.80%  67.67%  59.02%  74.85%
ALLL/Loans                                     1.27%   1.37%   1.55%   1.14%
NPAs/Assets                                    1.28%   1.55%   2.06%   1.19%
                                                                            
ALLL figures include specific reserves                                      

The following table sets forth the allowance for loan loss activity for each of the past 5 quarters.


 
                                                                            
Allowance for Loan Loss                                                     
 Provision & Charge-offs                                                    
QUARTERLY COMPARISON (In 000's)  Sep '12  Jun '12  Mar '12  Dec '11  Sep '11
                                -------- -------- -------- -------- --------
Beginning ALLL                  $  8,411 $  8,450 $  8,392 $  8,331 $  8,123
Provision for Loan Losses            500      510      550      350      750
Net Charge-offs                      352      549      492      289      542
Ending ALLL                     $  8,559 $  8,411 $  8,450 $  8,392 $  8,331
Ending ALLL (net of specific                                                
 reserves)                      $  8,559 $  8,411 $  8,246 $  8,142 $  7,783

Net charge-offs for the quarter were $0.4 million, or 0.05% of average loans, compared to $0.5 million or 0.09% of average loans for the same period a year ago. For the twelve months ended September 30, 2012, net charge-offs were $1.7 million or 0.26% of average loans, compared to $4.8 million or 0.82% of loans for the twelve months ended September 30, 2011.

Non-performing assets decreased to $10.9 million, or 1.28% of total assets at September 30, 2012, compared to $11.3 million, or 1.34% of total assets at June 30, 2012 and $12.3 million, or 1.55% of total assets a year ago, primarily due to reductions in real estate owned along with decreases in loans delinquent ninety days or more.


 
                                                                            
FISCAL YEAR COMPARISON (In 000's)          2012     2011     2010     2009  
                                         -------- -------- -------- --------
Beginning ALLL                           $  8,331 $  9,256 $  6,806 $  5,545
Provision for Loan Losses                   1,910    3,900    3,896    3,026
Net Charge-offs                             1,682    4,825    1,446    1,765
Ending ALLL                              $  8,559 $  8,331 $  9,256 $  6,806
Ending ALLL (net of specific reserves)   $  8,559 $  7,783 $  7,125 $  6,264

Net Interest Income


 
                                                                            
QUARTERLY COMPARISON (In 000's)  Sep '12  Jun '12  Mar '12  Dec '11  Sep '11
                                -------- -------- -------- -------- --------
Interest Income                 $  9,836 $  9,725 $  9,807 $  9,766 $  9,861
Interest Expense                   1,895    1,993    2,111    2,080    2,078
                                -------- -------- -------- -------- --------
Net Interest Income             $  7,941 $  7,732 $  7,696 $  7,686 $  7,783
                                ======== ======== ======== ======== ========

Net interest income for the three months ended September 30, 2012 amounted to $7.9 million compared to $7.8 million for the quarter ended September 30, 2011, an increase of 2.0%, or $158,000. The decrease in interest paid on deposits resulted from a decrease in the average interest rates paid on deposits.


 
                                                                            
FISCAL YEAR COMPARISON (In 000's)          2012     2011     2010     2009  
                                         -------- -------- -------- --------
Interest Income                          $ 39,134 $ 39,358 $ 41,336 $ 44,237
Interest Expense                            8,080    9,168   11,704   15,297
                                         -------- -------- -------- --------
Net Interest Income                      $ 31,054 $ 30,190 $ 29,632 $ 28,940
                                         ======== ======== ======== ========

Net interest income for fiscal 2012 amounted to $31.1 million compared to $30.2 million for fiscal 2011, an increase of 2.9%. "Our net interest income has increased consistently for the past three years," said Little.

Net Interest Margin and Spread


 
                                                                            
QUARTERLY COMPARISON            Sep '12  Jun '12  Mar '12  Dec '11  Sep '11 
Yield on Earning Assets            5.07%    5.10%    5.20%    5.30%    5.48%
Cost of Interest Bearing                                                    
 Liabilities                       1.14%    1.23%    1.31%    1.31%    1.36%
Spread                             3.93%    3.87%    3.90%    3.99%    4.13%
Net Interest Margin                4.10%    4.06%    4.08%    4.17%    4.33%
                                                                            
FISCAL YEAR COMPARISON                     2012     2011     2010     2009  
                                         -------  -------  -------  ------- 
Yield on Earning Assets                     5.17%    5.58%    5.93%    6.12%
Cost of Interest Bearing Liabilities        1.25%    1.51%    1.91%    2.40%
Spread                                      3.92%    4.07%    4.02%    3.73%
Net Interest Margin                         4.10%    4.28%    4.25%    4.01%

Net interest margin amounted to 4.10% for the three-month period ended September 30, 2012; compared to 4.06% for the linked quarter and 4.33% for quarter-ended September 30, 2011.

For the fiscal year ended September 30, 2012, net interest margin was 4.10% as compared to 4.28% for the fiscal year ended September 30, 2011 due to lower rates on interest earning assets offset somewhat by lower rates on interest bearing liabilities and increased balances on interest earning assets.

Operating Revenue

Operating Revenue for the quarter, consisting of net interest income (before provisions for loan losses) plus non-interest income, amounted to $12.1 million, which was higher than the same quarter in 2011 which was $11.6 million. For the year ended September 30, 2012, operating revenue amounted to $46.6 million as compared to $45.7 million for the year ended September 30, 2011. "Each year over the past three years, the Company has posted record operating revenue," said Little.

The tables below reflect Teche's operating revenues in millions over the past five quarters and the past four years:


 
                                                                            
QUARTERLY COMPARISON (In                                                    
 millions)                       Sep '12  Jun '12  Mar '12  Dec '11  Sep '11
                                -------- -------- -------- -------- --------
Net Interest Income             $    7.9 $    7.7 $    7.7 $    7.7 $    7.8
Non-interest Income                  4.2      3.7      3.9      3.8      3.8
                                -------- -------- -------- -------- --------
Operating Revenue               $   12.1 $   11.4 $   11.6 $   11.5 $   11.6
                                ======== ======== ======== ======== ========

 
                                                                            
FISCAL YEAR COMPARISON (In millions)       2012     2011     2010     2009  
                                         -------- -------- -------- --------
Net Interest Income                      $   31.1 $   30.2 $   29.6 $   28.9
Non-interest Income                      $   15.5 $   15.5 $   16.0 $   15.9
                                         -------- -------- -------- --------
Operating Revenue                        $   46.6 $   45.7 $   45.6 $   44.8
                                         ======== ======== ======== ========

Non-Interest Income Non-interest income increased to $4.2 million for the quarter compared to $3.7 million in the linked quarter while increasing from $3.8 million for the same quarter a year ago, primarily due to a gain on sale of securities and on the sale of fixed assets in the amounts of $135,000 and $205,000 respectively. This amounted to 1.99% of average assets for the quarter, compared to 1.76% for the linked quarter and 1.94% a year ago.

Non-Interest Expense For the quarter, non-interest expense was $8.5 million or 4.03% of average assets, compared to the linked quarter total of $8.3 million or 3.99% of average assets, an increase of 3.0%. Compared to the same quarter in fiscal 2011, non-interest expense increased $0.7 million or 8.6%.

For the year, non-interest expense increased from $31.1 million to $33.7 million or 8.3%, while non-interest income remained unchanged at $15.5 million, primarily due to increases in compensation, marketing, data processing and expenses related to adjustments in values of foreclosed assets.


 
                                                                            
QUARTERLY COMPARISON (In                                                    
 thousands)                 Sep '12   Jun '12   Mar '12   Dec '11   Sep '11 
                           --------  --------  --------  --------  -------- 
  Interchange fee Income   $    847  $    917  $    843  $    778  $    830 
  Other Non-Interest                                                        
   Income                  $  3,361  $  2,734  $  3,038  $  2,990  $  2,994 
Total Non-Interest Income  $  4,208  $  3,651  $  3,881  $  3,768  $  3,824 
Total Non-Interest                                                          
 Income/Assets                 1.99%     1.76%     1.89%     1.88%     1.94%
Non-Interest Expense       $  8,534  $  8,287  $  8,445  $  8,447  $  7,855 
Non-Interest                                                                
 Expense/Assets                4.03%     3.99%     4.11%     4.21%     3.99%
                                                                            
FISCAL YEAR COMPARISON (In                                                  
 thousands)                            2012      2011      2010      2009   
                                     --------  --------  --------  -------- 
  Interchange fee Income             $  3,385  $  3,317       N/A       N/A 
  Other Non-Interest Income          $ 12,125  $ 12,226       N/A       N/A 
Total Non-Interest Income            $ 15,510  $ 15,543  $ 15,960  $ 15,852 
Total Non-Interest Income/Assets         1.88%     2.01%     2.09%     2.03%
Non-Interest Expense                 $ 33,714  $ 31,131  $ 31,229  $ 31,372 
Non-Interest Expense/Assets              4.09%     4.03%     4.10%     4.02%

Net Income and Dividends On August 23, 2012, the board of directors declared a $0.365 per share quarterly dividend, its sixty-ninth consecutive. Based on the closing price of the Company's common stock of $39.26 on August 21, 2012, the annualized dividend yield was 3.70%. Since 2003, the Company has increased dividends for ten consecutive years.


 
                                                                            
QUARTERLY COMPARISON             Sep '12  Jun '12  Mar '12  Dec '11  Sep '11
                                -------- -------- -------- -------- --------
Dividends Declared Per Share    $  0.365 $  0.365 $  0.365 $   0.36 $   0.36
Basic Earnings Per Common Share $   1.02 $   0.84 $   0.83 $   0.86 $   1.02
Diluted Earnings Per Common                                                 
 Share                          $   1.01 $   0.83 $   0.82 $   0.85 $   1.01
                                                                            
FISCAL YEAR COMPARISON                     2012     2011     2010     2009  
                                         -------- -------- -------- --------
Dividends Declared Per Share             $  1.455 $  1.435 $   1.42 $   1.41
Basic Earnings Per Common Share          $   3.55 $   3.49 $   3.40 $   3.38
Diluted Earnings Per Common Share        $   3.51 $   3.45 $   3.37 $   3.35

Teche Holding Company is the parent company of Teche Federal Bank, which operates nineteen offices in South Louisiana and serves over 60,000 customers. Teche is the fourth largest publicly traded bank holding company based in Louisiana with over $851 million in assets. Deposits at Teche Federal Bank are insured up to the legal maximum amount by the Federal Deposit Insurance Corporation (FDIC). Teche Holding Company's common stock is traded under the symbol "TSH" on the NYSE MKT.

Statements contained in this news release, which are not historical facts, are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by Teche Holding Company with the Securities and Exchange Commission from time to time. The Company does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by or on behalf of the Company.


 
                                                                            
                                                                            
                           TECHE HOLDING COMPANY                            
               (Dollars in thousands, except per share data)                
                               New Iberia, LA                               
                          Selected Financial Data                           
                                (UNAUDITED)                                 
                                                                            
                                          THREE MONTHS ENDED                
                           ------------------------------------------------ 
Condensed Statements of      Sep.      Jun.      Mar.      Dec.      Sep.   
 Income                      2012      2012      2012      2011      2011   
--------------------------------------------------------------------------- 
Interest Income            $  9,836  $  9,725  $  9,807  $  9,766  $  9,861 
Interest Expense              1,895     1,993     2,111     2,080     2,078 
                           --------  --------  --------  --------  -------- 
Net Interest Income           7,941     7,732     7,696     7,686     7,783 
Provision for Loan Losses       500       510       550       350       750 
                           --------  --------  --------  --------  -------- 
Net Interest Income after                                                   
 Provision for Loan Losses    7,441     7,222     7,146     7,336     7,033 
Non Interest Income           4,208     3,651     3,881     3,768     3,824 
Non Interest Expense          8,534     8,287     8,445     8,447     7,855 
                           --------  --------  --------  --------  -------- 
                                                                            
Income Before Income Taxes    3,115     2,586     2,582     2,657     3,002 
Income Taxes                  1,042       854       874       885       900 
                           --------  --------  --------  --------  -------- 
Net Income                 $  2,073  $  1,732  $  1,708  $  1,772  $  2,102 
                           ========  ========  ========  ========  ======== 
Selected Financial Data                                                     
--------------------------------------------------------------------------- 
Dividends Declared Per                                                      
 Share                     $  0.365  $  0.365  $  0.365  $   0.36  $   0.36 
Basic Earnings Per Common                                                   
 Share                     $   1.02  $   0.84  $   0.83  $   0.86  $   1.02 
Diluted Earnings Per                                                        
 Common Share              $   1.01  $   0.83  $   0.82  $   0.85  $   1.01 
Annualized Return on Avg.                                                   
 Assets                        0.98%     0.83%     0.83%     0.88%     1.07%
Annualized Return on Avg.                                                   
 Equity                        9.81%     8.28%     8.22%     8.86%    10.40%
Annualized Return on Avg.                                                   
 Tangible Equity (1)          10.25%     8.67%     8.61%     9.30%    10.90%
Yield on Interest Earning                                                   
 Assets                        5.07%     5.10%     5.20%     5.30%     5.48%
Cost of Interest Bearing                                                    
 Liabilities                   1.14%     1.23%     1.31%     1.31%     1.36%
Spread                         3.93%     3.87%     3.90%     3.99%     4.13%
Net Interest Margin            4.10%     4.06%     4.08%     4.17%     4.33%
Non-Interest Income/Avg.                                                    
 Assets                        1.99%     1.76%     1.89%     1.88%     1.94%
Non-Interest Expense/Avg.                                                   
 Assets                        4.03%     3.99%     4.11%     4.21%     3.99%
Quarterly Net Charge-                                                       
 offs/Avg. Loans               0.05%     0.08%     0.08%     0.05%     0.09%
Weighted avg. shares                                                        
 Outstanding                                                                
  Basic                       2,028     2,055     2,067     2,059     2,064 
  Diluted                     2,061     2,078     2,088     2,078     2,085 
AVERAGE BALANCE SHEET DATA                                                  
--------------------------------------------------------------------------- 
Total Assets               $846,114  $830,958  $821,582  $803,024  $787,782 
Earning assets             $775,399  $762,007  $753,980  $738,111  $719,384 
Loans                      $665,952  $648,640  $636,356  $621,073  $591,736 
Interest-bearing deposits  $521,708  $523,488  $522,420  $513,104  $520,489 
Total deposits             $612,785  $617,209  $608,777  $594,376  $607,949 
Total stockholders' equity $ 84,525  $ 83,643  $ 83,095  $ 79,993  $ 80,857 
                                                                            
(1) Eliminates the effect of goodwill and the core deposit intangible       
 assets and the related amortization expense on a tax affected basis. The   
 amount was calculated using the following information.                     
                                                                            
Average Stockholders'                                                       
 Equity                    $ 84,525  $ 83,643  $ 83,095  $ 79,993  $ 80,857 
Less average goodwill and                                                   
 other intangible assets,                                                   
 net of related income                                                      
 taxes                        3,659     3,664     3,665     3,667     3,671 
Average Tangible Equity    $ 80,866  $ 79,979  $ 79,430  $ 76,326  $ 77,186 
                           ========  ========  ========  ========  ======== 
                                                                            
Net Income                    2,073     1,732     1,708     1,772     2,102 
Plus Amortization of core                                                   
 deposit intangibles, net                                                   
 of related income taxes          1         2         2         2         2 
                           --------  --------  --------  --------  -------- 
Net Income, as adjusted    $  2,074  $  1,734  $  1,710  $  1,774  $  2,104 
                           ========  ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
                                                                            
                           TECHE HOLDING COMPANY                            
               (Dollars in thousands, except per share data)                
                               New Iberia, LA                               
                          Selected Financial Data                           
                                (UNAUDITED)                                 
                                                                            
                           ------------------------------------------------ 
Condensed Statements of      Sep.      Sep.      Sep.      Sep.      Sep.   
 Income                      2012      2011      2010      2009      2008   
--------------------------------------------------------------------------- 
Interest Income            $ 39,134  $ 39,358  $ 41,336  $ 44,237  $ 45,633 
Interest Expense              8,080     9,168    11,704    15,297    19,733 
                           --------  --------  --------  --------  -------- 
Net Interest Income          31,054    30,190    29,632    28,940    25,900 
Provision for Loan Losses     1,910     3,900     3,896     3,026       825 
                           --------  --------  --------  --------  -------- 
Net Interest Income after                                                   
 Provision for Loan Losses   29,144    26,290    25,736    25,914    25,075 
Non Interest Income          15,510    15,543    15,960    15,852    13,233 
Non Interest Expense         33,714    31,131    31,229    31,372    30,552 
                           --------  --------  --------  --------  -------- 
                                                                            
Income Before Income Taxes   10,940    10,702    10,467    10,394     7,756 
Income Taxes                  3,655     3,474     3,366     3,258     2,047 
                           --------  --------  --------  --------  -------- 
Net Income (loss)          $  7,285  $  7,228  $  7,101  $  7,136  $  5,709 
                           ========  ========  ========  ========  ======== 
Selected Financial Data                                                     
--------------------------------------------------------------------------- 
Dividends Declared Per                                                      
 Share                     $  1.455  $  1.435  $   1.42  $   1.41  $   1.37 
Basic Earnings Per Common                                                   
 Share                     $   3.55  $   3.49  $   3.40  $   3.38  $   2.65 
Diluted Earnings Per                                                        
 Common Share              $   3.51  $   3.45  $   3.37  $   3.35  $   2.63 
Annualized Return on Avg.                                                   
 Assets                        0.88%     0.94%     0.93%     0.91%     0.76%
Annualized Return on Avg.                                                   
 Equity                        8.80%     9.12%     9.43%     9.98%     8.29%
Annualized Return on Avg.                                                   
 Tangible Equity (1)           9.21%     9.58%     9.94%    10.49%     8.80%
Yield on Interest Earning                                                   
 Assets                        5.17%     5.58%     5.93%     6.12%     6.54%
Cost of Interest Bearing                                                    
 Liabilities                   1.25%     1.51%     1.91%     2.40%     3.17%
Spread                         3.92%     4.07%     4.02%     3.73%     3.42%
Net Interest Margin            4.10%     4.28%     4.25%     4.01%     3.71%
Non-Interest Income/Avg.                                                    
 Assets                        1.88%     2.01%     2.09%     2.03%     1.77%
Non-Interest Expense/Avg.                                                   
 Assets                        4.09%     4.03%     4.10%     4.02%     4.07%
Net Charge-offs/Avg. Loans     0.26%     0.82%     0.24%     0.29%     0.06%
Weighted avg. shares                                                        
 Outstanding                                                                
  Basic                       2,052     2,069     2,089     2,110     2,154 
  Diluted                     2,076     2,092     2,107     2,127     2,171 
AVERAGE BALANCE SHEET DATA                                                  
--------------------------------------------------------------------------- 
Total Assets               $825,036  $771,988  $762,355  $781,187  $749,825 
Earning assets             $757,488  $705,481  $697,315  $722,409  $697,236 
Loans                      $643,224  $590,354  $599,134  $606,751  $594,944 
Interest-bearing deposits  $520,162  $517,938  $512,040  $533,022  $526,456 
Total deposits             $608,259  $598,070  $578,310  $597,559  $581,253 
Total stockholders' equity $ 82,811  $ 79,229  $ 75,279  $ 71,479  $ 68,833 
                                                                            
(1) Eliminates the effect of goodwill and the core deposit intangible       
 assets and the related amortization expense on a tax affected basis. The   
 amount was calculated using the following information.                     
                                                                            
Average Stockholders'                                                       
 Equity                           $         $                               
                             82,811    79,229  $ 75,279  $ 71,479  $ 68,833 
Less average goodwill and                                                   
 other intangible assets,                                                   
 net of related income                                                      
 taxes                        3,661     3,671     3,673     3,715     3,743 
                           --------  --------  --------  --------  -------- 
Average Tangible Equity                                                     
                                  $         $                               
                             79,150    75,558  $ 71,606  $ 67,764  $ 65,090 
                           ========  ========  ========  ========  ======== 
                                                                            
Net Income                                                                  
                                  $         $                               
                              7,285     7,228  $  7,101  $  7,136  $  5,709 
Plus Amortization of core                                                   
 deposit intangibles, net                                                   
 of related income taxes          7        12        19        28        36 
                           --------  --------  --------  --------  -------- 
Net Income, as adjusted    $  7,292  $  7,240  $  7,120  $  7,164  $  5,745 
                           ========  ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
                                                                            
                           TECHE HOLDING COMPANY                            
               (Dollars in thousands, except per share data)                
                               New Iberia, LA                               
                               Balance Sheet                                
                                (UNAUDITED)                                 
                                                                            
                             Sep.      Jun.      Mar.      Dec.      Sep.   
                             2012      2012      2012      2011      2011   
                           ------------------------------------------------ 
SmartGrowth Loans                                                           
  Consumer                 $110,235  $109,287  $106,596  $107,399  $108,849 
  Commercial                215,212   216,929   208,579   213,659   209,460 
  Home Equity                43,233    44,513    46,486    47,261    48,799 
  SmartMortgage Loans       111,072   106,532   102,228    98,221    92,910 
                           --------  --------  --------  --------  -------- 
Total SmartGrowth Loans     479,752   477,261   463,889   466,540   460,018 
  Mortgage Loans (owner                                                     
   occupied conforming)     194,650   183,274   177,566   166,088   148,584 
                           --------  --------  --------  --------  -------- 
                            674,402   660,535   641,455   632,628   608,602 
Allowance for Loan Losses    (8,559)   (8,411)   (8,450)   (8,392)   (8,331)
                           --------  --------  --------  --------  -------- 
Loans Receivable, Net       665,843   652,124   633,005   624,236   600,271 
                                                                            
Cash and Securities         124,080   129,750   136,841   130,126   134,902 
Goodwill and Other                                                          
 Intangibles                  3,659     3,661     3,664     3,667     3,670 
Foreclosed Real Estate          513       625       397     1,012     1,405 
Other                        57,867    57,608    55,799    54,504    52,955 
                           --------  --------  --------  --------  -------- 
TOTAL ASSETS               $851,962  $843,768  $829,706  $813,545  $793,203 
                           ========  ========  ========  ========  ======== 
                                                                            
SmartGrowth Deposits                                                        
  Checking                 $220,268  $218,717  $223,228  $199,021  $190,822 
  Money Market               55,251    52,478    54,817    52,019    54,970 
  Savings                   198,667   198,042   194,919   188,303   190,727 
                           --------  --------  --------  --------  -------- 
Total Smart Growth                                                          
 Deposits                   474,186   469,237   472,964   439,343   436,519 
Time Deposits               143,536   146,227   157,547   159,968   162,063 
                           --------  --------  --------  --------  -------- 
Total Deposits              617,722   615,464   630,511   599,311   598,582 
                                                                            
FHLB Advances               142,751   139,955   110,344   127,621   108,184 
Other Liabilities             7,948     6,669     6,682     5,501     6,450 
Stockholders' Equity         83,541    81,680    82,169    81,112    79,987 
                           --------  --------  --------  --------  -------- 
TOTAL LIABILITIES AND                                                       
 STOCKHOLDERS' EQUITY      $851,962  $843,768  $829,706  $813,545  $793,203 
                           ========  ========  ========  ========  ======== 
                                                                            
Ratio of Equity to Assets      9.81%     9.68%     9.90%     9.97%    10.08%
Tangible Equity Ratio (1)      9.42%     9.29%     9.50%     9.56%     9.67%
Total Risk-Based Capital                                                    
 Ratio                        14.09%    13.79%    14.12%    14.09%    14.30%
Book Value per Common                                                       
 Share                     $  41.09  $  40.32  $  39.68  $  39.24  $  38.79 
Tangible Book Value Per                                                     
 Common Share (1)          $  39.29  $  38.51  $  37.91  $  37.47  $  37.02 
Shares Outstanding (in                                                      
 thousands)                   2,033     2,026     2,071     2,067     2,062 
Non-performing                                                              
 Assets/Total Assets           1.28%     1.34%     1.43%     1.53%     1.55%
ALLL/Loans                     1.27%     1.27%     1.32%     1.33%     1.37%
ALLL/NPLs                     82.52%    79.63%    74.02%    71.25%    76.63%
                                                                            
(1) Eliminates the effect of goodwill and the core deposit intangible       
 assets and the related amortization expense on a tax affected basis. The   
 amount was calculated using the following information.                     
                                                                            
Stockholders' Equity       $ 83,541  $ 81,680  $ 82,169  $ 81,112  $ 79,987 
Less goodwill and other                                                     
 Intangible assets, net of                                                  
 related income taxes        (3,655)   (3,658)   (3,654)   (3,657)   (3,659)
                           --------  --------  --------  --------  -------- 
Tangible Stockholders'                                                      
 Equity                    $ 79,886  $ 78,022  $ 78,515  $ 77,455  $ 76,328 
                           ========  ========  ========  ========  ======== 
                                                                            
Total Assets               $851,962  $843,768  $829,706  $813,545  $793,203 
Less goodwill and other                                                     
 Intangible assets, net of                                                  
 related income taxes        (3,655)   (3,658)   (3,654)   (3,657)   (3,659)
                           --------  --------  --------  --------  -------- 
Total Tangible Assets      $848,307  $840,110  $826,052  $809,888  $789,544 
                           ========  ========  ========  ========  ======== 
                                                                            
                                                                            
                                                                            
                                                                            
                           TECHE HOLDING COMPANY                            
               (Dollars in thousands, except per share data)                
                               New Iberia, LA                               
                               Balance Sheet                                
                             Fiscal Comparison                              
                                (UNAUDITED)                                 
                                                                            
                             Sep.      Sep.      Sep.      Sep.      Sep.   
                             2012      2011      2010      2009      2008   
                           ------------------------------------------------ 
SmartGrowth Loans                                                           
  Consumer                 $110,235  $108,849  $111,571  $108,013  $ 98,632 
  Commercial                215,212   209,460   212,933   210,201   187,791 
  Home Equity                43,233    48,799    53,405    58,348    55,713 
  SmartMortgage Loans       111,072    92,910    86,959    83,775    87,404 
                           --------  --------  --------  --------  -------- 
Total SmartGrowth Loans     479,752   460,018   464,868   460,337   429,540 
  Mortgage Loans (owner                                                     
   occupied conforming)     194,650   148,584   131,023   134,996   160,596 
                           --------  --------  --------  --------  -------- 
                            674,402   608,602   595,891   595,333   590,136 
Allowance for Loan Losses    -8,559    -8,331    -9,256    -6,806    -5,545 
                           --------  --------  --------  --------  -------- 
Loans Receivable, Net       665,843   600,271   586,635   588,527   584,591 
                                                                            
Cash and Securities         124,080   134,902   115,217   125,058   135,819 
Goodwill and Other                                                          
 Intangibles                  3,659     3,670     3,687     3,715     3,756 
Foreclosed Real Estate          513     1,405     1,181     1,953       343 
Other                        57,867    52,955    54,804    45,818    44,979 
                           --------  --------  --------  --------  -------- 
TOTAL ASSETS               $851,962  $793,203  $761,524  $765,071  $769,488 
                           ========  ========  ========  ========  ======== 
                                                                            
SmartGrowth Deposits                                                        
  Checking                 $220,268  $190,822  $173,206  $165,796  $144,601 
  Money Market               55,251    54,970    60,246    95,461   130,399 
  Savings                   198,667   190,727   166,734   106,479    55,390 
                           --------  --------  --------  --------  -------- 
Total Smart Growth                                                          
 Deposits                   474,186   436,519   400,186   367,736   330,390 
Time Deposits               143,536   162,063   179,169   217,733   258,838 
                           --------  --------  --------  --------  -------- 
Total Deposits              617,722   598,582   579,355   585,469   589,228 
                                                                            
FHLB Advances               142,751   108,184   100,017   100,628   104,877 
Other Liabilities             7,948     6,450     6,639     7,490     7,339 
Stockholders' Equity         83,541    79,987    75,513    71,484    68,044 
                           --------  --------  --------  --------  -------- 
TOTAL LIABILITIES AND                                                       
 STOCKHOLDERS' EQUITY      $851,962  $793,203  $761,524  $765,071  $769,488 
                           ========  ========  ========  ========  ======== 
                                                                            
Ratio of Equity to Assets      9.81%    10.08%     9.92%     9.34%     8.84%
Tangible Equity Ratio (1)      9.42%     9.67%     9.48%     8.90%     8.40%
Total Risk-Based Capital                                                    
 Ratio                        14.09%    14.30%    13.52%    12.72%    12.21%
Book Value per Common                                                       
 Share                     $  41.09  $  38.79  $  36.19  $  34.09  $  32.12 
Tangible Book Value Per                                                     
 Common Share (1)          $  39.29  $  37.02  $  34.43  $  32.33  $  30.37 
Shares Outstanding (in                                                      
 thousands)                   2,033     2,062     2,082     2,097     2,118 
Non-performing                                                              
 Assets/Total Assets           1.28%     1.55%     2.06%     1.19%     0.88%
ALLL/Loans                     1.27%     1.37%     1.55%     1.14%     0.94%
ALLL/NPLs                     82.52%    76.63%    63.92%    95.44%    86.81%
                                                                            
(1) Eliminates the effect of goodwill and the core deposit intangible       
 assets and the related amortization expense on a tax affected basis. The   
 amount was calculated using the following information.                     
                                                                            
                                                                            
Stockholders' Equity       $ 83,541  $ 79,987  $ 75,513  $ 71,484  $ 68,044 
Less goodwill and other                                                     
 Intangible assets, net of                                                  
 related income taxes        -3,655    -3,659    -3,673    -3,692    -3,721 
                           --------  --------  --------  --------  -------- 
Tangible Stockholders'                                                      
 Equity                    $ 79,886  $ 76,328  $ 71,840  $ 67,792  $ 64,323 
                           ========  ========  ========  ========  ======== 
                                                                            
Total Assets               $851,962  $793,203  $761,524   765,071  $769,488 
Less goodwill and other                                                     
 Intangible assets, net of                                                  
 related income taxes        -3,655    -3,659    -3,673    -3,692    -3,721 
                           --------  --------  --------  --------  -------- 
Total Tangible Assets      $848,307  $789,544  $757,851  $761,379  $765,767 
                           ========  ========  ========  ========  ======== 
                                                                            
                                                                            

 
                                                                            
                                                                            
Quarter-End Loan Data               Net        Net      90 Days+  90 Days+  
September 30, 2012        Total   Charge-    Charge-       Non       Non    
                          Loans    Offs       Offs       Accrual   Accrual  
                         Dollars  Dollars  Percentage    Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction          $ 16,835 $     --        0.00%  $     --        0.0%
  Permanent, Secured                                                        
   by:                                                                      
    1-4 Dwelling Units:                                                     
      Revolving, Open-                                                      
       End Loans                                                            
       (HELOC)            20,641       --        0.00%       127        0.6%
      All Other                                                             
        Secured by                                                          
         First Liens     383,954      285        0.07%     4,140        1.1%
        Secured by                                                          
         Junior Liens      6,892       --        0.00%       181        2.6%
    Multifamily (5+                                                         
     Dwelling Units)      21,248       --        0.00%        --        0.0%
    Nonresidential                                                          
     Property (Except                                                       
     Land)                99,347       26        0.03%       810        0.8%
    Land                   2,652       (4)       0.01%     4,530       13.9%
                        -------- --------  ----------   -------- ---------- 
        Consumer          19,340       --        0.00%       186        1.0%
                        -------- --------  ----------   -------- ---------- 
        Commercial        13,312       (4)      (0.03%)    4,344       32.6%
                        -------- --------  ----------   -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                  $581,569 $    307        0.05%  $  9,788        1.7%
                        -------- --------  ----------   -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans      $ 34,032 $     --        0.00%  $      2        0.0%
  Consumer Loans:                                                           
      Loans on Deposits    3,636       --        0.00%        89        2.4%
      Auto Loans           2,112       --        0.00%        21        1.0%
      Mobile Home Loans   37,030       30        0.08%       425        1.1%
      Other               16,023       15        0.09%        47        0.3%
                        -------- --------  ----------   --------            
Subtotal - Non Real                                                         
 Estate Loans           $ 92,833 $     45        0.05%  $    584        0.6%
                        -------- --------  ----------   -------- ---------- 
                                                                            
Gross Loans             $674,402 $    352        0.05%  $ 10,372        1.5%
                        ======== ========  ----------   ======== ---------- 
                                                                            
Non-accruals            $ 10,021                                            
90 + Days Past Due           351                                            
OREO & Foreclosed            490                                            
                        --------                                            
  Nonperforming Assets                                                      
   (Net)                $ 10,862                                            
                        ========                                            
  Performing TDRs             --                                            
                                                                            
                                                                            
                                                                            
                                                                            
Fiscal Year-End Loan Data             Net       Net     90 Days+  90 Days+  
September 30, 2012          Total   Charge-   Charge-      Non       Non    
                            Loans    Offs      Offs      Accrual   Accrual  
                           Dollars  Dollars Percentage   Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction            $ 16,835 $     --       0.00% $     --        0.0%
  Permanent, Secured by:                                                    
    1-4 Dwelling Units:                                                     
      Revolving, Open-End                                                   
       Loans (HELOC)        20,641       20       0.10%      127        0.6%
      All Other                      
                                       
        Secured by First                                                    
         Liens             383,954      721       0.19%    4,140        1.1%
        Secured by Junior                                                   
         Liens               6,892       --       0.00%      181        2.6%
    Multifamily (5+                                                         
     Dwelling Units)        21,248      141       0.66%       --        0.0%
    Nonresidential                                                          
     Property (Except                                                       
     Land)                  99,347      126       0.13%      810        0.8%
    Land                    32,652      254       0.78%    4,530       13.9%
                          -------- -------- ----------  -------- ---------- 
        Consumer            19,340        8       0.04%      186        1.0%
                          -------- -------- ---
-------  -------- ---------- 
        Commercial          13,312      246       1.85%    4,344       32.6%
                          -------- -------- ----------  -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                    $581,569 $  1,262       0.22% $  9,788        1.7%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans        $ 34,032 $    165       0.48% $      2        0.0%
  Consumer Loans:                                                           
      Loans on Deposits      3,636       --       0.00%       89        2.4%
      Auto Loans             2,112        6       0.28%       21        1.0%
      Mobile Home Loans     37,030      193       0.52%      425        1.1%
      Other                 16,023       56       0.35%       47        0.3%
                          -------- -------- ----------  -------- ---------- 
Subtotal - Non Real                                                         
 Estate Loans             $ 92,833 $    420       0.45% $    584        0.6%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Gross Loans               $674,402 $  1,682       0.25% $ 10,372        1.5%
                          ======== ========             --------            
                                                                            
Non-accruals              $ 10,021                                          
90 + Days Past Due             351                                          
OREO & Foreclosed              490                                          
                          --------                                          
  Nonperforming Assets                                                      
   (Net)                  $ 10,862                                          
                          ========                                          
  Performing TDRs               --                                          
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Data               Net        Net      90 Days+  90 Days+  
June 30, 2012             Total   Charge-    Charge-       Non       Non    
                          Loans    Offs       Offs       Accrual   Accrual  
                         Dollars  Dollars  Percentage    Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction          $ 20,020 $     --        0.00%       656        3.3%
  Permanent, Secured                                                        
   by:                                                                      
    1-4 Dwelling Units:                                                     
      Revolving, Open-                                                      
       End Loans                                                            
       (HELOC)            20,207       --        0.00%        28        0.1%
      All Other                                                             
        Secured by                                                          
         First Liens     368,625      188        0.05%     4,574        1.2%
        Secured by                                                          
         Junior Liens      7,702       --        0.00%        28        0.4%
    Multifamily (5+                                                         
     Dwelling Units)      20,968       (3)      (0.14%)       --        0.0%
    Nonresidential                                                          
     Property (Except                                                       
     Land)               100,021      100        0.10%       559        0.6%
    Land                  32,904        8        0.02%     4,048       12.3%
                        -------- --------  ----------   -------- ---------- 
        Consumer          19,530        8        0.04%       114        0.6%
                        -------- --------  ----------   -------- ---------- 
        Commercial        13,374       --        0.00%     3,934       29.4%
                        -------- --------  ----------   -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                  $570,447 $    293        0.05%  $  9,893        1.7%
                        -------- --------  ----------   -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans      $ 31,564 $    165        0.52%        --        0.0%
  Consumer Loans:                                                           
      Loans on Deposits    3,684       --        0.00%       138        3.7%
      Auto Loans           1,972        6        0.30%         9        0.5%
      Mobile Home Loans   36,910       58        0.16%       438        1.2%
      Other               15,958       27        0.17%        84        0.5%
                        -------- --------  ----------   --------            
Subtotal - Non Real                                                         
 Estate Loans           $ 90,088 $    256        0.28%  $    669        0.7%
                        -------- --------  ----------   -------- ---------- 
                                                                            
Gross Loans             $660,535 $    549        0.08%  $ 10,562        1.6%
                        ======== ========               ========            
                                                                            
Non-accruals            $ 10,263                                            
90 + Days Past Due           299                                            
OREO & Foreclosed            722                                            
                        --------                                            
  Nonperforming Assets                                                      
   (Net)                $ 11,284                                            
                        ========                                            
  Performing TDRs             --                                            
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Data                 Net       Net     90 Days+  90 Days+  
March 31, 2012              Total   Charge-   Charge-      Non       Non    
                            Loans    Offs      Offs      Accrual   Accrual  
                           Dollars  Dollars Percentage   Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction            $ 15,986 $     --       0.00% $    656        4.1%
  Permanent, Secured by:                                                    
    1-4 Dwelling Units:                                                     
      Revolving, Open-End                                                   
       Loans (HELOC)      $ 20,748 $     --       0.00% $     96        0.5%
      All Other                                  
                           
        Secured by First                                                    
         Liens            $360,057 $     81       0.02% $  4,105        1.1%
        Secured by Junior                                                   
         Liens               8,147       --       0.00%       --        0.0%
    Multifamily (5+                                                         
     Dwelling Units)        21,767       99       0.45%      733        3.4%
    Nonresidential                                                          
     Property (Except                                                       
     Land)                  97,679       --       0.00%      730        0.7%
    Land                    33,138      250       0.75%    4,409       13.3%
                          -------- -------- ----------  -------- ---------- 
        Consumer            18,760       --       0.00%      147        0.8%
                          -------- -------- ----------  -------- ---------- 
        Commercial          14,378      250       1.74%    4,262       29.6%
                          -------- -------- ----------  -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                    $557,522 $    430       0.08% $ 10,729        1.9%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans        $ 26,773 $     --       0.00% $    165        0.6%
  Consumer Loans:                                                           
      Loans on Deposits      3,575       --       0.00%      104        2.9%
      Auto Loans             1,786       --       0.00%       34        1.9%
      Mobile Home Loans     36,864       50       0.14%      289        0.8%
      Other                 14,935       12       0.08%       95        0.6%
                          -------- -------- ----------  --------            
Subtotal - Non Real                                                         
 Estate Loans             $ 83,933 $     62       0.07% $    687        0.8%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Gross Loans               $641,455 $    492       0.08% $ 11,416        1.8%
                          ======== ========             ========            
                                                                            
Non-accruals              $ 11,199                                          
90 + Days Past Due             217                                          
OREO & Foreclosed              419                                          
                          --------                                          
  Nonperforming Assets                                                      
   (Net)                  $ 11,835                                          
                          ========                                          
  Performing TDRs               --                                          
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Data                 Net       Net     90 Days+  90 Days+  
December 31, 2011           Total   Charge-   Charge-      Non       Non    
                            Loans    Offs      Offs      Accrual   Accrual  
                           Dollars  Dollars Percentage   Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction            $ 18,657 $     --       0.00% $    763        4.1%
  Permanent, Secured by:                                                    
    1-4 Dwelling Units:                                                     
      Revolving, Open-End                                                   
       Loans (HELOC)        20,309       20       0.10%       75        0.4%
      All Other                                                             
        Secured by First                                                    
         Liens            $347,058 $    167       0.05% $  3,505        1.0%
        Secured by Junior                                                   
         Liens               8,492       --       0.00%       --        0.0%
    Multifamily (5+                                                         
     Dwelling Units)        23,460       45       0.19%      843        3.6%
    Nonresidential                                                          
     Property (Except                                                       
     Land)                  95,233       --       0.00%      337        0.4%
    Land                    34,641       --       0.00%    4,759       13.7%
                          -------- -------- ----------  -------- ---------- 
        Consumer            19,478       --       0.00%      130        0.7%
                          -------- -------- ----------  -------- ---------- 
        Commercial          15,163       --       0.00%    4,629       30.5%
                          -------- -------- ----------  -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                    $547,850 $    232       0.04% $ 10,282        1.9%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans        $ 27,217 $     --       0.00% $     --        0.0%
  Consumer Loans:                                                           
      Loans on Deposits      3,667       --       0.00%       39        1.1%
      Auto Loans             1,898       --       0.00%       22        1.2%
      Mobile Home Loans     37,494       55       0.15%      534        1.4%
      Other                 14,502        2       0.01%      113        0.8%
                          -------- -------- ----------  --------            
Subtotal - Non Real                                                         
 Estate Loans             $ 84,778 $     57       0.07% $    708        0.8%
                          -------- -------- ----------  -------- ---------- 
                                                                            
Gross Loans               $632,628 $    289       0.05% $ 10,990        1.7%
                          ======== ========             ========            
                                                                            
Non-accruals              $ 10,835                                          
90 + Days Past Due             549                                          
OREO & Foreclosed            1,073                                          
                          --------                                          
  Nonperforming Assets                                                      
   (Net)                  $ 12,457                                          
                          ========                                          
  Performing TDRs               --                                          
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Data                Net        Net     90 Days+  90 Days+  
September 30, 2011         Total   Charge-    Charge-      Non       Non    
                           Loans    Offs       Offs      Accrual   Accrual  
                          Dollars  Dollars  Percentage   Dollars Percentage 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
  Construction           $ 20,046 $     --        0.00% $  1,021        5.1%
  Permanent, Secured by:                                                    
    1-4 Dwelling Units:                                                     
      Revolving, Open-                                                      
       End Loans (HELOC)   20,287       --        0.00%      104       0.51%
      All Other                                                             
        Secured by First                                                    
         Liens            326,027       25        0.01%    2,
931       0.90%
        Secured by                                                          
         Junior Liens       9,032       60        0.66%        5       0.05%
    Multifamily (5+                                                         
     Dwelling Units)       23,747       --        0.00%      863       3.63%
    Nonresidential                                                          
     Property (Except                                                       
     Land)                 87,797      105        0.12%      412       0.47%
    Land                   35,774      306        0.86%    4,963      13.87%
                         -------- --------  ----------  -------- ---------- 
        Consumer           20,023        7        0.03%      130       0.65%
                         -------- --------  ----------  -------- ---------- 
        Commercial         15,751      299        1.90%    4.833       30.7%
                         -------- --------  ----------  -------- ---------- 
Subtotal - Real Estate                                                      
 Loans                   $522,710 $    496        0.09% $ 10,299       1.97%
                         -------- --------  ----------  -------- ---------- 
                                                                            
Non-Real Estate Loans:                                                      
  Commercial Loans       $ 27,403       (1)       0.00% $     --       0.00%
  Consumer Loans:                                                           
      Loans on Deposits     3,737        7        0.19%       69       1.85%
      Auto Loans            2,105       --        0.00%       23       1.07%
      Mobile Home Loans    38,285       31        0.08%      379       0.99%
      Other                14,362        9        0.06%      101       0.70%
                         -------- --------  ----------  --------            
Subtotal - Non Real                                                         
 Estate Loans            $ 85,892 $     46        0.05% $    572       0.67%
                         -------- --------  ----------  -------- ---------- 
                                                                            
Gross Loans              $608,602 $    542        0.09% $ 10,871       1.79%
                         ======== ========              ======== ---------- 
                                                                            
Non-accruals             $ 10,079                                           
90 + Days Past Due            793                                           
OREO & Foreclosed           1,438                                           
                         --------                                           
  Nonperforming Assets                                                      
   (Net)                 $ 12,310                                           
                         ========                                           
  Performing TDRs        $  1,075                                           
                                                                            
                                                                            

 
                                                                            
                                                                            
Loans: Linked Quarter Comparison                                            
                                                                            
                         09/30/   09/30/   06/30/   06/30/                  
Average Loan Balances &   2012     2012     2012     2012   Change   Change 
 Yields                  Balance  Yield    Balance  Yield   Balance   Yield 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
    1-4 Family          $419,789    4.95% $407,115    5.03% $12,674   -0.08%
    Commercial           135,547    5.40%  136,402    5.57% $  (855)  -0.17%
                        --------          --------          -------         
  Total Real Estate                                                         
   Loans                 555,336    5.06%  543,517    5.18%  11,819   -0.12%
                                                                            
Non-Real Estate Loans                                                       
    Commercial          $ 31,963    5.64% $ 28,206    5.46% $ 3,757    0.18%
    Consumer              78,653    9.21%   76,917    9.10%   1,736    0.11%
                        --------          --------          -------         
  Total Non-Real Estate                                                     
   Loans                 110,616    8.18%  105,123    8.13%   5,493    0.05%
                                                                            
Total All Loans         $665,952    5.58% $648,640    5.63% $17,312   -0.05%
                        ========          ========          =======         
                                                                            
                                                                            
Loans: Prior Year Comparison                                                
                                                                            
                         09/30/   09/30/   09/30/   09/30/                  
Average Loan              2012     2012     2011     2011   Change   Change 
Balances & Yields        Balance  Yield    Balance  Yield   Balance   Yield 
--------------------------------------------------------------------------- 
Real Estate Loans                                                           
    1-4 Family          $401,968    5.08% $353,573    5.73% $48,395   -0.65%
    Commercial           135,300    5.51%  131,192    5.63%   4,108   -0.12%
                        --------          --------          -------         
                         537,268    5.19%  484,765    5.70%  52,503   -0.51%
                                                                            
Non-Real Estate Loans                                                       
    Commercial          $ 28,543    5.79% $ 26,211    5.99% $ 2,332   -0.20%
    Consumer              77,413    9.21%   79,378    9.42%  (1,965)  -0.21%
                        --------          --------          -------         
                         105,956    8.29%  105,589    8.57%     367   -0.28%
                                                                            
Total All Loans         $643,224    5.70% $590,354    6.21% $52,870   -0.51%
                        ========          ========          =======         
                                                                            
                                                                            
                                                                            
                                                                            
Interest-bearing Liabilities: Linked Quarter Comparison                     
                                                                            
Average                09/30/            06/30/                             
 balances     09/30/    2012    06/30/    2012             Change           
              2012      Avg.     2012      Avg.   Change    Avg.   %Balance 
             $Balance  Yield   $Balance  Yield   $Balance   Yield   Change  
--------------------------------------------------------------------------- 
  NOW                                                                       
   Accounts  $124,017    0.22% $123,851    0.20% $    166    0.02%      0.1%
  Non-                                                                      
   interest                                                                 
   bearing                                                                  
   Deposits    91,077    0.00%   93,721    0.00%   
(2,644)   0.00%     -2.8%
             -------- -------  -------- -------  --------  ------  -------- 
    Checking                                                                
     Total   $215,094    0.12% $217,572    0.12% $ (2,478)   0.00%     -1.1%
                                                                            
  Savings                                                                   
   Accounts  $198,079    0.33% $196,611    0.33% $  1,468    0.00%      0.7%
  Money                                                                     
   Market                                                                   
   Accounts    54,791    0.18%   52,489    0.25%    2,302   -0.07%      4.4%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
  Total Smart                                                               
   Growth                                                                   
   Deposits  $467,964    0.22% $466,672    0.22% $  1,292    0.00%      0.3%
                                                                            
  Time                                                                      
   Deposits  $144,821    1.75% $150,537    1.92% $ (5,716)  -0.17%     -3.8%
                                                                            
  Total                                                                     
   Deposits  $612,785    0.58% $617,209    0.64% $ (4,424)  -0.06%     -0.7%
                                                                            
  FHLB                                                                      
   Advances  $141,565    2.85% $123,681    3.27% $ 17,884   -0.42%     14.5%
                                                 --------                   
                                                                            
Total                                                                       
 Interest-                                                                  
 bearing                                                                    
 liabilities $663,273    1.14% $647,169    1.23% $ 16,104   -0.09%      2.5%
             ========          ========          ========                   
                                                                            
Non-interest                                                                
 bearing                                                                    
 Deposits    $ 91,077    0.00% $ 93,721    0.00% $ (2,644)   0.00%     -2.8%
                                                                            
                                                                            
                                                                            
                                                                            
Interest-bearing Liabilities: Average Quarter Balances                      
                                                                            
Average                09/30/            09/30/                             
balances      09/30/    2012    09/30/    2011             Change           
              2012      Avg.     2011     Avg.    Change    Avg.   %Balance 
             $Balance  Yield   $Balance  Yield   $Balance   Yield   Change  
--------------------------------------------------------------------------- 
  NOW                                                                       
   Accounts  $124,017    0.22% $108,579    0.14% $ 15,438    0.08%     14.2%
  Non-                                                                      
   interest                                                                 
   bearing                                                                  
   Deposits    91,077    0.00%   87,454    0.00%    3,623    0.00%      4.1%
             -------- -------  -------- -------  --------  ------  -------- 
    Checking                                                                
     Total   $215,094    0.12% $196,033    0.08% $ 19,061    0.04%      9.7%
                                                                            
  Savings                                                                   
   Accounts  $198,079    0.33% $191,840    0.33% $  6,239    0.00%      3.3%
  Money                                                                     
   Market                                                                   
   Accounts    54,791    0.18%   54,787    0.30%        4   -0.12%      0.0%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
  Total Smart                                                               
   Growth                                                                   
   Deposits  $467,964    0.22% $442,660    0.22% $ 25,304   0.00.%      5.7%
                                                                            
  Time                                                                      
   Deposits  $144,821    1.75% $165,284    2.25% $(20,463)  -0.50%    -12.4%
                                                                            
Total                                                                       
 Deposits    $612,785    0.58% $607,944    0.77% $  4,841   -0.19%      0.8%
                                                                            
  FHLB                                                                      
   Advances  $141,565    2.85% $ 92,514    3.93% $ 49,051   -1.08%     53.0%
                                                 --------                   
                                                                            
Total                                                                       
 Interest-                                                                  
 bearing                                                                    
 liabilities $663,273    1.14% $613,004    1.36% $ 50,269   -0.22%      8.2%
             ========          ========          ========                   
                                                                            
Non-interest                                                                
 bearing                                                                    
 Deposits    $ 91,077    0.00% $ 87,454    0.00% $  3,623    0.00%      4.1%
                                                                            
                                                                            
                                                                            
                                                                            
Interest-bearing Liabilities:                                               
Year-Over Year Average Year Comparison                                      
                                                                            
Average                09/30/            09/30/                             
 balances     09/30/    2012    09/30/    2011             Change           
               2012     Avg.     2011     Avg.    Change    Avg.   %Balance 
             $Balance  Yield   $Balance  Yield   $Balance   Yield   Change  
--------------------------------------------------------------------------- 
                                                                            
  NOW                                                                       
   Accounts  $119,611    0.20% $109,177    0.13% $ 10,434    0.07%      9.6%
                                                                            
  Non-                                                                      
   interest                                                                 
   bearing                                                                  
   Deposits    88,097    0.00%   80,131    0.00%    7,966    0.00%      9.9%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
    Checking                                                                
     Total   $207,708    0.11% $189,308    0.08% $ 18,400    0.03%      9.7%
                                                                            
  Savings                                                                   
   Accounts  $192,985    0.32% $181,509    0.46% $ 11,476   -0.14%      6.3%
                                                                            
  Money                                                                     
   Market                                                                   
   Accounts    53,872    0.23%   56,376    0.29%   (2,504)  -0.06%     -4.4%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
  Total                                                                     
   Smart                                                                    
   Growth                                                                   
   Deposits  $454,565    0.22% $427,193    0.27% $ 27,372   -0.05%      6.4%
                                                                            
  Time                                                                      
   Deposits  $153,694    2.02% $170,876    2.40% $(17,182)  -0.38%    -10.1%
                                                                            
  Total                                                                     
   Deposits  $608,259    0.67% $598,069    0.88% $ 10,190   -0.21%      1.7%
                                                                            
  FHLB                                                                      
   Advances  $127,433    3.13% $ 88,337    4.39% $ 39,096   -1.26%     44.3%
                                                           ------           
                                                                            
Total                                                                       
 Interest-                                                                  
 bearing                                                                    
 liabilities $647,595    1.25% $606,275    1.51% $ 41,320   -0.26%      6.8%
             -------- =======  -------- -------            ======           
                                                                            
Non-interest                                                                
 bearing                                                                    
 Deposits    $ 88,097    0.00% $ 80,131    0.00% $  7,966    0.00%      9.9%
                                                                            
                                                                            
                                                                            
                                                                            
Interest-bearing Liabilities: Three Year Comparison                         
                                                                            
Average                09/30/            09/30/                             
balances      09/30/    2012    09/30/    2009             Change           
               2012     Avg.     2009     Avg.    Change    Avg.   %Balance 
             $Balance  Yield   $Balance  Yield   $Balance   Yield   Change  
--------------------------------------------------------------------------- 
                                                                            
  NOW                                                                       
   Accounts  $119,611    0.20% $101,311    0.53% $ 18,300   -0.33%     18.1%
                                                                            
  Non-                                                                      
   interest                                                                 
   bearing                                                                  
   Deposits    88,097    0.00%   64,537    0.00%   23,560    0.00%     36.5%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
    Checking                                                                
     Total   $207,708    0.11% $165,848    0.32% $ 41,860   -0.21%     25.2%
                                                                            
  Savings                                                                   
   Accounts  $192,985    0.32% $ 76,214    0.87% $116,771   -0.55%    153.2%
                                                                            
  Money                                                                     
   Market                                                                   
   Accounts  $ 53,872    0.23% $115,721    1.24% $(61,849)  -1.01%    -53.4%
             -------- -------  -------- -------  --------  ------  -------- 
                                                                            
  Total                                                                     
   Smart                                                                    
   Growth                                                                   
   Deposits  $454,565    0.22% $357,783    0.74% $ 96,782   -0.52%     27.1%
                                                                            
  Time                                                                      
   Deposits  $153,694    2.02% $239,776    3.29% $(86,082)  -1.27%    -35.9%
                                                                            
Total                                                                       
 Deposits    $608,259    0.67% $597,559    1.76% $ 10,700   -1.09%      1.8%
                                                                            
  FHLB                                                                      
   Advances  $127,433    3.13% $105,060    4.54% $ 22,373   -1.41%     21.3%
                               --------                    ------           
                                                                            
Total                                                                       
 Interest-                                                                  
 bearing                                                                    
 liabilities $647,595    1.25% $638,082    2.40% $  9,513   -1.15%      1.5%
             -------- =======  ========                    ======           
                                                                            
Non-interest                                                                
 bearing                                                                    
 Deposits    $ 88,097    0.00% $ 64,537    0.00% $ 23,560    0.00%     36.5%
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Quality Details                                            
September 30, 2012                                                          
                    Total                %    Special    %               %  
(In Thousands)      Loans  Classified  Total  Mention  Total   Pass    Total
----------------------------------------------------------------------------
Commercial Loans                                                            
  Commercial Land $ 13,312 $    4,658  35.0% $     17   0.1% $  8,637  64.9%
  Commercial                                                                
   Construction      7,357         --   0.0%      370   5.0%    6,987  95.0%
  Commercial Real                                                           
   Estate          120,558      3,524   2.9%      872   0.7%  116,162  96.4%
  Commercial Non                                                            
   Real Estate      34,032        154   0.5%       50   0.1%   33,828  99.4%
                  -------- ---------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Commercial   $175,259 $    8,336   4.8% $  1,309   0.7% $165,614  94.5%
                                                                            
Residential Loans                                                           
  Residential                                                               
   Construction   $  9,478 $       --   0.0% $     --   0.0% $  9,478 100.0%
  Residential      413,500      4,561   1.1%      328   0.1%  408,611  98.8%
                  -------- ---------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Residential  $422,978 $    4,561   1.1% $    328   0.1% $418,089  98.8%
                                                                            
Consumer Loans                                                              
  Mobile Homes    $ 37,030 $      424   1.1% $     --   0.0% $ 36,606  98.9%
  Consumer Other    41,110        254   0.6%      176   0.4% $ 40,680  99.0%
                  -------- ---------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Consumer     $ 78,140 $      678   0.9% $    176   0.2% $ 77,286  98.9%
                                                                            
Total All Loans   $676,377 $   13,575   2.0% $  1,813   0.3% $660,989  97.7%
                  ======== ========== =====  ======== =====  ======== ===== 
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
                                                                            
Quarter-End Loan Quality Details                                            
June 30, 2012                                                               
                   Total                %     Special   %               %   
(In Thousands)     Loans   Classified Total   Mention Total    Pass   Total 
----------------------------------------------------- ----------------------
Commercial Loans                                                            
  Commercial                                                                
   Land          $ 13,374 $     4,590  34.3% $    741   5.6% $  8,043  60.1%
  Commercial                                                                
   Construction    11,732          --   0.0%      372   3.2%   11,360  96.8%
  Commercial                                                                
   Real Estate    120,988       4,096   3.4%    1,437   1.2%  115,455  95.4%
  Commercial Non                                                            
   Real Estate     31,564         164   0.5%       --   0.0%   31,400  99.5%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Commercial  $177,658 $     8,850   5.0% $  2,550   1.4% $166,258  93.6%
                                                                            
Residential                                                                 
 Loans                                                                      
  Residential                                                               
   Construction  $  8,288 $        --   0.0% $     --   0.0% $  8,288 100.0%
  Residential     398,475       4,725   1.2%      329   0.1%  393,421  98.7%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Residential $406,763 $     4,725   1.1% $    329   0.1% $401,709  98.8%
                                                                            
Consumer Loans                                                              
  Mobile Homes   $ 36,910 $       437   1.2% $     --   0.0% $ 36,473  98.8%
  Consumer Other   41,144         208   0.5%       --   0.0% $ 40,936  99.5%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Consumer    $ 78,054 $       645   0.8% $     --   0.0% $ 77,409  99.2%
                                                                            
Total All Loans  $662,475 $    14,220   2.2% $  2,879   0.4% $645,376  97.4%
                 ======== =========== =====  ======== =====  ======== ===== 
                                                                            
                                                                            

 
                                                                            
                                                                            
Quarter-End Loan Quality Details                                            
March 31, 2012                                                              
                   Total                %     Special   %               %   
(In Thousands)     Loans   Classified Total   Mention Total    Pass   Total 
----------------------------------------------------------------------------
Commercial Loans                                                            
  Commercial                                                                
   Land          $ 14,378 $     4,262  29.6% $     39   0.3% $ 10,077  70.1%
  Commercial                                                                
   Construction     7,729         656   8.5%      376   4.9%    6,697  86.6%
  Commercial                                                                
   Real Estate    119,446       2,111   1.8%    3,488   2.9%  113,847  95.3%
  Commercial Non                                                            
   Real Estate     26,773         208   0.8%      127   0.5%   26,438  98.7%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Commercial  $168,326 $     7,237   4.3% $  4,030   2.4% $157,059  93.3%
                                                                            
Residential                                                                 
 Loans                                                                      
  Residential                                                               
   Construction  $  8,538          --   0.0%       --   0.0% $  8,538 100.0%
  Residential     390,540       4,346   1.1%      333   0.1%  385,861  98.8%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Residential $399,078 $     4,346   1.1% $    333   0.1% $394,399  98.8%
                                                                            
Consumer Loans                                                              
  Mobile Homes   $ 36,864 $       288   0.8%       --   0.0% $ 36,576  99.2%
  Consumer Other   39,057 $       249   0.6%       --   0.0%   38,808  99.4%
                 -------- ----------- -----  -------- -----  -------- ----- 
    Total                                                                   
     Consumer    $ 75,921 $       537   0.7%       --   0.0% $ 75,384  99.3%
                                                                            
Total All Loans  $643,325 $    12,120   1.9% $  4,363   0.7% $626,842  97.4%
                 ======== =========== =====  ======== =====  ======== ===== 

Contact: Patrick Little President & CEO Teche Holding Company (337) 560-7151

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