Oneida Financial Corp. (ONFC, Financial) filed Quarterly Report for the period ended 2009-09-30.
ONEIDA FINANCIAL CORP is a bank holding company, which through its subsidiary, Oneida Savings Bank, is engaged primarily in the business of accepting deposits from customers and using those deposits, together with funds generated from operations and borrowing proceeds to make one-to-four family residential and commercial real estate loans, commercial business loans, consumer loans and to invest in mortgage-backed and other securities. The Bank offers a variety of deposit accounts with a range of interest rates and terms. Oneida Financial Corp. has a market cap of $67.3 million; its shares were traded at around $8.63 with a P/E ratio of 14.6 and P/S ratio of 1.4. The dividend yield of Oneida Financial Corp. stocks is 5.5%. Oneida Financial Corp. had an annual average earning growth of 46.8% over the past 5 years.
September 30, September 30, September 30, September 30,
2009 2008 2009 2008
- - - -
(in thousands, except share and per share data)
INTEREST INCOME:
Interest and fees on loans $ 4,418 $ 4,634 $ 13,309 $ 13,857
Interest on investment securities 1,701 1,862 5,029 5,410
Dividends on equity securities 108 136 320 160
Interest on federal funds sold and
interest-earning deposits 7 19 32 668
-
Total interest and dividend income 6,234 6,651 18,690 20,095
-
INTEREST EXPENSE:
Core deposits 562 650 1,645 1,866
Time deposits 863 1,431 2,922 4,757
Borrowings 367 645 1,331 1,954
Notes payable - 1 - 4
-
Total interest expense 1,792 2,727 5,898 8,581
-
NET INTEREST INCOME 4,442 3,924 12,792 11,514
Less: Provision for loan losses 400 125 560 275
-
Net interest income after provision for loan losses 4,042 3,799 12,232 11,239
-
OTHER INCOME:
Total other-than-temporary impairment losses (3,300) (831) (4,923) (832)
Portion of loss recognized in OCI (before taxes) 2,366 - 3,535 -
- - - -
Net impairment losses (934) (831) (1,388) (832)
Net gains on sale of securities, net 276 5 514 24
Changes in fair value of trading securities 739 (6,436) 1,308 (7,035)
Commissions and fees on sales of
non-banking products 3,539 3,178 11,594 10,050
Other operating income 1,255 1,290 3,757 3,517
-
Total other income (loss) 4,875 (2,794) 15,785 5,724
-
OTHER EXPENSES:
Compensation and employee benefits 5,107 4,361 15,088 13,656
Occupancy expenses, net 1,145 1,237 3,551 3,520
Other operating expense 1,739 1,449 5,459 4,360
-
Total other expenses 7,991 7,047 24,098 21,536
-
INCOME (LOSS) BEFORE INCOME TAXES 926 (6,042) 3,919 (4,573)
-
Provision (benefit) for income taxes 230 (1,614) 1,040 (1,220)
-
NET INCOME (LOSS) $ 696 (4,428) $ 2,879 $(3,353)
Less: net income attributable to noncontrolling interest - - - -
-
NET INCOME (LOSS) attributable
to Oneida Financial Corp. $ 696 $(4,428) $ 2,879 $(3,353)
=
EARNINGS (LOSS) PER SHARE - BASIC $0.09 $(0.57) $0.37 $(0.43)
=
EARNINGS (LOSS) PER SHARE - DILUTED $0.09 $(0.57) $0.37 $(0.43)
=
Balance as of December 31, 2008 8,322,452 $83 $19,221 $41,585 $(5,562) $(3,058) $ 2,560 $ 54,829
Net income 1,114 1,114
Other comprehensive loss,
net of tax (2,200) (2,200)
Shares earned under stock plans 38
38
Common stock dividends: $0.24 per share
(831) (831)
Treasury stock reissued 9 9
Tax benefit from stock plans 12 12
-
Balance as of March 31, 2009 8,322,452 $83 $19,271 $41,868 $ (7,762) $(3,049) $ 2,560 $ 52,971
Net income 1,069 1,069
Other comprehensive income,
net of tax 1,544 1,544
Shares earned under stock plans 38 38
Stock repurchased (1) (1)
Treasury stock reissued (1) 1 -
-
Distributed earnings allocated to common stock $ 835,344 $ 820,382 $ 1,659,891 $ 1,640,933
(Overdistributed) Undistributed earnings
allocated to common stock (145,695) (5,229,332) 1,200,843 (4,986,726)
- - - -
Net earnings allocated to common stock $ 689,649 $(4,408,950) $ 2,860,734 $(3,345,793)
= = = =
Weighted average common shares outstanding
including shares considered participating securities 7,818,690 7,771,210 7,795,396 7,771,153
Outstanding at December 31, 2008 168,967 $ 4.722 - $18.167 $ 7.707 $315,434
Granted 31,839 $11.146
Exercised (76,931) $4.722
Forfeited -
-
Outstanding at September 30, 2009 123,875 $ 4.722 - $18.167 $ 10.445 $137,160
=
$3.63 - $5.45 36,209 $4.722 0.57
$9.09 - $10.90 11,118 $10.216 0.57
$10.91 - $12.72 40,957 $11.532 0.57
$12.73 - $14.53 18,689 $14.000 0.57
$14.54 - $16.35 6,600 $14.794 0.57
$16.36 - $18.17 10,302 $17.247 0.57
- - -
Total 123,875 $10.445 0.57
= = =
Service cost $ - $ - $ - $ -
Interest cost 41,000 55,000 123,000 165,000
Expected return on plan assets (49,000) (72,000) (147,000) (216,000)
Net amortization and deferral 37,000 42,000 111,000 126,000
- - - -
Net periodic pension cost $ 29,000 $ 25,000 $ 87,000 $ 75,000
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ONEIDA FINANCIAL CORP is a bank holding company, which through its subsidiary, Oneida Savings Bank, is engaged primarily in the business of accepting deposits from customers and using those deposits, together with funds generated from operations and borrowing proceeds to make one-to-four family residential and commercial real estate loans, commercial business loans, consumer loans and to invest in mortgage-backed and other securities. The Bank offers a variety of deposit accounts with a range of interest rates and terms. Oneida Financial Corp. has a market cap of $67.3 million; its shares were traded at around $8.63 with a P/E ratio of 14.6 and P/S ratio of 1.4. The dividend yield of Oneida Financial Corp. stocks is 5.5%. Oneida Financial Corp. had an annual average earning growth of 46.8% over the past 5 years.
Highlight of Business Operations:
Three Months Ended Nine Months EndedSeptember 30, September 30, September 30, September 30,
2009 2008 2009 2008
- - - -
(in thousands, except share and per share data)
INTEREST INCOME:
Interest and fees on loans $ 4,418 $ 4,634 $ 13,309 $ 13,857
Interest on investment securities 1,701 1,862 5,029 5,410
Dividends on equity securities 108 136 320 160
Interest on federal funds sold and
interest-earning deposits 7 19 32 668
-
Total interest and dividend income 6,234 6,651 18,690 20,095
-
INTEREST EXPENSE:
Core deposits 562 650 1,645 1,866
Time deposits 863 1,431 2,922 4,757
Borrowings 367 645 1,331 1,954
Notes payable - 1 - 4
-
Total interest expense 1,792 2,727 5,898 8,581
-
NET INTEREST INCOME 4,442 3,924 12,792 11,514
Less: Provision for loan losses 400 125 560 275
-
Net interest income after provision for loan losses 4,042 3,799 12,232 11,239
-
OTHER INCOME:
Total other-than-temporary impairment losses (3,300) (831) (4,923) (832)
Portion of loss recognized in OCI (before taxes) 2,366 - 3,535 -
- - - -
Net impairment losses (934) (831) (1,388) (832)
Net gains on sale of securities, net 276 5 514 24
Changes in fair value of trading securities 739 (6,436) 1,308 (7,035)
Commissions and fees on sales of
non-banking products 3,539 3,178 11,594 10,050
Other operating income 1,255 1,290 3,757 3,517
-
Total other income (loss) 4,875 (2,794) 15,785 5,724
-
OTHER EXPENSES:
Compensation and employee benefits 5,107 4,361 15,088 13,656
Occupancy expenses, net 1,145 1,237 3,551 3,520
Other operating expense 1,739 1,449 5,459 4,360
-
Total other expenses 7,991 7,047 24,098 21,536
-
INCOME (LOSS) BEFORE INCOME TAXES 926 (6,042) 3,919 (4,573)
-
Provision (benefit) for income taxes 230 (1,614) 1,040 (1,220)
-
NET INCOME (LOSS) $ 696 (4,428) $ 2,879 $(3,353)
Less: net income attributable to noncontrolling interest - - - -
-
NET INCOME (LOSS) attributable
to Oneida Financial Corp. $ 696 $(4,428) $ 2,879 $(3,353)
=
EARNINGS (LOSS) PER SHARE - BASIC $0.09 $(0.57) $0.37 $(0.43)
=
EARNINGS (LOSS) PER SHARE - DILUTED $0.09 $(0.57) $0.37 $(0.43)
=
Balance as of December 31, 2008 8,322,452 $83 $19,221 $41,585 $(5,562) $(3,058) $ 2,560 $ 54,829
Net income 1,114 1,114
Other comprehensive loss,
net of tax (2,200) (2,200)
Shares earned under stock plans 38
38
Common stock dividends: $0.24 per share
(831) (831)
Treasury stock reissued 9 9
Tax benefit from stock plans 12 12
-
Balance as of March 31, 2009 8,322,452 $83 $19,271 $41,868 $ (7,762) $(3,049) $ 2,560 $ 52,971
Net income 1,069 1,069
Other comprehensive income,
net of tax 1,544 1,544
Shares earned under stock plans 38 38
Stock repurchased (1) (1)
Treasury stock reissued (1) 1 -
-
Distributed earnings allocated to common stock $ 835,344 $ 820,382 $ 1,659,891 $ 1,640,933
(Overdistributed) Undistributed earnings
allocated to common stock (145,695) (5,229,332) 1,200,843 (4,986,726)
- - - -
Net earnings allocated to common stock $ 689,649 $(4,408,950) $ 2,860,734 $(3,345,793)
= = = =
Weighted average common shares outstanding
including shares considered participating securities 7,818,690 7,771,210 7,795,396 7,771,153
Outstanding at December 31, 2008 168,967 $ 4.722 - $18.167 $ 7.707 $315,434
Granted 31,839 $11.146
Exercised (76,931) $4.722
Forfeited -
-
Outstanding at September 30, 2009 123,875 $ 4.722 - $18.167 $ 10.445 $137,160
=
$3.63 - $5.45 36,209 $4.722 0.57
$9.09 - $10.90 11,118 $10.216 0.57
$10.91 - $12.72 40,957 $11.532 0.57
$12.73 - $14.53 18,689 $14.000 0.57
$14.54 - $16.35 6,600 $14.794 0.57
$16.36 - $18.17 10,302 $17.247 0.57
- - -
Total 123,875 $10.445 0.57
= = =
Service cost $ - $ - $ - $ -
Interest cost 41,000 55,000 123,000 165,000
Expected return on plan assets (49,000) (72,000) (147,000) (216,000)
Net amortization and deferral 37,000 42,000 111,000 126,000
- - - -
Net periodic pension cost $ 29,000 $ 25,000 $ 87,000 $ 75,000
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