Oneida Financial Corp. (ONFC, Financial) filed Quarterly Report for the period ended 2010-03-31.
Oneida Financial Corp. has a market cap of $73.15 million; its shares were traded at around $9.335 with a P/E ratio of 19.86 and P/S ratio of 1.59. The dividend yield of Oneida Financial Corp. stocks is 5.14%. Oneida Financial Corp. had an annual average earning growth of 0.7% over the past 10 years.
Loans receivable, including loans held for sale, decreased $2.4 million, or 0.8%, to $296.3 million at March 31, 2010 as compared with $298.7 million at December 31, 2009. We continue to maintain a diversified loan portfolio mix. The decrease in loan balances reflects our continued sale in the secondary market of lower yielding fixed-rate one-to-four family residential real estate loans. We sold $4.4 million in fixed rate residential loans during the three months ended March 31, 2010. While overall loan demand is lower than a year ago, we have continued to maintain balanced loan originations during the first quarter of 2010: residential mortgage loan originations were $6.6 million, consumer loan originations were $6.4 million and commercial loan originations were $5.5 million.
Deposit accounts increased $16.2 million, or 3.3%, to $505.5 million at March 31, 2010 from $489.4 million at December 31, 2009. Interest-bearing deposit accounts increased by $18.2 million, or 4.3%, to $444.6 million at March 31, 2010 from $426.4 million at December 31, 2009. Non-interest bearing deposit accounts decreased $2.1 million, or 3.3%, to $60.9 million at March 31, 2010 from $63.0 million at December 31, 2009. The increase in deposit accounts was a result of an increase in municipal deposits offered through our limited purpose commercial banking subsidiary, State Bank of Chittenango. Municipal deposits increased $24.9 million to $110.9 million at March 31, 2010 from $86.0 million at December 31, 2009. This increase was concurrent with local tax collections by various municipalities combined with the addition of new account relationships.
Net income from operations for the three months ended March 31, 2010, excluding non-cash investment securities charges, was $1.3 million or $0.16 per basic share. Non-cash investment securities charges consisted of impairment charges of $990,000 incurred on eight trust preferred securities and one private-label collateralized mortgage obligation and the non-cash benefit to earnings of $139,000 recognized in connection with the increase in market value of our trading securities, net of $202,000 in income taxes, for a net non-cash charge of $649,000. This compares to net income from operations for the three months ended March 31, 2009 of $1.4 million, or $0.18 per basic share. Net income excluding the non-cash charges and benefits to earnings decreased due primarily to an increase in the provision for loan losses and an increase in non-interest expense, partially offset by an increase in net interest income, an increase in non-interest income, an increase in gains from the sale of investments and a decrease in the provision for income taxes. We believe these non-GAAP financial measures provide a meaningful comparison of the underlying operational performance of our business, and facilitate investors assessments of business and performance trends in comparison to others in the financial services industry. In addition, we believe the exclusion of these items enables management to perform a more effective evaluation and comparison of our results and assess performance in relation to our ongoing operations.
Interest and Dividend Income. Interest and dividend income decreased by $395,000, or 6.3%, to $5.8 million for the three months ended March 31, 2010 from $6.2 million for the three months ended March 31, 2009. Interest and fees on loans decreased by $163,000 for the three months ended March 31, 2010 as compared with the same period in 2009. Interest and dividend income on mortgage-backed and other investment securities decreased $225,000 to $1.5 million for the three months ended March 31, 2010 from $1.7 million for the three months ended March 31, 2009. Interest income earned on federal funds sold decreased $7,000 during the three months ended March 31, 2010 as compared with the three months ended March 31, 2009.
The decrease in interest expense paid on deposits was primarily due to a decrease in the average cost of deposits. Core deposits, consisting of money market accounts, savings accounts and interest-bearing checking accounts, experienced an increase in the average balance of $65.0 million, or 29.7%, to $283.9 million at an average cost of 0.76% during the first quarter of 2010 from $218.9 million at an average cost of 0.97% during the first quarter of 2009. During the same period the average balance of time deposits decreased $566,000, or 0.37%, to $154.6 million in the first quarter of 2010 from $155.2 million during the first quarter of 2009 and the average rate paid on time deposits decreased 103 basis points.
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Oneida Financial Corp. has a market cap of $73.15 million; its shares were traded at around $9.335 with a P/E ratio of 19.86 and P/S ratio of 1.59. The dividend yield of Oneida Financial Corp. stocks is 5.14%. Oneida Financial Corp. had an annual average earning growth of 0.7% over the past 10 years.
Highlight of Business Operations:
Mortgage-backed securities decreased $336,000, or 0.5%, to $65.4 million at March 31, 2010 as compared with $65.7 million at December 31, 2009. The decrease in mortgage-backed securities is primarily the result of the principal repayment of securities during the first quarter of 2010. Investment securities increased $8.9 million, or 9.2%, to $105.4 million at March 31, 2010 as compared to $96.5 million at December 31, 2009. The increase in investment securities was due to an increase in municipal deposits which require full collateralization with treasury, agency and municipal securities.Loans receivable, including loans held for sale, decreased $2.4 million, or 0.8%, to $296.3 million at March 31, 2010 as compared with $298.7 million at December 31, 2009. We continue to maintain a diversified loan portfolio mix. The decrease in loan balances reflects our continued sale in the secondary market of lower yielding fixed-rate one-to-four family residential real estate loans. We sold $4.4 million in fixed rate residential loans during the three months ended March 31, 2010. While overall loan demand is lower than a year ago, we have continued to maintain balanced loan originations during the first quarter of 2010: residential mortgage loan originations were $6.6 million, consumer loan originations were $6.4 million and commercial loan originations were $5.5 million.
Deposit accounts increased $16.2 million, or 3.3%, to $505.5 million at March 31, 2010 from $489.4 million at December 31, 2009. Interest-bearing deposit accounts increased by $18.2 million, or 4.3%, to $444.6 million at March 31, 2010 from $426.4 million at December 31, 2009. Non-interest bearing deposit accounts decreased $2.1 million, or 3.3%, to $60.9 million at March 31, 2010 from $63.0 million at December 31, 2009. The increase in deposit accounts was a result of an increase in municipal deposits offered through our limited purpose commercial banking subsidiary, State Bank of Chittenango. Municipal deposits increased $24.9 million to $110.9 million at March 31, 2010 from $86.0 million at December 31, 2009. This increase was concurrent with local tax collections by various municipalities combined with the addition of new account relationships.
Net income from operations for the three months ended March 31, 2010, excluding non-cash investment securities charges, was $1.3 million or $0.16 per basic share. Non-cash investment securities charges consisted of impairment charges of $990,000 incurred on eight trust preferred securities and one private-label collateralized mortgage obligation and the non-cash benefit to earnings of $139,000 recognized in connection with the increase in market value of our trading securities, net of $202,000 in income taxes, for a net non-cash charge of $649,000. This compares to net income from operations for the three months ended March 31, 2009 of $1.4 million, or $0.18 per basic share. Net income excluding the non-cash charges and benefits to earnings decreased due primarily to an increase in the provision for loan losses and an increase in non-interest expense, partially offset by an increase in net interest income, an increase in non-interest income, an increase in gains from the sale of investments and a decrease in the provision for income taxes. We believe these non-GAAP financial measures provide a meaningful comparison of the underlying operational performance of our business, and facilitate investors assessments of business and performance trends in comparison to others in the financial services industry. In addition, we believe the exclusion of these items enables management to perform a more effective evaluation and comparison of our results and assess performance in relation to our ongoing operations.
Interest and Dividend Income. Interest and dividend income decreased by $395,000, or 6.3%, to $5.8 million for the three months ended March 31, 2010 from $6.2 million for the three months ended March 31, 2009. Interest and fees on loans decreased by $163,000 for the three months ended March 31, 2010 as compared with the same period in 2009. Interest and dividend income on mortgage-backed and other investment securities decreased $225,000 to $1.5 million for the three months ended March 31, 2010 from $1.7 million for the three months ended March 31, 2009. Interest income earned on federal funds sold decreased $7,000 during the three months ended March 31, 2010 as compared with the three months ended March 31, 2009.
The decrease in interest expense paid on deposits was primarily due to a decrease in the average cost of deposits. Core deposits, consisting of money market accounts, savings accounts and interest-bearing checking accounts, experienced an increase in the average balance of $65.0 million, or 29.7%, to $283.9 million at an average cost of 0.76% during the first quarter of 2010 from $218.9 million at an average cost of 0.97% during the first quarter of 2009. During the same period the average balance of time deposits decreased $566,000, or 0.37%, to $154.6 million in the first quarter of 2010 from $155.2 million during the first quarter of 2009 and the average rate paid on time deposits decreased 103 basis points.
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