MONROEVILLE, Pa., Sept. 9, 2011 /PRNewswire/ -- Parkvale
Financial Corporation (NASDAQ: PVSA) reported net income for
the quarter ended June 30, 2011 of
$2.1 million compared to a net loss
$21.2 million for the quarter ended
June 30, 2010. Income
available to common shareholders, after the payment of dividends on
preferred stock, was $1.7 million or
$0.30 per diluted common share for
the quarter ended June 30, 2011
compared to a net loss of $21.6
million or $3.94 per diluted
common share for the quarter ended June 30,
2010. The $23.3 million
increase in net income for the June 30,
2011 quarter reflects a $34.3
million decrease in non-cash debt security impairment
charges and a $1.8 million decrease
in the provision for loan losses. These factors were partially
offset by a $599,000 decrease in net
interest income and a $12.2 million
increase in income tax expense, reflecting a higher level of
pre-tax income. The decrease in net interest income is due to a
decrease in net average interest-earning assets and a 5 basis point
decrease in the average interest rate spread during the
June 30, 2011 quarter.
For the fiscal year ended June 30,
2011, net income was $8.1
million compared to a net loss of $16.8 million for the fiscal year ended
June 30, 2010. After giving
effect to the dividends on the preferred stock, the income
available to common shareholders was $6.5
million or $1.17 per diluted
common share for the fiscal year ended June
30, 2011 compared to a net loss of $18.4 million or $3.36 per diluted common share for the fiscal
year ended June 30, 2010. The
$24.9 million increase in net income
for the twelve months ended June 30,
2011 reflects a $36.7 million
decrease in non-cash debt security impairment charges and a
$3.9 million decrease in the
provision for loan losses. These factors were partially
offset by a $13.7 million increase in
income tax expense, a $1.3 million
decrease in net interest income and a $1.1
million decrease in gain on sale of assets. The increase in
income tax expense reflects a higher level of pre-tax income for
the twelve months ended June 30,
2011. The decrease in net interest income is due to a
decrease in net average interest-earning assets, offset by a 10
basis point increase in the average interest rate spread during the
twelve months ended June 30,
2011.
Parkvale Financial Corporation is the parent of Parkvale Bank,
which has 47 offices in the Tri-State area and assets of
$1.8 billion at June 30, 2011.
(Condensed Consolidated Statement of Operations and selected
financial data is attached.)
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PARKVALE
FINANCIAL CORPORATION
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CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
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(Dollar
amounts in thousands except per share data)
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(Unaudited)
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Three months
ended
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Year
ended
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June
30,
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June
30,
|
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2011
|
2010
|
2011
|
2010
|
|
|
|
|
|
|
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Total interest income
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$15,610
|
$17,907
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$64,794
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$75,861
|
|
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Total interest
expense
|
6,685
|
8,383
|
28,699
|
38,515
|
|
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Net interest income
|
8,925
|
9,524
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36,095
|
37,346
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Provision for loan
losses
|
791
|
2,597
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3,531
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7,448
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Net interest income after
provision for losses
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8,134
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6,927
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32,564
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29,898
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Net impairment (losses)
recognized in earnings
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(117)
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(34,390)
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(2,314)
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(38,977)
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Net (loss) gain on sale of
assets
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(49)
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-
|
1,317
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2,372
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Other non-interest
income
|
2,629
|
2,640
|
10,581
|
10,071
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Total non-interest
expense
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7,566
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7,648
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31,103
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30,948
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Income (loss) before income
taxes
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3,031
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(32,471)
|
11,045
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(27,584)
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Income tax expense
(benefit)
|
928
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(11,315)
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2,931
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(10,784)
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Net income (loss)
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2,103
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(21,156)
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8,114
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(16,800)
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Preferred stock
dividend
|
397
|
397
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1,588
|
1,588
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Income (loss) to common
shareholders
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$1,706
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($21,553)
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$6,526
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($18,388)
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Net income (loss) per basic
common share
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$0.30
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($3.94)
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$1.17
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($3.36)
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Net income (loss) per diluted
common share
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$0.30
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($3.94)
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$1.17
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($3.36)
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Cash dividends declared per
common share
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$0.02
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$0.05
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$0.08
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$0.20
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SELECTED
FINANCIAL DATA
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(Dollar
amounts in thousands except per share data)
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June
30,
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2011
|
2010
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Total assets
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$1,806,556
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$1,841,309
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Total deposits
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1,484,924
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1,488,073
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Total loans, net of
allowance
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983,996
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1,032,363
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Loan loss allowance
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18,626
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19,209
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Nonperforming loans and
foreclosed real estate
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31,246
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35,157
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Ratio to
total assets
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1.73%
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1.91%
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Allowance for loan losses as a %
of gross loans
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1.86%
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1.83%
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Total shareholders'
equity
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$124,214
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$117,873
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OTHER
SELECTED DATA
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Three Months
Ended
|
Twelve
Months Ended
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June
30,
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June
30,
|
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2011
|
2010
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2011
|
2010
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Average yield earned on all
interest-earning assets
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3.72%
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4.11%
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3.86%
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4.27%
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Average rate paid on all
interest-bearing liabilities
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1.59
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1.93
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1.70
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2.21
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Average interest rate
spread
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2.13
|
2.18
|
2.16
|
2.06
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Net yield on average
interest-earning assets
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2.13
|
2.19
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2.15
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2.10
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Return on average
assets
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0.46
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(4.47)
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0.45
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(0.88)
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Return on average
equity
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6.08
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(57.34)
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5.98
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(11.10)
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Other expenses to average
assets
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1.66
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1.62
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1.71
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1.62
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SOURCE Parkvale Financial Corporation