Fox Chase Ban­corp Inc an­nounces net in­come of $1.4 mil­lion in 3Q

The Pak Banker - - Front Page -

HAT­BORO, PA

Fox Chase Ban­corp Inc, the hold­ing com­pany for Fox Chase Bank to­day an­nounced net in­come of $1.4 mil­lion, or $0.12 per share, and $3.2 mil­lion, or $0.27 per share, for the three and nine months ended Septem­ber 30, 2012, re­spec­tively, com­pared to net in­come of $1.2 mil­lion, or $0.09 per share, and $3.7 mil­lion, or $0.28 per share, for the three and nine months ended Septem­ber 30, 2011, re­spec­tively.

High­lights for the three and nine month pe­ri­ods ended Septem­ber 30, 2012 in­cluded to­tal as­sets were $1.07 bil­lion at Septem­ber 30, 2012, an in­crease of $55.4 mil­lion, or 5.5%, from $1.02 bil­lion at De­cem­ber 31, 2011. To­tal loans were $673.7 mil­lion at Septem­ber 30, 2012, an in­crease of $16.9 mil­lion, or 2.6%, from $656.8 mil­lion at June 30, 2012, and an in­crease of $3.1 mil­lion, or 0.5%, from $670.6 mil­lion at De­cem­ber 31, 2011. The in­crease dur­ing the three months ended Septem­ber 30, 2012 was driven by an in­crease in com­mer­cial loans of $27.7 mil­lion, com­prised of in­creases of $18.6 mil­lion in multi-fam­ily and com­mer­cial real es­tate loans, $4.6 mil­lion in com­mer­cial con­struc­tion; loans and $4.5 mil­lion in com­mer­cial and in­dus­trial loans, off­set by an $8.4 mil­lion de­crease in one-to four-fam­ily res­i­den­tial mort­gage loans due to nor­mal amor­ti­za­tion ex­ceed­ing new loans orig­i­nated, and a $2.4 mil­lion de­crease in con­sumer loans.

Re­turn on av­er­age as­sets im­proved to 0.56% for the three months ended Septem­ber 30, 2012 com­pared to 0.22% for the three months ended June 30, 2012 and 0.46% for the three months ended Septem­ber 30, 2011.

Net in­ter­est in­come in­creased $172,000, or 2.1%, to $8.2 mil­lion for the three months ended Septem­ber 30, 2012, com­pared to $8.1 mil­lion for the three months ended Septem­ber 30, 2011; and in­creased $421,000, or 1.8%, to $23.9 mil­lion for the nine months ended Septem­ber 30, 2012, com­pared to $23.5 mil­lion for the nine months ended Septem­ber 30, 2011. The net in­ter­est mar­gin was 3.29% for the three months ended Septem­ber 30, 2012, com­pared to 3.10% for the three months ended Septem­ber 30, 2011.

Net in­ter­est in­come in­creased $562,000, or 7.3%, to $8.2 mil­lion for the three months ended Septem­ber 30, 2012, com­pared to $7.7 mil­lion for the three months ended June 30, 2012. This in­crease was pri­mar­ily driven by a $27.8 mil­lion in­crease in av­er­age loans, pri­mar­ily due to com­mer­cial loan growth dur­ing the third quar­ter, and a 14 ba­sis point in­crease in net in­ter­est mar­gin to 3.29% from 3.15%, due to the Com­pany's bal­ance sheet re­struc­tur­ing in June 2012.

The ef­fi­ciency ra­tio im­proved to 61.5% for the three months ended Septem­ber 30, 2012 com­pared to 68.3% for the three months ended June 30, 2012 and 61.6% for the three months ended Septem­ber 30, 2011.

Other non­in­ter­est in­come in­creased $115,000 to $248,000 for the three months ended Septem­ber 30, 2012, com­pared to $133,000 for the three months ended Septem­ber 30, 2011. Other non­in­ter­est in­come in­creased $322,000 to $544,000 for the nine months ended Septem­ber 30, 2012, com­pared to $222,000 for the nine months ended Septem­ber 30, 2011. The in­crease is pri­mar­ily due to higher in­come and vol­umes from mort­gage bank­ing ac­tiv­i­ties. Non­in­ter­est ex­pense in­creased $708,000 to $6.4 mil­lion for the three months ended Septem­ber 30, 2012, com­pared to $5.7 mil­lion for the three months ended Septem­ber 30, 2011. As­sets ac­quired through fore­clo­sure ex­pense in­creased $647,000, of which $577,000 re­lated to an in­crease in val­u­a­tion ad­just­ments on as­sets ac­quired through fore­clo­sure. Val­u­a­tion ad­just­ments on as­sets ac­quired through fore­clo­sure were $887,000 for the three months ended Septem­ber 30, 2012 com­pared to $310,000 for the three months ended Septem­ber 30, 2011. Salaries, ben­e­fits and other com­pen­sa­tion in­creased $161,000, or 4.9%, for the three months ended Septem­ber 30, 2012 com­pared to the three months ended Septem­ber 30, 2011, pri­mar­ily as a re­sult of in­creased staffing in com­pli­ance ar­eas, stock-based com­pen­sa­tion ex­pense and an­nual merit in­creases.

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