-- Net income $2,315,000 for the fiscal year -- Net income for
fourth quarter $510,000 WEST POINT, Ga., Jan. 7
/PRNewswire-FirstCall/ -- Charter Financial Corporation (OTC:CHFN)
(BULLETIN BOARD: CHFN) today reported fiscal 2009 (ended September
30, 2009) net income of $2,315,000, or $0.13 per share, compared
with $10.5 million, or $0.55 per share, for the prior fiscal year.
Earnings have been adjusted from the previously reported earnings
of $2.8 million based on changes in accounting for the FDIC
assisted acquisition of the assets and liabilities of Neighborhood
Community Bank. Charter Financial Corporation is a savings and loan
holding company and the parent company of CharterBank, a
full-service community bank and a federal savings institution.
Charter Financial Corporation and CharterBank are in a mutual
holding company structure. CharterBank is headquartered in West
Point, Georgia, and operates 13 branches on the I-85 corridor from
Newnan, Georgia to Auburn, Alabama. CharterBank's deposits are
insured by the Federal Deposit Insurance Corporation. FINANCIAL
TABLES FOLLOW Charter Financial Corporation Selected Financial Data
(in thousands except share data): September 30, September 30, June
30, 2009 2008 2009 Unaudited Total Assets $936,880 $801,501
$977,730 Loans Receivable, Net 552,550 428,472 543,852 Non-covered
Loans Receivable, Net 462,786 428,472 452,469 Covered Loans
Receivable, Net 89,764 - 91,383 Mortgage Securities Available for
Sale 201,626 242,848 209,231 Other Investment Securities 4,435
34,291 11,477 Core Deposits* 216,902 169,499 216,364 Retail
Deposits** 463,566 356,237 461,096 Total Deposits 597,634 420,175
618,367 Borrowings 227,000 267,000 257,000 Total Stockholders'
Equity 98,257 102,302 97,341 Book Value per Share 5.34 5.50 5.28
Tangible Book Value per Share 5.06 5.21 5.00 Minority Shares
Outstanding 2,551,033 2,754,536 2,566,559 Total Shares Outstanding
- at Quarter End 18,408,957 18,612,460 18,424,483 Weighted Average
Total Shares Outstanding - Basic 18,417,123 19,022,870 18,452,395
Weighted Average Total Shares Outstanding - Fully Diluted
18,472,222 19,072,917 18,452,395 *Core deposits include transaction
accounts, money market accounts, and savings accounts. **Retail
deposits include Core Deposits, and certificates of deposits
excluding brokered and wholesale. Selected Operating Data (in
thousands except share data): Year Ended Three months ended
---------- ------------------ September 30, September 30, June 30,
------------- ------------- -------- 2009 2008 2009 2008 2009 ----
---- ---- ---- ---- Unaudited --------- Total Interest Income
$40,559 $46,378 $12,189 $10,373 $9,141 Total Interest Expense
22,599 26,771 5,917 6,219 5,346 ------ ------ ----- ----- ----- Net
Interest Income 17,960 19,607 6,272 4,154 3,795 Provision for Loan
Losses 4,550 3,250 1,400 2,500 600 ----- ----- ----- ----- --- Net
Interest Income after Provision for Loan Losses 13,410 16,357 4,872
1,654 3,195 Noninterest Income 11,792 18,950 3,480 7,846 2,418
Noninterest Expense 22,581 20,284 7,805 5,040 5,388 ------ ------
----- ----- ----- Income before Income Taxes 2,621 15,023 547 4,460
225 Income Tax Expense (Benefit) 306 4,491 37 1,521 (151) --- -----
--- ----- ---- Net Income $2,315 $10,532 $510 $2,939 $376 ======
======= ==== ====== ==== Earnings per Share $0.13 $0.55 $0.03 $0.16
$0.02 Earnings per Share - Fully Diluted 0.12 0.55 0.03 0.15 0.02
Cash Dividends per Share*** 1.00 1.75 0.25 0.25 0.25 Net
Charge-offs (Recoveries)- Legacy Charter Loans 3,462 1,019 408 102
1,396 Deposit Fee 4,664 5,027 1,284 1,262 1,129 Gain on Sale of
Loans 682 762 135 153 234 Gain on Sale of Freddie Mac Common Stock
- 9,557 - 5,885 - Gain (Loss) on Covered Calls Related to Freddie
Mac Common Stock - 1,723 - 4 - ***First Charter, MHC has waived its
portion of these dividends, resulting in payment only to the
minority stockholders. Year Ended Three months ended ----------
------------------ Performance Ratios: September 30, September 30,
June 30, ------------- ------------- -------- 2009 2008 2009 2008
2009 ---- ---- ---- ---- ---- Unaudited --------- Return on Equity
2.25% 6.23% 2.06 9.51% 1.46% Return on Assets 0.27 1.16 0.21 1.41
0.19 Net Interest Margin 2.35 2.32 3.00 2.16 2.08 Bank Core Capital
Ratio 9.30 10.51 9.30 10.51 8.64 Effective Tax Rate Expense
(Benefit) 11.66 29.89 6.83 34.10 (66.87) Dividend Payout Ratio
145.13 66.97 153.79 27.19 58.44 Ratios of Assets Not Covered: Loan
Loss Reserve as a % of Total Loans 1.98 1.89 1.97 1.88 1.81 Loan
Loss Reserve as a % of Nonperforming Assets 51.58 61.29 52.18 61.29
43.76 Nonperforming Assets as a % of Total Loans and REO 3.79 3.06
3.74 3.06 4.08 Net Chargeoffs (Recoveries) as a % of Average Loans
0.71 0.24 0.35 0.09 1.22 ------------------ ---- ---- ---- ----
---- DATASOURCE: Charter Financial Corporation CONTACT: Robert L.
Johnson, Chairman & CEO, , or Curt Kollar, CFO, , both of
Charter Financial Corporation, +1-706-645-1391; or Woody Wallace of
The Investor Relations Company, +1-312-245-2700, , for Charter
Financial Corporation Web Site: http://www.charterbank.net/
Copyright