PAOLA, Kan., Feb. 9 /PRNewswire-FirstCall/ -- Team Financial, Inc.
(the "Company") (NASDAQ:TFIN) today announced net income of
$1,324,000, or $.37 basic and $.36 diluted income per share, for
the three months ended December 31, 2006, compared to $1,234,000 or
$.31 basic and $.30 diluted income per share, for the three months
ended December 31, 2005, an increase of 7.3%. Net income for the
twelve months ended December 31, 2006 was $3,985,000, or $1.06
basic and $1.03 diluted income per share, compared to $3,970,000,
or $.98 basic and $.97 diluted income per share for the twelve
months ended December 31, 2005. As previously disclosed, the
Company recorded a loss on the sale of its insurance agency
subsidiary during the second quarter of 2005 of approximately
$164,000. The subsidiary was sold effective December 31, 2004. The
loss on the sale of the subsidiary is reported net of the tax
effect in discontinued operations. Net income from continuing
operations for the twelve months ended December 31, 2006 was
$3,982,000, or $1.06 basic and $1.03 diluted income per share,
compared to $4,078,000, or $1.01 basic and $1.00 diluted income per
share for the twelve months ended December 31, 2005. Net interest
income for the three and twelve months ended December 31, 2006
increased approximately $627,000, or 11.1%, and $2.7 million, or
12.6%, from the same periods last year, due to an increase in net
interest margin of 8 and 15 basis points, respectively.
Non-interest income decreased approximately $22 thousand, or 1.1%
and $.5 million from the same three and twelve month periods last
year, primarily due to a continued decrease in gain on sales of
mortgage loans. Non-interest expense increased $207 thousand, or
3.4%, during the three months ended December 31, 2006 from the same
period last year, primarily due to a $91 thousand increase in
occupancy and equipment expense as a result of a write-down of one
of the Company's properties. For the twelve months ended December
31, 2006, non-interest expense increased $2.1 million over the
prior year primarily due to an increase in salaries and employee
benefits and an increase in other expenses due to the previously
disclosed $824 thousand charge incurred during the restructuring of
the Company's trust preferred securities. Loans receivable
increased approximately $66.3 million, or 15.8%, to $486.5 million
at December 31, 2006 compared to December 31, 2005. This increase
was primarily a result of an increase in construction and land
development loans. The increase in loans was funded with a $55.0
million, or 10.8%, increase in total deposits, and a decrease in
investment securities of $11.3 million, or 5.9%. "Our $66 million
in loan growth and another 15 basis point increase in our net
interest margin in 2006 show that our continued focus on controlled
growth has been successful. We plan to continue our growth and our
expansion into high-growth markets in 2007 with the opening of new
branches. In connection with this new growth, our new location in
Falcon, Colorado is set to open in March, and we will also open our
new branch in Ottawa, Kansas this summer," said Robert J.
Weatherbie, Chairman and Chief Executive Officer of Team Financial,
Inc. The provision for loan losses was $388,000 for the three
months ended December 31, 2006 compared to $145,000 for the three
months ended December 31, 2005. The allowance for loan losses as a
percent of loans was 1.17% at December 31, 2006 and 1.29% at
December 31, 2005, and non-performing loans were 2.06% of total
loans at December 31, 2006 and 1.09% of total loans at December 31,
2005. The Company believes that additional non-performing credits
are well-secured, making additional allowances unnecessary. On
February 6, 2007, a complaint was filed by International Insurance
Brokers, LTD in the United States District Court for the Northern
District of Oklahoma against the Company and certain of its
officers, claiming breach of contract, negligent misrepresentation,
fraud and misrepresentation and civil conspiracy in connection with
the sale of the insurance agency subsidiary that was sold to
International Insurance Brokers effective December 31, 2004.
Damages sought by the defendants include not less than $10 million
in actual damages, not less than $10 million for consequential, and
not less than $10 million for punitive damages. The Company
believes the claims are totally without merit, and it will pursue a
vigorous defense as well as pursue available counterclaims against
the plaintiff. Team Financial, Inc. is a financial services company
with $756 million in total assets. It operates in the Kansas City
metropolitan area, southeastern Kansas, western Missouri, the
Omaha, Nebraska metropolitan area, and in the Colorado Springs,
Colorado metropolitan area. The Company offers a full range of
consumer and corporate banking services, including small business
loans, mortgage loans, trust services, and investment and brokerage
services. For additional information on Team Financial, Inc., visit
its web site at http://www.teamfinancialinc.com/ or call
913-294-9667. This press release contains forward-looking
statements under the Private Securities Litigation Reform Act of
1995 that are subject to certain risks and uncertainties that could
cause actual results to differ materially from historical income
and those presently anticipated or projected. The Company cautions
readers not to place undue reliance on any such forward looking
statements, which speak only as of the date of this release. Such
risks and uncertainties include those detailed in the Company's
filings with the Securities and Exchange Commission, risks of
adversely changing results of operations, risks related to the
Company's acquisition strategy, risks relating to loans and
investments, including the effect of the change of the local
economic conditions, risks associated with the adverse effects of
the changes in interest rates, and competition for the Company's
customers by other providers of financial services, all of which
are difficult to predict and many of which are beyond the control
of the Company. TEAM FINANCIAL, INC. AND SUBSIDIARIES Unaudited
Consolidated Statements of Financial Condition (In Thousands)
December 31, December 31, Assets 2006 2005 Cash and due from banks
$14,529 $14,592 Federal funds sold and interest bearing bank
deposits 22,621 19,768 Cash and cash equivalents 37,150 34,360
Investment securities: Available for sale, at fair value (amortized
cost of $171,301 and $183,719 at December 31, 2006 and December 31,
2005, respectively) 170,078 181,758 Other non-marketable securities
(amortized cost of $9,061 and $8,669 at December 31, 2006 and
December 31, 2005, respectively) 9,062 8,651 Total investment
securities 179,140 190,409 Loans receivable, net of unearned fees
486,497 420,181 Allowance for loan losses (5,715) (5,424) Net loans
receivable 480,782 414,757 Accrued interest receivable 5,558 4,607
Premises and equipment, net 17,628 16,359 Assets acquired through
foreclosure 817 455 Goodwill 10,700 10,700 Intangible assets, net
of accumulated amortization 2,659 3,223 Bank-owned life insurance
policies 19,926 19,173 Other assets 2,068 2,486 Total assets
$756,428 $696,529 Liabilities and Stockholder's Equity Deposits:
Checking deposits $194,979 $186,791 Savings deposits 28,536 31,944
Money market deposits 57,123 46,465 Certificates of deposit 282,244
242,678 Total deposits 562,882 507,878 Federal funds purchased and
securities sold under agreements to repurchase 6,215 4,036 Federal
Home Loan Bank advances 108,069 111,131 Notes payable 200 202
Subordinated debentures 22,681 16,005 Accrued expenses and other
liabilities 5,864 3,928 Total liabilities 705,911 643,180
Stockholders' Equity: Preferred stock, no par value, 10,000,000
shares authorized; no shares issued - - Common stock, no par value,
50,000,000 shares authorized; 4,501,516 and 4,499,470 shares
issued; 3,594,784 and 4,034,995 shares outstanding at December 31,
2006 and December 31, 2005, respectively 27,901 27,880 Capital
surplus 680 417 Retained earnings 34,449 30,941 Treasury stock,
906,732 and 464,475 shares of common stock at cost at December 31,
2006, and December 31, 2005, respectively (11,707) (4,583)
Accumulated other comprehensive loss (806) (1,306) Total
stockholders' equity 50,517 53,349 Total liabilities and
stockholders' equity $756,428 $696,529 TEAM FINANCIAL, INC. AND
SUBSIDIARIES Unaudited Consolidated Statements of Operations
(Dollars In Thousands, Except Per Share Data) Three Months Ended
Twelve Months Ended December 31, December 31, 2006 2005 2006 2005
Interest Income: Interest and fees on loans $9,810 $7,637 $35,761
$27,778 Taxable investment securities 2,003 1,869 7,832 7,352
Nontaxable investment securities 242 279 1,038 1,168 Other 86 94
508 311 Total interest income 12,141 9,879 45,139 36,609 Interest
Expense: Deposits: Checking deposits 446 336 1,845 1,124 Savings
deposits 66 56 229 222 Money market deposits 514 183 1,508 627
Certificates of deposit 3,244 2,047 11,059 6,823 Federal funds
purchased and securities sold under agreements to repurchase 47 29
171 136 FHLB advances payable 1,138 1,181 4,540 4,696 Notes payable
and other borrowings 4 4 141 62 Subordinated debentures 400 388
1,588 1,553 Total interest expense 5,859 4,224 21,081 15,243 Net
interest income before provision for loan losses 6,282 5,655 24,058
21,366 Provision for loan losses 388 145 951 820 Net interest
income after provision for loan losses 5,894 5,510 23,107 20,546
Non-Interest Income: Service charges 956 960 3,658 3,891 Trust fees
165 173 720 702 Gain on sales of mortgage loans 129 220 584 887
Loss on sales of investment securities 7 (1) (157) (1) Bank-owned
life insurance income 234 217 884 842 Other 433 377 1,523 1,385
Total non-interest income 1,924 1,946 7,212 7,706 Non-Interest
Expenses: Salaries and employee benefits 3,086 3,145 12,299 11,406
Occupancy and equipment 858 687 3,127 2,759 Data processing 802 714
2,937 2,851 Professional fees 335 347 1,435 1,348 Marketing 124 125
408 378 Supplies 101 63 350 322 Intangible asset amortization 143
152 579 616 Other 845 854 4,149 3,550 Total non-interest expenses
6,294 6,087 25,284 23,230 Income from continuing operations before
income taxes 1,524 1,369 5,035 5,022 Income tax expense 200 135
1,050 944 Net income from continuing operations $1,324 $1,234
$3,985 $4,078 Net loss from discontinued operations - - - (108) Net
income $1,324 $1,234 $3,985 $3,970 Basic income per share from
continuing operations $0.37 $0.31 $1.06 $1.01 Diluted income per
share from continuing operations $0.36 $0.30 $1.03 $1.00 Basic loss
per share from discontinued operations $ - $ - $ - $(0.03) Diluted
loss per share from discontinued operations $ - $ - $ - $(0.03)
Basic income per share $0.37 $0.31 $1.06 $0.98 Diluted income per
share $0.36 $0.30 $1.03 $0.97 Shares applicable to basic income per
share 3,597,045 4,035,218 3,765,118 4,038,097 Shares applicable to
diluted income per share 3,704,991 4,091,480 3,859,442 4,094,793
Team Financial, Inc. And Subsidiaries Selected Ratios and Other
Data (Unaudited) As of and For As of and For Three Months Ended
Twelve Months Ended December 31 December 31 Selected Data 2006 2005
2006 2005 Balance Sheet Highlights Average Assets $739,676 $686,104
$718,891 $673,307 Average Loans $481,558 $417,661 $458,086 $403,234
Non Performing Loans $10,003 $4,582 Performance Ratios Return On
Average Assets 0.71% 0.71% 0.55% 0.59% Return On Average Equity
10.70% 9.20% 7.98% 7.46% Average Equity To Average Assets 6.63%
7.76% 6.95% 7.90% Net Interest Margin On Average Earning Assets
During The Period (Tax Equivalent) 3.81% 3.73% 3.79% 3.64%
Efficiency Ratio(a)(c) 76.70% 80.08% 80.86% 79.91% Book Value Per
Share $14.05 $13.22 Tangible Book Value Per Share(b)(c) $10.43
$9.87 Asset Quality Ratios Non Performing Loans As A Percent Of
Total Loans 2.06% 1.09% Non Performing Assets As A Percent Of Total
Assets 1.43% 0.72% Allowance For Loan Losses As A Percent Of Total
Loans 1.17% 1.29% Allowance For Loan Losses As A Percent Of Non
Performing Loans 57.13% 118.38% (a) Calculated as non-interest
expense/(net interest income plus non- interest income) (b)
Calculated as (stockholders equity less goodwill, less intangible
assets, net of accumulated amortization plus mortgage servicing
rights) divided by shares outstanding. (c) Computation includes the
corresponding components of discontinued operations. DATASOURCE:
Team Financial, Inc. CONTACT: Rick J. Tremblay, Chief Financial
Officer, Team Financial, Inc., +1-913-294-9667, or Web site:
http://www.teamfinancialinc.com/
Copyright
Triumph Financial (NASDAQ:TFIN)
Historical Stock Chart
From Jun 2024 to Jul 2024
Triumph Financial (NASDAQ:TFIN)
Historical Stock Chart
From Jul 2023 to Jul 2024