Teche Holding (NYSE Amex: TSH) Earns Record $3.35 per Share

Teche Holding Company (NYSE Amex: TSH), the parent company for Teche Federal Bank, recently reported that steady increases in SmartGrowth deposits and loans, increasing interest margin, and solid capital ratios, contributed to record earnings per share for fiscal 2009 and strong fourth quarter earnings. Net income for the fiscal fourth quarter ended September 30, 2009 increased to $1.98 million, or $0.94 per diluted share, compared to $1.73 million, or $0.81 per diluted share in the immediate prior quarter. Earnings were $2.12 million or $0.99 per diluted share a year ago. For fiscal 2009, Teche's net income was a record $3.35 per diluted share compared to $2.63 per diluted share for fiscal 2008.

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"We not only generated record earnings per share, but had good book value growth, capital growth and increased SmartGrowth deposits and loans boosting our net interest margin," said Patrick O. Little, President and Chief Executive Officer. "We are now better positioned to take advantage of possible future opportunities and to weather future possible challenges. These notable results were generated despite an ongoing national recession, economic uncertainties, and two items that reduced diluted earnings per share $0.48 this year. Specifically, we recorded impairment charges of $0.36 per share related to our private label mortgage-backed securities portfolio and an FDIC special assessment (levied on all insured banks) of $0.12 per share. During these challenging times, our dedicated employees continue to provide excellent customer service which has resulted in an increase in both SmartGrowth deposits and loans year after year," said Little.  SmartGrowth deposits are made up of Teche's core deposits and exclude time deposits. SmartGrowth loans consist of all loans, excluding conforming home mortgage loans. According to the Louisiana Economic Outlook (LEO) reported earlier this month, the state of Louisiana, contrary to the rest of the country, will hit "record employment levels" in 2010 and 2011. While not as high as previous years, the LEO continues to predict job growth in south Louisiana. The LEO predicts growth in the Lafayette MSA of 0.5%, in the Houma MSA of 0.9% and the Baton Rouge MSA of 1.5%. These three market areas comprise practically all of the market of Teche Federal Bank. While this is considerably better than the rest of the country, the LEO states that it will be even better if several key proposals in Congress are defeated. Of particular concern were the following proposals: the budget, which includes a $33 billion tax on the oil extraction industry; the cap and trade legislation; the significant increases on the regulation of businesses and other proposals of concern. The LEO states that proposals of this type "tend to arrest economic growth" and should they fail to become law, "Lafayette's future will be much brighter than we have predicted" and "the Houma area economy will fare much better." Source Teche Holding Co.

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