Teche Holding Company reported strong net income and operating revenue in the quarter ending September 30, 2010, as its management team continued to manage the uncertain economic environment and credit issues.
Teche Holding Company reported net income of $1.85 million, or $0.88 per diluted share, in the third quarter of 2010, compared to net income of $1.98 million, or $0.94 per diluted share, in the same quarter of 2009.
Operating revenue for Teche Holding Company came in at $11.4 million for the third quarter of 2010. This was a slight decline compared to the $11.7 million reported in the same quarter of 2009. Teche Holding Company defines operating revenue as the sum of net interest income and non-interest income.
Teche Holding Company also saw improved asset quality during the third quarter of 2010. The bank had total non-performing assets of $15.7 million as of September 30, 2010, down from $16.5 million in the previous quarter. Teche Holding Company defines non-performing assets as loans that are either in non-accrual status, or more than 90 days past due. The category also includes other real estate owned by the company.
Teche Holding Company is a bank holding company that owns Teche Federal Bank. Teche Federal Bank is headquartered in Louisiana and has 19 branches with $762 million of assets in that state.
For more information on the company, go to www.teche.com
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