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As of 8:10 PM 08/19/14 All times are local (Market data is delayed by at least 15 minutes).

oneida financial corp (ONFC) Key Developments

Oneida Financial Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014; Announces Net Charge-Offs for the Second Quarter Ended June 30, 2014

Oneida Financial Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, net income was $1,429,000 or $0.20 diluted earnings per share, compared to $1,492,000 or $0.21 diluted earnings per share, for the three months ended June 30, 2013. The decrease in net income during the respective second quarter periods is primarily the result of a decrease in net investment gains, a decrease in the change in fair value of its equity investments and an increase in non-interest expense; partially offset by an increase in net interest income, an increase in non-interest income and a decrease in income tax provision. Net interest income was $5.0 million compared to $4.9 million for the three months ended June 30, 2013. Total interest income was $5.711 million compared to $5.554 million a year ago. Income before income taxes was $1.937 million compared to $2.040 million a year ago. Return on average assets was 0.72% against 0.84% a year ago. Return on average equity was 6.09% against 6.33% a year ago. Return on average tangible equity was 8.49% against 8.85% a year ago. For the six months, net income was $3.4 million or $0.48 diluted earnings per share, as compared with $3.4 million or $0.49 diluted earnings per share for the same period in 2013. The slight decrease in net income during the six months ended June 30, 2014 as compared with the same period last year was primarily the result of a decrease in net investment gains, a decrease in the change in fair value of its equity investments, an increase in non-interest expense and an increase in income tax provision; partially offset by an increase in net interest income and an increase in non-interest income. Net interest income increased $73,000 as compared to the same period in 2013. The increase in net interest income is primarily the result of an increase of $71.4 million in average interest-earning assets partially offset by decrease in net interest margin of 32 basis points to 2.93% for six months ended June 30, 2014 from 3.25% for the same period in 2013. Book value per share was $13.07 compared to $13.35 a year ago. Tangible value per share was $9.89 compared to $9.42 a year ago. Total interest income was $11.148 million compared to $11.032 million a year ago. Income before income taxes was $4.601 million compared to $4.634 million a year ago. Net charge-offs during the current quarter were $18,000 are compared with net charge-offs of $19,000 in the same period last year.

Oneida Financial Corp. Declares Quarterly Cash Dividend, Payable on July 22, 2014

Oneida Financial Corp. announced the declaration of a quarterly cash dividend of $0.12 per share. The cash dividend will be paid on July 22, 2014 to shareholders of record as of July 8, 2014.

Oneida Financial Corp. and Oneida Savings Bank Announce Management Changes

The Boards of Directors of Oneida Financial Corp. and its subsidiary The Oneida Savings Bank announced that it has continued to implement the previously announced management succession plan. Michael R. Kallet, most recently the President and Chief Executive Officer of Oneida Financial Corp., will serve as the Chairman of the Board and Chief Executive Officer of both the company and the Bank. Eric E. Stickels, current Executive Vice President and Chief Financial Officer of the company and President and Chief Operating Officer of the Bank, will serve as the President and Chief Operating Officer of both the company and the Bank. In addition, Deresa F. Durkee has been promoted to the position of Senior Vice President and Chief Financial Officer of both Oneida Financial Corp. and Oneida Savings Bank. The management changes were approved by the Boards of Directors at the Annual Meeting held on May 6, 2014. The Board of Directors also appointed Richard B. Myers as Vice Chairman and Rodney D. Kent as Vice Chairman and Lead Independent Director. Mr. Stickels has been Executive Vice President and Chief Financial Officer of Oneida Financial Corp. since April 2003, and President and Chief Operating Officer of Oneida Savings Bank since December 2011. Ms. Durkee has been Senior Vice President and Chief Financial Officer of Oneida Savings Bank since December 2011. Prior to that time, Ms. Durkee was Senior Vice President and Treasurer of the Bank. Ms. Durkee has been associated with Oneida Savings Bank since 1998.

Oneida Financial Corp. Announces Unaudited Earnings Results for the First Quarter Ended March 31, 2014; Announces Net Charge-offs for the First Quarter Ended March 31, 2014

Oneida Financial Corp. announced unaudited earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported net income was $1,944,000 or $0.28 diluted earnings per share, compared to $1,950,000 or $0.28 diluted earnings per share, for the three months ended March 31, 2013. The slight decrease in net income during the respective first quarter periods is primarily the result of a decrease in net interest income, an increase in non-interest expense and an increase in income tax provision; partially offset by an increase in net investment gains and an increase in non-interest income. Net interest income was $4,785,000 against $4,837,000 a year ago. Income before income taxes was $2,664,000 against $2,594,000 a year ago. Net income was $1,944,000 against $1,950,000 a year ago. Net income per diluted share was $0.28 against $0.28 a year ago. Book value per share (end of period) was $13.53. Return on average assets was 1.02% against 1.14% a year ago. Return on average equity was 8.51% against 8.32% a year ago. The company announced that net charge-offs during the first quarter of 2014 were $19,000 are compared with net charge-offs of $15,000 in the same period last year.

Oneida Financial Corp. Declares Quarterly Cash Dividend, Payable on April 22, 2014

Oneida Financial Corp. has declared a quarterly cash dividend of twelve cents ($0.12) per share of the company's common stock. The dividend is payable to stockholders of record as of April 8, 2014 and will be paid on April 22, 2014.

 

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Price/Sales 1.8x
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Price/Cash Flow 15.5x
TEV/Sales 0.8x
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