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Fox Chase Bancorp, Inc. Announces Earnings for the Quarter and Year Ended December 31, 2015

HATBORO, Pa., Jan. 26, 2016 (GLOBE NEWSWIRE) -- Fox Chase Bancorp, Inc. (the “Company”) (NASDAQ:FXCB), the holding company for Fox Chase Bank (the “Bank”), today announced net income of $9.5 million, or $0.85 per diluted share, for the year ended December 31, 2015,  compared to $8.2 million, or $0.71 per diluted share, for the year ended December 31, 2014.  The Company reported net income of $1.8 million, or $0.16 per diluted share, for the quarter ended December 31, 2015 compared to net income of $2.1 million, or $0.19 per diluted share, for the quarter ended December 31, 2014. 

2015 results include one-time after-tax core data processing systems conversion-related expenses of $839,000 ($0.08 per share) and after-tax merger-related expenses of $396,000 ($0.03 per share). The fourth quarter 2015 results include one-time after-tax core data processing systems conversion-related expenses of $193,000 ($0.02 per share) and after-tax merger-related expenses of $396,000 ($0.03 per share).  

The Company also announced that its Board of Directors declared a cash dividend of $0.28 per outstanding share of common stock.  This quarter’s dividend is comprised of a regular quarterly dividend of $0.14 and a nonrecurring dividend of $0.14 per outstanding common share.  Cumulative dividends paid for 2015 totaled $0.70 per share, which represented 82% of the Company's 2015 net income. The dividend will be paid on February 25, 2016 to stockholders of record as of the close of business on February 11, 2016. 

Commenting on the Company’s performance, Thomas M. Petro, President and Chief Executive Officer stated, “We are pleased with continued improvements in our operating performance, especially in this challenging interest rate environment. In addition, we are excited about our merger with Univest Corporation of Pennsylvania and are moving forward to obtain the necessary approvals to close the transaction in the third quarter of 2016.  We believe this affiliation will create a stronger franchise and provide greater benefits to customers, shareholders and the communities we serve.”

Highlights at and for the year and quarter ended December 31, 2015 included:

  • Total assets were $1.13 billion at December 31, 2015 compared to $1.09 billion at December 31, 2014.  Total loans were $767.7 million at December 31, 2015, an increase of $28.2 million, or 3.8%, from $739.5 million at September 30, 2015, and an increase of $43.4 million, or 6.0%, from $724.3 million at December 31, 2014.
  • Total commercial loans increased $66.0 million, or 10.9%, from $607.5 million at December 31, 2014 to $673.5 million at December 31, 2015 primarily due to increases of $53.8 million in multi-family and commercial real estate loans and $15.9 million in commercial and industrial loans offset by paydowns of $3.7 million in construction loans. Total commercial loans increased $34.4 million, or 5.4%, from $639.1 million at September 30, 2015 to $673.5 million at December 31, 2015 primarily due to increases of $38.6 million in multi-family and commercial real estate loans offset by paydowns of $3.9 million in construction loans.
  • Total average assets were $1.10 billion for the year ended December 31, 2015 compared to $1.08 billion for the year ended December 31, 2014.  Total average commercial loans increased by $52.4 million, or 9.1%, to $628.1 million for the year ended December 31, 2015, compared to $575.7 million for the year ended December 31, 2014. 
  • Nonperforming assets decreased to $5.2 million, or 0.46% of total assets, at December 31, 2015 compared to $6.3 million, or 0.57% of total assets, at both September 30, 2015 and December 31, 2014.
  • Return on average assets was 0.87% for the year ended December 31, 2015 compared to 0.76% for the year ended December 31, 2014. 
  • Net interest income increased $622,000, or 1.9%, to $34.1 million for the year ended December 31, 2015, compared to $33.5 million for the year ended December 31, 2014.  The net interest margin was 3.20% for the year ended December 31, 2015, compared to 3.19% for the year ended December 31, 2014. 
  • Net interest income increased $156,000, or 1.9%, to $8.4 million for the three months ended December 31, 2015, compared to $8.2 million for the three months ended December 31, 2014.  Net interest income was also $8.4 million for the three months ended September 30, 2015.  The net interest margin was 3.10% for the three months ended December 31, 2015, compared to 3.18% for the three months ended December 31, 2014 and the three months ended September 30, 2015. The decrease in net interest margin during the quarter was primarily due to lower rates on new commercial loans and repricing of certain credits to lower rates given the competitive environment.
  • The Company recorded a credit to the provision for loan losses of $995,000 during the year ended December 31, 2015, compared to a provision for loan losses of $1.9 million for the year ended December 31, 2014.  The credit to the provision was primarily due to $1.2 million of recoveries, during 2015, on previously charged-off loans.  The Company recorded net loan recoveries of $827,000 and net charge-offs of $161,000 for the year and quarter ended December 31, 2015, respectively, compared to net charge-offs of $2.7 million and $720,000, respectively, for the year and quarter ended December 31, 2014.  The charge-offs in the quarter ended December 31, 2015 were primarily related to one residential mortgage loan.  There were no commercial loan charge-offs.   
  • The allowance for loan losses was $10.6 million, or 1.36% of total loans at December 31, 2015, compared to $10.6 million, or 1.42% of total loans at September 30, 2015 and $10.7 million or 1.46% of total loans at December 31, 2014.
  • Noninterest income increased $440,000 to $2.7 million for the year ended December 31, 2015, compared to $2.3 million for the year ended December 31, 2014, primarily due to an increase of $181,000 in income on bank-owned life insurance as the Bank purchased $10.0 million of bank-owned life insurance in the third quarter of 2015, an increase of $131,000 in equity in earnings of affiliate due to higher mortgage volumes and an increase of $104,000 in other noninterest income primarily due to increased cash management fees.
  • Noninterest expense increased $2.0 million, or 9.0%, to $24.2 million for the year ended December 31, 2015, compared to $22.2 million for the year ended December 31, 2014. This increase was primarily due to the Company incurring $1.8 million (pre-tax) of one-time costs, of which $1.3 million related to the core data processing systems conversion and $487,000 related to the previously announced merger with Univest Corporation of Pennsylvania (NASDAQ:UVSP), (“Univest”).  For the year ended December 31, 2015, pre-tax system conversion and merger related costs are captured in the following noninterest expense categories:  Salary, benefits and other compensation ($149,000), data processing costs ($632,000), professional fees ($883,000) and other ($94,000).
  • Excluding the one-time core data processing systems costs and merger-related costs noted in the above paragraph, noninterest expense increased $244,000, or 1.1%, to $22.5 million for the year ended December 31, 2015 from $22.2 million for the year ended December 31, 2014. 
  • Noninterest expense increased $766,000, or 13.6%, to $6.4 million for the three months ended December 31, 2015, compared to $5.6 million for the three months ended December 31, 2014. This increase was due to the Company incurring $779,000 (pre-tax) of one-time costs, of which $292,000 related to the core data processing systems conversion and $487,000 related to the previously announced merger with Univest. For the three months ended December 31, 2015, pre-tax system conversion and merger related costs are captured in the following noninterest expense categories:  Salary, benefits and other compensation ($43,000), data processing costs ($134,000), professional fees ($587,000) and other ($15,000). 
  • The efficiency ratio was 65.4% and 69.9% for the year and quarter ended December 31, 2015, respectively, compared to 61.2% and 63.3% for the year and quarter ended December 31, 2014, respectively. Excluding the previously discussed one-time core data processing systems conversion and merger related costs, the efficiency ratio was 60.6% and 61.4% for the year and quarter ended December 31, 2015, respectively.
  • Income tax provision for the year ended December 31, 2015 includes the reversal of an $182,000 valuation allowance on certain state deferred tax assets, which occurred during the three months ended March 31, 2015.  The effective income tax rate for the year ended December 31, 2015 was 29.9%.  Excluding this reversal, the effective income tax rate for the year ended December 31, 2015 was 31.2%, compared to 29.4% for the year ended December 31, 2014. 

On December 8, 2015, Univest and the Company announced the signing of a definitive agreement and plan of merger under which Univest will acquire the Company through the merger of the Company with and into Univest, with Univest surviving the merger, in a cash and stock transaction for total consideration valued at approximately $244.3 million.  Subject to the satisfaction or waiver of the closing conditions contained in the merger agreement, including the approval of the merger agreement by the Company’s shareholders and the receipt of required regulatory approvals, Univest and the Company expect that the merger will be completed during the third quarter of 2016. However, it is possible that factors outside the control of both companies, including whether or when the required regulatory approvals will be received, could result in the merger being completed at a different time or not at all.

Fox Chase Bancorp, Inc. is the stock holding company of Fox Chase Bank. The Bank is a Pennsylvania state-chartered savings bank originally established in 1867.  The Bank offers traditional banking services and products from its main office in Hatboro, Pennsylvania and nine branch offices in Bucks, Montgomery, Chester and Philadelphia Counties in Pennsylvania and Atlantic and Cape May Counties in New Jersey.  For more information, please visit the Bank’s website at www.foxchasebank.com.

This news release contains forward-looking statements within the meaning of the federal securities laws. Forward-looking statements can generally be identified by the fact that they do not relate strictly to historical or current facts.  They often include words like “believe,” “expect,” “anticipate,” “estimate” and “intend” or future or conditional verbs such as “will,” “would,” “should,” “could” or “may.”  Statements in this release that are not strictly historical are forward-looking and are based upon current expectations that may differ materially from actual results.  These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those anticipated by the statements made herein.  These risks and uncertainties involve general economic trends, changes in interest rates, loss of deposits and loan demand to other financial institutions, substantial changes in financial markets; changes in real estate value and the real estate market, regulatory changes, possibility of unforeseen events affecting the industry generally, the uncertainties associated with newly developed or acquired operations, the outcome of pending litigation, and market disruptions and other effects of terrorist activities.  The Company undertakes no obligation to update these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unforeseen events, except as required under the rules and regulations of the Securities and Exchange Commission.

     
CONSOLIDATED STATEMENTS OF OPERATIONS    
(Dollars in Thousands, Except Per Share Data)    
     
      Three Months Ended Twelve Months Ended
      December 31,  December 31,
       2015   2014   2015   2014 
      (Unaudited) (Unaudited) (Audited)
INTEREST INCOME      
 Interest and fees on loans $  8,288  $  8,085  $  33,061  $  32,700 
 Interest and dividends on investment securities    1,650     1,750     6,987     7,422 
 Other interest income    15     5     25     7 
   Total Interest Income    9,953     9,840     40,073     40,129 
INTEREST EXPENSE        
 Deposits     812     761     3,000     3,216 
 Short-term borrowings    15     27     94     127 
 Federal Home Loan Bank advances    568     565     2,198     2,288 
 Other borrowed funds    168     253     665     1,004 
   Total Interest Expense    1,563     1,606     5,957     6,635 
   Net Interest Income    8,390     8,234     34,116     33,494 
 Provision (credit) for loan losses    100     350     (995)    1,943 
                  
   Net Interest Income after Provision for Loan Losses    8,290     7,884     35,111     31,551 
NONINTEREST INCOME        
 Service charges and other fee income    372     412     1,572     1,604 
 Net gain (loss) on sale of assets acquired through foreclosure    2     68     (12)    (68)
 Income on bank-owned life insurance    217     122     661     480 
 Equity in earnings of affiliate    78     47     303     172 
 Other     76     29     209     105 
             
   Total Noninterest Income    745     678     2,733     2,293 
NONINTEREST EXPENSE        
 Salaries, benefits and other compensation    3,972     3,710     15,470     14,380 
 Occupancy expense    375     388     1,663     1,709 
 Furniture and equipment expense    95     90     358     390 
 Data processing costs    560     396     2,311     1,542 
 Professional fees    823     331     1,970     1,417 
 Marketing expense    59     146     192     302 
 FDIC premiums    125     120     509     571 
 Assets acquired through foreclosure expense    24     17     247     420 
 Other     354     423     1,513     1,500 
   Total Noninterest Expense    6,387     5,621     24,233     22,231 
   Income Before Income Taxes    2,648     2,941     13,611     11,613 
  Income tax provision    865     833     4,065     3,418 
   Net Income  $  1,783  $  2,108  $  9,546  $  8,195 
Earnings per share:        
 Basic  $  0.16  $  0.19  $  0.87  $  0.73 
 Diluted  $  0.16  $  0.19  $  0.85  $  0.71 
                   


   
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION  
(Dollars in Thousands, Except Share Data)  
   
    December 31,
     2015   2014 
    (Unaudited) (Audited)
ASSETS
 Cash and due from banks $  3,413  $  2,763 
 Interest-earning demand deposits in other banks    4,385     14,450 
  Total cash and cash equivalents    7,798     17,213 
 Investment securities available-for-sale    139,751     134,037 
 Investment securities held-to-maturity (fair value of $149,850 at    
  December 31, 2015 and $170,854 at December 31, 2014)    150,190     170,172 
 Loans, net of allowance for loan losses of $10,562    
  at December 31, 2015 and $10,730 at December 31, 2014    767,683     724,326 
 Federal Home Loan Bank stock, at cost    6,734     6,015 
 Bank-owned life insurance    25,687     15,027 
 Premises and equipment, net    9,030     9,418 
 Assets acquired through foreclosure    2,623     2,814 
 Real estate held for investment    1,620     1,620 
 Accrued interest receivable    3,145     3,147 
 Mortgage servicing rights, net    104     111 
 Deferred tax asset, net    5,142     4,561 
 Other assets    6,096     6,155 
  Total Assets $  1,125,603  $  1,094,616 
       
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES
 Deposits $  764,974  $  711,909 
 Short-term borrowings    38,496     50,000 
 Federal Home Loan Bank advances    110,000     120,000 
 Other borrowed funds    30,000     30,000 
 Advances from borrowers for taxes and insurance    1,422     1,447 
 Accrued interest payable    319     311 
 Accrued expenses and other liabilities    3,478     5,038 
  Total Liabilities    948,689     918,705 
STOCKHOLDERS' EQUITY
 Preferred stock ($.01 par value; 1,000,000 shares authorized,    
  none issued and outstanding at December 31, 2015 and December 31, 2014)    -      -  
 Common stock ($.01 par value; 60,000,000 shares authorized,    
  11,767,590 shares outstanding at December 31, 2015    
  and 11,802,791 shares outstanding at December 31, 2014)    149     147 
 Additional paid-in capital    142,189     139,177 
 Treasury stock, at cost (3,141,201 shares at December 31, 2015 and    
  2,852,572 at December 31, 2014)    (44,468)    (39,698)
 Common stock acquired by benefit plans    (6,717)    (8,056)
 Retained earnings    86,241     84,225 
 Accumulated other comprehensive (loss) income, net    (480)    116 
  Total Stockholders' Equity    176,914     175,911 
       
  Total Liabilities and Stockholders' Equity $  1,125,603  $  1,094,616 
           


         
SELECTED CONSOLIDATED FINANCIAL AND OTHER DATA OF THE COMPANY (UNAUDITED)
    
(Dollars in Thousands, Except Per Share Data)       
         
   December
31,
 September 30, December 31, 
    2015   2015   2014  
CAPITAL RATIOS:       
Stockholders’ equity (to total assets) (1)  15.72 % 16.02 % 16.07 %
         
Common equity tier 1 capital ratio (to risk-weighted assets) (2)  16.65   16.93  N/A 
Tier 1 leverage ratio (to adjusted average assets) (2)  13.52   13.64   13.99  
Tier 1 capital ratio (to risk-weighted assets) (2)  16.65   16.93   18.97  
Total capital ratio (to risk-weighted assets) (2)  17.63   17.95   20.02  
         
ASSET QUALITY INDICATORS:       
Nonperforming Assets:       
 Nonaccruing loans $2,534  $3,446  $3,454  
 Accruing loans past due 90 days or more       
 Total nonperforming loans $2,534  $3,446  $3,454  
 Assets acquired through foreclosure  2,623   2,815   2,814  
 Total nonperforming assets $5,157  $6,261  $6,268  
         
 Ratio of nonperforming loans to total loans  0.33 % 0.46 % 0.47 %
 Ratio of nonperforming assets to total assets  0.46   0.57   0.57  
 Ratio of allowance for loan losses to total loans  1.36   1.42   1.46  
 Ratio of allowance for loan losses to nonperforming loans  416.8   308.3   310.7  
Troubled Debt Restructurings:       
 Nonaccruing troubled debt restructurings (3) $1,122  $1,123  $1,401  
 Accruing troubled debt restructurings  6,440   5,971   3,624  
 Total troubled debt restructurings $7,562  $7,094  $5,025  
         
Past Due Loans:       
 30 - 59 days $1,021  $541  $113  
 60 - 89 days  685   179   145  
 Total $1,706  $720  $258  
         

                                                                               

(1) Represents stockholders’ equity ratio of Fox Chase Bancorp, Inc.
(2) Represents regulatory capital ratios of Fox Chase Bank.
(3) Nonaccruing troubled debt restructurings are included in total nonaccruing loans above.

   
  At or for the Three Months Ended
  December 31, September 30, December 31, 
   2015   2015   2014  
PERFORMANCE RATIOS  (4):      
Return on average assets  0.64%  0.85%  0.79% 
Return on average equity  4.03   5.32   4.76  
Net interest margin  3.10   3.18   3.18  
Efficiency ratio (5)  69.9   65.1   63.3  
Efficiency ratio (excludes one-time costs) (6) 61.4   59.6   63.3  
        
        
OTHER:       
Average commercial loans $644,403  $621,942  $571,875  
Tangible book value per share - Core (7)$15.07  $15.15  $14.89  
Tangible book value per share (8)$15.03  $15.18  $14.90  
Employees (full-time equivalents) 134   138   138  
        
        
 At or for the Twelve Months Ended   
  December 31, December 31,   
   2015   2014    
PERFORMANCE RATIOS:      
Average commercial loans $628,099  $575,727    
Return on average assets  0.87%  0.76%   
Return on average equity  5.43   4.63    
Net interest margin  3.20   3.19    
Efficiency ratio (5)  65.4   61.2    
Efficiency ratio (excludes one-time costs) (6) 60.6   61.2    
           

(4) Annualized
(5) Represents noninterest expense, excluding valuation adjustments on assets acquired through foreclosure, divided by the sum of net interest income and noninterest income, excluding gains or losses on the sale of securities, premises and equipment and assets acquired through foreclosure.
(6) Same as (5) except noninterest expense in this ratio excludes costs related to the core data processing systems conversion and the previously announced merger with Univest Corporation.  Such costs were $779,000, $502,000 and $0 for the three months ended December 31, 2015, September 2015 and December 2014, respectively.  Such costs were $1.8 million and $0 for the twelve months ended December 31, 2015 and December 31, 2014, respectively.
(7) Total stockholders’ equity, excluding the impact of accumulated other comprehensive (loss) gain, net ($(480,000) at December 31, 2015, $384,000 at September 30, 2015 and $116,000 at December 31, 2014) divided by total shares outstanding.
(8) Total stockholders’ equity divided by total shares outstanding.  Tangible book value per share and book value per share were the same for all periods indicated.

  
AVERAGE BALANCE SHEET 
(Dollars in Thousands, Unaudited) 
  
    Three Months Ended December 31,
     2015   2014 
      Interest     Interest  
    Average and  Yield/ Average and  Yield/
    Balance Dividends Cost (2) Balance Dividends Cost (2)
Assets:  
Interest-earning assets:           
 Interest-earning demand deposits$  26,625  $  15   0.23% $  12,883  $  5   0.14%
 Investment securities   298,284     1,650   2.21%    314,172     1,750   2.23%
 Loans (1)   752,744     8,288   4.37%    703,052     8,085   4.57%
 Allowance for loan losses   (10,605)        (11,133)    
 Net loans   742,139     8,288       691,919     8,085   
  Total interest-earning assets   1,067,048     9,953   3.71%    1,018,974     9,840   3.84%
Noninterest-earning assets   53,523         43,137     
 Total assets$  1,120,571      $  1,062,111     
Liabilities and equity:           
Interest-bearing liabilities:           
 Interest-bearing deposits$  586,944  $  812   0.55% $  546,781  $  761   0.55%
 Borrowings   154,865     751   1.93%    194,498     845   1.73%
 Total interest-bearing liabilities   741,809     1,563   0.84%    741,279     1,606   0.86%
 Noninterest-bearing deposits   197,711         135,746     
 Other noninterest-bearing liabilities   4,292         7,962     
  Total liabilities   943,812         884,987     
 Stockholders' equity   176,601         177,126     
 Accumulated comprehensive income   158         (2)    
  Total stockholders' equity   176,759         177,124     
  Total liabilities and stockholders' equity$  1,120,571      $  1,062,111     
               
 Net interest income  $  8,390      $  8,234   
 Interest rate spread     2.87%      2.98%
 Net interest margin     3.10%      3.18%

                                                                       

(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.

  
  
AVERAGE BALANCE SHEET 
(Dollars in Thousands, Unaudited) 
  
 Three Months Ended
    December 31, 2015 September 30, 2015
      Interest     Interest  
    Average and  Yield/ Average and  Yield/
    Balance Dividends Cost (2) Balance Dividends Cost (2)
Assets:  
Interest-earning assets:           
 Interest-earning demand deposits$  26,625  $  15   0.23% $  10,586  $  4   0.16%
 Investment securities   298,284     1,650   2.21%    304,386     1,659   2.18%
 Loans (1)   752,744     8,288   4.37%    735,872     8,243   4.45%
 Allowance for loan losses   (10,605)        (10,731)    
 Net loans   742,139     8,288       725,141     8,243   
  Total interest-earning assets   1,067,048     9,953   3.71%    1,040,113     9,906   3.79%
Noninterest-earning assets   53,523         51,792     
 Total assets$  1,120,571      $  1,091,905     
Liabilities and equity:           
Interest-bearing liabilities:           
 Interest-bearing deposits$  586,944  $  812   0.55% $  572,028  $  745   0.52%
 Borrowings   154,865     751   1.93%    170,923     760   1.76%
 Total interest-bearing liabilities   741,809     1,563   0.84%    742,951     1,505   0.80%
 Noninterest-bearing deposits   197,711         168,357     
 Other noninterest-bearing liabilities   4,292         5,505     
  Total liabilities   943,812         916,813     
 Stockholders' equity   176,601         175,047     
 Accumulated comprehensive income   158         45     
  Total stockholders' equity   176,759         175,092     
  Total liabilities and stockholders' equity$  1,120,571      $  1,091,905     
               
 Net interest income  $  8,390      $  8,401   
 Interest rate spread     2.87%      2.99%
 Net interest margin     3.10%      3.18%

                                                                       

(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.

  
  
AVERAGE BALANCE SHEET 
(Dollars in Thousands, Unaudited) 
  
    Twelve Months Ended December 31,
     2015   2014 
      Interest     Interest  
    Average and  Yield/ Average and  Yield/
    Balance Dividends Cost (2) Balance Dividends Cost (2)
Assets:  
Interest-earning assets:           
 Interest-earning demand deposits$  14,762  $  25   0.17% $  8,316  $  7   0.08%
 Investment securities   305,826     6,987   2.28%    326,201     7,422   2.28%
 Loans (1)   745,154     33,061   4.44%    715,673     32,700   4.57%
 Allowance for loan losses   (11,008)        (11,458)    
 Net loans   734,146     33,061       704,215     32,700   
  Total interest-earning assets   1,054,734     40,073   3.80%    1,038,732     40,129   3.86%
Noninterest-earning assets   47,604         44,156     
 Total assets$  1,102,338      $  1,082,888     
Liabilities and equity:           
Interest-bearing liabilities:           
 Interest-bearing deposits$  572,832  $  3,000   0.52% $  558,194  $  3,216   0.58%
 Borrowings   168,012     2,957   1.76%    214,980     3,419   1.59%
 Total interest-bearing liabilities   740,844     5,957   0.80%    773,174     6,635   0.86%
 Noninterest-bearing deposits   179,920         125,264     
 Other noninterest-bearing liabilities   5,898         7,569     
  Total liabilities   926,662         906,007     
 Stockholders' equity   175,351         178,068     
 Accumulated comprehensive income   325         (1,187)    
  Total stockholders' equity   175,676         176,881     
  Total liabilities and stockholders' equity$  1,102,338      $  1,082,888     
               
 Net interest income  $  34,116      $  33,494   
 Interest rate spread     3.00%      3.00%
 Net interest margin     3.20%      3.19%

                                                                       

(1) Nonperforming loans are included in average balance computation.
(2) Yields are not presented on a tax-equivalent basis.


Contact: Roger S. Deacon 
Chief Financial Officer
Phone: (215) 775-1435

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