New Iberia-based Teche Holding Co., the holding company for Teche Federal Bank, reported earnings dropped to $2.4 million, or $1.15 per share, for the three months ending Dec. 31, the first quarter of the company’s fiscal year.
It was the first time in five years that Teche’s per share earnings did not increase. A year earlier Teche reported earnings of $3.1 million, or $1.49 per share.
However, those results included an after-tax gain of $1.3 million from the sale of $46.3 million in mortgage loans. There was no similar transaction in the first quarter of fiscal 2014.
“We had solid earnings this quarter on top of record EPS (earnings per share) for the past five fiscal years,” said Patrick Little, president and chief executive officer of Teche. “We had solid growth in the commercial, consumer, and mortgage loan categories.”