0001104659-26-033945
SEC filingFifth District Savings Bank (FDSB) reported strong FY 2025 performance with net income of $4.1M, a significant turnaround from a $1.1M loss in 2024, driven by robust net interest income growth to $12.8M (up 27.8% YoY) and non-interest income surging to $4.4M from $11K, boosted by a $3.5M gain on insurance proceeds. Total interest income rose 14.4% to $22.1M, fueled by higher loan yields (4.47%) and investment securities income ($4.1M). Expenses increased modestly to $13.1M (up 2.9%), while provision for credit losses was minimal at $10K. Balance sheet expanded with total assets at $534.4M (up 1.3%), loans net at $376.4M (up 2.5%), and deposits at $393.2M (up 0.4%). Equity grew to $129.8M. Net interest margin improved to 2.55% from 2.13%, reflecting effective asset/liability management. Asset quality remained strong with non-performing assets at 0.11% of total assets. Operating cash flow was $1.3M, supporting liquidity amid investing outflows. This positions FDSB for sustained profitability amid stable market conditions in New Orleans MSA.
Fifth District Savings Bank delivered a robust FY 2025 with net income of $4.1M, reversing a $1.1M loss in 2024 (up 479.2% YoY). Key drivers included net interest income of $12.8M (up 27.8% from $10.1M), supported by total interest income growth to $22.1M (up 14.4%) from higher loan ($16.8M) and investment securities ($4.1M) yields. Non-interest income jumped to $4.4M from $11K, propelled by $3.5M insurance proceeds gain. Expenses rose slightly to $13.1M (up 2.9%), with provision near zero at $10K. EPS was $1 basic/diluted. Balance sheet strengthened: assets $534.4M (up 1.3%), loans $376.4M net (up 2.5%), equity $129.8M (up 3.2%). NIM expanded to 2.55% from 2.13%.
Primary revenue from net interest income $12.8M, driven by loans ($16.8M interest, 86.3% one-to-four family mortgages at $325.8M) and investments ($4.1M). Loan portfolio: residential mortgages 86.3%, commercial/industrial 3.8%, consumer 1.1%. Non-interest income $4.4M included $605K Topic 606 fees, $304K BOLI, $3.5M insurance gain. No geographic breakdown beyond New Orleans MSA focus. Growth from higher yields (loans 4.47% vs 4.16%) and securities reinvestment.
NIM improved to 2.55% (up 42 bps), spread to 2.04% (up 36 bps) on yield rise to 4.37% and deposit cost drop to 2.33%. Efficiency ratio 75.72% (improved from 126.28%). ROA 0.76% vs -0.21%, ROE 3.17% vs -0.98%. Costs led by salaries $7.7M (59%), data processing $1.3M. Strong asset quality: ACL 0.45% loans, non-performers 0.11% assets.
Operating cash $1.3M, investing outflow $5.0M (loans +$9.1M, securities net -$2.4M), financing -$0.4M (deposits +$1.7M, stock repurchase -$2.9M). Cash decreased $4.1M to $33.9M. Assets $534.4M, funded by deposits $393.2M (core 39%), equity $129.8M. No FHLB advances; access $188.7M. Liquidity solid.
Strategy emphasizes residential mortgages (86% portfolio), core deposit growth, conservative underwriting. QTL 101.3%. Well-capitalized (Tier 1 41.17%). Risks: interest rates, real estate values, competition in New Orleans. No quantitative guidance; focus organic growth, potential branching.