Admiralty Bancorp, Inc. Again Announces Record Earnings With an Increase in Net Income of 382% Over the Same Period in 2001.Business Editors PALM BEACH GARDENS, Fla.--(BUSINESS WIRE)--Oct. 11, 2002 Admiralty Admiralty, in British government, department in charge of the operations of the Royal Navy until 1964. Originally established under Henry VIII, it was reorganized under Charles II. Bancorp, Inc., (Nasdaq:AAAB AAAB Asian American Advisory Board (Northwestern University) AAAB Admiralty Bancorp Inc. AAAB Authentication, Authorization, and Accounting Broker ), parent company of Admiralty Bank, announced today its results for the third quarter and first nine months of 2002. The Company reported record net profits of $1.6 million and $4.5 million in the third quarter and first nine months of 2002, respectively, compared to $463 thousand and $934 thousand in the comparable periods of 2001. Earnings per share are $0.30 and $0.85 per share basic, and $0.28 and $0.80 per share diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. , for the third quarter and first nine months of 2002, respectively, compared to $0.09 and $0.20 basic, and $0.08 and $0.19 diluted, in the third quarter and first nine months of 2001, respectively. At September September: see month. 30, 2002, the Company's total assets reached $595.5 million, an increase of 19.7% over total assets at December December: see month. 31, 2001, and 22.6% over total assets at September 30, 2001. The Company's total loans were $452.4 million, an increase of 14.4% over total loans at December 31, 2001, and 25.1% over total loans at September 30, 2001. The Company's deposits totaled $542.6 million, an increase of 20.8% over total deposits at December 31, 2001, and 25.0% over total deposits at September 30, 2001. Ward Kellogg, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Admiralty Bancorp, Inc. said "Besides all the excitement surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. the announcement of our pending acquisition by RBC Centura RBC Centura is the U.S. retail banking division of Royal Bank of Canada (RBC). The bank's headquarters are located in Raleigh, North Carolina. It was acquired by RBC in 2001. Services include banking, investment, loan, mortgage, and life insurance. Banks, Inc., a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Royal Bank of Canada Bank of Canada Canada's central bank, established under the Bank of Canada Act (1934). It was founded during the Great Depression to regulate credit and currency. The Bank acts as the Canadian government's fiscal agent and has the sole right to issue paper money. , the third quarter financial performance was another record for Admiralty Bancorp, Inc. By the end of September, our total assets reached a record level of $596 million and our third quarter 2002 earnings of $0.30 per share basic and $0.28 per share diluted set new records despite recognition of over $150 thousand in acquisition related expenses during the third quarter. Our average core deposit base continued to grow during the third quarter of 2002 by over $36 million and our average total loans grew by $18 million during the third quarter of 2002. Our impressive growth rate and incomparable (mathematics) incomparable - Two elements a, b of a set are incomparable under some relation <= if neither a <= b, nor b <= a. success have been recognized by the Royal Bank of Canada and all our employees and customers are very enthusiastic about the new opportunities following our acquisition by RBC Centura, which is anticipated to close in January January: see month. 2003." Results of Operations For the Three and Nine months Ended September 30, 2002 Interest and Dividend Income. The Company's interest and dividend income increased $564 thousand, or 6.9%, to $8.7 million for the quarter ended September 30, 2002 from $8.1 million for the same period of 2001. Interest and dividend income increased $2.7 million, or 12.2%, to $25.0 million in the first nine months of 2002 from $22.3 million for the same period of 2001. This increase in interest income primarily relates to an increase in the Company's average balance of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin , partially offset by a lower yield on those interest earning assets as a result of decreasing market rates of interest. Average balances for the third quarter of 2002 increased $92.5 million for loans and $18.5 million for federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold over the same quarter in 2001. Comparing the same periods, the average balance of investment securities (including Federal Reserve Bank stock and FHLB FHLB Federal Home Loan Bank stock) declined $1.4 million in 2002. As the result of the general decline in interest rates, the average yield on the loan portfolio decreased to 7.0% in the third quarter of 2002, compared to 8.0% in the third quarter of 2001. The average yield on federal funds sold decreased to 1.7% in the third quarter of 2002 from 3.4% for the same period in 2001. The average yield on investment securities, including Federal Reserve Bank and FHLB stocks, decreased to 5.4% in the third quarter 2002 from 6.4% in the same quarter of 2001. During the three months ended September 30, 2002, the yield on the Company's interest earning assets decreased to 6.4% from 7.5% during the three months ended September 30, 2001. All decreases are due primarily to lower market interest rates. For the nine months ended September 30, 2002, the average balance of total loans increased $122.3 million, investment securities (including Federal Reserve Bank stock and FHLB stock) increased $4.5 million and federal funds sold increased $23.6 million over the same period in 2001. The average yield on the loan portfolio decreased to 7.1% in the first nine months of 2002, compared to 8.6% in the first nine months of 2001. The average yield on federal funds sold decreased to 1.7% in the nine months ended September 30, 2002 from 4.4% for the same period in 2001. The average yield on investment securities, including Federal Reserve Bank and FHLB stocks, decreased to 5.6% in the nine months ended September 30, 2002 from 6.6% in the same period of 2001. During the nine months ended September 30, 2002, the yield on the Company's interest earning assets decreased to 6.4% from 8.0% during the comparable period of 2001. The decrease in the yields on interest earning assets relates primarily to lower market interest rates. Interest Expense. The Company's interest expense for the third quarter of 2002 decreased $979 thousand, or 24.7%, to $3.0 million from $4.0 million for the same quarter last year. The decrease in interest expense reflects a lower average rate on interest bearing liabilities partially offset by a $78.2 million, or 22.0%, increase in average interest bearing liabilities in the third quarter of 2002, as compared to the same period in 2001. Total average deposits increased $112.5 million, or 28.0%, in the third quarter of 2002 as compared to the same period in 2001. The average balance of non-interest bearing demand deposits and money market deposits increased by $30.6 million, and $77.3 million, respectively, in the third quarter of 2002 as compared to the same period in 2001, with the average balance of non-interest bearing demand deposits reaching $83.0 million for the three months ended September 30, 2002 from $52.4 million for the three months ended September 30, 2001. The average balance of the Company's time deposits decreased by $8.1 million, to $208.8 million for the three months ended September 30, 2002 from $216.9 million for the three months ended September 30, 2001 as the Company allowed certificates in its internet deposit portfolio to run off at maturity. The Company's average cost of deposits for the three months ended September 30, 2002, decreased to 2.3% from 3.8% for the comparable period of 2001, primarily due to the lower rates of interest on deposit accounts. The average balance of securities sold under agreement to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. was $2.9 million, and the average balance of other borrowings was $355 thousand at average rates of 6.4% and 5.3%, respectively, during the three months ended September 30, 2002. In the quarter ended September 30, 2001 the average balance of securities sold under agreements to repurchase was $5.9 million and the average of other borrowings was $1.0 million, at average rates of 6.3% and 3.9%, respectively. The Company's average cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. for the three months ended September 30, 2002, decreased to 2.3% from 3.9% in the comparable period of 2001. For the nine months ended September 30, 2002, the Company's interest expense decreased $2.2 million, or 19.5%, to $9.1 million from $11.3 million for the same period last year. The decrease in interest expense reflects a lower average rate on interest bearing liabilities partially offset by a $117.8 million, or 38.6%, increase in average interest bearing liabilities in the first nine months of 2002 as compared to the same period in 2001. Total average deposits increased $152.5 million, or 44.2%, in the first nine months of 2002 as compared to the same period in 2001. The average balance of non-interest bearing demand deposits and money market deposits increased by $29.9 million, or 62.2%, and $64.6 million, or 69.5%, respectively, in the first nine months of 2002 as compared to the same period in 2001, with the average balance of non-interest bearing demand deposits reaching $78.0 million for the nine months ended September 30, 2002 from $48.1 million for the nine months ended September 30, 2001. In addition, the average balance of the Company's time deposits increased by $44.4 million, to $227.5 million for the nine months ended September 30, 2002 from $183.1 million for the nine months ended September 30, 2001. The Company's average cost of deposits for the nine month period ended September 30, 2002, decreased to 2.4% from 4.2% for the comparable period of 2001, primarily due to the lower rates of interest on deposit accounts. The average balance of securities sold under agreement to repurchase was $2.9 million, and the average balance of other borrowings $554 thousand at average rates of 6.5% and 2.9% respectively, during the nine months ended September 30, 2002. In the nine months ended September 30, 2001 the average balance of securities sold under agreement to repurchase was $5.9 million and the average balance of other borrowings was $2.3 million, at average rates of 6.3% and 5.5%, respectively. The Company's average cost of funds for the first nine months of 2002, decreased to 2.4% from 4.3% in the comparable period of 2001. Net Interest and Dividend Income. Net interest and dividend income for the three months ended September 30, 2002, increased $1.5 million, or 37.1%, over the third quarter last year, and net interest and dividend income for the nine months ended September 30, 2002, increased $4.9 million, or 44.9%, over the same period last year. The Company's net interest margin increased 36 basis points to 4.19% for the quarter ended September 30, 2002 as compared to the same quarter of 2001 and it increased 12 basis points to 4.06% for the nine months ended September 30, 2002 as compared to the same period last year. The increase primarily relates to rates declining more on interest paying liabilities than on interest earning assets. The Company's net interest spread increased 59 basis points to 3.65% for the three months ended September 30, 2002, from 3.06% for the comparable period of 2001. For the nine months ended September 30, 2002, the Company's net interest spread increased 45 basis points to 3.52%. The increased net interest spread reflects a greater decline in the Company's cost of interest paying liabilities than the decline in its yield on interest earning assets. Provision for Loan Losses. The provision for loan losses decreased to $372 thousand for the third quarter of 2002 from $526 thousand for the same period of 2001, and it decreased to $625 thousand in the first nine months of 2002 from $1.6 million during the first nine months of 2001. The lower provision expense reflects slower growth in the loan portfolio in 2002 as well as management's analysis of the quality of the loan portfolio and its view of the current state of the economy. The Company's provision for loan losses maintained the allowance for loan losses at a level management believes appropriate in light of the Company's lending activities, the quality of the loan portfolio, collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although maintained, historical experience, volume and type of lending conducted by the Company, the status of past due and non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. , the general economic conditions of the Company's lending area and other factors affecting collectibility of the Company's loan portfolio. The Company had no material recoveries during the quarter and charged off the unguaranteed portion of two Small Business Administration loans and one overdraft A check that is drawn on an account containing less money than the amount stated on the check. The term overdraft is also used in reference to the condition that exists when vouchers loan, resulting in a total charge of $87 thousand against the allowance during the quarter. The Company had no material recoveries during the nine months ended September 30, 2002. During the first nine months of 2002 the Company charged off against the allowance a total of $612 thousand in loans and two loans with an aggregate balance of $248 thousand were transferred to other real estate during the nine months. Total classified loans were reduced to $880 thousand at September 30, 2002 from $1.6 million at December 31, 2001. In addition to the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. transactions the Company added five loans representing three relationships to the classified asset list during the third quarter. The balance of these five loans is $608 thousand at September 30, 2002. The Company's ratio of non-performing assets to total assets declined to 0.14% at September 30, 2002 from 0.19% at December 31, 2001. While the Company's management uses available information to recognize losses on loans, future additions to the allowance may be necessary based on changes in economic conditions, the financial status of borrowers and regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Non-Interest Income. For the third quarter of 2002, total non-interest income increased $62 thousand to $327 thousand from $265 thousand in the same period of last year. The increase includes $19 thousand more in service charges and fees and $25 thousand more in commissions on insurance sales. During the nine months ended September 30, 2002, total non-interest income increased $47 thousand to $938 thousand from $891 thousand in the same period of last year. The increase includes $21 thousand more in service charges and fees and $9 thousand more in gains on sales of loans during the nine months ended September 30, 2002 compared to the prior year. The Company terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: its Admiralty Insurance Services joint venture in the third quarter of 2002. Non-Interest Expense. For the three-month period ended September 30, 2002, the Company experienced increases of $49 thousand in its non-interest expense over the comparable period of 2001. For the three-month period ended September 30, 2002, the Company's total non-interest expense was $3.2 million, compared to total non-interest expense of $3.1 million for the same period in 2001. The increase in non-interest expense in the three month period of 2002 reflects a $117 thousand increase in salaries and employee benefit expense as the Company hired additional staff to administer To give an oath, as to administer the oath of office to the president at the inauguration. To direct the transactions of business or government. Immigration laws are administered largely by the Immigration and Naturalization Service. growth in its loan and deposit portfolios and to staff its new full service branches in Altamonte Springs Al·ta·monte Springs A city of east-central Florida, a residential suburb of Orlando. Population: 40,900. (which opened in September 2001) and Fort Lauderdale Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. (which opened in August 2001). Full time equivalent employees increased to 120 at September 30, 2002, from 117 at September 30, 2001. The increase in salaries and benefits is more than offset by a decrease of $194 thousand in expense for the senior management incentive program as the Company has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. the program for 2002. Occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expense increased by $16 thousand, or 3.5%, in the three months ended September 30, 2002 as compared to the same period in 2001. The increase in occupancy expenses relates primarily to $24 thousand for expenses at the Fort Lauderdale branch which opened in August 2001. Furniture and equipment expenses increased to $27 thousand in the third quarter of 2002 from $187 thousand in the third quarter of 2001. Increases to furniture and equipment expenses at the Fort Lauderdale and Altamonte Springs offices were $9 thousand and $4 thousand, respectively, in 2002 while the Company did not have these locations for the full quarter in 2001. Due to the Company's adoption of SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 142 "Goodwill and Other Intangible Assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. ", the Company had no goodwill amortization in 2002 and $38 thousand for the third quarter of 2001. The Company experienced a net increase of $122 thousand in other non-interest expenses in the third quarter of 2002 compared to the same period in 2001. This increase includes increases of $17 thousand in data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a , $34 thousand in amortization of SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government loan related assets, $22 thousand for courier A monospaced typeface originating from the typewriter that is commonly used for letters. It is still considered by many to be the "appropriate" typeface for business correspondence. services and $16 thousand in other real estate expenses. The increase is partially offset by decreases of $13 thousand in business development, and supplies and $16 thousand in donations. Other expenses were also reduced by $52 thousand in director and committee fees and expenses, as the Company suspended these payments for 2002. Other expenses for the third quarter of 2002 also include $100 thousand paid to Sandler Sandler is the surname of:
advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal related to the merger agreement between the Company, RBC Centura and Royal Bank of Canada. The Company also accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. $50 thousand in the third quarter of 2002 toward legal expenses in connection with the merger transaction. During the nine month period ended September 30, 2002, the Company experienced increases of $455 thousand in its non-interest expense over the comparable period of 2001. For the nine month period ended September 30, 2002, the Company's total non-interest expense was $9.1 million, compared to total non-interest expense of $8.6 million for the same period in 2001. The increase in non-interest expense in the nine month period of 2002 reflects a $55 thousand increase in salaries and employee benefit expense as the Company hired additional staff to administer growth in its loan and deposit portfolios and to staff its new full service branches in south Orlando Orlando, city, United States Orlando (ôrlăn`dō), city (1990 pop. 164,693), seat of Orange co., central Fla., in a lake region; inc. 1875. In a citrus fruit and farm area, it is one of the world's most visited vacation spots. (which opened in March 2001), Cocoa Cocoa, city, United States Cocoa, city (1990 pop. 17,722), Brevard co., E Fla., on the Indian River (a lagoon), a segment of the Intracoastal Waterway; inc. 1895. It is a tourist and arts center in a region where citrus fruits are grown. An 8-mi (12. Beach (which opened in April 2001), Altamonte Springs (which opened in September 2001) and Fort Lauderdale (which opened in August 2001). The increase in salaries and benefits is partially offset by a decrease of $395 thousand in expense for the senior management incentive program as the Company has suspended the program for 2002. Occupancy expense increased $242 thousand in the nine months ended September 30, 2002 as compared to the same period in 2001. The increase in occupancy expenses relates primarily to $65 thousand for the Altamonte Springs office, $41 thousand for the South Orlando office, $9 thousand for the Orlando office, $18 thousand for the Cocoa Beach office, $72 thousand for the Fort Lauderdale office and $14 thousand for the administrative offices. Furniture and equipment expenses increased to $630 thousand in the first nine months of 2002 from $503 thousand in the comparable period of 2001. This increase in furniture and equipment expenses relates primarily to the Altamonte Springs, South Orlando, Downtown Orlando Downtown Orlando, Florida is far removed from the famous attractions that draw tourists to the region. There are several areas of downtown Orlando:
The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. also includes a $162 thousand decrease in director and committee fees and expenses as the Company suspended these payments for 2002. Other expenses for 2002 also include $100 thousand paid to Sandler O'Neill & Partners, L.P. for their advisory services related to the merger agreement between the Company, RBC Centura and Royal Bank of Canada. The Company also accrued $50 thousand in 2002 toward legal expenses in connection with the merger transaction. Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Sacket, Treasurer TREASURER. An officer entrusted with the treasures or money either of a private individual, a corporation, a company, or a state. 2. It is his duty to use ordinary diligence in the performance of his office, and to account with those whose money he has. of Admiralty Bancorp, Inc., said "Although we spent a lot of energy on merger preparations, the Company continued improving its operating efficiency and overall profitability in the third quarter of 2002. Our efficiency ratio was 52.7% in the third quarter of 2002 as compared to 54.5% in the second quarter of 2002 and 70.6% in the third quarter of 2001. We were able to achieve this improvement even after recognizing a significant amount of acquisition related expense during the period. "We are very proud to have built a strong community bank over the past four years. Thank you, to our dedicated customers and steadfast stockholders for making this success story possible. We look forward to being able to continue to serve our customers and offer a much wider array of products and financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. when we merge See mail merge and concatenate. into RBC Centura early next year." Admiralty Bancorp, Inc. is the parent company for Admiralty Bank. Admiralty Bank is a Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and chartered commercial bank operating through its main office in Palm Beach Gardens, Florida Palm Beach Gardens is a city in Palm Beach County in the U.S. state of Florida. The city is in the center of a rapidly-developing area north of West Palm Beach in the northern part of the county and the South Florida metropolitan area. and nine branch offices located in Altamonte Springs, Boca Raton Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Cocoa Beach, Fort Lauderdale, Juno Beach This article is about the beach codenamed in WWII. For other uses, see Juno Beach (disambiguation) Juno Beach was one of the landing sites for Allied invaders on the coast of Normandy during D-Day. It was situated between Sword Beach and Gold Beach. , Jupiter Jupiter, in Roman religion and mythology Jupiter, in Roman religion and mythology, the supreme god, also called Jove. Originally a sky deity associated with rain and agriculture, he developed into the great father god, prime protector of the state, , Melbourne Melbourne, city, Australia Melbourne, city (1991 pop. 2,761,995), capital of Victoria, SE Australia, on Port Phillip Bay at the mouth of the Yarra River. Melbourne, Australia's second largest city, is a rail and air hub and financial and commercial center. and Orlando, Florida The city of Orlando is a major city in central Florida and is the county seat of Orange County, Florida. According to the 2000 census, the city population was 185,951. A 2006 U.S. . The Bank is a full service financial institution, catering to the needs of businesses, professionals, and private banking clients. This report contains certain "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " as defined under Section 21E of the Securities Exchange Act of 1934. The Company desires to take advantage of the "safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " provisions of Section 21E and is including this statement for the express purpose of availing itself of the protection of the safe harbor with respect to all such forward-looking statements. These forward-looking statements describe future plans or strategies and may include the Company's expectations of future financial results. The words "believe", "expect", "anticipate", "estimate", "project", and similar expressions identify forward-looking statements. The Company's ability to predict results or the effect of future plans or strategies or qualitative qualitative /qual·i·ta·tive/ (kwahl´i-ta?tiv) pertaining to quality. Cf. quantitative. qualitative pertaining to observations of a categorical nature, e.g. breed, sex. or quantitative quantitative /quan·ti·ta·tive/ (kwahn´ti-ta?tiv) 1. denoting or expressing a quantity. 2. relating to the proportionate quantities or to the amount of the constituents of a compound. changes based on market risk exposure is inherently uncertain. Factors which could affect actual results include but are not limited to i) changes in general market interest rates, ii) general economic conditions, both in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. generally and specifically in the Company's market area, iii) legislative/regulatory changes, iv) monetary and fiscal policies of the U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. and the Federal Reserve, v) changes in the quality or composition of the Company's loan and investment portfolios, vi) demand for loan products, vii) deposit flows, viii) competition, and ix) demand for financial services in the Company's markets. These factors should be considered in evaluating the forward-looking statements, and undue reliance should not be placed on such statements.
Admiralty Bancorp, Inc.
Selected Financial Data
(unaudited)
(dollars in thousands, As of As of
except per share data) or for the or for the
Quarter Quarter
Ended Ended Percent-
Sept. 30, Sept. 30, age
2001 2002 Change Change
---------- -------- ------ ------
INCOME STATEMENT DATA:
Interest and dividend income $8,123 $8,687 $564 7%
Interest expense 3,960 2,981 (979) -25%
-------- ------- ------
Net interest and dividend income 4,163 5,706 1,543 37%
Provision for loan losses 526 372 (154) -29%
-------- ------- ------
Net interest and dividend income after
provision for loan losses 3,637 5,334 1,697 47%
Non-interest income 265 327 62 23%
Non-interest expense 3,128 3,177 49 2%
-------- ------- ------
Income before income taxes 774 2,484 1,710 221%
Income tax expense 311 896 585 188%
-------- ------- -------
Net income $463 $1,588 $1,125 243%
======== ======= =======
PER COMMON SHARE DATA:
Net income - basic $0.09 $0.30 $0.21 233%
diluted $0.08 $0.28 $0.20 250%
Book value (1) $8.14 $9.09 $0.95 12%
BALANCE SHEET DATA:
Total assets $485,909 $595,542 $109,633 23%
Total loans 361,695 452,402 90,707 25%
Allowance for loan losses 3,954 4,868 914 23%
Investment securities (2) 58,374 53,070 (5,304) -9%
Goodwill, net 3,271 3,234 (37) -1%
Deposits 434,218 542,635 108,417 25%
Stockholders' equity 42,992 48,096 5,104 12%
SELECTED OPERATING RATIOS:
Return on average assets 0.41% 1.11%
Return on average common equity 4.30% 13.23%
Net interest margin 3.83% 4.19%
SELECTED CAPITAL AND ASSET
QUALITY RATIOS:
Average equity/average assets 9.44% 8.41%
Non-accrual loans/total loans 0.13% 0.16%
Non-performing assets/total loans
and other real estate owned 0.13% 0.19%
Non-performing assets/total assets 0.10% 0.14%
Allowance for loan losses/total loans 1.09% 1.08%
Allowance for loan losses/non-
performing assets 810.25% 571.46%
Net charge-offs/average total loans 0.02% 0.02%
(1) Book value per share for 2001 is restated to give effect to
the October 2001 stock dividend.
(2) Investment securities include Federal Reserve Bank stock and
Federal Home Loan Bank stock.
Admiralty Bancorp, Inc.
Selected Financial Data
(unaudited)
(dollars in thousands, As of As of
except per share data) or for the or for the
Nine Months Nine Months
Ended Ended Percent-
Sept. 30, Sept. 30, age
2001 2002 Change Change
---------- -------- ------ ------
INCOME STATEMENT DATA:
Interest and dividend income $22,253 $24,963 $2,710 12%
Interest expense 11,310 9,110 (2,200) -19%
-------- ------- -------
Net interest and dividend income 10,943 15,853 4,910 45%
Provision for loan losses 1,629 625 (1,004) -62%
-------- ------- -------
Net interest and dividend income after
provision for loan losses 9,314 15,228 5,914 63%
Non-interest income 891 938 47 5%
Non-interest expense 8,611 9,066 455 5%
-------- ------- -------
Income before income taxes 1,594 7,100 5,506 345%
Income tax expense 660 2,600 1,940 294%
-------- ------- -------
Net income $934 $4,500 $3,566 382%
======== ======= =======
PER COMMON SHARE DATA:
Net income - basic (1) $0.20 $0.85 $0.65 325%
diluted $0.19 $0.80 $0.61 321%
Book value (1) $8.14 $9.09 $0.95 12%
BALANCE SHEET DATA:
Total assets $485,909 $595,542 $109,633 23%
Total loans 361,695 452,402 90,707 25%
Allowance for loan losses 3,954 4,868 914 23%
Investment securities (2) 58,374 53,070 (5,304) -9%
Goodwill, net 3,271 3,234 (37) -1%
Deposits 434,218 542,635 108,417 25%
Stockholders' equity 42,992 48,096 5,104 12%
SELECTED OPERATING RATIOS:
Return on average assets 0.32% 1.10%
Return on average common equity 3.38% 13.10%
Net interest margin 3.94% 4.06%
SELECTED CAPITAL AND ASSET
QUALITY RATIOS:
Average equity/average assets 9.41% 8.36%
Non-accrual loans/total loans 0.13% 0.16%
Non-performing assets/total loans and
other real estate owned 0.13% 0.19%
Non-performing assets/total assets 0.10% 0.14%
Allowance for loan losses/total loans 1.09% 1.08%
Allowance for loan losses/non-
performing assets 810.25% 571.46%
Net charge-offs/average total loans 0.02% 0.14%
(1) Basic earnings per share and book value per share for the nine
months ended September 30, 2001 are restated to give effect to the
stock dividend declared in October 2001.
(2) Investment securities include Federal Reserve Bank stock and
Federal Home Loan Bank stock.
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