Allegiant Bancorp, Inc. Net Income Increased 83% in Third Quarter 2002.Business Editors ST. LOUIS--(BUSINESS WIRE)--Oct. 16, 2002 Allegiant al·le·giance n. 1. Loyalty or the obligation of loyalty, as to a nation, sovereign, or cause. See Synonyms at fidelity. 2. The obligations of a vassal to a lord. Bancorp, Inc. (Nasdaq: ALLE ALLE Alberta Language Learning Environment (University of Calgary, Canada) ) (www.allegiantbank.com), the largest bank holding company exclusively serving the St. Louis Louis, titular duke of Burgundy Louis, 1682–1712, titular duke of Burgundy; grandson of King Louis XIV of France. He became heir to the throne on the death (1711) of his father, Louis the Great Dauphin. , Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. metropolitan area, today reported that its net income for the third
quarter of 2002 totaled $5.3 million, an increase of 83% from $2.9
million reported for the third quarter of 2001. Diluted earnings per
share diluted earnings per shareAn earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the third quarter of 2002 increased 3% to $0.33 from $0.32 in 2001. For the first nine months of 2002, net income increased 90% to $15.7 million compared to $8.3 million for the first nine months in 2001. Diluted earnings per share for the first nine months of 2002 increased 7% to $0.98 from $0.92 for the first nine months of 2001. Net interest income increased 88% for the quarter ended September September: see month. 30, 2002 compared to the third quarter of 2001. This growth was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to a $913 million, or 80%, increase in average 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 primarily from our September 2001 acquisition of Southside Southside or South Side may refer to the following: Places United Kingdom and Ireland
Other income for the three months ended September 30, 2002 totaled $5.2 million, representing an increase of 23% from $4.2 million in the third quarter of 2001. Excluding securities gains, other income increased 107% in the third quarter of 2002 compared to the third quarter of 2001. Other income reflected contributions from the banks acquired in the Southside merger and included increases in service charge income, mortgage banking revenue, income on bank-owned life insurance and fees earned by our new wealth management division. Salaries and benefits expense increased $2.4 million in the third quarter of 2002 compared to the third quarter of 2001, while 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 and equipment expense increased $854,000 and other operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased $1.7 million. The increased expenses in 2002 reflected the expenses related to operating the branches acquired in our business combination with Southside in September 2001, as well as the St. Louis branches acquired from Guardian Savings in December December: see month. 2001. Our efficiency ratio for the third quarter of 2002 was 54.0% compared to 53.5% for the third quarter of 2001. The Bank of St. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by County was merged into Allegiant Bank in May 2002, and the integration of the operating systems Operating systems can be categorized by technology, ownership, licensing, working state, usage, and by many other characteristics. In practice, many of these groupings may overlap. also helped to improve our operating efficiency. We plan to merge See mail merge and concatenate. the State Bank of Jefferson County Jefferson County is the name of 25 counties and one parish in the United States. The following are named for Thomas Jefferson, third President of the United States:
adj. 1. Almost exact or correct: the approximate time of the accident. 2. 974,150 shares of Allegiant Stock prior to year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 2002. At that time, all Allegiant bank subsidiaries will be consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: into Allegiant Bank. During the third quarter, Allegiant adopted 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 147 Acquisitions of Certain Financial Institutions. As permitted by the new accounting standard issued on Oct. 1, 2002, by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). , we will reclassify Verb 1. reclassify - classify anew, change the previous classification; "The zoologists had to reclassify the mollusks after they found new species" class, classify, sort out, assort, sort, separate - arrange or order by classes or categories; "How would you 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. associated with branch acquisitions to goodwill. We will also restate re·state tr.v. re·stat·ed, re·stat·ing, re·states To state again or in a new form. See Synonyms at repeat. re·state previously reported 2002 six months earnings to reflect the non-amortization of goodwill related to our branch acquisitions. For the first six months ended June June: see month. 30, 2002, restated diluted earnings per share will be 65 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to the 61 cents per share previously reported. Restated net income will be $10.3 million, compared to a previously reported $9.7 million. The adoption of FAS 147 is projected to increase full-year earnings by approximately $700,000 or 4 cents per share. On October 1, 2002, we completed the acquisition of St. Louis-based Investment Counselors Inc. In addition to increasing Allegiant's assets under management Assets Under Management (AUM) is a term used by financial services companies in the mutual fund and money management or investment management business to gauge how much money they are managing. to approximately $800 million, the Investment Counselors acquisition brought several individuals to Allegiant with significant asset management expertise in St. Louis. This acquisition will allow us to offer a more comprehensive and competitive selection of wealth management products and services. Our total assets of $2.3 billion at September 30, 2002 represented a 9% increase from September 30, 2001. Total loans increased to $1.6 billion, or 14%, and total deposits increased to $1.7 billion, or 9%, from September 30, 2001. The St. Louis market has been greatly affected by the consolidation among financial institutions. In addition to the acquisitions of Southside and the Guardian Savings branches, Allegiant believes that it has succeeded in increasing its market share while maintaining a focus on personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. service. Total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. increased 10% to $160 million at September 30, 2002 compared to $146 million at September 30, 2001. The market capitalization Market Capitalization A measure of a public company's size. Market capitalization is the total dollar value of all outstanding shares. It's calculated by multiplying the number of shares times the current market price. This term is often referred to as market cap. of Allegiant has increased 45% to $258 million at September 30, 2002, compared to $178 million one year earlier. As of September 30, 2002, our ratio of non-performing assets to total assets decreased to 0.67% compared to 0.70% at June 30, 2002 and 0.93% at December 31, 2001. At September 30, 2001 the ratio was 0.84%. At September 30, 2002, our non-performing assets totaled $15.4 million compared to $15.5 million and $20.1 million at June 30, 2002 and December 31, 2001, respectively. We continue to work aggressively to collect all non-performing assets. Net charge-offs for the first nine months of 2002 were 0.39% of average loans outstanding compared to 0.33% for the first nine months of 2001. Net charge-offs were 0.48% of average loans outstanding for the year ended December 31, 2001. The allowance for loan losses totaled $18.5 million at September 30, 2002 compared to $18.9 million at December 31, 2001. The percentage of the allowance for loan losses to total loans was 1.13% at September 30, 2002 compared to 1.33% at December 31, 2001 and 1.38% at September 30, 2001. The provision for loan losses for the three-month and nine-month periods ended September 30, 2002 were $2.0 million and $5.5 million, respectively, compared to $2.0 million and $3.7 million, respectively, for the three-month and nine-month periods ended September 30, 2001. The Board of Directors and management of Allegiant understand its responsibility 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. and maintain an adequate system of internal controls. These controls are designed to assist in maintaining a strong policy of corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. within the organization including accurate and timely financial reporting. Allegiant's records and systems are subject to external and internal audits with findings reported to the audit committee and the board. In addition, as a bank holding company, Allegiant and its subsidiary banks are subject to regular examinations by the Federal Reserve Board, the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. and the Division of Finance of the State of Missouri. Allegiant Bancorp, Inc. is the parent company of Allegiant Bank, Bank of Ste. Genevieve and State Bank of Jefferson County. Allegiant has 39 full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. banking locations and is the largest banking institution exclusively serving the St. Louis, Missouri metropolitan area. Allegiant focuses on providing banking services to small and middle-market The term middle-market may refer to either a type of newspaper or a type of company. A middle-market newspaper is one that attempts to cater to readers who want some entertainment value from their newspaper as well as adequate serious coverage of significant news businesses and individuals by offering a full range of banking services, including mortgage banking, private banking, on-line banking, brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services, insurance products, trust services and cash management products, in addition to traditional retail and commercial loan and deposit products. Certain statements in this report relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc present or future trends or factors affecting the banking industry, and specifically, the operations, markets and products of Allegiant Bancorp, Inc., may be deemed to be 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Allegiant's actual strategies and results in future periods may differ materially from those currently expected due to various risks and uncertainties. Additional discussion of factors affecting Allegiant's business and prospects is contained in Allegiant's periodic filings with the Securities and Exchange Commission. Allegiant undertakes no obligation to report revisions to these forward-looking statements or reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
Allegiant Bancorp, Inc.
Unaudited Financial Highlights
3Q-02 3Q-01 % change
---------- ----------- ---------
Operating Results ($ in 000's except per share data)
Interest income $ 31,457 $ 21,695 45.00%
Interest expense 14,321 12,599 13.67%
----------- -----------
Net interest income 17,136 9,096 88.39%
Provision for loan losses 2,010 2,000 0.50%
Service charges 1,744 986 76.88%
Mortgage banking revenue 1,631 736 121.60%
Bank-owned life insurance 458 299 53.18%
Net gain on sale of securities 235 1,810 -87.02%
Other income 1,115 373 198.93%
Salaries and benefits 6,320 3,940 60.41%
Occupancy 1,065 501 112.57%
Equipment 811 521 55.66%
Amortization 271 237 14.35%
Other expenses 3,576 1,910 87.23%
----------- -----------
Income before income taxes 8,266 4,191 97.23%
Provision for income taxes 2,933 1,294 126.66%
----------- -----------
Net income $ 5,333 $ 2,897 84.09%
=========== ===========
Profitability measures
Basic earnings per share $ 0.33 $ 0.32 3.13%
Diluted earnings per share $ 0.33 $ 0.32 3.13%
Return on average assets 0.94% 0.94% -0.22%
Return on average equity 13.50% 13.22% 2.12%
Net interest margin 3.39% 3.14% 7.96%
Efficiency ratio 53.96% 53.45% 0.95%
Balance Sheet Averages
Loans $1,616,353 $ 945,153 71.01%
Investment securities 441,214 197,185 123.76%
Other earning assets 3,022 5,427 -44.32%
Cash and due from banks 52,592 24,495 114.71%
Allowance for loan losses (18,010) (12,216) 47.43%
Intangible assets 55,803 10,215 446.28%
Other assets 119,326 60,261 98.02%
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Total assets $2,270,300 $1,230,520 84.50%
=========== ===========
Demand deposits $ 191,569 $ 86,214 122.20%
Interest bearing deposits 1,445,061 820,392 76.14%
Borrowings 402,802 211,039 90.87%
Other liabilities 15,610 6,664 134.24%
Subordinated debentures 57,250 18,554 208.56%
Shareholders' equity 158,008 87,657 80.26%
----------- -----------
Total liabilities and equity $2,270,300 $1,230,520 84.50%
=========== ===========
Diluted shares outstanding 16,254,171 9,141,781 77.80%
Changes in Allowance for Loan Losses
Allowance - Beginning of period $ 18,314 $ 12,368 48.08%
Charge-offs (1,944) (2,234) -12.98%
Recoveries 80 64 25.00%
Acquired subsidiaries balances - 7,494 -100.00%
Provision 2,010 2,000 0.50%
----------- -----------
Allowance - End of period $ 18,460 $ 19,692 -6.26%
=========== ===========
YTD 02 YTD 01 % change
----------- ----------- ---------
Operating Results ($ in 000's except per share data)
Interest income $ 92,566 $ 65,696 40.90%
Interest expense 44,024 38,854 13.31%
----------- -----------
Net interest income 48,542 26,842 80.84%
Provision for loan losses 5,510 3,700 48.92%
Service charges 5,131 2,932 75.00%
Mortgage banking revenue 3,429 2,276 50.66%
Bank-owned life insurance 1,486 808 83.91%
Net gain on sale of securities 1,927 2,724 -29.26%
Other income 3,234 1,589 103.52%
Salaries and benefits 18,091 11,439 58.15%
Occupancy 2,903 1,591 82.46%
Equipment 2,397 1,471 62.95%
Amortization 812 712 14.04%
Other expenses 10,418 5,379 93.68%
----------- -----------
Income before income taxes 23,618 12,879 83.38%
Provision for income taxes 7,939 4,617 71.95%
----------- -----------
Net income $ 15,679 $ 8,262 89.77%
=========== ===========
Profitability measures
Basic earnings per share $ 1.00 $ 0.93 7.53%
Diluted earnings per share $ 0.98 $ 0.92 6.52%
Return on average assets 0.95% 0.94% 0.77%
Return on average equity 13.95% 13.19% 5.78%
Net interest margin 3.24% 3.30% -1.82%
Efficiency ratio 54.31% 55.40% -1.97%
Balance Sheet Averages
Loans $1,531,416 $ 900,451 70.07%
Investment securities 460,764 163,051 182.59%
Other earning assets 11,395 22,994 -50.44%
Cash and due from banks 38,448 25,463 51.00%
Allowance for loan losses (18,009) (11,955) 50.64%
Intangible assets 56,204 10,456 437.53%
Other assets 118,606 57,130 107.61%
----------- -----------
Total assets $2,198,824 $1,167,590 88.32%
=========== ===========
Demand deposits $ 172,201 $ 83,831 105.41%
Interest bearing deposits 1,455,454 797,129 82.59%
Borrowings 348,552 178,051 95.76%
Other liabilities 15,521 7,368 110.65%
Subordinated debentures 57,250 17,690 223.63%
Shareholders' equity 149,846 83,521 79.41%
----------- -----------
Total liabilities and equity $2,198,824 $1,167,590 88.32%
=========== ===========
Diluted shares outstanding 16,006,182 9,002,177 77.80%
Changes in Allowance for Loan Losses
Allowance - Beginning of period $ 18,905 $ 11,433 65.35%
Charge-offs (7,050) (3,233) 118.06%
Recoveries 1,095 298 267.45%
Acquired subsidiaries balances - 7,494 -100.00%
Provision 5,510 3,700 48.92%
----------- -----------
Allowance - End of period $ 18,460 $ 19,692 -6.26%
=========== ===========
Allegiant Bancorp, Inc.
Unaudited Financial Highlights
2002 2001 % change
----------- ----------- ---------
($ in 000's except per share data)
Period End Balances
Commercial loans $ 312,021 $ 266,254 17.19%
Construction loans 245,200 163,902 49.60%
1 - 4 Family mortgage loans 329,273 351,889 -6.43%
Commercial real estate loans 681,284 571,004 19.31%
Consumer loans 66,098 77,398 -14.60%
----------- -----------
Total loans $1,633,876 $1,430,447 14.22%
Investment securities 429,026 414,200 3.58%
Other earning assets 33,463 61,735 -45.80%
Cash and due from banks 53,883 59,783 -9.87%
Allowance for loan losses (18,460) (19,692) -6.26%
Intangible assets 56,170 66,081 -15.00%
Other assets 120,749 115,002 5.00%
----------- -----------
Total assets $2,308,707 $2,127,556 8.51%
=========== ===========
Demand deposits $ 207,588 $ 177,999 16.62%
NOW accounts 124,946 101,959 22.55%
Money market accounts 273,244 297,184 -8.06%
Savings deposits 222,169 137,635 61.42%
Certificates of deposit 565,985 580,116 -2.44%
Certificates of deposit
over $100K 222,388 178,303 24.72%
IRA certificates 84,239 88,801 -5.14%
----------- -----------
Total deposits $1,700,559 $1,561,997 8.87%
Borrowings 72,230 59,705 20.98%
Federal Home Loan advances 305,814 280,534 9.01%
Other liabilities 12,408 21,917 -43.39%
Subordinated debentures 57,250 57,250 0.00%
Shareholders' equity 160,446 146,153 9.78%
----------- -----------
Total liabilities and equity $2,308,707 $2,127,556 8.51%
=========== ===========
Shares outstanding 15,889,500 14,881,581 6.77%
Market capitalization $ 258,204 $ 177,835 45.19%
Tangible book value per share $ 6.56 $ 5.38 21.97%
Book value per share $ 10.10 $ 9.82 2.82%
Closing market price per share $ 16.25 $ 11.95 35.98%
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