Allegiant Bancorp, Inc. Reports 2001 Net Income Increased 87%.Business Editors ST. LOUIS--(BUSINESS WIRE)--Jan. 23, 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) ), the largest bank holding company exclusively serving 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. , today reported 2001 net income of $13.1 million, an increase of 87% from $7.0 million for the year ended December December: see month. 31, 2000. Diluted earnings per share diluted earnings per share An 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 year increased 15% to $1.24 in 2001 from $1.08 in 2000. Net income for the three months ended December 31, 2001 increased by 133% to $4.9 million compared to $2.1 million for the three months ended December 31, 2000. Diluted earnings per share for the quarter increased 14% to $0.32 in 2001 compared to $0.28 in 2000. Net interest income increased 30% for the year ended December 31, 2001 compared to 2000. This growth was attributable to a $503 million 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 and was mitigated mit·i·gate v. mit·i·gat·ed, mit·i·gat·ing, mit·i·gates v.tr. To moderate (a quality or condition) in force or intensity; alleviate. See Synonyms at relieve. v.intr. To become milder. by a decline in net interest margin from 3.99% during 2000 to 3.17% in 2001. The decline in net interest margin for 2001 reflected the November November: see month. 2000 acquisition of Equality Savings which had a significantly lower net interest margin than Allegiant. Management anticipates that the net interest margin may continue to come under pressure as, overall, our assets reprice more quickly than our liabilities under the current market trends which reflect the decrease in general interest rates undertaken by the Federal Reserve in 2001. Other income for the twelve months ended December 31, 2001 totaled $14.8 million representing an increase of 128% from $6.5 million in 2000. Other income included increases in service charge income, mortgage banking revenue, fees earned by our new wealth management division and gains on sales of investment securities. Salaries and benefit expense increased $5.1 million in 2001 compared to 2000, while occupancy and equipment expense increased $1.1 million 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 $1.3 million. The increased expenses in 2001 reflected the expenses related to operating the branches acquired in business combinations with Equality in November 2000 and Southside Southside or South Side may refer to the following: Places United Kingdom and Ireland
We have utilized the purchase method of accounting to reflect our business combinations. The purchase method results in the recording of goodwill that was amortized as a noncash charge Noncash charge A cost, such as depreciation, depletion, and amortization, that does not involve any cash outflow. That is, this is treated as an accounting expense -- not a real expense that demands cash. to increase operating expenses. Goodwill amortization included as an operating expense Operating Expense 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. totaled $1.2 million and $949,000 for the years ended December 31, 2001 and 2000, respectively. Cash net income, which adjusts earnings to exclude goodwill amortization, was $14.3 million for 2001 and $8.0 million in 2000. 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. cash earnings per share increased to $1.35 for the year ended December 31, 2001 from $1.23 in 2000. As a result of newly effective accounting pronouncements, we will discontinue dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: amortizing goodwill in 2002 and periodically determine whether the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of our goodwill is impaired. Core deposit intangibles will continue to be amortized resulting in an annual noncash charge of approximately $1.7 million in 2002. Total assets of $2.2 billion at December 31, 2001 represented a 91% increase from December 31, 2000. Total loans increased to $1.4 billion, or 74%, and total deposits increased to $1.7 billion, or 97%, from December 31, 2000. The St. Louis market has been greatly affected by the consolidation among financial institutions. In addition to the acquisition of Southside and Equality, 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 77% to $138 million at December 31, 2001 compared to $78 million at December 31, 2000, primarily due to common stock issued in the Southside and Equality acquisitions. As of December 31, 2001, our ratio of non-performing assets to total assets increased to 0.92% compared to 0.84% at September 30, 2001. At December 31, 2000 the ratio was 0.29%. The balance of non-performing assets was primarily attributable to seven loan relationships totaling $15.2 million, or 76% of the total at December 31, 2001. Three of these relationships were acquired from Southside. The other four relationships were identified as problem loans in prior years and become 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. during 2001. The bank is specifically working with these seven borrowers to liquidate To pay and settle the amount of a debt; to convert assets to cash; to aggregate the assets of an insolvent enterprise and calculate its liabilities in order to settle with the debtors and the creditors and apportion the remaining assets, if any, among the stockholders or owners of the the loans and is aggressively working to collect all non-performing assets. Net charge-offs for 2001 were 0.48% of average loans outstanding compared to 0.19% for the year ended December 31, 2000. The allowance for loan losses increased to $18.9 million at December 31, 2001 from $11.4 million at December 31, 2000 primarily as a result of the Southside acquisition. The percentage of the allowance for loan losses to total loans was 1.33% at December 31, 2001 compared to 1.40% at December 31, 2000. As previously announced, on December 12, 2001, we acquired five branch offices in St. Louis County, Missouri St. Louis County county located in the U.S. state of Missouri. According to the 2000 census, the population was 1,016,315, making the county the most populous in the state of Missouri. This county is notable for its 400+ private-street associations. from Guardian Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , headquartered in Houston, Texas “Houston” redirects here. For other uses, see Houston (disambiguation). Houston (pronounced /'hjuːstən/) is the largest city in the state of Texas and the . We acquired the branch facilities and assumed $107.9 million in related deposit liabilities. The purchase of these offices is consistent with our strategic plan of expanding our branch network in the St. Louis market. Allegiant Bancorp, Inc. is the parent company of Allegiant Bank, Bank of St. Genevieve In Eastern Orthodoxy and Catholicism, Saint Geneviève (Nanterre near Paris, c. 419/422 - Paris 512) is the patron of Paris. Her feast is kept on January 3. Life Though there is a vita , 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:
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. Allegiant is the largest banking institution exclusively serving St. Louis. 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
4Q-01 4Q-00 % change
----- ----- --------
($ in 000's except share and per share data)
Operating Results
Interest income $ 30,727 $ 21,071 45.83%
Interest expense 16,627 12,092 37.50%
------------ ----------
Net interest income 14,100 8,979 57.03%
Provision for loan losses 1,300 1,200 8.33%
Service charges 1,696 924 83.55%
Net gain on sale of securities - 148 -100.00%
Other income 2,778 944 194.28%
Salaries and benefits 5,016 3,311 51.50%
Occupancy and equipment 1,412 909 55.34%
Other expenses 3,050 2,062 47.91%
------------ ----------
Income before income taxes 7,796 3,513 121.92%
Provision for income taxes 2,936 1,403 109.27%
------------ ----------
Net income $ 4,860 $ 2,110 130.33%
============ ==========
Basic earnings per share $ 0.32 $ 0.28 14.29%
Diluted earnings per share $ 0.32 $ 0.28 14.29%
Balance Sheet Averages
Loans $ 1,439,380 $ 787,380 82.81%
Investment securities 424,538 98,782 329.77%
Other earning assets 31,520 12,075 161.04%
Cash and due from banks 41,098 29,516 39.24%
Allowance for loan losses (20,076) (10,665) 88.24%
Intangible assets 59,960 10,949 447.63%
Other assets 111,595 42,437 162.97%
------------ ----------
Total assets $ 2,088,015 $ 970,474 115.15%
============ ==========
Demand deposits $ 185,571 $ 71,505 159.52%
Interest bearing deposits 1,373,660 680,800 101.77%
Borrowings 309,843 128,802 140.56%
Other liabilities 22,482 7,154 214.26%
Subordinated debentures 57,250 17,250 231.88%
Shareholders' equity 139,209 64,963 114.29%
------------ ----------
Total liabilities and equity $ 2,088,015 $ 970,474 115.15%
============ ==========
Diluted shares outstanding 15,367,835 7,579,304 102.76%
YTD 01 YTD 00 % change
------ ------ --------
($ in 000's except share and per share data)
Operating Results
Interest income $ 96,423 $ 71,973 33.97%
Interest expense 55,481 40,521 36.92%
------------ ----------
Net interest income 40,942 31,452 30.17%
Provision for loan losses 5,000 3,500 42.86%
Service charges 4,629 3,111 48.79%
Net gain on sale of securities 2,725 353 671.95%
Other income 7,449 2,998 148.47%
Salaries and benefits 16,455 11,386 44.52%
Occupancy and equipment 4,474 3,338 34.03%
Other expenses 9,141 7,858 16.33%
------------ ----------
Income before income taxes 20,675 11,832 74.74%
Provision for income taxes 7,553 4,797 57.45%
------------ ----------
Net income $ 13,122 $ 7,035 86.52%
============ ==========
Basic earnings per share $ 1.26 $ 1.09 15.60%
Diluted earnings per share $ 1.24 $ 1.08 14.81%
Balance Sheet Averages
Loans $ 1,036,299 $712,884 45.37%
Investment securities 228,962 70,438 225.05%
Other earning assets 25,143 4,346 478.53%
Cash and due from banks 29,128 17,296 68.41%
Allowance for loan losses (14,002) (9,563) 46.42%
Intangible assets 22,601 11,249 100.92%
Other assets 70,304 36,273 93.82%
------------ ----------
Total assets $ 1,398,435 $842,923 65.90%
============ ==========
Demand deposits $ 107,642 $ 64,711 66.34%
Interest bearing deposits 944,010 580,016 62.76%
Borrowings 211,270 122,372 72.65%
Other liabilities 11,278 5,336 111.36%
Subordinated debentures 27,661 17,250 60.35%
Shareholders' equity 96,574 53,238 81.40%
------------ ----------
Total liabilities and equity $ 1,398,435 $842,923 65.90%
============ ==========
Diluted shares outstanding 10,593,592 6,495,067 63.10%
Allegiant Bancorp, Inc.
Unaudited Financial Highlights
2001 2000 % change
---- ---- --------
($ in 000's except share and per share data)
Period End Balances
Loans $ 1,419,796 $ 813,971 74.43%
Investment securities 463,637 134,296 245.24%
Other earning assets 76,101 105,184 -27.65%
Cash and due from banks 56,992 30,942 84.19%
Allowance for loan losses (18,905) (11,433) 65.35%
Intangible assets 56,411 10,831 420.83%
Other assets 116,447 51,933 124.23%
-------------- ------------
Total assets $ 2,170,479 $ 1,135,724 91.11%
============== ============
Deposits 1,687,615 858,084 96.67%
Borrowings 269,218 174,951 53.88%
Other liabilities 18,328 7,633 140.12%
Subordinated debentures 57,250 17,250 231.88%
Shareholders' equity 138,068 77,806 77.45%
-------------- ------------
Total liabilities and equity $ 2,170,479 $ 1,135,724 91.11%
============== ============
Shares outstanding 15,209,566 8,897,111 70.95%
Market capitalization $ 209,131,533 $79,540,172 162.93%
Tangible book value per share $ 5.37 $ 7.53 -28.68%
Book value per share $ 9.08 $ 8.75 3.80%
Closing market price per share $ 13.75 $ 8.94 53.80%
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