American Financial Holdings, Inc. Announces 29% Increase in Third Quarter Net Income and EPS of $.44; Declares Dividend.Business Editors NEW BRITAIN New Britain, city, United States New Britain, industrial city (1990 pop. 75,491), Hartford co., central Conn.; settled c.1686, inc. 1871. The tin shops and brassworks in the city were established in the 18th cent. , Conn.--(BUSINESS WIRE)--Oct. 30, 2002 American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Financial Holdings, Inc. (Nasdaq: AMFH), the holding company for American 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. , today reported third quarter 2002 earnings of $9.1 million, or $0.44 per 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. share, up 29% from earnings of $7.0 million, or $0.34 per diluted share for the third quarter of 2001. For the first nine months of 2002, net income was $25.1 million, or $1.15 per diluted share, up 15% from net income of $21.7 million, or $0.98 per diluted share, in the prior year period. Exclusive of one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger related expenses of $938,000, or $0.04 per diluted share, third quarter fully 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 would have been $0.48, up 41% from the third quarter of 2001. The Company's Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a cash dividend of $0.18 per share to shareholders of record as of November November: see month. 8, 2002. The dividend is payable on November 22, 2002. As previously announced on August 22, 2002, American Financial Holdings signed a definitive agreement to be acquired by Banknorth Group, Inc., based in Portland, Maine Portland is the largest city in the U.S. state of Maine, with a 2004 population of 63,882. Portland is Maine's cultural, social and economic capital. Tourists are drawn to Portland's historic Old Port district along Portland Harbor, which is at the mouth of the Fore River and part . Under the terms of the agreement, American Financial shareholders can elect to receive either $32.00 or 1.22 shares of Banknorth common stock for each share of American Financial stock they own, plus cash in lieu Cash In Lieu (CIL) In a typical exchange offer, "old" shares of the target company are exchanged for "new shares". of any fractional share Fractional share Stocks amounting to less than one full share, usually resulting from splits, acquisitions, exchanges, or dividend reinvestment programs. fractional share Less than one share of stock, that is, one-third or one-half a share. interest. Elections will be subject to allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as procedures which are intended to ensure that 50% of the American Financial common stock outstanding immediately prior to the completion of the transaction will be converted into shares of Banknorth common stock. Commenting on the Company's third quarter 2002 earnings, Chairman, President and Chief Executive Officer Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. T. Kenney Kenney can refer to: People
Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). acquisition, which closed in the first quarter of 2002. "Superior asset quality continues to be our hallmark hallmark, mark impressed on silverwork or goldwork to signify official approval of the standard of purity of the metal, also called plate mark. The hallmark was introduced by statute in England in 1300 and enforced by the Goldsmiths' Hall, London. . The Bank did not book a provision for loan losses for the fourth consecutive quarter primarily due to sufficient loan loss reserve coverage in relation to 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. . Another strong asset quality indicator Indicator Anything used to predict future financial or economic trends. Notes: In the context of technical analysis, an indicator is a mathematical calculation based on a securities price and/or volume. The result is used to predict future prices. is that the Bank holds no real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most through foreclosures, which is excellent considering our $1.6 billion loan portfolio. "During the quarter, our loan portfolio declined $43.8 million, or 2.6%. The reduction was the result of heavy refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. activity and the securitization Securitization The process of creating a financial instrument by combining other financial assets and then marketing them to investors. Notes: Mortgage backed securities are a perfect example of securitization. May also be spelled as "securitisation. of $28 million in longer-term fixed rate loans. This securitization was completed in order to increase liquidity. "For the year, the Bank has enjoyed deposit growth of $69.0 million, or 3.7%," Mr. Kenney continued. "During the quarter, deposits were down slightly primarily due to seasonal payments for tuitions, vacations and property taxes. "Our capital management activities continued as the Company repurchased 1,010,000 shares of stock during the quarter bringing the total for the year to 2,955,934 shares at a cost of $83.5 million. The acquisition of American Bank of Connecticut and the buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may of our shares contributed to the growth in ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. from 6.73% in the third quarter of 2001 to 9.64% in the third quarter of 2002 after adjusting for one-time merger related expenses and amortization of the core deposit intangible," Mr. Kenney noted. American Financial Holdings, Inc. is the holding company for American Savings Bank. Established in 1862, American Savings is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. community bank that operates 34 branches in 21 communities throughout central Connecticut. It is the third largest Connecticut-based bank in both assets and deposit market share. Additional information can be found on the Company's website: www.americanfinancialholdings.com. The Company is part of the Russell 2000 Index Russell 2000 Index An index measuring the performance of the 2,000 smallest companies in the Russell 3000 Index, which is made up of 3,000 of the biggest U.S. stocks. The Russell 2000 serves as a benchmark for small-cap stocks in the United States. , the S&P SmallCap 600 Index and the Nasdaq Financial-100 Index. This news release may contain 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. within the meaning of the federal securities laws. The Company intends such forward-looking statements to be covered by 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 for forward-looking statements contained in the Private Securities Reform Act of 1995, and is including this statement for purposes of these safe harbor provisions. Forward-looking statements can be identified by the fact that they do not relate strictly to historical or current facts. They often include words like "believe," "expect," "anticipate," "estimate," and "intend," or future or conditional Subject to change; dependent upon or granted based on the occurrence of a future, uncertain event. A conditional payment is the payment of a debt or obligation contingent upon the performance of a certain specified act. verbs such as "will," " would," "should," "could," or "may." Certain factors that could cause actual results to differ materially from those expected include increased competitive pressures, changes in the interest rate environment, changes in regional and general economic conditions, legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes that adversely effect the business in which the Company is engaged, and changes in the securities markets. The Company does not undertake - and specifically disclaims any obligation - to publicly release the results of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. which may be made to any forward-looking statements to 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 such statements, or to reflect the occurrence of anticipated or unanticipated events.
American Financial Holdings, Inc.
Financial Summary
(Unaudited)
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30, Sept. 30, Sept. 30,
2002 2001 2002 2001
(Dollars in thousands, except per share)
SUMMARY OF OPERATIONS
Interest Income $37,812 $30,247 $113,345 $92,069
Interest Expense 17,424 15,313 52,671 46,597
Net Interest Income 20,388 14,934 60,674 45,472
Provision for Loan Losses -- 50 -- 450
Net Interest Income
After Provision
for Loan Losses 20,388 14,884 60,674 45,022
Non-Interest Income 5,526 3,941 15,784 14,207
Non-Interest Expense 12,650 8,681 39,498 27,441
Income Before Taxes 13,264 10,144 36,960 31,788
Tax Expense 4,188 3,110 11,885 10,054
Net Income $9,076 $7,034 $25,075 $21,734
PER SHARE
Net Income - Basic $0.48 $0.37 $1.24 $1.03
Net Income - Diluted $0.44 $0.34 $1.15 $0.98
Net Operating Income
Before Merger Related
Charges (diluted) $0.48 $0.34 $1.27 $0.98
Common Stock Closing
Market Price $30.41 $24.55
End of Period
Shares Outstanding 21,933,098 21,236,171
Average Weighted Shares
Outstanding (basic) 19,072,250 19,154,468 20,256,584 21,187,621
Average Weighted Shares
Outstanding (diluted) 20,446,928 20,783,329 21,849,778 22,168,645
PROFITABILITY RATIOS
Return on
Average Assets (1) 1.42% 1.47% 1.39% 1.53%
Return on
Average Equity (1) 9.64 6.73 8.84 6.46
Net Yield on Earnings
Assets (t/e basis) 6.02 7.08 6.19 7.26
Efficiency Ratio (2) 45.32 49.62 46.99 48.44
Book Value per Share $19.64 $19.02
Tangible Book
Value Per Share $15.10 $19.02
TANGIBLE CAPITAL TO
ASSETS RATIO FOR AMFH, INC 11.54% 21.12%
CAPITAL RATIOS FOR AMERICAN
SAVINGS BANK AT SEPTEMBER 30
Tier 1 Capital to
Average Assets 9.21% 17.47%
Tier 1 Capital to
Risk Weighted Assets 14.79 27.59
Total Capital to
Risk Weighted Assets 16.60 30.30
ASSET QUALITY
Non-Accrual Loans $4,932 $3,418
Accruing Loans Past
Due 90 Days or More -- --
Foreclosed and
Repossessed Assets -- 282
Allowance for Loan Losses 17,220 10,890
Net Charge-offs $34 $61 2,176 184
Non-Performing Loans
to Loans 0.31% 0.28%
Non-Performing Assets
to Total Assets 0.17 0.19
Allowance for Loan
Losses to Net Loans 1.07 0.88
Net Charge-Offs
to Average Loans n/m 0.01% 0.14 0.02
Allowance for Loan Losses
to Non-Performing Loans 349.15 318.61
AVERAGE BALANCES
Investment Securities
Portfolio $955,594 $567,054 $923,676 $603,029
Loans 1,646,210 1,226,343 1,605,774 1,178,964
Earning Assets 2,539,670 1,726,886 2,468,888 1,709,595
Assets 2,865,582 1,910,307 2,782,911 1,893,997
Interest Bearing
Deposits 1,819,310 1,079,078 1,765,295 1,091,014
Stockholders' Equity 423,335 418,139 437,903 448,743
SELECTED FINANCIAL
DATA AT PERIOD END
Investment Securities
Portfolio $981,488 $564,386
Loans 1,616,279 1,235,401
Earning Assets 2,597,791 1,799,906
Assets 2,869,494 1,912,992
Deposits 1,915,422 1,109,334
Stockholders' Equity 430,657 403,956
(1) Income is annualized and exclusive of one-time merger expenses and
CDI amortization
(2) Non-interest expense exclusive of option cost for retired
directors in 2001, and one time merger related charges and CDI
amortization in 2002, divided by the sum of net interest income
plus non-interest income less gain on sale of securities
n/m - Not meaningful
AMERICAN FINANCIAL HOLDINGS, INC.
Consolidated Statements of Income
(unaudited)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2002 2001 2002 2001
(In thousands, except per share data)
Interest and dividend income:
Real estate mortgage loans $15,807 $15,410 $50,174 $45,117
Commercial loans 3,329 33 9,046 57
Consumer loans 5,661 5,907 16,305 18,746
Mortgage-backed securities 8,599 3,879 22,955 12,259
Federal funds sold 32 3 469 481
Investment securities:
Interest-taxable 2,397 3,586 8,478 11,401
Interest-tax exempt 614 391 1,734 1,141
Dividends 1,373 1,038 4,184 2,867
Total interest and
dividend income 37,812 30,247 113,345 92,069
Interest expense:
Deposits 11,855 10,677 36,733 34,704
Federal Home Loan Bank
advances and other borrowings 5,569 4,636 15,938 11,893
Total interest expense 17,424 15,313 52,671 46,597
Net interest income
before provision
for loan losses 20,388 14,934 60,674 45,472
Provision for loan losses -- 50 -- 450
Net interest income
after provision
for loan losses 20,388 14,884 60,674 45,022
Non-interest income:
Service charges and fees 1,976 1,216 5,359 3,411
Investment commissions
and advisory fees 680 509 2,055 1,607
Net gain on sale of
investment securities 1,638 1,381 4,805 6,539
Increase in cash surrender
value of life insurance 1,047 742 2,860 2,335
Other 185 93 705 315
Total non-interest
income 5,526 3,941 15,784 14,207
Non-interest expense:
Salaries and
employee benefits 7,196 5,476 20,658 17,213
Occupancy expense 980 598 2,936 1,946
Furniture and
fixture expense 643 436 1,943 1,303
Outside services 756 748 2,630 2,203
Advertising 166 256 1,211 1,207
Other 1,262 1,167 4,292 3,569
Total operating
expense 11,003 8,681 33,670 27,441
One-time merger
expenses 938 -- 3,838 --
Amortization of core
deposit intangible 709 -- 1,990 --
Total non-interest
expense 12,650 8,681 39,498 27,441
Income before
income taxes 13,264 10,144 36,960 31,788
Income taxes 4,188 3,110 11,885 10,054
Net income $9,076 $7,034 $25,075 $21,734
Basic earnings per share $0.48 0.37 $1.24 1.03
Diluted earnings per share 0.44 0.34 1.15 0.98
American Financial Holdings, Inc.
Consolidated Balance Sheets
(Unaudited)
Sept. 30, Dec. 31,
2002 2001
(In thousands except share
and per share data)
Assets
Cash and due from banks:
Non-interest bearing $ 39,520 $ 20,903
Interest bearing 24 1,230
Total cash and due from banks 39,544 22,133
Federal funds sold -- 17,050
Cash and cash equivalents 39,544 39,183
Investment securities available
for sale (amortized cost of $228,863
at September 30, 2002 and
$249,353 at December 31, 2001) 272,769 311,293
Mortgage-backed securities
available for sale (amortized cost of
$664,354 at September 30, 2002 and
$217,537 at December 31, 2001) 681,090 225,101
Loans, less allowance for loan losses
of $17,220 at September 30, 2002
and $10,887 at December 31, 2001 1,616,279 1,214,847
Accrued interest and
dividends receivable 14,745 11,120
Federal Home Loan Bank stock 27,629 17,279
Bank premises and equipment, net 16,935 13,490
Real estate owned -- 77
Cash surrender value of life insurance 84,018 63,144
Goodwill 85,947 --
Core deposit intangible 13,607 --
Other assets 16,931 5,062
Total assets $ 2,869,494 $ 1,900,596
Liabilities and Stockholders' Equity
Deposits $ 1,915,422 $ 1,124,249
Mortgagors' escrow and other deposits 22,910 27,505
FHLB advances and other borrowings 459,648 311,444
Deferred income tax liability 13,884 19,321
Other liabilities 26,973 23,130
Total liabilities 2,438,837 1,505,649
Stockholders' Equity
Preferred stock, $.01 par value;
authorized 10,000,000 shares,
none issued -- --
Common stock, $.01 par value;
authorized 120,000,000 shares,
28,871,100 shares issued 289 289
Additional paid-in capital 303,792 285,953
Unallocated common stock
held by ESOP (22,386) (22,386)
Stock-based compensation (315) (266)
Treasury stock (178,789) (188,746)
Retained earnings 291,159 278,315
Accumulated other
comprehensive income 36,907 41,788
Total stockholders' equity 430,657 394,947
Total liabilities and
stockholders' equity $ 2,869,494 $ 1,900,596
American Financial Holdings, Inc.
Consolidated Average Balance Sheet and Yield/Rate Analysis
(Unaudited)
For the Three Months Ended
September 30, 2002
Average Interest Average
Balance Yield/Rate
(Dollars in thousands)
Interest earnings assets:
Loans (1) $1,646,210 $24,797 6.03%
Federal funds sold 7,310 32 1.75
Investment
securities-taxable 185,660 2,397 5.16
Investment
securities-tax exempt (2) 46,129 945 8.19
Equities-tax exempt (3) 3,549 1,215 136.94
Mortgage-backed securities 623,183 8,599 5.52
FHLB stock 27,629 261 3.78
Total interest-earning
assets 2,539,670 $38,246 6.02%
Non-interest-earning assets 325,912
Total assets $2,865,582
Interest-bearing liabilities:
Deposits
Money management accounts $342,253 $1,794 2.10%
NOW accounts 161,555 232 0.57
Savings and IRA
passbook accounts 363,669 1,429 1.57
Certificates of deposit 951,833 8,399 3.53
Total interest-bearing
deposits 1,819,310 11,854 2.61
FHLB advances and
other borrowings 487,642 5,569 4.57
Total interest-bearing
liabilities 2,306,952 $17,423 3.02%
Non-interest bearing
demand deposits 104,691
Non-interest-bearing
liabilities 30,604
Total liabilities 2,442,247
Stockholders' Equity 423,335
Total liabilities
and equity $2,865,582
Net interest-earning assets $232,718
Net interest income $20,823
Interest rate spread 3.00%
Net interest margin
(net interest income
as a percentage of
interest-earning assets) 3.28%
Ratio of interest-earning
assets to interest-bearing
liabilities 110.09%
Note 1- Average balances include nonaccrual loans
Note 2- Tax exempt interest is calculated on a tax equivalent basis.
Note 3- Dividend received deduction
For the Three Months Ended
September 30, 2001
Average Interest Average
Balance Yield/Rate
(Dollars in thousands)
Interest earnings assets:
Loans (1) $1,226,343 $21,350 6.96%
Federal funds sold 388 3 3.09
Investment
securities-taxable 225,386 3,585 6.36
Investment
securities-tax exempt (2) 28,186 601 8.53
Equities-tax exempt (3) 5,353 923 68.97
Mortgage-backed securities 225,116 3,879 6.89
FHLB stock 16,114 234 5.81
Total interest-earning
assets 1,726,886 $30,575 7.08%
Non-interest-earning assets 183,421
Total assets $1,910,307
Interest-bearing liabilities:
Deposits
Money management accounts $90,009 $645 2.87%
NOW accounts 84,540 135 0.64
Savings and IRA
passbook accounts 215,116 1,071 1.99
Certificates of deposit 689,413 8,826 5.12
Total interest-bearing
deposits 1,079,078 10,677 3.96
FHLB advances and
other borrowings 330,449 4,636 5.61
Total interest-bearing
liabilities 1,409,527 $15,313 4.35%
Non-interest bearing
demand deposits 38,842
Non-interest-bearing
liabilities 43,799
Total liabilities 1,492,168
Stockholders' Equity 418,139
Total liabilities
and equity $1,910,307
Net interest-earning assets $317,359
Net interest income $15,262
Interest rate spread 2.73%
Net interest margin
(net interest income
as a percentage of
interest-earning assets) 3.54%
Ratio of interest-earning
assets to interest-bearing
liabilities 122.52%
Note 1- Average balances include nonaccrual loans
Note 2- Tax exempt interest is calculated on a tax equivalent basis.
Note 3- Dividend received deduction
American Financial Holdings, Inc.
Consolidated Average Balance Sheet and Yield/Rate Analysis
(Unaudited)
For the Nine Months Ended
September 30, 2002
Average Interest Average
Balance Yield/Rate
(Dollars in thousands)
Interest earning assets:
Loans (1) $1,605,774 $75,525 6.27%
Federal funds sold 36,332 469 1.72
Investment securities-taxable 217,968 8,478 5.19
Investment
securities-tax exempt (2) 43,708 2,668 8.14
Equities - tax exempt (3) 4,045 3,752 123.68
Mortgage-backed securities 534,107 22,955 5.73
FHLB stock 26,954 755 3.73
Total interest-earning
assets 2,468,888 $114,602 6.19%
Non-interest-earning
assets 314,023
Total assets $2,782,911
Interest-bearing liabilities:
Deposits
Money management accounts $327,775 $5,203 2.12%
NOW accounts 158,251 671 0.57
Savings and IRA
passbook accounts 347,835 4,102 1.57
Certificates of deposit 931,434 26,757 3.83
Total interest-bearing
deposits 1,765,295 36,733 2.77
FHLB advances and
other borrowings 443,975 15,938 4.79
Total interest-bearing
liabilities 2,209,270 $52,671 3.18%
Non-interest bearing
demand deposits 98,707
Non-interest-bearing
liabilities 37,031
Total liabilities 2,345,008
Stockholders' Equity 437,903
Total liabilities
and equity $2,782,911
Net interest-earning
assets $259,618
Net interest income $61,931
Interest rate spread 3.01%
Net interest margin
(net interest income as a
percentage of
interest-earning assets) 3.34%
Ratio of interest-earning
assets to interest-bearing
liabilities 111.75%
Note 1- Average balances include nonaccrual loans
Note 2- Tax exempt interest is calculated on a tax equivalent basis.
Note 3- Dividend received deduction
For the Nine Months Ended
September 30, 2001
Average Interest Average
Balance Yield/Rate
(Dollars in thousands)
Interest earning assets:
Loans (1) $1,178,964 $63,920 7.23%
Federal funds sold 12,854 481 4.99
Investment securities-taxable 234,122 11,401 6.49
Investment
securities-tax exempt (2) 27,334 1,756 8.57
Equities - tax exempt (3) 5,374 2,578 63.96
Mortgage-backed securities 237,246 12,259 6.89
FHLB stock 13,701 650 6.33
Total interest-earning
assets 1,709,595 $93,045 7.26%
Non-interest-earning
assets 184,402
Total assets $1,893,997
Interest-bearing liabilities:
Deposits
Money management accounts $81,183 $1,843 3.03%
NOW accounts 86,581 529 0.81
Savings and IRA
passbook accounts 210,938 3,146 1.99
Certificates of deposit 712,312 29,186 5.46
Total interest-bearing
deposits 1,091,014 34,704 4.24
FHLB advances and
other borrowings 275,423 11,893 5.76
Total interest-bearing
liabilities 1,366,437 $46,597 4.55%
Non-interest bearing
demand deposits 34,108
Non-interest-bearing
liabilities 44,709
Total liabilities 1,445,254
Stockholders' Equity 448,743
Total liabilities
and equity $1,893,997
Net interest-earning
assets $343,158
Net interest income $46,448
Interest rate spread 2.71%
Net interest margin
(net interest income as a
percentage of
interest-earning assets) 3.62%
Ratio of interest-earning
assets to interest-bearing
liabilities 125.11%
Note 1- Average balances include nonaccrual loans
Note 2- Tax exempt interest is calculated on a tax equivalent basis.
Note 3- Dividend received deduction
American Financial Holdings, Inc.
Consolidated Statements of Income
(Unaudited)
2002
3rd Qtr 2nd Qtr 1st Qtr
(Dollars in thousands,
except per share data)
Interest and dividend income:
Real estate and mortgage loans $15,807 $17,260 $17,107
Commercial loans 3,329 3,130 2,587
Consumer loans 5,661 5,411 5,233
Mortgage-backed securities 8,599 8,182 6,174
Federal funds sold 32 123 314
Investment securities:
Interest taxable 2,397 2,874 3,207
Interest-tax exempt 614 579 541
Dividends 1,373 1,407 1,404
Total interest and
dividend income 37,812 38,966 36,567
Interest expense:
Deposits 11,855 12,521 12,357
Federal Home Loan Bank advances
and other short-term borrowings 5,569 5,413 4,956
Total interest expense 17,424 17,934 17,313
Net interest income before
provision for loan losses 20,388 21,032 19,254
Provision for loan losses -- -- --
Net interest income after
provision for loan losses 20,388 21,032 19,254
Non-interest income:
Service charges and fees 1,976 1,750 1,633
Investment commissions and
advisory fees 680 779 596
Net gains on sale of
investment securities 1,638 1,793 1,374
Increase in cash surrender
value of life insurance 1,047 951 862
Other 185 401 119
Total non-interest income 5,526 5,674 4,584
Non-interest expense:
Salaries and employee benefits 7,196 6,984 6,478
Occupancy expense 980 1,001 955
Furniture and fixtures expense 643 695 605
Outside services 756 881 993
Advertising 166 450 595
Other 1,262 1,580 1,450
Total operating expenses 11,003 11,591 11,076
One-time merger expenses 938 -- 2,900
Amortization of core
deposit intangible 709 709 572
Total non-interest expense 12,650 12,300 14,548
Income before income taxes 13,264 14,406 9,290
Income taxes 4,188 4,687 3,010
Net income $9,076 $9,719 $6,280
Basic earnings per share $0.48 $0.48 $0.30
Diluted earnings per share 0.44 0.45 0.28
2001
4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
(Dollars in thousands,
except per share data)
Interest and dividend income:
Real estate and mortgage loans $14,908 $15,410 $14,809 $14,898
Commercial loans 59 33 17 7
Consumer loans 5,432 5,907 6,136 6,703
Mortgage-backed securities 3,686 3,879 4,121 4,259
Federal funds sold 69 3 208 270
Investment securities:
Interest taxable 3,331 3,586 3,765 4,050
Interest-tax exempt 443 391 375 375
Dividends 1,031 1,038 946 883
Total interest and
dividend income 28,959 30,247 30,377 31,445
Interest expense:
Deposits 9,801 10,677 11,863 12,164
Federal Home Loan Bank advances
and other short-term borrowings 4,842 4,636 3,828 3,429
Total interest expense 14,643 15,313 15,691 15,593
Net interest income before
provision for loan losses 14,316 14,934 14,686 15,852
Provision for loan losses -- 50 100 300
Net interest income after
provision for loan losses 14,316 14,884 14,586 15,552
Non-interest income:
Service charges and fees 1,393 1,216 1,206 989
Investment commissions and
advisory fees 474 509 629 469
Net gains on sale of
investment securities 1,673 1,381 3,838 1,320
Increase in cash surrender
value of life insurance 787 742 800 793
Other 120 93 116 106
Total non-interest income 4,447 3,941 6,589 3,677
Non-interest expense:
Salaries and employee benefits 5,295 5,476 6,948 4,789
Occupancy expense 630 598 656 692
Furniture and fixtures expense 447 436 443 424
Outside services 582 748 713 742
Advertising 215 256 528 423
Other 1,436 1,167 1,234 1,168
Total operating expenses 8,605 8,681 10,522 8,238
One-time merger expenses -- -- -- --
Amortization of core
deposit intangible -- -- -- --
Total non-interest expense 8,605 8,681 10,522 8,238
Income before income taxes 10,158 10,144 10,653 10,991
Income taxes 3,262 3,110 3,403 3,541
Net income $6,896 $7,034 $7,250 $7,450
Basic earnings per share $0.38 $0.37 $0.35 $0.32
Diluted earnings per share 0.35 0.34 0.34 0.31
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