Announcement: Staten Island Bancorp, Inc. Reports 73% Increase in Diluted Earnings Per Share in First Quarter 2002.
Business Editors
STATEN ISLAND, N.Y.--(BUSINESS WIRE)--April 17, 2002--Staten
Island Bancorp, Inc. (NYSE: SIB) (the "Company"), the holding company
for SI Bank & Trust (the "Bank"), reported net income of $22.0 million
or $0.38 per diluted share for the quarter ended March 31, 2002
compared to net income of $14.0 million or $0.22 per diluted share for
the quarter ended March 31, 2001. This represents an increase of 72.7%
in diluted earnings per share for the quarter.
Cash earnings per diluted share were $0.41 for the quarter ended
March 31, 2002 representing an increase of 51.9% when compared to cash
earnings per diluted share of $0.27 for the quarter ended March 31,
2001. The Company's cash earnings per diluted share are determined by
adding back to reported net income the non-cash expenses related to
the allocation of the Company's Common Stock under its Employee Stock
Ownership Plan ("ESOP") and the earned portion of the Company's
Recognition and Retention Plan ("RRP") stock, net of respective tax
benefits.
Per share amounts for the quarter ended March 31, 2001 have been
adjusted to reflect the 2-for-1 stock split in the form of a 100%
stock dividend paid on November 19, 2001.
Commenting on the first quarter results Chairman and Chief
Executive Officer, Harry P. Doherty, stated, "We are pleased to
deliver another quarter of solid earnings which were again driven by
our core fundamentals of retail banking and mortgage banking. Our
capital management and business strategies together with the
continuing market for mortgage refinancings, among other factors, have
led to impressive increases in net income, our interest rate spread,
net interest margin and returns on assets and equity. It is also our
belief that, despite the up-tick in non-accrual loans, due primarily
to three specific loan relationships, overall asset quality still
remains strong. Management is diligently working on the resolution of
these credits and does not expect to incur any material losses at this
time. We are also focused on our core business model which we feel
will continue to be the basis for enhanced shareholder value."
Financial Highlights
- Net interest income increased $12.1 million or 33.6% to $47.9
million for the quarter ended March 31, 2002 compared to $35.8
million for the similar prior-year period. Driven primarily by
lower funding costs and growth of the Company's earning asset
base, the Company's net interest rate spreads and margins
continued to improve on both a comparative and linked quarter
basis. The Company's net interest rate spread and margin were
2.96% and 3.42%, respectively, for the first quarter of 2002
compared to 2.17% and 2.90%, respectively, for the first
quarter of 2001 and 2.81% and 3.31%, respectively, for the
fourth quarter of 2001.
- The mortgage banking business conducted by the Company's
subsidiary SIB Mortgage Corp., d/b/a/ Ivy Mortgage, was strong
again in the first quarter of 2002, as total loans originated
amounted to $1.3 billion, compared to $525.6 million for the
quarter ended March 31, 2001. As a result, net gains on loan
sales and loan fees increased to $41.6 million for the quarter
ended March 31, 2002 compared to $11.6 million for the quarter
ended March 31, 2001. For the quarter ended March 31, 2002,
the mortgage banking subsidiary contributed net income of $7.7
million or $0.13 on a diluted share basis. While overall loan
origination volume remained steady on a linked quarter basis
($1.4 billion was originated in the fourth quarter of 2001),
net gains on loan sales decreased $5.5 million on a linked
quarter basis. Of this decrease, $4.9 million was due to
management's decision to retain approximately $190.0 million,
consisting of primarily "Alt A" residential mortgage loans, in
the Bank's portfolio, consistent with its overall interest
rate risk management strategy. In the current environment,
origination volume remains strong and it is anticipated that
the mortgage banking subsidiary will originate $1.3 billion in
loans during the second quarter of 2002.
- Total deposits increased $194.7 million or 6.7% for the
quarter ended March 31, 2002, reflecting the strength of the
Bank's retail franchise. During the quarter the Bank opened
two new branches in New Jersey. Core deposits, which consist
of savings, NOW, DDA and money market accounts, comprised
64.8% of the total deposit base at March 31, 2002.
- Continued strength in the Bank's core lending business is
reflected by $224.5 million in loan originations by the Bank
for the quarter ended March 31, 2002.
- During the first quarter, the Company repurchased 1.1 million
shares of common stock as part of its previously announced
eighth stock repurchase program.
- Returns on average equity and assets were 16.06% and 1.46%,
respectively, for the first quarter of 2002 compared to 9.77%
and 1.06%, respectively, for the similar period one year ago.
- At March 31, 2002, two issues of asset-backed securities
included in the Company's investment portfolio and classified
as available for sale, with an aggregate par value of $10.0
million, had an estimated market value of $1.3 million. During
the quarter, the Company took a $500,000 impairment charge on
one of these bonds and placed the balance of $4.5 million on
non-accrual status for the non-payment of current interest
due. The remaining difference between par value and market
value of the two bonds at March 31, 2002 has been reflected
through a $4.4 million reduction, net of taxes, of accumulated
other comprehensive income, which is an adjustment to the
Company's stockholders' equity. The Company continues to
monitor the status of these two issues, including the
collateral value supporting them. In the event the Company
determines that any additional permanent impairment has
occurred, the Company would recognize additional charges to
current earnings.
- Total other expenses increased $28.0 million to $57.6 million
for the first quarter of 2002, when compared to the first
quarter of 2001. The increase was primarily due to an increase
of $6.6 million in personnel expense, a $15.8 million increase
in commissions, a $2.1 million increase in professional fees
and a $3.9 million increase in other expenses. Of the increase
in personnel costs, $4.8 million was due to the growth of the
mortgage banking subsidiary, $600,000 was due to the non-cash
charge to ESOP expense, reflecting the Company's higher stock
price and $1.1 million was due to branch expansion, incentives
and normal merit increases at the Bank. The increase in
commissions and other expenses primarily reflect the growth of
the mortgage banking subsidiary. The increase in professional
fees is primarily due to the hiring of contract workers at the
mortgage banking subsidiary as a response to the increased
origination volumes.
Asset Quality
Total non-accruing loans and real estate owned increased by an
aggregate of $12.6 million during the first quarter of 2002 resulting
in total non-accruing loans and real estate owned of $29.0 million at
March 31, 2002, compared to $16.3 million at December 31, 2001. The
primary reason for the increase is the placement of three loan
relationships on non-accrual status during the first quarter of 2002.
These relationships consist of two land development and construction
projects for single family homes in the State of California with a
total principal balance of $8.9 million, a single family residential
loan in the State of California originated for sale with a principal
balance of $1.8 million and a land development and construction
project for single family homes in the State of Florida with a
principal balance of $2.6 million. Management is aggressively pursuing
the recovery of these loans and foreclosure sales have been scheduled
during the second quarter of this year for the properties located in
California. While no assurances can be given, based on management's
overall evaluation of these three credit relationships including
current appraisals of the collateral by independent third parties,
management believes it is unlikely that the Company will incur any
material loss related to these credits. In addition, the Company's
non-performing assets included $1.7 million of other real estate owned
at March 31, 2002 compared to $1.2 million at December 31, 2001. As
previously discussed, the Company also had $4.5 million of
non-accruing securities at March 31, 2002.
Due to current economic conditions and increased loan origination
volumes, management deemed it prudent to make a provision for loan
losses of $1.5 million for the first quarter of 2001. Net charge-offs
for the quarter ended March 31, 2002 were $373,000. The allowance for
loan losses was $21.2 million or 77.7% of non-accruing loans at March
31, 2002 compared to 20.0 million or 132.8% of non-accruing loans at
December 31, 2001 and $14.7 million or 134.8% of non-accruing loans at
March 31, 2001. While no assurance can be given that future
charge-offs or additional provisions over the current level will not
be necessary, management believes that based on its current review and
the level of non-accruing loans and delinquencies, the current
allowance for loan losses is adequate.
Statements contained in this news release which are not historical
facts are forward-looking statements, as that term is defined in the
Private Securities Litigation Reform Act of 1995. Such forward-looking
statements are subject to risks and uncertainties which could cause
actual results to differ materially from those currently anticipated
due to a number of factors, which include but are not limited to,
factors discussed in documents filed by the Company with the
Securities and Exchange Commission from time to time.
Staten Island Bancorp, Inc. is the holding company for SI Bank &
Trust. The Bank was chartered in 1864 and now operates seventeen full
service branches and three limited service branches on Staten Island,
New York and two full service branches in Brooklyn, New York; two full
service branches in Monmouth County, three full service branches in
Union County, three full service branches in Middlesex County and six
full service branches in Ocean County, New Jersey. The Bank also
operates SIB Mortgage Corp., a wholly owned subsidiary of SI Bank &
Trust, which conducts business under the name Ivy Mortgage and has
offices in 42 states. On March 31 2002, Staten Island Bancorp had $6.2
billion of total assets and $549.4 million of total stockholders'
equity.
-0-
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
For the Three Months Ended March 31,
----------------------------------------------
Increase
2002 2001 (Decrease)
----------------------------------------------
(000's omitted, except per share and share data)
Interest Income:
Loans $ 69,883 $ 59,449 $ 10,434
Securities, available for sale 23,825 30,850 (7,025)
Federal funds sold 509 379 130
--------- -------- --------
Total interest income 94,217 90,678 3,539
--------- -------- --------
Interest Expense:
Savings and escrow 4,483 4,361 122
Certificates of deposits 10,346 13,930 (3,584)
Money market and NOW 3,357 1,747 1,610
Borrowed funds 28,140 34,801 (6,661)
--------- -------- --------
Total interest expense 46,326 54,839 (8,513)
--------- -------- --------
Net interest income 47,891 35,839 12,052
Provision for Loan Losses 1,500 600 900
--------- -------- --------
Net interest income after
provision for loan losses 46,391 35,239 11,152
Other Income (Loss):
Service and fee income 5,052 4,890 162
Net gains on loan sales 34,855 9,555 25,300
Loan fees 6,780 2,087 4,693
Securities transactions (333) (6) (327)
--------- -------- --------
46,354 16,526 29,828
Other Expenses:
Personnel 19,308 12,747 6,561
Commissions 20,639 4,898 15,741
Occupancy and equipment 3,621 3,188 433
Amortization of intangible assets 145 1,387 (1,242)
Data processing 1,706 1,539 167
Marketing 1,110 673 437
Professional fees 2,660 608 2,052
Other 8,398 4,520 3,878
-------- -------- --------
Total other expenses 57,587 29,560 28,027
-------- -------- --------
Income before provision for
income taxes 35,158 22,205 12,953
Provision for Income Taxes 13,175 8,209 4,966
-------- -------- --------
Net Income $ 21,983 $ 13,996 $ 7,987
======== ======== ========
Earnings Per Share:(1)
Basic $ 0.39 $ 0.22
Fully Diluted $ 0.38 $ 0.22
Weighted Average: Fully
Diluted(1)
Common Shares 90,260,624 90,260,624
Less: Unallocated ESOP/RRP
Shares 5,390,001 5,857,552
Less: Treasury Shares 26,979,496 21,752,162
---------- ----------
57,891,127 62,650,910
========== ==========
(1) Prior period amounts have been adjusted to reflect the 2-for-1
stock split on November 19, 2001.
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
Increase
March 31, 2002 December 31, 2001 (Decrease)
-------------- ----------------- ----------
(000's omitted)
ASSETS
ASSETS:
Cash and due from banks $ 95,422 $ 116,846 $ (21,424)
Federal funds sold 84,000 38,000 46,000
Securities available for sale 1,681,340 1,528,639 152,701
Loans, net 2,992,957 2,806,619 186,338
Loans held for sale, net 998,123 1,187,373 (189,250)
Accrued interest receivable 29,190 28,601 589
Bank premises and equipment,
net 40,095 38,939 1,156
Intangible assets, net 58,980 58,871 109
Other assets 190,443 189,558 885
--------- --------- ---------
Total assets $ 6,170,550 $ 5,993,446 $ 177,104
=========== =========== =========
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES:
Due Depositors-
Savings $ 938,108 $ 868,028 $ 70,080
Certificates of deposit 1,089,982 1,083,900 6,082
Money market 449,795 350,558 99,237
NOW accounts 119,285 115,349 3,936
Demand deposits 498,862 483,493 15,369
--------- --------- --------
Total deposits 3,096,032 2,901,328 194,704
Borrowed funds 2,449,767 2,451,762 (1,995)
Advances from borrowers for
taxes and insurance 19,354 17,495 1,859
Accrued interest and other
liabilities 55,950 70,665 (14,715)
--------- --------- --------
Total liabilities 5,621,103 5,441,250 179,853
--------- --------- --------
STOCKHOLDERS' EQUITY: (1)
Common stock, par value $.01
per share, 100,000,000 shares
authorized, 90,260,624 issued
and 61,874,940 outstanding at
March 31, 2002 and 90,260,624
issued and 62,487,286
outstanding at December 31,
2001 903 903 -
Additional paid-in-capital 544,990 543,123 1,867
Retained earnings 357,548 340,270 17,278
Unallocated common stock held
by ESOP (29,529) (30,215) 686
Unearned common stock held by
RRP (14,176) (14,333) 157
Treasury stock (28,385,684
shares at March 31, 2002 and
27,773,338 at December 31,
2001), at cost (304,592) (289,469) (15,123)
--------- --------- --------
555,144 550,279 4,865
Accumulated other comprehensive
income, net of taxes (5,697) 1,917 (7,614)
--------- --------- --------
Total stockholders' equity 549,447 552,196 (2,749)
--------- --------- --------
Total liabilities and
stockholders' equity $ 6,170,550 $ 5,993,446 $ 177,104
=========== =========== =========
(1) Prior period share and related amounts have been adjusted to
reflect the 2-for-1 stock split on November 19, 2001.
SELECTED DATA (unaudited)
At or For the Three Months
Ended March 31,
--------------------------
2002 2001
--------------------------
(Dollars in thousands, except per share data)
Performance Ratios:
Return on average assets 1.46% 1.06%
Return on average equity 16.06% 9.77%
Earnings per share - Fully diluted(1) $ 0.38 $ 0.22
Cash earnings per share - Fully
diluted(1) $ 0.41 $ 0.27
Core earnings per share - Fully
diluted(1) $ 0.38 $ 0.22
Core cash earnings per share - Fully
diluted(1) $ 0.42 $ 0.27
Average interest-earning assets to
average interest-bearing liabilities 113.76% 116.50%
Interest rate spread 2.96% 2.17%
Net interest margin 3.42% 2.90%
Noninterest expenses, exclusive of
amortization of intangible assets, to
average assets 3.81% 2.14%
Efficiency ratio 60.66% 53.56%
Capital and Other Ratios:
Average equity to average assets 9.09% 10.87%
Tangible equity to assets at end of
period 8.05% 9.35%
Total capital to risk-weighted assets 14.78% 17.21%
Tangible book value per share(1) $ 7.93 $ 7.57
Asset Quality:
Non-accruing loans and real estate owned
to total assets at end of the period 0.47% 0.22%
Non-accruing securities to total assets
at end of the period 0.07% 0.00%
Allowance for loan losses to
non-accruing loans at end of period 77.69% 134.82%
Allowance for loan losses to total loans
at end of period 0.53% 0.45%
Non-accruing loans $ 27,248 $ 10,904
Non-accruing loans and real estate owned $ 28,965 $ 12,028
Non-accruing securities $ 4,500 $ -
Allowance for loan losses $ 21,168 $ 14,701
(1) Prior period amounts have been adjusted to reflect the 2-for-1
stock split on November 19, 2001.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
QUARTER ENDED
March 31, December 31, September 30,
-----------------------------------
2002 2001 2001
-----------------------------------
(000's omitted, except per share and share data)
Interest Income:
Loans $ 69,883 $ 68,860 $ 66,721
Securities, available for sale 23,825 26,514 27,034
Federal funds sold 509 250 222
-------- -------- --------
Total interest income 94,217 95,624 93,977
-------- -------- --------
Interest Expense:
Savings and escrow 4,483 4,290 4,644
Time 10,346 11,834 13,101
Money market and NOW 3,357 3,129 3,052
Borrowed funds 28,140 30,289 31,276
-------- -------- --------
Total interest expense 46,326 49,542 52,073
-------- -------- --------
Net interest income 47,891 46,082 41,904
Provision for Loan Losses 1,500 4,957 2,600
-------- -------- --------
Net interest income after
provision for possible loan
losses 46,391 41,125 39,304
Other Income (Loss):
Service and fee income 5,052 4,958 4,793
Net gains on loan sales 34,855 40,337 25,851
Loan fees 6,780 6,155 4,311
Securities transactions (333) (171) 61
-------- -------- --------
46,354 51,279 35,016
Other Expenses:
Personnel 19,308 16,917 16,131
Commissions 20,639 24,152 12,802
Occupancy and equipment 3,621 3,315 3,248
Amortization of intangible
assets 145 1,152 1,373
FDIC Insurance 120 116 115
Data processing 1,706 1,497 1,528
Marketing 1,110 443 600
Professional fees 2,660 1,584 1,225
Other 8,278 7,643 6,424
-------- -------- --------
Total other expenses 57,587 56,819 43,446
-------- -------- --------
Income before provision for
income taxes 35,158 35,585 30,874
Provision for Income Taxes 13,175 13,339 12,200
-------- -------- --------
Net Income $ 21,983 $ 22,246 $ 18,674
======== ======== ========
Earnings Per Share:(1)
Basic $ 0.39 $ 0.38 $ 0.31
Fully Diluted $ 0.38 $ 0.37 $ 0.31
Dividends Declared Per
Share(1) $ 0.10 $ 0.09 $ 0.08
Stock Closing Price 19.680 16.310 12.325
Weighted Average - Fully
Diluted(1)
Common Shares 90,260,624 90,260,624 90,260,624
Less: Unallocated ESOP/RRP
Shares 5,390,001 5,501,952 5,632,980
Less: Treasury Shares 26,979,496 26,438,665 24,117,072
---------- ---------- ----------
57,891,127 58,320,007 60,510,572
========== ========== ==========
QUARTER ENDED
June 30, March 31,
2001 2001
-----------------------------------
(000's omitted, except per share and share data
Interest Income:
Loans $ 64,382 $ 59,449
Securities, available for sale 28,068 30,850
Federal funds sold 254 379
-------- --------
Total interest income 92,704 90,678
-------- --------
Interest Expense:
Savings and escrow 4,516 4,361
Time 14,206 13,930
Money market and NOW 2,381 1,747
Borrowed funds 33,021 34,801
-------- --------
Total interest expense 54,124 54,839
-------- --------
Net interest income 38,580 35,839
Provision for Loan Losses 600 600
-------- --------
Net interest income after
provision for possible loan
losses 37,980 35,239
Other Income (Loss):
Service and fee income 4,701 4,890
Net gains on loan sales 16,846 9,555
Loan fees 4,107 2,087
Securities transactions 9 (6)
-------- --------
25,663 16,526
Other Expenses:
Personnel 15,716 12,747
Commissions 9,835 4,898
Occupancy and equipment 3,068 3,188
Amortization of intangible
assets 1,431 1,387
FDIC Insurance 109 125
Data processing 1,451 1,539
Marketing 788 673
Professional fees 838 608
Other 5,509 4,395
-------- --------
Total other expenses 38,745 29,560
-------- --------
Income before provision for
income taxes 24,898 22,205
Provision for Income Taxes 9,735 8,209
-------- --------
Net Income $ 15,163 $ 13,996
======== ========
Earnings Per Share:(1)
Basic $ 0.25 $ 0.22
Fully Diluted $ 0.25 $ 0.22
Dividends Declared Per
Share(1) $ 0.08 $ 0.07
Stock Closing Price 13.925 12.450
Weighted Average - Fully
Diluted(1)
Common Shares 90,260,624 90,260,624
Less: Unallocated ESOP/RRP
Shares 5,747,420 5,857,552
Less: Treasury Shares 23,253,738 21,752,162
---------- ----------
61,259,466 62,650,910
========== ==========
(1) Prior period amounts have been adjusted to reflect the 2-for-1
stock split on November 19, 2001.
AVERAGE BALANCES, NET INTEREST INCOME,
YIELDS EARNED AND RATES PAID (unaudited)
Three Months Ended March 31,
2002
Average
Average Yield/
Balance Interest Cost
(000's omitted)
Interest-earning assets:
Loans receivable (1):
Real estate loans $ 3,857,163 $ 67,652 7.11%
Other loans 106,137 2,231 8.52%
----------- -----------
Total loans 3,963,300 69,883 7.15%
Securities 1,584,271 23,825 6.10%
Other interest-earning assets (2) 131,419 509 1.57%
----------- -----------
Total interest-earning assets 5,678,990 94,217 6.73%
-----------
Noninterest-earning assets 428,754
-----------
Total assets $ 6,107,744
===========
Interest-bearing liabilities:
Deposits:
NOW and money market deposits $ 520,441 3,357 2.62%
Savings and escrow accounts 915,964 4,483 1.98%
Certificates of deposit 1,079,803 10,346 3.89%
----------- -----------
Total deposits 2,516,208 18,186 2.93%
Total Other Borrowings 2,475,947 28,140 4.61%
----------- -----------
Total interest-bearing
liabilities 4,992,155 46,326 3.76%
-----------
Noninterest-bearing liabilities (3) 560,400
-----------
Total liabilities 5,552,555
Stockholders' equity 555,189
-----------
Total liabilities and
stockholders' equity $ 6,107,744
===========
Net interest-earning assets $ 686,835
===========
Net interest income/interest
rate spread $ 47,891 2.96%
=========== =======
Net interest margin 3.42%
=======
Ratio of average interest-
earning assets to average
interest-bearing liabilities 113.76%
=======
Three Months Ended March 31,
2001
Average
Average Yield/
Balance Interest Cost
(000's omitted)
Interest-earning assets:
Loans receivable (1):
Real estate loans $ 2,982,436 $ 56,619 7.70%
Other loans 118,923 2,830 9.65%
----------- -----------
Total loans 3,101,359 59,449 7.77%
Securities 1,878,220 30,850 6.66%
Other interest-earning assets (2) 33,990 379 4.53%
----------- -----------
Total interest-earning assets 5,013,569 90,678 7.34%
-----------
Noninterest-earning assets 333,643
-----------
Total assets $ 5,347,212
===========
Interest-bearing liabilities:
Deposits:
NOW and money market deposits $ 242,022 1,747 2.93%
Savings and escrow accounts 784,874 4,361 2.25%
Certificates of deposit 979,737 13,930 5.77%
----------- -----------
Total deposits 2,006,633 20,038 4.05%
Total Other Borrowings 2,296,831 34,801 6.14%
----------- -----------
Total interest-bearing
liabilities 4,303,464 54,839 5.17%
-----------
Noninterest-bearing liabilities (3) 462,513
-----------
Total liabilities 4,765,977
Stockholders' equity 581,235
-----------
Total liabilities and
stockholders' equity $ 5,347,212
===========
Net interest-earning assets $ 710,105
===========
Net interest income/interest
rate spread $ 35,839 2.17%
=========== =======
Net interest margin 2.90%
=======
Ratio of average interest-
earning assets to average
interest-bearing liabilities 116.50%
=======
(1) The average balance of loans receivable includes nonperforming
loans, interest on which is recognized on a cash basis.
(2) Includes money market accounts and Federal Funds sold.
(3) Consists primarily of demand deposit accounts.
Loan Portfolio Composition. The following table sets forth the
composition of the Banks held for investment loans at the dates
indicated. (unaudited)
Increase
March 31, 2002 December 31, 2001 (Decrease)
-------------- ----------------- ---------
(000's omitted)
Mortgage loans:(1)
Single-family residential $ 2,241,378 $ 2,062,336 $ 179,042
Multi-family residential 48,659 48,783 (124)
Commercial real estate 372,920 335,821 37,099
Construction and land 221,162 245,515 (24,353)
Home equity 15,090 12,815 2,275
----------- ----------- ---------
Total mortgage loans 2,899,209 2,705,270 193,939
Other loans:
Student loans 433 288 145
Passbook loans 8,475 7,477 998
Commercial business loans 37,694 42,962 (5,268)
Other consumer loans 56,841 60,292 (3,451)
----------- ----------- ---------
Total other loans 103,443 111,019 (7,576)
----------- ----------- ---------
Total loans receivable 3,002,652 2,816,289 186,363
Less:
Premium (discount) on loans
purchased 4,820 5,135 (315)
Allowance for loan losses (21,168) (20,041) (1,127)
Deferred loan costs (fees) 6,653 5,236 1,417
----------- ----------- ---------
Loans receivable, net $ 2,992,957 $ 2,806,619 $ 186,338
=========== =========== =========
(1) Mortgage loans held for sale, net at March 31, 2002 and
December 31, 2001, were $998.1 million and $1.2 billion, respectively,
are not included in this table.
Delinquent Loans: The following table sets forth information
concerning delinquent loans at the dates indicated. The amounts
presented represent the total outstanding principal balances of the
related held in portfolio and held for sale loans, rather than the
actual payment amounts which are past due.
(Dollars in Thousands)
March 31, 2002 December 31, 2001
-------------- -----------------
90 Days or More
Mortgage loans:
Single-family residential $ 4,456 $ 5,432
Multi-family residential - -
Commercial real estate - -
Construction and land - 509
Home equity 27 30
------- -------
Total mortgage loans 4,483 5,971
Other loans:
Commercial business loans 27 774
Other loans 467 468
------- -------
Total other loans 494 1,242
------- -------
Total 4,977 7,213
======= =======
March 31, 2002 December 31, 2001
-------------- -----------------
60-89 Days
Mortgage loans:
Single-family residential $ 4,229 $ 5,945
Multi-family residential - 162
Commercial real estate 1,119 1,510
Construction and land 404 5,339
Home equity 68 258
------- -------
Total mortgage loans 5,820 13,214
Other loans:
Commercial business loans 1,842 42
Other loans 794 586
------- -------
Total other loans 2,636 628
------- -------
Total 8,456 13,842
======= =======
March 31, 2002 December 31, 2001
-------------- -----------------
30-59 Days
Mortgage loans:
Single-family residential $ 21,487 $ 15,634
Multi-family residential 486 567
Commercial real estate 3,770 3,848
Construction and land 5,498 9,113
Home equity 229 62
-------- --------
Total mortgage loans 31,470 29,224
Other loans:
Commercial business loans 1,043 1,257
Other loans 2,342 2,645
-------- --------
Total other loans 3,385 3,902
-------- --------
Total 34,855 33,126
======== ========
--30--nf/ny*
CONTACT: Staten Island Bancorp, Inc.
Donald Fleming, 718/556-6517
KEYWORD: NEW YORK
INDUSTRY KEYWORD: BANKING EARNINGS
SOURCE: Staten Island Bancorp, Inc.
COPYRIGHT 2002 Business Wire
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2002, Gale Group. All rights reserved. Gale Group is a Thomson Corporation Company.
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