Aspen Bancshares' third quarter net up 5 percent.ASPEN, Colo.--(BUSINESS WIRE)--Oct. 19, 1995--Aspen Bancshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ASBK) Thursday reported record net income for the third quarter ended September 30, 1995 of $1.220 million, a 4.9% increase over the $1.163 million earned in the third quarter of 1994. Earnings per share, adjusted for the October 10, 1995, five-for-four common stock split, equaled $0.36, a 5.9% increase over the $0.34 recorded in the third quarter of 1994. 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 were $0.32 for the 1995 quarter compared to $0.31 from the year earlier period. Net income for the first nine months of 1995 was $3.453 million, an 14.5% increase over the 1994 comparable-period's net of $3.016 million, or $1.01 per share versus $0.87. Fully diluted earnings per share for nine months ended September 30, 1995 equaled $0.93 compared to $0.81 recorded for the nine month period of 1994.. The $0.20 per common share dividend was maintained after the stock split, resulting in a 25% increase in the cash payout. Commenting on the results, Charles Israel, President and Chief Executive, said, "We were pleased to record yet another quarter of earnings increases at Aspen Bancshares. We had some non-recurring corporate events in the quarter that, in the aggregate, were positive. "Our underlying earnings momentum continues despite a challenging environment for community banks. Fortunately, the markets in which we operate offer us attractive lending opportunities on which we are able to capitalize. "Our basic earnings were good. Net interest income rose by 5.3% in the third quarter of 1995 to $3.914 million from $3.716 million. 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 were down slightly in the quarter, reflecting sales of investment securities--loans were up, on average, almost 5%--while net interest margins rose to 4.89% from the 4.61% recorded in last year's third quarter. "Non-interest income rose sharply in the quarter, reflecting a portion of a gain on the sale of a Durango office building we owned, plus additional net gains on the sales of loans and investments, as we took advantage of market conditions. "Non-interest expenses were well controlled. Personnel expense in the quarter was down by just under 2%. This occurred even as we upgraded the quality of our staff, bank-wide. We booked some expenses in connection with a lawsuit the Bank has been pursuing for some time, as it became clear the case was going to drag on Verb 1. drag on - last unnecessarily long drag out last, endure - persist for a specified period of time; "The bad weather lasted for three days" 2. longer than anticipated. All told, our overhead expense ratio declined to just below 59% for the quarter. "Asset quality remains excellent. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. were $337,000 at September 30, 1995, equal to just 0.10% of total assets, a fraction of the industry average. This compares with nonperforming assets of $505,000 at September 30, 1994 and $1.181 million at June 30, 1995. "Net loan charge-offs were just $8,000 for the quarter and $14,000 for the nine months in 1995, the equivalent of 0.05% of average loans, on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. The allowance for loans losses at September 30, 1995 was $2.191 million, or 0.82% of period end loans and 550% of nonperforming assets. "We've been getting good deposit growth in our newest branches, Farmington, New Mexico Farmington (Navajo: Tótah) is a city in San Juan County, New Mexico, United States. As of the 2000 census, the city had a total population of 37,844. The Census Bureau's 2006 population estimate for the city is 43,573. and El Jebel. These two offices accounted for approximately $10 million in new deposits during 1995. Otherwise, we experienced transfers into large certificates of deposit from core savings accounts Savings Account A deposit account intended for funds that are expected to stay in for the short term. A savings account offers lower returns than the market rates. Notes: . Overall, deposits at September 30, 1995 were $293 million, up 4.2% from a year ago. "We're getting some positive indications about our principal market. Colorado's winter tourist season Tourist Season is a novel written in 1986 by Carl Hiaasen. It is set in and around Miami, Florida. Bookjacket tagline The only trace of the first victim was his Shriner's fez washed up on the Miami beach. last year was hurt by the departure of Continental Express. This year, Northwest will fly directly into Aspen twice daily from Minneapolis, and three new commuter airlines, Jet Aspen, Maverick and Peak, the latter with the backing of Aspen Ski Company, will provide additional service from Denver. So we're pretty excited about the prospects for the upcoming winter and spring seasons." Aspen Bancshares is the parent company for the Pitkin County Bank and Trust, Aspen's largest bank, and Centennial 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. , the largest thrift located in western Colorado. Returns on average assets and average common equity for the third quarter of 1995 were 1.31% and 25.0%, respectively. Equity to period-end assets was 7.6%. Total assets at September 30, 1995 were $345.6 million. 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. was $26.1 million, equivalent to $7.24 per common share outstanding, on a fully diluted basis. All per share data have been adjusted for the five-for-four stock split. --TABLES TO FOLLOW-- CONTACT: Aspen Bancshares Inc., Aspen Charles B. Israel, 970/925-6700 or The Levine Group, New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Hal Levine/Marty Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. , 212/682-8875 |
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