Atlantic Bank of New York Announces 59% Increase in Earnings for the Third Quarter of 2002.Business Editors NEW YORK--(BUSINESS WIRE)--Oct. 31, 2002 Atlantic Bank of New York
These results are inclusive of inclusive of prep. Taking into consideration or account; including. Atlantic Bank's acquisition of Yonkers Yonkers (yŏn`kərz), city (1990 pop. 188,082), Westchester co., SE N.Y., on the east bank of the Hudson, in a hilly region just N of the Bronx (New York City); inc. 1855. Its elevator works date from 1852. Financial Corporation (YFC YFC Youth For Christ YFC Young Farmers Club (UK) YFC Youth Flying Club (Singapore) YFC Fredericton, New Brunswick, Canada - Fredericton Municipal (Airport Code) ), which was completed on May 8, 2002. The conversion of all 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. resulting in the successful integration of the former Yonkers Federal Savings & Loan Association operations into Atlantic Bank was completed on June June: see month. 17, 2002. Net income for the quarter was $7.0 million, which was $2.6 million or 59% greater than the $4.4 million posted for the same period last year. Net income for the year to date rose to $19.9 million reflecting an $8.1 million or 68% increase over the $11.8 million reported for the comparable nine month period of the prior year. Net interest income was $23.7 million for the third quarter and $63.5 million for the year to date, representing an increase of $6.4 million and $10.1 million respectively over the comparable prior year periods. The net interest margin for the quarter and nine month periods remained relatively flat compared with the same periods last year. The 36.9% and 18.9% increase in net interest income for the comparable quarter and year to date periods is attributable to the additional assets acquired in the Yonkers acquisition. The provision for loan losses for the third quarter 2002 and year to date was $2.2 million and $4.6 million respectively, versus $5.4 million and $12.7 million for the comparable periods last year. Non-interest income for the third quarter increased to $5.1 million, a $.7 million or 15% gain compared with the $4.4 million reported the same period last year. Non-interest income for the year to date increased to $16.0 million, representing a $4.4 million or 38% increase compared with $11.6 million posted the first nine months of 2001. Non-Interest expense for the third quarter was $15.3 million, an increase of 49% or $5.0 million over the comparable quarter last year. For the nine months of 2002, non-interest expense was $42.7 million, an increase of 24% or $8.2 million compared with the same period last year. The increased non-interest expense is primarily attributable to the salary and benefit costs associated with the additional staff acquired in the YFC merger as well as certain one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. merger, acquisition and integration costs and the amortization of deposit premiums. Total loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , were $1,272.3 million at September September: see month. 30, 2002, compared with $1,292.0 million at June 30, 2002 and $1,048.2 million at September 30, 2001. The 1.5% or $19.6 million decrease in loans during the third quarter is primarily attributable to the sale of certain leases from the bank's leasing company combined with the restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of the acquired Residential Lending business subsequent to the acquisition of YFC. The 21.4% or $224.2 million increase in loans from September 30, 2001 to the current quarter reflects the assumption of loans through the YFC acquisition, which were partially offset by the sale of a pool of Commercial Real Estate loans 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 a portion of the Residential Mortgage loan portfolio. Total deposits were $1,722.7 million at September 30, 2002, reflecting a decrease of 10.4% or $199.4 million from the prior quarter and an increase of 34.3% or $440.0 million compared with September 30, 2001. The decrease from the prior quarter of this year is primarily the result of the routine periodic redeployment re·de·ploy tr.v. re·de·ployed, re·de·ploy·ing, re·de·ploys 1. To move (military forces) from one combat zone to another. 2. of cash management funds by certain major institutional customers and to a lesser extent the bank's continuing de-emphasis on higher rate funding sources. The 34.3% increase from the comparable period last year is due to deposits acquired from Yonkers as well as the bank's continued success in expanding deposit relationships with its consumer and business customers. As of September 30, 2002, total assets were $2.6 billion, reflecting a slight decrease of 2.7% or $73.2 million compared with the prior quarter and an increase of 28.1% or $575.9 million for the comparable prior year to date period. The year to date increase of 28.1% is principally attributed to the acquisition of YFC, with the quarterly reduction resulting from a combination of the previously mentioned sale of leases and Residential Lending restructuring and the reduction in securities associated with institutional customer cash management activities. Atlantic Bank's return on average total assets for the third quarter and year to date improved to 1.04% and 1.12% respectively from .87% and .80% for the same periods last year. Return on average stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. increased to 14.28% for the quarter and to 14.36% for the nine months ended September 30, 2002. The bank's efficiency ratio increased to 52.9% for the quarter and to 53.7% for the nine months ended September 30, 2002, reflecting the additional costs associated with the YFC acquisition. The bank's Tier I leverage ratio was 5.65% and 8.17% at September 30, 2002 and 2001, respectively. This ratio is in excess of the current regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. for a well-capitalized institution. The allowance for loan losses as a percentage of total loans was 1.98% at September 30, 2002 compared with 2.13% at September 30, 2001. "This past quarter has been an exciting and eventful e·vent·ful adj. 1. Full of events: an eventful week. 2. Important; momentous: an eventful decision. one for Atlantic Bank and we are very pleased with the progress we have made in positioning our bank for future profitable growth," said Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs M. O'Brien O'Bri·en , Edna Born 1932. Irish writer whose works, including The Lonely Girl (1962) and Johnny I Hardly Knew You (1977), explore the lives of women in modern-day Ireland. Noun 1. , President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . He added, "Although we continue to be cautious in our overall approach to credit management, we are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op in our view of the new and expanded market opportunities that have been afforded to us as a result of the smooth integration of the Yonkers franchise into the Atlantic Bank family." Established in 1926, Atlantic Bank of New York is one of the top 25 commercial banks serving the 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 area. With over $2.6 billion in assets, Atlantic Bank is a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. commercial bank providing a comprehensive range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to small- and mid-sized businesses, commercial real estate investors A real estate investor is someone who actively or passively invests in real estate. An active investor may buy a property, make repairs and/or improvements to the property, and sell it later for a profit. and consumers. The bank operates 20 branch offices in Manhattan Manhattan, indigenous people of North America Manhattan (mănhăt`ən), indigenous people of North America of the Algonquian-Wakashan linguistic stock (see Native American languages). , Queens, Brooklyn and Long Island, Westchester, Dutchess and in Boston. Atlantic Bank is a member of the global financial network of the National Bank of Greece The National Bank of Greece (NBG; Greek: Εθνική Τράπεζα της Ελλάδος (NYSE NYSE See: New York Stock Exchange : NBG NBG National Bank of Greece NBG Nederlands Bijbelgenootschap NBG National Bank of Georgia NBG Need Before Greed (Everquest game slang) NBG National Bicycle Greenway NBG Naval Beach Group NBG Natural Born Gamers ), which has more than $50 billion in assets and operates in 16 countries. Additional information is available on the bank's website at www.abny.com. The financial summary follows.
Atlantic Bank of New York
(In thousands, except ratios)
INCOME STATEMENT HIGHLIGHTS
Three Months Ended Nine Months Ended
UNAUDITED UNAUDITED UNAUDITED UNAUDITED
September September September September
30, 30, 30, 30,
2002 2001 2002 2001
--------- --------- --------- ---------
Interest Income $35,900 $32,293 $95,906 $103,015
Interest Expense 12,163 14,957 32,408 49,588
--------- --------- --------- ---------
Net Interest Income 23,737 17,336 63,498 53,427
Provision for Loan Losses 2,200 5,428 4,600 12,673
--------- --------- --------- ---------
Net Interest Income after
Provision for Loan Losses 21,537 11,908 58,898 40,754
Non-Interest Income:
-----------------------------
Customer Related Fees & Service
Charges 1,586 1,551 4,605 4,666
Investment Management and
Commissions 2,400 2,086 6,999 5,940
Trading Income (Loss) (499) 269 (109) (92)
Other Operating Income 658 628 2,349 874
Gain on Sale of Loans 283 (45) 965 138
Net Securities Gains 701 (46) 1,144 70
--------- --------- --------- ---------
Total Non-Interest Income 5,129 4,443 15,953 11,596
--------- --------- --------- ---------
Non-Interest Expense 15,261 10,233 42,682 34,440
Income Before Taxes 11,405 6,118 32,169 17,910
Provision for Income Taxes 4,398 1,699 12,286 6,086
--------- --------- --------- ---------
Net Income $ 7,007 $ 4,419 $19,883 $ 11,824
========= ========= ========= =========
Return on Average Total Assets 1.04% 0.87% 1.12% 0.80%
Return on Average Stockholder's
Equity 14.28% 10.47% 14.36% 9.80%
Yield on Interest Earning
Assets 5.64% 6.83% 5.76% 7.45%
Cost of Funds 2.26% 3.78% 2.34% 4.31%
Net Interest Margin 3.73% 3.67% 3.81% 3.86%
Efficiency Ratio 52.87% 46.99% 53.72% 52.97%
Atlantic Bank of New
York
(In thousands, except
ratios)
BALANCE SHEET
HIGHLIGHTS
UNAUDITED UNAUDITED UNAUDITED
September June December September
30, 30, 31, 30,
2002 2002 2001 2001
----------- ----------- ----------- -----------
Total Assets $2,623,511 $2,696,666 $1,980,637 $2,047,655
Loans, net 1,272,341 1,291,951 1,008,335 1,048,174
Allowance for Loan
Losses 25,136 24,967 21,889 22,347
Securities Available-
For-Sale 1,117,168 1,138,513 799,351 744,814
Total Treasury
Investments 1,168,845 1,155,236 829,868 857,759
Total Deposits 1,722,687 1,922,079 1,388,520 1,283,118
Borrowings 689,215 569,373 408,543 576,040
Stockholder's Equity -
see Note to Financial
Summary 197,679 189,992 171,463 170,992
SELECTED FINANCIAL HIGHLIGHTS
CAPITAL RATIOS:
---------------------
Risk Based Capital:
Tier I 9.90% 9.63% 13.30% 11.38%
Total 11.16% 10.88% 14.56% 12.63%
Leverage Ratio 5.65% 6.08% 8.42% 8.17%
ASSET QUALITY
---------------------
Non-Performing Loans $39,865 $41,229 $47,933 $28,952
Other 278 327 - -
----------- ----------- ----------- -----------
Total Non-Performing
Assets $40,143 $41,556 $47,933 $28,952
=========== =========== =========== ===========
Allowance for Loan
Losses to Non-
Performing Assets 62.62% 60.08% 45.67% 77.19%
Allowance for Loan
Losses to Total Loans,
Net 1.98% 1.93% 2.17% 2.13%
Non-Performing Loans to
Total Loans, Net 3.13% 3.19% 4.75% 2.76%
Note to Financial
Summary
----------------------
Stockholder's equity includes unrealized gains (losses) on the
Available-for-Sale portfolio in accordance with FAS-115 as follows:
September 30, 2002, $1,489; June 30, 2002, $813; December 31, 2001,
($4,846); and September 30, 2001, ($129).
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