BFS Bankorp announces 4th quarter and year end results.NEW YORK--(BUSINESS WIRE)--Nov. 4, 1994--BFS Bankorp 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 : BFSI BFSI Banking, Financial Services and Insurance BFSI Banking, Finance, Security and Insurance ), the parent holding company for Bankers Federal Savings FSB (FrontSide Bus) See system bus. FSB - front side bus , today reported consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: earnings of $5,746,000 or $3.37 primary earnings per share for the fiscal year ended Sept, 30, 1994. This compares to net income of $5,076,000 or $3.55 per share for the 1993 fiscal year. The 1993 earnings included the one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. benefit of a change in accounting principle in the amount of $1,615,000 or $1.13 per share. For the fourth quarter ended Sept. 30, 1994, the bank had net income of $1,763,000 or $1.02 per share compared to $1,308,000 or $0.92 per share in the same quarter last year. Core earnings, as defined in the company's Financial Highlights, increased to $11,251,000 for the 1994 fiscal year versus $8,493,000 in fiscal 1993, (a 32% increase). Net interest income was $21,194,000 for the fiscal year ended Sept. 30, 1994 compared to $17,158,000 for the prior fiscal year (a 24% increase). For those same periods, the net interest margin was 4.66% and 3.78% respectively. As of Sept. 30, 1994, the non-performing assets (NPA (1) (Numbering Plan Area) The Bellcore/Telcordia telephone area code system in use in the U.S., Canada, Alaska, Hawaii and islands in the Caribbean. See NPA code. (2) (Network Professional Association, San Diego, CA, www.npanet. ) of the bank were $26.2 million versus $39.4 million at the end of fiscal 1993 (a 34% reduction), NPA as a percent of total assets was 5.44% at Sept. 30, 1994 versus 8.45% at Sept. 30, 1993. In this fourth quarter alone, NPA was reduced from $32.5 million as of June June: see month. 30 to $26.2 million as of Sept. 30, a drop from 6.96% to 5.44% respectively as a percent of total assets. Commenting on fiscal 1994 results, James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. A. Randall Randall may refer to the following: In places:
BfS Bundesamt für Strahlenschutz (German: federal office for radiation protection) BFS Bowling for Soup (band) BFS Bankable Feasibility Study BFS British Fertility Society Bankorp, Inc. stated: "The Company set two objectives for the year: increase recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. earnings and decrease NPA. Accordingly, we are quite pleased with the Company's strong recurring earnings and its reduction in NPA. All aspects of the business contributed to our success, reflecting the true progress we have made throughout the Company. We are especially pleased by the significant reduction in our non-performing assets for fiscal 1994 as well as the dramatic reduction in the fourth quarter. We expect the Bank's NPA levels will continue to decline despite the rise in market interest rates experienced over the past several months. In sum, the Company met its targets and is well-positioned to maintain and grow its earnings." The Bank exceeds all of its 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. capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. , with tangible and core capital of 6.62% and risk-based capital of 11.81% at Sept. 30, 1994 as compared to tangible and core capital of 5.57% and risk-based capital of 11.45% at Sept. 30, 1993. BFS Bankorp Inc. is the parent holding company of Bankers Federal Saving FSB, a SAIF insured 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 New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . As of Sept. 30, 1994, the company had total assets of $482,507,000, deposits of $362,872,000 and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $32,606,000.
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Three Months Ended Twelve Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
Operating data:
Net interest income $ 5,577 $ 4,605 $ 21,194 $17,158
Provision for loan
and real estate
losses 450 900 2,065 3,750
Other income 607 1,093 2,743 3,454
Other expenses 3,088 2,916 12,083 10,861
Tax expense 883 574 4,043 2,540
Income before cumulative
effect of change in
accounting principle 1,763 1,308 5,746 3,461
Cumulative effect of
change in accounting
principle -- -- -- 1,615
Net income $ 1,763 $ 1,308 $ 5,746 $ 5,076
Core earnings(a) $ 2,978 $ 2,474 $11,251 $ 8,493
Primary earnings per share
Income before cumulative
effect of change in
accounting principle $ 1.02 $ 0.92 $ 3.37 $ 2.42
Cumulative effect of
change in accounting
principle -- -- -- $ 1.13
Net income $ 1.02 $ 0.92 $ 3.37 $ 3.55
Fully diluted earnings
per share
Income before
cumulative effect of
change in accounting
principle $ 1.02 $ 0.78 $ 3.34 $ 2.19
Cumulative effect of
change in accounting
principle -- -- -- $ 1.02
Net income $ 1.02 $ 0.78 $ 3.34 $ 3.21
Financial ratios
Average yield on earning
asset 8.44% 8.15% 8.33% 8.10%
Average cost of funds 3.92 4.21 3.97 4.50
Interest rate spread 4.52 3.94 4.36 3.60
Net interest margin 4.85 4.13 4.66 3.78
Return on average assets 1.49 1.12 1.23 1.43
Return on average common
equity 22.32 21.02 19.67 30.56
Operating expenses as
a percent of average
assets 2.62 2.37 2.59 2.27
Equity to asset ratio
at Sept. 30 6.76 5.70 6.76 5.70
Non-performing assets
as a percent of total
assets at Sept. 30 5.44 8.45 5.44 8.45
(a) Core earnings is defined as net income before taxes, gains and losses on sale of assets, income and loss from real estate operations, provisions for loan and real estate losses and the effect of changes in accounting principles.
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Sept. 30, Sept. 30,
1994 1993
Financial condition:
Assets:
Total assets $ 482,507 $ 466,913
Total interest-earning assets 470,914 432,481
Federal funds 5,000 5,000
Investment securities, net 12,321 13,430
Total mortgage-backed
securities, net 123,259 145,337
Loans, net 316,905 254,941
Allowance for loan losses 4,684 4,651
Liabilities:
Total liabilities $ 449,901 $ 440,301
Total interest-bearing liabilities 433,078 426,893
Deposits 362,872 350,286
Borrowed funds 52,665 54,215
Collateralized mortgage obligations 17,541 22,392
Equity:
Stockholders' equity $ 32,606 $ 26,612
Book value per share 20.20 16.69
Number of shares outstanding, net 1,614,413 1,594,351
CONTACT: BFS Bankorp Inc., New York
James A. Randall, 212/227-4040
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