BFS Bankorp announces first quarter earnings.NEW YORK--(BUSINESS WIRE)--Jan.29, 1996--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 earnings of $2,279,000 or $1.30 primary earnings per share for the first quarter ended December December: see month. 31, 1995 compared to earnings of 1,437,000 or $0.83 per share in the same quarter last year and $2,644,000 or $1.52 primary earnings per share for the previous quarter ended September September: see month. 30, 1995. Core earnings, as defined in the Company's Financial Highlights, increased to $4,016,000 for the quarter ended December 31, 1995 compared to $3,089,000 in the same quarter last year and $3,843,000 in the previous quarter ended September 30, 1995. The Bank's 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. ) decreased to $14,537,000 from $25,016,000 in the same quarter last year, but increased modestly from $13,664,000 in the previous quarter ended September 30, 1995. 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, President and Chief Executive Officer explained: "The increase in NPA from the previous quarter was not a result of new delinquencies. Rather, management had investigated and decided to take the financial opportunity to purchase a selection of 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. from the Resolution Trust Company (RTC See real time clock. ), which we felt could be successfully resolved." NPA as a percent of total assets for the quarter ended December 31, 1995 was 2.59% as compared to 4.91% in the same quarter last year and 2.46% in the quarter ended September 30, 1995. Randall continued: "Based upon a thorough analysis of our performing and non-performing loan portfolio, no provision for loan and real estate losses was needed for the quarter ended December 31, 1995." Provisions for the quarter ended December 31, 1994 were $200,000 and for the quarter ended September 30, 1995 were $300,000. Randall further stated: "We will continue to monitor and analyze our loan portfolio to determine if and when it may be appropriate to make a reversal of previous provisions, so as to return into income that portion of loss reserves which are no longer needed or appropriate." Due to continued strong loan origination 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. volumes, Bankers Federal loan portfolio increased at a 15% 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. rate, net of repayments/amortizations, in this first quarter of fiscal 1996. It successfully closed $41,500,000 loan originations compared to $39,260,000 in the first quarter of fiscal 1995. Net interest income for the quarter was $6,778,000 compared to $5,603,000 at December 31, 1994 and $6,705,000 at September 30, 1995. Interest rate spread for the quarter was 4.37% versus 4.12% the same quarter last year and 4.45% last quarter. Net interest margin continues to be steady at 4.90% this quarter versus 4.60% the same quarter last year and 4.94% the previous quarter. The Bank continues to exceed all its regulatory capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. at December 31, 1995 with tangible and core capital of 7.54% and risk-based capital of 13.29%. This compares to tangible and core capital of 6.55% and risk-based capital of 12.97% at December 31, 1994 and tangible and core capital of 7.22% and risk-based capital of 12.75% at the previous quarter ended September 30, 1995. BFS BFS Bundesamt Für Statistik 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. is the parent holding company of Bankers Federal Savings 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. . Bankers Federal specializes in multi-family lending and services the community through five branch locations. As of December 31, 1995, the Company had total assets of $562,201,000 deposits of $385,538,000 and 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. of $43,092,000. -0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Three Months Ended
Dec. 31, Sept. 30, Dec. 31,
1995 1995 1994
Operating data:
Net interest income $ 6,778 $ 6,705 $ 5,603
Provision for loan and
real estate losses - 300 200
Other income 443 950 432
Other expenses 3,198 3,318 3,056
Tax expense 1,744 1,393 1,342
Net income $2,279 $2,644 $1,437
Core earnings (1) $4,016 $3,843 $3,089
Primary earnings per share $1.30 $1.52 $0.83
Fully diluted earnings per
share $1.30 $1.52 $0.83
Financial ratios
Average yield on earning
assets 9.32% 9.36% 8.46%
Average cost of funds 4.95% 4.91% 4.34%
Interest rate spread 4.37% 4.45% 4.12%
Net interest margin 4.90% 4.94% 4.60%
Return on average assets 1.78% 1.93% 1.15%
Return on average common
equity 21.76% 26.92% 17.24%
Operating expenses as a
percent of average assets 2.29% 2.42% 2.45%
Equity to asset ratio
at quarter end 7.67% 7.35% 6.68%
Non-performing assets
as a percent of total
assets at quarter end 2.59% 2.46% 4.91%
(1) 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 certain other extraordinary item.
-0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Dec. 31, Sept. 30, Dec. 31,
1995 1995 1994
Financial condition:
Assets:
Total assets $ 562,201 $ 555,151 $ 509,710
Total interest-earning assets 556,167 549,074 499,294
Federal funds 5,000 14,000 6,000
Securities held to maturity, net 16,159 16,135 121,899
Loans, net 507,958 490,408 345,641
Allowance for loan losses 5,635 5,359 4,816
Liabilities: Total liabilities $ 519,109 $ 514,339 $ 475,663 Total interest-bearing liabilities 494,602 498,345 459,616 Deposits 385,538 388,562 365,835 Borrowed funds 94,600 94,600 76,860 Collateralized mortgage obligations 14,464 15,183 16,921 Equity: Stockholders' equity $ 43,092 $ 40,812 $ 34,047 Book value per share $ 26.36 $ 24.97 $ 21.09 Number of shares outstanding, net 1,634,627 1,634,627 1,614,413 Non-performing assets $ 14,537 $ 13,664 $ 25,016 CONTACT: BFS Bankorp, Inc. James A. Randall, 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. 212/227-4040 |
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