BFS Bankorp announces record fourth quarter and year end earnings.(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 $8,021,000 or $4.66 primary earnings per share for the fiscal year ended Sept. 30, 1995. This compares to net income of $5,746,000 or $3.37 primary earnings per share for the 1994 fiscal year. For the fourth quarter ended Sept. 30, 1995, the bank had net income of $2,644,000 or $1.52 primary earnings per share compared to $1,763,000 or $1.02 per share in the same quarter last year. Core earnings, as defined in the company's financial highlights, increased to $14,257,000 for the 1995 fiscal year compared to $11,251,000 in fiscal 1994. This was an increase of 26.72 percent. Return on average common equity for the fiscal year ended Sept. 30, 1995 was 22.24 percent, compared to 19.67 percent at the end of fiscal 1994. 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 and Bankers Federal Savings FSB, commented on the quarter end results: "This is the third fiscal year in a row that our return on average common equity was approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 20 percent or greater. Considering that the industry average is approximately half that amount, we are especially pleased by these figures." Net interest income was $25,649,000 for fiscal 1995 compared to $21,194,000 for fiscal 1994. For the fourth quarter ended Sept. 30, 1995, net interest income was $6,705,000 compared to $5,577,000 for the same quarter last year. Net interest margin for the 1995 fiscal year was 4.95% compared to 4.66% in fiscal 1994. For the quarter ended Sept. 30, 1995, net interest margin was 4.94% compared to 4.85% the same quarter last year. The level of 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. ) was reduced by greater than 47.9% with $13,664,000 remaining at the end of fiscal 1995, compared to $26,233,000 at the end of fiscal 1994. Randall said: "Success in this area was the result of preventing new NPA while resolving a significant amount of existing NPA." NPA as a percent of total assets at the end of fiscal 1995 was 2.46% compared to 5.43% at the end of fiscal 1994. Consistent with this drop in NPA, the annual provision for loan and real estate losses was $1,252,000 in fiscal 1995, compared to $2,065,000 for fiscal 1994. Randall further stated: "Fiscal 1995 was an outstanding year for us as reflected by our posted record earnings for the past two quarters and the fiscal year as a whole. We originated over $100,000,000 in new loans and grew our total assets by 14.95% while limiting the growth of our non-interest expenses to only 4%." 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 Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. and core capital of 7.22% and risk-based capital of 12.75% at Sept. 30, 1995 as compared to tangible and core capital of 6.62% and risk-based capital of 11.81% at Sept. 30, 1994. BFS 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 Sept. 30, 1995, the company had total assets of $555,151,000, deposits of $388,562,000 and stockholders equity of $40,812,000. -0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Sept. 30, June 30, Sept. 30,
1995 1995 1994
Financial condition:
Assets:
Total assets $ 555,151 $ 543,607 $ 482,947
Total interest-earning assets 549,074 532,974 470,914
Federal funds 14,000 10,000 5,000
Securities held to maturity, net 16,135 33,886 135,580
Loans, net 490,408 480,828 316,905
Allowance for loan losses 5,359 5,120 4,684
Liabilities: Total liabilities $ 514,339 $ 505,441 $ 450,341 Total interest-bearing liabilities 498,345 486,434 433,078 Deposits 388,562 376,126 362,872 Borrowed funds 94,600 94,600 52,665 Collateralized mortgage obligations 15,183 15,708 17,541 Equity: Stockholders' equity $ 40,812 $ 38,167 $ 32,606 Book value per share $24.97 $23.35 $20.20 Number of shares outstanding, net 1,634,627 1,634,627 1,614,413 Non-performing assets $ 13,664 $ 21,061 $ 26,233 -0- BFS Bankorp Inc. & Subsidiaries Financial Highlights (Dollars in thousands except per share data) Three Months Ended Sept. 30, June June: see month. 30, Sept. 30, 1995 1995 1994 Operating data: Net interest income $ 6,705 $ 7,300 $ 5,577 Provision for loan and real estate losses 300 582 450 Other income 950 574 607 Other expenses 3,318 3,020 3,088 Tax expense 1,393 2,037 883 Net income $2,644 $2,235 $1,763 Core earnings (1) $3,843 $3,847 $2,978 Primary earnings per share $1.52 $1.30 $1.02 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 $1.52 $1.30 $1.02 Financial ratios Average yield on earning assets 9.36% 9.05% 8.44% Average cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. 4.91% 4.73% 3.92% Interest rate spread 4.45% 4.32% 4.52% Net interest margin 4.94% 4.82% 4.85% Return on average assets 1.93% 1.68% 1.49% Return on average common equity 26.92% 24.26% 22.32% Operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. as a percent of average assets 2.42% 2.27% 2.62% Equity to asset ratio at quarter end 7.35% 7.02% 6.76% Non-performing assets as a percent of total assets at quarter end 2.46% 3.87% 5.43% (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 items. -0- BFS Bankorp Inc. & Subsidiaries Financial Highlights (Dollars in thousands except per share data) Twelve Months Ended Sept. 30, Sept. 30, 1995 1994 Operating Data: Net interest income $ 25,649 $ 21,194 Provision for loan and real estate losses 1,252 2,065 Other income 2,548 2,743 Other expenses 12,569 12,083 Tax expense 6,355 4,043 Net income $ 8,021 $ 5,746 Core earnings (1) $ 14,257 $ 11,251 Primary earnings per share $ 4.66 $ 3.37 Fully diluted earnings per share $ 4.65 $ 3.34 Financial Ratios Average yield on 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 9.12% 8.33% Average cost of funds 4.65% 3.97% Interest rate spread 4.47% 4.36% Net interest margin 4.95% 4.66% Return on average assets 1.53% 1.23% Return on average common equity 22.24% 19.67% Operating expenses as a percent of average assets 2.40% 2.59% Equity to asset ratio at Sept. 30 7.35% 6.76% Non-performing assets as a percent of total assets at Sept. 30 2.46% 5.43% (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 items. CONTACT: BFS Bankorp Inc., 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 James A. Randall, 212/227-4040 |
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