BFS Bankorp announces second quarter earnings.NEW YORK--(BUSINESS WIRE)--April 21, 1995--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 $1,705,000 or $0.99 primary earnings per share for its second fiscal quarter ended March 31, 1995. This compares to earnings of $1,428,000 or $0.89 per share in the same quarter last year and $1,437,000 or $0.83 per share in the previous quarter ended Dec. 31, 1994. Core earnings, as defined in its Financial Highlights, increased to $3,478,000 for the second quarter ended March 31, 1995 compared to $2,688,000 in the same quarter last year and $3,088,000 in the previous quarter. 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: "I am particularly pleased to report that we continue to achieve strong earnings and steady net interest margins despite the dramatic rise in market interest rates over the last twelve months." Net interest margin for the first quarter ended March 31, 1995, was 4.70% versus 4.48% the same quarter last year and 4.60% the previous quarter. Net interest income for the quarter ended March 31, 1995 was $6,040,000 compared to $5,122,000 at March 31, 1994 and $5,603,000 at the previous quarter ended Dec. 31, 1994. Interest rate spread for this quarter was 4.25% versus 4.19% the same quarter last year and 4.12% last quarter. Randall further stated: "We also continue to experience reductions in our 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. ) and commensurate com·men·su·rate adj. 1. Of the same size, extent, or duration as another. 2. Corresponding in size or degree; proportionate: a salary commensurate with my performance. 3. reductions in our quarterly provision for loan and real estate losses." The bank's NPA declined to $22.9 million at March 31, 1995 compared to $37.0 million the same quarter last year and $25.0 million the previous quarter ended Dec. 31, 1994. NPA as a percent of total assets was 4.35% at March 31, 1995 compared to 7.91% at March 31, 1994 and 4.91% at the end of last quarter. Quarterly provision for loan and real estate losses was $170,000 this quarter, down from $465,000 in the same quarter last year and $200,000 for the previous quarter ended Dec. 31, 1994. As of March 31, 1995, the bank continued to exceed all 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. capital of 6.68%, core capital of 6.68% and risk-based capital of 12.17%, compared to 6.55%, 6.55% and 12.97% the previous quarter ended Dec. 31, 1994. BFS Bankorp, Inc. is the parent holding company of Bankers Federal Savings FSB, a SAIF insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. 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 March 31, 1995, the company had total assets of $526,857,000, deposits of $366,940,000 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 $35,832,000. -0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
March 31, Dec. 31,
1995 1994
Financial condition:
Assets:
Total assets $ 526,857 $ 509,710
Total interest-earning assets 515,849 499,294
Federal funds 10,000 6,000
Securities held to maturity, net 139,281 136,211
Loans, net 355,304 345,641
Allowance for loan losses 4,824 4,816
Liabilities: Total liabilities $ 491,025 $ 475,663 Total interest-bearing liabilities 467,903 459,616 Deposits 366,940 365,835 Borrowed funds 84,665 76,860 Collateralized mortgage obligations 16,298 16,921 Equity: Stockholders' equity $ 35,832 $ 34,047 Book value per share 22.11 21.09 Number of shares outstanding, net 1,620,811 1,614,413 Non-performing assets $ 22,937 $ 25,016 -0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Sept. 30,
1994
Financial condition:
Assets:
Total assets $ 482,947
Total interest-earning assets 470,914
Federal funds 5,000
Securities held to maturity, net 135,580
Loans, net 316,905
Allowance for loan losses 4,684
Liabilities: Total liabilities $ 450,341 Total interest-bearing liabilities 433,078 Deposits 362,872 Borrowed funds 52,665 Collateralized mortgage obligations 17,541 Equity: Stockholders' equity $ 32,606 Book value per share 20.20 Number of shares outstanding, net 1,614,413 Non-performing assets $ 26,233 -0-
BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Three Months Ended
March 31, March 31, Dec. 31,
1995 1994 1994
Operating data: Net interest income $6,040 $5,122 $5,603 Provision for loan and real estate losses 170 465 200 Other income 593 888 578 Other expenses 3,174 2,968 3,202 Tax expense 1,584 1,149 1,342 Net income 1,705 1,428 1,437 Core earnings(1) 3,478 2,688 3,088 Primary earnings per share 0.99 0.89 0.83 Fully diluted earnings per share 0.99 0.82 0.83 Financial ratios Average yield on earning assets 8.85% 8.18% 8.46% Average cost of funds 4.60% 3.99% 4.34% Interest rate spread 4.25% 4.19% 4.12% Net interest margin 4.70% 4.48% 4.60% Return on average assets 1.32% 1.23% 1.15% Return on average common equity 19.58% 20.14% 17.24% Operating expenses as a percent of average assets 2.46% 2.57% 2.45% Equity to asset ratio at Mar. 31 6.80% 6.19% 6.68% Non-performing assets as a percent of total assets at Mar. 31 4.35% 7.91% 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, and provisions for loan and real estate losses.
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BFS Bankorp Inc. & Subsidiaries
Financial Highlights
(Dollars in thousands except per share data)
Six Months Ended
March 31, March 31,
1995 1994
Operating data: Net interest income $11,644 $10,003 Provision for loan and real estate losses 370 1,365 Other income 1,024 1,491 Other expenses 6,230 6,181 Tax expense 2,926 1,684 Net income 3,142 2,264 Core earnings(1) 6,567 5,051 Primary earnings per share 1.82 1.41 Fully diluted earnings per share 1.82 1.31 Financial ratios Average yield on earning assets 8.66% 8.22% Average cost of funds 4.47% 4.06% Interest rate spread 4.19% 4.16% Net interest margin 4.65% 4.43% Return on average assets 1.24% 0.98% Return on average common equity 18.44% 16.37% Operating expenses as a percent of average assets 2.45% 2.62% Equity to asset ratio at Mar. 31 6.80% 6.19% Non-performing assets as a percent of total assets at Mar. 31 4.35% 7.91%
(1) Core earnings is defined as net income before taxes, gains
and losses on sale of assets, income and loss from real
estate operations, and provisions for loan and real estate losses.
-0-
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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