BSB Bancorp, Inc. Announces Second Quarter Earnings.Business Editors BINGHAMTON Binghamton (bĭng`əmtən), industrial city (1990 pop. 53,008), seat of Broome co., S central N.Y., at the confluence of the Chenango and the Susquehanna rivers; settled 1787, inc. as a city 1867. , N.Y.--(BUSINESS WIRE)--July 19, 2001 BSB BSB Backstreet Boys BSB Bayerische Staatsbibliothek BSB British Superbikes (motorcycle racing series) BSB Bachelor of Science in Business BSB Bandar Seri Begawan (capital of Brunei) Bancorp, Inc. (NASDAQ/NMS:BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), holding company for BSB Bank & Trust Company, reported net income for the quarter ended June June: see month. 30, 2001 of $5,404,000, or $0.53 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, compared to $6,319,000, or $0.61 per diluted share, for the quarter ended June 30, 2000, and $5,003,000, or $0.49 per diluted share for the first quarter of 2001. For the six months ended June 30, 2001, net income was $10,407,000, or $1.02 per diluted share, compared to $12,067,000, or $1.17 per diluted share, for the same period in 2000. Howard Howard, English noble family. Landowners in Norfolk from the 13th cent., the Howards obtained the duchy of Norfolk through the marriage of Sir Robert Howard to Margaret Mowbray, daughter of Thomas Mowbray, 1st duke of Norfolk. W. Sharp, 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. of the Bank said, "During the second quarter we continued to see improvements in what we consider to be the primary objectives of the Company. Comparing the second quarter of 2001 to the first quarter of 2001, non-performing assets decreased by 6.5% and total C & I loans shrunk shrunk v. A past tense and a past participle of shrink. shrunk Verb a past tense and past participle of shrink shrunk, shrunken shrink by $113,511,000 to $851,822,000. C & I loans now represent 52.1% of total loans, as compared to 54.4% in the first quarter of 2001. During the same time period, non-core wholesale money desk deposits fell to $41,385,000 from $79,319,000 and borrowings decreased by $7,488,000." Mr. Sharp also stated, "Our 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. and past due loans again were slightly lower in the second quarter, but they continue to be unacceptably high. We are pleased, however, with the continued improvement in those numbers. We are also pleased with the continued core earnings strength demonstrated by the Company in the second quarter." Mr. Sharp also noted changes in the Bank's retail branch system. He said, "In the second quarter, the Bank completed the sale of a grocery store branch located outside our target market area. In addition, the Bank has received 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. approvals to open a branch in Fayetteville Fayetteville (fā`ĕtvĭl). 1 City (1990 pop. 42,099), seat of Washington co., NW Ark., in the Ozarks; inc. 1836. It is an agricultural trade center with canneries and food processors. The Univ. , a suburb suburb, a community in an outlying section of a city or, more commonly, a nearby, politically separate municipality with social and economic ties to the central city. In the 20th cent. of Syracuse Syracuse, city, Italy Syracuse (sĭr`əky  s, –kyz), Ital. Siracusa, city (1991 pop. , which will compliment Not to be confused with Complement.Compliment may be
Net interest income was $21,038,000 for the second quarter of 2001, compared to $23,579,000 for the second quarter of 2000, and $20,648,000 for the first quarter of 2001. Net interest income decreased in the second quarter of 2001 from the second quarter of 2000 as a result of compressed margins associated with the Federal Reserve Board's actions to lower short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. rates and the Bank's lower levels of 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 . The major reason for the decline in assets was the Bank's effort to lessen less·en v. less·ened, less·en·ing, less·ens v.tr. 1. To make less; reduce. 2. Archaic To make little of; belittle. v.intr. To become less; decrease. its dependence on commercial loans and higher cost deposits. The increase in net interest income from the first quarter of 2001 to the second quarter of 2001 was the result of the higher interest rate margin achieved in the second quarter. The provision for credit losses was $4,500,000 for the quarter ended June 30, 2001, $4,674,000 for the first quarter of 2001, and $4,951,000 for the quarter ended June 30, 2000. The allowance for possible credit losses decreased to $55,159,000, or 3.37% of period-end loans outstanding at June 30, 2001, from $61,423,000, or 3.46% of period-end loans outstanding at March 31, 2001, and increased from $33,936,000, or 1.89% of period-end loans outstanding at June 30, 2000. Net charge-offs during the second quarter of 2001 amounted to $10,764,000, or 2.51% of average gross loans outstanding, compared to $2,542,000, or 0.57% of average gross loans outstanding during the first quarter of 2001, and $2,720,000, or 0.61% of average gross loans outstanding in the second quarter of 2000. Non-performing loans at June 30, 2001 were $54,010,000, or 3.30% of total gross loans outstanding, compared to $57,771,000, or 3.26% of gross loans outstanding at March 31, 2001, and $10,486,000, or 0.58% of total gross loans outstanding at June 30, 2000. Non-interest income amounted to $3,116,000 for the second quarter of 2001, compared to $2,743,000 for the first quarter of 2001, and $3,435,000 for the second quarter of 2000. The second quarter of 2001 included approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $300,000 of gain on the sale of the Bank's Oswego Oswego, city, United States Oswego (ŏswē`gō), city (1990 pop. 19,195), seat of Oswego co., N central N.Y., on Lake Ontario and the Oswego River; founded 1722, inc. as a city 1848. The largest U.S. branch. This branch was obtained in the acquisition of Skaneateles Skaneateles may refer to, in the United States:
adj See approximal. $500,000, pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to merchant credit card activity that was outsourced Outsourced is a modern day comedy of cross-cultural conflict and romance, directed by John Jeffcoat, released in 2007. Synopsis Todd Anderson (Josh Hamilton) spends his days managing a customer call center for American Novelty Products in Seattle, until his job, in the fourth quarter of 2000. Operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. for the second quarter of 2001 was $10,925,000 compared to $10,697,000 for the first quarter of 2001, and $11,714,000 for the second quarter of 2000. The largest increase in the second quarter of 2001 from the first quarter of 2001, was an increase in advertising expense of about $180,000 as the Bank initiated new advertising campaigns. There were no other material increases in any expense accounts. The largest decrease in expenses from the second quarter of 2000 to the second quarter of 2001, was the decrease in merchant credit card expense of approximately $500,000, as previously mentioned. The Bank's Efficiency Ratio, which consists of operating expense divided by 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. revenues (net interest income and non-interest income) on a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta basis, remains very favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. compared to the Bank's peer group, at 45.23% for the second quarter of 2001, 45.73% for the first quarter of 2001, and 43.36% for the second quarter of 2000. Shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $156,600,000, or 7.35% of assets at June 30, 2001, $155,508,000, or 6.85% of assets at March 31, 2001, and $161,744,000, or 7.07% of assets at June 30, 2000. Book value per share was $15.79 at June 30, 2001, $15.56 at March 31, 2001, and $15.75 at June 30, 2000. Forward Looking Statements This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , including those regarding the projected performance of BSB Bancorp, Inc. These statements constitute forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. information, within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995, which involve significant risks and uncertainties. Actual results may differ materially from any forward-looking information discussed in this news release. Factors that might cause such differences include, but are not limited to: fluctuations in interest rates, government regulations and economic conditions and competition in the geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. and business areas in which BSB conducts its operations, as well as unanticipated loan losses and other similar conditions affecting the Company's operations, pricing, products, and services. Except as required by law, BSB disclaims any obligation to update any such factors or to publicly announce the result of any revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to any of the forward-looking statements in this news release to reflect future events or developments. For additional information regarding BSB, including a discussion of related risk factors, please refer to BSB's public filings with the Securities and Exchange Commission which are available online at http://www.sec.gov See .gov and GovNet. (networking) gov - The top-level domain for US government bodies. .
BSB Bancorp, Inc.
Quarters Ended June 30, 2001 2000
----------------------------------------------------------------------
Net Income $5,404,000 $6,319,000
Earnings Per Share
Basic $0.54 $0.62
Diluted $0.53 $0.61
Six Months Ended June 30, 2001 2000
----------------------------------------------------------------------
Net Income $10,407,000 $12,067,000
Earnings Per Share
Basic $1.03 $1.18
Diluted $1.02 $1.17
BSB BANCORP, INC. - CONSOLIDATED (Dollars in Thousands, Except
FINANCIAL HIGHLIGHTS Share Data)
----------------------------------------------------------------------
Quarters Ended Six Months Ended
June 30, March 31, June 30, June 30,
2001 2001 2000 2001 2000
----------------------------------------------------------------------
OPERATIONS DATA
Total interest income $42,927 $46,035 $48,357 $88,962 $94,637
Total interest expense 21,889 25,387 24,778 47,276 48,679
Net interest income 21,038 20,648 23,579 41,686 45,958
Provision for credit
losses 4,500 4,674 4,951 9,174 9,559
Gains on sale of
securities 19 67 0 86 0
Gains on sale of loans 97 19 21 116 28
Non-interest income 3,116 2,743 3,435 5,859 6,789
Operating expense 10,925 10,697 11,714 21,622 23,427
Income tax expense 3,441 3,103 4,051 6,544 7,722
Net income 5,404 5,003 6,319 10,407 12,067
----------------------------------------------------------------------
SELECTED FINANCIAL DATA
----------------------------------------------------------------------
Yield on earning
assets (1) 8.29% 8.56% 8.98% 8.43% 8.85%
Cost of funds (1) 4.34 4.84 4.77 4.59 4.70
Interest rate spread
during the period (1) 3.95 3.72 4.21 3.84 4.15
Interest rate margin
during the period (1) 4.06 3.84 4.38 3.95 4.30
Return on average
assets (1) 0.98 0.88 1.12 0.93 1.08
Return on average
equity (1) 13.74 12.69 16.03 13.21 15.42
Equity to assets (2) 7.35 6.85 7.07 7.35 7.07
Operating expenses to
average assets (1) 1.99 1.88 2.08 1.93 2.09
Efficiency ratio 45.23 45.73 43.36 45.48 44.41
----------------------------------------------------------------------
PER SHARE DATA
----------------------------------------------------------------------
Basic earnings $ 0.54 $ 0.49 $ 0.62 $ 1.03 $ 1.18
Diluted earnings $ 0.53 $ 0.49 $ 0.61 $ 1.02 $ 1.17
Book value $ 15.79 $ 15.56 $ 15.75 $ 15.79 $ 15.75
Dividends paid $ 0.25 $ 0.25 $ 0.25 $ 0.50 $ 0.50
Dividend payout ratio 46.26% 51.09% 40.61% 48.58% 42.49%
(1) Annualized (2) At period ended
----------------------------------------------------------------------
Quarters Ended
June 30, March 31, June 30,
FINANCIAL CONDITION DATA at 2001 2001 2000
----------------------------------------------------------------------
Assets $2,131,010 $2,270,824 $2,288,540
Earning assets 2,006,700 2,141,316 2,153,958
Gross loans 1,634,523 1,774,278 1,798,087
Allowance for possible
credit losses (55,159) (61,423) (33,936)
Gross investment securities 375,320 417,161 399,203
Unrealized depreciation
(appreciation) in AFS securities 1,834 2,328 (17,073)
Deposits 1,660,020 1,785,033 1,932,966
Borrowings 277,360 284,848 157,416
Subordinated debt 30,000 30,000 30,000
Shareholders' equity 156,600 155,508 161,744
Non-performing loans 54,010 57,771 10,486
Loans, 30-89 days past due 33,894 35,577 18,942
Other real estate 435 462 508
Trust assets 325,320 314,813 344,185
Serviced loans 492,920 504,390 541,510
----------------------------------------------------------------------
AVERAGE BALANCES
----------------------------------------------------------------------
Assets $2,197,438 $2,278,727 $2,253,880
Earning assets 2,072,641 2,151,875 2,133,561
Gross loans 1,715,341 1,789,355 1,774,460
Allowance for possible credit
losses (62,436) (60,433) (33,402)
Gross investment securities 400,951 421,204 411,691
Unrealized depreciation
(appreciation) in AFS
securities 1,772 (527) (20,519)
Deposits 1,705,687 1,802,873 1,894,026
Borrowings 282,135 266,574 155,833
Subordinated debt 30,000 30,000 30,000
Shareholders' equity 157,354 157,737 157,688
Shares outstanding 9,977,382 10,193,563 10,263,287
Diluted shares outstanding 10,103,017 10,268,550 10,353,722
----------------------------------------------------------------------
Six Months Ended
June 30, June 30,
2001 2000
FINANCIAL CONDITION DATA at
----------------------------------------------------------------------
Assets $2,131,010 $2,288,540
Earning assets 2,006,700 2,153,958
Gross loans 1,634,523 1,798,087
Allowance for possible credit losses (55,159) (33,936)
Gross investment securities 375,320 399,203
Unrealized depreciation
(appreciation) in AFS securities 1,834 (17,073)
Deposits 1,660,020 1,932,966
Borrowings 277,360 157,416
Subordinated debt 30,000 30,000
Shareholders' equity 156,600 161,744
Non-performing loans 54,010 10,486
Loans, 30-89 days past due 33,894 18,942
Other real estate 435 508
Trust assets 325,320 344,185
Serviced loans 492,920 541,510
----------------------------------------------------------------------
AVERAGE BALANCES
----------------------------------------------------------------------
Assets $2,237,858 $2,242,192
Earning assets 2,112,039 2,118,630
Gross loans 1,752,143 1,753,025
Allowance for possible credit losses (61,440) (32,310)
Gross investment securities 411,021 415,725
Unrealized depreciation
(appreciation) in AFS securities 629 (19,684)
Deposits 1,754,012 1,890,697
Borrowings 274,397 148,758
Subordinated debt 30,000 30,000
Shareholders' equity 160,868 156,479
Shares outstanding 10,085,473 10,253,180
Diluted shares outstanding 10,184,655 10,345,383
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION (unaudited)
----------------------------------------------------------------------
June 30, March 31, June 30,
(Dollars in Thousands, 2001 2001 2000
Except Share Data)
----------------------------------------------------------------------
ASSETS
Cash and due from banks $ 48,948 $ 51,782 $ 60,400
Federal funds sold 47,000 8,000 7,000
----------------------------------------------------------------------
Total cash and cash equivalents 95,948 59,782 67,400
Investment securities available
for sale 367,074 410,136 370,861
Investment securities held to
maturity 10,081 9,353 11,269
Mortgages held for sale 2,267 215
Loans:
Commercial 851,822 965,333 986,780
Consumer 404,374 418,347 448,434
Real estate 378,327 390,598 362,873
----------------------------------------------------------------------
Total loans 1,634,523 1,774,278 1,798,087
Less: Net deferred costs (915) (757) (677)
Allowance for possible
credit losses 55,159 61,423 33,936
----------------------------------------------------------------------
Net loans 1,580,279 1,713,612 1,764,828
Bank premises and equipment 14,246 14,425 15,243
Accrued interest receivable 13,247 15,193 14,871
Other real estate 435 462 508
Intangible assets 1,020 1,116 1,406
Other assets 46,413 46,530 42,154
----------------------------------------------------------------------
$2,131,010 $2,270,824 $2,288,540
======================================================================
LIABILITIES & SHAREHOLDERS' EQUITY
Due to depositors $1,660,020 $1,785,033 $1,932,966
Borrowings 277,360 284,848 157,416
Other liabilities 7,030 15,435 6,414
Company obligated mandatorily
redeemable preferred
securities of subsidiary,
Capital Trust I, holding solely
junior subordinated debentures
of the Company 30,000 30,000 30,000
----------------------------------------------------------------------
Total liabilities 1,974,410 2,115,316 2,126,796
Shareholders' Equity:
Preferred Stock, par value
$0.01 per share; authorized
2,500,000 shares; none issued
Common Stock, par value $0.01
per share; authorized
30,000,000 shares; 11,511,797
11,507,447 and 11,445,720
shares issued 115 115 114
Additional paid-in capital 38,901 38,851 37,829
Undivided profits 137,629 134,725 147,234
Accumulated other comprehensive
income 1,069 1,356 (9,949)
Treasury stock, at cost:
1,592,261, 1,511,761,
and 1,175,524 shares (21,114) (19,539) (13,484)
----------------------------------------------------------------------
Total shareholders' equity 156,600 155,508 161,744
----------------------------------------------------------------------
$2,131,010 $2,270,824 $2,288,540
======================================================================
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME (unaudited)
----------------------------------------------------------------------
Three Months Ended Six Months Ended
June 30, March 31, June 30, June 30, June 30,
(Dollars in Thousands, 2001 2001 2000 2001 2000
Except Share Data)
----------------------------------------------------------------------
Interest income:
Interest and fees on
loans $36,678 $39,346 $41,571 $76,024 $81,139
Interest on federal
funds sold 153 19 9 172 22
Interest on investment
securities 6,053 6,663 6,785 12,716 13,458
Interest on mortgages held
for sale 43 7 (8) 50 18
----------------------------------------------------------------------
Total interest income 42,927 46,035 48,357 88,962 94,637
----------------------------------------------------------------------
Interest expense:
Interest on savings
deposits 1,102 1,075 1,210 2,177 2,393
Interest on time
accounts 13,144 15,353 15,699 28,497 31,133
Interest on money
market deposit accounts 3,386 4,412 4,963 7,798 9,577
Interest on NOW accounts 74 76 84 150 171
Interest on borrowed
funds 3,574 3,862 2,274 7,436 4,240
Interest on mandatorily
redeemable
preferred securities
of subsidiary 609 609 548 1,218 1,165
----------------------------------------------------------------------
Total interest
expense 21,889 25,387 24,778 47,276 48,679
----------------------------------------------------------------------
Net interest income 21,038 20,648 23,579 41,686 45,958
Provision for credit
losses 4,500 4,674 4,951 9,174 9,559
----------------------------------------------------------------------
Net interest income after
provision for credit
losses 16,538 15,974 18,628 32,512 36,399
Gains on sale of
securities 19 67 86
Gains on sale of loans 97 19 21 116 28
Non-interest income:
Service charges on
deposit accounts 1,287 1,287 1,384 2,574 2,596
Credit card fees 64 48 566 112 969
Mortgage servicing
fees 292 291 309 583 629
Fees and commissions-
brokerage services 152 202 312 354 486
Trust fees 381 331 306 712 637
Other charges,
commissions, and
fees 940 584 558 1,524 1,472
----------------------------------------------------------------------
Total non-interest
income 3,116 2,743 3,435 5,859 6,789
----------------------------------------------------------------------
Operating expense:
Salaries, pensions, and
other employee
benefits 5,419 5,355 5,422 10,774 11,321
Building occupancy 1,038 1,138 1,173 2,176 2,342
Dealer commission
expense 118 84 152 202 285
Computer service fees 480 455 447 935 862
Services 1,598 1,539 1,576 3,137 3,056
FDIC insurance 89 93 103 182 196
Goodwill 96 96 96 192 192
Interchange fees 433 748
Other real estate 48 27 12 75 58
Other expenses 2,039 1,910 2,300 3,949 4,367
----------------------------------------------------------------------
Total operating
expense 10,925 10,697 11,714 21,622 23,427
----------------------------------------------------------------------
Income before income taxes 8,845 8,106 10,370 16,951 19,789
Provision for income taxes 3,441 3,103 4,051 6,544 7,722
----------------------------------------------------------------------
NET INCOME $ 5,404 $ 5,003 $ 6,319 $10,407 $ 12,067
======================================================================
Earnings per share:
Basic $ 0.54 $ 0.49 $ 0.62 $ 1.03 $ 1.18
Diluted $ 0.53 $ 0.49 $ 0.61 $ 1.02 $ 1.17
======================================================================
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