BSB Bancorp, Inc. Announces Third Quarter Results.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)--Nov. 2, 2000 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, announced net income for the nine months ended September September: see month. 30, 2000 of $10,402,000, or $1.00 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 net income of $11,997,000, or $1.16 per diluted share, for the same period in 1999. For the quarter ended September 30, 2000, there was a net loss of $1,665,000, or $0.16 per diluted share, compared to net income of $1,676,000, or $0.16 per diluted share, for the same period in 1999. Net interest income was $23,385,000 for the third quarter of 2000, compared to $21,427,000 for the third quarter of 1999, an increase of 9.1%. The provision for credit losses was $17,249,000 for the quarter ended September 30, 2000 and $7,054,000 for the quarter ended September 30, 1999. This increase was necessary to strengthen reserves due to the recent deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. of certain large credits in the Bank's commercial loan portfolio. 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. at September 30, 2000 were $33,080,000, or 1.82% of total gross loans outstanding, compared to $15,444,000, or 0.89% of total gross loans outstanding at September 30, 1999. Other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most as a result of property acquired by foreclosure foreclosure Legal proceeding by which a borrower's rights to a mortgaged property may be extinguished if the borrower fails to live up to the obligations agreed to in the loan contract. or by deed in lieu of foreclosure A Deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e., the borrower) conveys all interest in a real property to the mortgagee (i.e., the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. declined to $670,000 at September 30, 2000 from $1,499,000 at September 30, 1999. The allowance for possible credit losses increased to $41,756,000, or 2.30% of period-end loans outstanding at September 30, 2000, from $27,398,000, or 1.57% of period-end loans outstanding at September 30, 1999. Net charge-offs during the third quarter of 2000 amounted to $9,429,000, or 2.09% of average gross loans outstanding, compared to $6,766,000, or 1.56% of average gross loans outstanding in the third quarter of 1999. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs L. Thorn thorn, in botany thorn, sharp-pointed projection on some plants, usually protective in function. Botanically, thorns are distinguished as modified stems (as in the honey locust and hawthorn) from spines, which are modified leaves (as in the barberry), and , Acting 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, "The additions to the provision for credit losses and the related increases in net charge-offs and non-performing assets were obviously disappointing. We are pleased, however, with the trends in many areas of our operations. Net interest income increased by 9.1% compared to the third quarter of 1999. Non-interest income was 19.5% higher than in the third quarter of 1999, while 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. 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. declined 5.3% from the third quarter of 1999." Mr. Thorn further commented that, "With the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the merger agreement with NBT (NetBIOS over TCP/IP) Support for the NetBIOS protocol in Windows when running in a TCP/IP network. NBT supports legacy applications that use the NetBIOS protocol as well as NetBIOS name resolution, which converts NetBIOS names into IP addresses. Bancorp, BSB remains focused on its operations. We are actively seeking a permanent chief executive officer, and we are in the process of engaging an independent firm to evaluate the Bank's risk management systems. That review will include, among other things, an analysis of our lending operations and policies, including our policies for reviewing existing credits and establishing reserves. These actions are important elements in the process of the Board's evaluation of the appropriate strategic direction of BSB for the best long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. interest of our shareholders." Non-interest income increased 19.5% to $3,682,000 for the third quarter in 2000 from $3,080,000 for the third quarter of 1999. 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. was $12,734,000 for the third quarter of 2000 and included $2,012,000 of merger-related expenses. On October October: see month. 4, 2000, BSB Bancorp, Inc. and NBT Bancorp, Inc. agreed to terminate Terminate (terminat.exe) was a shareware modem terminal and host program for MS-DOS and compatible operating systems developed from the early to the late 1990s by the Dane Bo Bendtsen. The last release (5. their merger agreement. The reciprocal Bilateral; two-sided; mutual; interchanged. Reciprocal obligations are duties owed by one individual to another and vice versa. A reciprocal contract is one in which the parties enter into mutual agreements. stock option agreements have also been terminated ter·mi·nate v. ter·mi·nat·ed, ter·mi·nat·ing, ter·mi·nates v.tr. 1. To bring to an end or halt: and no termination fees termination fee The one-time charge for terminating or transferring an individual retirement account. If a financial institution charges a termination fee, the fee must be spelled out in the original agreement that is signed when the account is opened. will be paid by either party. Operating expense for the third quarter of 1999 amounted to $15,374,000, and included $4,047,000 of non-recurring costs associated with the Skaneateles Skaneateles may refer to, in the United States:
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 our peer groups', at 47.05% for the third quarter of 2000. Total assets were $2,315,926,000 at September 30, 2000 and $2,250,394,000 at September 30, 1999, an increase of 2.9%. Despite the slower growth, net interest income increased 9.1% from quarter to quarter. 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 $161,524,000, or 6.97% of assets, at September 30, 2000 and $153,163,000, or 6.81% of assets, at September 30, 1999. Book value per share was $15.67 at September 30, 2000 and $14.95 at September 30, 1999. Gross loans were $1,816,167,000 at September 30, 2000 and $1,739,666,000 at September 30, 1999, an increase of 4.4%. This growth was concentrated in the commercial and industrial loans, an increase of 8.7% from September 30, 1999, and in residential real estate loans, an increase of 18.0% during the same period. During this period, the Bank decided to retain residential real estate loans in its own portfolio rather than sell in the secondary market. Total deposits were $1,897,351,000 at September 30, 2000 and $1,770,133,000 at September 30, 1999, an increase of 7.2%. Retail deposit growth remains steady with 6.1% growth since September 30, 1999. This is supplemented by more readily accessible brokered certificates of deposit to fund asset growth. Total borrowings decreased to $203,408,000 at September 30, 2000 from $284,197,000 at September 30, 1999, a decrease of 28.4%.
BSB Bancorp, Inc.
Quarters Ended September 30, 2000 1999
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Net (Loss) Income $(1,665,000) $1,676,000
(Loss) Earnings Per Share
Basic $(0.16) $0.16
Diluted $(0.16) $0.16
Nine Months Ended September 30, 2000 1999
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Net Income $10,402,000 $11,997,000
Earnings Per Share
Basic $1.01 $1.19
Diluted $1.00 $1.16
BSB BANCORP, INC. (Dollars In Thousands-Except Share Data)
FINANCIAL HIGHLIGHTS
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Quarter Ended Nine Months Ended
September 30, September 30,
OPERATIONS DATA 2000 1999 2000 1999
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Total interest income $ 49,661 $ 44,262 $144,299 $130,500
Total interest expense 26,276 22,835 74,956 66,209
Net interest income 23,385 21,427 69,343 64,291
Provision for credit losses 17,249 7,054 26,808 14,210
Gains (losses) on sale
of securities 9 1 9 (215)
Gains (losses) on sale
of loans 12 (32) 40 (335)
Non-interest income 3,682 3,080 10,471 8,871
Operating expense 12,734 15,374 36,161 39,196
Income tax expense (1,230) 372 6,492 7,209
Net income (1,665) 1,676 10,402 11,997
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SELECTED FINANCIAL DATA
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Yield on earning assets (1) 9.15% 8.25% 8.95% 8.24%
Cost of funds (1) 5.00 4.38 4.80 4.31
Interest rate spread during
the period (1) 4.15 3.87 4.15 3.93
Interest rate margin during
the period (1) 4.31 3.99 4.30 4.06
Return on average assets (1) (0.29) 0.30 0.61 0.72
Return on average equity (1) (4.03) 4.15 8.70 10.09
Equity to assets (2) 6.97 6.81 6.97 6.81
Operating expenses to
average assets (1) 2.23 2.72 2.14 2.35
Efficiency ratio 47.05 62.73 45.31 53.57
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PER SHARE DATA
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Basic earnings $(0.16) $ 0.16 $ 1.01 $ 1.19
Diluted earnings $(0.16) $ 0.16 $ 1.00 $ 1.16
Book value $15.67 $14.95 $15.67 $14.95
Dividends paid $ 0.25 $ 0.25 $ 0.75 $ 0.70
Dividend payout ratio (154.46)% 152.41% 74.02% 59.14%
(1) Annualized (2) At period ended
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FINANCIAL CONDITION DATA Percent
at September 30, 2000 1999 Change
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Assets $2,315,926 $2,250,394 2.9%
Earning assets 2,162,351 2,114,811 2.2
Gross loans 1,816,167 1,739,666 4.4
Allowance for possible credit losses (41,756) (27,398) 52.4
Gross investment securities 398,393 409,657 (2.7)
Unrealized depreciation in
AFS securities (11,372) (12,456) (8.7)
Deposits 1,897,351 1,770,133 7.2
Borrowings 203,408 284,197 (28.4)
Subordinated debt 30,000 30,000 0.0
Shareholders' equity 161,524 153,163 5.5
Non-performing loans 33,080 15,444 114.2
Other real estate 670 1,499 (55.3)
Trust assets 352,286 328,326 7.3
Serviced loans 529,100 562,059 (5.9)
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AVERAGE BALANCES - YTD
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Assets $2,255,930 $2,220,156 1.6%
Earning assets 2,131,035 2,106,554 1.2
Gross loans 1,769,659 1,691,605 4.6
Allowance for possible credit losses (33,472) (26,812) 24.8
Gross investment securities 411,092 423,028 (2.8)
Unrealized depreciation in
AFS securities (18,326) (4,349) 321.4
Deposits 1,899,259 1,776,919 6.9
Borrowings 151,418 239,810 (36.9)
Subordinated debt 30,000 30,000 0.0
Shareholders' equity 159,346 155,941 2.2
Shares outstanding 10,264,564 10,108,821 1.5
Diluted shares outstanding 10,365,103 10,333,297 0.3
BSB BANCORP, INC. (Dollars In Thousands -
CONSOLIDATED STATEMENTS OF CONDITION Except Share Data)
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September 30, December 31, September 30,
2000 1999 1999
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ASSETS
Cash and due from banks $ 80,253 $ 70,065 $ 63,880
Investment securities
available for sale 377,485 387,251 383,469
Investment securities held to
maturity (market value $9,664,
$14,588 and $13,895) 9,536 14,472 13,732
Mortgages held for sale 2,085 4,588
Loans:
Commercial 998,446 904,632 918,340
Consumer 445,825 467,986 471,385
Real estate 371,896 349,634 349,941
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Total loans 1,816,167 1,722,252 1,739,666
Less: Net deferred costs (919) (636) (754)
Allowance for possible
credit losses 41,756 29,134 27,398
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Net loans 1,775,330 1,693,754 1,713,022
Bank premises and equipment 14,728 15,988 16,136
Accrued interest receivable 16,030 14,612 14,368
Other real estate 670 910 1,499
Intangible assets 1,309 1,598 1,695
Other assets 40,585 40,213 38,005
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$2,315,926 $2,240,948 $2,250,394
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LIABILITIES & SHAREHOLDERS' EQUITY
Due to depositors $1,897,351 $1,901,204 $1,770,133
Borrowings 203,408 142,045 284,197
Other liabilities 23,643 13,206 12,901
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
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;
11,485,877, 11,398,991 and
11,394,921 shares issued 115 114 114
Additional paid-in capital 38,523 37,287 37,127
Undivided profits 142,997 140,295 136,626
Accumulated other
comprehensive income (6,627) (9,757) (7,258)
Treasury stock, at cost:
1,175,524, 1,173,669,
and 1,173,669 shares (13,484) (13,446) (13,446)
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Total Shareholders' Equity 161,524 154,493 153,163
----------------------------------------------------------------------
$2,315,926 $2,240,948 $2,250,394
======================================================================
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BSB BANCORP, INC. (Dollars In Thousands -
CONSOLIDATED STATEMENTS OF INCOME Except Share Data
----------------------------------------------------------------------
Three Months Ended Nine Months Ended
September 30, September 30,
2000 1999 2000 1999
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Interest income:
Interest and fees on loans $ 43,011 $ 38,546 $124,150 $110,907
Interest on federal funds sold 30 23 52 443
Interest on investment
securities 6,617 5,530 20,076 18,478
Interest on mortgages
held for sale 3 163 21 672
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Total interest income 49,661 44,262 144,299 130,500
Interest expense:
Interest on savings deposits 1,207 1,294 3,600 3,700
Interest on time accounts 16,666 13,592 47,799 40,911
Interest on money market
deposit accounts 5,348 3,322 14,925 9,268
Interest on NOW accounts 86 467 258 1,405
Interest on borrowed funds 2,360 3,537 6,600 9,062
Interest on mandatorily
redeemable preferred
securities of subsidiary 609 623 1,774 1,863
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Total interest expense 26,276 22,835 74,956 66,209
----------------------------------------------------------------------
Net interest income 23,385 21,427 69,343 64,291
Provision for credit losses 17,249 7,054 26,808 14,210
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Net interest income after
provision for credit losses 6,136 14,373 42,535 50,081
Gains (losses) on sale
of securities 9 1 9 (215)
Losses on sale of loans 12 (32) 40 (335)
Non-interest income:
Service charges on
deposit accounts 1,401 1,100 3,997 3,216
Credit card fees 622 488 1,591 1,165
Mortgage servicing fees 292 330 922 1,036
Fees and commissions-brokerage
services 167 307 653 631
Trust fees 319 275 955 819
Other charges, commissions,
and fees 881 580 2,353 2,004
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Total non-interest income 3,682 3,080 10,471 8,871
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Operating expense:
Salaries, pensions, and
other employee benefits 4,791 5,180 16,113 15,494
Building occupancy 1,097 1,078 3,438 3,470
Dealer commission expense 126 256 411 801
Computer service fees 387 469 1,250 1,594
Services 1,520 1,394 4,575 4,309
FDIC insurance 241 54 437 164
Goodwill 96 96 289 289
Interchange fees 481 375 1,229 898
Other real estate 139 250 197 210
Merger expenses 2,012 2,013
Acquisition costs 4,047 5,406
Other expenses 1,844 2,175 6,209 6,561
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Total operating expense 12,734 15,374 36,161 39,196
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Income before income taxes (2,895) 2,048 16,894 19,206
Provision for income taxes (1,230) 372 6,492 7,209
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NET (LOSS) INCOME $ (1,665) $ 1,676 $ 10,402 $ 11,997
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Earnings per share:
Basic $ (0.16) $ 0.16 $ 1.01 $ 1.19
Diluted $ (0.16) $ 0.16 $ 1.00 $ 1.16
======================================================================
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