BSB Bancorp, Inc. Earns Record $19,870,000 for 1998; $5,196,000 in Fourth Quarter; Declares Quarterly Cash Dividend.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)--Jan. 25, 1999--BSB Bancorp 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 NMS See NetWare Management System. : BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), holding company for 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) Bank & Trust Company announced record net income in 1998 of $19,870,000, compared to its prior record of $16,986,000 for 1997, an increase of 17.0%. The return on average equity increased substantially from 14.65% in 1997 to 15.61% in 1998. The return on average assets was 1.14% in 1998 and 1.17% in 1997. For the year 1998, 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 increased 16.1% to $2.24, compared to $1.93 for the same period in 1997. Record net income for the quarter ended December December: see month. 31, 1998 was $5,196,000, compared to $4,481,000 for the same quarter in 1997, an increase of 16.0%. Diluted earnings per share increased 18.0% for the quarter ended December 31, 1998 to $0.59, compared to $0.50 for the same period in 1997. At its meeting held on January January: see month. 25, 1999, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a quarterly cash dividend of $0.25 per share. The dividend is payable March 10, 1999 to shareholders of record at the close of business on February February: see month. 24, 1999. Alex (language) Alex - 1. A polymorphic language being developed by Stephen Crawley <sxc@itd.dtso.oz.au> of Defence Science & Tech Org, Australia. Alex has abstract data types, type inference and inheritance. 2. tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. for me to report. Record earnings in 1997 were surpassed in 1998 by $2.9 million, or 17%. Record loan originations 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. increased from $576 million in 1997 to $746 million in 1998, an increase of 30%. Mortgage loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. portfolio and trust assets both increased 23% to record levels, resulting in record non-interest income for each of these off-balance assets. In addition to record earnings, BSB continued to focus on adding shareholder value throughout 1998, by increasing its fourth quarter cash dividend to $.25 per share. This resulted in a record cash dividend paid of $7.8 million." Net interest income was $70,738,000 for 1998, compared to $60,364,000 for 1997, an increase of 17.2%. The interest rate margin decreased from 4.39% in 1997 to 4.29% in 1998. The provision for credit losses was $12,257,000 for 1998 and 10,314,000 for 1997. The Bank had net losses on the sale of loans and securities of $1,600,000 for 1998 and net gains of $3,000 for 1997. Non-interest income grew 22.3% to 7,701,000 in 1998 from $6,298,000 in 1997. This increase was spread throughout all areas of non-interest income with the largest increase in credit card fees. 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. increased 11.7% from $28,631,000 in 1997 to $31,989,000 in 1998. 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 our peer groups' at 40.78% for 1998. Net interest income was $18,525,000 for the quarter ended December 31, 1998, and $16,066,000 for the quarter ended December 31, 1997, an increase of 15.3%. The interest rate margin was 4.22% for the quarter ended December 31, 1998, and 4.48% for the quarter ended December 31, 1997. Non-interest income was $2,014,000 for the fourth quarter of 1998 and $1,767,000 for the fourth quarter of 1997. Operating expense was $8,215,000 for the quarter ended December 31, 1998, and $7,630,000 for the fourth quarter of 1997. The provision for credit losses was $3,219,000 for the fourth quarter of 1998, compared to $2,963,000 for the fourth quarter of 1997. Losses from the sale of loans and securities were $636,000 for the quarter ended December 31, 1998 compared to gains of $79,000 for the quarter ended December 31, 1997. 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 $134,991,000, or 7.26% of assets, at December 31, 1998 and $120,866,000 or 7.74% of assets, at December 31, 1997. Book value per share was $15.64 at December 31, 1998 and $14.12 at December 31, 1997. Gross loans were $1,362,885,000 at December 31, 1998 and $1,205,797,000 at December 31, 1997, an increase of 13.0%. Total deposits were $1,472,746,000 at December 31, 1998 and $1,239,508,000 at December 31, 1997, an increase of 18.8%. Borrowings increased from $178,644,000 at December 31, 1997 to $213,759,000 at December 31, 1998 primarily to fund loan growth. The allowance for possible credit losses increased from $19,207,000 at December 31, 1997 to $22,168,000 at December 31, 1998, an increase of 15.4%.
BSB Bancorp Inc.
Quarters Ended December 31,
1998 1997
Net Income $5,196,000 $4,481,000
Earnings Per Share
Basic $0.60 $0.52
Diluted $0.59 $0.50
Years Ended December 31, 1998 1997
Net Income $19,870,000 $16,986,000
Earnings Per Share
Basic $2.31 $2.00
Diluted $2.24 $1.93
BSB BANCORP INC. (In Thousands-Except Per Share Amounts)
FINANCIAL HIGHLIGHTS
Quarters Ended Dec. 31,
OPERATIONS DATA 1998 1997
Total interest income $38,046 $ 32,605
Total interest expense 19,521 16,539
Net interest income 18,525 16,066
Provision for credit losses 3,219 2,963
Gains (losses) on sale of securities (312) 273
Gains (losses) on sale of loans (324) (194)
Non-interest income 2,014 1,767
Operating expense 8,215 7,630
Income tax expense 3,273 2,838
Net income 5,196 4,481
SELECTED FINANCIAL DATA
Yield on earning assets (a) 8.66% 9.09%
Cost of funds (a) 4.62 4.81
Interest rate spread during the period (a) 4.04 4.28
Interest rate margin during the period (a) 4.22 4.48
Return on average assets (a) 1.13 1.18
Return on average equity (a) 16.03 14.89
Equity to assets (b) 7.26 7.74
Operating expenses to average assets (a) 1.79 2.01
Efficiency ratio 40.00 42.79
PER SHARE DATA
Basic Earnings $ 0.60 $ 0.52
Diluted Earnings $ 0.59 $ 0.50
Book value $15.64 $14.12
Dividends paid $ 0.25 $ 0.22
Dividend payout ratio 41.52% 42.00%
Twelve Months Ended Dec. 31,
OPERATIONS DATA 1998 1997
Total interest income $146,005 $122,380
Total interest expense 75,267 62,016
Net interest income 70,738 60,364
Provision for credit losses 12,257 10,314
Gains (losses) on sale of securities (821) 380
Gains (losses) on sale of loans (779) (377)
Non-interest income 7,701 6,298
Operating expense 31,989 28,631
Income tax expense 12,723 10,734
Net income 19,870 16,986
SELECTED FINANCIAL DATA
Yield on earning assets (a) 8.86% 8.90%
Cost of funds (a) 4.74 4.71
Interest rate spread during the period (a) 4.12 4.19
Interest rate margin during the period (a) 4.29 4.39
Return on average assets (a) 1.14 1.17
Return on average equity (a) 15.61 14.65
Equity to assets (b) 7.26 7.74
Operating expenses to average assets (a) 1.84 1.97
Efficiency ratio 40.78 42.95
PER SHARE DATA
Basic Earnings $2.31 $ 2.00
Diluted Earnings $ 2.24 $ 1.93
Book value $15.64 $14.12
Dividends paid $ 0.91 $ 0.76
Dividend payout ratio 39.43% 37.81%
FINANCIAL CONDITION DATA at Dec. 31, Percent
1998 1997 Change
Assets $1,859,079 $ 1,560,571 19.13%
Earning assets 1,764,874 1,478,443 19.37
Gross loans 1,362,885 1,205,797 13.03
Investment securities 407,165 284,988 42.87
Deposits 1,472,746 1,239,508 18.82
Borrowings 213,759 178,644 19.66
Subordinated debt 30,000 0 ---
Shareholders' equity 134,991 120,866 11.69
Allowance for possible
credit losses 22,168 19,207 15.42
Non-performing loans 13,913 12,976 7.22
Other real estate 2,122 2,784 (23.78)
Trust assets 299,188 243,432 22.90
Mortgage Serviced loans 481,394 392,020 22.80
AVERAGE BALANCES - YTD
Assets $1,735,786 $ 1,451,967 19.55
Earning assets 1,648,792 1,375,734 19.85
Gross loans 1,296,482 1,103,563 17.48
Investment securities 359,550 286,382 25.55
Deposits 1,384,410 1,139,219 21.52
Borrowings 189,965 177,392 7.09
Subordinated debt 13,145 - ---
Shareholders' equity 127,303 115,929 9.81
Shares outstanding 8,605,634 8,509,089 1.13
Diluted shares outstanding 8,889,629 8,796,052 1.06
(a) Annualized (b) At period ended
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF CONDITION December 31,
1998 1997
ASSETS
Cash and due from banks $36,630,466 $36,066,241
Investment securities
available for sale 398,642,521 271,120,484
Investment securities held
to maturity
(Market value of $8,768,391
and $14,141,196) 8,522,237 13,867,971
Mortgages held for sale 16,806,155 7,459,397
Loans:
Commercial 772,793,371 654,243,259
Consumer 359,190,985 299,306,752
Real Estate 230,900,712 252,246,799
-------------------------------------------------------------
Total Loans 1,362,885,068 1,205,796,810
Less:Unearned discounts (185,761) 594,544
Allowance for possible
credit losses 22,168,100 19,207,473
-------------------------------------------------------------
Net loans 1,340,902,729 1,185,994,793
Bank premises and equipment 10,100,575 9,500,037
Accrued interest receivable 14,818,460 11,117,057
Other real estate 2,121,852 2,784,450
Intangible asset 1,597,916 1,892,916
Other assets 28,936,489 20,767,402
-------------------------------------------------------------
$1,859,079,400 $1,560,570,748
-------------------------------------------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
Due to depositers $1,472,746,382 $1,239,508,352
Borrowings 213,758,805 178,643,518
Subordinated debt 30,000,000
Other liabilities 7,583,370 21,552,504
Commitments
Preferred stock, par value
$.01 per share; 2,500,000
shares authorized; none issued
Common stock, par value $.01
per share; 30,000,000 shares
authorized; 11,237,470 and
11,159,924 shares issued 112,375 111,599
Additional paid-in capital 30,145,303 29,215,440
Undivided profits 134,065,569 122,029,557
Accumulated other
comprehensive income 453,849 (733,065)
Treasury stock, at cost,
2,604,180 and 2,602,692
shares (29,786,253) (29,757,157)
-------------------------------------------------------------
Total Shareholders' Equity 134,990,843 120,866,374
-------------------------------------------------------------
$1,859,079,400 $1,560,570,748
BSB BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
Years Ended December 31,
1998 1997
Interest income:
Interest and fees on loans $ 120,129,396 $ 102,844,067
Interest on investment securities 24,748,926 19,184,116
Interest on mortgages held for sale 1,127,037 352,146
Total interest income 146,005,359 122,380,329
Interest expense:
Interest on savings deposits 3,866,369 3,866,917
Interest on time accounts 47,201,861 35,651,668
Interest on money market deposit
accounts 11,984,551 11,613,153
Interest on NOW accounts 935,592 804,015
Interest on borrowed funds 10,203,828 10,080,235
Interest on mandatorily redeemable
securities of subsidiary 1,075,171 --
Total interest expense 75,267,372 62,015,988
Net interest income 70,737,987 60,364,341
Provision for credit losses 12,256,567 10,314,484
Net interest income after provision
for credit losses 58,481,420 50,049,857
Gains (losses) on sale of securities (821,037) 380,382
Gains (losses) on sale of loans (778,659) (377,494)
Non-interest income:
Service charges on deposit accounts 2,463,610 2,296,081
Credit card fees 1,252,494 827,940
Mortgage servicing fees 1,213,705 1,071,077
Fees and commissions-brokerage
services 518,353 406,581
Trust fees 993,990 709,333
Other charges, commissions and fees 1,258,499 986,782
Total non-interest income 7,700,651 6,297,794
Non-interest expense:
Salaries, pensions, and other
employee benefits 15,432,114 13,466,108
Building occupancy 2,697,478 2,654,666
Dealer commission expense 996,127 1,626,361
Computer service fees 1,345,631 924,679
Services 3,134,564 2,309,118
FDIC Insurance 171,682 138,904
Goodwill 295,000 295,000
Interchange fees 924,689 573,069
Other real estate (18,529) 892,828
Other expenses 7,010,064 5,749,806
Total non-interest expense 31,988,820 28,630,539
Income before income taxes 32,593,555 27,720,000
Provision for income taxes 12,723,086 10,733,646
NET INCOME $ 19,870,469 $ 16,986,354
Earnings per share:
Basic $ 2.31 $ 2.00
Diluted $ 2.24 $ 1.93
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion