BSB Bancorp, Inc. Earns Record $5,276,000 in First Quarter of 1999.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)--April 22, 1999-- 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 record net income for the quarter ended March 31, 1999 of $5,276,000, compared to $4,509,000 for the same quarter in 1998, an increase of 17.01%. The return on average equity increased to 15.53% for the quarter ended March 31, 1999 from 14.62% for the same quarter in 1998. For the quarter ended March 31, 1999, 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 17.65% to $0.60, compared to $0.51 for the same period in 1998. 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. 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 of $261,419,000 from the first quarter of 1998 to the same period in 1999. Despite this growth in assets, our efficiency ratio remained outstanding at 40.52%. The Bank's emphasis on the generation of non-interest income also continues to show strong results, with a 29.12% increase compared to the first quarter of 1998. These financial components produced a return on average assets of 1.12% and a return on average equity of 15.53%." Mr. DePersis also stated, " We are on schedule to complete the acquisition of Skaneateles Skaneateles may refer to, in the United States:
regulatory agency administrative body, administrative unit - a unit with administrative responsibilities . "We are very excited about the growth potential from this combination. Our shareholders and current Skaneateles customers will both benefit" , DePersis stated. Net interest income was $18,265,000 for the first quarter of 1999, compared to $16,283,000 for the first quarter of 1998, an increase of 12.17%. The interest rate margin was 4.06% for the first quarter of 1999 compared to 4.30% for the first quarter of 1998. The provision for credit losses was $3,236,000 for the quarter ended March 31, 1999 and $2,785,000 for the quarter ended March 31, 1998. Non-performing assets grew 6.73% from $16,290,000 at March 31, 1998 to $17,386,000 at March 31, 1999. The allowance for possible credit losses increased 16.78% from $19,854,000 as of March 31, 1998 to $23,185,000 as of March 31, 1999. Net charge-offs during the first quarter of 1999 amounted to $2,219,000, or 0.63% of average loans outstanding compared to $2,138,000, or 0.70% of average loans outstanding in the first quarter of 1998. 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 March 31, 1999 were $15,313,000, or 1.03% of total gross loans outstanding, compared to $13,533,000, or 1.06% of total gross loans outstanding at March 31, 1998. 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 from $2,757,000 at March 31, 1998 to $2,073,000 at March 31, 1999. The Bank had net losses on the sale of loans and securities of $440,000 for the quarter ended March 31, 1999 compared to net losses of $391,000 for the quarter ended March 31, 1998. Non-interest income increased 29.12%, from $1,710,000 from the first quarter of 1998 to $2,208,000 for the same quarter in 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 $7,383,000 for the first quarter of 1998 and $8,295,000 for the first quarter of 1999. 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 40.52% for the first quarter of 1999. Total assets were $1,949,054,000 at March 31, 1999 and $1,679,764,000 at March 31, 1998, an increase of 16.0%. 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 $137,397,000, or 7.05% of assets, at March 31, 1999 and $124,066,000, or 7.39% of assets, at March 31, 1998. Book value per share was $15.85 at March 31, 1999 and $14.44 at March 31, 1998. Gross loans were $1,485,364,000 at March 31, 1999 and $1,272,376,000 at March 31, 1998, an increase of 16.7%. Total deposits were $1,521,588,000 at March 31, 1999 and $1,323,992,000 at March 31, 1998, an increase of 14.9%. Total borrowings increased from $211,653,000 at March 31, 1998 to $246,781,000 at March 31, 1999, an increase of 16.60% . The allowance for possible credit losses increased from $19,854,000, or 146.7% of non-performing loans at March 31, 1998 to $23,185,000, or 151.4% of non-performing loans at March 31, 1999, an increase of 16.8%. -0-
BSB Bancorp, Inc.
Quarters Ended March 31, 1999 1998
------------------------ ---- ----
Net Income $5,276,000 $4,509,000
Earnings Per Share
Basic $0.61 $0.53
Diluted $0.60 $0.51
BSB BANCORP, INC. (In Thousands-Except Per Share Amounts)
FINANCIAL HIGHLIGHTS
Three Months Ended March 31,
OPERATIONS 1999 1998
----------------------------------------------------------------------
Total interest income $37,512 $33,529
Total interest expense 19,247 17,246
Net interest income 18,265 16,283
Provision for credit losses 3,236 2,785
Gains (losses) on sale of securities (396) (144)
Gains (losses) on sale of loans (44) (247)
Non-interest income 2,208 1,710
Operating expense 8,295 7,383
Income tax expense 3,226 2,925
Net income 5,276 4,509
----------------------------------------------------------------------
SELECTED FINANCIAL DATA
----------------------------------------------------------------------
Yield on earning assets (1) 8.34% 8.85%
Cost of funds (1) 4.42 4.75
Interest rate spread during the period (1) 3.92 4.10
Interest rate margin during the period (1) 4.06 4.30
Return on average assets (1) 1.12 1.13
Return on average equity (1) 15.53 14.62
Equity to assets (2) 7.05 7.39
Operating expenses to average assets (1) 1.75 1.85
Efficiency ratio 40.52 41.03
----------------------------------------------------------------------
PER SHARE DATA
----------------------------------------------------------------------
Primary earnings $ 0.61 $ 0.53
Fully diluted $ 0.60 $ 0.51
Book value (2) $ 15.85 $ 14.44
Dividends paid $ 0.25 $ 0.22
Dividend payout ratio 41.08% 41.90%
(1) Annualized (2) At period ended
----------------------------------------------------------------------
FINANCIAL CONDITION DATA at March 31, 1999 1999 Percent Change
----------------------------------------------------------------------
Assets $ 1,949,054 $1,679,764 16.03%
Earning assets 1,852,222 1,590,803 16.43
Gross loans 1,485,364 1,272,376 16.74
Investment securities 385,071 324,950 18.50
Deposits 1,521,588 1,323,992 14.92
Borrowings 246,781 211,653 16.60
Mandatorily redeemable
preferred securities 30,000 0 ---
Shareholders' equity 137,397 124,066 10.75
Allowance for possible
credit losses 23,185 19,854 16.78
Non-performing loans 15,313 13,533 13.15
Other real estate 2,073 2,757 (24.81)
Trust assets under management 304,484 265,873 14.52
Mortgage serviced loans 505,588 402,010 25.77
----------------------------------------------------------------------
AVERAGE BALANCES - YTD
----------------------------------------------------------------------
Assets $1,890,958 $1,598,622 18.29%
Earning assets 1,799,362 1,515,649 18.72
Gross loans 1,408,942 1,228,316 14.71
Investment securities 399,063 298,385 33.74
Deposits 1,492,199 1,259,894 18.44
Borrowings 219,905 193,742 13.50
Mandatorily redeemable
preferred securities 30,000 0 ---
Shareholders' equity 135,849 123,345 10.14
Shares outstanding 8,662,368 8,581,253 0.95
Diluted shares outstanding 8,864,806 8,892,885 (0.32)
BSB BANCORP, INC. (Dollars In Thousands-Except Per Share Data)
CONSOLIDATED STATEMENTS OF CONDITION
March 31, December 31,
1999 1998
----------------------------------------------------------------------
ASSETS
Cash and due from banks $ 43,721 $ 36,630
Investment securities available for sale 378,044 398,643
Investment securities held to maturity
(market value $7,543 and $8,768) 7,028 8,522
Mortgages held for sale 4,695 16,806
Loans:
Commercial 871,756 772,793
Consumer 372,900 359,191
Real estate 240,708 230,901
----------------------------------------------------------------------
Total loans 1,485,364 1,362,885
Less: Unearned discounts (277) (186)
Allowance for possible credit losses 23,185 22,168
----------------------------------------------------------------------
Net loans 1,462,456 1,340,903
Bank premises and equipment 10,327 10,101
Accrued interest receivable 13,155 14,818
Other real estate 2,073 2,122
Intangible assets 1,524 1,598
Other assets 26,031 28,936
----------------------------------------------------------------------
$1,949,054 $1,859,079
======================================================================
LIABILITIES & SHAREHOLDERS' EQUITY
Due to depositors $1,521,588 $1,472,746
Borrowings 246,781 213,759
Company obligated mandatorily
redeemable preferred securities of
subsidiary, Capital Trust I,
holding solely junior subordinated
debentures of the Company 30,000 30,000
Other liabilities 13,288 7,583
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;
11,274,703 and 11,237,470
shares issued 113 112
Additional paid-in capital 30,445 30,145
Undivided profits 137,174 134,066
Accumulated other comprehensive income (549) 454
Treasury stock, at cost: 2,603,587 shares (29,786) (29,786)
---------------------------------------------------------------------
Total Shareholders' Equity 137,397 134,991
----------------------------------------------------------------------
$1,949,054 $1,859,079
======================================================================
BSB BANCORP, INC. Dollars In Thousands-Except Per Share Data)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended March 31,
1999 1998
---------------------------------------------------------------------
Interest income:
Interest and fees on loans $30,683 $28,391
Interest on investment securities 6,534 4,963
Interest on mortgages held for sale 295 175
---------------------------------------------------------------------
Total interest income 37,512 33,529
Interest expense:
Interest on savings deposits 843 934
Interest on time accounts 12,115 10,359
Interest on money market deposit accounts 2,710 3,024
Interest on NOW accounts 303 215
Interest on borrowed funds 2,652 2,714
Interest on mandatorily redeemable
securities of subsidiary 624
----------------------------------------------------------------------
Total interest expense 19,247 17,246
----------------------------------------------------------------------
Net interest income 18,265 16,283
Provision for credit losses 3,236 2,785
----------------------------------------------------------------------
Net interest income after provision for
credit losses 15,029 13,498
Gains (losses) on sale of securities (396) (144)
Gains (losses) on sale of loans (44) (247)
Non-interest income:
Service charges on deposit accounts 689 609
Credit card fees 279 241
Mortgage servicing fees 343 279
Fees and commissions-brokerage services 148 83
Trust fees 251 230
Other charges, commissions, and fees 498 268
----------------------------------------------------------------------
Total non-interest income 2,208 1,710
----------------------------------------------------------------------
Non-interest expense:
Salaries, pensions, and other
employee benefits 4,017 3,676
Building occupancy 741 680
Dealer commission expense 238 225
Computer service fees 334 257
Services 1,068 745
FDIC insurance 50 39
Goodwill 74 74
Interchange fees 212 168
Other real estate 17 20
Other expenses 1,544 1,499
----------------------------------------------------------------------
Total non-interest expense 8,295 7,383
----------------------------------------------------------------------
Income before income taxes 8,502 7,434
Provision for income taxes 3,226 2,925
----------------------------------------------------------------------
NET INCOME $ 5,276 $ 4,509
======================================================================
Earnings per share:
Basic $ 0.61 $ 0.53
Diluted $ 0.60 $ 0.51
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion