BSB Bancorp reports second quarter earnings; 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)--July 24, 1995--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 :BSBN BSBN Baltic Sea Business Network BSBN Bu Sa Bum Nim ), holding company for Binghamton 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. , announced net income for the quarter ended June June: see month. 30, 1995 of $2,964,000, compared to $3,059,000 for the same quarter in 1994. Earnings per share for the quarter ended June 30, 1995 were $0.69, compared to $0.69 for the same quarter in 1994. 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 $0.22 per share. The dividend is payable September September: see month. 8, 1995 to shareholders of record at the close of business on August 24, 1995. Net interest income for the quarter ended June 30, 1995, was $11,895,000, compared to $11,304,000 for the quarter ended June 30, 1994. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. interest rate spread for the second quarter of 1995 was 3.95%, compared to 4.05% for the second quarter of 1994. The provision for credit losses was $1,305,000 for the second quarter of 1995 and $982,000 for the second quarter of 1994. Non-interest income for the quarter ended June 30, 1995 increased to $1,456,000 from $1,437,000 for the second quarter of 1994. Non-interest expense increased from $6,308,000 for the quarter ended June 30, 1994 to $6,924,000 for the quarter ended June 30, 1995. The increase was due in large part to increases in salaries and fringe benefits fringe benefits, n.pl the benefits, other than wages or salary, provided by an employer for employees (e.g., health insurance, vacation time, disability income). and credit card servicing costs. For the quarter ended June 30, 1995, there were net security losses of $175,000 and gains on sales of mortgages of $25,000. Net income for the first six months ending June 30, 1995 was $5,947,000, compared to $6,321,000 for the six months ending June 30, 1994. Earnings per share decreased from $1.43 for the six months ending June 30, 1994 to $1.39 for the six months ending June 30, 1995. As of June 30, 1995, assets totaled $1,204,177,000, an increase of 6.58% from June 30, 1994. On an annualized basis, the return on average equity was 10.28% for the second quarter of 1995, compared to 11.09% for the quarter ended June 30, 1994. The return on average equity for the six months ended June 30, 1995 was 10.39%, compared to 11.56% for the same period in 1994. The annualized return on average assets was 1.00% for the second quarter of 1995, compared to 1.11% for the second quarter of 1994. The return on average assets for the six-month period ended June 30, 1995 was 1.02%, compared to 1.16% for the same period in 1994. Shareholders equity was $113,323,000, or 9.41% of assets at June 30, 1995, compared to $108,311,000, or 9.59% of assets at June 30, 1994. Book value per share was $24.68 at June 30, 1994 and $26.80 at June 30, 1995. Net loans increased from $817,435,000 at June 30, 1994 to $913,021,000 at June 30, 1995. Deposits increased from $931,719,000 at June 30, 1994 to $954,688,000 at June 30, 1995. Borrowings increased from $83,528,000 to $127,598,000 for the same period. Net charge-offs during the second quarter of 1995 amounted to $1,280,000, or 0.57% of average gross loans outstanding, compared to $942,000, or 0.46% of average gross loans outstanding in the second quarter of 1994. Net charge-offs during the first six months of 1995 amounted to $2,936,000, or 0.66% of average gross loans outstanding compared to $1,280,000, or 0.31% of average gross loans outstanding for the first six months of 1994. 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 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 at June 30, 1994 were $12,775,000, or 1.13% of total assets, compared to $15,414,000, or 1.28% of total assets at June 30, 1995. The allowance for possible credit losses was $15,576,000, or 1.68% of total gross loans outstanding at June 30, 1995, compared to $15,883,000 or 1.90% of total gross loans outstanding at June 30, 1994. -0- BSB BANCORP INC. Quarter Ended June 30 1995 1994 Net income $ 2,964,000 $ 3,059,000 Per Share .69 .69 Six Months Ended June 30 Net Income $5,947,000 $6,321,000 Per Share 1.39 1.43 -0- BSB BANCORP INC. Financial Highlights (Dollars in thousands - except per share amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1995 1994 1995 1994
Operations data
Net interest income $11,895 $11,304 $23,660 $22,493 Provision for credit losses 1,305 982 2,665 1,929 Gain (loss) on sale of securities (175) 45 (192) 161 Gain on sale of mortgages, net 25 (465) 61 (794) Non-interest income 1,456 1,437 2,916 2,619 Operating expense 6,924 6,308 13,823 12,058 Income tax expense 2,008 1,972 4,010 4,171 Net income 2,964 3,059 5,947 6,321 Selected Financial Data Yield on earning assets 8.73% 7.83% 8.70% 7.75% Cost of funds(1) 4.78 3.78 4.73 3.68 Interest rate spread during the period(1) 3.95 4.05 3.97 4.07 Return on average assets(1) 1.00 1.11 1.02 1.16 Return on average equity(1) 10.28 11.09 10.39 11.56 Equity to assets(2) 9.41 9.59 9.41 9.59 Operating expenses to average assets(1) 2.34 2.29 2.36 2.21 Efficiency ratio 51.86 49.51 52.01 48.02 Per Share Data Earnings $ 0.69 $ 0.69 $ 1.39 $ 1.43 Book value $26.80 $24.68 $26.80 $24.68 Dividends declared $ 0.22 $ 0.19 $ 0.44 $ 0.38
June 30, Percent
1995 1994 Change
Financial Condition Data
Assets $1,204,177 $1,129,859 6.58%
Net loans 913,021 817,658 11.66
Mortgage-backed securities 131,256 159,304 (17.61)
Investment securities 92,194 95,114 (3.07)
Deposits 954,688 931,719 2.47
Borrowings 127,598 83,528 52.76
Shareholders' equity 113,323 108,311 4.63
Allowance for possible credit losses 15,576 15,883 (1.93)
Non-performing loans & other
real estate 15,414 12,775 20.66
Non-performing loans 12,662 10,550 20.02
(1) Annualized (2) At period ended -0- BSB BANCORP INC. CONSOLIDATED STATEMENTS OF CONDITION (Dollars in Thousands)
June 30, Dec. 31,
1995 1994
ASSETS
Cash and due from banks $28,091 $28,199
Federal funds sold 0 10,500
Total cash and cash equivalents 28,091 38,699
Investment securities (market
value $92,306 and $86,674) 92,194 86,686
Mortgage-backed securities
(market value $131,599
and $143,048) 131,256 143,177
Mortgages held for sale 2,522 1,782
Loans:
Real estate 296,955 277,344
Commercial 429,170 386,875
Consumer 203,199 200,863
Total loans 929,324 865,082
Less: Unearned discounts 727 1,218
Allowance for possible
credit losses 15,576 15,847
Net loans 913,021 848,017
Bank premises and equipment 6,990 7,136
Accrued interest receivable 8,019 7,697
Other real estate 2,752 3,234
Intangible assets 2,630 2,778
Other assets 16,702 20,202
---------- ----------
$1,204,177 $1,159,408
LIABILITIES AND SHAREHOLDERS' EQUITY
Due to depositors $954,688 $962,780
Borrowings 127,598 79,028
Other liabilities 8,568 10,730
Commitments
Shareholders' equity:
Preferred stock, par value $0.01
per share; authorized 5,000,000
shares; none issued 0 0
Common stock, par value $0.01 per
share; authorized 10,000,000
shares; 4,838,067 shares and
4,820,617 shares issued 48 48
Additional paid-in capital 26,686 26,436
Surplus fund 20,058 20,058
Undivided profits 76,987 72,928
Unrealized depreciation
in securities
available for sale, net (980) (5,546)
Treasury stock, at cost:
609,619 and 528,419 shares (9,476) (7,054)
Total shareholders' equity 113,323 106,870
---------- ----------
$1,204,177 $1,159,408
-0-
BSB BANCORP INC. Consolidated Statements of Income (Dollars in thousands - except per share data)
Three months ended Six months ended
June 30, June 30,
1995 1994 1995 1994
Interest Income: Interest and fees on loans $20,561 $16,750 $40,548 $32,983 Interest on mortgage-backed securities 2,386 2,496 4,889 4,965 Interest on mortgages held for sale 52 53 72 78 Interest on federal funds sold and interest-bearing deposits 0 249 30 403 Interest and dividends on investment securities: U.S. Government obligations 821 463 1,473 852 State and municipal obligations 104 188 212 272 Other debt obligations 408 209 791 479 Corporate stocks 178 187 348 380 Total interest income 24,510 20,595 48,363 40,412 Interest Expense: Interest on savings deposits 1,110 1,332 2,246 2,570 Interest on time accounts 7,030 5,448 13,795 10,594 Interest on money market deposit accounts 2,597 1,341 5,147 2,446 Interest on NOW accounts 192 200 376 393 Interest on borrowed funds 1,686 970 3,139 1,916 Total interest expense 12,615 9,291 24,703 17,919 Net interest income 11,895 11,304 23,660 22,493 Provision for credit losses 1,305 982 2,665 1,929 Net interest income after provision for credit losses 10,590 10,322 20,995 20,564 Net security gains (175) 45 (192) 161 Gain on the sale of mortgages, net 25 (465) 61 (794) Non-interest Income: Service charges on deposit accounts 380 343 745 667 Credit card fees 522 422 963 718 Mortgage servicing fees 226 226 462 417 Fees and commissions- brokerage services 69 105 157 178 Trust fees 122 123 248 236 Other charges, commissions, and fees 137 218 341 403 Total non-interest income 1,456 1,437 2,916 2,619 Non-interest expense: Salaries, pensions, and other employee benefits 3,052 2,934 6,123 5,731 Building occupancy 559 557 1,176 1,074 Computer service fees 222 173 411 354 Services 436 522 1,036 922 FDIC insurance 538 493 1,076 985 Goodwill 74 25 148 25 Interchange fees 403 298 654 471 Other expenses 1,640 1,306 3,199 2,496 Total non-interest expense 6,924 6,308 13,823 12,058 Income before income taxes 4,972 5,031 9,957 10,492 Provision for income taxes 2,008 1,972 4,010 4,171 Net income $ 2,964 $ 3,059 $ 5,947 $ 6,321 Earnings per share $ 0.69 $ 0.69 $ 1.39 $ 1.43 Average shares outstanding 4,287,289 4,411,650 4,291,542 4,419,345 CONTACT: 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. William William, crown prince of Germany William or Frederick William, 1882–1951, crown prince of Germany, son of William II. In World War I he commanded (1914) an army on the Western Front and was nominal commander in the German attack H. Rincker 607/779-2536 |
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