Bayonne Community Bank Announces Annual Earnings.Business Editors BAYONNE Bayonne, town, France Bayonne (bäyôn`), town (1990 pop. 41,846), Pyrénées-Atlantiques dept., SW France, in Gascony, on the Adour River near its entrance into the Bay of Biscay. , N.J.--(BUSINESS WIRE)--Feb. 12, 2003 Bayonne Community Bank, Bayonne, N.J. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BYNY) announced net earnings for the year ended December December: see month. 31, 2002 of $1.3 million compared to a loss of $276,000 for the year ended December 31, 2001. Basic and 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 were $0.74 for the year ended December 31, 2002 as compared to a loss of $(0.25) for the year ended December 31, 2001. The earnings per share calculations for the years ended December 31, 2002 and 2001 reflect a 10% stock dividend 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. in December 2002 and payable in January January: see month. 2003. As of December 31, 2002 total assets increased by $69.9 million or 61.7% to $183.1 million from $113.2 million at December 31, 2001. Loans receivable increased by $77.1 million or 171.3% to $122.1 million at December 31, 2002 from $45.0 million at December 31, 2001. Securities held-to-maturity increased by $12.0 million or 31.1% to $50.6 million at December 31, 2002 from $38.6 million at December 31, 2001. Deposit liabilities increased by $61.8 million or 60.8% to $163.5 million at December 31, 2002 from $101.7 million at December 31, 2001. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. was $18.8 million or 10.25% of assets at December 31, 2002. Total interest income increased by $5.2 million or 126.8% to $9.3 million for the year ended December 31, 2002 from $4.1 million for the year ended December 31, 2001. Total interest expense increased by $1.1 million or 47.8% to $3.4 million for the year ended December 31, 2002 from $2.3 million for the year ended December 31, 2001. Net interest income increased by $4.2 million or 233.3% to $6.0 million for the year ended December 31, 2002 from $1.8 million for the year ended December 31, 2001. Provision for loan losses totaled $843,000 and $382,000 for the years ended December 31, 2002 and 2001 respectively, resulting in an increase in net interest income after provision for loan losses of $3.7 million or 264.3% to $5.1 million for the year ended December 31, 2002 from $1.4 million for the year ended December 31, 2001. Total non-interest income totaled $336,000 and $152,000 and total non-interest expense totaled $3.3 million and $2.0 million for the years ended December 31, 2002 and 2001, respectively. Income before income tax expense was $2.2 million for the year ended December 31, 2002 as compared to a pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta loss of $449,000 for the year ended December 31, 2001. Net income, (loss) totaled $1.3 million for the year ended December 31, 2002 and $(276,000) for the year ended December 31, 2001. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. Mindiak, President & 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. commented that "controlled balance sheet growth achieved through competitive pricing, combined with a comprehensive asset allocation Asset Allocation The process of dividing a portfolio among major asset categories such as bonds, stocks or cash. The purpose of asset allocation is to reduce risk by diversifying the portfolio. and reallocation Noun 1. reallocation - a share that has been allocated again allocation, allotment - a share set aside for a specific purpose 2. reallocation program have resulted in the Bank recording a profitable year in only our second full year of operation. By utilizing our ability to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. quality loans in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with prudent underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards and additional loan personnel we have significantly increased our loan portfolio which has resulted in a substantiative Adj. 1. substantiative - serving to support or corroborate; "collateral evidence" corroborative, corroboratory, substantiating, validating, validatory, verificatory, verifying, confirmative, confirmatory, confirming, collateral increase in total interest income. During 2002, while interest rates continued to decrease, the Bank increased its spread and margin to 3.64% and 4.08% respectively. As the Bank continues to grow, we will never lose sight of our commitment to quality customer service and a conservative philosophy that should continue to inure To result; to take effect; to be of use, benefit, or advantage to an individual. For example, when a will makes the provision that all Personal Property is to inure to the benefit of a certain individual, such an individual is given the right to receive all the personal to the benefit of our shareholders. Our expansion plans are on schedule and we should open our two new offices in Bayonne during the second and fourth quarters of this year. This expansion should provide 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. distribution in Bayonne to assist in an increase of market share." "Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " Statement under 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: Statements in this press release relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc plans, strategies, economic performance and trends, projections of results of specific activities or investments and other statements that are not descriptions of historical facts may be 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. within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. 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 is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in the Bank's Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and in other documents filed by the Bank with the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). from time to time. Forward looking statements may be identified by terms such as "may," "will," "should," "could," "expects," "plans," "intends," "anticipates," "believes," "estimates," "predicts," "forecasts," "potential," or "continue" or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The Bank has no obligation to update these forward-looking statements.
BAYONNE COMMUNITY BANK
STATEMENT OF FINANCIAL CONDITION
Assets December 31,
------ 2002 2001
---- ----
(unaudited)
Cash and amounts due from depository
institutions $ 1,232,139 $ 887,813
Interest-bearing deposits 3,911,847 26,279,720
------------ ------------
Total cash and cash equivalents $ 5,143,986 $ 27,167,533
Securities held to maturity $ 50,602,306 $ 38,562,331
Loans receivable 122,084,802 44,973,005
Premises and equipment 2,627,106 1,444,208
Federal Home Loan Bank of New York
Stock, at cost 760,400 -
Interest Receivable 1,130,097 510,939
Deferred Income Taxes 532,716 395,950
Other Assets 226,292 169,726
------------ ------------
Total assets $183,107,705 $113,223,692
------------ ------------
Liabilities and stockholders' equity
------------------------------------
Liabilities
-----------
Deposits $163,547,862 $101,749,208
Other liabilities 788,222 171,269
------------ ------------
Total liabilities $164,336,084 $101,920,477
------------ ------------
Stockholders' equity
--------------------
Common stock, $5 par value; 10,000,000
shares authorized; 1,898,057 and
1,163,513 shares issued and
outstanding $ 9,490,285 $ 5,817,565
Additional paid-in capital 9,781,972 6,015,394
Accumulated deficit (500,636) (529,744)
------------ ------------
Total stockholders' equity $ 18,771,621 $ 11,303,215
------------ ------------
Total liabilities and
stockholders' equity $183,107,705 $113,223,692
------------ ------------
BAYONNE COMMUNITY BANK
STATEMENTS OF OPERATIONS
December 31,
2002 2001
---- ----
(unaudited)
Interest income
Loans $ 6,118,633 $ 1,555,226
Securities 2,949,327 1,295,462
Other interest-earning assets 272,310 1,206,598
------------ ------------
Total interest income $ 9,340,270 $ 4,057,286
------------ ------------
Interest expense
Deposits
Demand $ 230,195 $ 146,211
Savings and club 2,760,777 1,726,190
Certificates of deposit 389,370 398,079
------------ ------------
Total interest expense $ 3,380,342 $ 2,270,480
------------ ------------
Net interest income $ 5,959,928 $ 1,786,806
Provision for loan losses 843,000 382,000
------------ ------------
Net interest income after provision
for loan losses $ 5,116,928 $ 1,404,806
------------ ------------
Non-interest income
Fees and service charges $ 314,087 $ 95,572
Gain on sale of security available
for sale 7,500 42,969
Other 14,441 13,014
------------ ------------
Total non-interest income $ 336,028 $ 151,555
------------ ------------
Non-interest expenses
Salaries and employee benefits $ 1,551,741 $ 990,971
Occupancy expense of premises 246,885 201,049
Equipment 646,119 373,386
Advertising 78,782 74,216
Other 748,684 365,281
------------ ------------
Total non-interest expenses $ 3,272,211 $ 2,004,903
------------ ------------
Income (loss) before income tax
expense (benefit) $ 2,180,745 $ (448,542)
Income tax expense (benefit) 871,655 (172,663)
------------ ------------
Net income (loss) $ 1,309,090 $ (275,879)
------------ ------------
Net income (loss) per common share
Basic $ 0.74 $ (0.25)
Diluted $ 0.74 $ (0.25)
------------ ------------
Weighted average number of common
shares outstanding
Basic 1,761,824 1,109,404
Diluted 1,772,198 1,109,404
------------ ------------
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