CENIT Reports Increase in Earnings Per Share for the Fourth Quarter and the Year Before Charges.Business Editors NORFOLK Norfolk, cities, United States Norfolk (1, 2 nôr`fək; 2 nôr`fôk'). 1 City (1990 pop. 21,476), Madison co., NE Nebr., on the Elkhorn River; inc. 1881. , Va.--(BUSINESS WIRE)--Jan. 22, 2001 CENIT 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 : CNIT CNIT Center of New Information Technologies ) today announced fourth quarter earnings, excluding special fourth quarter charges, of $1,513,000, or $.35 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, representing an increase of 6% in earnings per share compared to earnings of $1,554,000, or $.33 per diluted share, in the fourth quarter of 1999. For the year ended December December: see month. 31, 2000, CENIT had earnings, excluding special fourth quarter charges, of $6,075,000 compared to earnings for the year ended December 31, 1999, of $6,059,000. 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 , excluding special fourth quarter charges, were $1.36 per share for 2000, an increase of 5% compared to $1.30 per share earned in 1999. Cash basis operating results, which exclude the amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. , and excluding special fourth quarter charges, reflected earnings of $1,580,000, or $.37 per diluted share, for the fourth quarter of 2000 and $6,345,000, or $1.42 per diluted share, for the year ended December 31, 2000. These results compared to $1,622,000 or $.35 and $6,334,000 or $1.36 for the fourth quarter and year ended December 31, 1999, respectively. During the fourth quarter of 2000, CENIT continued to successfully execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its business strategy focused on growth in its checking, savings, and money market deposits (collectively, "Transaction Deposits") and the portion of its loan portfolio excluding residential mortgage loans (collectively, "Core Banking Loans"). For the year, CENIT increased the balance of its Transaction Deposits by $34.5 million, or 16%, to a record $251.4 million at December 31, 2000, compared to $216.9 million at December 31, 1999. Average Transaction Deposits for the quarter ended December 31, 2000, were a record $236.6 million and average noninterest-bearing deposits were a record $77.7 million, increases of 8% and 17%, respectively, compared to $219.9 million and $66.3 million, respectively, for the quarter ended December 31, 1999. Core Banking Loans increased by $18.6 million, or 7%, in the year ended December 31, 2000. President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. S. Ives Ives , Charles Edward 1874-1954. American composer whose works anticipated those of later 20th-century musicians in their abandonment of conventional tonality. His Third Symphony (1904-1911) won a Pulitzer Prize. Noun 1. commented, "We are pleased with the growth in our Transaction Deposits, Core Banking Loans, and our earnings per share before special fourth quarter charges in 2000. The increase of 17% in our average noninterest-bearing deposits comparing the fourth quarter of 2000 with the fourth quarter of 1999 was a significant achievement considering the intense competition for these types of deposits within the banking industry." Asset quality remains excellent. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. were $1,680,000, or .27% of total assets at December 31, 2000, compared to $1,981,000 and .31%, respectively, at September September: see month. 30, 2000. CENIT had no 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 December 31, 2000, and its nonperforming assets consisted primarily of $1,413,000 of residential mortgage loans in the process of 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. . Historically, residential mortgage loans have presented little risk of material loss to the Company. Ives continued, "In order to accelerate the growth of our earnings per share during 2001, we are taking several initiatives, which began in the fourth quarter of 2000, that are designed to enhance our operating efficiency and net income. We have (1) restructured a significant portion of our investment portfolio, (2) repositioned some of our advances from the Federal Home Loan Bank of Atlanta Atlanta (ətlăn`tə, ăt–), city (1990 pop. 394,017), state capital and seat of Fulton co., NW Ga., on the Chattahoochee R. and Peachtree Creek, near the Appalachian foothills; inc. 1847. , and (3) consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: two of our retail offices and adjusted operating hours at several others. Collectively, these actions should have a substantial positive impact on our operating earnings Operating Earnings Profits after subtracting expenses such as marketing, cost of goods sold, administration and general operating costs from revenue. Notes: Tax and interest expenses are not subtracted - operating earnings are synonymous with EBIT (earnings before during 2001." CENIT incurred a total of $394,000 of special fourth quarter charges, after income tax benefits, as follows: 1. A charge of $134,000 to consolidate Consolidate To combine the assets, liabilities, and other financial items of two or more entities into one. Notes: This term is generally used in the context of consolidated financial statements. the retail offices in Hampton Hampton, part of Greater London, England Hampton, since 1965 part of the Greater London outer borough of Richmond upon Thames, SE England, on the Thames River. It is the site of Hampton Court Palace, which occupies about eight acres (3. into the Company's retail office located at 2205 Executive Drive, which should result in an 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. reduction in 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. of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $135,000, (or $85,000 after tax), commencing during the second quarter of 2001; 2. A loss of $127,000 from the sale of approximately $36,000,000 of federal agency securities. The proceeds were invested in GNMA GNMA abbr. Government National Mortgage Association adjustable rate Adjustable rate Applies mainly to convertible securities. Refers to interest rate or dividend that is adjusted periodically, usually according to a standard market rate outside the control of the bank or savings institution, such as that prevailing on Treasury bonds or notes. mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. with a higher 2001 yield of approximately 95 basis points; and 3. Aggregate other special charges of $133,000. Ives noted, "As a result of our restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). efforts, we expect that there will be no material increase in compensation expense in 2001. We also expect that improvements in our cash management practices and our deposit processing will further enhance net income in 2001 compared to 2000 through decreases in noninterest-bearing asset balances and reductions in deposit processing costs." Including the special fourth quarter charges, net income for the fourth quarter of 2000 totaled $1,119,000, or $.26 per diluted share, and net income for the year ending December 31, 2000, totaled $5,681,000, or $1.27 per diluted share. Ives also commented on the Company's prospects for 2001: "As we look ahead to 2001, we have focused our attention on substantially improving our earnings per share for 2001 which should result in an increase in our share price over the levels that prevailed during 2000. We expect to continue our successful efforts to grow our Transaction Deposits, particularly our noninterest-bearing deposits, and our Core Banking Loans in 2001. Our mortgage banking operations should improve substantially over 2000 as a result of the recent decrease in mortgage lending rates. As mortgage lending activity increases, CENIT should benefit from increases in our mortgage banking income and increases in the average balances of our noninterest-bearing escrow escrow Instrument, such as a deed, money, or property, that constitutes evidence of obligations between two or more parties and is held by a third party. It is delivered by the third party only upon fulfillment of some condition. accounts for those of our customers engaged in closing residential mortgage loans. Accordingly, we do not expect to see in the first quarter of 2001 the shortfalls in mortgage lending income and escrow account balances that we encountered in the first quarter of 2000." Ives further stated, "Our net interest margin was 3.59% in the fourth quarter of 2000. Due to the rapid decreases in the prime lending rate The lowest rate of interest that a financial institution, such as a bank, charges its best customers, usually large corporations, for short-term unsecured loans. The prime lending rate is an economic indicator and is often used as a measuring point for adjusting interest that have occurred and that we believe may continue to occur in early 2001, we project our margin to remain flat in the first quarter of 2001 and then to increase gradually grad·u·al adj. Advancing or progressing by regular or continuous degrees: gradual erosion; a gradual slope. n. Roman Catholic Church 1. in subsequent quarters as our interest-bearing Adj. 1. interest-bearing - of financial obligations on which interest is paid deposits reprice downward and offset the immediate decrease in interest income associated with the impact of a falling prime lending rate on our approximately $83 million loan portfolio tied to prime." Addressing share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. , Ives said, "To enhance further earnings per share, the Company has engaged in share repurchases over the past several years. In 2000, the Company repurchased 321,283 of its outstanding shares over the course of the year. The full benefit of these share repurchases for annual earnings per share will be seen in 2001. In addition, our business plan calls for us to continue to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. shares in 2001 as and when our Board of Directors determines that appropriate opportunities exist." Ives concluded, "Although we continued to execute successfully our business plan to grow our Transaction Deposits and our Core Banking Loans during 2000, we were disappointed that our prevailing share prices throughout 2000 did not appear to recognize the value inherent in our franchise. Our depressed Depressed A description of a market, security, or product that is experiencing weak demand and lowering prices. Notes: A depressed market, security, or product implies that prices and volume are low. There are many reasons for a depressed market, security, or product. share prices prevented us from exploring any of the strategic options for the Company to which I had made reference in my Report To Our Stockholders contained in our Annual Report last year. Accordingly, we have taken the steps that we announced today to enhance earnings per share for 2001 with the expectation that improvements in our earnings per share should result in increases in our share price." Ives added, "The benefits from some of the changes that we have announced today and the benefits from the falling interest rate environment will not be fully reflected in our net income until the second quarter. However, due to improving conditions in the residential mortgage market, we expect that our diluted earnings per share for the first quarter of 2001 will be in the range of $.35 to $.38, well above the $.30 per diluted share that we earned in the first quarter of 2000." About CENIT CENIT Bancorp, Inc. is the holding company for CENIT Bank. At December 31, 2000, the Bank has twenty banking offices, including three Super Kmart For the Australasian department store chain, see Kmart Australia. "K-Mart" is also a nickname for NBA player Kenyon Martin. Kmart is a chain of department stores in the United States, Puerto Rico, the U.S. Virgin Islands, and Guam. banking centers and twenty-six automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. . The Bank's Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the Web site, cenit.com, permits customers to engage in banking services through their personal computer, and provides current and detailed account information all day, every day. The Bank provides a wide range of financial services 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. in the Hampton Roads Hampton Roads, roadstead, 4 mi (6.4 km) long and 40 ft (12.2 m) deep, SE Va., through which the waters of the James, Nansemond, and Elizabeth rivers pass into Chesapeake Bay. , Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). market, the fourth largest MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. in the Southeast Southeast or south east is the ordinal direction halfway between south and east. It the opposite of northwest. Southeast or South East can refer to: adj. Containing many people or inhabitants; having a large population. [Middle English, from Latin popul cities. CENIT Bank has banking offices in Virginia Beach Virginia Beach, resort city (1990 pop. 393,069), independent and in no county, SE Va., on the Atlantic coast; inc. 1906. In 1963, Princess Anne co. and the former small town of Virginia Beach were merged, giving the present city an area of 302 sq mi (782 sq km). , Norfolk, Portsmouth Portsmouth, city, England Portsmouth, city (1991 pop. 174,218) and district, Hampshire, S England, on Spithead Channel. The district includes Portsea (naval station), Southsea (residential district and resort), and the old town of Portsmouth proper. , Chesapeake Chesapeake, ship Chesapeake, U.S. frigate, famous for her role in the Chesapeake affair (June 22, 1807) and for her battle with the H.M.S. Shannon (June 1, 1813). The Chesapeake left Norfolk, Va. , Hampton, Newport News Newport News, independent city (1990 pop. 170,045), SE Va., on the Virginia peninsula, at the mouth of the James River, off Hampton Roads, near Norfolk; inc. 1896. , and York County, Virginia York County is a county located on the Virginia Peninsula in the Hampton Roads region of the Commonwealth of Virginia, a state of the United States. Formed in 1634 as one of the eight original shires (counties) of the Virginia Colony, York County is one of the oldest . 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 This News Release contains 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. with respect to the goals, plans, objectives, intentions, expectations, financial condition, results of operations, future performance and business of CENIT, including, without limitation, statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the earnings outlook of CENIT. These forward-looking statements may be preceded by, followed by or include the words "may", "could", "would", "should", "believes", "expects", "anticipates", "estimates", "intends", "plans" or similar expressions. These forward-looking statements involve risks and uncertainties that are subject to change based on various factors, many of which are beyond CENIT's control. Some of these factors include (1) the strength of the U. S. economy in general and the strength of the local economy in which CENIT conducts its operations, which may be different than expected and which may result in, among other things, deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in credit quality or reduced demand for credit; (2) the effects of, and changes in, the interest rate policies of the board of governors of the Federal Reserve system Board of Governors of the Federal Reserve System The managing body of the Federal Reserve System, which sets policies on bank practices and the money supply. , which may be different from those anticipated by CENIT in this News Release; (3) legislation or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes that adversely affect the businesses in which CENIT is engaged; (4) changes in accounting principles, practices, policies or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; and (5) changes in the real estate market generally and in the markets in which CENIT conducts its operations, which may affect the demand for mortgages and other real estate-based loans. This News Release, including the forward-looking statements contained herein, speaks only as of the date hereof here·of adv. Of this. hereof Adverb Formal or law of or concerning this Adv. 1. hereof - of or concerning this; "the twigs hereof are physic" , and CENIT disclaims any obligation to update or revise the statements contained in this News Release following the date hereof.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
(Unaudited)
----------------------------------------------------------------------
At or for the At or for the
Year Three Months
Ended Ended
December 31, December 31,
2000 1999 2000 1999
----------------------------------------------------------------------
Income Data (5)
Interest income $ 46,374 $ 43,312 $ 11,491 $ 11,327
Interest expense 24,861 21,980 6,166 5,829
--------- --------- -------- --------
Net interest income 21,513 21,332 5,325 5,498
Provision for loan losses 48 98 - 23
--------- --------- -------- --------
Net interest income after
provision for loan losses 21,465 21,234 5,325 5,475
Other income 6,659 7,132 1,498 1,587
Other expenses 19,247 18,899 5,074 4,634
--------- --------- -------- --------
Income before income taxes 8,877 9,467 1,749 2,428
Provision for income taxes 3,196 3,408 630 874
--------- --------- -------- --------
Net income $ 5,681 $ 6,059 $ 1,119 $ 1,554
========= ========= ======== ========
Basic earnings per share (1) $ 1.29 $ 1.32 $ .26 $ .34
Diluted earnings per share (1) $ 1.27 $ 1.30 $ .26 $ .33
Basic earnings per share
excluding special fourth
quarter charges $ 1.38 $ 1.32 $ .36 $ .34
Diluted earnings per share
excluding special fourth
quarter charges $ 1.36 $ 1.30 $ .35 $ .33
Cash dividends per share $ .60 $ .60 $ .15 $ .15
Average Balance Sheet Data
Loans, net $474,381 $480,627 $475,030 $467,239
Investment securities 42,932 56,556 32,390 57,167
Mortgage-backed certificates 76,465 36,300 70,630 74,023
Interest-earning assets 609,043 592,043 592,986 613,810
Interest-bearing deposits 405,918 405,717 400,325 404,529
Borrowings 113,432 103,632 97,902 125,427
Interest-bearing liabilities 519,350 509,349 498,227 529,956
Assets 647,301 630,589 631,594 652,330
Liabilities 596,540 579,988 581,046 600,805
Noninterest-bearing deposits 71,922 65,730 77,725 66,324
Stockholders' equity 50,761 50,601 50,548 51,525
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
----------------------------------------------------------------------
At or for the At or for the
Year Three Months
Ended Ended
December 31, December 31,
2000 1999 2000 1999
----------------------------------------------------------------------
Spread and Margin Analysis
Yield on:
Loans, net 7.94% 7.60% 8.07% 7.71%
Investment securities 5.62% 5.72% 5.59% 5.68%
Mortgage-backed certificates 6.86% 6.98% 6.79% 6.86%
Interest-earning assets 7.61% 7.32% 7.75% 7.38%
Cost of:
Interest-bearing deposits 4.43% 4.13% 4.66% 4.13%
Borrowings 6.05% 5.06% 6.14% 5.27%
Interest-bearing liabilities 4.79% 4.32% 4.95% 4.40%
Interest rate spread 2.82% 3.00% 2.80% 2.98%
Net interest margin 3.53% 3.60% 3.59% 3.58%
Ratios
Return on average assets .88% .96% .71% .95%
Return on average stockholders'
equity 11.19% 11.97% 8.85% 12.06%
Return on average assets excluding
special fourth quarter charges .94% .96% .96% .95%
Return on average stockholders' equity
excluding special fourth quarter
charges 11.97% 11.97% 11.97% 12.06%
Cash Basis Operating Results and
Ratios (2)
Net income $ 5,951 $ 6,334 $ 1,186 $ 1,622
Basic earnings per share $ 1.35 $ 1.38 $ .28 $ .35
Diluted earnings per share $ 1.33 $ 1.36 $ .28 $ .35
Return on average tangible assets .92% 1.01% .75% 1.00%
Return on average tangible equity 12.49% 13.44% 9.98% 13.47%
Net income excluding special fourth
quarter charges $ 6,345 $ 6,334 $ 1,580 $ 1,622
Diluted earnings per share
excluding special fourth quarter
charges $ 1.42 $ 1.36 $ .37 $ .35
Credit Data
Total nonperforming assets, net $ 1,680 $ 603 $ 1,680 $ 603
Total nonperforming assets, net,
to total assets .27% .09% .27% .09%
Allowance for loan losses to loans
held for investment, net .81% .82% .81% .82%
Ratio of net charge-offs to average
loans .02% .05% .01% .04%
Net charge-offs $ 104 $ 262 $ 8 $ 45
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
At or for the At or for the
Year Three Months
Ended Ended
December 31, December 31,
2000 1999 2000 1999
Other Income and Other Expense Data
Deposit fees $ 2,699 $2,511 $ 653 $ 625
Merchant processing fees 2,297 2,464 530 556
Gains on sales of loans 717 748 221 142
Fees from accounts receivable program 323 356 80 78
Loan servicing fees and late charges 293 277 96 65
Commercial mortgage brokerage fees 207 168 42 -
(Losses) on sales of securities, net (182) - (198) -
Other miscellaneous 305 608 74 121
-------- ------- ------- ------
Total other income $ 6,659 $7,132 $1,498 $1,587
======== ======= ======= ======
Salaries and employee benefits $ 8,542 $8,524 $2,096 $2,003
Equipment, data processing and
supplies 3,151 2,992 787 771
Net occupancy expense of premises 2,340 2,154 621 578
Merchant processing 1,774 1,953 413 421
Professional fees 741 678 264 199
Loan processing 435 503 103 119
Amortization of intangibles 346 355 85 87
Postage 240 246 60 57
Federal deposit insurance premiums 98 241 24 59
Marketing 529 416 148 169
Expense, gains/losses on sales and
provision for losses on real estate
owned, net 42 44 1 (2)
Branch consolidation charge 210 - 210 -
Other miscellaneous 799 793 262 173
-------- ------- ------- ------
Total other expenses $19,247 $18,899 $5,074 $4,634
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
(Unaudited)
December 31, December 31,
2000 1999
----------------------------------------------------------------------
Balance Sheet Data
Cash and federal funds sold $ 29,550 $ 30,462
Securities available for sale at fair value:
Investment securities (adjusted cost of
$250 and $56,366, respectively) 230 55,535
Mortgage-backed certificates (adjusted cost
of $98,361 and $83,018, respectively) 99,032 82,763
Loans, net 475,052 473,074
Interest receivable 3,546 4,067
Real estate owned, net - 218
Federal Home Loan Bank stock, at cost 5,050 7,100
Property and equipment, net 13,087 13,757
Goodwill and other intangibles, net 2,946 3,293
Other assets 3,736 3,944
----- -----
Total assets $632,229 $674,213
======= =======
Noninterest-bearing deposits $ 88,748 $ 64,491
Interest-bearing deposits 405,736 400,127
------- -------
Total deposits 494,484 464,618
Advances from the Federal Home Loan Bank 70,000 142,000
Securities sold under agreements
to repurchase 13,369 13,233
Other liabilities 2,923 3,097
------ ------
Total liabilities 580,776 622,948
------- -------
Stockholders' equity(3) 51,453 51,265
------- -------
Total liabilities and stockholders' equity $632,229 $674,213
======= ========
Book value per share(4) $12.11 $11.29
Tangible book value per share(4) $11.42 $10.57
Common stock outstanding excluding unallocated
common stock held by the Company's
Employee Stock Ownership Plan 4,248,315 4,540,442
Common stock outstanding including unallocated
common stock held by the Company's
Employee Stock Ownership Plan 4,443,271 4,751,644
Closing stock price $12.25 $17.31
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
December 31, December 31,
2000 1999
----------------------------------------------------------------------
Loan Data
Loans
First mortgage loans:
Single-family $ 205,263 $ 221,041
Multi-family 7,620 8,082
Commercial real estate 84,896 81,724
Construction 78,762 66,213
Acquisition/development and residential lots 22,829 21,631
Commercial business 46,780 36,739
Consumer:
Equity and second mortgage 60,343 56,469
Other consumer 14,604 14,823
Less: undisbursed portion of construction and
acquisition and development loans (46,241) (34,714)
------ ------
Gross loans 474,856 472,008
Allowance for loan losses (3,804) (3,860)
Unearned discounts, premiums, and
loan fees, net 1,464 1,470
----- -----
Loans held for investment, net 472,516 469,618
Loans held for sale 2,536 3,456
----- -----
Loans, net $ 475,052 $ 473,074
======= =======
Percentage of gross loans
First mortgage single-family 43% 47%
All other (Core Banking Loans) 57% 53%
---- ----
100% 100%
==== ====
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
Average Balances
For the Quarter Ended Balances At
--------------------- -----------
Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
Deposit Data
Deposits
Noninterest-bearing $77,725 $66,324 $88,748 $64,491
Interest-bearing savings,
checking and money
market 158,876 153,545 162,662 152,442
------- ------- ------- -------
Total transaction deposits 236,601 219,869 251,410 216,933
Certificates of deposit 241,449 250,984 243,074 247,685
------- ------- ------- -------
Total deposits $478,050 $470,853 $494,484 $464,618
======= ======= ======= =======
Percentage of deposits
Noninterest-bearing 16% 14% 18% 14%
Interest-bearing savings,
checking and money
market 33% 33% 33% 33%
---- ---- ---- ----
Total transaction deposits 49% 47% 51% 47%
Certificates of deposit 51% 53% 49% 53%
---- ---- ---- ----
Total deposits 100% 100% 100% 100%
==== ==== ==== ====
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA
(Unaudited)
(1) Basic earnings per share is calculated using weighted average
shares outstanding. For the year and three month period ended
December 31, 2000, weighted average shares used to compute basic
earnings per share were 4,410,988 and 4,256,737, respectively.
For the year and three months ended December 31, 1999, weighted
average shares used to compute basic earnings per share were
4,581,574 and 4,592,193, respectively.
Diluted earnings per share is calculated by adding common stock
equivalents to the weighted average shares outstanding. For the
year and three month period ended December 31, 2000, weighted
average shares used to compute diluted earnings per share were
4,461,025 and 4,305,425, respectively. For the year and three
months ended December 31, 1999, weighted average shares used to
compute diluted earnings per share were 4,659,103 and 4,661,986,
respectively.
(2) Cash basis operating results exclude the effect on net income of
amortization expense applicable to intangible assets which
include goodwill and core deposit intangibles. Cash basis
operating ratios exclude the effect of amortization of
intangible assets from net income and the unamortized balances
of intangibles from assets and equity.
The Company has presented cash basis operating results and
ratios as management understands that such information is used
by many investors and analysts. Cash basis operating data is not
intended to represent and should not be considered more
meaningful than, or as a substitute for, other measures of
performance determined in accordance with generally accepted
accounting principles.
(3) Includes accumulated other comprehensive income (loss), net of
income taxes of $403,000, and $(674,000) at December 31, 2000,
and December 31, 1999, respectively.
(4) Book value per share and tangible book value per share, computed
by including unallocated common stock held by the Company's
Employee Stock Ownership Plan at December 31, 2000 were $11.58
and $10.92, respectively; and at December 31, 1999 were $10.79
and $10.10, respectively.
(5) Special fourth quarter charges are included in the income data
before income taxes as follows:
Included in other income:
Loss on restructuring the securities portfolio $198,000
Included in other expenses:
Branch consolidation charge 210,000
Aggregate other special charges 208,000
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Special fourth quarter charges before income taxes $616,000
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