CFX CORPORATION ANNOUNCES 14% EARNINGS GAIN.KEENE Keene, city (1990 pop. 22,430), seat of Cheshire co., SW N.H., on the Ashuelot River; settled 1736, inc. as a city 1873. It is a trade and manufacturing center in a farming and resort area. , N.H.--(BUSINESS WIRE)--April 14, 1995--CFX CORPORATION (AMEX AMEX See: American Stock Exchange : CFX CFX Command Field Exercise CFX Combined Field Exercise CFX Congregationum Fratrorum Xaverianorum (Latin: Congregation of Xaverian Brothers (Roman Catholic religious order) CFX China France Express CFX Compact Form Factor ) today announced earnings of $1,254,000, or $.32 per share, for the quarter ended March 31, 1995, compared to earnings of $1,046,000, or $.28 per share, for the corresponding period a year ago, a per share increase of $.04, or 14%. Common 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. per share stood at $19.26 and $18.79, at March 31, 1995 and 1994, respectively. Company spokesman and Chief Financial Officer, Mark A. Gavin Gavin is a common given name in Ireland, England, Scotland, and Wales. It is the late medieval form of the name Gawain, which in turn is believed to have originated from the Welsh name Gwalchgwn, meaning "white hawk. said, "Our earnings for the first quarter of 1995 were positively affected by higher non-interest income in 1995 compared to 1994 . Total non-interest income (including trading securities transactions) increased in 1995 by $1,050,000 to $2,012,000. A portion of the increase in non-interest income was offset by a $191,000, or $.03 per share (after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ), loss on the sale of investment property. Total core earnings (net interest and dividend income and non-interest income) were $9,009,000 and $7,947,000, respectively, for the three months ended March 31, 1995 and 1994. The interest rate spread of 3.62% and net interest margin of 4.05% for the quarter ended March 31, 1995 declined from 3.95% and 4.24%, respectively, for the corresponding period in the prior year. The decline in both the interest rate spread and net interest margin is due to an increase in the cost of deposits in 1995." Peter J. Baxter Bax´ter n. 1. A baker; originally, a female baker. , President and Chief Executive Officer said, "Over the past year we have concentrated on building future revenue streams through expanding into new lines of business and increasing the capacity in commercial and consumer lending Consumer lending or consumer loans refers to any type of loan product that is not a mortgage; such as a car, boat, manufactured home, home equity loan, home equity line of credit, signature loan, signature line of credit, recreational vehicle, or Certificate of Deposit loans. areas. Leveraging the balance sheet with $91 million in new loan growth over the past year and a significant increase in non-interest income are some of the results of these efforts. The entrance into new markets for CFX with the acquisition of Orange 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. in Orange, Massachusetts Orange is a town in Franklin County, Massachusetts, United States. The population was 7,518 at the 2000 census. For geographic and demographic information on the census-designated place Orange, please see the article Orange (CDP), Massachusetts. to be completed by the end of the month, along with de novo [Latin, Anew.] A second time; afresh. A trial or a hearing that is ordered by an appellate court that has reviewed the record of a hearing in a lower court and sent the matter back to the original court for a new trial, as if it had not been previously heard nor decided. branches in Gilford
Gilford is a village situated in County Down, Northern Ireland. and Manchester, New Hampshire This article is about the city in New Hampshire. For other uses, see Manchester (disambiguation). Manchester is the largest city in the U.S. state of New Hampshire and the largest city of northern New England, an area composed of Vermont, New Hampshire and Maine. , will provide for a continuation continuation - continuation passing style of growth for the Company. In view of the consolidation taking place in New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). banking today, and the increasing shortage of full service community banks, I believe that CFX has a unique opportunity to capture market share as customers become disenchanted dis·en·chant tr.v. dis·en·chant·ed, dis·en·chant·ing, dis·en·chants To free from illusion or false belief; undeceive. [Obsolete French desenchanter, from Old French, with their current banking institution." Mr. Baxter added, "An outside firm recently completed an overall workflow The automatic routing of documents to the users responsible for working on them. Workflow is concerned with providing the information required to support each step of the business cycle. , efficiency and revenue enhancement revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. review of the Company's operations. We have begun to implement recommendations from the study and expect to realize important cost savings in future quarters." CFX CORPORATION is a bank holding company headquartered in Keene, New Hampshire Keene is a city in Cheshire County, New Hampshire, United States. The estimated population was 23,023 in 2005, according to the state Data Center [1] It is the county seat of Cheshire CountyGR6. with total assets of $780,148,000, as of March 31, 1995. The Company's banking subsidiary is CFX BANK, headquartered in Keene, New Hampshire. CFX MORTGAGE, INC inc - /ink/ increment, i.e. increase by one. Especially used by assembly programmers, as many assembly languages have an "inc" mnemonic. Antonym: dec. ., the Bank's mortgage banking subsidiary, services approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $644,000,000 in mortgage loans for others. The combined Company operates 20 full service offices, 2 loan production offices, and 49 automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. teller TELLER. An officer in a bank or other institution. He is said to take that name from tallier, or one who kept a tally, because it is his duty to keep the accounts between the bank or other institution and its customers, or to make their accounts tally. and remote service banking locations in New Hampshire. CFX CORPORATION Consolidated Balance Sheets
March 31, December 31, March 31,
(Dollars in thousands) 1995 1994 1994
Assets
Cash and interest
bearing deposits
with other banks $ 18,743 $ 21,495 $ 28,383
Federal Home Loan
Bank of Boston stock 6,471 6,471 5,178
Trading securities 16,410 236 89,603
Securities available
for sale 3,389 4,358 20,142
Securities held
to maturity 108,286 109,531 95,495
Mortgage loans
held for sale 8,059 8,295 16,414
Nonperforming loans 7,143 7,203 7,398
Other loans and
leases 567,356 562,777 475,986
Allowance for loan
and lease losses (6,999) (7,025) (7,390)
Premises and
equipment 13,644 13,643 11,588
Mortgage servicing
rights 4,129 4,207 4,431
Goodwill and
deposit base
intangibles 10,204 10,387 10,937
Foreclosed real
estate 907 906 1,337
Other assets 22,406 13,452 13,009
Total Assets $780,148 $755,936 $772,511
Liabilities and
Shareholders'
Equity Deposits $606,235 $551,539 $539,485
Borrowed funds 82,602 119,517 96,735
Other liabilities 12,733 6,752 60,259
Total Liabilities 701,570 677,808 696,479
Shareholders' Equity
Preferred stock 193 193 194
Common stock 4,473 4,470 4,248
Paid-in capital 63,312 63,279 59,760
Retained earnings 18,216 17,858 19,415
Net unrealized
losses on securities
available for sale,
after tax effects (418) (474) (387)
Cost of 577,265
shares of common
stock in treasury (7,198) (7,198) (7,198)
Total Shareholders'
Equity 78,578 78,128 76,032
Total Liabilities
and Shareholders'
Equity $ 780,148 $ 755,936 $772,511
Common shares
outstanding 3,895 3,893 3,855
Common shareholders'
equity per share $19.26 $19.15 $18.79
-0-
CFX CORPORATION Consolidated Income Statements
Three Months Ended March 31, (Dollars in thousands)
1995 1994
Interest and dividend income $13,718 $11,925 Interest expense 6,721 4,940 Net Interest and Dividend Income 6,997 6,985 Provision for loan and lease losses 180 -
Net Interest and Dividend Income
After Provision for Loan and
Lease Losses 6,817 6,985
Other income:
Service charges on deposit
accounts 522 366
Loan servicing fees 427 357
Net gains (losses) on trading
securities 224 (441)
Net gains on sales of loans 12 327
Leasing activities 510 42
Other 317 311
2,012 962
Other expense:
Salaries and employee benefits 3,280 2,927
Occupancy expense 460 469
Equipment expense 469 418
Operation of foreclosed
real estate 25 70
FDIC deposit insurance 319 302
Goodwill and deposit base
intangible amortization 183 183
Other 1,987 1,750
6,723 6,119
Income Before Income Taxes 2,106 1,828
Income Taxes 785 715
Net Income 1,321 1,113
Preferred stock dividends 67 67
Net Income Available to Common
Stock $1,254 $1,046
Weighted average common shares
outstanding 3,895 3,847
Earnings per common share $.32 $.28 -0-
CFX CORPORATION Consolidated Average Balance Sheets
Three Months Ended March 31,
1995 1994
Interest Interest
Average Income/ Yield/ Average Income/ Yield/
Balance Expense Rate Balance Expense Rate
(1) (1)
(Dollars in thousands)
Assets Interest and dividend earning assets Loans and leases $577,667 $11,876 8.34% $491,426 $9,498 7.84% Taxable securities 104,481 1,416 5.50 157,559 2,164 5.57 Tax- exempt securities 23,690 415 7.11 12,956 207 6.48 Other 10,697 172 6.52 11,331 136 4.87 Total interest earning assets 716,535 13,879 7.86 673,272 12,005 7.23 Non-interest earning assets 61,496 91,134 Total $ 778,031 $ 764,406 Liabilities and Shareholders' Equity Interest bearing liabilities: Savings deposit $268,751 1,616 2.44 $ 299,411 1,740 2.36 Time deposits 282,299 3,717 5.34 212,276 2,356 4.50 Advances from Federal Home Loan Bank of Boston 63,477 978 6.25 82,563 727 3.57 Other borrowed funds 28,929 410 5.75 19,915 117 2.38 Total interest bearing liabilities 643,456 6,721 4.24 614,165 4,940 3.26 Noninterest bearing liabilities: Demand deposits 43,566 25,874 Other 11,686 47,434 Shareholders' equity 79,323 76,933 Total $778,031 $764,406 Net interest and dividend income $ 7,158 $ 7,065 Interest rate spread 3.62% 3.97% Net interest margin 4.05% 4.26% (1) Income from tax-exempt securities has been restated to a tax-equivalent basis using a 38.62% tax rate. -0- CFX CORPORATION Selected Financial Highlights At or for the Three Months Ended March 31, (In thousands, except per share data) 1995 1994 Operating and Performance Ratios: Return on average assets (1) .65% .55% Return on average common equity (1) 6.71 5.78 Other income/average assets (1) 1.05 .51 Other expense/average assets (1) 3.50 3.25 Efficiency ratio 74.63 77.00 Tier 1 leverage capital 8.88 8.55 Asset Quality:
Nonperforming assets/total assets 1.03% 1.13%
Nonperforming loans
as a percent of total
loans and
leases 1.24 1.53
Allowance for loan and lease
losses/nonperforming
loans 97.98 99.89
Allowance for loan and lease
losses/total loans and
leases 1.22 1.53
Net charge offs/average loan
and lease losses .04 -
Stock Performance Indicators:
Common shares outstanding 3,895 3,855
Closing price $18.50 $15.75
Book value per common share $19.26 $18.79
Tangible book value per common
share $16.64 $15.95
Price/book value per common share 96% 84%
Price/tangible book value per
common share 1.11% 99%
Dividend per common share $ .23 $ .20
Dividend payout ratio 72% 71%
Price/earnings (1) 14 14
(1) Annualized CONTACT: CFX Corp. Mark A. Gavin, Chief Financial Officer |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion