Cenit Announces Third Quarter Diluted EPS of $.35 Per Share.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)--Oct. 7, 1999-- 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 that net income for the third quarter of 1999 was $.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 or $1,629,000 compared to $.33 per diluted share or $1,624,000 in the third quarter of 1998. Return on average equity increased to 12.82% for the third quarter of 1999 compared to 12.56 % for the third quarter of 1998, while return on average assets was 1.04% for both periods. The percentage of the loan portfolio consisting of commercial business and real estate, multi-family residential Multi-family residential is a classification of housing where multiple separate housing units are contained within one building. The most common form is an apartment building. Many intentional communities incorporate multi-family residences, such as in cohousing projects. , consumer and acquisition, development and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. construction loans and residential lots (collectively, "Core Banking Loans") increased to 52% of the loan portfolio from 44% at September September: see month. 30, 1998. Core Banking Loans increased by $23.1 million, or 11%, in the twelve months ending September 30, 1999. Additionally, the Company increased the percentage of checking, savings and money market deposits (collectively, "Transaction Deposits") as a percentage of total deposits from 43% to 47% during the last 12 months. The Company's banking initiatives resulted in a $11.3 million, or 5%, increase in Transaction Deposits during the last twelve months. 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. , the Company's President and Chief Executive Officer, commented, "We have continued to focus on growing our core banking business. Originations of Core Banking Loans were outstanding in the third quarter of 1999. We are particularly pleased that the average balance of our noninterest-bearing deposits grew to $66.8 million in the third quarter of 1999, representing an increase of 14.9% over the average balance of these deposits in the third quarter of 1998." The Company's 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 $1.0 million, or .16% of total assets at September 30, 1999. This represents a decrease of 32% compared to the $1.5 million of nonperforming assets at September 30, 1998, which was .25% of total assets on that date. Other income during the third quarter of 1999 increased by $88,000 or 5% compared to the third quarter of 1998, while other expenses increased by $43,000 or 1% during this period. For the nine months ended September 30, 1999, the Company's net income was $.97 per diluted share or $4,505,000, compared to net income of $.94 per diluted share or $4,586,000 in the first nine months of 1998. The Company will pay a quarterly cash dividend of 15 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. on or about November November: see month. 18, 1999 to the holders of the Company's common stock as of the close of business on November 3, 1999. The Board of Directors of the Company previously gave the Company's management the discretion to initiate INITIATE. A right which is incomplete. By the birth of a child, the husband becomes tenant by the curtesy initiate, but his estate is not consummate until the death of the wife. 2 Bouv. Inst. n. 1725. a 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. of up to 150,000 shares of the Company. No shares have been repurchased under this discretionary authority as of this date. We invite you to visit the Company's newly designed internet website at http://www.cenit.com where we have launched an online banking service for the Company's commercial customers. The service, CENIT Online Banking, permits commercial customers to perform a wide range of banking services through their personal computer, as well as having access to current and detailed account information twenty-four hours a day. CENIT Bancorp, Inc. is the holding company for CENIT Bank. Through its 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-two 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 Company provides a wide range of banking and 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. 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 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. , 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 . -0-
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
(Unaudited)
At or for the At or for the
Nine Months Three Months
Ended Ended
September 30 September 30,
1999 1998 1999 1998
Income Data
Interest income $31,984 $36,248 $10,690 $11,367
Interest expense 16,151 20,197 5,448 6,006
------ ------ ------ ------
Net interest income 15,833 16,051 5,242 5,361
Provision for loan losses 75 440 39 100
------ ------ ------ ------
Net interest income after provision
for loan losses 15,758 15,611 5,203 5,261
Other income 5,546 5,237 1,891 1,803
Other expenses 14,265 13,705 4,549 4,506
------ ------ ------ ------
Income before income taxes 7,039 7,143 2,545 2,558
Provision for income taxes 2,534 2,557 916 934
------ ------ ------ ------
Net income $4,505 $4,586 $1,629 $1,624
====== ====== ====== ======
Basic earnings per share (1) $ .98 $ .97 $ .35 $ .34
Diluted earnings per share (1) $ .97 $ .94 $ .35 $ .33
Cash dividends paid per share $ .45 $ .30 $ .15 $ .10
Average Balance Sheet Data
Loans, net $485,138 $511,506 $468,494 $509,055
Investment securities 56,350 44,463 59,480 42,967
Mortgage-backed certificates 23,726 57,035 42,397 19,546
Interest-earning assets 584,845 632,474 588,441 586,168
Interest-bearing deposits 406,117 435,453 406,879 425,061
Borrowings 96,287 128,641 98,499 84,629
Interest-bearing liabilities 502,404 564,094 505,378 509,690
Assets 623,262 675,324 627,649 626,328
Liabilities 572,975 624,266 576,839 574,603
Noninterest-bearing deposits 65,530 53,786 66,790 58,131
Stockholders' equity 50,287 51,058 50,810 51,725
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
Nine Months Three Months
Ended Ended
September 30, September 30,
1999 1998 1999 1998
Spread and Margin Analysis
Yield on:
Loans, net 7.56% 7.93% 7.56% 7.95%
Investment securities 5.74% 6.03% 5.70% 6.00%
Mortgage-backed certificates 7.10% 6.74% 6.90% 7.74%
Interest-earning assets 7.29% 7.64% 7.27% 7.76%
Cost of:
Interest-bearing deposits 4.12% 4.59% 4.12% 4.60%
Borrowings 4.97% 5.40% 5.10% 5.27%
Interest-bearing liabilities 4.29% 4.77% 4.31% 4.71%
Interest rate spread 3.00% 2.87% 2.96% 3.05%
Net interest margin 3.61% 3.38% 3.56% 3.66%
Ratios
Return on average assets .96% .91% 1.04% 1.04%
Return on average equity 11.94% 11.98% 12.82% 12.56%
Cash Basis Operating Results and Ratios (2)
Net income $4,712 $ 4,797 $1,698 $1,694
Basic earnings per share $ 1.03 $ 1.01 $ .37 $ .36
Diluted earnings per share $ 1.01 $ .98 $ .36 $ .35
Return on average tangible assets 1.01% .95% 1.09% 1.09%
Return on average tangible equity 13.44% 13.56% 14.34% 14.14%
Credit Data
Total nonperforming assets, net $1,048 $ 1,546 $1,048 $1,546
Total nonperforming assets, net,
to total assets .16% .25% .16% .25%
Allowance for loan losses to loans held for
investment, net .83% .80% .83% .80%
Net charge-offs $ 217 $ 247 $ 46 $ 30
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
Nine Months Three Months
Ended Ended
September 30, September 30,
1999 1998 1999 1998
Other Income and Other
Expense Data
Deposit fees $1,886 $1,822 $ 603 $ 602
Merchant processing fees 1,907 1,548 716 618
Gains on sales of loans 606 708 174 318
Commercial mortgage
brokerage fees 168 393 - 30
Fees from accounts receivable
program 279 325 89 110
Loan servicing fees and
late charges 212 235 62 76
Gains on sales of securities
available for sale, net - 72 - -
Other miscellaneous 488 134 247 49
------ ----- ----- ------
Total other income $5,546 $ 5,237 $ 1,891 $ 1,803
Salaries and employee benefits $6,522 $6,246 $1,951 $ 2,052
Equipment, data processing
and supplies 2,221 2,168 730 690
Net occupancy expense of
premises 1,576 1,404 528 477
Merchant processing 1,533 1,347 550 515
Professional fees 479 472 88 105
Loan processing 384 345 144 120
Amortization of intangibles 267 274 89 91
Postage 189 182 60 55
Federal deposit insurance
premiums 182 199 59 65
Marketing 190 185 54 84
Expense, gains/losses on
sales and provision for losses
on real estate owned, net 46 91 11 11
Other miscellaneous 676 792 285 241
------ ------ ----- -----
Total other expenses $14,265 $ 13,705 $4,549 $4,506
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands, except per share data)
(Unaudited)
September 30, December 31, September 30,
1999 1998 1998
Balance Sheet Data
Assets $ 652,790 $ 641,056 $ 623,547
Loans, net 467,140 488,661 501,213
Securities available for sale
at fair value:
Investment securities (adjusted
cost of $59,376, $47,637 and
$43,643, respectively) 58,871 48,117 44,326
Mortgage-backed certificates
(adjusted cost of $72,839,
$16,690 and $18,980,
respectively) 72,943 17,019 19,305
Cash and federal funds sold 24,188 56,945 26,130
Deposits 477,601 496,772 488,827
Noninterest-bearing
deposits 67,974 78,712 67,679
Borrowings 119,926 88,084 80,203
Stockholders' equity(3) 51,158 50,076 50,242
Book value per share (4) $11.13 $10.93 $10.77
Tangible book value per
share (4) $10.39 $10.13 $ 9.97
Common stock outstanding
excluding unallocated
common stock held by the
Company's Employee Stock
Ownership Plan 4,598,382 4,581,358 4,665,143
Common stock outstanding
including unallocated
common stock held by the
Company's Employee Stock
Ownership Plan 4,813,644 4,808,806 4,897,775
Closing stock price $18.13 $21.50 $20.38
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
September 30, December 31, September 30,
1999 1998 1998
Loan Data
Loans
First mortgage loans:
Single family $ 226,506 $ 251,117 $ 280,462
Multi-family 8,737 7,874 6,587
Commercial real estate 82,074 76,611 66,888
Construction 60,507 70,954 72,925
Acquisition/development and
residential lots 20,636 15,147 17,265
Commercial business 31,910 33,485 30,393
Consumer:
Equity and second mortgage 56,082 52,845 52,127
Other consumer 15,108 14,864 13,893
Less - undisbursed portion
of construction and acquisition
and development loans (32,957) (35,463) (41,070)
Gross loans 468,603 487,434 499,470
Allowance for loan losses (3,882) (4,024) (3,977)
Unearned discounts, premiums,
and loan fees, net 1,419 1,373 1,364
------- -------- --------
Loans held for investment,
net 466,140 484,783 496,857
Loans held for sale 1,000 3,878 4,356
------- -------- --------
Loans, net $467,140 $488,661 $ 501,213
Percentage of gross loans
First mortgage single family 48% 52% 56%
All other (Core Banking Loans) 52% 48% 44%
------- -------- --------
100% 100% 100%
See NOTES TO SELECTED CONSOLIDATED FINANCIAL DATA.
CENIT BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL DATA
(Dollars in thousands)
(Unaudited)
September 30, December 31, September 30,
1999 1998 1998
Deposit Data
Deposits
Noninterest-bearing $ 67,974 $ 78,712 $ 67,679
Interest-bearing savings,
checking and money market 154,349 152,246 143,363
------- ------- -------
Total transaction deposits 222,323 230,958 211,042
Certificates of deposit 255,278 265,814 277,785
------- ------- -------
Total deposits $477,601 $496,772 $ 488,827
Percentage of deposits
Noninterest-bearing 14% 16% 14%
Interest-bearing savings,
checking and money market 33% 30% 29%
------- ------- -------
Total transaction deposits 47% 46% 43%
Certificates of deposit 53% 54% 57%
------- ------- -------
Total deposits 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 nine month period and three month period
ended September 30, 1999, weighted average shares used to compute
basic earnings per share were 4,578,034 and 4,592,926, respectively.
For the nine months and three months ended September 30, 1998,
weighted average shares used to compute basic earnings per share were
4,749,457 and 4,769,039, respectively.
Diluted earnings per share is calculated by adding common stock
equivalents to the weighted average shares outstanding. For the nine
month period and three month period ended September 30, 1999, weighted
average shares used to compute diluted earnings per share were
4,658,141 and 4,663,600, respectively. For the nine months and three
months ended September 30, 1998, weighted average shares used to
compute diluted earnings per share were 4,873,332 and 4,872,882,
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 (loss) income, net
of income taxes of $(249,000), $502,000 and $625,000 at September 30,
1999, December 31, 1998 and September 30, 1998, 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 September 30, 1999 were $10.63 and
$9.93, respectively; at December 31, 1998 were $10.41 and $9.65,
respectively; and at September 30, 1998 were $10.26 and $9.50,
respectively.
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion