Cohoes Bancorp, Inc. Announces 16.7% Increase in Third Quarter Earnings Per Share.Business Editors COHOES Cohoes (kəhōz`), city (1990 pop. 16,825), Albany co., E N.Y., near Albany, at the confluence of the Mohawk and Hudson rivers; settled by the Dutch 1665, inc. 1869. , N.Y.--(BUSINESS WIRE)--April 25, 2000 Cohoes 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 : COHB), (the "Company") parent company of Cohoes 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. , today announced net income of $1.7 million or $.21 per share for the Company's third quarter ended March 31, 2000, an increase of 16.7% in per share earnings as compared to $1.6 million or $.18 per share recognized for the quarter ended March 31, 1999. On a year to date basis, net income was $4.4 million, or $.53 per share, up $3.6 million from the $765,000 earned during the same period in the prior year. Net income for the nine months ended March 31, 1999 was impacted by a non-recurring charge of $2.7 million ($1.6 million after tax) taken in connection with the Company's contribution of stock to establish the Cohoes Savings Foundation and the recording of $2.1 million ($1.3 million after tax) in non-recurring merger termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. expenses. Net interest income for the quarter ended March 31, 2000 was $6.8 million, up $411,000, or 6.5% as compared to $6.4 million for the same quarter of 1999. The Company's net interest margin was 4.00% for the quarter ended March 31, 2000, down from 4.23% for the same period a year ago primarily as a result of the Company's 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. reducing the amount of capital as a no-cost funding source. Weighted average shares outstanding for the quarter ended March 31, 2000 were 7,861,957, down 928,961 shares, or 10.6% from the comparable period in 1999. Nonperforming loans decreased $610,000 from $5.0 million at June June: see month. 30, 1999 to $4.4 million at March 31, 2000. The allowance for loan losses as a percent of nonperforming loans was 108.63% at March 31, 2000, up from 80.62% at June 30, 1999. Total assets of the Company were $704.4 million at March 31, 2000 compared to total assets of $650.5 million at June 30, 1999. The increase is concentrated in the loan portfolio which increased $57.2 million, reaching $582.2 million at March 31, 2000. Deposits increased $45.4 million to $491.5 million at March 31, 2000 from $446.1 at June 30, 1999. 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. at March 31, 2000 was $121.1 million, which represents a book value per share of $15.12. Cohoes Bancorp, Inc. is headquartered at 75 Remsen Remsen is the name of several places in the United States of America:
A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of the Company, provides full service banking from its headquarters and 21 branch offices in Albany Albany, town, Australia Albany (ăl`bənē), town (1996 pop. 14,590), Western Australia, SW Australia. It is a port on Princess Royal Harbour of King George Sound. The town has woolen mills and fish canneries. , Schenectady Schenectady (skənĕk`tədē), city (1990 pop. 65,566), seat of Schenectady co., E central N.Y., on the Mohawk River and Erie Canal; founded 1661 by Arent Van Curler, inc. 1798. , Rensselaer Rensselaer (rĕnsəlēr`, rĕn`sələr), city (1990 pop. 8,255), Rensselaer co., E N.Y., on the east bank of the Hudson River opposite Albany; settled 1630 by Dutch, inc. 1897. , Saratoga Saratoga, residential city (1990 pop. 28,061), Santa Clara co., W Calif., in a vineyard and orchard area, in the foothills of the Santa Cruz Mts.; inc. 1956. Wine is produced in the city; local attractions include tours of the champagne cellars. , Greene and Warren Counties Warren County is the name of fourteen counties in the USA. They are named after General Joseph Warren, who was killed in the Battle of Bunker Hill in the American Revolutionary War:
COHOES BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
Selected (Unaudited) (Unaudited)
Operating Data: Three Months Ended Nine Months Ended
March 31, March 31,
2000 1999 2000 1999
(In Thousands, Except Per Share Data)
Total interest income $ 12,602 $ 11,157 $ 36,628 $ 31,829
Total interest expense 5,820 4,786 16,443 15,531
Net interest income 6,782 6,371 20,185 16,298
Provision for loan losses 300 425 1,250 785
Net interest income after
provision for loan losses 6,482 5,946 18,935 15,513
Noninterest income (1) 912 701 1,476 2,176
Noninterest expense (2) 4,794 3,984 13,504 16,405
Income (loss) before
income tax expense 2,600 2,663 6,907 1,284
Income tax expense
(benefit) 945 1,043 2,517 519
Net income (loss) $ 1,655 $ 1,620 $ 4,390 $ 765
Earnings per share-
basic(3) $ 0.21 $ 0.18 $ 0.53 $ 0.18
Earnings per share -
diluted (3) $ 0.21 $ 0.18 $ 0.53 $ 0.18
Weighted average shares
outstanding(3) 7,861,957 8,790,918 8,249,339 8,790,918
Return on average
assets (4) 0.94% 1.04% 0.85% 0.17%
Return on average
equity (4) 5.28% 4.78% 4.51% 1.25%
Net interest rate spread 3.34% 3.46% 3.39% 3.36%
Net interest margin 4.00% 4.23% 4.06% 3.83%
(1) Noninterest income for the periods ended December 31, 1999
includes a $950,000 write-off of an equity investment in a
community development project.
(2) Noninterest expense for the periods ended December 31, 1998
includes a $2.7 million non-recurring expense resulting from the
establishment of a charitable foundation on December 31, 1998 and
$2.1 million of non-recurring merger termination expenses.
(3) Since conversion.
(4) Annualized.
COHOES BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
March 31, June 30,
2000 1999
Selected Financial Condition Information: (Dollars In Thousands)
(Except Share Data)
Total assets $ 704,414 $ 650,470
Cash and cash equivalents 11,970 11,114
Loans receivable 582,203 525,030
Allowance for loan losses 4,761 4,025
Net loans receivable 577,442 521,005
Investment securities 56,096 54,455
Securities available-for-sale 41,225 44,742
Due to depositors 491,508 446,123
Borrowings 79,652 49,045
Stockholders' equity 121,136 139,430
Shares outstanding at period end 8,012,055 9,535,225
Book value per share $ 15.12 $ 14.62
Market price at period end $ 9.97 $ 12.00
Nonperforming loans $ 4,383 $ 4,993
Other real estate owned $ 697 $ 724
Total nonperforming assets $ 5,080 $ 5,717
Nonperforming loans as a % of loans
receivable 0.76% 0.95%
Allowance as a % of nonperforming Loans 108.63% 80.62%
Allowance as a % of loans receivable 0.82% 0.77%
|
|
Printer friendly
Cite/link
Email
Feedback
Reader Opinion