Cohoes Bancorp, Inc. Announces Second Quarter Results.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)--Jan. 20, 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 &uot;Company&uot;) 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 $1.1 million or $.13 per share for the Company's second quarter ended December December: see month. 31, 1999 as compared to the $1.8 million loss recognized for the quarter ended December 31, 1998. Net income for the quarter ended December 31, 1999 includes a $950,000 ($603,000 after tax) loss recognized as the result of the one time write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of an equity investment in a community development project. Core earnings excluding the one time write-off were $1.7 million or $.20 per share. The net loss for the quarter ended December 31, 1998 was primarily due to 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 expenses. Net interest income for the quarter ended December 31, 1999 was $6.8 million as compared to $5.0 million for the same quarter of 1998. The Company's net interest margin was 4.04% for the quarter ended December 31, 1999, up from 3.51% for the same period a year ago. Nonperforming loans decreased $633,000 from $5.0 million at June June: see month. 30, 1999 to $4.4 million at December 31, 1999. The allowance for loan losses as a percent of nonperforming loans was 102.59% at December 31, 1999, up from 80.62% at June 30, 1999. Total assets of the Company were $708.9 million at December 31, 1999 compared to total assets of $650.5 million at June 30, 1999. The increase is concentrated in the loan portfolio which increased $46.6 million, reaching $571.6 million at December 31, 1999. Deposits increased $30.1 million to $476.2 million at December 31, 1999 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 December 31, 1999 was $130.0 million, which represents a book value per share of $14.41. In announcing the second quarter results, Cohoes Bancorp's President and Chief Executive Officer Harry Robinson said, &uot;Our core earnings and asset quality remain strong. We are taking an aggressive position in writing-off our entire investment in our only community development project due to the uncertainty of its current valuation. We are diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d pursuing all opportunities to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. our initial equity investment and there are no additional funding requirements.&uot; 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, Saratoga, 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 Operating Data: (Unaudited) (Unaudited)
Three Months Ended Six Months Ended
December 31, December 31,
1999 1998 1999 1998
(In Thousands, Except Per Share Data)
Total interest income $ 12,273 $ 10,556 $ 24,026 $ 20,672
Total interest expense 5,509 5,536 10,623 10,745
Net interest income 6,764 5,020 13,403 9,927
Provision for loan losses 610 180 950 360
Net interest income after
provision for loan losses 6,154 4,840 12,453 9,567
Noninterest income (1) (98) 797 564 1,475
Noninterest expense (2) 4,399 8,628 8,710 12,421
Income (loss) before
income tax expense 1,657 (2,991) 4,307 (1,379)
Income tax expense (benefit) 567 (1,153) 1,572 (524)
Net income (loss) $ 1,090 $ (1,838) $ 2,735 $ (855)
Earnings per share - basic $ 0.13 N/A $ 0.32 N/A
Earnings per share - diluted $ 0.13 N/A $ 0.32 N/A
Weighted average shares
outstanding 8,319,729 N/A 8,440,924 N/A
Return on average assets (3) 0.63% -1.24% 0.81% -0.30%
Return on average equity (3) 3.36% -13.31% 4.17% -3.13%
Net interest rate spread 3.39% 3.24% 3.40% 3.31%
Net interest margin 4.04% 3.51% 4.07% 3.61%
(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) Annualized.
-0-
COHOES BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
(Unaudited)
December 31, June 30,
1999 1999
Selected Financial Condition Information: (Dollars In Thousands)
(Except Share Data)
Total assets $ 708,884 $ 650,470
Cash and cash equivalents 25,925 11,114
Loans receivable 571,566 525,030
Allowance for loan losses 4,473 4,025
Net loans receivable 567,093 521,005
Investment securities 56,232 54,455
Securities available-for-sale 42,364 44,742
Due to depositors 476,205 446,123
Borrowings 88,600 49,045
Stockholders' equity 130,010 139,430
Shares outstanding at period end 9,022,377 9,535,225
Book value per share $ 14.41 $ 14.62
Market price at period end $ 10.06 $ 12.00
Nonperforming loans $ 4,360 $ 4,993
Other real estate owned $ 902 $ 724
Total nonperforming assets $ 5,262 $ 5,717
Nonperforming loans as a % of
loans receivable 0.76% 0.95%
Allowance as a % of nonperforming
Loans 102.59% 80.62%
Allowance as a % of loans receivable 0.78% 0.77%
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