Collective Bancorp Inc. first quarter results up before charge for SAIF recap.EGG HARBOR Egg Harbor may refer to the following places in the United States of America:
COFD Cost of Financial Distress ) earned $14.878 million or 73 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. before imposition The printing of pages on a single sheet of paper in a particular order so that they come out in the correct sequence when cut and folded. of a one-time special assessment of $16.653 million levied in connection with the recently enacted legislation to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. ("SAIF") it was announced Tuesday by Thomas H. Hamilton, chairman and chief executive officer. After factoring in the $10.500 million after-tax effect of the special assessment, net income for the quarter totalled $4.378 million or 21 cents per share. In making the announcement, Hamilton noted that, "Without the special charge, earnings for the quarter would have been 13 percent above the $13.197 million or 65 cents per share earned during the comparable quarter one year ago." Commenting further, Hamilton said that, "As a result of SAIF now being fully funded, the premium Collective pays to SAIF for deposit insurance should fall from the current .23 percent of insured deposits to .0645 percent as of January 1, 1997. Based upon our current level of SAIF insured deposits, the reduction in premiums will result in increased earnings of approximately 14 cents per share on 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. basis, allowing Collective to recoup recoup To sell an asset at a price sufficient to recover the original outlay or to offset a previous loss. the special assessment in approximately 3.5 years," Hamilton added. Turning to the operating results, Hamilton pointed out that net interest income for the quarter totalled $36.877 million, an increase of nine percent from the $33.705 million recorded during the comparable quarter one year ago. Fee income generated from deposit and lending activities totalled $4.074 million for the quarter, an increase of 19 percent over the $3.415 million recorded during the first quarter of fiscal 1996. "The increases in net interest and fee income are a direct result of the continuing growth of our consumer and commercial banking operations," Hamilton said. Collective had total assets at Sept. 30, 1996 of $5.252 billion, up from $5.026 billion one year ago. Loans receivable at quarter end were $2.707 billion, an increase of 12 percent over the $2.420 billion outstanding one year ago. Mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. declined to $1.998 billion at Sept. 30, 1996, down from $2.132 billion one year ago. "I am pleased to report that we are continuing to make progress in replacing maturing mortgage-backed securities with higher yielding commercial and consumer loans," Hamilton said. Loan originations 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. for the quarter ended Sept. 30, 1996 were $268.9 million, 102 percent above the $133.3 million originated during the comparable quarter one year ago. Total deposits at Sept. 30, 1996 were $3.343 billion, compared with $3.186 billion in 1995. 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 quarter end was $364.049 million, which is equivalent to 6.93 percent of total assets. Book value at Sept. 30, 1996 was equal to $17.87 per share based upon 20,372,024 shares of common stock outstanding. Classified assets, which includes both non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and 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 , were equal to .33 percent of total assets at quarter end, down from .42 percent one year ago. Collective's net interest margin for the quarter was 2.97 percent. Collective Bancorp Inc. is the parent holding company for Collective Bank and Continental Bank of New Jersey. Collective Bank operates 78 banking offices providing depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. and lending services to individuals and businesses throughout New Jersey. Continental Bank, a state-chartered commercial bank, operates four offices in Camden County Camden County can refer to:
Collective Bancorp and subsidiary
(NASDAQ/NMS:COFD)
(Dollar amounts in thousands except per share data)
Three months ended
Sept. 30,
1996 1995
Interest Income ---- ----
---------------
Interest on mortgage loans $47,369 $42,873
Interest on other loans 3,617 4,143
Interest on mortgage-backed
securities 33,607 36,165
Interest & dividends on
investments 6,204 5,687
--------- ---------
Total interest income 90,797 88,868
Interest Expense
----------------
Interest on deposits 34,117 33,279
Interest on borrowings 19,803 21,884
--------- ---------
Total interest expense 53,920 55,163
Net interest income before
provision for loan losses 36,877 33,705
Provision for loan losses 715 286
-------- --------
Net interest income after
provision for loan losses 36,162 33,419
-------- --------
Other Income
--------------
Loan servicing 1,006 950
Gain on sale of loans & securities 32 634
Financial service fees & other
income 3,068 2,465
--------- --------
Total other income 4,106 4,049
Total income before other expense 40,268 37,468
--------- --------
Other Expense
-------------
General & administrative expense 16,058 15,771
SAIF recapitalization assessment 16,653 --
Amortization of intangibles 1,048 1,205
Real estate operations 81 (24)
-------- --------
Total other expense 33,840 16,952
-------- --------
Income before income taxes 6,428 20,516
Income taxes 2,050 7,319
-------- --------
Net income $ 4,378 $13,197
========= =========
Per Share Data
------------------
Primary & fully diluted net
income per share $0.21 $0.65
Dividends per common share $0.25 $0.20
Avg primary shares outstanding 20,432,072 20,430,540
Average fully diluted shares
outstanding 20,451,149 20,444,438
CONTACT: Collective Bancorp, Egg Harbor Scott T. Page, 609/625-1110 KEYWORDS: NEW JERSEY INDUSTRY KEYWORDS: BANKING EARNINGS REPEATS: New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of 212-752-9600 or 800-221-2462; Boston 617-236-4266 or 80 |
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