Collective Bancorp Reports Fourth Quarter and Fiscal Year End Results.EGG HARBOR Egg Harbor may refer to the following places in the United States of America:
COFD Cost of Financial Distress ) recorded net income of $16.183 million or 79 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. for the quarter ended June June: see month. 30, 1997, it was announced Tuesday Tuesday: see week. by Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs H. Hamilton Hamilton, city, Bermuda Hamilton, city (1990 est. pop. 3,100), capital of Bermuda, on Bermuda Island. It is a port at the head of Great Sound, a huge lagoon and deepwater harbor protected by coral reefs. , chairman and chief executive officer. Collective earned $14.659 million or 72 cents per share during the comparable quarter one year ago. Net operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. for the fiscal year ended June 30, 1997 totalled $62.159 million or $3.03 per share excluding the $10.500 million or 51 cents 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. special assessment levied by 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). That represents an increase of 14 percent over the $54.500 million or $2.67 per share earned during fiscal 1996. Commenting on the results, Hamilton noted that, "Net interest income for the quarter totalled $39.286 million, up from $37.329 million recorded during the comparable quarter one year ago. "For the year, net interest income totalled $155.098 million, surpassing the $141.772 million earned during fiscal 1996," Hamilton added. Collective's net interest margin averaged 2.97 percent for fiscal 1997, up from 2.89 percent last year. The provision for loan losses totalled $3.145 million for fiscal 1997, compared with $2.035 million in 1996. "As previously noted, the increase in the provision is a result of the continued growth of our commercial loan portfolio, not a deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in credit quality," Hamilton said. Fee income, net of gains and losses from the sale of loans and securities, totalled $4.505 million for the fourth quarter, up from $3.980 million during the comparable quarter one year ago. For the year, fee income of $17.018 million was 17 percent above the $14.537 million recorded during fiscal 1996. Collective had total assets at June 30, 1997 of $5.479 billion, up from $5.145 billion one year ago. Loans receivable at year end were $2.897 billion, up 13 percent from the $2.553 billion outstanding at the close of fiscal 1996. Mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. declined to $1.939 billion at year end versus $2.069 billion one year ago. Total deposits at June 30, 1997 were $3.472 billion, compared with $3.254 billion in 1996. 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 fiscal year end was $398.955 million, which is equivalent to 7.28 percent of total assets. Book value at June 30, 1997 was equal to $19.48 per share based upon 20,484,094 shares of common stock outstanding. Collective Bancorp Inc. is the parent holding company for Collective Bank. Headquartered in Egg Harbor, Collective operates 82 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. On Feb. 28, 1997 Collective announced a definitive agreement to merge with Summit Bancorp Summit Bancorp was a Princeton, New Jersey based bank, but also had offices in Summit, New Jersey. The company slowly began expanding in the 1990s, acquiring many regional banks in central and southern New Jersey. (NYSE NYSE See: New York Stock Exchange :SUB) in a tax free exchange of stock. Under the terms of the agreement, each outstanding share of Collective common stock will be exchanged for .895 shares of Summit Bancorp common stock. The transaction is expected to close in the third calendar quarter of 1997, subject to the approval of Collective's stockholders at a special meeting to be held on July 16, 1997. -0-
Collective Bancorp and Subsidiary
(NASDAQ/NMS:COFD)
(Dollar amounts in thousands except per share data)
Three months ended Fiscal year ended
June 30 June 30
1997 1996 1997 1996
-------- -------- -------- --------
Interest Income
---------------
Interest on
mortgage loans $ 52,219 $ 45,044 $202,297 $175,448
Interest on
other loans 4,020 3,753 15,890 15,893
Interest on mortgage-
backed securities 32,519 34,612 131,958 140,783
Interest & dividends
on investments 7,797 6,003 28,508 23,561
------- ------- ------- -------
Total interest income 96,555 89,412 378,653 355,685
------- ------- ------- -------
Interest Expense
----------------
Interest on deposits 35,914 32,368 141,528 131,500
Interest on
borrowings 21,355 19,715 82,027 82,413
------- ------- ------- -------
Total interest
expense 57,269 52,083 223,555 213,913
Net interest income
before provision
for loan losses 39,286 37,329 155,098 141,772
Provision for loan
losses 591 935 3,145 2,035
------- ------- ------- -------
Net interest income
after provision for
loan losses 38,695 36,394 151,953 139,737
------- ------- ------- -------
Other Income
--------------
Loan servicing 1,050 975 4,072 4,143
Gain on sale of loans
& securities 375 27 750 1,060
Financial service fees
& other income 3,455 3,005 12,946 10,394
------- ------- ------- -------
Total other income 4,880 4,007 17,768 15,597
------- ------- ------- -------
Total income before
other expense 43,575 40,401 169,721 155,334
------- ------- ------- -------
Other Expense
-------------
General & admini-
strative expense 16,655 16,370 66,432 65,175
SAIF recapitalization
assessment -- -- 16,653 --
Amortization of
intangibles 1,564 1,092 5,866 4,669
Real estate operations 26 192 107 687
------- ------- ------- -------
Total other expense 18,245 17,654 89,058 70,531
------- ------- ------- -------
Income before income
taxes 25,330 22,747 80,663 84,803
Income taxes 9,147 8,088 29,004 30,303
------- ------- ------- -------
Net income $ 16,183 $ 14,659 $ 51,659 $ 54,500
======= ======= ======= =======
Per Share Data
------------------
Primary & fully diluted
net income per share $0.79 $0.72 $2.52 $2.67
Dividends per common
share $0.25 $0.25 $1.00 $0.85
Avg primary shares
outstanding 20,533,398 20,446,806 20,490,349 20,445,766
Avg fully
diluted shares
outstanding 20,539,250 20,446,806 20,532,078 20,445,766
CONTACT: Collective Bancorp, Egg Harbor Scott T. Page, 609/625-1110 KEYWORDS: NEW JERSEY INDUSTRY KEYWORDS: BANKING EARNINGS Today's News On The Net - Business Wire's full file on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the with Hyperlinks to your home page. URL URL in full Uniform Resource Locator Address of a resource on the Internet. The resource can be any type of file stored on a server, such as a Web page, a text file, a graphics file, or an application program. : http://www.businesswire.com |
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