Collective Bancorp announces second quarter and six month 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 $13.121 million or 64 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 which ended Dec. 31, 1995, it was announced Wednesday Wednesday: 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 $14.978 million or 73 cents per share during the comparable quarter one year ago. Net income for the six months ended Dec. 31, 1995 was $26.318 million or $1.29 per share. That compares with $30.967 million or $1.51 per share earned during the first six months of fiscal 1995. Commenting on the results, Hamilton stated that "Net interest income for the quarter totalled $34.520 million, down from $35.739 million recorded during the second quarter of fiscal 1995. Net interest income did surpass the $33.705 million earned during the first quarter of 1996, marking the third consecutive quarterly increase in this key component of our earnings," Hamilton added. Collective's net interest margin widened by 4 basis points to 2.86 percent for the quarter compared to the first quarter. "The recent actions by the Federal Reserve Board to reduce short-term interest rates Short-term interest rates Interest rates on loan contracts-or debt instruments such as Treasury bills, bank certificates of deposit or commerical paper-having maturities of less than one year. Often called money market rates. should have an additional beneficial impact on Collective's net interest margin in future quarters," Hamilton added. Other income, which includes loan servicing Loan servicing is the process by which a mortgage bank or subservicing firm collects the timely payment of interest and principal from borrowers. The level of service varies depending on the type loan and the terms negotiated between the firm and the investor seeking their services. and deposit fees, other non-deposit service fees and gain on the sale of loans and securities totalled $4.010 million for the quarter. That represents an improvement of 19 percent over the $3.383 million recorded during the comparable quarter one year ago. Collective had total assets at Dec. 31, 1995 of $5.029 billion, up from $4.869 billion one year ago. Loans receivable at quarter end were $2.440 billion, compared with $2.156 billion in fiscal 1995, while total mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. stood at $2.096 billion versus $2.246 billion last year. Total deposits at Dec. 31, 1995 were $3.190 billion, compared with $3.064 billion in 1994 one year ago. 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 Dec. 31, 1995 was $347.695 million, which is equivalent to 6.91 percent of total assets. Book value was $17.07 per share. The ratio of classified assets to total assets at Dec. 31, 1995 stood at 0.45 percent. Collective Bancorp Inc. is the parent holding company for Collective Bank. Headquartered in Egg Harbor, Collective operates 79 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. -0-
Collective Bancorp and Subsidiary
---------------------------------
(NASDAQ/NMS:COFD)
(Dollar amounts in thousands except per share data)
Three Months Ended Six Months Ended
Dec. 31 Dec. 31
1995 1994 1995 1994
--------- -------- -------- --------
Interest Income
---------------
Interest on mortgage loans $ 43,792 $ 35,062 $86,666 $67,610
Interest on other loans 4,185 4,543 8,328 8,857
Interest on mortgage-backed
securities 35,166 36,531 71,330 74,161
Interest & dividends on
investments 5,815 5,773 11,502 11,170
------- ------- ------- -------
Total interest income 88,958 81,909 177,826 161,798
------- ------- ------- -------
Interest Expense
----------------
Interest on deposits 33,750 27,681 67,029 53,308
Interest on borrowings 20,688 18,489 42,571 34,552
------- ------- ------- -------
Total interest expense 54,438 46,170 109,600 87,860
------- ------- ------- -------
Net interest income before
provision for loan losses 34,520 35,739 68,226 73,938
Provision for loan losses 403 5 690 240
------- ------- ------- -------
Net interest income after
provision for loan losses 34,117 35,734 67,536 73,698
------- ------- ------- -------
Other Income
------------
Loan servicing 979 981 1,928 2,006
Gain (loss) on sale of loans,
& securities 560 (48) 1,195 (292)
Financial service fees &
other income 2,471 2,450 4,936 4,120
------- ------- ------- -------
Total other income 4,010 3,383 8,059 5,834
------- ------- ------- -------
Total income before
other expense 38,127 39,117 75,595 79,532
------- ------- ------- -------
Other Expense
-------------
General & administrative
expense 16,232 15,586 32,003 30,584
Amortization of intangibles 1,195 1,023 2,399 2,058
Real estate operations 192 (199) 169 (660)
------- ------- ------- -------
Total other expense 17,619 16,410 34,571 31,982
------- ------- ------- -------
Income before income taxes 20,508 22,707 41,024 47,550
Income taxes 7,387 7,729 14,706 16,583
-------- -------- -------- --------
Net income $ 13,121 $ 14,978 $ 26,318 $ 30,967
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Per Share Data -------------- Primary & fully diluted net income per share $0.64 $0.73 $1.29 $1.51 Dividends per common share $0.20 $0.15 $0.40 $0.30 Avg primary shares outstanding 20,451,792 20,544,325 20,444,689 20,569,395 Avg fully diluted shares outstanding 20,451,792 20,544,325 20,449,014 20,569,395 CONTACT: Collective Bancorp, Egg Harbor Scott T. Page, 609/625-1110 |
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