Collective Bancorp reports fiscal 1996 first quarter 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 $13.197 million or 65 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 Sept. 30, 1995, 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 $15.989 million or 78 cents per share during the comparable quarter one year ago. Commenting on the results, Hamilton stated that "the reduction in earnings from the year ago quarter was the result of lower net interest income, as increases in interest and dividend income failed to keep pace with increases in interest expense on deposits and borrowings." Net interest income for the most recent quarter totalled $33.705 million, down from $38.199 million recorded during the first quarter of fiscal 1995. "Net interest income has increased in each of the last two quarters," Hamilton added. "The improving trend in net interest income is also reflected in our net interest margin, which widened by 9 basis points, from 2.73 percent for the quarter ended June June: see month. 30, 1995, to 2.82 percent for the most recent quarter," Hamilton said. Fee income, excluding gains or losses on the sale of loans and securities, totalled $3.415 million during the quarter, an improvement of 27 percent over the $2.694 million earned during the comparable quarter one year ago. "Improving the level of normally recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. fee income which we generate from our core banking operations remains one of our top priorities," Hamilton said. At Sept. 30, 1995, Collective had total assets of $5.026 billion, up from $4.660 billion one year ago. Loans receivable at quarter end were $2.420 billion, compared with $2.029 billion in 1994, while mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. stood at $2.132 billion versus $2.212 billion one year ago. Total deposits at Sept. 30, 1995 were $3.186 billion, compared with $2.994 billion in 1994. 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, 1995 were $133.255 million. 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 Sept. 30, 1995 was $337.505 million, which is equivalent to 6.71 percent of total assets. Book value per share at quarter end was $16.58. The ratio of classified assets to total assets at Sept. 30, 1995 stood at 0.42 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 Inc. and subsidiary
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(NASDAQ/NMS:COFD)
(Dollar amounts in thousands except per share data)
Three months ended
Sept. 30,
1995 1994
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Interest Income
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Interest on mortgage loans $ 42,873 $ 32,547
Interest on other loans 4,143 4,314
Interest on mortgage-backed securities 36,165 37,630
Interest & dividends on investments 5,687 5,397
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Total interest income 88,868 79,888
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Interest Expense
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Interest on deposits 33,279 25,626
Interest on borrowings 21,884 16,063
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Total interest expense 55,163 41,689
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Net interest income before provision
for loan losses 33,705 38,199
Provision for loan losses 286 235
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Net interest income after
provision for loan losses 33,419 37,964
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Other Income
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Loan servicing 950 1,025
Gain (loss) on sale of loans
& securities 634 (243)
Financial service fees & other income 2,465 1,669
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Total other income 4,049 2,451
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Total income before other expense 37,468 40,415
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Other Expense
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General & administrative expense 15,771 14,998
Amortization of intangibles 1,205 1,035
Real estate operations (24) (461)
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Total other expense 16,952 15,572
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Income before income taxes 20,516 24,843
Income taxes 7,319 8,854
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Net income $13,197 $ 15,989
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Per Share Data -------------- Primary & fully diluted net income per share $0.65 $0.78 Dividends per common share $0.20 $0.15 Avg primary shares outstanding 20,430,540 20,565,859 Avg fully diluted shares outstanding 20,444,438 20,577,296 CONTACT: Collective Bancorp, Egg Harbor Scott Page Scott Page is a session musician, and is frequently hired to perform with bands on tour. He is a multi-instrumentalist, playing guitar, saxophone, flute and other instruments. , 609/625-1110 |
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