Community Savings Bankshares, Inc. Announces Fourth Quarter Earnings.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Jan. 29, 2002 Community Savings Bankshares, Inc. ("Bankshares" or the "Company") (Nasdaq:CMSV CMSV Collgeg of Mount Saint Vincent (Riverdale, NY) ), the holding company for Community Savings, F.A. (the "Association") announced today that the Company earned $1.4 million or $0.16 diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the fourth quarter of 2001 compared to $1.2 million or $0.15 diluted earnings per share for the same period in 2000. The fourth quarter of 2000 included a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $618,000 net pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge ($385,000 after tax) or $0.05 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. diluted earnings per share, incurred in connection with the termination The point where a line, channel or circuit ends. See SCSI termination and hybrid. of the Association's defined benefit plan Defined benefit plan A pension plan obliging the sponsor to make specified dollar payments to qualifying employees at retirement. The pension obligations are effectively the debt obligation of the plan sponsor. Related: Defined contribution plan . Earnings for the year ended December December: see month. 31, 2001 were $5.4 million, or $0.65 diluted earnings per share compared to $6.4 million, or $0.74 diluted earnings per share for the 2000 period. The year ended December 31, 2000 included a one-time $289,000 net pre-tax gain ($180,000 after tax) or $0.02 after-tax diluted earnings per share, recognized in connection with the termination of the Association's defined benefit plan. The Company's net interest income was $7.0 million for the three months ended December 31, 2001 compared to $6.9 million for the same period in 2000. Net interest income for the years ended December 31, 2001 and 2000 was $28.0 million and $28.2 million, respectively. The Company's interest rate spread increased to 2.91% for the quarter ended December 31, 2001 compared to 2.79% for the same quarter in 2000. The decline in interest rates which began in early 2001 has beneficially affected the Company's interest rate spread during the last three quarters of 2001 as the Association's deposit costs declined more rapidly than the yield on its interest-earning assets. Assuming stable interest rates, management expects continued improvement in the interest rate spread in 2002. Other income totaled $1.5 million for the three months ended December 31, 2001 compared to $468,000 for the fourth quarter of 2000 due in part to a $294,000 increase in NOW account and other fees for the 2001 period as compared to the same period in 2000. This increase was largely due to a net increase of 1,517 checking and NOW accounts during the year. In addition, the 2000 period included the one-time charge recognized in connection with the termination of the Association's defined benefit plan during the year. Other income also included the continued involvement of a subsidiary of the Association in a residential real estate development venture in Indian River County, Florida Indian River County is a county located in the U.S. state of Florida. As of 2000, the population was 112,947. The U.S. Census Bureau 2005 estimate for the county is 128,594 [1]. Its county seat is Vero Beach, Florida6. . The Company recognized a $189,000 net gain (including interest income) from the project for the three months ended December 31, 2001 compared to a $40,000 net loss (including interest income) for the same period in 2000. The operating results were anticipated and are typical for projects of this type. Other operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increased $762,000 for the quarter ended December 31, 2001 compared to the same period in 2000 primarily as a result of a $549,000 increase in miscellaneous operating expense, due in large part to expenses incurred during the quarter related to the September September: see month. 2001 execution of a definitive merger agreement between BankAtlantic BankAtlantic, a subsidiary of BankAtlantic Bancorp, Inc. [NYSE: BBX] and based in Fort Lauderdale, Florida, is a company that provides consumer and commercial banking services in south Florida. Bancorp, Inc. ("BankAtlantic") (NYSE NYSE See: New York Stock Exchange :BBX BBX Business Basic Extended BBX Business Barter Exchange BBX Blue Bell, Pennsylvania (Airport Code) BBX Blockbuster Express (UK video store) ) and the Company. At December 31, 2001, the Company's assets totaled $960.8 million, a $1.9 million decrease from December 31, 2000. Net loans receivable decreased $23.1 million during the year ended December 31, 2001. New 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. and purchases totaling $180.1 million and loans in process funding totaling $18.2 million, were offset by loan repayments and other adjustments aggregating $221.3 million and $73,000, respectively. The declining interest rate environment during 2001 and the competition for loan refinancing Refinancing An extension and/or increase in amount of existing debt. contributed to the increased loan repayments during the year. Non-performing assets, which aggregated $2.7 million at December 31, 2001 compared to $3.5 million at December 31, 2000, included two loans totaling $1.9 million to a local builder for the construction of golf villas. Scheduled interest payments became delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. in 2000 when slower sales than expected reduced the project's cash flows. Sales closings during 2001 allowed the principal balance of the loans to be reduced by $400,000 from $2.3 million at December 31, 2000. At the present time, management does not anticipate incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. any loss of principal on these loans. At December 31, 2001, the Company's allowance for loan losses totaled $4.5 million. Although management believes that the loan loss allowance was adequate at December 31, 2001, further additions to the allowance for loan losses may become necessary. During the year ended December 31, 2001, deposits increased $5.2 million. The Association, implementing a strategy designed to lower its cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. , focused on obtaining new core deposit accounts (consisting of demand, NOW, savings and money market accounts) and discontinued dis·con·tin·ue v. dis·con·tin·ued, dis·con·tin·u·ing, dis·con·tin·ues v.tr. 1. To stop doing or providing (something); end or abandon: offering higher costing odd-term certificates of deposit. This strategy resulted in a $77.0 million increase in core deposits offset in part by a $71.8 million decrease in certificates of deposit. The aggregate securities portfolio decreased $47.3 million, primarily as the result of calls, maturities and normal amortization of the securities. The increase in deposits and the decrease in the securities portfolio allowed the Association to decrease advances from the Federal Home Loan Bank by $12.6 million. Cash and cash equivalents increased by $59.0 million as excess funds were invested in interest-earning deposits due to merger agreement limitations on security investments. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. B. Pittard, Jr., President and Chief Executive Officer explained, "Our priority for 2001 was to lower the cost of our deposits in order to improve the net interest rate spread. During 2001, we stopped offering new odd-term certificates of deposits and did not aggressively match competitors' rates. While this caused some outflow of certificates of deposit, our concentration on enhancing our relationships with new and existing depositors, including obtaining additional lower costing transaction accounts resulted in net growth of the deposit portfolio as well as the increase in NOW account and other customer fees. We hope to see a continued improvement in the interest rate spread during 2002 as maturing certificates of deposit either reprice at lower rates or are not renewed re·new v. re·newed, re·new·ing, re·news v.tr. 1. To make new or as if new again; restore: renewed the antique chair. 2. ." Mr. Pittard continued, "Consistent with the Company's current dividend policy, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend on the Company's common stock for the quarter ended December 31, 2001 of $0.11 per share payable on January January: see month. 18, 2002 to shareholders of record as of January 4, 2002." Statements included in this news release which are not historical facts are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. , as that term is defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Amounts herein could vary as a result of market and other factors, as well as costs incurred in connection with and in furtherance fur·ther·ance n. The act of furthering, advancing, or helping forward: "Pakistan does not aspire to any . . . role in furtherance of the strategies of other powers" Ismail Patel. of the acquisition by BankAtlantic. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, factors discussed in documents filed by the Company with the Securities and Exchange Commission from time to time. Such forward-looking statements may be identified by the use of such words as "believe," "expect," "anticipate," "should," "planned," "estimated," and "potential." Examples of forward-looking statements include, but are not limited to, estimates with respect to the financial condition, expected or anticipated revenue, results of operations and business of the Company that are subject to various factors which could cause actual results to differ materially from these estimates. These factors include, but are not limited to, general economic conditions; changes in interest rates; deposit flows; the level of defaults, losses and prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. on loans held by the Company in portfolio or sold in the secondary markets; loan demand; real estate values; competition; changes in accounting principles, policies, practices or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. , and technological factors affecting the Company's operations, pricing, products and services and; completion of the proposed acquisition by BankAtlantic and expenses incurred in connection therewith there·with adv. 1. With that, this, or it. 2. In addition to that. 3. Archaic Immediately thereafter. Adv. 1. . The forward-looking statements are made as of the date of this release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements. Financial highlights for the Company and the Association, its wholly-owned subsidiary, follow. The information for the three months ended December 31, 2001 and 2000, and for the year ended December 31, 2001 is unaudited and subject to change.
Consolidated Statements of Operations
Three Months Ended Year Ended
December 31, December 31,
Increase Increase
2001 2000 (Decrease) 2001 2000 (Decrease)
---- ---- -------- ---- ---- --------
(Unaudited)
(Dollars in thousands except per share amounts)
Interest income:
Loans $12,732 $13,496 $ (764) $53,154 $50,565 $ 2,589
Securities 1,847 3,155 (1,308) 9,435 12,576 (3,141)
Other interest and
dividend income 577 605 (28) 2,323 2,519 (196)
------ ------ ----- ------ ------ ------
Total interest
income 15,156 17,256 (2,100) 64,912 65,660 (748)
------ ------ ----- ------ ------ ------
Interest expense:
Deposits 5,942 7,769 (1,827) 27,764 27,279 485
Advances from
Federal Home Loan
Bank and other
borrowings 2,223 2,541 (318) 9,128 10,223 (1,095)
------ ------ ----- ------ ------ ------
Total interest
expense 8,165 10,310 (2,145) 36,892 37,502 (610)
------ ------ ----- ------ ------ ------
Net interest income 6,991 6,946 45 28,020 28,158 (138)
Provision for loan
losses 90 76 14 360 376 (16)
------ ------ ----- ------ ------ ------
Net interest income
after provision for
loan losses 6,901 6,870 31 27,660 27,782 (122)
------ ------ ----- ------ ------ ------
Other income:
Servicing income
and other fees 59 31 28 224 237 (13)
NOW account and
other customer
fees 1,228 934 294 3,928 3,519 409
Net gain (loss)
on real estate
owned -- (30) 30 28 (18) 46
Loss on write
down of securities
available for sale -- -- -- -- (138) 138
Gain (loss) on
sale of securities
available for sale -- 75 (75) (8) 75 (83)
Equity in net gain
(loss) of real
estate venture 189 (40) 229 438 (95) 533
Net (loss) gain
on termination of
defined benefit
plan -- (618) 618 -- 289 (289)
Miscellaneous 11 116 (105) 395 395 --
------ ------ ----- ------ ------ ------
Total other
income 1,487 468 1,019 5,005 4,264 741
------ ------ ----- ------ ------ ------
Operating expense:
Employee compensation
and benefits 3,247 3,108 139 13,548 12,473 1,075
Occupancy and
equipment 1,577 1,499 78 5,885 5,871 14
Advertising and
promotion 120 123 (3) 635 670 (35)
Federal deposit
insurance premium 30 31 (1) 125 125 --
Miscellaneous 1,380 831 549 4,496 3,394 1,102
------ ------ ----- ------ ------ ------
Total operating
expense 6,354 5,592 762 24,689 22,533 2,156
------ ------ ----- ------ ------ ------
Income before
provision for
income taxes 2,034 1,746 288 7,976 9,513 (1,537)
Provision for
income taxes 665 540 125 2,540 3,101 (561)
------ ------ ----- ------ ------ ------
Net income $1,369 $1,206 $ 163 $5,436 $6,412 $ (976)
====== ====== ===== ====== ====== ======
Basic earnings
per share (1) $ 0.17 $ 0.15 $ 0.67 $ 0.76
====== ====== ====== ======
Diluted earnings
per share (2) $ 0.16 $ 0.15 $ 0.65 $ 0.74
====== ====== ====== ======
Basic weighted
average common
shares
outstanding 8,205,850 8,249,989 8,117,497 8,432,346
========= ========= ========= =========
Diluted weighted
average common
shares
outstanding 8,568,708 8,506,179 8,405,497 8,669,726
========= ========= ========= =========
(1) Represents net income divided by the weighted average shares
outstanding for the periods presented.
(2) Represents net income divided by the weighted average shares
outstanding for the periods presented adjusted for the effect of
potentially dilutive shares.
Consolidated Statements of Financial Condition
At At
December 31, December 31, Increase
2001 2000 (Decrease)
---- ---- ----------
(Unaudited)
(Dollars in thousands except
per share amounts)
ASSETS
Cash and amounts due from
depository institutions $ 18,816 $ 17,844 $ 972
Interest-earning deposits 85,271 27,274 57,997
-------- -------- --------
Cash and cash equivalents 104,087 45,118 58,969
Securities available for sale 89,164 131,418 (42,254)
Securities held to maturity 28,931 34,025 (5,094)
Loans receivable, net 668,197 691,294 (23,097)
Accrued interest receivable 3,565 4,363 (798)
Federal Home Loan Bank
stock - at cost 8,063 8,063 --
Premises and equipment, net 28,712 25,323 3,389
Real estate held for investment 2,493 2,193 300
Investment in and advances to
real estate venture 20,607 14,612 5,995
Real estate owned, net 194 170 24
Other assets 6,765 6,126 639
-------- -------- --------
Total assets $ 960,778 $ 962,705 $ (1,927)
========= ========= =========
LIABILITIES
Deposits:
Demand $ 52,249 $ 44,662 $ 7,587
NOW 85,654 79,110 6,544
Savings 41,744 34,506 7,238
Money market 146,884 91,214 55,670
Certificates of deposit 359,747 431,577 (71,830)
-------- -------- --------
Total deposits 686,278 681,069 5,209
Mortgage-backed bond, net 12,645 13,582 (937)
Advances from the Federal
Home Loan Bank 134,143 146,714 (12,571)
Advances by borrowers for
taxes and insurance 712 1,153 (441)
Other liabilities 8,624 7,724 900
-------- -------- --------
Total liabilities 842,402 850,242 (7,840)
-------- -------- --------
SHAREHOLDERS' EQUITY
Common stock; December 31,
2001, 8,660,254; December
31, 2000, 8,542,363 shares
issued and outstanding 10,571 10,571 --
Additional paid-in capital 94,464 94,043 421
Retained income-substantially
restricted 41,172 39,832 1,340
Common stock purchased by
Employee Stock Ownership Plan (3,502) (4,038) 536
Common stock issued to
Recognition and Retention Plans (1,182) (1,907) 725
Accumulated other comprehensive
income (loss) 557 (855) 1,412
Treasury stock, at cost;
December 31, 2001, 1,910,886:
December 31, 2000, 2,028,777
shares (23,704) (25,183) 1,479
-------- -------- --------
Total shareholders' equity 118,376 112,463 5,913
-------- -------- --------
Total liabilities and
shareholders' equity $ 960,778 $ 962,705 $ (1,927)
========= ========= =========
Book value per share (1) $ 14.41 $ 14.11
========= =========
(1) Based on 8,213,394 and 7,971,802 shares outstanding or
allocated (excludes the unallocated shares held by the stock benefit
plans) at December 31, 2001 and December 31, 2000, respectively.
Including such shares, book value per share at such dates would have
been $13.67 and $13.17, respectively.
Loans Receivable
At At
December 31, December 31, Increase
2001 2000 (Decrease)
---- ---- ----------
(Unaudited)
(Dollars in thousands)
Real estate loans:
Residential 1-4 family $ 519,402 $ 511,324 $ 8,078
Residential 1-4 family
construction 68,712 113,179 (44,467)
Multi-family 7,048 10,501 (3,453)
Multi-family construction 20,969 33,960 (12,991)
Land 22,362 20,216 2,146
Commercial 35,535 37,255 (1,720)
Commercial construction 15,965 8,170 7,795
-------- -------- --------
Total real estate loans 689,993 734,605 (44,612)
-------- -------- --------
Non-real estate loans:
Consumer 15,269 14,029 1,240
Commercial business 8,210 5,454 2,756
-------- -------- --------
Total non-real estate loans 23,479 19,483 3,996
-------- -------- --------
Total loans receivable 713,472 754,088 (40,616)
Undisbursed loan proceeds (42,706) (60,874) 18,168
Unearned yield adjustments 1,896 1,955 (59)
Allowance for loan losses (4,465) (3,875) (590)
-------- -------- --------
Total loans receivable,
net $ 668,197 $ 691,294 $ (23,097)
========= ========= =========
Selected Financial Ratios Three Months Ended Year Ended
December 31, December 31,
2001 2000 2001 2000
---- ---- ---- ----
(Unaudited)
(Dollars in thousands)
Performance Ratios (1):
Return on average assets 0.57% 0.50% 0.57% 0.69%
Return on average equity 4.61 4.29 4.68 5.58
Net interest rate spread (2) 2.91 2.79 2.87 2.95
Net interest margin (3) 3.18 3.12 3.17 3.26
Non-interest income to
average assets 0.62 0.20 0.52 0.46
Non-interest expense to
average assets 2.66 2.33 2.58 2.42
Dividend payout ratio 68.66 76.45 68.82 58.70
Asset Quality Ratios (4):
Non-performing loans to
net loans receivable 0.38 0.48 0.38 0.48
Non-performing assets to
total assets 0.28 0.36 0.28 0.36
Allowance for loan losses to
non-performing loans 177.89 116.86 177.89 116.86
Allowance for loan losses to
net loans receivable 0.66 0.56 0.66 0.56
Capital Ratios:
Shareholders' equity to
total assets (4) 12.32 11.68 12.32 11.68
Average equity to average
assets 12.45 11.71 12.13 12.31
Other Data (4):
Non-performing loans $ 2,510 $ 3,316 $ 2,510 $ 3,316
Non-performing assets 2,704 3,486 2,704 3,486
Allowance for loan losses 4,465 3,875 4,465 3,875
(1) Ratios are annualized for the three months ended December 31,
2001 and 2000.
(2) Net interest rate spread represents the difference between the
weighted average yield earned on interest-earning assets and the
weighted average rate paid on interest-bearing liabilities.
(3) Net yield on interest-earning assets represents net interest
income as a percentage of average interest-earning assets.
(4) End of period ratios and/or balances.
Average Balance Sheet
For the Three Months Ended December 31,
2001 2000
------------------------------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ---- ------- -------- ----
(Dollars in thousands)
Interest-earning assets:
Real estate loans $660,915 $12,284 7.43% $664,234 $13,004 7.83%
Consumer and
commercial business 23,838 448 7.52 20,543 492 9.58
Securities held to
maturity and
available for sale 120,871 1,847 6.11 176,764 3,155 7.14
Other investments (1) 72,506 577 3.18 29,936 605 8.08
------- ------ ------- ------
Total interest-earning
assets 878,130 15,156 6.90 891,477 17,256 7.74
------- ------- ---- ------- ------ ----
Non-interest-earning
assets 77,091 68,454
------- -------
Total assets $955,221 $959,931
======= =======
Interest-bearing liabilities:
Deposits $672,175 5,942 3.54 $671,825 7,769 4.63
Borrowed funds 146,991 2,223 6.05 160,622 2,541 6.33
-------- ----- ------- -----
Total interest-bearing
liabilities 819,166 8,165 3.99 832,447 10,310 4.95
----- ---- ------ ----
Non-interest-bearing
liabilities 17,173 15,050
------- -------
Total liabilities 836,339 847,497
Shareholders' equity 118,882 112,434
------- -------
Total liabilities
and shareholders'
equity $955,221 $959,931
======= =======
Net interest income $ 6,991 $ 6,946
====== ======
Net interest rate
spread (2) 2.91% 2.79%
==== ====
Net yield on
interest-earning
assets (3) 3.18% 3.12%
==== ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 107.20% 107.09%
====== ======
For the Year Ended December 31,
2001 2000
------------------------------------------------
(Dollars in thousands)
Interest-earning assets:
Real estate loans $670,455 $51,217 7.64% $627,605 $48,623 7.75%
Consumer and
commercial business 22,729 1,937 8.52 20,710 1,942 9.38
Securities held to
maturity and available
for sale 139,673 9,435 6.76 179,674 12,576 7.00
Other investments (1) 52,126 2,323 4.46 35,320 2,519 7.13
------- ------ ------- ------
Total interest-earning
assets 884,983 64,912 7.33 863,309 65,660 7.61
------ ---- ------ ----
Non-interest-earning
assets 72,918 69,703
------- -------
Total assets $957,901 $933,012
======= =======
Interest-bearing liabilities:
Deposits $676,547 27,764 4.10 $646,154 27,279 4.22
Borrowed funds 149,857 9,128 6.09 159,375 10,223 6.41
------- ------ ------- ------
Total interest-bearing
liabilities 826,404 36,892 4.46 805,529 37,502 4.66
----- ---- ------ ----
Non-interest-bearing
liabilities 15,259 12,609
------- -------
Total liabilities 841,663 818,138
Shareholders' equity 116,238 114,874
------- -------
Total liabilities
and shareholders'
equity $957,901 $933,012
======= =======
Net interest income $28,020 $28,158
====== ======
Net interest rate
spread (2) 2.87% 2.95%
==== ====
Net yield on
interest-earning
assets (3) 3.17% 3.26%
==== ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 107.09% 107.17%
====== ======
(1) Includes interest-earning deposits and Federal Home Loan Bank
stock.
(2) Net interest rate spread represents the difference between the
weighted average yield earned on interest-earning assets and the
weighted average rate paid on interest-bearing liabilities.
(3) Net yield on interest-earning assets represents net interest
income as a percentage of average interest-earning assets.
Consolidated Statements of Operations
Most Recent Five Quarters
Three Months Ended
Dec. 31, Sept. 30, June 30, Mar. 31, Dec. 31,
2001 2001 2001 2001 2000
-------- --------- --------- -------- --------
(Unaudited)
(Dollars in thousands)
Interest income:
Loans $ 12,732 $ 13,200 $ 13,587 $ 13,635 $ 13,496
Securities 1,847 2,327 2,471 2,790 3,155
Other interest
and dividend
income 577 536 555 655 605
-------- -------- -------- -------- --------
Total interest
income 15,156 16,063 16,613 17,080 17,256
Interest expense:
Deposits 5,942 6,756 7,294 7,772 7,769
Advances from
Federal Home Loan
Bank and other
borrowings 2,223 2,247 2,256 2,402 2,541
-------- -------- -------- -------- --------
Total interest
expense 8,165 9,003 9,550 10,174 10,310
-------- -------- -------- -------- --------
Net interest
income 6,991 7,060 7,063 6,906 6,946
Provision for
loan losses 90 90 90 90 76
-------- -------- -------- -------- --------
Net interest
income after
provision for
loan losses 6,901 6,970 6,973 6,816 6,870
-------- -------- -------- -------- --------
Other income:
Servicing income
and other fees 59 49 48 68 31
NOW account and
other customer
fees 1,228 920 894 886 934
Net gain (loss)
on real estate
owned -- 4 24 -- (30)
(Loss) gain on
sale of securities
available for sale -- (8) -- -- 75
Equity in net
gain (loss) of
real estate
venture 189 28 34 187 (40)
Net loss on
termination of
defined benefit
plan -- -- -- -- (618)
Miscellaneous 11 99 187 98 116
-------- -------- -------- -------- --------
Total other
income 1,487 1,092 1,187 1,239 468
-------- -------- -------- -------- --------
Operating expense:
Employee compensation
and benefits 3,247 3,457 3,360 3,484 3,108
Occupancy and
equipment 1,577 1,469 1,419 1,420 1,499
Advertising and
promotion 120 171 162 182 123
Federal deposit
insurance premium 30 31 32 32 31
Miscellaneous 1,380 1,044 1,010 1,062 831
-------- -------- -------- -------- --------
Total operating
expense 6,354 6,172 5,983 6,180 5,592
-------- -------- -------- -------- --------
Income before
provision for
income taxes 2,034 1,890 2,177 1,875 1,746
Provision for
income taxes 665 612 622 641 540
-------- -------- -------- -------- --------
Net income $ 1,369 $ 1,278 $ 1,555 $ 1,234 $ 1,206
======== ======== ======== ======== ========
Basic earnings
per share $ 0.17 $ 0.16 $ 0.19 $ 0.15 $ 0.15
======== ======== ======== ======== ========
Diluted earnings
per share $ 0.16 $ 0.15 $ 0.19 $ 0.15 $ 0.15
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Community Savings Bankshares, Inc., a Delaware-chartered stock holding company, is the parent holding company for Community Savings, F.A. (the "Association"). Chartered in 1955, the Association is a federal stock savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. , the deposits of which are insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. by the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . Headquartered in North Palm Beach, Florida North Palm Beach is an incorporated village in Palm Beach County, Florida, United States. The population was 12,064 at the 2000 census. As of 2004, the population recorded by the U.S. Census Bureau is 12,645. , the Association serves customers in Palm Beach, Martin, St. Lucie St. Lucie may refer to:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices. Please visit http://www.communitysavings.com for more information about the Company and the Association's loan and deposit products and services - including Online Banking. |
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