Community Savings Bankshares, Inc. Announces Second Quarter Earnings.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--July 13, 2001 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 $1.6 million or $0.19 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 second quarter of fiscal 2001 as compared to $2.0 million or $0.23 diluted earnings per share for the same period in 2000. Earnings for the first six months were $2.8 million, or $0.34 diluted earnings per share for the 2001 period as compared to $3.6 million, or $0.41 diluted earnings per share for the 2000 period. The three and six month periods in 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. $922,000 net pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain ($575,000 after tax) or $0.06 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, on 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 . The Company's net interest income was $7.1 million for the three months ended June June: see month. 30, 2001 and 2000. Net interest income for the six months ended June 30, 2001 and 2000 was $14.0 million and $14.3 million, respectively. The Company's interest rate spread improved to 2.91% for the quarter ended June 30, 2001 as compared to 2.79% for the quarter ended March 31, 2001. The decline in interest rates in 2001 began beneficially affecting the Company's interest rate spread during the second quarter of 2001 as the Association's deposit costs began to decline. Assuming stable or declining interest rates, management expects continued improvement in the interest rate spread in the second half of 2001. Other income totaled $1.2 million for the three months ended June 30, 2001 as compared to $1.7 million for the second quarter of 2000. Included in the second quarter of 2000 was the one-time $922,000 net gain (noted above) recognized as a result of the termination of the defined benefit plan which is not included in the second quarter of 2001. Also impacting other income were the results of the activity of a subsidiary of the Association which is involved in a real estate development venture commenced in mid- mid- pref. Middle: midbrain. 1999 to develop and sell single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. lots, and construct and sell condominiums, villa villa. Although used to designate any country residence, especially in Italy and S France, the term villa particularly refers to a type of pleasure residence with extensive grounds favored by the Romans and richly developed in Italy in the Renaissance. homes and carriage carriage, wheeled vehicle, in modern usage restricted to passenger vehicles that are drawn or pushed, especially by animals. Carriages date from the Bronze Age; early forms included the two-wheeled cart and four-wheeled wagon for transporting goods. homes on 117 acres of land on the inland INLAND. Within the same country. 2. It seems not to be agreed whether the term inland applies to all the United States or only to one state. It has been holden in Now York that a bill of exchange by one person in one state, on another person in another, is an waterway waterway, natural or artificial navigable inland body of water, or system of interconnected bodies of water, used for transportation, may include a lake, river, canal, or any combination of these. 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 investment in and advances to the real estate development venture totaled $16.0 million at June 30, 2001. The Company recognized $348,000 in interest income related to advances made to the project during the quarter ended June 30, 2001 as compared to $341,000 for the same period in 2000 (all of which is reflected in net income or loss from real estate venture). However, offsetting this was a $314,000 net loss (exclusive of interest income) on the project for the second quarter of fiscal 2001 resulting in a net gain from the real estate venture of $34,000. This compares to a net loss of $125,000 for the same quarter in 2000. Such losses were anticipated and are typical for projects of this type. 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 commented, "The losses incurred to date on this project reflect the expected recognition of start-up Start-up The earliest stage of a new business venture. costs during the early stages of this construction project. We expect to begin recognizing net income (exclusive of interest income) on the project when closings begin later this year or early next year." The provision for income taxes was $622,000 for the three months ended June 30, 2001 as compared to $1.2 million for the 2000 period. Taxes were higher in the 2000 period due to the increase in net income for the three months ended June 30, 2000 as well as a $96,000 decrease in the benefit from tax credits resulting from the Association's investment in an affordable housing partnership in that same period. At June 30, 2001, the Company's assets totaled $948.3 million, a $14.4 million decrease from December December: see month. 31, 2000. Net loans receivable decreased $1.2 million during the six months ended June 30, 2001. Loan repayments totaling $101.4 million were offset by 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 and a decrease in loans in process and other adjustments of $91.5 million and $8.7 million, respectively. The Association is offering a loan modification A change or alteration in existing materials. Modification generally has the same meaning in the law as it does in common parlance. The term has special significance in the law of contracts and the law of sales. program to maintain existing loan customers seeking to reprice higher rate fixed and adjustable loans in the declining interest rate market experienced during 2001. This program has resulted in the modification of the interest rates of $4.2 million in loans during the three months ended June 30, 2001. 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. , which aggregated $2.9 million at June 30, 2001, included two loans to a local builder totaling $2.0 million 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. when slower sales than expected reduced the project's cash flows. 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. Although management believes that adequate general loan loss allowances have been established, actual losses depend upon future events and, as such, further additions to the allowance for loan losses may become necessary. During the six months ended June 30, 2001, deposits decreased $11.3 million. The Association, utilizing 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 its higher-costing odd-term certificates of deposit product. This strategy resulted in a $26.6 million decrease in certificates of deposit offset in part by a $15.3 million increase in core deposits. The net $11.3 million decrease in deposits combined with an $11.5 million decrease in advances from the Federal Home Loan Bank ("FHLB FHLB Federal Home Loan Bank ") and a $7.4 million increase in cash and cash equivalents were primarily funded by a $23.9 million decrease in the aggregate securities portfolio. Mr. Pittard explained, "Our priority for 2001 is to lower the cost of our deposits in order to improve the net interest rate spread. During fiscal 2001, we stopped offering new odd-term certificates of deposits and are not aggressively matching competitors' rates. While this has caused some outflow of deposit funds, our plan is to concentrate on enhancing our relationships with new and existing depositors, including obtaining additional lower costing transaction accounts. As a result of our efforts to lower the cost of deposits in the first six months of 2001, we were pleased to see the 13 basis point improvement in the interest rate spread for the quarter ended June 30, 2001 as compared to the quarter ended March 31, 2001. We expect to continue to see an improvement in the interest rate spread over the next six months as maturing certificates of deposits 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. . We will supplement new deposits and loan repayments with FHLB advances as needed as needed prn. See prn order. to fund loan originations as we continue to compete for new loan opportunities that meet our underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards." 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 June 30, 2001 of $0.11 per share payable on August 1, 2001 to shareholders of record as of July July: see month. 16, 2001." 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. 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 levels 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. 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 Bankshares and the Association, its wholly-owned subsidiary, follow. The information for the three and six months ended June 30, 2001 and 2000 is unaudited and subject to change.
Consolidated Statements of Operations
Three Months Six Months
Ended Ended
June 30, Increase June 30, Increase
2001 2000 (Decrease) 2001 2000 (Decrease)
---- ---- ---------- ---- ---- ---------
(Unaudited)
(Dollars in thousands)
Interest income:
Loans $ 13,587 $ 12,350 $ 1,237 $ 27,222 $ 24,017 $ 3,205
Securities 2,471 3,104 (633) 5,261 6,291 (1,030)
Other interest
and dividend
income 555 572 (17) 1,210 1,256 (46)
-------- ------- ------- ------- ------- ------
Total interest
income 16,613 16,026 587 33,693 31,564 2,129
-------- ------- ------- ------- ------- ------
Interest expense:
Deposits 7,294 6,313 981 15,066 12,367 2,699
Advances from
Federal Home
Loan
Bank and other
borrowings 2,256 2,576 (320) 4,658 4,919 (261)
-------- ------- ------- ------- ------- ------
Total interest
expense 9,550 8,889 661 19,724 17,286 2,438
-------- ------- ------- ------- ------- ------
Net interest
income 7,063 7,137 (74) 13,969 14,278 (309)
-------- ------- ------- ------- ------- ------
Provision for
loan losses 90 75 15 180 225 (45)
-------- ------- ------- ------- ------- ------
Net interest
income after
provision for
loan losses 6,973 7,062 (89) 13,789 14,053 (264)
-------- ------- ------- ------- ------- ------
Other income:
Servicing
income and
other fees 48 68 (20) 116 157 (41)
NOW account
and other
customer fees 894 874 20 1,780 1,686 94
Net gain (loss)
on real estate
owned 24 21 3 24 25 (1)
Loss on write
down of
securities
available for
sale -- (138) 138 -- (138) 138
Equity in net
gain (loss)
of real estate
venture 34 (125) 159 221 (200) 421
Net gain on
termination
of defined
benefit plan -- 922 (922) -- 922 (922)
Miscellaneous 187 84 103 285 185 100
-------- ------- ------- ------- ------- ------
Total other
income 1,187 1,706 (519) 2,426 2,637 (211)
-------- ------- ------- ------- ------- ------
Operating expense:
Employee
compensation
and benefits 3,360 3,099 261 6,844 6,235 609
Occupancy and
equipment 1,419 1,476 (57) 2,839 2,947 (108)
Advertising
and promotion 162 144 18 344 379 (35)
Federal deposit
insurance
premium 32 31 1 64 62 2
Miscellaneous 1,010 802 208 2,072 1,749 323
-------- ------- ------- ------- ------- ------
Total
operating
expense 5,983 5,552 431 12,163 11,372 791
-------- ------- ------- ------- ------- ------
Income before
provision for
income taxes 2,177 3,216 (1,039) 4,052 5,318 (1,266)
Provision for
income taxes 622 1,216 (594) 1,263 1,711 (448)
-------- ------- ------- ------- ------- ------
Net income $ 1,555 $ 2,000 $ (445)$ 2,789 $ 3,607 $ (818)
======== ======= ======= ======= ======= ======
Basic earnings
per share (1) $ 0.19 $ 0.23 $ 0.35 $ 0.42
======== ======= ======= =======
Diluted earnings
per share (1) $ 0.19 $ 0.23 $ 0.34 $ 0.41
======== ======= ======= =======
Basic weighted
average common
shares
outstanding 8,110,051 8,610,356 8,058,184 8,618,986
======== ========= ========= =========
Diluted weighted
average common
shares
outstanding 8,385,686 8,850,132 8,318,416 8,865,108
======== ========= ========= =========
(1) Represents net income divided by the weighted average shares
outstanding for the periods presented.
Consolidated Statements of Financial Condition
At At
June 30, December 31, Increase
2001 2000 (Decrease)
---- ---- ----------
(Unaudited)
(Dollars in thousands)
ASSETS
Cash and amounts
due from
depository
institutions $ 17,063 $ 17,844 $ (781)
Interest-earning
deposits 35,468 27,274 8,194
--------- --------- ---------
Cash and cash
equivalents 52,531 45,118 7,413
Securities
available for
sale 111,106 131,418 (20,312)
Securities held
to maturity 30,428 34,025 (3,597)
Loans receivable,
net 690,118 691,294 (1,176)
Accrued interest
receivable 3,919 4,363 (444)
Federal Home Loan
Bank stock - at
cost 8,063 8,063 --
Premises and
equipment, net 27,498 25,323 2,175
Real estate held
for investment 2,139 2,193 (54)
Investment in and
advances to real
estate venture 15,985 14,612 1,373
Real estate owned,
net 10 170 (160)
Other assets 6,550 6,126 424
--------- --------- ---------
Total assets $ 948,347 $ 962,705 $ (14,358)
========= ========= =========
LIABILITIES
Deposits:
Demand $ 48,017 $ 44,662 $ 3,355
NOW and
statement
savings 78,989 79,110 (121)
Savings 37,845 34,506 3,339
Money market 100,004 91,214 8,790
Certificates
of deposit 404,945 431,577 (26,632)
--------- --------- ---------
Total
deposits 669,800 681,069 (11,269)
Mortgage-backed
bond, net 13,113 13,582 (469)
Advances from the
Federal Home
Loan Bank 135,179 146,714 (11,535)
Advances by
borrowers for
taxes and
insurance 6,187 1,153 5,034
Other liabilities 8,128 7,724 404
--------- --------- ---------
Total
liabilities 832,407 850,242 (17,835)
--------- --------- ---------
SHAREHOLDERS' EQUITY
Common stock;
June 30, 2001,
8,636,027;
December 31,
2000, 8,542,363
shares issued
and outstanding 10,571 10,571 --
Additional paid-in
capital 94,296 94,043 253
Retained income-
substantially
restricted 40,493 40,818 (325)
Common stock
purchased by
Employee Stock
Ownership Plan (3,695) (4,038) 343
Common stock
issued to
Recognition
and Retention
Plans (1,426) (1,907) 481
Accumulated other
comprehensive
loss (291) (855) 564
Treasury stock,
at cost;
June 30, 2001,
1,935,113;
December 31,
2000, 2,028,777
shares (24,008) (26,169) 2,161
--------- --------- ---------
Total
shareholders'
equity 115,940 112,463 3,477
--------- --------- ---------
Total
liabilities
and
shareholders'
equity $ 948,347 $ 962,705 $ (14,358)
========= ========= =========
Book value per
share (1) $ 14.23 $ 14.11
========= =========
(1) Based on 8,147,657 and 7,971,802 shares outstanding or allocated
(excludes the unallocated shares held by the stock benefit plans)
at June 30, 2001 and December 31, 2000, respectively. Including
such shares, book value per share at such dates would have been
$13.43 and $13.17, respectively.
Loans Receivable
At At
June 30, December 31, Increase
2001 2000 (Decrease)
---- ---- ----------
(Unaudited)
(Dollars in thousands)
Real estate loans:
Residential 1-4 family $ 524,115 $ 511,324 $ 12,791
Residential 1-4 family
construction 99,113 113,179 (14,066)
Multi-family 9,234 10,501 (1,267)
Multi-family construction 20,952 33,960 (13,008)
Land 20,320 20,216 104
Commercial 36,142 37,255 (1,113)
Commercial construction 11,793 8,170 3,623
--------- --------- ---------
Total real estate loans 721,669 734,605 (12,936)
--------- --------- ---------
Non-real estate loans:
Consumer 14,657 14,029 628
Commercial business 7,004 5,454 1,550
--------- --------- ---------
Total non-real estate loans 21,661 19,483 2,178
--------- --------- ---------
Total loans receivable 743,330 754,088 (10,758)
Undisbursed loan proceeds (50,953) (60,874) 9,921
Unearned yield adjustments 2,026 1,955 71
Allowance for loan losses (4,285) (3,875) (410)
--------- --------- ---------
Total loans receivable,
net $ 690,118 $ 691,294 $ (1,176)
========= ========= =========
Selected Financial Ratios
Three Months Six Months Year
Ended Ended Ended
June 30, June 30, December 31,
2001 2000 2001 2000 2000
---- ---- ---- ---- ----
(Unaudited)
(Dollars in thousands)
Performance Ratios
(1):
Return on average
assets 0.65% 0.87% 0.58% 0.79% 0.69%
Return on average
equity 5.40 6.89 4.87 6.23 5.58
Net interest rate
spread 2.91 3.05 2.84 3.10 2.95
Net interest
margin 3.20 3.34 3.14 3.39 3.26
Non-interest
income to
average assets 0.50 0.74 0.51 0.58 0.46
Non-interest
expense to
average assets 2.51 2.40 2.53 2.49 2.42
Dividend payout
ratio 60.26 60.05 66.73 56.73 58.70
Asset Quality
Ratios (2):
Non-performing
loans to net
loans
receivable 0.41 0.14 0.41 0.14 0.48
Non-performing
assets to total
assets 0.30 0.15 0.30 0.15 0.36
Allowance for
loan losses to
non-performing
loans 150.25 416.27 150.25 416.27 116.86
Allowance for
loan losses to
net loans
receivable 0.62 0.58 0.62 0.58 0.56
Capital Ratios:
Shareholders'
equity to total
assets (2) 12.23 12.46 12.23 12.46 11.68
Average equity
to average assets 12.06 12.57 11.93 12.69 12.31
Other Data (2):
Non-performing
loans $ 2,852 $ 922 $ 2,852 $ 922 $ 3,316
Non-performing
assets 2,862 1,385 2,862 1,385 3,486
Allowance for
loan losses 4,285 3,838 4,285 3,838 3,875
(1) Ratios are annualized for the three and six months ended June 30,
2001 and 2000.
(2) End of period ratios and/or balances.
Average Balance Sheet
For the Three Months
Ended June 30, 2001 2000
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
------- -------- ---- ------- -------- ----
(Dollars in thousands)
Interest-earning
assets:
Real estate
loans $ 676,345 $13,097 7.75% $ 619,624 $11,866 7.66%
Consumer and
commercial
business 22,391 490 8.75 20,877 484 9.27
Securities held
to maturity
and available
for sale 143,383 2,471 6.89 180,618 3,104 6.87
Other
investments
(1) 40,930 555 5.42 32,593 572 7.02
--------- ------- ---- ------- ------- ----
Total
interest-
earning
assets 883,049 16,613 7.53 853,712 16,026 7.51
--------- ------- ---- --------- ------- ----
Non-interest-
earning assets 72,288 70,690
--------- ---------
Total
assets $ 955,337 $ 924,402
========= =========
Interest-bearing
liabilities:
Deposits $ 677,284 7,294 4.31 $ 637,569 6,313 3.96
Borrowed
funds 148,620 2,256 6.07 159,122 2,576 6.48
---------- ------- ---- ---------- ------- ----
Total
interest-
bearing
liabilities 825,904 9,550 4.62 796,691 8,889 4.46
------- ------- ---- ---------- ------- ----
Non-interest-
bearing
liabilities 14,262 11,521
--------- ---------
Total
liabilities 840,166 808,212
Shareholders'
equity 115,171 116,190
--------- ---------
Total liabilities
and shareholders'
equity $ 955,337 $ 924,402
========= =========
Net interest
income $ 7,063 $ 7,137
======= =======
Net interest
rate spread (2) 2.91% 3.05%
======= =======
Net yield on
interest-
earning
assets (3) 3.20% 3.34%
======= =======
Ratio of average
interest-
earning assets
to average
interest-bearing
liabilities 106.92% 107.16%
======= =======
For the Six Months
Ended June 30, 2001 2000
(Dollars in thousands)
Interest-earning
assets:
Real estate
loans $ 675,970 $26,231 7.76% $ 602,024 $23,057 7.66%
Consumer and
commercial
business 21,928 991 9.04 20,833 960 9.22
Securities held
to maturity
and available
for sale 150,937 5,261 6.97 181,529 6,291 6.93
Other
investments
(1) 39,957 1,210 6.06 36,899 1,256 6.81
--------- ------- ---- --------- -------- ----
Total interest-
earning
assets 888,792 33,693 7.58 841,285 31,564 7.50
--------- ------- ---- --------- -------- ----
Non-interest-
earning assets 70,955 70,506
---------- ----------
Total
assets $ 959,747 $ 911,791
========= =========
Interest-bearing
liabilities:
Deposits $ 680,537 15,066 4.43 $ 629,609 12,367 3.93
Borrowed
funds 152,068 4,658 6.13 155,669 4,919 6.32
--------- ------- ---- --------- -------- ----
Total
interest-
bearing
liabilities 832,605 19,724 4.74 785,278 17,286 4.40
--------- ------- ---- --------- -------- ----
Non-interest-
bearing
liabilities 12,633 10,787
--------- ---------
Total
liabilities 845,238 796,065
Shareholders'
equity 114,509 115,726
--------- ---------
Total liabilities
and shareholders'
equity $ 959,747 $ 911,791
========= =========
Net interest
income $13,969 $14,278
======= =======
Net interest rate
spread (2) 2.84% 3.10%
======= =======
Net yield on interest-
earning assets (3) 3.14% 3.39%
======= =======
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 106.75% 107.13%
======= =======
(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
June 30, Mar. 31, Dec. 31, Sept. 30, June 30,
2001 2001 2000 2000 2000
---- ---- ---- ---- ----
(Unaudited)
(Dollars in thousands)
Interest income:
Loans $ 13,587 $ 13,635 $ 13,496 $ 13,052 $ 12,350
Securities 2,471 2,790 3,155 3,130 3,104
Other interest
and dividend
income 555 655 605 658 572
-------- -------- -------- -------- --------
Total interest
income 16,613 17,080 17,256 16,840 16,026
Interest expense:
Deposits 7,294 7,772 7,769 7,143 6,313
Advances from
Federal Home
Loan Bank
and other
borrowings 2,256 2,402 2,541 2,763 2,576
-------- -------- -------- -------- --------
Total interest
expense 9,550 10,174 10,310 9,906 8,889
-------- -------- -------- -------- --------
Net interest
income 7,063 6,906 6,946 6,934 7,137
Provision for
loan losses 90 90 76 75 75
-------- -------- -------- -------- --------
Net interest
income after
provision for
loan losses 6,973 6,816 6,870 6,859 7,062
-------- -------- -------- -------- --------
Other income:
Servicing income
and other fees 48 68 31 49 68
NOW account and
other customer
fees 894 886 934 899 874
Net (loss) gain
on real estate
owned 24 -- (30) (13) 21
Loss on write
down of
securities
available
for sale -- -- -- -- (138)
Gain on sale
of securities
available for
sale -- -- 75 -- --
Equity in net
gain (loss)
of real estate
venture 34 187 (40) 145 (125)
Net gain on
termination
of defined
benefit plan -- -- (618) (15) 922
Miscellaneous 187 98 116 94 84
-------- -------- -------- -------- --------
Total other
income 1,187 1,239 468 1,159 1,706
-------- -------- -------- -------- --------
Operating expense:
Employee
compensation
and benefits 3,360 3,484 3,108 3,130 3,099
Occupancy and
equipment 1,419 1,420 1,499 1,425 1,476
Advertising
and promotion 162 182 123 168 144
Federal deposit
insurance
premium 32 32 31 32 31
Miscellaneous 1,010 1,062 831 814 802
-------- -------- -------- -------- --------
Total
operating
expense 5,983 6,180 5,592 5,569 5,552
------- -------- -------- -------- --------
Income before
provision for
income taxes 2,177 1,875 1,746 2,449 3,216
Provision for
income taxes 622 641 540 850 1,216
-------- -------- -------- -------- --------
Net income $ 1,555 $ 1,234 $ 1,206 $ 1,599 $ 2,000
======== ======== ======== ======== ========
Basic earnings
per share $ 0.19 $ 0.15 $ 0.15 $ 0.19 $ 0.23
======== ======== ======== ======== ========
Diluted earnings
per share $ 0.19 $ 0.15 $ 0.15 $ 0.18 $ 0.23
======== ======== ======== ======== ========
Community Savings Bankshares, Inc., a Delaware-chartered stock holding company, is the parent holding company for Community Savings, F.A. 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 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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