Community Savings Bankshares, Inc. Announces Third Quarter Earnings.Business Editors NORTH PALM BEACH, Fla.--(BUSINESS WIRE)--Oct. 12, 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 $1.3 million or $0.15 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 third quarter of 2001 as compared to $1.6 million or $0.18 diluted earnings per share for the same period in 2000. Earnings for the first nine months were $4.1 million, or $0.49 diluted earnings per share for the 2001 period as compared to $5.2 million, or $0.59 diluted earnings per share for the 2000 period. The nine month period 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. $907,000 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, 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 . Bankshares' net interest income was $7.1 million for the three months ended September September: see month. 30, 2001 as compared to $6.9 million for the same period in 2000. Net interest income for the nine months ended September 30, 2001 and 2000 was $21.0 million and $21.2 million, respectively. Bankshares' interest rate spread increased to 2.90% for the quarter ended September 30, 2001 as compared to 2.83% for the same quarter in 2000. The decline in interest rates which began in early 2001 started to beneficially affect the Company's interest rate spread during the second and third quarters 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 last quarter of 2001. Other income totaled $1.1 million for the three months ended September 30, 2001 as compared to $1.2 million for the second quarter of 2000. Affecting other income was the continued involvement of a subsidiary of the Association 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 Indian River, lagoon, c.100 mi (160 km) long, E Fla., parallel to the east coast from N of Titusville to Stuart. Along the lagoon a variety of citrus and vegetable products are grown and transported by small boats to towns on its waterway and those further inland. County, Fla. The Company recognized a $28,000 net gain (including interest income) from the project for the three months ended September 30, 2001 as compared to a $145,000 net gain (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 $603,000 for the quarter ended September 30, 2001 as compared to the same period in 2000 primarily as a result of a $327,000 increase in compensation and benefits. This increase was primarily due to increased wages needed to compete for, and retain high quality employees. The increase also included the acceleration acceleration, change in the velocity of a body with respect to time. Since velocity is a vector quantity, involving both magnitude and direction, acceleration is also a vector. In order to produce an acceleration, a force must be applied to the body. of costs associated with Bankshares' restricted stock plans as a result of the retirement of a member of the Board of Directors in July July: see month. 2001. In addition, miscellaneous operating expense increased $230,000, due in large part to expenses incurred during the quarter ended September 30, 2001 related to the September 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 Bankshares. The provision for income taxes was $612,000 for the three months ended September 30, 2001 as compared to $850,000 for the 2000 period. Taxes were higher in the 2000 period due to the level of net income for the three months ended September 30, 2000 as well as a $78,000 decrease in the benefit from tax credits resulting from the Association's investment in an affordable housing partnership in that same period. At September 30, 2001, Bankshares' assets totaled $950.0 million, a $12.7 million decrease from December December: see month. 31, 2000. Net loans receivable increased $3.7 million during the nine months ended September 30, 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 $133.6 million and loans in process funding totaling $13.9 million, were partially offset by loan repayments and other adjustments of $142.9 million and $870,000, respectively. Non-performing assets, which aggregated $3.4 million at September 30, 2001 as compared to $3.5 million at December 31, 2000, included two loans to a local builder totaling $2.2 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. At September 30, 2001, the Company's allowance for loan losses totaled $4.4 million. Although management believes that the loan loss allowance was adequate at September 30, 2001, further additions to the allowance for loan losses may become necessary. During the nine months ended September 30, 2001, deposits decreased $14.1 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 higher costing odd-term certificates of deposit. This strategy resulted in a $41.3 million decrease in certificates of deposit offset in part by a $27.2 million increase in core deposits. The net decrease in deposits combined with a $12.6 million decrease in advances from the Federal Home Loan Bank ("FHLB FHLB Federal Home Loan Bank ") resulted in a $42.6 million decrease in the aggregate securities portfolio. The decrease in the securities portfolio was primarily the result of calls, maturities and normal amortization of the securities. 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 ongoing priority for 2001 is 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 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. We hope to see a continued improvement in the interest rate spread over the next three months 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. . 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 Bankshares' 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 September 30, 2001 of $0.11 per share payable on October October: see month. 23, 2001 to shareholders of record as of October 9, 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, 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 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 nine months ended September 30, 2001 and 2000 is unaudited and subject to change.
Consolidated Statements of Operations
Three Months Ended Nine Months Ended
Sept. 30, Increase Sept. 30, Increase
2001 2000 (Decrease) 2001 2000 (Decrease)
------ ------ ------ ------ ------ ------
(Unaudited)
(Dollars in thousands except per share amounts)
Interest income:
Loans $13,200 $13,052 $148 $40,422 $37,069 $3,353
Securities 2,327 3,130 (803) 7,588 9,421 (1,833)
Other interest
and dividend
income 536 658 (122) 1,746 1,914 (168)
------ ------ ------ ------ ------ ------
Total interest
income 16,063 16,840 (777) 49,756 48,404 1,352
------ ------ ------ ------ ------ ------
Interest expense:
Deposits 6,756 7,143 (387) 21,822 19,510 2,312
Advances from
Federal Home Loan
Bank and other
borrowings 2,247 2,763 (516) 6,905 7,682 (777)
------ ------ ------ ------ ------ ------
Total interest
expense 9,003 9,906 (903) 28,727 27,192 1,535
------ ------ ------ ------ ------ ------
Net interest income 7,060 6,934 126 21,029 21,212 (183)
Provision for loan
losses 90 75 15 270 300 (30)
------ ------ ------ ------ ------ ------
Net interest income
after provision for
loan losses 6,970 6,859 111 20,759 20,912 (153)
------ ------ ------ ------ ------ ------
Other income:
Servicing income
and other fees 49 49 - 165 206 (41)
NOW account and
other customer
fees 920 899 21 2,700 2,585 115
Net gain (loss) on
real estate owned 4 (13) 17 28 12 16
Loss on write down
of securities
available for sale - - - - (138) 138
Loss on sale of
securities available
for sale (8) - (8) (8) - (8)
Equity in net gain
(loss) of real
estate venture 28 145 (117) 249 (55) 304
Net (loss) gain on
termination of
defined benefit plan - (15) 15 - 907 (907)
Miscellaneous 99 94 5 384 279 105
------ ------ ------ ------ ------ ------
Total other
income 1,092 1,159 (67) 3,518 3,796 (278)
------ ------ ------ ------ ------ ------
Operating expense:
Employee
compensation and
benefits 3,457 3,130 327 10,301 9,365 936
Occupancy and
equipment 1,469 1,425 44 4,308 4,372 (64)
Advertising and
promotion 171 168 3 515 547 (32)
Federal deposit
insurance premium 31 32 (1) 95 94 1
Miscellaneous 1,044 814 230 3,116 2,563 553
------ ------ ------ ------ ------ ------
Total operating
expense 6,172 5,569 603 18,335 16,941 1,394
------ ------ ------ ------ ------ ------
Income before
provision for
income taxes 1,890 2,449 (559) 5,942 7,767 (1,825)
Provision for income
taxes 612 850 (238) 1,875 2,561 (686)
------ ------ ------ ------ ------ ------
Net income $1,278 $1,599 $ (321) $4,067 $5,206 $(1,139)
====== ====== ====== ====== ====== ======
Basic earnings per
share (1) $0.16 $0.19 $0.50 $0.61
====== ====== ====== ======
Diluted earnings
per share (2) $0.15 $0.18 $0.49 $0.59
====== ====== ====== ======
Basic weighted average
common shares
outstanding 8,169,766 8,493,351 8,092,583 8,575,565
========= ========= ========= =========
Diluted weighted
average common
shares
outstandinng 8,482,845 8,734,721 8,362,609 8,809,971
========= ========= ========= =========
(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
September 30, December 31, Increase
2001 2000 (Decrease)
-------- -------- ----------
(Unaudited)
(Dollars in thousands except per share amounts)
ASSETS
Cash and amounts due
from depository
institutions $ 17,462 $ 17,844 $ (382)
Interest-earning
deposits 48,837 27,274 21,563
-------- -------- ----------
Cash and cash equivalents 66,299 45,118 21,181
Securities available for sale 93,028 131,418 (38,390)
Securities held to maturity 29,818 34,025 (4,207)
Loans receivable, net 695,038 691,294 3,744
Accrued interest receivable 3,745 4,363 (618)
Federal Home Loan Bank stock
- at cost 8,063 8,063 -
Premises and equipment, net 27,547 25,323 2,224
Real estate held for investment 2,085 2,193 (108)
Investment in and advances to
real estate venture 17,694 14,612 3,082
Real estate owned, net 10 170 (160)
Other assets 6,640 6,126 514
-------- -------- ----------
Total assets $949,967 $962,705 $(12,738)
======== ======== ==========
LIABILITIES
Deposits:
Demand $ 50,960 $ 44,662 $ 6,298
NOW and statement savings 78,182 79,110 (928)
Savings 41,476 34,506 6,970
Money market 106,059 91,214 14,845
Certificates of deposit 390,289 431,577 (41,288)
-------- -------- ----------
Total deposits 666,966 681,069 (14,103)
Mortgage-backed bond, net 12,879 13,582 (703)
Advances from the Federal Home
Loan Bank 134,143 146,714 (12,571)
Advances by borrowers for
taxes and insurance 8,816 1,153 7,663
Other liabilities 9,524 7,724 1,800
-------- -------- ----------
Total liabilities 832,328 850,242 (17,914)
-------- -------- ----------
SHAREHOLDERS' EQUITY
Common stock; September 30,
2001, 8,660,254; December 31,
2000, 8,542,363 shares issued
and outstanding 10,571 10,571 -
Additional paid-in capital 94,401 94,043 358
Retained income-substantially
restricted 40,704 39,832 872
Common stock purchased by
Employee Stock Ownership Plan (3,576) (4,038) 462
Common stock issued to
Recognition and Retention
Plans (1,261) (1,907) 646
Accumulated other comprehensive
income (loss) 504 (855) 1,359
Treasury stock, at cost;
September 30, 2001, 1,910,886;
December 31, 2000, 2,028,777
shares (23,704) (25,183) 1,479
-------- -------- ----------
Total shareholders' equity 117,639 112,463 5,176
-------- -------- ----------
Total liabilities and
shareholders' equity $949,967 $962,705 $(12,738)
======== ======== ==========
Book value per share (1) $ 14.35 $ 14.11
======== ========
(1) Based on 8,199,821 and 7,971,802 shares outstanding or allocated
(excludes the unallocated shares held by the stock benefit plans)
at September 30, 2001 and December 31, 2000, respectively.
Including such shares, book value per share at such dates would
have been $13.58 and $13.17, respectively.
Loans Receivable
At At
September 30, December 31, Increase
2001 2000 (Decrease)
-------- -------- ----------
(Unaudited)
(Dollars in thousands)
Real estate loans:
Residential 1-4 family $534,022 $511,324 $ 22,698
Residential 1-4 family
construction 84,015 113,179 (29,164)
Multi-family 8,776 10,501 (1,725)
Multi-family construction 20,541 33,960 (13,419)
Land 21,767 20,216 1,551
Commercial 40,178 37,255 2,923
Commercial construction 11,333 8,170 3,163
-------- -------- ----------
Total real estate loans 720,632 734,605 (13,973)
-------- -------- ----------
Non-real estate loans:
Consumer 14,992 14,029 963
Commercial business 8,783 5,454 3,329
-------- -------- ----------
Total non-real estate loans 23,775 19,483 4,292
-------- -------- ----------
Total loans receivable 744,407 754,088 (9,681)
Undisbursed loan proceeds (46,981) (60,874) 13,893
Unearned yield adjustments 1,987 1,955 32
Allowance for loan losses (4,375) (3,875) (500)
-------- -------- ----------
Total loans receivable,
net $695,038 $691,294 $3,744
======== ======== ==========
Selected Financial Ratios
Three Months Ended Nine Months Ended Year Ended
September 30, September 30, December 31,
2001 2000 2001 2000 2000
---- ---- ---- ---- ----
(Unaudited)
(Dollars in thousands)
Performance Ratios (1):
Return on average
assets 0.54% 0.67% 0.57% 0.75% 0.69%
Return on average
equity 4.37 5.50 4.70 5.99 5.58
Net interest rate
spread (2) 2.90 2.83 2.85 3.01 2.95
Net interest
margin (3) 3.21 3.15 3.16 3.31 3.26
Non-interest income
to average assets 0.46 0.49 0.49 0.55 0.46
Non-interest
expense to average
assets 2.59 2.35 2.55 2.44 2.42
Dividend payout
ratio 73.55 59.97 68.87 54.59 58.70
Asset Quality Ratios (4):
Non-performing loans
to net loans
receivable 0.49 0.61 0.49 0.61 0.48
Non-performing assets
to total assets 0.36 0.47 0.36 0.47 0.36
Allowance for loan
losses to
non-performing
loans 128.68 93.87 128.68 93.87 116.86
Allowance for loan
losses to net loans
receivable 0.63 0.56 0.63 0.56 0.56
Capital Ratios:
Shareholders' equity
to total assets (4) 12.38 12.02 12.38 12.02 11.68
Average equity to
average assets 12.27 12.24 12.04 12.53 12.31
Other Data (4):
Non-performing
loans $3,400 $4,093 $3,400 $4,093 $3,316
Non-performing
assets 3,410 4,515 3,410 4,515 3,486
Allowance for loan
losses 4,375 3,842 4,375 3,842 3,875
(1) Ratios are annualized for the three and nine months ended
September 30, 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 September 30,
-------------------------------------------------
2001 2000
-------------------------------------------------
Average Average
Average Yield/ Average Yield/
Balance Interest Cost Balance Interest Cost
-------- -------- ---- -------- -------- ----
(Dollars in thousands)
Interest-earning
assets:
Real estate
loans $669,764 $12,702 7.59% $645,457 $12,562 7.78%
Consumer and
commercial
business 23,302 498 8.55 20,592 490 9.52
Securities held to
maturity and
available for sale 135,022 2,327 6.89 179,678 3,130 6.97
Other investments
(1) 52,086 536 4.12 33,549 658 7.85
-------- -------- -------- --------
Total interest-earning
assets 880,174 16,063 7.30 879,276 16,840 7.66
-------- -------- ---- -------- -------- ----
Non-interest-earning
assets 72,812 70,482
-------- --------
Total assets $952,986 $949,758
======== ========
Interest-bearing
liabilities:
Deposits $669,860 6,756 4.03 $651,983 7,143 4.38
Borrowed funds 147,752 2,247 6.08 167,756 2,763 6.59
-------- -------- -------- --------
Total interest-bearing
liabilities 817,612 9,003 4.40 819,739 9,906 4.83
-------- ---- -------- ----
Non-interest-bearing
liabilities 18,476 13,737
-------- --------
Total liabilities 836,088 833,476
Shareholders' equity 116,898 116,282
-------- --------
Total liabilities
and shareholders'
equity $952,986 $949,758
======== ========
Net interest income $7,060 $6,934
======== ========
Net interest rate
spread (2) 2.90% 2.83%
==== ====
Net yield on
interest-earning
assets (3) 3.21% 3.15%
==== ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 107.65% 107.26%
====== ======
For the Nine Months Ended September 30,
-------------------------------------------------
2001 2000
-------------------------------------------------
(Dollars in thousands)
Interest-earning
assets:
Real estate loans $674,263 $38,933 7.70% $615,741 $35,619 7.71%
Consumer and
commercial business 22,480 1,489 8.83 20,780 1,450 9.30
Securities held to
maturity and
available for sale 145,513 7,588 6.95 180,952 9,421 6.94
Other investments
(1) 44,452 1,746 5.24 36,636 1,914 6.97
-------- ------- -------- -------
Total interest-earning
assets 886,708 49,756 7.48 854,109 48,404 7.56
------- ---- ------- ----
Non-interest-earning
assets 71,473 70,228
-------- --------
Total assets $958,181 $924,337
======== ========
Interest-bearing
liabilities:
Deposits $677,340 21,822 4.30 $637,611 19,510 4.08
Borrowed funds 150,719 6,905 6.11 159,041 7,682 6.44
-------- ------- -------- -------
Total interest-bearing
liabilities 828,059 28,727 4.63 796,652 27,192 4.55
------- ---- ------- ----
Non-interest-bearing
liabilities 14,802 11,854
-------- --------
Total liabilities 842,861 808,506
Shareholders' equity 115,320 115,831
-------- --------
Total liabilities
and shareholders'
equity $958,181 $924,337
======== ========
Net interest income $21,029 $21,212
======= =======
Net interest rate
spread (2) 2.85% 3.01%
==== ====
Net yield on
interest-earning
assets (3) 3.16% 3.31%
==== ====
Ratio of average
interest-earning
assets to average
interest-bearing
liabilities 107.08% 107.21%
====== ======
(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
---------------------------------------------------
Sept. 30, June 30, Mar. 31, Dec. 31, Sept. 30,
2001 2001 2001 2000 2000
---------- --------- --------- --------- ----------
(Unaudited)
(Dollars in thousands)
Interest income:
Loans $13,200 $13,587 $13,635 $13,496 $13,052
Securities 2,327 2,471 2,790 3,155 3,130
Other interest and
dividend income 536 555 655 605 658
---------- --------- --------- --------- ----------
Total interest
income 16,063 16,613 17,080 17,256 16,840
Interest expense:
Deposits 6,756 7,294 7,772 7,769 7,143
Advances from
Federal Home Loan
Bank and other
borrowings 2,247 2,256 2,402 2,541 2,763
---------- --------- --------- --------- ----------
Total interest
expense 9,003 9,550 10,174 10,310 9,906
---------- --------- --------- --------- ----------
Net interest income 7,060 7,063 6,906 6,946 6,934
Provision for loan
losses 90 90 90 76 75
---------- --------- --------- --------- ----------
Net interest income
after provision for
loan losses 6,970 6,973 6,816 6,870 6,859
---------- --------- --------- --------- ----------
Other income:
Servicing income and
other fees 49 48 68 31 49
NOW account and other
customer fees 920 894 886 934 899
Net gain (loss) on
real estate owned 4 24 - (30) (13)
(Loss) gain on sale
of securities
available for sale (8) - - 75 -
Equity in net gain
(loss) of real estate
venture 28 34 187 (40) 145
Net loss on termination
of defined benefit
plan - - - (618) (15)
Miscellaneous 99 187 98 116 94
---------- --------- --------- --------- ----------
Total other income 1,092 1,187 1,239 468 1,159
---------- --------- --------- --------- ----------
Operating expense:
Employee compensation
and benefits 3,457 3,360 3,484 3,108 3,130
Occupancy and
equipment 1,469 1,419 1,420 1,499 1,425
Advertising and
promotion 171 162 182 123 168
Federal deposit
insurance premium 31 32 32 31 32
Miscellaneous 1,044 1,010 1,062 831 814
---------- --------- --------- --------- ----------
Total operating
expense 6,172 5,983 6,180 5,592 5,569
---------- --------- --------- --------- ----------
Income before
provision for income
taxes 1,890 2,177 1,875 1,746 2,449
Provision for income
taxes 612 622 641 540 850
---------- --------- --------- --------- ----------
Net income $ 1,278 $ 1,555 $ 1,234 $ 1,206 $ 1,599
========== ========= ========= ========= ==========
Basic earnings per
share $ 0.16 $ 0.19 $ 0.15 $ 0.15 $ 0.19
========== ========= ========= ========= ==========
Diluted earnings per
share $ 0.15 $ 0.19 $ 0.15 $ 0.15 $ 0.18
========== ========= ========= ========= ==========
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 http://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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