DutchFork Bancshares, Inc. Announces Third Quarter Earnings.Business Editors NEWBERRY Newberry is a place name and surname, a variant of Newbury. For the family name, see Newbury (surname). Awards
DutchFork Bancshares, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : Small Cap DFBS DFBS Defense Finance Battlefield System ) announced earnings of $345,000 for the third quarter ended June June: see month. 30, 2000 compared to earnings of $339,000 for the third quarter of 1999. The Company is the holding company for Newberry Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , which converted from mutual to stock form effective July 5, 2000. Earnings per share for the quarter are not applicable, as the Company had not yet closed its stock offering at June 30, 2000. Net interest income after provisions for loan losses for the third quarter of 2000 was $1,510,000 compared to $1,310,000 for the same period of 1999. Total interest income was $3,874,000 for three months ended June 30, 2000, a $744,000 increase from the same period in 1999. Interest expense for the third quarter of 2000 was $2,334,000 an increase of $554,000 from the same period of 1999. Non-interest income for the third quarter 2000 was $255,000 representing a reduction of $44,000 from the $299,000 for the same quarter of 1999. The reduction in non-interest income is mainly due to a reduction of $56,000 in gains on sales of securities. Non-interest expense for the quarter ending June 30, 2000 was $1,191,000 compared to $1,045,000 for the same period in 1999. The primary reasons for the increase in this category were expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc new data processing data processing or information processing, operations (e.g., handling, merging, sorting, and computing) performed upon data in accordance with strictly defined procedures, such as recording and summarizing the financial transactions of a technology, professional fees, compensation, interest rate cap expense, and charitable contributions charitable contribution n. in taxation, a contribution to an organization which is officially created for charitable, religious, educational, scientific, artistic, literary, or other good works. . At June 30, 2000 total assets were $235,083,000 compared to $211,151,000 for the same period in 1999. As of the end of the quarter, the Company had not yet closed its stock offering, resulting in significant escrowed cash balances. Approximately $7.6 million of cash was refunded in July to ineligible in·el·i·gi·ble adj. 1. Disqualified by law, rule, or provision: ineligible to run for office; ineligible for health benefits. 2. subscribers after the stock offering closed on July 5, 2000. Non-performing assets, consisting of $22,246 in repossessed assets and no real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most and $59,807 in loans on non-accrual, totaled $82,053 at June 30, 2000, a decrease of $66,333 from June 30, 1999. The completion of the conversion to a stock company has resulted in an improved capital position that will improve the Bank's interest rate sensitivity measurement. This significant infusion of capital plus the implementation of interest rate cap contracts help insulate in·su·late tr.v. in·su·lat·ed, in·su·lat·ing, in·su·lates 1. To cause to be in a detached or isolated position. See Synonyms at isolate. 2. the Company from dramatic upward movements in interest rates. These term cap contracts provide cash payments to the Bank in the event the monthly LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). rate exceeds a weighted average rate of 7.375 percent. Newberry Federal Savings Bank operates four banking locations in Newberry and western Lexington Counties of South Carolina South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. .
SELECTED FINANCIAL DATA
INCOME STATEMENT DATA
(Dollars in thousands)
Three Months Ended Nine Months Ended
June 30, June 30,
2000 1999 2000 1999
------------ --------------
Interest Income $3,874 $3,130 $11,420 $9,027
Interest Expense 2,334 1,780 6,751 5,488
Net Interest Income 1,540 1,350 4,669 3,539
Provision for loan losses 30 40 295 120
Net interest income after
provision for loan losses 1,510 1,310 4,374 3,419
Non-interest Income 255 299 781 904
Non-interest Expense 1,191 1,044 3,554 2,938
Income before taxes 574 565 1,601 1,385
Income tax expense 230 226 640 553
Net Income 344 339 961 832
Return on average assets .61% .74% .58% .61%
(a)Return on average equity 8.38% 7.25% 7.74% 5.76%
Net interest margin 2.85% 3.05% 2.97% 2.69%
AVERAGE BALANCES
Average total assets $224,647 $183,496 $220,282 $182,828
Average loans 76,776 73,973 75,863 73,117
Average earning assets 215,095 176,740 209,271 175,720
Average Deposits 157,579 139,172 152,266 140,020
Average other short-
term borrowings 48,171 24,240 45,845 22,357
BALANCE SHEET DATA
(Dollars in thousands)
June 30, 2000 September 30, 1999
-------------- -------------------
Total assets $235,083 $211,151
Investment securities 127,846 118,952
Loans 77,431 75,324
Allowance for loan losses 416 181
Total deposits 151,521 137,537
Other borrowings 35,000 46,610
(a)Equity 16,830 16,701
Equity to assets 7.2% 7.9%
Loan to deposit ratio 51.1% 54.8%
(a) Does not reflect proceeds of public offering.
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