Dutchfork Bancshares, Inc. Announces Fourth 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 : DFBS DFBS Defense Finance Battlefield System ) announced earnings of $714,883 for the fourth quarter ending September September: see month. 30, 2002 compared to earnings of $525,023 for the fourth quarter of 2001. Earnings per share were $.64 for the fourth quarter ending September 30, 2002. Earnings per share for the comparable period in 2001 were $0.38. Net interest income after provisions for loan losses for the fourth quarter of 2002 was $1,270,884 compared to $1,809,416 for the same period of 2001. Total interest income was $2,915,403 for the three months ended September 30, 2002, a $1,301,236 decrease from the same period in 2001. Interest expense for the fourth quarter of 2002 was $1,644,519, a decrease of $562,704 from the same period of 2001. Non-interest income for the fourth quarter of 2002 was $923,727 representing an increase of $624,485 from the $299,242 posted in the same quarter of 2001. Non-interest expense for the quarter ending September 30, 2002 was $1,729,867 compared to $1,364,777 for the same period of 2001. The primary reasons for the increase in this category were increases in defined benefit pension plan funding, asset/liability hedge expense, and expenses relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc corporate stock expense. At September 30, 2002, total assets were $219,092,089 compared to $249,831,902 for the same period in 2001. The reduction in assets was a result of a $25 million repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of Federal Home Loan Bank advances. Rapid prepayment Prepayment 1. The payment of a debt obligation prior to its due date. 2. The excess payment over a scheduled debt repayment amount. Notes: 1. Examples include deferred expenses such as rent and early loan repayments. 2. of loans and investments presented the opportunity to satisfy this portion of debt and receive the advantage of reduced 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. as arbitrage arbitrage: see foreign exchange. arbitrage Business operation involving the purchase of foreign currency, gold, financial securities, or commodities in one market and their almost simultaneous sale in another market, in order to profit from price opportunities have weakened weak·en tr. & intr.v. weak·ened, weak·en·ing, weak·ens To make or become weak or weaker. weak  en·er n. in this rate
environment.Accumulated ac·cu·mu·late v. ac·cu·mu·lat·ed, ac·cu·mu·lat·ing, ac·cu·mu·lates v.tr. To gather or pile up; amass. See Synonyms at gather. v.intr. To mount up; increase. comprehensive income resulting from the mark-to-market Mark-to-market Adjustment of the book value or collateral value of a security to reflect current market value. of investments available for sale was $1,564,313 (after taxes) during the three months ended September 30, 2002, due to declining interest rates and the increase in the market value of these investments. DutchFork Bancshares, Inc. 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 operates three banking locations in Newberry County 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. . The company is listed on the NASDAQ small cap exchange under the symbol "DFBS".
Income Statement Data
(Unaudited)
(Dollars in thousands)
Three Months Ended Year Ended
September 30, September 30,
2002 2001 2002 2001
------ ------ ------- -------
Interest income $2,915 $4,216 $12,887 $16,092
Interest expense 1,645 2,207 6,876 9,078
Net interest income 1,270 2,009 6,011 7,014
Provision for loan losses - 200 - 241
Net interest income after
provision for loan losses 1,270 1,809 6,011 6,773
Non-interest income 924 299 2,666 4,283
Non-interest expense 1,730 1,365 5,523 5,592
Income before taxes 463 743 3,154 5,464
Income tax expense (250) 202 691 2,042
Net income 713 541 2,463 3,422
Income per share (basic) $ 0.64 $ 0.38 $ 2.17 $ 2.43
Income per share (diluted) $ 0.62 $ 0.37 $ 2.09 $ 2.24
Return on average assets 1.21% 0.87% 1.00% 1.49%
Return on average equity 8.61% 5.29% 7.59% 10.01%
Net interest margin 2.35% 3.37% 2.62% 3.15%
Balance Sheet Data
(Dollars in thousands, except per share data)
September 30,
2002 2001
-------- --------
Total assets $219,092 $249,910
Investment securities 129,723 159,918
Loans 61,706 73,088
Allowance for loan losses - 241
Total deposits 149,290 147,258
Other borrowings 35,000 60,000
Shareholders' equity 33,429 34,066
Equity to assets 15.26% 13.63%
Loan to deposit ratio 41.33% 49.63%
Non-performing loans to assets 0.35% 0.06%
Average Balances
(Unaudited)
Three Months Ended Year Ended
September 30, September 30,
2002 2001 2002 2001
--------- -------- -------- --------
Average total assets $ 236,197 $242,557 $244,110 $229,353
Average loans 62,824 72,942 67,138 72,347
Average earning assets 216,038 238,147 229,679 222,874
Average deposits 148,081 142,745 147,879 140,532
Average other short-term
borrowings 51,667 60,000 58,869 49,391
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