Enterprise Federal Bancorp Inc. Reports Fourth Quarter and Fiscal Year End Financial Results.CINCINNATI--(BUSINESS WIRE)--Nov. 3, 1998--Enterprise Federal Bancorp Inc. (Nasdaq/NMS:EFBI), parent of Enterprise 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 announced net earnings of $2,406,000 or $1.18 per share for its fiscal year ended Sept. 30, 1998, the third full fiscal year of operations since the completion of its initial public offering on Oct. 14, 1994. Net earnings for the year ended Sept. 30, 1997 were $2,369,000 or $1.23 per share. The 2 percent increase in 1998 net earnings was primarily due to an increase in net interest income on sales of securities and an increase in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. which were partially offset by lower profits. The increase in 1998 operating expenses was primarily due to an $841,000 increase in employee compensation and benefits which was due to expanded branch operations and higher benefit plan costs. The fiscal fourth quarter ended Sept. 30, 1998 resulted in net earnings of $496,000 or 23 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. versus $531,000 or 28 cents per share for the quarter ended Sept. 30, 1997. The 7 percent decrease in quarterly earnings was primarily due to a $163,000 decrease in profits on sales of securities in the quarter ended Sept. 30, 1998 versus the quarter ended Sept. 30, 1997. Enterprise Federal Bancorp Inc. also announced the payment of its seventh consecutive quarterly cash dividend in the amount of 25 cents which was paid Oct. 15, 1998. Enterprise Federal Bancorp Inc. whose common stock is traded on the 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 National Market System under the symbol "EFBI" had $397 million in assets at Sept. 30, 1998. Its subsidiary, Enterprise Federal Savings Bank, is a federally chartered savings bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. operating seven offices located in three counties of southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Ohio. -0-
Enterprise Federal Bancorp Inc.
Summary of Financial Highlights
Consolidated Statement of Financial Condition
(Dollars in Thousands)
(Unaudited)
ASSETS Sept. 30, 1998 Sept. 30, 1997
______________ ______________
Cash and cash equivalents $8,367 $11,141
Investments 130,072 67,655
Loans receivable - net 250,922 191,096
Other assets 7,157 4,996
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Total assets $396,518 $274,888
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LIABILITIES
Deposits $205,829 $146,297
Borrowings 150,000 95,000
Other liabilities 3,229 2,167
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Total liabilities $359,058 $243,464
STOCKHOLDERS' EQUITY
Common stock and paid in capital 22,879 16,843
Retained earnings 14,581 14,581
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Total stockholders' equity $ 37,460 $ 31,424
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Total liab. & stockholders' equity $396,518 $274,888
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Consolidated Statement of Earnings
(Dollars in Thousands)
(Unaudited)
Three Months Ended Twelve Months Ended
Sept. 30, Sept. 30,
1998 1997 1998 1997
____________________ ____________________
Interest income $ 7,277 $ 5,310 $ 26,105 $ 19,049
Interest expense 4,999 3,322 17,458 11,919
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Net interest income 2,278 1,988 8,647 7,130
Provision for loan losses 45 45 180 165
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Net interest income
after provision for
loan losses $ 2,233 $ 1,943 $ 8,467 $ 6,965
Other income $ 46 $ 209 $ 502 $ 726
Operating expense 1,463 1,349 5,225 4,066
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Income (loss) before
income taxes 816 803 3,744 3,625
Federal income taxes 320 272 1,338 1,256
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Net (loss) earnings $ 496 $ 531 $ 2,406 $ 2,369
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Earnings per share $ .23 $ .28 $ 1.18 $ 1.23
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Annualized return
on equity 5.4% 6.9% 7.0% 7.3%
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________ ________ ________ ________
Nonperforming assets
to total assets .01% .07%
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