Enterprise Federal Bancorp Inc. Reports Quarterly Earnings of $548,000.CINCINNATI--(BUSINESS WIRE)--Jan. 21, 1999--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 its quarterly earnings for the first fiscal quarter. Net income for the quarter ended Dec. 31, 1998 was $548,000 or 25 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. as compared to $516,000 or 27 cents per share for the same period in 1997. The $32,000 or 6 percent increase in net income was primarily due to a $405,000 increase in net interest income which was partially offset by a $358,000 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. . The increase in operating expenses was primarily due to expanded branch operations and acquisition costs. Enterprise Federal Bancorp Inc., whose common stock is traded on the Nasdaq National Market System under the symbol "EFBI" had $544 million in assets at Dec. 31, 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 11 offices located in four 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 December 31, 1998 September 30, 1998
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Cash and cash equivalents $ 27,948 $ 8,367
Investments 187,719 121,144
Loans receivable - net 298,556 250,922
Other assets 29,829 16,085
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Total assets $ 544,052 $ 396,518
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Liabilities
Deposits $ 343,160 $ 205,829
Borrowings 159,384 150,000
Other liabilities 2,763 3,229
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Total
Liabilities $ 505,307 $ 359,058
Stockholder's Equity
Common stock and paid
in capital 23,637 22,347
Retained earnings 15,108 15,113
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Total stockholder's
equity 38,745 37,460
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Total liab. &
stockholder's equity $ 544,052 $ 396,518
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Consolidated Statement of Earnings
(Dollars in Thousands)
(Unaudited)
Twelve Months Ended
December 31
1998 1997
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Interest income $ 8,524 $ 5,445
Interest expense 6,146 3,472
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Net interest income 2,378 1,973
Provision for loan losses 45 45
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Net interest income after
provision for loan losses 2,333 1,928
Other income 80 68
Operating expense $ 1,567 $ 1,209
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Income before income taxes 846 787
Federal income taxes 298 271
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Net earnings $ 548 $ 516
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Earnings per share $ .25 $ .27
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Annualized return on equity 5.4% 6.5%
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Non performing assets to total assets .01% .01%
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