First Oak Brook Bancshares, Inc.'s 1999 First Quarter Earnings Per Share Up 23%.OAK BROOK, Ill.--(BUSINESS WIRE)--April 23, 1999-- Re-release of First Oak Brook Bancshares, Inc. April 15, 1999 Earnings 1999 First Quarter Earnings (Unaudited) Net income for the first quarter of 1999 was $2,493,000 compared with $2,078,000 for the same period in 1998, an increase of 20%. Basic earnings per share were $.38 for 1999 compared with $.31 for 1998, while 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 were $.37 for 1999 compared with $.30 for 1998, up 23%. The Company's earnings for the first quarter represented annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. returns of 12.99% on equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) and 1.01% on assets (ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ). The increase in earnings was primarily due to the continued strong growth in the commercial real estate, commercial, and indirect automobile loan portfolios as well as a continued increase in commercial deposit accounts. Record Asset and Capital Levels (Unaudited) The Company again reached a record asset level of $1.025 billion at March 31, 1999, compared to $1.009 billion at December December: see month. 31,1998, growing $16 million or 2%. At March 31, 1999 the Company also achieved record shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $79 million. The Company's Tier 1, Total Risk-based capital, and leverage ratios not only exceeded the minimum regulatory guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. but also the FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). criteria for "well capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. " banks. Asset quality remains good, with nonperforming loans (nonaccrual loans and loans past due 90 days or more and still accruing) totaling only $348,000, or .05%, of loans outstanding. As of March 31, 1999, the Company's loan loss reserve totaled $4,379,000, or .66% of total loans. Other First Oak Brook Bancshares, Inc. owns Oak Brook Bank. The Bank operates eleven banking offices, ten in the western suburbs Western Suburbs (Wests) is the premier soccer club in Wellington, New Zealand and current holders of the Chatham Cup. The 2005 season was particularly successful for the club with the First Team claiming the Central League championship and the Reserve side gaining promotion to the and one in the northern suburbs of Chicago, Illinois Illinois, river, United States Illinois, river, 273 mi (439 km) long, formed by the confluence of the Des Plaines and Kankakee rivers, NE Ill., and flowing SW to the Mississippi at Grafton, Ill. It is an important commercial and recreational waterway. . An additional branch in LaGrange, Illinois, is scheduled to open in 1999. During the first quarter, Oak Brook Bank launched OnLine Banking - Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the banking for consumers. Oak Brook Bank is also one of just a handful of banks in the nation to offer commercial customers electronic banking over the Internet with the WEBS(SM) product. Current market makers in the Class A Common stock include: ABN AMRO ABN AMRO Algemene Bank Nederland-Amsterdam Roterdam Bank (Dutch bank) Securities, Inc.; Everen Securities, Inc., and Howe Barnes Investments, Inc. The Company's Class A Common Stock trades on the Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. (SM) under the symbol FOBBA FOBBA Federation of Ontario Bed & Breakfast Accommodations (Canada) . At our Web site http://www.obb.com you will find shareholder information including this press release and electronic mail boxes. You will also have the option of directly linking to the EDGAR Edgar or Eadgar (both: ĕd`gər), 943?–975, king of the English (959–75), son of Edmund, king of Wessex. In 957 the Mercians and Northumbrians rebelled against Edgar's brother Edwy and chose Edgar as their king. database from our site for additional financial information filed with the SEC. A summary of key statistics and results are enclosed en·close also in·close tr.v. en·closed, en·clos·ing, en·clos·es 1. To surround on all sides; close in. 2. To fence in so as to prevent common use: enclosed the pasture. .
SUMMARY OF CONSOLIDATED RESULTS (UNAUDITED)
FIRST OAK BROOK BANCSHARES, INC. AND SUBSIDIARY
PERIOD ENDED March 31
(In Thousands Except Per Share) Three Months
------------
%
1999 1998 Change
---- ---- ------
RESULTS OF OPERATIONS
Interest income (1) $16,561 $ 14,249 16
Interest expense 8,330 7,500 11
Net interest income (1) 8,231 6,749 22
Tax equivalent adjustment 312 280 11
Net interest income 7,919 6,469 22
Provision for loan losses 210 60 250
Net interest income
after provision for
loan losses 7,709 6,409 20
Other income 2,124 1,875 13
Other expenses 6,348 5,374 18
Income before nonrecurring
items and applicable
income taxes 3,485 2,910 20
Applicable income taxes 992 832 19
Net income 2,493 2,078 20
Earnings per share: (2)
Basic $ .38 $ .31 23
Diluted .37 .30 23
Cash dividends paid per share:
Class A .100 $ .075 33
Common .083 .063 32
Weighted average common
and common equivalent shares:
Basic 6,587,459 6,695,294 (a)
Diluted 6,724,325 6,868,024 (a)
KEY RATIOS
Return on average assets 1.01% .99% 2
Return on average shareholders' 12.99% 11.61% 12
equity
Net interest margin on average 3.57% 3.49% 2
earning assets
SUMMARY OF CONSOLIDATED RESULTS (CONTINUED)
FIRST OAK BROOK BANCSHARES, INC. AND SUBSIDIARY
(UNAUDITED)
STATEMENT OF CONDITION DATA
(In Thousands Except Per Share)
First quarter First quarter %
Average Balances: 1999 1998 Change
---- ---- ------
Total assets $999,720 $849,571 18
Earning assets 935,075 784,136 19
Loans, net of unearned
income 648,317 462,074 40
Demand deposits 181,783 162,670 12
Total deposits 786,461 660,580 19
Shareholders' equity 77,842 72,598 7
March 31 December 31 %
At Period End: 1999 1998 Change
---- ---- ------
Total assets 1,025,375 1,009,275 2
Earning assets 958,414 941,425 2
Loans, net of
unearned income 660,792 631,987 5
Loan loss reserve 4,379 4,445 (1)
Nonperforming assets 348 272 28
Demand deposits 182,594 187,209 (2)
Total deposits 814,088 777,802 5
Shareholders' equity 79,183 77,061 3
Book value per
share (2) $11.76 $11.46 3
Market price per
share (2) $17.44 $18.50 (6)
KEY RATIOS
Tier 1 capital ratio 10.68% 10.20% (a)
Total risk-based
capital ratio 11.29% 10.80% (a)
Capital leverage ratio 7.63% 7.61% (a)
(1) On a fully tax equivalent basis.
(2) Amounts restated to give effect to the 100% stock dividend
declared on July 21, 1998.
(a) Percentage change information is not meaningful.
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