Fulton Bancorp Inc. Reports Third Quarter Earnings.FULTON Fulton, city (1990 pop. 10,033), seat of Callaway co., central Mo., in an agricultural and farm area; inc. 1859. It has printing plants and factories that make food products, textiles, and industrial equipment. Firebricks from nearby clay beds are also produced. , Mo.--(BUSINESS WIRE)--May 11, 1998--Fulton Bancorp 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 National Market: FTNB FTNB First Texoma National Bank (Texas/Oklahoma) ), the holding company for Fulton 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. , FSB (FrontSide Bus) See system bus. FSB - front side bus , Monday Monday: see week. reported net income of $223,000 or $0.14 per share for the quarter ended March 31, 1998, compared to net income of $226,000, or $0.14 per share, for the quarter ended March 31, 1997. The company earned $0.56 per share for the nine months ended March 31, 1998, versus $0.27 per share for the comparable 1997 period. Net income for the nine months ended March 31, 1998 rose $461,000 to $885,000 on the strength of gains on the origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real of mortgage servicing Mortgage servicing The collection of monthly payments and penalties, record keeping, payment of insurance and taxes, and possible settlement of default , involved with a mortgage loan. rights, the absence of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. $427,000 charge recorded in September of 1996, and higher net interest income. The 1996 charge was the bank's share of an industry-wide special assessment to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF). Without the one-time charge, net income would have been $693,000 for the nine months ended March 31, 1997. Current year net income includes $349,000 in stock compensation expense related to the Management Recognition and Development Plan (MRDP). Sixty-five percent of the total expense of the five year plan will be recognized in the first two years. Net interest income for the quarter ended March 31, 1998 rose to $945,000, $43,000 over the level reported at March 31, 1997. The increase includes the effects of lower rates earned on the temporary investment of Federal Home Loan Bank borrowings until the proceeds are deployed to loans. The net interest margin for the current quarter fell to 3.50 percent of average earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin from 3.76 percent for the quarter ended March 31, 1997. Net interest income for the nine months ended March 31, 1998 rose $499,000 to $2,956,000, due to a higher volume of mortgage loans. The net interest margin for the current nine month period rose to 3.80 percent from 3.49 percent for the comparative nine month period. Total assets rose to $109.6 million at March 31, 1998, from $100.6 million at June 30, 1997. Net loans receivable rose $1.9 million to $90.1 million from $88.2 million at June 30, 1997, and $5.6 million from the March 1997 level. Non performing assets Non Performing Asset Any asset that is not effectively producing income. Notes: For example, an overdue loan would be considered non-performing. See also: Asset, Charge Off, Non-Performing Loan totaled $438,000 or 0.39 percent of total assets at March 31, 1998, compared to $400,000 or 0.40 percent of total assets at March 31, 1997. Established in 1912, Fulton Savings Bank operates from offices in Fulton and Holts Summit, Mo. At March 31, 1998, Fulton Bancorp had total assets of $109.6 million and total 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 $25.6 million. On May 7, 1998, the company's stock closed at $22.50 per share. -0-
Fulton Bancorp Inc. and Subsidiary
Consolidated Financial Highlights
(Unaudited)
(Dollars in thousands)
Three Months Ended Nine Months Ended
March 31, March 31,
1998 1997 1998 1997
Operating Data:
Total interest income $ 2,035 $ 1,865 $ 6,061 $ 5,483
Total interest expense 1,090 963 3,105 3,026
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Net interest income 945 902 2,956 2,457
Provision for loan losses 0 60 60 60
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Net interest income after
provision for loan losses 945 842 2,896 2,397
Total noninterest income 193 125 616 376
Total noninterest expense 784 607 2,109 2,104
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Income before taxes 354 360 1,403 669
Income taxes 131 134 518 245
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Net income $ 223 $ 226 $ 885 $ 424
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Basic earnings per share $ 0.14 $ 0.14 $ 0.56 $ 0.27
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Diluted earnings per share $ 0.14 $ 0.14 $ 0.56 $ 0.27
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Dividends declared $ 0.06 $ 0.05 $ 0.16 $ 0.05
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Average Balance Sheet
Loans $89,901 $85,514 $89,766 $83,779
Earning assets 108,001 95,909 103,749 93,924
Total assets 111,392 100,522 106,967 99,487
Deposits 68,643 66,904 68,103 66,632
FHLB debt 14,943 6,500 11,013 7,125
Shareholders' equity 25,789 24,772 25,684 18,515
Selected Ratios
Net interest margin 3.50% 3.76% 3.80% 3.49%
Return on assets 0.80 0.90 1.10 0.57
Return on equity 3.46 3.65 4.59 3.05
Efficiency ratio 68.89 59.10 59.04 74.27
Other expense to average
assets 2.82 2.42 2.63 2.82
Allowance for loan losses to
total loans 1.06 1.01
Allowance for loan losses to
non performing loans (X's) 4.00 3.95
Non performing loans to
total loans 0.26 0.26
March 31, June 30,
1998 1997
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Balance Sheet
Cash and due from banks 14,538 7,095
Investment securities 1,200 1,899
Net loans 90,055 88,177
Earning assets 105,069 96,394
Total assets 109,622 100,557
Deposits 69,543 67,509
FHLB debt 12,893 6,500
Shareholders' equity 25,615 25,257
CONTACT: Fulton Bancorp Inc. Kermit Gohring, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 573/642-6617 |
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