Gateway American Earnings Results.FORT LAUDERDALE Fort Lauderdale (lô`dərdāl), residential, commercial, and resort city (1990 pop. 149,377), seat of Broward co., SE Fla., on the Atlantic coast; settled around a fort built (c.1837) in the Seminole War, inc. 1911. , Fla.--(BUSINESS WIRE)--Jan. 29, 1999--Gateway American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Bank of Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:GWAM GWAM Gross Words A Minute GWAM Ghana West Africa Missions GWAM Get Well Assessment Module GWAM Gathering Weekly Audio Magazine ) Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant announced its unaudited financial results for 1998. A net loss of $174,000 or $0.07 per share was recorded for full year 1998 versus net income of $222,000 or $0.16 per share for 1997. The 4th Quarter net loss for 1998 equaled $106,000 or $0.03 per share versus a loss of $37,000 or $0.03 per share in 1997. 1998's 4th Quarter absorbed several reserve additions required to maintain an adequate loan loss allowance against a growing loan portfolio and a final settlement expense (including attorney's fees attorney's fee n. the payment for legal services. It can take several forms: 1) hourly charge, 2) flat fee for the performance of a particular service (like $250 to write a will), 3) contingent fee (such as one-third of the gross recovery, and nothing if there is no ) connected with previously reported litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. involving the Bank's former president. Book value per share increased from $2.75 at Dec. 31, 1997 to $3.27 at year end 1998, reflecting the additional capital raised in 1998. Total assets increased dramatically from $36 million at 12/31/97 to almost $84 million at year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1998, while loans grew over 40% from $28 million at 12/31/97 to almost $40 million at year end 1998. The very large Miami Lakes branch office acquired at mid-year 1998 has been fully incorporated into Gateway American and loan production goals are now being met by the bank's five seasoned commercial lenders Whilst nearly all lenders offer loans on a commercial basis the term commercial lender has differed meanings around the world.
clean-up clean n to give sth a clean-up → etw gründlich sauber machen clean-up n , litigation and infrastructure expenses behind us," Bank Management stated, "1999 is viewed very optimistically op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op ." On Jan. 25, 1999, shareholders of Gateway American Bank voted to exchange their bank stock for common stock of Gateway American Bancshares Inc., a one-bank holding company formed to facilitate further acquisitions. The new holding company securities will trade as GWAM BB as before. -0-
GATEWAY AMERICAN BANK OF FLORIDA
SELECTED FINANCIAL DATA
Condensed Income Statement Data
(Dollars in thousands except per share data)
For Quarter Ended For Year Ended
Dec. 31, Dec. 31,
1998 1997 1998 1997
Interest income $ 1,391 $ 845 $ 4,461 $ 3,473
Interest expense 648 294 1,945 1,369
Net interest income 743 551 2,516 2,104
Provision for loan losses 89 88 222 131
Net interest income after
provision for loan
losses 654 463 2,294 1,973
Non interest income
Gain (loss) on sale of
securities 100 - 102 (71)
Other 97 73 305 328
Non interest expense 1,015 594 2,970 1,886
Income (loss) before
income taxes (credit) (164) (58) (269) 344
Income taxes (credit) (58) (21) (95) 122
Net income (loss) $ (106) $ (37) $ (174) $ 222
PER SHARE DATA
Basic earnings (loss)
per share $ (0.03) $ (0.03) $ (0.07) $ 0.16
Diluted earnings (loss)
per share (0.03) (0.03) (0.07) 0.14
SELECTED FINANCIAL RATIOS
(Unaudited)
For Quarter Ended For Year Ended
Dec. 31, Dec. 31,
1998 1997 1998 1997
Yield on interest earning
assets 7.93% 9.29% 8.26% 8.86%
Interest expense to
earning assets 3.69% 3.36% 3.60% 3.49%
Margin on interest
earning assets 4.24% 5.93% 4.66% 5.37%
Loan charge off ratio 0.00% 0.63% 0.60% 0.39%
Return on average assets -0.54% -0.39% -0.29% 0.54%
Return on average equity -3.46% -3.31% -2.02% 5.05%
SELECTED PERIOD END BALANCES
(In thousands)
Dec. 31,
1998 1997
Total loans $ 39,608 $ 28,282
Allowance for loan losses 422 383
Investment securities 36,630 6,211
Cash and cash equivalents 2,104 1,870
Goodwill 2,210 --
Total assets 83,834 36,449
Non interest bearing deposits 11,497 8,160
Interest bearing deposits 51,261 21,522
Shareholders' equity 12,207 4,428
Non performing loans 235 391
Other real estate owned -- --
Total non performing assets 235 391
Outstanding shares 3,728 1,241
Book value per share $ 3.27 $ 2.75
Selected Ratios
Allowance for loan losses to
non performing loans 180% 98%
Allowance for loan losses to
total loans 1.07% 1.35%
Non performing loans to total loans 0.59% 1.38%
Non performing assets to total loans
and other real estate 0.59% 1.38%
Tier 1 leverage ratio 12.25% 9.90%
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