Greater Community Bancorp Reports First Quarter 2005 EPS of $0.28.TOTOWA Totowa (tŏt`əwə), borough (1990 pop. 10,177), Passaic co., NE N.J., a suburb of Paterson on the Passaic River; inc. 1898. There is diverse manufacturing. , N.J. -- Greater Community Bancorp (Nasdaq: GFLS) today reported net income for the first quarter of 2005 of $2.2 million, an increase of 18.9% over the $1.8 million reported for the first quarter of 2004. 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 $0.28, an increase of 16.7% over the $0.24 reported for the prior-year first quarter. Anthony M. Bruno, Jr., Chairman 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. of Greater Community Bancorp, commented, "The first quarter of 2005 marks the beginning of another successful year for Greater Community. In a challenging interest rate and competitive environment, the Company continues to demonstrate growth in its loan and lease portfolio which increased 18.6% over last year's first quarter. We are doing this by more effectively leveraging our lending relationships and strengthening personalized per·son·al·ize tr.v. per·son·al·ized, per·son·al·iz·ing, per·son·al·iz·es 1. To take (a general remark or characterization) in a personal manner. 2. To attribute human or personal qualities to; personify. customer service. Importantly, we are growing the balance sheet and building long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. revenue momentum while maintaining efficiency in our operations." Total revenue, consisting of net interest income and non-interest income, was $9.3 million for the first quarter of 2005, an increase of 8.6% over the prior-year first quarter. Net interest income increased 7.3% to $7.5 million, reflecting growth in 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 of 7.9% for the same period. Non-interest income for the first quarter of 2005 was $1.8 million, a 14.5% increase from the first quarter of 2004. Excluding securities gains, non-interest income increased moderately for the comparable periods. Growth in loan fee income was offset by a decline in other commissions and fees. Non-interest expense totaled $5.9 million for the first quarter of 2005, an increase of 5.1% over the first quarter of 2004. Salaries and benefits rose 6.7%, reflecting annual compensation adjustments, rising health care costs and a nominal Trifling, token, or slight; not real or substantial; in name only. Nominal capital, for example, refers to extremely small or negligible funds, the use of which in a particular business is incidental. NOMINAL. Relating to a name. increase in staff. Nonetheless, the efficiency ratio improved to 66.3% from 67.6% in last year's first quarter. At March 31, 2005, total assets were $852.1 million, an increase of 7.6% over the prior year. Loan and lease balances grew $97.9 million year-over-year, or 18.6%. Loan growth was funded through a combination of deposit growth and a reduction in federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve sold. Deposits increased 8.4%, and included 11.1% growth in non-interest bearing deposits. Core deposits now constitute 69.5% of total deposits. Mr. Bruno noted, "Asset quality has improved from a year ago. Our non-performing assets declined to $1.8 million from $3.9 million in the first quarter of 2004 and we are comfortably reserved against our current non-performing levels". Non-performing assets were 0.21% of total assets at March 31, 2005, down from 0.49% twelve months ago and 0.33% for the prior quarter. Loan and lease loss reserves were 1.45% of period-end loans compared with 1.63% a year ago. 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. totaled $59.2 million at March 31, 2005, up 10.0% from twelve months ago. Common shares outstanding at quarter-end were 7,610,507. Cash dividends paid during the quarter were $0.12 per share. About the Company Greater Community Bancorp is a financial holding company headquartered in Totowa, New Jersey Totowa is a borough in Passaic County, New Jersey, United States. As of the United States 2000 Census, the borough population was 9,892. Totowa was formed as a borough by an Act of the New Jersey Legislature on March 15, 1898, from portions of Manchester Township and Wayne . The Company operates sixteen full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. branches in the northern New Jersey counties of Bergen Bergen, city, Norway Bergen (bĕr`gən), city (1995 pop. 221,645), capital of Hordaland co., SW Norway, situated on inlets of the North Sea. It is Norway's second largest city and a major shipping center. , Passaic Passaic, city, United States Passaic (pəsā`ĭk), city (1990 pop. 58,041), Passaic co., NE N.J., a port on the Passaic River; settled 1678 by Dutch traders as Acquackanonk, named Passaic 1854, inc. as a city 1873. and Morris through its three state-chartered commercial bank subsidiaries: Greater Community Bank, Bergen Commercial Bank and Rock Community Bank. The banking subsidiaries provide traditional commercial and retail banking services to small businesses and consumers. The Company through its banking subsidiary, Greater Community Bank, operates an equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
1 City (1990 pop. 34,439), San Bernardino co., SE Calif., in a citrus-grove area at the foot of the San Bernardino Mts. It has citrus-packing plants and some light industry. Capital Corp. In addition, Greater Community Financial, a division of Greater Community Bank, provides a wide range of investment products and services exclusively through Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , Inc., member NASD/SIPC. (Securities are not FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. or bank guaranteed, and are subject to risk and may lose value). Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This release contains forward-looking statements relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc present or future trends or factors affecting the banking industry, and specifically the financial condition and results of operations, including without limitation, statements relating to the earnings outlook of the Company, as well as its operations, markets and products. Actual results could differ materially from those indicated. Among the important factors that could cause results to differ materially are interest rate changes, continued softening softening /sof·ten·ing/ (sof´en-ing) malacia. softening a change of consistency, with loss of firmness or hardness. in the economy, which could materially impact credit quality trends and the ability to generate loans, changes in the mix of the Company's business, competitive pressures, changes in accounting, tax or regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. practices or requirements and those risk factors detailed in the Company's periodic reports and registration statements filed with the Securities and Exchange Commission. The Company undertakes no obligation to release revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to these forward-looking statements or reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or after the date of this release.
Greater Community Bancorp
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Unaudited)
(dollars in thousands, 1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
except per share data) 2005 2004 2004 2004 2004
----------------------------------------------------------------------
EARNINGS
Net interest income $ 7,479 $ 7,083 $ 7,014 $ 6,583 $ 6,971
Provision for loan
and lease losses 211 207 245 356 361
Non-interest income 1,786 1,469 1,599 1,861 1,560
Non-interest expense 5,854 4,690 5,507 5,484 5,570
Net income 2,163 2,156 1,976 1,835 1,819
PER SHARE DATA(1)
Earnings per share-
basic $ 0.29 $ 0.29 $ 0.27 $ 0.25 $ 0.25
Earnings per share-
diluted 0.28 0.28 0.26 0.24 0.24
Book value per share 7.78 7.72 7.44 7.12 7.34
Cash Dividends per
share 0.12 0.12 0.12 0.12 0.11
PERFORMANCE RATIOS
Return on average
assets 1.06% 1.05% 0.99% 0.93% 0.95%
Return on average
equity 14.77% 15.05% 14.80% 13.84% 13.90%
Net interest margin
(tax equivalent basis) 4.00% 4.03% 3.85% 3.64% 3.99%
Efficiency Ratio 66.33% 54.84% 66.26% 69.29% 67.58%
MARKET DATA
Market Value per share-
period end(1) $ 16.00 $ 16.42 $ 14.20 $ 14.27 $ 15.72
Market value/book value 2.06 2.13 1.91 2.01 2.14
Cash dividend yield(1) 3.04% 2.91% 3.36% 3.38% 2.81%
Common stock dividend
payout ratio 42.86% 43.06% 46.68% 50.00% 44.00%
Period-end common shares
outstanding (000)(1) 7,611 7,570 7,400 7,370 7,332
Common stock market
capitalization
($Millions) 121.77 124.30 105.08 105.17 115.27
CAPITAL AND LIQUIDITY
Equity to assets 6.95% 7.08% 6.78% 6.56% 6.79%
Average loans and leases
to deposits 97.56% 95.99% 92.82% 85.80% 90.40%
ASSET QUALITY
Net loan and lease
charge-offs (recoveries)$ 23 $ 23 $ 120 $ 321 $ (72)
Net loan and lease
charge-offs (recoveries)
to average loans(2) 0.02% 0.02% 0.08% 0.24% (0.05%)
Nonperforming assets
+ 90 days past due $ 1,801 $ 2,716 $ 3,787 $ 2,957 $ 3,864
NPAs + 90 day past due/
Total assets 0.21% 0.33% 0.47% 0.37% 0.49%
Allowance for loan and
lease losses/Total
loans & leases 1.45% 1.46% 1.48% 1.58% 1.63%
END OF PERIOD BALANCES
Total loans and leases,
net of unearned
income $ 625,493 $611,192 $589,441$544,378 $ 527,552
Total assets 852,120 824,810 811,926 799,932 792,005
Total deposits 663,649 603,950 610,183 623,005 612,033
Shareholders' equity 59,191 58,424 55,083 52,442 53,804
Full-time equivalent
employees 196 197 194 195 190
AVERAGE BALANCES
Total loans and leases,
net of unearned
income $ 617,872 $595,306 $568,778$533,380 $ 527,698
Total earning assets 765,113 750,625 732,586 735,102 709,354
Total assets 828,988 814,065 795,952 797,406 767,943
Total deposits 633,332 620,167 612,760 621,664 579,548
Shareholders' equity 59,375 57,001 53,125 53,319 52,361
(1)Restated for the 2.5% stock dividend in 2004.
(2)Annualized for comparative purposes.
Greater Community Bancorp
Consolidated Balance Sheets
(dollars in thousands, except per share data)
March 31,
---------------------
2005 2004
----------- --------
(Unaudited)
ASSETS
CASH AND DUE FROM BANKS - Non-interest bearing $ 17,605 $ 21,949
FEDERAL FUNDS SOLD 20,575 48,300
-------- --------
Total cash and cash equivalents 38,180 70,249
DUE FROM BANKS - Interest-bearing 5,850 7,419
INVESTMENT SECURITIES - Available-for-sale 101,526 144,328
INVESTMENT SECURITIES - Held-to-maturity (aggregate
fair values of $30,888 and $20,104 at March 31,
2005 and December 31, 2004, respectively) 37,445 3,635
-------- --------
Total investment securities 138,971 147,963
LOANS AND LEASES - net of unearned income 625,493 527,552
Less: Allowance for loan and lease losses (9,106) (8,574)
-------- --------
Net loans and leases 616,387 518,978
PREMISES AND EQUIPMENT, net 9,795 7,399
ACCRUED INTEREST RECEIVABLE 3,360 3,002
OTHER REAL ESTATE OWNED 849 825
BANK-OWNED LIFE INSURANCE 14,630 13,152
GOODWILL 11,574 11,574
OTHER ASSETS 12,524 11,444
-------- --------
TOTAL ASSETS $852,120 $792,005
======== ========
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
Non interest-bearing $171,010 $153,861
Interest-bearing checking 198,963 160,266
Savings 91,520 101,684
Time deposits less than $100 146,972 150,920
Time deposits $100 and over 55,184 45,302
-------- --------
Total Deposits 663,649 612,033
FHLB ADVANCES 85,000 85,000
FEDERAL FUNDS PURCHASED 4,000 -
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 6,281 7,921
ACCRUED INTEREST PAYABLE 1,960 1,455
OTHER LIABILITIES 7,566 7,792
SUBORDINATED DEBT 24,743 24,000
-------- --------
Total Liabilities 792,929 738,201
-------- --------
SHAREHOLDERS' EQUITY:
Common Stock, par value $0.50 per share:
20,000,000 shares authorized, 7,610,507 and
7,570,278 shares outstanding at March 31,
2005 and December 31, 2004, respectively 3,805 3,577
Additional paid-in capital 48,907 43,154
Retained earnings 5,725 3,765
Accumulated other comprehensive income 754 3,308
-------- --------
Total Shareholders' Equity 59,191 53,804
-------- --------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $852,120 $792,005
-------- --------
Greater Community Bancorp
Consolidated Statements of Income
(dollars in thousands except per share data)
THREE MONTHS ENDED
March 31,
-----------------
2005 2004
------- ------
(Unaudited)
INTEREST INCOME:
Loans and leases $ 9,639 $8,367
Investment securities 1,298 1,486
Federal funds sold and deposits with banks 93 100
------- -----
Total interest income 11,030 9,953
INTEREST EXPENSE:
Deposits 1,853 1,325
Short-term borrowings 1,191 1,150
Long-term borrowings 507 507
------- -----
Total interest expense 3,551 2,982
------- -----
NET INTEREST INCOME 7,479 6,971
PROVISION FOR LOAN & LEASE LOSSES 211 361
------- -----
Net interest income after provision for
loan & lease losses 7,268 6,610
NON-INTEREST INCOME:
Service charges on deposit accounts 730 704
Other commission and fees 158 225
Loan fee income 96 11
Gain on sale of investment securities 440 289
Gain on sale of leases - 1
Bank-owned life insurance 127 126
All other income 235 204
------- -----
Total non-interest income 1,786 1,560
NON-INTEREST EXPENSE:
Salaries and employee benefits 3,363 3,153
Occupancy and equipment 950 889
Regulatory, professional and other fees 517 506
Computer services 150 142
Office expenses 306 301
Other operating expenses 568 579
------- -----
Total non-interest expense 5,854 5,570
------- -----
INCOME BEFORE PROVISION FOR
INCOME TAXES 3,201 2,600
PROVISION FOR INCOME TAXES 1,037 781
------- -----
NET INCOME $ 2,163 $1,819
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