Greater Community Bancorp Reports Third Quarter 2005 EPS of $0.28, Up 12%.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 third quarter of 2005 of $2.3 million, an increase of 14.8% over the $2.0 million reported for the third 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 12.0% over the $0.25 reported for the prior-year third quarter. For the first nine months of 2005, the Company reported net income of $6.6 million, an increase of 18.0% over the $5.6 million reported for the same period in 2004. Diluted earnings per share were $0.83, an increase of 15.3% over the $0.72 reported for the same period in the prior-year. Total revenue, consisting of net interest income and non-interest income, was $9.7 million for the third quarter of 2005, an increase of 12.6% over the prior-year third quarter. Net interest income increased 18.7% to $8.3 million, reflective Refers to light hitting an opaque surface such as a printed page or mirror and bouncing back. See reflective media and reflective LCD. of 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 11.9% for the period. Interest paid on deposits continues to increase as a result of increased cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. coupled with an increase in average interest bearing deposits. The gradual The Gradual (Latin: graduale, sometimes called the Grail) is a chant in the extraordinary form of the Roman Catholic Mass, sung after the reading or singing of the Epistle and before the Alleluia, or, during penitential seasons, before the Tract. rate increases by the Federal Reserve over the last several quarters have posed pose 1 v. posed, pos·ing, pos·es v.intr. 1. To assume or hold a particular position or posture, as in sitting for a portrait. 2. To affect a particular mental attitude. an additional challenge in managing net interest margin. Non-interest income for the third quarter of 2005 was $1.4 million, a 13.8% decrease from the third quarter of 2004 as a result of a reduction in gain on sale of investment securities. Excluding securities gains, non-interest income increased moderately for the comparable periods. Non-interest expense totaled $6.1 million for the third quarter of 2005, an increase of 9.9% over the third quarter of 2004. Salaries and benefits rose 9.7%, primarily the result of rising healthcare costs and normal salary adjustments. Nonetheless, the efficiency ratio improved to 62.4% from 66.3% in last year's third quarter. At September September: see month. 30, 2005, total assets were $917.8 million, an increase of 12.9% over the prior year. Loan and lease balances grew $68.0 million year-over-year, or 11.5%. Loan growth was funded primarily through deposit growth. Deposits increased 18.6%, and included 12.4% growth in non-interest bearing deposits. Core deposits now constitute 70.8% of total deposits. Asset quality has improved from a year ago, continuing a positive trend. Non-performing assets declined from $3.8 million to $3.0 million at September 30, 2005. Non-performing assets constituted 0.32% of total assets, down from 0.47% twelve months ago. Loan and lease loss reserves were 1.42% of period-end loans and leases compared with 1.48% a year ago. In September, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a $0.13 per share quarterly cash dividend, which represents an 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. cash dividend of $0.52 per share. 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 $62.7 million at September 30, 2005, up 13.9% from twelve months ago. 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 fifteen 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, except 3rd Qtr 2nd Qtr 1st Qtr 4th Qtr 3rd Qtr
per share data) 2005 2005 2005 2004 2004
----------------------------------------------------------------------
EARNINGS
Net interest income $8,324 $7,879 $7,479 $7,083 $7,014
Provision for loan
and lease losses 260 229 211 207 245
Non-interest income 1,379 1,658 1,786 1,469 1,599
Non-interest
expense 6,053 6,039 5,854 4,690 5,507
Net income 2,268 2,211 2,163 2,156 1,976
PER SHARE DATA(1)
Earnings per share
- basic $0.29 $0.28 $0.28 $0.28 $0.26
Earnings per share
- diluted 0.28 0.28 0.27 0.27 0.25
Book value per
share 7.89 7.80 7.59 7.53 7.26
Cash dividends per
share 0.13 0.13 0.12 0.12 0.12
PERFORMANCE RATIOS
Return on average
assets 1.01% 1.02% 1.06% 1.05% 0.99%
Return on average
equity 14.54% 14.66% 14.77% 15.05% 14.80%
Net interest margin
(tax equivalent
basis) 4.06% 3.96% 4.00% 4.03% 3.85%
Efficiency ratio 62.38% 64.68% 66.33% 54.84% 66.26%
MARKET DATA
Market value per
share - period
end(1) $14.60 $15.99 $16.00 $16.42 $14.20
Market value/book
value 1.85 2.05 2.06 2.13 1.91
Cash dividend
yield(1) 3.53% 3.26% 3.04% 2.91% 3.36%
Common stock
dividend payout
ratio 46.43% 47.24% 42.86% 43.06% 46.68%
Period-end common
shares outstanding
(000)(1) 7,945 7,871 7,801 7,759 7,585
Common stock market
capitalization
($Millions) 116.00 125.85 121.77 124.30 105.08
CAPITAL & LIQUIDITY
Equity to assets 6.83% 6.78% 6.95% 7.08% 6.78%
Average loans and
leases to deposits 93.46% 92.45% 97.56% 95.99% 92.82%
ASSET QUALITY
Net loan and lease
charge-offs $66 $212 $23 $23 $120
Net loan and lease
charge-offs to
average loans(2) 0.04% 0.13% 0.02% 0.02% 0.08%
Nonperforming
assets + 90 days
past due $2,960 $2,316 $1,801 $2,716 $3,787
NPAs + 90 day past
due/ Total assets 0.32% 0.26% 0.21% 0.33% 0.47%
Allowance for loan
and lease losses/
Total loans &
leases 1.42% 1.43% 1.45% 1.46% 1.48%
END OF PERIOD
BALANCES
Total loans and
leases, net of
unearned income $657,489 $638,526 $625,493 $611,192 $589,441
Total assets 917,764 904,839 852,120 825,363 812,669
Total deposits 723,588 712,880 663,649 603,950 610,183
Shareholders'
equity 62,712 61,360 59,191 58,424 55,083
Full-time
equivalent
employees 187 190 196 197 194
AVERAGE BALANCES
Total loans and
leases, net of
unearned income $651,068 $631,547 $617,872 $595,306 $568,778
Total earning
assets 820,136 805,134 765,113 750,625 732,586
Total assets 888,609 871,861 828,988 814,065 795,952
Total deposits 696,597 683,133 633,332 620,167 612,760
Shareholders'
equity 61,868 60,495 59,375 57,001 53,125
(1) Restated for stock dividends.
(2) Annualized for comparative purposes.
Greater Community Bancorp
Consolidated Balance Sheets
(dollars in thousands, except per share data)
September 30,
-------------------
2005 2004
--------- ---------
(Unaudited)
ASSETS
CASH AND DUE FROM BANKS - Non interest-bearing $29,250 $22,244
FEDERAL FUNDS SOLD 42,300 7,600
--------- ---------
Total cash and cash equivalents 71,550 29,844
DUE FROM BANKS - Interest-bearing 12,178 6,421
INVESTMENT SECURITIES - Available-for-sale 88,643 130,226
INVESTMENT SECURITIES - Held-to-maturity
(aggregate fair values of $43,132 and $14,580 at
September 30, 2005 and 2004, respectively) 43,484 14,581
--------- ---------
Total investment securities 132,127 144,807
LOANS AND LEASES, net of unearned income 657,489 589,441
Less: Allowance for loan and lease losses (9,318) (8,734)
--------- ---------
Net loans and leases 648,171 580,707
PREMISES AND EQUIPMENT, net 10,402 7,270
ACCRUED INTEREST RECEIVABLE 3,947 3,053
OTHER REAL ESTATE OWNED 849 849
BANK-OWNED LIFE INSURANCE 14,883 14,396
GOODWILL 11,574 11,574
OTHER ASSETS 12,083 13,748
--------- ---------
TOTAL ASSETS $917,764 $812,669
========= =========
LIABILITIES AND SHAREHOLDERS' EQUITY
DEPOSITS:
Non interest-bearing $182,938 $162,769
Interest-bearing checking 242,514 172,550
Savings 86,735 100,406
Time deposits less than $100 144,431 140,638
Time deposits $100 and over 66,970 33,820
--------- ---------
Total deposits 723,588 610,183
FHLB ADVANCES 85,000 85,000
FEDERAL FUNDS PURCHASED - 21,700
SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 9,425 7,538
ACCRUED INTEREST PAYABLE 2,385 1,553
OTHER LIABILITIES 9,911 6,869
SUBORDINATED DEBT 24,743 24,743
--------- ---------
Total liabilities 855,052 757,586
--------- ---------
SHAREHOLDERS' EQUITY:
Common stock, par value $0.50 per share:
20,000,000 shares authorized, 7,945,201 and
7,584,502 shares outstanding at September 30,
2005 and 2004, respectively 3,973 3,700
Additional paid-in capital 52,954 46,283
Retained earnings 5,043 3,229
Accumulated other comprehensive income 742 1,871
--------- ---------
Total shareholders' equity 62,712 55,083
--------- ---------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $917,764 $812,669
========= =========
Greater Community Bancorp
Consolidated Statements of Income
(dollars in thousands, except per share data)
THREE MONTHS ENDED NINE MONTHS ENDED
September 30, September 30,
------------------- -------------------
2005 2004 2005 2004
-------- -------- -------- --------
(Unaudited) (Unaudited)
INTEREST INCOME:
Loans and leases $ 11,029 $ 8,711 $ 30,860 $ 25,225
Investment securities 1,393 1,383 4,133 4,207
Federal funds sold and
deposits with banks 284 87 633 350
-------- -------- -------- --------
Total interest income 12,706 10,181 35,626 29,782
-------- -------- -------- --------
INTEREST EXPENSE:
Deposits 2,709 1,523 6,922 4,350
Short-term borrowings 1,166 1,137 3,502 3,420
Long-term borrowings 507 507 1,521 1,521
-------- -------- -------- --------
Total interest expense 4,382 3,167 11,945 9,291
-------- -------- -------- --------
NET INTEREST INCOME 8,324 7,014 23,681 20,491
PROVISION FOR LOAN AND LEASE
LOSSES 260 245 700 962
-------- -------- -------- --------
Net interest income after
provision for loan and
lease losses 8,064 6,769 22,981 19,529
-------- -------- -------- --------
NON-INTEREST INCOME:
Service charges on deposit
accounts 742 715 2,203 2,144
Other commission and fees 178 163 533 528
Loan fee income 114 108 383 294
Gain on sale of investment
securities - 301 640 1,121
Gain on sale of leases - (3) - (1)
Bank-owned life insurance 120 119 380 370
All other income 225 196 683 631
-------- -------- -------- --------
Total non-interest income 1,379 1,599 4,822 5,087
-------- -------- -------- --------
NON-INTEREST EXPENSE:
Salaries and employee
benefits 3,380 3,082 10,154 9,387
Occupancy and equipment 944 872 2,827 2,689
Regulatory, professional and
other fees 586 533 1,722 1,522
Computer services 167 149 478 430
Office expenses 299 298 913 893
Other operating expenses 677 574 1,852 1,630
-------- -------- -------- --------
Total non-interest expense 6,053 5,507 17,946 16,551
-------- -------- -------- --------
INCOME BEFORE PROVISION FOR
INCOME TAXES 3,390 2,861 9,857 8,065
PROVISION FOR INCOME TAXES 1,122 885 3,215 2,435
-------- -------- -------- --------
NET INCOME $ 2,268 $ 1,976 $ 6,642 $ 5,630
======== ======== ======== ========
Weighted average shares
outstanding - Basic 7,894 7,564 7,834 7,503
Weighted average shares
outstanding - Diluted 8,061 7,875 8,001 7,832
Earnings per share - Basic $ 0.29 $ 0.26 $ 0.85 $ 0.75
Earnings per share - Diluted $ 0.28 $ 0.25 $ 0.83 $ 0.72
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