Interchange Financial Services Corporation's Earnings Per Share Advance As Expansion for Future Growth Continues.Business Editors SADDLE saddle, seat or pad to support the rider on an animal, chiefly a horse. The saddles mentioned in the Bible are generally considered to have been saddlecloths. The ancient Greeks sometimes used saddlecloths, but they had no saddles and often rode bareback. BROOK, N.J.--(BUSINESS WIRE)--July 20, 2000 Anthony S. Abbate, President and Chief Executive Officer of Interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
Please [ improve this article] or discuss the issue on the talk page. Corporation ("Company") (AMEX AMEX See: American Stock Exchange : IFC (Internet Foundation Classes) A class library from Netscape that provides an application framework and graphical user interface (GUI) routines for Java programmers. IFC was later made part of the Java Foundation Classes (JFC). See JFC, AFC and AWT. See also ICF. ), reported today that earnings for the quarter ended June June: see month. 30, 2000, were $2.3 million or $.35 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share compared to $2.5 million or $.34 per diluted common share in the 1999 period. For the six months ended June 30, diluted earnings per common share was $.64 versus $.66 in the prior year. Return on average equity was 16.53% for the quarter ended June 30, 2000 compared to 15.56% for the 1999 period. The earnings per share and return on average equity comparisons were aided by the lower number of outstanding shares resulting from the successful completion of the Company's share buy back program. The earnings comparisons were impacted by two non-recurring items in the 1999 period; a gain from the sale of securities of $329 thousand and a $284 thousand gain from the early pay-off of a commercial loan purchased at a discount. Further, the 2000 quarterly earnings were impacted by costs associated with the bank's expansion programs. These consisted of the start-up Start-up The earliest stage of a new business venture. of the Bank's lease financing subsidiary, Interchange Capital Company, and its new call center, Interchange Bank-Line Center, an inbound in·bound 1 adj. Bound inward; incoming: inbound commuter traffic. Adj. 1. inbound calling facility that provides enhanced customer service via access to a single source for bank product and account information. Further, the call center serves as an outbound out·bound adj. Outward bound; headed away: outbound trains. Adj. 1. outbound - that is going out or leaving; "the departing train"; "an outward journey"; "outward-bound ships" telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. resource, contacting prospects for new accounts in conjunction with product promotions. Commenting on further expansion programs, Mr. Abbate stated that " On April 24, the Bank introduced online insurance services for the consumer through InsureRate, one of the nation's leading online sources of high value insurance products. July July: see month. 10 marked the opening of the Company's sixteenth branch in Waldwick, New Jersey Waldwick is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 9,622. Geography Waldwick is located at (41.013109, -74.122311)GR1. . The new location connects the Bank's service area from Montvale Montvale may mean:
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. County customers greater access to the Bank's services. In addition, during the fourth quarter of 2000 the Bank plans to open a branch office in Ramsey Ramsey, residential borough (1990 pop. 13,228), Bergen co., NE N.J.; settled 1846, inc. 1908. Dairy and truck farms are in the area. , which will further strengthen the Bank's position in the important northern Bergen County market. For the three and six month period ended June 30, 2000, net interest income, on a taxable equivalent basis, increased $240 thousand or 3.1% and $523 thousand or 3.5%, respectively. The increase in each period was driven largely by loan growth, which increased on average by $39.4 million or 8.0% and $39.8 million or 8.2%, respectively, over the same periods in 1999. For the three and six-month periods ended June 30, 2000, non-interest income, excluding net gains on the sale of securities, was $939 thousand and $1.8 million, respectively. Non-interest income decreased $253 thousand or 21.2% and $224 thousand or 11.1% for those periods, respectively, as compared to the same periods in 1999. The decrease was largely attributable to $284 thousand of income recognized in the second quarter of 1999 from the early pay-off of a commercial loan purchased at a discount. There was no such pay-off during the first six months of 2000. For the three and six months ended June 30, 2000, non-interest expenses were $5.1 million and $10.5 million, respectively. For the respective periods, non-interest expenses increased $10 thousand or 0.2% and $498 thousand or 5.0%, as compared to the same periods in 1999. The increase in non-interest expenses can be attributed principally to expansionary ex·pan·sion·ar·y adj. Tending toward or causing expansion: the empire's expansionary policies in Asia. growth and the costs associated with a new call center and the newly formed leasing subsidiary Interchange Capital Company. On July 11, 2000, Mr. Abbate announced the introduction of InterBank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. , the Bank's new Internet See Web 2.0 and Internet2. banking service. InterBank online banking provides Bank customers with 24-hour access to their account information, enables them to process transfers between accounts, pay their bills electronically, generate an account statement and much more. This online service can be accessed through the Bank's web site at www.interchangebank.com. The Company is a $767.8 million-asset commercial bank holding company whose principal subsidiary is the Bank. The Bank maintains its headquarters in Saddle Brook, New Jersey Saddle Brook is a township in Bergen County, New Jersey, United States. As of the United States 2000 Census, the township population was 13,155. Saddle Brook adopted its current name on November 8, 1955, replacing Saddle River Township. . It has 16 branch offices located in Elmwood Park Elmwood Park, village (1990 pop. 23,206), Cook co., NE Ill., a suburb of Chicago; inc. 1914. It is chiefly residential. , Franklin Lakes, Garfield Garfield, industrial city (1990 pop. 26,727), Bergen co., NE N.J., on the Passaic at its confluence with the Saddle River; settled 1679 by the Dutch, inc. 1898. Manufactures include paper products, rubber, and printing machinery. , Hillsdale, Little Ferry, Lodi Lodi, city, Italy Lodi (lô`dē), city (1991 pop. 42,250), Lombardy, N Italy, on the Adda River, near Milan. It is an important dairy and light industrial center. , Montvale, Oakland, Paramus, Park Ridge Park Ridge, city (1990 pop. 36,175), Cook co., NE Ill., a suburb adjacent to Chicago, on the Des Plaines River; inc. 1873. It is chiefly residential. Several national and international corporations have their headquarters in Park Ridge. Nearby is O'Hare International Airport. , River Edge, Rochelle Park, Saddle Brook(2), Waldwick and Washington Township Washington Township may refer to a number of townships in the United States, listed here by state (with the number of "Washington Townships" in each state in parentheses):
Further information on the bank, our core values and focus, and our products and services can be found on our web site at www.interchangebank.com. There is also a direct link from our web site to the American Stock Exchange American Stock Exchange (AMEX) Stock exchange in the U.S. Originally known as “the Curb,” it began as an outdoor marketplace in New York City c. 1850. It moved indoors to its present location in the Wall Street area in 1921. to allow you to keep well informed of the daily quotes and market activity for Interchange Financial Services Corporation stock. Interchange Financial Services Corporation trades on the American Stock Exchange under the symbol IFC. This release contains certain 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. The forward-looking statements, either expressed or implied, concern anticipated future financial performance. Such statements are not historical fact and involve certain risks, uncertainties, estimates and assumptions made by management. Actual results could differ materially from what we currently anticipate will happen as a result of, but not limited to, changes in economic condition, interest rate fluctuations, levels of loan and deposit growth and loan quality. Interchange assumes no obligation to publicly announce changes in forward-looking statements that are no longer accurate, whether as a result of new information, what actually happens in the future or for any other reason.
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
Second Quarter
-----------------------------------
Dollars in thousands
except per share data 2000 1999 $ Change % Change
---------------------------------------------------------------------
Income/Expense
Net Interest income (actual) $7,884 $7,648 $236 3.1 %
Tax equivalent adjustment 32 28 4 14.3
Net interest income
(taxable equivalent) 7,916 7,676 240 3.1
Provision for loan losses 300 300 - -
Net gain on sale of securities 0 329 (329) (100.0)
Non-interest income 939 1,192 (253) (21.2)
Non-interest expenses 5,118 5,108 10 0.2
Net income 2,292 2,478 (186) (7.5)
Per share data
Basic earnings per common share $0.35 $0.34 $0.01 2.9 %
Diluted earnings per common
share and share equivalents $0.35 $0.34 $0.01 2.9
Dividends declared 0.125 0.120 0.005 4.2
Book value - end of period
Key ratios
Return on average assets 1.24 % 1.45 (0.21) (14.5)
Return on average equity 16.53 15.56 0.97 6.2
Net interest margin 4.48 4.69 (0.21) (4.5)
Leverage ratio
Risk weighted ratios:
Tier 1
Total
Weighted average shares
outstanding
Basic 6,517,998 7,211,758
Diluted 6,541,063 7,245,255
Shares outstanding -
end of period 6,517,998 7,179,076
Six months ended June 30,
----------------------------------
Dollars in thousands
except per share data 2000 1999 $ Change % Change
----------------------------------------------------------------------
Income/Expense
Net Interest income (actual) $15,484 $14,986 $498 3.3 %
Tax equivalent adjustment 88 63 25 39.7
Net interest income
(taxable equivalent) 15,572 15,049 523 3.5
Provision for loan losses 600 600 - -
Net gain on sale of securities 97 856 (759) (88.7)
Non-interest income 1,789 2,013 (224) (11.1)
Non-interest expenses 10,532 10,034 498 5.0
Net income 4,182 4,764 (582) (12.2)
Per share data
Basic earnings per common share $0.64 $0.66 ($0.02) (3.0)%
Diluted earnings per common
share and share equivalents $0.64 $0.66 ($0.02) (3.0)
nd share equivalents
Dividends declared 0.250 0.240 0.010 4.2
Book value - end of period 8.74 8.88 (0.14) (1.6)
Key ratios
Return on average assets 1.15% 1.41% (0.26)% (18.4)%
Return on average equity 14.94 15.11 (0.17) (1.1)
Net interest margin 4.48 4.64 (0.16) (3.4)
Leverage ratio 7.80 9.36 (1.56) (16.7)
Risk weighted ratios:
Tier 1 11.37 14.00 (2.63) (18.8)
Total 12.56 15.21 (2.65) (17.4)
Weighted average shares
outstanding
Basic 6,552,031 7,208,779
Diluted 6,579,948 7,242,639
Shares outstanding -
end of period 6,517,998 7,179,076
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
Second Quarter
---------------------------------------
Dollars in thousands
except per share data 2000 1999 $ Change % Change
----------------------------------------------------------------------
Average balances
Loans $529,955 $490,536 $39,419 8.0 %
Securities 166,388 148,703 17,685 11.9
Earning assets 707,136 655,365 51,771 7.9
Total Assets 742,022 683,919 58,103 8.5
Interest bearing
deposits 531,150 497,267 33,883 6.8
Noninterest bearing
deposits 110,684 102,711 7,973 7.8
Other interest bearing
liabilities 38,135 16,979 21,156 124.6
Shareholders' equity 55,455 63,687 (8,232) (12.9)
Period end
Assets
Loans
Deposits
Shareholders' equity
Asset quality
Net charge offs
Total $36 $654 ($618) (94.5)%
As % of average
loans (annualized) 0.03% 0.53% (0.50)% (94.3)
Loan loss allowance
Total
As % of period-end loans
As % of nonperforming loans
Nonperforming assets
Total
Nonperforming loans
Foreclosed real estate
Nonperforming assets as a percent
of loans plus other real estate owned
Six months ended June 30,
--------------------------------------
Dollars in thousands
except per share data 2000 1999 $ Change % Change
----------------------------------------------------------------------
Average balances
Loans $523,245 $483,420 $39,825 8.2 %
Securities 162,894 148,145 14,749 10.0
Earning assets 694,970 648,875 46,095 7.1
Total Assets 728,834 677,378 51,456 7.6
Interest bearing deposits 523,062 492,614 30,448 6.2
Noninterest bearing deposits 106,738 101,391 5,347 5.3
Other interest bearing
liabilities 36,976 17,120 19,856 116.0
Shareholders' equity 55,993 63,064 (7,071) (11.2)
Period end
Assets $767,791 $690,846 $76,945 11.1 %
Loans 548,242 502,649 45,593 9.1
Deposits 667,353 603,836 63,517 10.5
Shareholders' equity 56,976 63,756 (6,780) (10.6)
Asset quality
Net charge offs
Total $46 $747 ($701) (93.8)%
As % of average loans
(annualized) 0.02 % 0.31 % -0.29 % (93.6)
Loan loss allowance
Total $6,030 $5,498 $532 9.7
As % of period-end loans 1.10 % 1.09 % 0.01 % 0.9
As % of nonperforming loans 651.19 248.89 402.30 161.6
Nonperforming assets
Total $1,176 $2,209 ($1,033) (46.8)
Nonperforming loans 926 2,209 (1,283) (58.1)
Foreclosed real estate 250 - 250 100.0
Nonperforming assets as a
percent of loans plus
other real estate owned 0.21 % 0.44 % (0.23)% (52.3)
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