Interchange Financial Services Corporation Reports 2nd Quarter Net Income with Sequential Earnings per Share Growth of 10%.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 A brook is a small stream. Brook may refer to the following places:
Please [ improve this article] or discuss the issue on the talk page. Corporation (Nasdaq:IFCJ IFCJ International Fellowship of Christians and Jews (Washington, DC) ) 2nd Quarter Highlights: --Loans grow $52 million sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen at 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. rate of 25% --Net interest income expands 19% from 2nd quarter of 2003 --SBA Preferred Lender LENDER, contracts. He from whom a thing is borrowed. 2. The contract of loan confers rights, and imposes duties on the lender. 1. The lender has the right to revoke the loan at his mere pleasure; 9 Cowen, R. 687; 8 Johns. Rep. 432; 1 T. R. 480; 2 Campb. Rep. Status Obtained Interchange Financial Services Corporation (the "Company") (Nasdaq:IFCJ), holding company of Northern N.J.'s fast growing community bank, Interchange Bank (the "Bank"), today reported second quarter 2004 results which included three and six month net income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.4 million, up 4.0%, and $8.3 million, up 10.6%, respectively, from the same periods in 2003. For the past three and six months, average 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. shares outstanding increased approximately 8.2% and 18.4% as compared to the same periods in 2003. 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 for the three and six months were $0.34 and $0.64 respectively, a decline of 2.9% and 7.2% as compared to the same periods in 2003. The decline in earnings per share was a result of a compression compression, external stress applied to an object or substance, tending to cause a decrease in volume (see pressure). Gases can be compressed easily, solids and liquids to a very small degree if at all. in net interest margin from the same periods in 2003 and an increase in diluted shares outstanding as a result of the Bridge View Bancorp ("Bridge View") acquisition. Anthony Abbate, President and Chief Executive Officer stated, "Interchange's healthy loan growth during the quarter; the sequential One after the other in some consecutive order such as by name or number. increase in our diluted earnings per share of 10%, along with our increased margin, are the products of our success. And while the community banking environment in Northern NJ is competitive, we stay true to our core - focusing our efforts on customers in the area - we remain poised for continued success. Our loans grew sequentially at an annual rate of 25%, with exceptional growth in our commercial lending area; net interest income increased 19% buoyed by our strong loan growth, and our recent SBA SBA abbr. Small Business Administration Noun 1. SBA - an independent agency of the United States government that protects the interests of small businesses and ensures that they receive a fair share of government Preferred Lender status will have an immediate impact on our small business customers by improving our array of loan products." Commenting further on the Company's performance, Mr. Abbate stated, "We remain true to our philosophy and follow a pattern for 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. growth opportunities. We are not chasing yield as others in the industry have, and although in the short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. we have been challenged, our growth strategy and the 2nd quarters' success continue to support our long-term corporate objectives." The second quarter 2003 results include Bridge View's operations which was acquired on April 30, 2003. At that time, Bridge View had total assets of approximately $291 million, $184 million of loans and $259 million of deposits. The Company 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 quarterly cash dividend of $0.125 per common share, for the third quarter of 2004. This dividend represents $0.50 per share on an annualized basis and an increase of 14% over the prior year. Return on Average Assets and Equity The Company generated a 1.25% return on average assets and a 12.08% return on average stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. for the second quarter 2004 versus 1.40% and 14.03%, respectively, for the second quarter 2003. The decline in return on average stockholders' equity was a function of the acquisition of Bridge View. Diluted earnings per share for the three and six months ended June June: see month. 30, 2004 were $0.34 and $0.64, respectively, as compared to $0.35 and $0.69, respectively, the same periods in 2003. Net Interest Income For the second quarter of 2004, net interest income, on a taxable equivalent basis, increased $1.4 million, or 11.8% from the same period in 2003. For the first six months, net interest income on a taxable equivalent basis, increased $4.1 million or 19.0% from the same period in 2003. The growth for the quarter and six months as compared to 2003 was attributed to an increase in average interest 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 $179 million and $266 million, which was largely due to growth in loans and investments. The improvement in net interest income for the quarter was tempered by a decline in the Company's net interest margin. Non-Interest Income For the three and six-month periods ended June 30, 2004, non-interest income was $2.7 million and $5.2 million, respectively, as compared to $2.6 million and $4.5 million for the same periods in 2003. The change for the three and six month periods ended June 30, 2004, as compared to the same periods in the prior year was largely attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to an increase in gains on sales of securities and loan fees and service charges. These positive fluctuations were offset in part by a decline in bank owned life insurance income and gains on sales of loans, mainly through the Mortgage Partnership Finance Partnership Program with the Federal Home Loan Bank. Non-Interest Expense Non-interest expense for the quarter amounted to $8.8 million, an increase of $1.1 million or 14.3% as compared to same quarter in 2003. For the six-month period, non-interest expense amounted to $17.7 million, an increase of $3.5 million or 24.6% as compared to the same period last year. The increase for each reporting period was due largely to the additional operating costs operating costs npl → gastos mpl operacionales resulting from the merger with Bridge View. Also contributing to non-interest expense growth for the six months ended June 30, 2004, as compared to the same period in 2003, were normal increases related to salaries, benefits and occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses. Total Loans At June 30, 2004, total loans were $883.3 million, an increase of $86.7 million, or 10.9% as compared to December December: see month. 31, 2003. Growth occurred in both the commercial and consumer portfolios which increased $47.3 million and $43.5 million, respectively. The Company's non-performing assets decreased to $6.8 million at June 30, 2004 as compared to $8.8 million at December 31, 2003. Non-performing assets represented 0.77% and 1.10%, of the total loans and foreclosed and repossessed assets outstanding at the end of the respective periods. The Allowance for Loan and Lease Losses totaled $9.8 million at June 30, 2004, and represented 148.9% of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and leases and 1.11% of total loans and leases. Post-Earnings Conference Call The Bank will hold a conference call on Thursday Thursday: see week. , July July: see month. 22, 2004, at 10 a.m. (Eastern Time) to discuss the financial results for its second fiscal quarter ending June 30, 2004. This Web cast can be accessed through the Bank's Web site, www.interchangebank.com on the investor relations Investor relations The process by which the corporation communicates with its investors. page, as well as the Web address www.companyboardroom.com. The replay will begin shortly after the completion of the live call and will be available for approximately two weeks. About Interchange Bank Headquartered in Saddle Brook, NJ, Interchange Bank is one 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. County's largest independent commercial bank and a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Interchange Financial Services Corporation (Nasdaq:IFCJ). A thought leader in the industry, the Bank was among the first to implement a broad range of innovative services, including 24-hour, 7-day-a-week online banking and bill paying services, online stock trading, and the ability to apply for a loan online with an instant credit decision. Mutual funds and annuities are offered through the Bank's investment services. With $1.4 billion in assets and 28 branches, the Bank focuses its efforts on the local communities from which it derives deposits and generates loans. Through Interchange Bank's subsidiary, Interchange Capital Company, L.L.C., cost effective equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
In addition to discussing historical information, certain statements included in or incorporated into this report relate to the financial condition, results of operations and business of the Company which are not historical facts, but which are "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. When used herein, the words "anticipate," "believe," "estimate," "expect," "will" and other similar expressions are generally intended to identify such forward-looking statements. Such statements are intended to be covered by the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions for forward-looking statements contained in such Act, and we are including this statement for purposes of invoking these safe harbor provisions. These forward-looking statements include, but are not limited to, statements about the operations of the Company, the adequacy of the Company's allowance for losses associated with the loan portfolio, the prospects of continued loan and deposit growth, and improved credit quality. The forward-looking statements in this report involve certain estimates or assumptions, known and unknown risks and uncertainties, many of which are beyond the control of the Company, and reflect what we currently anticipate will happen in each case. What actually happens could differ materially from what we currently anticipate will happen due to a variety of factors, including, among others, (i) increased competitive pressures among financial services companies; (ii) changes in the interest rate environment, reducing interest margins or increasing interest rate risk; (iii) deterioration de·te·ri·o·ra·tion n. The process or condition of becoming worse. in general economic conditions, internationally, nationally, or in the State of New Jersey; (iv) the occurrence of acts of terrorism terrorism, the threat or use of violence, often against the civilian population, to achieve political or social ends, to intimidate opponents, or to publicize grievances. , such as the events of September September: see month. 11, 2001, or acts of war Tom Clancy's Op-Center: Acts of War is a technothriller by Jeff Rovin Plot introduction The mobile Regional Operations Center (ROC) in Turkey investigates a dam blown up by Kurdish terrorists. ; (v) legislation or regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. or changes adversely affecting the business of the Company, and (vi) losses in the Company's leasing subsidiary exceeding management's expectations, (vii) expected revenue synergies from the Company's acquisition of Bridge View may not be fully realized or realized within the expected time frame; (viii) revenues following the Company's acquisition of Bridge View may be lower than expected; (ix) deposit attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: , operating costs, customer loss and business disruption disruption /dis·rup·tion/ (dis-rup´shun) a morphologic defect resulting from the extrinsic breakdown of, or interference with, a developmental process. following the Company's acquisition of Bridge View, including, without limitation, difficulties in maintaining relationships with employees, may be greater than expected and (x) other risks detailed in reports filed by the Company with the Securities and Exchange Commission. Readers should not place undue expectations on any forward-looking statements. We are not promising to make any public announcement when we consider forward-looking statements in this document to be no longer accurate, whether as a result of new information, what actually happens in the future or for any other reason.
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INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
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CONSOLIDATED BALANCE SHEETS
----------------------------------------------------------------------
(dollars in thousands)
June 30, December 31,
2004 2003 Change
----------- ----------- ------
(unaudited)
Assets
Cash and due from banks $32,343 $31,423 2.9 %
Interest earning deposits 6 12 (50.0)
Securities 381,196 452,060 (15.7)
Loans and leases
Commercial 557,933 510,667 9.3
Lease Financing 24,315 28,427 (14.5)
Consumer 301,018 257,487 16.9
----------- ----------- ------
883,266 796,581 10.9
Allowance for loan and lease losses -9,788 -9,641 1.5
----------- ----------- ------
Net loans 873,478 786,940 11.0
Premises and equipment, net 19,992 20,343 (1.7)
Foreclosed real estate and other
repossesed assets 201 230 (12.6)
Bank Owned Life Insurance 22,340 21,853 2.2
Goodwill and other intangible assets 59,866 60,089 (0.4)
Accrued interest receivable and other
assets 15,017 12,922 16.2
----------- ----------- ------
Total assets $1,404,439 $1,385,872 1.3
=========== =========== ======
Liabilities
Deposits $1,186,838 $1,156,798 2.6
Borrowings 58,845 72,109 (18.4)
Accrued interest payable and other
liabilities 14,790 13,772 7.4
----------- ----------- ------
Total liabilities 1,260,473 1,242,679 1.4
----------- ----------- ------
Total stockholders' equity 143,966 143,193 0.5
----------- ----------- ------
Total liabilities and
stockholders' equity $1,404,439 $1,385,872 1.3
=========== =========== ======
----------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENTS
----------------------------------------------------------------------
(dollars in thousands)
Three Months Ended
June 30,
-----------------------------------
2004 2003 Change
-----------------------------------
(unaudited) (unaudited)
Interest income:
Interest and fees on loans $13,125 $12,470 5.3 %
Interest on federal funds sold 31 121 (74.4)
Interest on interest earning
deposits - 9 (100.0)
Interest and dividends on
securities:
Taxable interest income 2,561 2,329 10.0
Interest income exempt from
federal income taxes 279 221 26.2
Dividends 2 52 (96.2)
-----------------------------------
Total interest income 15,998 15,202 5.2
-----------------------------------
Interest expense:
Interest on deposits 2,760 3,416 (19.2)
Interest on borrowings 302 186 62.4
-----------------------------------
Total interest expense 3,062 3,602 (15.0)
-----------------------------------
Net interest income 12,936 11,600 11.5
Provision for loan and lease
losses 300 530 (43.4)
-----------------------------------
Net interest income after
provision for loan & lease losses 12,636 11,070 14.1
-----------------------------------
Non-interest income:
Service fees on deposit accounts 935 908 3.0
Net gain on sale of securities 305 19 1,505.3
Other 1,452 1,717 (15.4)
-----------------------------------
Total non-interest income 2,692 2,644 1.8
-----------------------------------
Non-interest expense:
Salaries and benefits 4,664 4,193 11.2
Net occupancy 1,287 1,095 17.5
Furniture and equipment 326 353 (7.6)
Advertising and promotion 470 423 11.1
Other 2,051 1,632 25.7
-----------------------------------
Total non-interest expense 8,798 7,696 14.3
-----------------------------------
Income before income taxes 6,530 6,018 8.5
Income taxes 2,175 1,831 18.8
-----------------------------------
Net income $4,355 $4,187 4.0
===================================
Basic earnings per common share $0.34 $0.35 (2.9)
Diluted earnings per common share $0.34 $0.35 (2.9)
----------------------------------------------------------------------
CONSOLIDATED INCOME STATEMENTS
----------------------------------------------------------------------
(dollars in thousands) Six Months Ended
June 30,
-----------------------------------
2004 2003 Change
-----------------------------------
(unaudited) (unaudited)
Interest income:
Interest and fees on loans $25,832 $23,326 10.7 %
Interest on federal funds sold 37 184 (79.9)
Interest on interest earning
deposits - 21 (100.0)
Interest and dividends on
securities:
Taxable interest income 5,211 4,612 13.0
Interest income exempt from
federal income taxes 548 400 37.0
Dividends 41 109 (62.4)
-----------------------------------
Total interest income 31,669 28,652 10.5
-----------------------------------
Interest expense:
Interest on deposits 5,587 6,823 (18.1)
Interest on borrowings 612 377 62.3
-----------------------------------
Total interest expense 6,199 7,200 (13.9)
-----------------------------------
Net interest income 25,470 21,452 18.7
Provision for loan and lease
losses 675 795 (15.1)
-----------------------------------
Net interest income after
provision for loan & lease losses 24,795 20,657 20.0
-----------------------------------
Non-interest income:
Service fees on deposit accounts 1,777 1,561 13.8
Net gain on sale of securities 819 19 4,210.5
Other 2,611 2,908 (10.2)
-----------------------------------
Total non-interest income 5,207 4,488 16.0
-----------------------------------
Non-interest expense:
Salaries and benefits 9,512 7,821 21.6
Net occupancy 2,652 2,023 31.1
Furniture and equipment 660 606 8.9
Advertising and promotion 863 737 17.1
Other 4,028 3,036 32.7
-----------------------------------
Total non-interest expense 17,715 14,223 24.6
-----------------------------------
Income before income taxes 12,287 10,922 12.5
Income taxes 3,946 3,379 16.8
-----------------------------------
Net income $8,341 $7,543 10.6
===================================
Basic earnings per common share $0.65 $0.70 (7.1)
Diluted earnings per common share $0.64 $0.69 (7.2)
----------------------------------------------------------------------
Analysis of Net Interest Income
----------------------------------------------------------------------
for the quarter ended June 30,
(dollars in thousands) 2004
(unaudited) -----------------------------------
Average Average
Balance Interest Rate
-----------------------------------
Assets
Interest earning assets:
Loans (1) $845,747 $13,160 6.22 %
Taxable securities (4) 363,281 2,563 2.82
Tax-exempt securities (2) (4) 26,930 406 6.03
Interest earning deposits 6 - -
Federal funds sold 12,848 31 0.97
-----------------------------------
Total interest-earning assets 1,248,812 16,160 5.18
-------------
Non-interest earning assets:
Cash and due from banks 36,326
Allowance for loan and lease
losses (9,818)
Other assets 118,411
---------------
Total assets $1,393,731
===============
Liabilities and stockholders'
equity
Interest-bearing liabilities
Interest bearing deposits $946,834 2,760 1.17
Borrowings 54,862 302 2.20
-----------------------------------
Total interest-bearing
liabilities 1,001,696 3,062 1.22
-------------
Non-interest bearing liabilities
Demand deposits 232,734
Other liabilities 15,129
---------------
Total liabilities (3) 1,249,559
Stockholders' equity 144,172
---------------
Total liabilities and
stockholders' equity $1,393,731
===============
Net interest income (tax-
equivalent basis) 13,098 3.96
Tax-equivalent basis adjustment (162)
-------------
Net interest income $12,936
=============
Net interest income as a percent
of interest-earning assets (tax-
equivalent basis) 4.20 %
----------------------------------------------------------------------
Analysis of Net Interest Income
----------------------------------------------------------------------
for the quarter ended June 30,
(dollars in thousands) 2003
(unaudited) -----------------------------------
Average Average
Balance Interest Rate
-----------------------------------
Assets
Interest earning assets:
Loans (1) $732,516 $12,499 6.83 %
Taxable securities (4) 265,753 2,381 3.58
Tax-exempt securities (2) (4) 26,095 304 4.66
Interest earning deposits 3,846 9 0.94
Federal funds sold 41,180 121 1.18
-----------------------------------
Total interest-earning assets 1,069,390 15,314 5.73
------------
Non-interest earning assets:
Cash and due from banks 37,642
Allowance for loan and lease
losses (8,606)
Other assets 97,087
----------------
Total assets $1,195,513
================
Liabilities and stockholders'
equity
Interest-bearing liabilities
Interest bearing deposits $855,189 3,416 1.60
Borrowings 25,035 186 2.96
-----------------------------------
Total interest-bearing
liabilities 880,224 3,602 1.64
------------
Non-interest bearing liabilities
Demand deposits 178,434
Other liabilities 17,463
----------------
Total liabilities (3) 1,076,121
Stockholders' equity 119,392
----------------
Total liabilities and
stockholders' equity $1,195,513
================
Net interest income (tax-
equivalent basis) 11,712 4.09
Tax-equivalent basis adjustment (112)
------------
Net interest income $11,600
============
Net interest income as a percent
of interest-earning assets (tax-
equivalent basis) 4.38 %
----------------------------------------------------------------------
(1) Nonaccrual loans and any related interest recorded have been
included in computing the average rate earned on the loan
portfolio. When applicable, tax exempt loans are computed on a
fully taxable equivalent basis using the corporate federal tax
rate of 34%.
(2) Computed on a fully taxable equivalent basis using the corporate
federal tax rate of 34%.
(3) All deposits are in domestic bank offices.
(4) The average balances are based on historical cost and do not
reflect unrealized gains or losses.
----------------------------------------------------------------------
Analysis of Net Interest Income
----------------------------------------------------------------------
for the year to date ended June 30,
(dollars in thousands) 2004
(unaudited) ------------------------------------
Average Average
Balance Interest Rate
-----------------------------------
Assets
Interest earning assets
Loans (1) $826,067 $25,908 6.27 %
Taxable securities (4) 383,388 5,252 2.74
Tax-exempt securities (2) (4) 24,964 794 6.36
Interest earning deposits 9 - -
Federal funds sold 7,677 37 0.96
----------------------------
Total interest-earning assets 1,242,105 31,991 5.15
-------------
Non-interest earning assets
Cash and due from banks 35,937
Allowance for loan and lease
losses (9,727)
Other assets 118,672
---------------
Total assets $1,386,987
===============
Liabilities and stockholders'
equity
Interest-bearing liabilities
Interest bearing deposits $940,178 5,587 1.19
Borrowings 60,112 611 2.03
----------------------------
Total interest-bearing
liabilities 1,000,290 6,198 1.24
-------------
Non-interest bearing liabilities
Demand deposits 228,417
Other liabilities 14,575
---------------
Total liabilities (3) 1,243,282
Stockholders' equity 143,705
---------------
Total liabilities and
stockholders' equity $1,386,987
===============
Net interest income (tax-
equivalent basis) 25,793 3.91
Tax-equivalent basis adjustment (322)
-------------
Net interest income $25,471
=============
Net interest income as a percent
of interest-earning assets (tax-
equivalent basis) 4.15 %
----------------------------------------------------------------------
Analysis of Net Interest Income
----------------------------------------------------------------------
for the year to date ended June 30,
(dollars in thousands) 2003
(unaudited) -----------------------------------
Average Average
Balance Interest Rate
------------------------------------
Assets
Interest earning assets
Loans (1) $673,735 $23,395 6.94 %
Taxable securities (4) 240,454 4,721 3.93
Tax-exempt securities (2) (4) 26,770 551 4.12
Interest earning deposits 4,088 21 1.03
Federal funds sold 31,436 184 1.17
----------------------------
Total interest-earning assets 976,483 28,872 5.91
------------
Non-interest earning assets
Cash and due from banks 29,947
Allowance for loan and lease
losses (7,910)
Other assets 72,658
----------------
Total assets 1,071,178
================
Liabilities and stockholders'
equity
Interest-bearing liabilities
Interest bearing deposits $780,986 6,823 1.75
Borrowings 25,629 377 2.94
----------------------------
Total interest-bearing
liabilities $806,615 7,200 1.79
------------
Non-interest bearing liabilities
Demand deposits 148,771
Other liabilities 15,006
----------------
Total liabilities (3) 970,392
Stockholders' equity 100,786
----------------
Total liabilities and
stockholders' equity 1,071,178
================
Net interest income (tax-
equivalent basis) 21,672 4.12
Tax-equivalent basis adjustment (220)
------------
Net interest income 21,452
============
Net interest income as a percent
of interest-earning assets (tax-
equivalent basis) 4.44 %
----------------------------------------------------------------------
(1) Nonaccrual loans and any related interest recorded have been
included in computing the average rate earned on the loan
portfolio. When applicable, tax exempt loans are computed on a
fully taxable equivalent basis using the corporate federal tax
rate of 34%.
(2) Computed on a fully taxable equivalent basis using the corporate
federal tax rate of 34%.
(3) All deposits are in domestic bank offices.
(4) The average balances are based on historical cost and do not
reflect unrealized gains or losses.
----------------------------------------------------------------------
STATEMENT OF CONDITION - SELECTED DATA (Period Ending)
----------------------------------------------------------------------
June 30, March 31, 3 month June 30, 12 month
2004 2004 Change 2003 Change
----------- ----------- -------- ----------- --------
(unaudited) (unaudited)
Loans $883,266 $831,286 6.3 % $805,084 9.7 %
Securities 381,196 388,155 (1.8) 344,945 10.5
Earning assets 1,264,468 1,240,152 2.0 1,161,030 8.9
Total Assets 1,404,439 1,378,765 1.9 1,312,101 7.0
Deposits 1,186,838 1,166,126 1.8 1,136,828 4.4
Borrowings 58,845 53,242 10.5 21,420 174.7
Shareholders'
equity 143,966 144,818 (0.6) 138,003 4.3
Leverage ratio 6.35 % 6.21 % 6.56 %
Risk weighted
ratios:
Tier 1 9.13 9.23 8.97
Total 10.19 10.32 10.11
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Asset quality
---------------------------------------------------------------------
Quarter ended
--------------------------------------------
Net charge offs $528 $381 38.6 % $149 254.4 %
Loan loss allowance (9,788) (9,635) 1.6 (9,537) 2.6
Nonperforming loans $6,573 $8,465 (22.4) $6,832 (3.8)
Foreclosed real estate &
other repossessed assets 201 219 (8.2) 172 16.9
---------- -------- ------- ------- -------
Total Nonperforming assets
("NPA") $6,774 $8,684 (22.0) $7,004 (3.3)
========== ======== ======= ======= =======
Ratio's
--------------------------
Net charge offs as % of
average loans
(annualized) 0.25 % 0.19 % 0.08 %
Loan loss allowance as %
of period-end loans 1.11 1.16 1.18
Loan loss allowance as %
of nonperforming loans 148.9 113.8 139.6
NPA's as a percent of
loans + foreclosed assets 0.77 1.04 0.87
Period Ended
----------------------------
June 30, June 30, 12
month
2004 2003 Change
---------- -------- -------
Net charge offs $528 $394 $134
Net charge offs as % of
average loans
(annualized) 0.13 % 0.12 % 0.01 %
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PROFITABILITY
---------------------------------------------------------------------
(dollars in thousands, except per
share data) Quarter ended
----------------------------------------------------------------------
June 30, March 31, 3 month June 30, 12 month
2004 2004 Change 2003 Change
----------- ----------- -------- ----------- --------
(unaudited) (unaudited) (unaudited)
Net interest
income (taxable
equivalent) $13,098 $12,694 3.2 % $11,712 11.8 %
Provision for
loan and lease
losses 300 375 (20.0) 530 (43.4)
Net gain on sale
of securities 305 514 (40.7) 19 1,505.3
Non-interest
income,
excluding net
gain on sale of
securities 2,387 2,001 19.3 2,625 (9.1)
Non-interest
expense 8,798 8,917 (1.3) 7,696 14.3
Net income $4,355 $3,986 9.3 $4,187 4.0
Basic earnings
per common
share $0.34 $0.31 9.7 % $0.35 (2.9)%
Diluted earnings
per common
share 0.34 0.31 9.7 0.35 (2.9)
Dividends
declared per
common share 0.125 0.125 - 0.110 13.6
Book value per
common share -
end of period $11.30 $11.37 (0.6) $10.79 4.7
Shares
outstanding -
end of period 12,742 12,740 0.0 12,793 (0.4)
Weighted average
shares
outstanding
Basic 12,741 12,767 (0.2) 11,818 7.8
Diluted 12,977 13,028 (0.4) 11,996 8.2
Return on
average assets 1.25 % 1.16 % 1.40 %
Return on
average equity 12.08 11.13 14.03
Net interest
margin 4.20 4.11 4.38
Period Ended
---------------------------------
June 30, June 30, 12 month
2004 2003 Change
----------- ----------- --------
(unaudited) (unaudited)
Net interest
income (taxable
equivalent) $25,793 $21,672 19.0 %
Provision for
loan and lease
losses 675 795 (15.1)
Net gain on sale
of securities 819 19 4,210.5
Non-interest
income,
excluding net
gain on sale of
securities 4,388 4,469 (1.8)
Non-interest
expenses 17,715 14,223 24.6
Net income $8,341 $7,543 10.6
Basic earnings
per common
share $0.65 $0.70 (7.1)%
Diluted earnings
per common
share & share
equivalents 0.64 0.69 (7.2)
Dividends
declared per
common share 0.250 0.220 13.6
Book value per
common share -
end of period $11.30 $10.79 4.7
Shares
outstanding -
end of period 12742 12793 (0.4)
Weighted average
shares
outstanding
Basic 12,754 10,829 17.8
Diluted 13,004 10,987 18.4
Return on
average assets 1.20 % 1.41 %
Return on
average equity 11.61 14.97
Net interest
margin 4.15 4.44
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