Interchange Financial Services Corporation Reports 3rd Quarter Growth in Net Income and Sequential Earnings per Share.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) ): 3rd Quarter Highlights: --Sequential growth in Net Income of 7% and 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 of 6% --Loans grow $44 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 20% --Deposits grow at an annualized rate of 20% Interchange Financial Services Corporation (the "Company") (Nasdaq:IFCJ), holding company 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 fast growing community bank, Interchange Bank (the "Bank"), today reported three and nine month net income of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $4.7 million, up 3.3%, and $13.0 million, up 7.9%, respectively, from the same periods in 2003. Diluted earnings per share ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") for the three months were $0.36 versus $0.35, an increase of 2.9%, as compared to the same period in 2003. For the nine months 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. EPS were $1.00 versus $1.04, a decline of 3.8% primarily as a result of average diluted shares outstanding increasing approximately 11.6% as compared to the same period in 2003. Anthony Abbate, President and Chief Executive Officer, stated, "Interchange continues to experience sequential One after the other in some consecutive order such as by name or number. diluted earnings per share growth which is a function of our ability to continue to enhance our franchise value. This quarter: --Loans grew 20%, on an annualized basis, for the second quarter in a row; and --Deposits grew 20% annualized. Given current economic conditions and competitive pressures, our foresight (graphics, tool) Foresight - A software product from Nu Thena providing graphical modelling tools for high level system design and simulation. to make some tough decisions in the past is paying dividends and bodes well for generating shareholder value. We will continue to invest in technology and human capital as demonstrated by the establishment of a credit administration function to enhance our product offerings and delivery platforms." Commenting further on the Company's performance, Mr. Abbate stated, "As a result of Interchange's ability to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its key strategic initiatives, diluted earnings per share, return on average assets and average equity all grew on a linked-quarter basis." Interchange's financial results for the nine months of 2003 include five months of Bridge View Bancorp's ("Bridge View") operations beginning on April 30, 2003, the acquisition date. 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 fourth 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 1.31% return on average assets ("ROA ROA See: Return on assets ROA See: Right of accumulation ROA See return on assets (ROA). ") and a 12.90% 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. ("ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ") for the third quarter 2004 versus 1.34% and 12.93%, respectively, for the third quarter 2003. Diluted EPS for the three and nine months ended September September: see month. 30, 2004 were $0.36 and $1.00, respectively, as compared to $0.35 and $1.04, respectively, for the same periods in 2003. On a linked-quarter basis ROA and ROE increased 6 basis points and 82 basis points respectively, while diluted EPS increased 6%. Net Interest Income For the third quarter of 2004, net interest income, on a taxable equivalent basis, increased $882 thousand, or 6.9%, from the same period in 2003. For the first nine months, net interest income on a taxable equivalent basis, increased $5.0 million, or 14.5%, from the same period in 2003. The growth for the quarter and nine 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 $97 million and $209 million, which was largely due to a double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" growth in loans. On a linked-quarter basis net interest margin expanded to 4.24% from 4.20% as a result of a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. shift in our asset mix from securities to loans. Non-Interest Income For the three and nine-month periods ending September 30, 2004, non-interest income was $2.9 million and $8.1 million, respectively, as compared to $3.3 million and $7.8 million for the same periods in 2003. During the three month period ended September 30, 2004, we experienced growth in net gains on sales of loans and leases primarily through our 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 lending area, loan fees and service charges, as compared to the same period in the prior year. For the nine months increases in loan fees and service charges, gains on sales of securities and deposit service charges contributed to our non-interest income growth. The growth in these items was offset in part by a decline in BOLI BOLI Bank-Owned Life Insurance BOLI Bureau of Labor and Industries income. Non-Interest Expense Non-interest expense for the quarter amounted to $9.3 million, an increase of $509 thousand or 5.8% as compared to same quarter in 2003. For the nine-month period, non-interest expense amounted to $27.0 million, an increase of $4.0 million, or 17.4%, as compared to the same period last year. The increase for each reporting period was due largely to additional salary and benefit expense. The increase in salary and benefit expense for the nine months was primarily a result of the personnel expense at the eleven Bridge View branches being included for the nine months in 2004 versus only five months in 2003. For the three months, the rise in salary and benefit costs was primarily due to an increase in our commercial lending and credit areas and normal increases related to salaries and benefits. Total Loans At September 30, 2004, total loans were approximately $927.2 million, an increase of $130.6 million, or 16.4%, as compared to December December: see month. 31, 2003. Growth occurred in both the commercial and consumer portfolios which increased $82.3 million and $52.7 million, respectively. The Company's non-performing assets increased to $9.6 million at September 30, 2004 as compared to $8.8 million at December 31, 2003. Non-performing assets represented 1.04% 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 September 30, 2004, and represented 104.5% 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 1.06% of total loans and leases. Post-Earnings Conference Call The Bank will hold a conference call on Thursday Thursday: see week. , October October: see month. 28, 2004, at 2 p.m. (Eastern Time) to discuss the financial results for its third fiscal quarter ending September 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 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 $1.5 billion in assets and 29 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
A middle-market newspaper is one that attempts to cater to readers who want some entertainment value from their newspaper as well as adequate serious coverage of significant news companies. For additional information, please visit the company's Web site at www.interchangebank.com. 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 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.
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
CONSOLIDATED BALANCE SHEETS
(dollars in thousands)
September December
30, 31,
2004 2003 Change
----------- ----------- ------
(unaudited)
Assets
Cash and due from banks $36,347 $31,423 15.7 %
Interest earning deposits 2 12 (83.3)
Federal funds sold 17,300 - -
Securities 372,757 452,060 (17.5)
Loans and leases
Commercial 592,960 510,667 16.1
Lease Financing 23,968 28,427 (15.7)
Consumer 310,226 257,487 20.5
----------- ----------- ------
927,154 796,581 16.4
Allowance for loan and lease losses -9,797 -9,641 1.6
----------- ----------- ------
Net loans 917,357 786,940 16.6
Premises and equipment, net 17,878 20,343 (12.1)
Foreclosed real estate and other
repossesed assets 246 230 7.0
Bank Owned Life Insurance 22,585 21,853 3.3
Goodwill and other intangible assets 59,739 60,089 (0.6)
Accrued interest receivable and other
assets 17,023 12,922 31.7
----------- ----------- ------
Total assets $1,461,234 $1,385,872 5.4
=========== =========== ======
Liabilities
Deposits $1,245,314 $1,156,798 7.7
Borrowings 53,756 72,109 (25.5)
Accrued interest payable and other
liabilities 14,387 13,772 4.5
----------- ----------- ------
Total liabilities 1,313,457 1,242,679 5.7
----------- ----------- ------
Total stockholders' equity 147,777 143,193 3.2
----------- ----------- ------
Total liabilities and
stockholders' equity $1,461,234 $1,385,872 5.4
=========== =========== ======
CONSOLIDATED INCOME STATEMENTS
(dollars in thousands)
Three Months Ended
September 30,
-------------------------------
2004 2003 Change
----------- ----------- -------
(unaudited) (unaudited)
Interest income:
Interest and fees on loans $13,877 $13,044 6.4 %
Interest on federal funds sold 33 68 (51.5)
Interest on interest earning deposits - 36 (100.0)
Interest and dividends on securities:
Taxable interest income 2,630 2,507 4.9
Interest income exempt from
federal income taxes 303 254 19.3
Dividends 33 56 (41.1)
----------- ----------- -------
Total interest income 16,876 15,965 5.7
----------- ----------- -------
Interest expense:
Interest on deposits 3,085 3,204 (3.7)
Interest on borrowings 331 167 98.2
----------- ----------- -------
Total interest expense 3,416 3,371 1.3
----------- ----------- -------
Net interest income 13,460 12,594 6.9
Provision for loan and lease losses 300 485 (38.1)
----------- ----------- -------
Net interest income after provision
for loan & lease losses 13,160 12,109 8.7
----------- ----------- -------
Non-interest income:
Service fees on deposit accounts 1,001 998 0.3
Net gain on sale of securities 163 501 (67.5)
Other 1,713 1,836 (6.7)
----------- ----------- -------
Total non-interest income 2,877 3,335 (13.7)
----------- ----------- -------
Non-interest expense:
Salaries and benefits 5,029 4,707 6.8
Net occupancy 1,325 1,282 3.4
Furniture and equipment 327 373 (12.3)
Advertising and promotion 346 400 (13.5)
Other 2,240 1,996 12.2
----------- ----------- -------
Total non-interest expense 9,267 8,758 5.8
----------- ----------- -------
Income before income taxes 6,770 6,686 1.3
Income taxes 2,109 2,175 (3.0)
----------- ----------- -------
Net income $4,661 $4,511 3.3
=========== =========== =======
Basic earnings per common share $0.37 $0.35 5.7
Diluted earnings per common share $0.36 $0.35 2.9
Nine Months Ended
September 30,
-------------------------------
2004 2003 Change
----------- ----------- -------
(unaudited) (unaudited)
Interest income:
Interest and fees on loans $39,709 $36,370 9.2 %
Interest on federal funds sold 70 252 (72.2)
Interest on interest earning deposits - 57 (100.0)
Interest and dividends on securities:
Taxable interest income 7,841 7,119 10.1
Interest income exempt from
federal income taxes 851 654 30.1
Dividends 74 165 (55.2)
----------- ----------- -------
Total interest income 48,545 44,617 8.8
----------- ----------- -------
Interest expense:
Interest on deposits 8,672 10,027 (13.5)
Interest on borrowings 943 544 73.3
----------- ----------- -------
Total interest expense 9,615 10,571 (9.0)
----------- ----------- -------
Net interest income 38,930 34,046 14.3
Provision for loan and lease losses 975 1,280 (23.8)
----------- ----------- -------
Net interest income after provision
for loan & lease losses 37,955 32,766 15.8
----------- ----------- -------
Non-interest income:
Service fees on deposit accounts 2,778 2,559 8.6
Net gain on sale of securities 982 520 88.8
Other 4,324 4,744 (8.9)
----------- ----------- -------
Total non-interest income 8,084 7,823 3.3
----------- ----------- -------
Non-interest expense:
Salaries and benefits 14,541 12,528 16.1
Net occupancy 3,977 3,305 20.3
Furniture and equipment 987 979 0.8
Advertising and promotion 1,209 1,137 6.3
Other 6,268 5,032 24.6
----------- ----------- -------
Total non-interest expense 26,982 22,981 17.4
----------- ----------- -------
Income before income taxes 19,057 17,608 8.2
Income taxes 6,055 5,554 9.0
----------- ----------- -------
Net income $13,002 $12,054 7.9
=========== =========== =======
Basic earnings per common share $1.02 $1.05 (2.9)
Diluted earnings per common share $1.00 $1.04 (3.8)
Analysis of Net Interest Income
----------------------------------------------------------------------
for the quarter ended September 30,
(dollars in thousands) 2004
----------------------------
(unaudited) Average Average
Balance Interest Rate
----------- -------- -------
Assets
Interest earning assets:
Loans (1) $903,113 $13,913 6.16 %
Taxable securities (4) 346,836 2,663 3.07
Tax-exempt securities (2) (4) 26,930 444 6.59
Interest earning deposits 12 - -
Federal funds sold 8,899 33 1.48
----------- -------- -------
Total interest-earning assets 1,285,790 17,053 5.31
--------
Non-interest earning assets:
Cash and due from banks 36,837
Allowance for loan and lease losses (9,981)
Other assets 114,422
-----------
Total assets $1,427,068
===========
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest bearing deposits $969,217 3,085 1.27
Borrowings 61,043 331 2.17
----------- -------- -------
Total interest-bearing liabilities 1,030,260 3,416 1.33
--------
Non-interest bearing liabilities
Demand deposits 235,869
Other liabilities 16,427
-----------
Total liabilities (3) 1,282,556
Stockholders' equity 144,512
-----------
Total liabilities and stockholders'
equity $1,427,068
===========
Net interest income (tax-equivalent
basis) 13,637 3.98
Tax-equivalent basis adjustment (177)
--------
Net interest income $13,460
========
Net interest income as a percent of
interest-earning assets
(tax-equivalent basis) 4.24 %
2003
----------------------------
Average Average
Balance Interest Rate
----------- -------- -------
Assets
Interest earning assets:
Loans (1) $788,705 $13,094 6.64 %
Taxable securities (4) 325,435 2,562 3.15
Tax-exempt securities (2) (4) 29,873 365 4.89
Interest earning deposits 13,996 36 1.03
Federal funds sold 30,571 69 0.90
----------- -------- -------
Total interest-earning assets 1,188,580 16,126 5.43
--------
Non-interest earning assets:
Cash and due from banks 42,652
Allowance for loan and lease losses (9,704)
Other assets 120,090
-----------
Total assets $1,341,618
===========
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest bearing deposits $946,970 3,204 1.35
Borrowings 27,436 167 2.43
----------- -------- -------
Total interest-bearing liabilities 974,406 3,371 1.38
--------
Non-interest bearing liabilities
Demand deposits 211,765
Other liabilities 15,901
-----------
Total liabilities (3) 1,202,072
Stockholders' equity 139,546
-----------
Total liabilities and
stockholders' equity $1,341,618
===========
Net interest income (tax-equivalent
basis) 12,755 4.05
Tax-equivalent basis adjustment (161)
--------
Net interest income 12,594
========
Net interest income as a percent of
interest-earning assets
(tax-equivalent basis) 4.29 %
----------------------------------------------------------------------
(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 September 30,
(dollars in thousands) 2004
-----------------------------
(unaudited) Average Average
Balance Interest Rate
----------- -------- -------
Assets
Interest earning assets
Loans (1) $851,936 $39,821 6.23 %
Taxable securities (4) 371,774 7,915 2.84
Tax-exempt securities (2) (4) 24,964 1,238 6.61
Interest earning deposits 10 - -
Federal funds sold 8,088 70 1.15
----------- --------
Total interest-earning assets 1,256,772 49,044 5.20
--------
Non-interest earning assets
Cash and due from banks 36,239
Allowance for loan and lease losses (9,812)
Other assets 117,245
-----------
Total assets $1,400,444
===========
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest bearing deposits $949,929 8,672 1.22
Borrowings 60,426 943 2.08
----------- --------
Total interest-bearing liabilities 1,010,355 9,615 1.27
--------
Non-interest bearing liabilities
Demand deposits 230,919
Other liabilities 15,194
-----------
Total liabilities (3) 1,256,468
Stockholders' equity 143,976
-----------
Total liabilities and stockholders'
equity $1,400,444
===========
Net interest income (tax-equivalent
basis) 39,429 3.93
Tax-equivalent basis adjustment (499)
--------
Net interest income $38,930
========
Net interest income as a percent of
interest-earning assets
(tax-equivalent basis) 4.18 %
2003
-----------------------------
Average Average
Balance Interest Rate
Assets ----------- -------- -------
Interest earning assets
Loans (1) $712,480 $36,489 6.83 %
Taxable securities (4) 270,379 7,284 3.59
Tax-exempt securities (2) (4) 26,529 916 4.60
Interest earning deposits 7,427 57 1.02
Federal funds sold 31,145 253 1.08
----------- -------- -------
Total interest-earning assets 1,047,960 44,999 5.73
--------
Non-interest earning assets
Cash and due from banks 34,229
Allowance for loan and lease losses (8,515)
Other assets 88,642
-----------
Total assets 1,162,316
===========
Liabilities and stockholders' equity
Interest-bearing liabilities
Interest bearing deposits $836,922 10,027 1.60
Borrowings 26,238 544 2.76
----------- --------
Total interest-bearing liabilities $863,160 10,571 1.63
--------
Non-interest bearing liabilities
Demand deposits 170,000
Other liabilities 15,308
-----------
Total liabilities (3) 1,048,468
Stockholders' equity 113,848
-----------
Total liabilities and
stockholders' equity 1,162,316
===========
Net interest income (tax-equivalent
basis) 34,428 4.10
Tax-equivalent basis adjustment (381)
--------
Net interest income 34,047
========
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.
STATEMENT OF CONDITION - SELECTED DATA (Period Ending)
September 3 September 12
30, June 30, month 30, month
2004 2004 Change 2003 Change
----------- ---------- ------ ----------- ------
(unaudited) (unaudited)
Loans $927,154 $883,266 5.0 % $783,686 18.3 %
Securities 372,757 379,932 (1.9) 410,217 (9.1)
Earning assets 1,317,213 1,263,204 4.3 1,208,923 9.0
Total Assets 1,461,234 1,403,690 4.1 1,349,144 8.3
Deposits 1,245,314 1,186,838 4.9 1,164,783 6.9
Borrowings 53,756 58,845 (8.6) 28,619 87.8
Shareholders' equity 147,777 143,217 3.2 141,029 4.8
Leverage ratio 6.43 % 6.40 % 6.18 %
Risk weighted ratios:
Tier 1 9.07 9.11 9.32
Total 10.09 10.16 10.43
Asset quality
Quarter ended
-------------------------------------------------
Net charge offs $291 $147 98.0 % $1,061 (72.6)%
Loan loss allowance (9,797) (9,788) 0.1 (9,355) 4.7
Nonperforming loans $9,373 $6,573 42.6 $7,923 18.3
Restuctured Loans - - - - -
Foreclosed real
estate & other
repossessed assets 246 201 22.4 251 (2.0)
----------- ---------- ------ ----------- ------
Total
Nonperforming
assets ("NPA") $9,619 $6,774 42.0 $8,174 17.7
=========== ========== ====== =========== ======
Ratio's
---------------------
Net charge offs as %
of average loans
(annualized) 0.13 % 0.07 % 0.34 %
Loan loss allowance
as % of period-end
loans 1.06 1.11 1.19
Loan loss allowance
as % of
nonperforming loans 104.5 148.9 118.1
NPA's as a percent of
loans + foreclosed
assets 1.04 0.77 1.04
Period Ended
------------------------------
September September 12
30, 30, month
2004 2003 Change
----------- ---------- ------
Net charge offs 819 $1,061 -$242
Net charge offs as %
of average loans
(annualized) 0.13 % 0.20 %(0.07)%
PROFITABILITY
(dollars in thousands, except per share data)
Quarter ended
--------------------------------------------------
September 3 September 12
30, June 30, month 30, month
2004 2004 Change 2003 Change
----------- ----------- ------ ----------- ------
(unaudited) (unaudited) (unaudited)
Net interest income
(taxable
equivalent) $13,637 $13,098 4.1 % $12,755 6.9 %
Provision for loan
and lease losses 300 300 - 485 (38.1)
Net gain on sale of
securities 163 305 (46.6) 501 (67.5)
Non-interest income,
excluding net gain
on sale of
securities 2,714 2,387 13.7 2,834 (4.2)
Non-interest expense 9,267 8,798 5.3 8,758 5.8
Net income $4,661 $4,355 7.0 $4,511 3.3
Basic earnings per
common share $0.37 $0.34 8.8 % $0.35 5.7 %
Diluted earnings per
common share 0.36 0.34 5.9 0.35 2.9
Dividends declared
per common share 0.125 0.125 - 0.110 13.6
Special dividends
declared per common
share - - - -
Book value per
common share - end
of period $11.59 $11.24 3.1 $11.02 5.2
Shares outstanding -
end of period 12,746 12,742 0.0 12,793 (0.4)
Weighted average
shares outstanding
Basic 12,744 12,741 0.0 12,772 (0.2)
Diluted 12,976 12,977 (0.0) 12,970 0.0
Return on average
assets 1.31 % 1.25 % 1.34 %
Return on average
equity 12.90 12.08 12.93
Net interest margin 4.24 4.20 4.29
Period Ended
-------------------------------
September September 12
30, 30, month
2004 2003 Change
----------- ----------- ------
(unaudited) (unaudited)
Net interest income
(taxable
equivalent) $39,429 $34,428 14.5 %
Provision for loan
and lease losses 975 1,280 (23.8)
Net gain on sale of
securities 982 520 88.8
Non-interest income,
excluding net gain
on sale of
securities 7,102 7,303 (2.8)
Non-interest
expenses 26,982 22,981 17.4
Net income $13,002 $12,054 7.9
Basic earnings per
common share $1.02 $1.05 (2.9)%
Diluted earnings per
common share &
share equivalents 1.00 1.04 (3.8)
Dividends declared
per common share 0.375 0.330 13.6
Book value per
common share - end
of period $11.59 $11.02 5.2
Shares outstanding -
end of period 12,746 12,794 (0.4)
Weighted average
shares outstanding
Basic 12,751 11,483 11.0
Diluted 12,982 11,634 11.6
Return on average
assets 1.24 % 1.38 %
Return on average
equity 12.04 14.12
Net interest margin 4.18 4.38
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