Interchange Financial Services Corporation Reports Earnings.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)--Oct. 19, 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 September September: see month. 30, 2000, were $2.4 million or $.37 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 $2.7 million or $.38 per diluted common share in the 1999 period. For the nine months ended September 30, earnings per diluted common share were $1.01 versus $1.04 in the prior year. Return on average equity was 17.04% for the quarter ended September 30, 2000 compared to 17.07% for the 1999 period. The earnings per share and return on average equity comparisons were impacted by non-recurring income items in the 1999 period and costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the Bank's expansion programs in 2000, each of which is described below. For the three and nine month periods ended September 30, 2000, net interest income, on a taxable equivalent basis, increased $155 thousand or 2.0% and $678 thousand or 3.0%, respectively. The increase in each period was driven largely by growth in the loan and lease portfolio, which increased on average by $45.9 million or 9.1% and $41.8 million or 8.5% over the three and nine month periods in 1999, respectively. For the three and nine month periods ended September 30, 2000, non-interest income, excluding net gains on the sale of securities, was $1.2 million and $3.0 million, respectively, a decrease of $427 thousand (26.7%) and $651 thousand (18.0%) for those periods, respectively, as compared to the same periods in 1999. The quarterly non-interest income comparisons were impacted by two non-recurring items in the 1999 period; a gain of $415 thousand from the sale of the Bank's VISA and merchant credit card portfolios and a gain of $365 thousand from the early pay-off of commercial loans purchased at a discount from face value. During the third quarter of 2000, the Company recognized $197 thousand of income from the early pay-off of a commercial loan purchased at a discount. For the three and nine month periods ended September 30, 2000, non-interest expenses were $5.4 million and $15.9 million, respectively. For the respective periods, non-interest expenses increased $305 thousand or 6.0% and $803 thousand or 5.3%, as compared to the same periods in 1999. The increase in non-interest expenses can be attributed principally to the Bank's expansion programs that consisted of the start-up Start-up The earliest stage of a new business venture. and operation of the following: Interchange Capital Company, the Bank's lease financing subsidiary; a new 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. ; and Interchange Bank-Line Center, the Bank's call center. These expansion programs are strategies designed to enhance the Company's franchise value in its trade area. During the fourth quarter of 2000 the Bank plans to open its seventeenth branch office, to be located Ramsey, New Jersey Ramsey is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 14,351. Ramsey was incorporated as a borough by an Act of the New Jersey Legislature on March 10, 1908, from portions of Hohokus Township (now , which will further strengthen the Bank's position in the important northern 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 market. The Company is a $757.6 million-asset commercial bank holding company whose principal subsidiary is the Bank. The Company is a financial intermediary Financial Intermediary An institution that acts as the middleman between investors and firms raising funds. Often referred to as financial institutions. Notes: This can include chartered banks, insurance companies, investment dealers, mutual funds, and pension funds. that, along with its traditional banking, offers a broad range of services such as 24-hour, 7-day-a-week online banking and bill paying services through InterBank in·ter·bank adj. Relating to, involving, or connecting two or more banks: interbank borrowing; an interbank network of automated teller machines. . Customers can also do their stock trading, get insurance and apply for a loan 24-hours, 7-days-a-week through the Bank's web site at www.interchangebank.com. Mutual Funds and Annuities are offered through the Company's Investment Services Program. The Interchange Bank-Line Call Center allows customers to open new accounts over the telephone; and can perform basic banking transactions over the telephone with Interchange Bank-Line. The Business Class Banking Account offers checking with a variety of extra services including Interbanking - a proprietary product which allows the business customer to do routine business banking right from their office PC. And through our subsidiary, Interchange Capital Company, L.L.C., we are able to extend cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. equipment leasing Equipment Leasing is a financing option to lease equipment for a certain amount of time. Leasing Benefits
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 Hillsdale, borough (1990 pop. 9,750), Bergen co., NE N.J.; inc. 1923. It is primarily residential. , 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 Montvale may mean:
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
Third Quarter
Dollars in thousands
except per share data 2000 1999 Actual % Change
Change
Income/Expense
Net Interest income (actual) $7,973 $7,835 $138 1.8 %
Tax equivalent adjustment 64 47 17 36.2
Net interest income (taxable
equivalent) 8,037 7,882 155 2.0
Provision for loan losses 150 300 (150) (50.0)
Net gain on sale of securities - 3 (3) (100.0)
Non-interest income, excluding
net gain on sale of securities 1,174 1,601 (427) (26.7)
Non-interest expenses 5,376 5,071 305 6.0
Net income 2,415 2,705 (290) (10.7)
Per share data
Basic earnings per common
share $0.37 $0.38 ($0.01) (2.6)%
Diluted earnings per common
share and share equivalents $0.37 $0.38 ($0.01) (2.6)
Dividends declared 0.125 0.120 0.005 4.2
Book value - end of period
Key ratios
Return on average assets 1.26 % 1.54 % (0.28)%
Return on average equity 17.04 17.07 (0.03)
Net interest margin 4.38 4.69 (0.31)
Leverage ratio
Risk weighted ratios:
Tier 1
Total
Weighted average shares
outstanding
Basic 6,527,237 7,043,357
Diluted 6,543,589 7,082,038
Shares outstanding -
end of period 6,530,498 6,889,776
Nine months ended September 30,
Dollars in thousands
except per share data 2000 1999 Actual % Change
Change
Income/Expense
Net Interest income (actual) $23,456 $22,821 $635 2.8 %
Tax equivalent adjustment 153 110 43 39.1
Net interest income (taxable
equivalent) 23,609 22,931 678 3.0
Provision for loan losses 750 900 (150) (16.7)
Net gain on sale of securities 97 859 (762) (88.7)
Non-interest income, excluding
net gain on sale of
securities 2,963 3,614 (651) (18.0)
Non-interest expenses 15,908 15,105 803 5.3
Net income 6,599 7,469 (870) (11.6)
Per share data
Basic earnings per common
share $1.01 $1.04 ($0.03) (2.9)%
Diluted earnings per common
share and share equivalents $1.01 $1.04 ($0.03) (2.9)
Dividends declared 0.375 0.360 0.015 4.2
Book value - end of period 9.07 8.71 0.36 4.1
Key ratios
Return on average assets 1.19 % 1.45 % (0.26)%
Return on average equity 15.65 15.78 (0.13)
Net interest margin 4.45 4.66 (0.21)
Leverage ratio 7.75 8.57 (0.82)
Risk weighted ratios:
Tier 1 11.70 13.62 (1.92)
Total 12.90 14.81 (1.91)
Weighted average shares
outstanding
Basic 6,543,706 7,147,513
Diluted 6,562,001 7,182,121
Shares outstanding -
end of period 6,530,498 6,889,776
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
Third Quarter
Dollars in thousands
except per share data 2000 1999 Actual % Change
Change
Average balances
Loans $547,816 $501,900 $45,916 9.1 %
Securities 170,214 159,870 10,344 6.5
Earning assets 733,625 672,044 61,581 9.2
Total Assets 769,028 701,800 67,228 9.6
Interest bearing deposits 556,802 509,412 47,390 9.3
Noninterest bearing deposits 111,943 104,390 7,553 7.2
Other interest bearing
liabilities 36,928 18,031 18,897 104.8
Shareholders' equity 56,692 63,397 (6,705) (10.6)
Period end
Assets
Loans
Deposits
Shareholders' equity
Asset quality
Net charge offs
Total $95 $517 ($422) (81.6)%
As % of average loans
(annualized) 0.07 % 0.41 % (0.34)%
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
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLIDATED FINANCIAL HIGHLIGHTS
Nine months ended September 30,
Dollars in thousands
except per share data 2000 1999 Actual % Change
Change
Average balances
Loans $531,495 $489,722 $41,773 8.5 %
Securities 165,352 152,130 13,222 8.7
Earning assets 707,949 656,792 51,157 7.8
Total Assets 742,330 685,857 56,473 8.2
Interest bearing deposits 534,390 498,527 35,863 7.2
Noninterest bearing deposits 108,486 102,402 6,084 5.9
Other interest bearing
liabilities 36,960 17,428 19,532 112.1
Shareholders' equity 56,228 63,127 (6,899) (10.9)
Period end
Assets $757,636 $698,555 $59,081 8.5 %
Loans 549,033 505,931 43,102 8.5
Deposits 651,648 602,497 49,151 8.2
Shareholders' equity 59,209 60,043 (834) (1.4)
Asset quality
Net charge offs
Total $141 $1,264 ($1,123) (88.8)%
As % of average loans
(annualized) 0.04 % 0.34 % -0.30 %
Loan loss allowance
Total $6,085 $5,281 $804 15.2
As % of period-end loans 1.11 % 1.04 % 0.07 %
As % of nonperforming loans 546.72 493.54 53.18
Nonperforming assets
Total $1,363 $1,320 $43 3.3
Nonperforming loans 1,113 1,070 43 4.0
Foreclosed real estate 250 250 - 0.0
Nonperforming assets as a
percent of loans plus
other real estate owned 0.25 % 0.26 % (0.01)%
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