Interchange Reports Solid Gains in Earnings.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)--April 22, 1999-- 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 (the "Interchange") (AMEX AMEX See: American Stock Exchange : ISB), has reported that earnings for the quarter ended March 31, 1999, were $2.3 million, up 15.6% from $2.0 million for the first quarter of 1998. 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. earnings per common share were $0.32 for the first quarter of 1999 as compared to $0.27 for the same period in 1998, an increase of 18.5%. The earnings growth was driven mostly by an increase in net interest income and gains from the sale of securities. Earnings performance for the quarter was favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. impacted by a $356 thousand increase in net interest income, on a taxable equivalent basis. The improvement was due largely to a 6.6% growth in average loans outstanding for the first quarter of 1999 as compared to the same period in 1998. In addition, net income for the quarter was favorably impacted by approximately $317 thousand of gains (after tax) from the sale of equity securities. Interchange sold the equity securities to eliminate the market-risk exposure following the announcement by the underlying company that it had agreed to merge with another organization. Noninterest expenses increased $247 thousand or 5.3% for first quarter of 1999 as compared to the same period in 1998. The growth was mostly attributable to the opening of a new banking office in Paramus, New Jersey Paramus (IPA: /pəˈræməs/) is a borough in Bergen County, New Jersey, United States. As of the United States 2000 Census, the borough population was 25,737. in the fourth quarter of 1998 and expenses associated with the Year 2000 issue. During the first quarter, the Bank expanded its product offerings by entering into an agreement with a third party provider to offer Discount Brokerage A discount brokerage is a business that charges clients significantly lower fees than traditional brokerages, typically offering comparatively fewer services and/or advice. Services to its customers. In a matter of days, Interchange will begin offering securities trading securities trading, financial activity involving transactions of property such as stocks, bonds, commodities, and currency (see securities). Although the trading of stocks and bonds dates back several centuries in many Western nations, the development of the through its own website, hyperlinked to U.S. Clearing Corp., so that a customer can access their brokerage account Brokerage Account An arrangement between an investor and a licensed brokerage firm that allows the investor to deposit funds with the firm and place investment orders through the brokerage, which then carries out the transactions on the investor's behalf. via the internet. Mr. Abbate stated, "this is an exciting beginning for internet banking with more to come when our website becomes interactive for all services during the year." Interchange is a $675.8 million-asset commercial bank holding company whose principal subsidiary is Interchange 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 15 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 can be found on the World Wide Web at http://www.interchangebank.com -0-
INTERCHANGE
CONSOLDIATED FINANCIAL HIGHLIGHTS
First Quarter
Dollars in thousands ----------------------------------------
except per share data 1999 1998 $ Change % Change
----------------------------------------
(A)
Income/Expense
Net interest income (actual) $7,338 $7,008 $330 4.7 %
Tax equivalent adjustment 35 9 26 288.9
Net interest income
(taxable equivalent) 7,373 7,017 356 5.1
Provision for loan losses 300 219 81 37.0
Net gain on sale of securities 527 - 527 -
Noninterest income 820 958 (138) (14.4)
Noninterest expenses 4,925 4,678 247 5.3
Net income 2,286 1,978 308 15.6
Acquisition expenses,
net of tax effect - 72 (72) -
Net income (before
acquisition costs) 2,286 2,050 236 11.5
Per share data (before deducting
acquisition costs)
Basic earnings $0.32 $0.29(1) $0.03 10.3 %
Diluted earnings 0.32 0.28(1) 0.04 14.3
Dividends declared 0.12 0.10(1) 0.02 20.0
Book value - end of period 8.82 8.03(1) 0.79 9.8
Per share data (after deducting
acquisition costs)
Basic earnings $0.32 $0.28(1) $0.04 14.3 %
Diluted earnings 0.32 0.27(1) 0.05 18.5
Key ratios (before deducting
acquisition costs)
Return on average assets 1.36 % 1.28 % 0.08 % 6.3 %
Return on average equity 14.52 14.41 0.11 0.7
Key ratios (after deducting
acquisition costs)
Return on average assets 1.36 % 1.24 % 0.12 % 9.7 %
Return on average equity 14.52 13.91 0.61 4.4
Net interest margin 4.59 4.60 (0.01) (0.2)
Leverage ratio 9.32 8.75 0.57 6.5
Risk weighted ratios:
Tier 1 14.27 13.15 1.12 8.5
Total 15.53 14.24 1.29 9.1
Weighted average
shares outstanding
Basic 7,205,527 7,166,979(1)
Diluted 7,248,331 7,249,818(1)
Shares outstanding
- end of period 7,214,002 7,189,256(1)
(A) Restated for the effects of the merger with the Jersey Bank for
Savings which was accounted for as a pooling of interests.
(1) Restated for effects of 3 for 2 stock split issued on April 17,
1998 to shareholders of record on March 20, 1998
-0-
INTERCHANGE FINANCIAL SERVICES CORPORATION
CONSOLDIATED FINANCIAL HIGHLIGHTS
First Quarter
Dollars in thousands -----------------------------------------
except per share data 1999 1998 $ Change % Change
-----------------------------------------
(A)
Average balances
Loans $476,222 $446,790 $29,432 6.6%
Securities 147,582 133,566 14,016 10.5
Earning assets 642,312 610,266 32,046 5.3
Total assets 670,658 640,353 30,305 4.7
Interest bearing deposits 487,804 464,314 23,490 5.1
Noninterest bearing
deposits 100,057 88,414 11,643 13.2
Other interest
bearing liabilities 17,263 24,871 (7,608) (30.6)
Shareholders' equity 62,995 56,896 6,099 10.7
Period end
Assets $675,786 $658,620 $17,166 2.6%
Loans 479,481 455,988 23,493 5.2
Deposits 589,400 568,032 21,368 3.8
Shareholders' equity 63,618 57,743 5,875 10.2
Asset quality
Net charge offs
Total $93 $14 $79 564.3%
As % of average loans
(annualized) 0.08% 0.01% 0.07% 700.0
Loan loss allowance
Total $5,853 $5,436 $417 7.7%
As % of period-end loans 1.22% 1.19% 0.03% 2.4
As % of nonperforming
loans 208.22 300.17 (91.95) (30.6)
Nonperforming assets
Total $2,895 $1,811 $1,084 59.9%
Nonperforming loans 2,811 1,811 1,000 55.2
Foreclosed real estate 84 - 84 -
Nonperforming assets
as a percent of loans
plus other real estate
owned 0.60% 0.40% 0.20% 50.0%
(A) Restated for the effects of the merger with the Jersey Bank for
Savings which was accounted for as a pooling of interests.
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