Long Island Financial Corp. Reports Third Quarter Results.ISLANDIA Islandia could refer to:
LICB limited international bidding procedures ), the holding company for Long Island Commercial Bank (the "Bank"), today reported net income of $754,000, or $.47 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. share, for the three months ended September September: see month. 30, 2005, compared to net income of $1.2 million, or $.73 per diluted share for the three months ended September 30, 2004. For the nine months ended September 30, 2005, the Company reported net income of $2.4 million, or $1.52 per diluted share, compared to net income of $1.2 million, or $.74 per diluted share, for the nine months ended September 30, 2004. The financial results for the three and nine months ended September 30, 2004, were substantially impacted by both provisions for loan losses and automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of loan expenses recognized with regard to the Company's automobile loan portfolio. Commenting on the results of the Company for the current quarter, Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. C. Manditch, President and Chief Executive Officer, stated, "current quarter and year to date performance compared to 2004 reflect the effects of our automobile loan portfolio, balance sheet repositioning repositioning Laparoscopic surgery The changing of a Pt's position during a procedure to improve access or visualization of the operative field, which may be linked to complications, as it changes anatomic planes of operation. Cf Laparoscopic surgery. , and the increasingly unfavorable interest rate environment. The quarter ended September 30, 2004 benefited from aggressive cost cutting and expense control, a restructured branch expansion plan, and a steep yield curve. The quarter ended September 30, 2005 reflects our emphasis on core business growth through an improved asset mix. Loan growth was funded from maturing automobile loans and from market opportunities in which investment securities were liquidated DAMAGES, LIQUIDATED, contracts. When the parties to a contract stipulate for the payment of a certain sum, as a satisfaction fixed and agreed upon by them, for the not doing of certain things particularly mentioned in the agreement, the sum so fixed upon is called liquidated damages. (q.v. , which reduced our reliance on borrowed funds. The balance sheet repositioning, combined with an emphasis on increasing core deposit funding, improves our overall interest rate risk profile and better positions us to address anticipated increases in short term rates and a continued flattening
The flattening, ellipticity, or oblateness of an oblate spheroid is the "squashing" of the spheroid's pole, down towards its equator. yield curve." Mr. Manditch continued, "we are excited about opportunities to serve a broader range of clients in new markets with both the establishment of New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Commercial Bank, pending the close of our transaction with New York Community Bancorp, Inc., and the newest addition to the Bank's executive management team, Dennis Dennis is a male first name derived from the Greco-Roman name Dionysius meaning "servant of Dionysus", the Thracian god of wine, which is ultimately derived from the Greek Dios (Διος, "of Zeus") combined with Nysos or Nysa (Νυσα), where the D. Jurs. Dennis, who joined us this week, comes to us with 30 years of middle market commercial lending experience. Dennis currently serves as our Chief Lending Officer and will spearhead the lending effort for New York Commercial Bank." At September 30, 2005, total assets amounted to $532.8 million, a decrease of $5.1 million, or 1.0%, from the $537.9 million held at September 30, 2004. Taking into consideration $17.7 million of matured automobile loans that were repaid, loans at that date, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. and deferred fees, increased by $30.6 million, or 14.1%, from the September 30, 2004 level. Year-over-year, the average balance of demand deposits increased $10.7 million, or 11.0%, from $97.7 million for the nine months ended September 30, 2004, to $108.4 million for the nine months ended September 30, 2005. Similarly, the average balance of savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. increased by $14.2 million, or 13.5%, from $105.2 million for the nine months ended September 30, 2004, to $119.4 million for the nine months ended September 30, 2005. Automobile Loans As discussed in releases for prior periods, the Company continues to monitor the performance of its automobile loan portfolio. At September 30, 2005, the automobile loan portfolio consisted of 524 loans with balances aggregating $10.4 million. Automobile loans represented 4.0% of the Bank's loan portfolio, net of unearned income and deferred fees. Delinquencies at September 30, 2005, were $21,989. The Company incurred operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the automobile loan portfolio of $96,000 for the quarter ended September 30, 2005, compared to $206,000 for the quarter ended September 30, 2004. Those expenses include expenses for legal services legal services n. the work performed by a lawyer for a client. , portfolio servicing and administration, collateral collateral (kəlăt`ərəl), something of value given or pledged as security for payment of a loan. Collateral consists usually of financial instruments, such as stocks, bonds, and negotiable paper, rather than physical goods, although perfection Perfection Giotto’s O perfect circle drawn effortlessly by Giotto. [Ital. Hist.: Brewer Dictionary, 463] golden mean or section , verification See verify. verification - The process of determining whether or not the products of a given phase in the life-cycle fulfil a set of established requirements. and disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of , and audit and accounting services. While the Company expects to continue to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. operating expenses related to the automobile loan portfolio, it expects those expenses to decrease as the portfolio matures. Operating costs operating costs npl → gastos mpl operacionales for the automobile loan portfolio are expensed when incurred and recorded in "automobile loan expense" in the consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: statements of earnings. Supplemental Information On August 1, 2005, the Company and New York Community Bancorp, Inc. ("NYCB NYCB New York City Ballet NYCB New York Community Bank ") entered into an Agreement and Plan of Merger (the "Merger Agreement") under which the Company will merge See mail merge and concatenate. with and into NYCB, with NYCB as the surviving entity, in an all-stock transaction valued at approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $69.8 million. Under the terms of the Merger Agreement, shareholders of the Company will receive 2.32 shares of NYCB common stock for each share of the common stock of the Company held at the closing date. Additional information concerning the Merger Agreement can be found in the Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. filed by the Company on August 3, 2005. On August 24, 2005, the Board of Directors of Long Island Financial Corp. 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 dividend of $.12 per common share. The dividend will be paid on November November: see month. 16, 2005, to stockholders of record on November 1, 2005. Long Island Financial Corp. has set November 16, 2005, as the date of its Special Meeting of Shareholders to vote on the Company's pending merger with New York Community Bancorp, Inc. (NYSE NYSE See: New York Stock Exchange : NYB NYB Not Your Business ). The meeting will start at 12 Noon, Eastern Time, and will be held at Stonebridge Stonebridge or StoneBridge may refer to:
The Town of Smithtown is in Suffolk County, New York on the North Shore of Long Island. As of the United States 2000 Census, the town had a total population of 115,715. . The voting record date is September 30, 2005, and shareholder proxy materials Proxy Materials Documents regulated by the Securities & Exchange Commission in which a public company outlines its methods and procedures. These documents are used to inform shareholders and solicit votes for corporate decisions, such as the election of directors and other were mailed on or about October October: see month. 14, 2005. Long Island Commercial Bank, the wholly-owned subsidiary of Long Island Financial Corp., is a New York state chartered commercial bank, which began operations in January January: see month. of 1990, and provides commercial and consumer banking services through twelve branch offices, maintaining its headquarters in Islandia. The Bank is an independent local bank emphasizing personal service and responsiveness responsiveness Medtalk The ability to respond to a stimulus. See Airway responsiveness. to the needs of its customers.
Branch Offices
--------------
Suffolk County, N.Y. Nassau County, N.Y. Kings County, N.Y.
------------------- ------------------- ------------------
Islandia Babylon Jericho Westbury Bay Ridge-Brooklyn
Central Islip Deer Park
Melville Ronkonkoma
Shirley Smithtown
Hauppauge
This release may contain 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. , which are based on management's current expectations regarding economic, legislative, and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. issues that may impact the Company's earnings in future periods. Factors that could cause future results to vary materially from current management expectations include, but are not limited to, general economic conditions, changes in interest rates, deposit flows, real estate values, and competition; changes in accounting principles, policies, or guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. ; changes in legislation or regulation; and other economic, competitive, governmental, regulatory and technological factors affecting the Company's operations, pricing, products, and services.
LONG ISLAND FINANCIAL CORP.
Consolidated Balance Sheets
(Unaudited)
(In thousands, except share data)
Sept. 30, Dec. 31, Sept. 30,
2005 2004 2004
--------- --------- ---------
Assets:
Cash and due from banks $ 13,399 $ 10,310 $ 11,547
Interest earning deposits 229 37 45
--------- --------- ---------
Total cash and cash
equivalents 13,628 10,347 11,592
Securities available-for-sale, at fair
value 237,196 278,814 258,821
Federal Home Loan Bank stock, at cost 5,943 4,925 6,372
Loans, held for sale 164 604 786
Loans, net of unearned income and
deferred fees 257,676 243,477 244,768
Less allowance for loan losses (3,725) (5,591) (5,794)
--------- --------- ---------
Loans, net 253,951 237,886 238,974
Premises and equipment, net 5,009 5,422 5,504
Accrued interest receivable 2,882 3,342 2,957
Bank owned life insurance 7,998 7,779 7,712
Deferred tax asset, net 4,180 3,169 2,588
Prepaid expenses and other assets 1,802 2,521 2,580
--------- --------- ---------
Total assets $532,753 $554,809 $537,886
--------- --------- ---------
Liabilities and Stockholders' Equity:
Deposits:
Demand deposits $110,374 $ 99,876 $105,324
Savings deposits 104,964 123,142 109,950
NOW and money market deposits 82,341 126,509 85,769
Time deposits, $100,000 or more 15,435 9,863 10,860
Other time deposits 62,703 58,905 61,436
--------- --------- ---------
Total deposits 375,817 418,295 373,339
Federal funds purchased and securities
sold under agreements to repurchase 47,865 27,500 50,430
Other borrowings 71,000 71,000 76,000
Subordinated debentures 7,732 7,732 7,732
Accrued expenses and other liabilities 3,385 3,245 2,976
--------- --------- ---------
Total liabilities $505,799 $527,772 $510,477
--------- --------- ---------
Stockholders' equity:
Common stock (par value $.01 per
share; 10,000,000 shares authorized;
1,881,146, 1,850,378, and 1,846,589
shares issued; 1,544,246, 1,513,478,
and 1,509,689 shares outstanding,
respectively) 19 19 18
Surplus 22,239 21,590 21,500
Retained earnings 13,285 11,417 10,967
Accumulated other comprehensive loss (4,411) (1,811) (898)
Treasury stock at cost, (336,900
shares) (4,178) (4,178) (4,178)
--------- --------- ---------
Total stockholders' equity 26,954 27,037 27,409
--------- --------- ---------
Total liabilities and
stockholders' equity $532,753 $554,809 $537,886
--------- --------- ---------
LONG ISLAND FINANCIAL CORP.
Consolidated Statements of Earnings
(Unaudited)
(In thousands, except share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
-------------------- ---------------------
2005 2004 2005 2004
---------- --------- ---------- ---------
Interest income:
Loans $ 4,293 $ 4,091 $ 12,314 $ 11,762
Securities 2,682 2,803 8,457 8,107
Federal funds sold
and earning
deposits 5 1 77 6
---------- --------- ---------- ---------
Total interest
income 6,980 6,895 20,848 19,875
---------- --------- ---------- ---------
Interest expense:
Savings deposits 529 309 1,440 872
NOW and money
market deposits 429 124 1,442 583
Time deposits,
$100,000 or more 102 51 273 180
Other time
deposits 580 529 1,638 1,770
Borrowed funds 1,089 1,141 2,849 2,778
Subordinated
debentures 205 208 620 621
--------- --------- ---------- ---------
Total interest
expense 2,934 2,362 8,262 6,804
--------- --------- ---------- ---------
Net interest
income 4,046 4,533 12,586 13,071
--------- --------- ---------- ---------
Provision for loan
losses 50 75 175 5,575
--------- --------- ---------- ---------
Net interest
income after
provision for
loan losses 3,996 4,458 12,411 7,496
--------- --------- ---------- ---------
Other operating income:
Service charges on
deposit accounts 680 572 2,024 1,842
Net gain (loss) on
sales and calls
of securities 17 (11) 17 2,869
Net gain on sale
of residential
loans 186 208 469 604
Earnings on bank-
owned life
insurance 92 85 272 480
Other 170 141 561 404
---------- --------- ---------- ---------
Total other
operating
income 1,145 995 3,343 6,199
--------- --------- ---------- ---------
Other operating
expenses:
Salaries and
employee benefits 2,078 1,771 6,330 5,772
Occupancy expense 348 335 1,032 964
Premises and
equipment expense 369 354 1,089 1,120
Automobile loan
expense 96 206 350 1,061
Other 1,088 972 3,201 3,132
--------- --------- ---------- ---------
Total other
operating
expenses 3,979 3,638 12,002 12,049
--------- --------- --------- ---------
Income before
income taxes 1,162 1,815 3,752 1,646
Income taxes 408 664 1,331 471
--------- --------- ---------- ---------
Net income $ 754 $ 1,151 2,421 1,175
--------- --------- ---------- ---------
Basic earnings per
share $ .49 $ .76 $ 1.58 $ .78
--------- --------- ---------- ---------
Diluted earnings per
share $ .47 $ .73 $ 1.52 $ .74
--------- --------- ---------- ---------
Weighted average shares
outstanding 1,543,967 1,508,636 1,533,011 1,503,608
--------- --------- ---------- ---------
Diluted weighted
average shares
outstanding 1,610,782 1,580,404 1,597,040 1,583,682
--------- --------- ---------- ---------
LONG ISLAND FINANCIAL CORP.
(Unaudited)
(In thousands, except share data)
September 30, December 31, September 30,
2005 2004 2004
------------- ------------ -------------
ASSET QUALITY RATIOS
AND OTHER DATA
------------------
Non-accrual loans:
Commercial and
industrial loans $ 200 $ - $ -
Automobile loans - 89 69
------------- ------------ -------------
Total non-accrual
loans 200 89 69
------------- ------------ -------------
Accruing loans
contractually past due 90
days or more as to principal
or interest payments:
Commercial and
industrial loans (1) 2,016 - -
------------- ------------ -------------
Total non-performing loans $ 2,216 $ 89 $ 69
Allowance for loan losses $ 3,725 $ 5,591 $ 5,794
Non-performing loans as a
percent of total loans,
net (2) .86 % .04 % .03 %
Non-performing loans as a
percent of total assets .42 % .02 % .01 %
Allowance for loan losses
as a percent of:
Non-performing loans 168 % 6,282 % 8,397 %
Total loans, net(2) 1.45 % 2.30 % 2.37 %
Book value per share $ 17.45 $ 17.86 $ 18.16
Book value per share, as
adjusted (3) $ 20.31 $ 19.06 $ 18.75
Shares outstanding 1,544,246 1,513,478 1,509,689
Full service offices 12 12 12
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
------------------- --------------------
2005 2004 2005 2004
---------- --------- --------- ---------
Interest rate spread 2.47% 3.00% 2.65% 2.99%
Net interest margin 3.14% 3.45% 3.21% 3.39%
(1) These loans have matured. The Bank is in the process of renewing
these obligations and/or awaiting repayment.
(2) Loans include loans, net of unearned income and deferred fees.
(3) Excludes net unrealized depreciation/appreciation in
available-for-sale securities, net of tax.
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion