Printer Friendly

First Colorado Bancorp, Inc. Announces Increased Earnings Per Share

LAKEWOOD, Colo., Jan. 14 /PRNewswire/ -- Malcolm E. Collier, Chairman and CEO of First Colorado Bancorp, Inc. (Nasdaq: FFBA), the parent corporation of First Federal Bank of Colorado, today announced increased earnings per share for the quarter and for the twelve months ended December 31, 1997.

Earnings per fully diluted share for the three months ended December 31, 1997 were $0.36 compared to $0.25 for the comparable 1996 period, while earnings per fully diluted share for the twelve months ended December 31, 1997 were $1.22 compared to $0.95 for the comparable 1996 period. Earnings for the quarter ended December 31, 1997 were $5.9 million, compared with earnings of $4.3 million for the fourth quarter of 1996. Earnings for the twelve months ended December 31, 1997 were $19.9 million, compared with earnings of $17.7 million for the comparable period in 1996. Book value per share at December 31, 1997 was $12.45.

Return on average stockholders' equity of the Company was 11.45% for the three months ended December 31, 1997 compared to 7.90% for the comparable 1996 period. Return on average stockholders' equity was 9.92% for the twelve months ended December 31, 1997 compared to 7.57% for the comparable 1996 period. Return on average assets of the Company was 1.52% for the three months ended December 31, 1997 compared to 1.14% for the comparable 1996 period. Return on average assets was 1.31% for the twelve months ended December 31, 1997 compared to 1.18% for the comparable 1996 period.

The numbers presented above for the twelve months ended December 31, 1996 do not include the special one-time assessment of $4.3 million (net of tax benefit) to recapitalize the Savings Association Insurance Fund (SAIF). President Clinton signed legislation on September 30, 1996 requiring all banks and savings associations with accounts insured by SAIF (administered by the Federal Deposit Insurance Corporation) to pay a special assessment to recapitalize the fund. First Federal's assessment was $7.0 million before taxes, which was charged to earnings during the third quarter of 1996. Including the special SAIF assessment, First Colorado Bancorp reported net income of $13.4 million for the twelve months ended December 31, 1996, and return on average assets, return on average equity, and earnings per fully diluted share of 0.89%, 5.72%, and $0.72, respectively.

First Colorado Bancorp, Inc. completed the acquisition of Delta Federal Savings, F.S.B., Delta, Colorado, on September 30, 1997, effective October 1, 1997. Amounts and ratios presented above reflect the acquisition.

First Colorado Bancorp, Inc. trades on the Nasdaq National Market under the symbol FFBA, and is the largest publicly traded bank or thrift institution based in Colorado. For more information, please contact Bill Marcoux or Brian L. Johnson at (303) 232-2121.
 First Colorado Bancorp, Inc. and Subsidiary
 Consolidated Statements of Financial Condition
 (dollars in thousands)
 12/31/97
 (unaudited) 12/31/96


Assets
 Cash and due from banks $27,218 $21,449


Federal funds sold and
 other interest-earning assets 16,687 27,783


Investment Securities:
 Held-to-maturity 73,944 61,642
 Available-for-sale, at market value 5,951 11,099


Mortgage-backed securities, net:
 Held-to-maturity 209,998 273,602
 Available-for-sale, at market value 6,384 7,687
 Loans receivable, net 1,164,602 1,061,524
 Accrued interest receivable 8,356 8,059
 Office properties and equipment, net 23,606 22,930
 Federal Home Loan Bank stock 11,277 9,554
 Real estate owned 225 1,457
 Goodwill/core deposit intangible 4,251 2,757
 Other assets 2,775 3,956
 Total assets $1,555,274 $1,513,499


Liabilities
 Deposits 1,181,976 1,135,823
 Advances from Federal Home Loan Bank 122,410 122,515
 Other borrowed money 4,479 5,009
 Advances by borrowers for taxes and insurance 8,369 8,312
 Current/deferred income taxes 4,731 4,529
 Other liabilities 24,000 20,687
 Total liabilities 1,345,965 1,296,875


Stockholders' Equity

Common stock, $0.10 par value (50,000,000 shares

authorized; 20,134,256 shares issued

at December 31, 1997 and December 31, 1996;

16,808,372 and 18,184,108 shares

outstanding at December 31, 1997 and
 December 31, 1996, respectively) 2,013 2,013
 Additional paid-in capital 155,047 151,581


Treasury stock (3,325,884 and 1,950,148 shares,
 respectively, at cost) (53,562) (28,957)
 Unearned ESOP shares (10,523) (12,063)
 Unearned MRP/MSBP shares (3,338) (3,929)


Unrealized gain on securities
 available for sale (net of tax) (215) 365
 Retained earnings, partially restricted 119,887 107,614
 Total stockholders' equity 209,309 216,624
 Total liabilities and stockholders' equity $1,555,274 $1,513,499
 First Colorado Bancorp, Inc. and Subsidiary
 Consolidated Statements of Earnings
 (dollars in thousands, except per share amounts) (unaudited)
 For the twelve months ended
 12/31/97 12/31/96


Interest income:
 Loans $87,333 78,842
 Mortgage-backed securities 15,038 19,123
 Investment securities 5,231 5,440
 Other 346 1,223
 Total interest income 107,948 104,628


Interest expense:
 Deposits 51,247 48,992
 Borrowed funds 8,767 8,202
 Total interest expense 60,014 57,194
 Net interest income 47,934 47,434
 Provision (credit) for loan losses (739) 1,143
 Net interest income after provision for loan losses 48,673 46,291


Noninterest income:
 Fees and service charges 5,336 4,773
 Gain on sale of loans and investments, net 1,511 218
 Net income from real estate operations 1,148 337
 Rental income 187 170
 Total noninterest income 8,182 5,498


Noninterest expense:
 Compensation 14,708 12,215
 Occupancy 4,118 3,805
 Provision (credit) for losses on real estate owned (114) 2
 Credit for losses on federal funds sold -- (618)
 Professional fees 711 779
 Advertising 995 1,002
 Printing, supplies and postage 1,136 1,093
 FDIC premiums 729 9,392
 Other, net 2,833 2,836
 Total noninterest expense 25,116 30,506
 Earnings before income taxes 31,739 21,283
 Income tax expense 11,825 7,911
 Net earnings (loss) $19,914 13,372
 Net earnings without SAIF special assessment 17,689
 Fully diluted earnings (loss) per share 1.22 0.72


Fully diluted earnings per share without SAIF
 special assessment 0.95
 Fully diluted shares outstanding 16,377,985 18,695,570
 First Colorado Bancorp, Inc. and Subsidiary
 Consolidated Statements of Earnings
 (dollars in thousands, except per share amounts) (unaudited)
 For the three months ended
 12/31/97 09/30/97 06/30/97 03/31/97 12/31/96


Interest income:
 Loans 22,729 22,008 21,530 21,066 20,768


Mortgage-backed
 securities 3,527 3,852 3,305 4,354 4,543
 Investment securities 1,414 1,321 1,291 1,205 1,303
 Other 103 46 107 90 58
 Total interest income27,773 27,227 26,233 26,715 26,672


Interest expense:
 Deposits 13,194 12,919 12,738 12,396 12,623
 Borrowed funds 2,241 2,261 2,194 2,071 2,123


Total interest
 expense 15,435 15,180 14,932 14,467 14,746
 Net interest income 12,338 12,047 11,301 12,248 11,926


Provision (credit)
 for loan losses 27 (1,320) 335 219 618


Net interest income

after provision for
 loan losses 12,311 13,367 10,966 12,029 11,308


Noninterest income:

Fees and service
 charges 1,542 1,336 1,260 1,198 1,210


Gain on sale of loans
 and investments, net 1,333 79 63 36 77


Net income from real
 estate operations 877 133 87 51 40
 Rental income 48 45 45 49 45


Total noninterest
 income 3,800 1,593 1,455 1,334 1,372


Noninterest expense:
 Compensation 4,180 3,933 3,382 3,213 3,358
 Occupancy 1,113 1,043 1,021 941 945


Provision (credit) for

losses on real
 estate owned (93) (21) (19) 19 (2)


Credit for losses on
 federal funds sold -- -- -- -- (600)
 Professional fees 184 193 154 180 174
 Advertising 278 266 249 202 242


Printing, supplies
 and postage 288 263 291 294 292
 FDIC premiums 186 183 182 178 512
 Other, net 686 732 758 657 708


Total noninterest
 expense 6,822 6,592 6,018 5,684 5,629


Earnings before
 income taxes 9,289 8,368 6,403 7,679 7,051
 Income tax expense 3,395 3,188 2,378 2,864 2,771
 Net earnings (loss) 5,894 5,180 4,025 4,815 4,280


Net earnings without
 SAIF special assessment-- -- -- -- --


Fully diluted earnings
 (loss) per share 0.36 0.32 0.25 0.29 0.25


Fully diluted earnings

per share without SAIF
 special assessment -- -- -- -- --


Fully diluted

shares outstanding16,437,69716,083,673 16,024,283 16,413,105 17,419,631
 First Colorado Bancorp, Inc. and Subsidiary
 Financial Highlights
 (dollars in thousands, except per share amounts) (unaudited )
 For the twelve months ended
 At period end 12/31/97 12/31/96
 Assets $1,555,274 1,514,086
 Investment securities: Available-for-sale 5,951 10,865
 Held-to-maturity 73,944 61,876


Mortgage-backed and other asset-backed
 securities, net: Available-for-sale 6,384 7,687
 Held-to-maturity 209,998 273,602
 Loans, net 1,164,602 1,061,524
 Deposits 1,181,976 1,135,823
 Borrowings 126,889 127,524
 Stockholders' equity 209,309 216,622
 Book value per share 12.45 11.91
 Tangible book value per share 12.20 11.76
 Shares outstanding (in thousands) 16,808 18,184


Average balances
 Assets $1,521,552 1,495,256
 Stockholders' equity 200,735 233,610
 Interest-earning assets 1,458,910 1,426,241
 Interest-bearing liabilities 1,287,810 1,227,782
 Fully diluted shares (in thousands) 16,378 18,696


Ratios
 Return on average assets 1.31% 0.89%
 ROA without SAIF special assessment -- 1.18
 Return on average total stockholders' equity 9.92 5.72
 ROE without SAIF special assessment -- 7.57
 Net interest spread 2.74 2.68
 Net interest margin 3.29 3.33
 Equity to assets (period end) 13.46 14.31
 Tangible capital ratio (Bank only) 12.25 11.87
 Core capital ratio (Bank only) 12.49 12.03
 Risk-based capital ratio (Bank only) 23.76 23.84


Asset quality (period end)
 Nonperforming loans ("NPLs") 2,113 1,452
 Nonperforming assets ("NPAs") 2,338 2,914
 Allowance for loan losses 4,716 3,850
 NPLs as a % of total loans 0.18% 0.14%
 NPAs as a % of total assets 0.15 0.19


Allowance for loan losses
 as a % of total loans 0.40 0.36
 First Colorado Bancorp, Inc. and Subsidiary
 Financial Highlights
 (dollars in thousands, except per share amounts) (unaudited )
 For the three months ended
 At period end 12/31/97 09/30/97 06/30/97 03/31/97 12/31/96
 Assets 1,555,274 1,512,605 1,509,861 1,509,514 1,514,086


Investment securities:
 Available-for-sale 5,951 6,782 6,501 6,063 10,865
 Held-to-maturity 73,944 73,937 72,930 74,990 61,876


Mortgage-backed and

other asset-backed

securities, net:
 Available-for-sale 6,384 6,448 6,704 7,471 7,687
 Held-to-maturity 209,998 229,062 245,281 258,728 273,602
 Loans, net 1,164,602 1,122,509 1,103,996 1,086,026 1,061,524
 Deposits 1,181,976 1,148,866 1,145,562 1,154,455 1,135,823
 Borrowings 126,889 134,915 142,443 132,112 127,524


Stockholders'
 equity 209,309 197,849 194,713 192,089 216,622


Book value per
 share 12.45 12.00 11.76 11.60 11.91


Tangible book value
 per share 12.20 11.85 11.60 11.44 11.76


Shares outstanding
 (in thousands) 16,808 16,485 16,561 16,555 18,184


Average balances
 Assets 1,552,646 1,510,696 1,508,872 1,505,824 1,507,110


Stockholders'
 equity 205,934 196,362 193,973 202,283 216,817


Interest-earning
 assets 1,483,262 1,449,707 1,449,284 1,447,519 1,443,597


Interest-bearing
 liabilities 1,311,603 1,285,499 1,284,485 1,268,385 1,253,666


Fully diluted shares
 (in thousands) 16,438 16,084 16,024 16,697 17,420


Ratios

Return on average
 assets 1.52% 1.37% 1.07% 1.28% 1.14%


ROA without SAIF special
 assessment -- -- -- -- --


Return on average

total stockholders'
 equity 11.45 10.55 8.30 9.52 7.90


ROE without SAIF
 special assessment -- -- -- -- --


Net interest
 spread 2.78 2.79 2.59 2.82 2.69


Net interest
 margin 3.33 3.32 3.12 3.38 3.30


Equity to assets
 (period end) 13.46 13.08 12.90 12.73 14.31


Tangible capital ratio
 (Bank only) 12.25 11.82 11.41 11.11 11.87


Core capital ratio
 (Bank only) 12.49 11.97 11.56 11.27 12.03


Risk-based capital ratio
 (Bank only) 23.76 22.67 22.10 21.92 23.84


Asset quality (period end)

Nonperforming loans
 ("NPLs") 2,113 1,831 2,181 1,314 1,457


Nonperforming assets
 ("NPAs") 2,338 3,078 3,433 2,943 2,914


Allowance for
 loan losses 4,716 4,356 4,182 4,017 3,850


NPLs as a % of
 total loans 0.18% 0.16% 0.20% 0.12% 0.14%


NPAs as a % of
 total assets 0.15 0.20 0.23 0.20 0.19


Allowance for loan

losses as a % of
 total loans 0.40 0.39 0.38 0.37 0.36


SOURCE First Colorado Bancorp Inc.
 -0- 01/14/98


/CONTACT: Bill Marcoux or Brian L. Johnson, both of First Colorado Bancorp Inc., 303-232-2121/

(FFBA)

CO: First Colorado Bancorp Inc. ST: Colorado IN: FIN SU: ERN

SF-TM -- LAW068 -- 9087 01/14/98 19:21 EST http://www.prnewswire.com
COPYRIGHT 1998 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1998 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 14, 1998
Words:2329
Previous Article:ConAgra Acquires Zoll Foods
Next Article:Price Enterprises, Inc. Announces Quarterly Dividend
Topics:

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters