Business Services Industry
Haven Bancorp Reports Third Quarter Earnings; Columbia Federal Savings Bank Renamed CFS Bank
Business Wire, Oct 23, 1997
Selected Financial Ratios
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
Return on average assets 0.54% 0.79%(a) 0.62% 0.84%(a)
Return on average equity 9.01 12.72(a) 10.26 13.71(a)
Net interest spread 2.94 3.06 3.01 3.10
Net interest margin 3.06 3.21 3.16 3.26
Operating expenses to
average assets (1) 2.63 1.98 2.46 2.05
(a) Excludes the SAIF assessment of $6.8 million, the pension freeze
benefit of $560,000 and the related tax effects, and the tax benefits
relating to New York State income taxes recorded in the third quarter
of 1996.
(1) Equals non-interest expense less provision for losses on REO,
net REO expenses and non-performing loan expenses of $(25,000),
$80,000, $217,000 and $375,000 for the three-month and nine-month
periods ended September 30, 1997 and 1996, respectively.
September 30, December 31,
1997 1996
Stockholders' equity to assets 6.00% 6.28%
Stockholders' equity per share $25.07 $22.98
Non-performing loans to total loans 1.18% 1.64%
Non-performing assets to total assets 0.76 0.94
Allowance for loan losses to
non-performing loans 95.03 77.05
Allowance for loan losses to total
loans 1.12 1.26
-0-
HAVEN BANCORP, INC.
Consolidated Statements of Income
(in thousands, except per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
1997 1996 1997 1996
INTEREST INCOME
Loans $ 20,619 $ 14,599 $ 57,302 $ 40,451
Mortgage-backed securities 8,541 9,575 23,773 29,617
Money market investments 83 40 273 139
Debt and equity securities 3,332 3,749 11,640 10,674
Total Interest Income 32,575 27,963 92,988 80,881
INTEREST EXPENSE
Deposits
Passbook accounts 2,387 2,342 6,938 7,027
NOW accounts 277 247 772 704
Money market accounts 470 482 1,329 1,417
Certificate accounts 10,394 8,274 28,085 23,987
Borrowed funds 5,817 4,627 16,827 12,404
Total Interest Expense 19,345 15,972 53,951 45,539
Net interest income before
provision for loan losses 13,230 11,991 39,037 35,342
Provision for loan losses 700 700 2,150 2,475
Net interest income after
provision for loan losses 12,530 11,291 36,887 32,867
NON-INTEREST INCOME
Loan fees and servicing income 271 293 775 1,517
Savings/checking fees 1,452 867 3,775 2,440
Net (loss) gain on sales of
interest-earning assets (7) (11) (23) 88
Insurance annuity and mutual
fund fees 1,024 837 2,827 2,329
Other 471 265 1,011 814
Total Non-Interest Income 3,211 2,251 8,365 7,188
NON-INTEREST EXPENSE
Compensation and benefits 6,488 3,423 17,380 11,097
Occupancy and equipment 1,760 840 4,398 2,598
Real estate owned operations, net 99 8 283 312
SAIF recapitalization - 6,800 - 6,800
Federal deposit insurance premiums 165 629 529 1,865
Other 3,502 2,324 10,031 6,812
Total Non-Interest Expense 12,014 14,024 32,621 29,484
Income (loss) before income tax
expense (benefit) 3,727 (482) 12,631 10,571
Income tax expense (benefit) 1,276 (559) 4,575 4,610
Net income $ 2,451 $ 77 $ 8,056 $ 5,961
Net income per common share:
Primary $ 0.53 $ 0.02 $ 1.77 $ 1.35
Fully Diluted $ 0.53 $ 0.02 $ 1.75 $ 1.35
-0-
HAVEN BANCORP, INC.
Consolidated Statements of Financial Condition
(in thousands, except for share data)
September 30, December 31,
1997 1996
ASSETS
Cash and due from banks $ 34,993 $ 28,848
Money market investments 5,215 6,869
Securities available for sale 419,124 370,105
Debt securities held to maturity 88,360 97,307
Federal Home Loan Bank of NY Stock 11,240 9,890
Mortgage-backed securities held to maturity 172,736 197,940
Loans
First mortgage loans 1,014,579 793,556
Cooperative apartment loans 19,844 19,936
Other loans 31,852 34,094
Total loans 1,066,275 847,586
Less allowance for loan losses (11,954) (10,704)
Loans, net 1,054,321 836,882
Premises and equipment, net 17,134 8,820
Accrued interest receivable 11,761 12,172
Other assets 18,400 14,712
Total Assets $ 1,833,284 $ 1,583,545
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities
Deposits $ 1,310,471 $ 1,137,788
Borrowed funds 390,665 326,433
Mortgagors' escrow balances 5,042 4,621
Due to broker - 1,000
Other liabilities 17,161 14,319
Total Liabilities 1,723,339 1,484,161
Stockholders' Equity
Preferred stock ($.01 par value, 2,000,000
shares authorized, none issued) - -
Common stock ($.01 par value, 10,500,000
shares authorized, 4,959,375 issued;
4,386,052, and 4,325,407 outstanding
at September 30, 1997 and December 31,
1996, respectively) 50 50
Additional paid-in capital 49,575 48,844
Retained earnings, substantially restricted 71,266 65,092
Unrealized gain (loss) on securities
available for sale, net of tax effect 1,669 (840)
Treasury stock, at cost (573,323 and 633,968
shares at September 30, 1997 and
December 31, 1996, respectively ) (10,322) (11,049)
Unallocated common stock held by ESOP (1,609) (1,854)
Unearned common stock held by Bank's
Recognition Plans and Trusts (182) (267)
Unearned compensation (502) (592)
Total Stockholders' Equity 109,945 99,384
Total Liabilities and Stockholders'
Equity $ 1,833,284 $ 1,583,545
Book value per share $25.07 $22.98
-0-
HAVEN BANCORP, INC.
Consolidated Average Balance Sheet - Yield/Rate Analysis
(Dollars in thousands)
Three Months Ended
September 30, 1997 September 30, 1996
Average Yield/ Average Yield/
Balance Interest Rate(1) Balance Interest Rate(1)
ASSETS
Interest-earning assets
Mortgage loans $1,005,225 $19,811 7.88% $679,279 $13,715 8.08%
Other loans 32,027 808 10.09 35,023 884 10.10
Mortgage-backed
securities 503,448 8,541 6.79 552,471 9,575 6.93
Money market investments 5,137 83 6.46 2,693 40 5.94
Debt and equity
securities 183,095 3,332 7.28 224,835 3,749 6.67
Total interest-
earning assets 1,728,932 32,575 7.54 1,494,301 27,963 7.49
Non-interest-earning
assets 88,256 63,885
Total assets $ 1,817,188 $1,558,186
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing
liabilities
Passbook accounts 376,276 2,387 2.54% 373,418 2,342 2.51%
Certificate accounts 705,785 10,394 5.89 583,711 8,274 5.67
NOW accounts 137,362 277 0.81 111,174 247 0.89
Money market accounts 55,136 470 3.41 56,989 482 3.38
Borrowed funds 406,126 5,817 5.73 316,095 4,627 5.86
Total interest-
bearing liabilities 1,680,685 19,345 4.60 1,441,387 15,972 4.43
Other liabilities 27,636 20,423
Total liabilities 1,708,321 1,461,810
Stockholders' equity 108,867 96,376
Total liabilities
and stockholders'
equity $1,817,188 $1,558,186
Net interest income $13,230 $11,991
Net interest spread 2.94% 3.06%
Net interest margin 3.06% 3.21%
(1) annualized
-0-
HAVEN BANCORP, INC.
Consolidated Average Balance Sheet - Yield/Rate Analysis
(Dollars in thousands)
Nine Months Ended
September 30, 1997 September 30, 1996
Average Yield/ Average Yield/
Balance Interest Rate(1) Balance Interest Rate(1)
ASSETS
Interest-earning assets
Mortgage loans $ 922,207 $ 54,878 7.93% $ 610,837 $ 37,670 8.22%
Other loans 32,900 2,424 9.82 36,498 2,781 10.16
Mortgage-backed
securities 467,804 23,773 6.78 574,702 29,617 6.87
Money market
investments 6,140 273 5.93 2,947 139 6.29
Debt and equity
securities 216,971 11,640 7.15 220,136 10,674 6.47
Total interest-
earning assets 1,646,022 92,988 7.53 1,445,120 80,881 7.46
Non-interest-earning
assets 94,300 63,520
Total assets $ 1,740,322 $ 1,508,640
LIABILITIES AND STOCKHOLDERS' EQUITY
Interest-bearing
liabilities
Passbook accounts 370,311 6,938 2.50% 376,315 7,027 2.49%
Certificate accounts 651,189 28,085 5.75 565,507 23,987 5.66
NOW accounts 129,358 772 0.80 109,980 704 0.85
Money market accounts 54,617 1,329 3.24 59,178 1,417 3.19
Borrowed funds 385,190 16,827 5.82 282,141 12,404 5.86
Total
interest-bearing
liabilities 1,590,665 53,951 4.52 1,393,121 45,539 4.36
Other liabilities 45,013 23,339
Total liabilities 1,635,678 1,416,460
Stockholders' equity 104,644 92,180
Total liabilities
and stockholders'
equity $ 1,740,322 $ 1,508,640
Net interest income $ 39,037 $ 35,342
Net interest spread 3.01% 3.10%
Net interest margin 3.16% 3.26%
(1) annualized
-0-
HAVEN BANCORP, INC.
Consolidated Statements of Income
(in thousands, except per share data)
1997 1996
3Q 2Q 1Q 4Q 3Q 2Q 1Q
INTEREST INCOME
Loans $20,619 $19,287 $17,396 $16,297 $14,599 $13,487 $12,365
Mortgage-backed
securities 8,541 8,191 7,041 7,900 9,575 9,884 10,158
Money market
investments 83 94 96 37 40 44 55
Debt and equity
securities 3,332 4,044 4,264 4,138 3,749 3,598 3,327
Total Interest
Income 32,575 31,616 28,797 28,372 27,963 27,013 25,905
INTEREST EXPENSE
Deposits
Passbook accounts 2,387 2,323 2,228 2,287 2,342 2,351 2,334
NOW accounts 277 277 218 295 247 248 209
Money market accounts 470 461 398 512 482 479 456
Certificate
accounts 10,394 9,222 8,469 8,449 8,274 8,008 7,705
Borrowed funds 5,817 5,951 5,059 4,286 4,627 3,915 3,862
Total Interest
Expense 19,345 18,234 16,372 15,829 15,972 15,001 14,566
Net interest income
before provision
for loan losses 13,230 13,382 12,425 12,543 11,991 12,012 11,339
Provision for loan
losses 700 750 700 650 700 1,125 650
Net interest income
after provision for
loan losses 12,530 12,632 11,725 11,893 11,291 10,887 10,689
NON-INTEREST INCOME
Loan fees and
servicing income 271 254 250 290 293 900 324
Savings/checking fees 1,452 1,263 1,060 938 867 801 772
Net (loss) gain on
sales of
interest-earning
assets (7) 8 (24) 52 (11) (45) 144
Insurance annuity and
mutual fund fees 1,024 1,003 800 785 837 800 692
Other 471 299 241 301 265 328 221
Total Non-Interest
Income 3,211 2,827 2,327 2,366 2,251 2,784 2,153
NON-INTEREST EXPENSE
Compensation and
benefits 6,488 5,878 5,014 4,640 3,423 3,935 3,739
Occupancy and
equipment 1,760 1,646 992 880 840 896 862
Real estate owned
operations, net 99 76 108 (35) 8 234 70
SAIF recapitalization
charge - - - - 6,800 - -
Federal deposit
insurance premiums 165 172 192 462 629 619 617
Other 3,502 3,766 2,763 3,024 2,324 2,331 2,157
Total Non-Interest
Expense 12,014 11,538 9,069 8,971 14,024 8,015 7,445
Income (loss) before
income tax expense
(benefit) 3,727 3,921 4,983 5,288 (482) 5,656 5,397
Income tax expense
(benefit) 1,276 1,621 1,678 1,824 (559) 2,630 2,539
Net income $ 2,451 $ 2,300 $ 3,305 $ 3,464 $ 77 $ 3,026 $ 2,858
Net income per
common share:
Primary $ 0.53 $ 0.51 $ 0.74 $ 0.78 $ 0.02 $ 0.69 $ 0.64
Fully Diluted $ 0.53 $ 0.50 $ 0.74 $ 0.78 $ 0.02 $ 0.69 $ 0.64
COPYRIGHT 1997 Business Wire
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