Business Services Industry
High Country Bancorp, Inc. Announces Quarterly Earnings, Semi-Annual Cash Dividend and Stock Repurchase Program
Business Wire, Nov 8, 2004
SALIDA, Colo. -- High Country Bancorp, Inc. (OTC: HCBC) announced the payment date of its semi-annual cash dividend. The dividend will be in the amount of $0.25 per share payable on or about November 24, 2004, to stockholders of record at the close of business on November 12, 2002.
Larry D. Smith, President of the Company, stated that the Board of Directors determined that the payment of a dividend was appropriate in light of the Company's financial condition. He noted that future earnings and payment of dividends are subject to certain risks and uncertainties, including changes in economic conditions in the Company's market area, changes in policies by regulatory agencies, fluctuations in interest rates, demand for loans in the Company's market area, and competition.
In addition, the Company announced that its Board of Directors had approved the implementation of a stock repurchase program to acquire up to 86,712 shares of the Company's common stock, which represents approximately 10% of the outstanding common stock. Mr. Smith stated that the Board of Directors has authorized the repurchase program, which is expected to be completed within 12 months. Mr. Smith explained that the Board of Directors considers the Company's common stock to be an attractive investment. It is expected that a reduction in the amount of the Company's outstanding stock would have the effect of increasing the Corporation's per share earnings and return on equity.
For year ending June 30, 2004, net income was $579,000, or $.65 per share. For the three months ending September 30, 2004, the Company had unaudited net income of $290,000, or $0.33 per share. This compares to $437,000, or $0.47 per share for the three months ending September 30, 2003. The decrease in net income was primarily due to a decrease in fee income from loans sold to the secondary market. Total assets increased $4.2 million from $196.8 million at June 30, 2004, to $201.0 million at September 30, 2004. The increase in assets was primarily due to growth in loans receivable.
High Country Bancorp, Inc. is the holding company for High Country Bank, which conducts business through its main office in Salida, Colorado, and branch offices in Salida, Leadville and Buena Vista, Colorado. At September 30, 2004, the Company had 867,123 shares of common stock issued and outstanding.
HIGH COUNTRY BANCORP, INC.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(UNAUDITED)
SEPT 30, JUNE 30,
ASSETS 2004 2004
------------- -------------
Cash and amounts due from banks $4,717,380 $4,818,947
Interest-bearing deposits at other
institutions 1,572,896 1,710,640
Mortgage-backed securities,/US agency held
to maturity 16,706,551 13,765,211
Securities held to maturity 311,508 4,304,582
Loans receivable - net 162,700,957 156,778,107
Loans held for sale 120,000 200,000
Federal Home Loan Bank stock, at cost 2,508,900 2,485,500
Accrued interest receivable 1,130,757 1,024,638
Property and equipment, net 7,860,095 7,474,114
Other Real Estate Owned 2,314,491 2,935,120
Prepaid expenses and other assets 512,975 666,540
Deferred income taxes 595,200 595,200
------------- -------------
TOTAL ASSETS $201,051,710 $196,758,599
============= =============
LIABILITIES AND EQUITY
LIABILITIES
Deposits $139,169,125 $136,970,809
Advances by borrowers for taxes and
insurance 71,209 -
Escrow accounts 5,600 695,853
Accounts payable and other liabilities 1,101,620 1,170,248
Advances from Federal Home Loan Bank 43,475,000 41,275,000
Accrued income taxes payable 259,325 -
------------- -------------
TOTAL LIABILITIES 184,081,879 180,111,910
------------- -------------
Commitments and contingencies
EQUITY
Preferred stock- $.01 par value; authorized
1,000,000 shares; no shares issued or
outstanding - -
Common stock-$.01 par value; authorized
3,000,000 shares; issued and outstanding
867,123 (SEPT 30, 2004) AND 867,123 (JUNE
30, 2004) 8,671 8,671
Paid-in capital 5,835,516 5,802,215
Retained earnings - substantially
restricted 11,435,109 11,145,268
Note receivable from ESOP Trust (309,465) (309,465)
Deferred MRP stock awards - -
------------- -------------
TOTAL EQUITY 16,969,831 16,646,689
------------- -------------
TOTAL LIABILITIES AND EQUITY $201,051,710 $196,758,599
============= =============
HIGH COUNTRY BANCORP, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
THREE MONTH ENDED
September
2004 2003
-----------------------
Interest Income
Interest on loans $2,759,598 $2,949,193
Interest on securities held-to-maturity 132,928 72,175
Interest on other interest- bearing
assets 24,904 51,237
-----------------------
Total interest income 2,917,430 3,072,605
-----------------------
Interest Expense
Deposits 622,605 675,982
Federal Home Loan Bank advances 510,907 530,420
-----------------------
Total interest expense 1,133,512 1,206,402
-----------------------
Net interest income 1,783,918 1,866,203
Provision for losses on loans 91,616 165,000
-----------------------
Net income after provision
for loan losses 1,692,302 1,701,203
-----------------------
Noninterest Income
Service charges on deposits 94,031 63,668
Loans sold 40,377 306,701
Title and escrow fees 45,558 62,104
Other 124,681 164,844
-----------------------
Total noninterest income 304,647 597,317
-----------------------
Noninterest Expense
Compensation and benefits 843,946 962,747
Occupancy and equipment 319,325 342,452
Insurance and professional fees 75,909 66,775
Other 213,589 183,939
-----------------------
Total noninterest expense 1,452,769 1,555,913
-----------------------
Income before income taxes 544,180 742,607
Income tax expense 254,340 305,400
-----------------------
Net income $289,840 $437,207
=======================
Basic Earnings Per Common Share 0.34 0.51
Diluted Earning Per Common Share 0.33 0.47
Weighted Average Common Shares Outstanding
Basic 845,963 869,964
Diluted 874,199 931,634
Dividends Paid Per Share $0.500 0.50
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