EX-99 6 northcentral10qex993_09-01.txt EXHIBIT 99.3 PRESS RELEASE OCTOBER 19, 2001 Exhibit 99.3 Press Release PRESS RELEASE October 19, 2001 For further information contact: David M. Bradley Chairman, President and Chief Executive Officer North Central Bancshares, Inc. 825 Central Avenue PO Box 1237 Fort Dodge, Iowa 50501 515-576-7531 NORTH CENTRAL BANCSHARES, INC. ANNOUNCES RECORD EARNINGS AND DILUTED EARNINGS PER SHARE FOR THE THIRD QUARTER 2001 (Nasdaq: FFFD) Fort Dodge, Iowa -- North Central Bancshares, Inc. (the "Company"), the holding company for First Federal Savings Bank of Iowa (the "Bank"), announced today that the Company earned a record $0.62 diluted earnings per share for the quarter ended September 30, 2001, compared to diluted earnings per share of $0.49 for the quarter ended September 30, 2000, an increase in diluted earnings per share of 26.5%. In dollars, the Company's net income was a record $1,154,000 for the quarter ended September 30, 2001, as compared to $971,000 for the quarter ended September 30, 2000, an increase in net income of 18.8%. The Company's net income was $3,245,000, or diluted earnings per share of $1.72, for the nine months ended September 30, 2001, compared to $2,983,000, or diluted earnings per share of $1.47, for the nine months ended September 30, 2000. Total assets at September 30, 2001 were $380.4 million as compared to $389.0 million at December 31, 2000. The decrease in assets resulted primarily from decreases in securities available-for-sale and loans, offset by an increase in interest bearing cash. Securities available-for-sale decreased $9.4 million, or 21.7%, from $43.4 million at December 31, 2000 to $33.9 million at September 30, 2001. The decrease in securities available for sale was primarily due to calls and maturities in excess of purchases. Loans decreased by $1.1 million, or 0.4%, from $318.0 million at December 31, 2000 to $316.9 million at September 30, 2001. At September 30, 2001, net loans consisted of $170.6 million in one to four family real estate loans, $78.5 million in multifamily real estate loans, $23.7 million in commercial real estate and $49.9 million in consumer loans. ___ Interest bearing cash increased $1.3 million, or 19.8%, from $6.3 million at December 31, 2000 to $7.6 million at September 30, 2001. Deposits increased $9.0 million, or 3.5%, from $261.2 million at December 31, 2000 to $270.2 million at September 30, 2001. At September 30, 2001, deposits consisted of $37.8 million in checking accounts, $21.6 million in savings accounts, $28.0 million in money market accounts and $182.8 million in certificates of deposit. Other borrowed funds decreased $17.1 million, or 19.3%, from $88.6 million at December 31, 2000 to $71.5 million at September 30, 2001. Nonperforming assets were 0.41% of total assets as of September 30, 2001 compared to 0.28% of total assets as of December 31, 2000. The allowance for loan losses was $2.9 million, or 0.90% of total loans, at September 30, 2001, compared to $2.8 million, or 0.88% of total loans, at December 31, 2000. - MORE- The net interest spread of 2.74% for the three months ended September 30, 2001 represented an increase from the net interest spread of 2.53% for the three months ended September 30, 2000. The net interest margin of 3.08% for the three months ended September 30, 2001 represented an increase from the net interest margin of 2.87% for the three months ended September 30, 2000. Net interest income for the three months ended September 30, 2001 was $2.8 million compared to net interest income of $2.6 million for the three months ended September 30, 2000. The Bank's provision for loan losses was $60,000 and $30,000 for the three months ended September 30, 2001 and 2000, respectively. The Company establishes provisions for loan losses, which are charged to operations, in order to maintain the allowance for loan losses at a level which is deemed to be appropriate based upon an assessment of prior conditions, the volume and type of loans in the Bank's portfolio, and other factors related to the collectibility of the Bank's loan portfolio. Stockholders' equity was $36.5 million at September 30, 2001, compared to $36.4 million at December 31, 2000. Stockholders' equity increased by $74,000 primarily due to earnings and an increase in accumulated other comprehensive income, which were offset in part by stock repurchases and declared dividends. Book value, or stockholders' equity per share, at September 30, 2001 was $20.60 compared to $19.04 at December 31, 2000. The ratio of stockholders' equity to total assets was 9.6% at September 30, 2001, as compared to 9.4% at December 31, 2000. Stockholders of record on September 14, 2001, received a quarterly cash dividend of $0.15 per share on October 5, 2001. Recently, the Company authorized a new stock repurchase program for 100,000 shares. The new program commenced on September 20, 2001, of which 86,000 shares currently remain to be repurchased. During the nine months ended September 30, 2001, the Company repurchased a total of 171,500 shares or approximately 7.4% of its outstanding shares of common stock at prevailing market prices averaging $21.20 per share. Since its formation in 1996, the Company has invested a total of $38.4 million in the repurchase of 2,288,467 shares of its outstanding stock. North Central Bancshares, Inc. serves north central and southeastern Iowa at 8 full service locations in Fort Dodge, Nevada, Ames, Perry, Burlington and Mount Pleasant, Iowa through its wholly-owned subsidiary, First Federal Savings Bank of Iowa, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by the Federal Deposit Insurance Corporation. The Company's stock is traded on The Nasdaq National Market under the symbol "FFFD". For more information contact: David M. Bradley, President, 515-576-7531 FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Financial Condition
(Dollars in Thousands, except per share and share data) September 30, 2001 December 31, 2000 ------------------ ----------------- Assets Cash and cash equivalents $ 9,887 $ 8,850 Securities available for sale 33,943 43,352 Loans (net of allowance of loan loss of $2.9 million and $2.8 million, respectively) 316,894 318,026 Goodwill 5,089 5,443 Other assets 14,620 13,327 ---------- ---------- Total Assets $ 380,433 $ 388,998 ========== ========== Liabilities Deposits $ 270,187 $ 261,167 Other borrowed funds 71,495 88,592 Other liabilities 2,279 2,841 ---------- ---------- Total Liabilities 343,961 352,600 Stockholders' Equity 36,472 36,398 ---------- ---------- Total Liabilities and Stockholders' Equity $ 380,433 $ 388,998 ========== ========== Stockholders' equity to total assets 9.59% 9.36% ========== ========== Book value per share $ 20.60 $ 19.04 ========== ========== Total shares outstanding 1,770,580 1,911,880 ========== ==========
Condensed Consolidated Statements of Income (Dollars in Thousands, except per share data)
For the Three Months For the Nine Months Ended September 30, Ended September 30, 2001 2000 2001 2000 --------- --------- --------- --------- Interest income $ 6,895 $ 6,951 $ 20,857 $ 20,212 Interest expense 4,106 4,356 12,742 12,172 --------- --------- --------- --------- Net interest income 2,789 2,595 8,115 8,040 Provision for loan loss 60 30 150 90 --------- --------- --------- --------- Net interest income after provision for loan loss 2,729 2,565 7,965 7,950 Noninterest income 1,268 988 3,542 2,896 Noninterest expense 2,235 2,078 6,593 6,301 --------- --------- --------- --------- Income before income taxes 1,762 1,475 4,914 4,545 Income taxes 608 504 1,669 1,562 --------- --------- --------- --------- Net income $ 1,154 $ 971 $ 3,245 $ 2,983 ========= ========= ========= ========= Basic earnings per share $ 0.66 $ 0.50 $ 1.81 $ 1.50 ========= ========= ========= ========= Diluted earnings per share $ 0.62 $ 0.49 $ 1.72 $ 1.47 ========= ========= ========= =========
Selected Financial Ratios
For the Three Months For the Nine Months Ended September 30, Ended September 30, 2001 2000 2001 2000 ---- ---- ---- ---- Performance ratios Net interest spread 2.74% 2.53% 2.63% 2.65% Net interest margin 3.08% 2.87% 2.98% 3.02% Return on average assets 1.20% 1.02% 1.06% 12% Return on average equity 12.51% 10.80% 11.76% 11.00% Efficiency ratio (noninterest expense divided by the sum of net interest income before provision for loan losses plus noninterest income) 55.08% 57.98% 56.56% 57.61%