-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, VU7/7TVLHQTh/XVyqumKbqu0/YU1gK9Jakw9nB2SpTu8muMk1IBmPegnax2HJTfX YumiXeZ2BFSWmtwz31jiyQ== 0000950172-94-000193.txt : 19941104 0000950172-94-000193.hdr.sgml : 19941104 ACCESSION NUMBER: 0000950172-94-000193 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19941017 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19941028 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: NORTH FORK BANCORPORATION INC CENTRAL INDEX KEY: 0000352510 STANDARD INDUSTRIAL CLASSIFICATION: 6022 IRS NUMBER: 363154608 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10458 FILM NUMBER: 94555805 BUSINESS ADDRESS: STREET 1: 9025 MAIN ROAD CITY: MATTITUCK STATE: NY ZIP: 11952 BUSINESS PHONE: 5162985000 MAIL ADDRESS: STREET 1: 9024 MAIN ROAD CITY: MATTITUCK STATE: NY ZIP: 11952 8-K 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 October 17, 1994 (Date of earliest event reported) NORTH FORK BANCORPORATION, INC. (Exact name of Registrant as specified in its charter) Delaware 0-10280 36-3154608 (State of (Commission File No.) (IRS Employer Incorporation) Identification No.) 9025 Route 25, Mattituck, New York 11952 (Address of principal executive offices, including zip code) (516) 298-5000 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name or former address, if changed since last report) ITEM 5. OTHER EVENTS. North Fork Bancorporation, Inc. issued a press release announcing its earnings for the quarter ended September 30, 1994. A copy of such press release is attached hereto as Exhibit 99 and is incorporated herein by reference. ITEM 7. FINANCIAL STATEMENT AND EXHIBITS. (c) The following Exhibit is filed with this Current Report on Form 8-K: Exhibit Number Description 99 Press Release of North Fork Bancorporation, Inc., dated October 26, 1994. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunder duly authorized. Dated: October 28, 1994 NORTH FORK BANCORPORATION, INC. By: /s/ Daniel M. Healy Name: Daniel M. Healy Title: Executive Vice President Chief Financial Officer EXHIBIT INDEX Exhibit Page Number Description Number 99 Press Release of North Fork Bancorporation, Inc., dated October 26, 1994. EX-99 2 EXHIBIT 99 [NORTH FORK BANCORP LOGO] PRESS RELEASE FOR IMMEDIATE RELEASE CONTACT: DANIEL M. HEALY EXECUTIVE VICE PRESIDENT & CHIEF FINANCIAL OFFICER NORTH FORK BANCORP ANNOUNCES RECORD NET INCOME FOR 1994 THIRD QUARTER Mattituck, N.Y. - October 17, 1994 - North Fork Bancorporation, Inc. (NYSE:NFB) reported record net income of $7.5 million, or $.50 per share in the quarter ended September 30, 1994, and $19 million, or $1.28 per share, for the nine month period. Net income for the three months and nine months ended September 30, 1993 were $3.9 million, or $.26 per share, and $11.0 million, or $.77 per share respectively. Return on average assets and equity climbed to 1.51% and 17.85%, respectively, in this quarter and 1.29% and 15.81% for the 1994 nine month period. "We believe that these results confirm our Company's strategy which emphasizes the fundamentals of sound banking" stated John Adam Kanas, Chairman, President and Chief Executive Officer. "We are diligent in our efforts to improve net interest margin and all components of non-interest income while continuing to stress vigorous controls over operating and credit costs." On September 27, 1994 the Company declared a quarterly cash dividend of 10 cents per share which represented a 33% increase over the previous quarter. Net interest income on a fully taxable equivalent basis was $22.7 million and $65.4 million for the three and nine month periods ended September 30, 1994, respectively, compared to $20 million and $58.6 million for the comparable periods in the preceding year. The net interest margin on a fully taxable equivalent basis increased to 4.83% in the 1994 third quarter, as compared with 4.78% and 4.57% in the first two quarters of 1994. The net interest margin for the nine months ended September 30, 1994 and 1993 was 4.73% and 4.78%, respectively. The improvements in margin during 1994 result primarily from the effect of increases in the prime lending rate on the Company's rate sensitive assets, partially offset by increased funding costs. The Company's demand deposit balances at September 30, 1994 rose to $291 million and constitute 19.7% of total deposits as compared with $239 million, or 16.7%, at September 30, 1993. Non-interest income, net of security gains, continues to be impacted by the decline in mortgage banking operations prevalent within the industry. Non-interest income, net of security gains, aggregated $4.1 million in the current quarter and $12.4 million for the nine months year-to-date. Comparable amounts in 1993 were $4.2 million and $12.8 million, respectively. The Company's core efficiency ratio was 49.21% in the quarter and 49.98% in the nine month period ended September 30, 1994. Such ratios for 1993 were 53.9% in the quarter and 54.79% for the nine month period. Non-performing assets were $50.3 million, or 2.6% of total assets, at September 30, 1994. The comparable amounts at September 30, 1993 were $77.6 million and 4% of total assets. The allowance for loan losses at September 30, 1994 was 4.16% of net loans and 115% of non-performing loans. The Company's pending acquisition of Metro Bancshares Inc., the parent company of Bayside Federal Savings Bank, is expected to close before the end of the year. "All major elements of the merger integration plans are being implemented and we expect them to be completed with the consummation of the transaction this year" stated Daniel M. Healy, Executive Vice President and Chief Financial Officer. The concurrent Special Meetings of Stockholders of North Fork and Metro, to consider and vote upon the proposed merger, will be held on November 10, 1994. Metro, through its subsidiary, operates 13 branches in Queens, Nassau and Suffolk Counties in New York. It has total assets of approximately $1 billion, deposits of $.9 billion and shareholders' equity of 82.6 million. North Fork Bancorporation, Inc., with total assets of $1.9 billion, deposits of $1.5 billion and stockholders' equity of $169.5 million, or $11.82 book value per share, is the holding company for North Fork Bank, the largest independent commercial bank headquartered on Long Island. The Bank operates thirty- five branches in Suffolk, Nassau, Westchester and Rockland Counties. North Fork Bancorporation, Inc. (NYSE:NFB) (Dollars in thousand except per share amounts) INCOME STATEMENT HIGHLIGHTS Three Months Ended Nine Months Ended ___________________________ _____________________ ______________________ 9/30/94 9/30/93 9/30/94 9/30/93 __________ _________ __________ __________ Interest Income $33,404 $29,880 $96,261 $88,429 Interest Expense 11,254 10,224 32,220 30,814 ______ ______ ______ ______ Net Interest Income 22,150 19,656 64,041 57,615 Provision for Loan Losses 750 1,000 2,500 5,500 Net Interest Income after ______ ______ ______ ______ Provision for Loan Losses 21,400 18,656 61,541 52,115 Non-Interest Income: Service Charges on Deposit Accounts 2,293 1,843 6,885 5,487 Mortgage Banking Operations 397 869 1,465 2,911 Other Income 1,372 1,468 4,038 4,380 Net Securities Gains/(Losses) - 51 (54) 1,442 ______ ______ ______ ______ Total Non-Interest Income 4,062 4,231 12,334 14,220 Non-Interest Expense: Operating expenses 13,151 13,034 39,754 39,135 Other Real Estate 544 4,121 4,283 10,522 ______ ______ ______ ______ Total Non-Interest Expense 13,695 17,155 44,037 49,657 Income Before Taxes 11,767 5,732 29,838 16,678 Provision for Income Taxes 4,283 1,861 10,766 5,696 ______ ______ ______ ______ Net Income $7,484 $3,871 $19,072 $10,982 ====== ====== ====== ====== Earnings Per Share $0.50 $0.26 $1.28 $0.77 Weighted Average Equivalent Shares Outstanding 15,054,150 14,725,164 14,936,827 14,245,764 Return on Average Assets 1.51% 0.82% 1.29% 0.82% Return on Average Equity 17.85% 10.46% 15.81% 10.50% Yield on Interest Earnings Assets 7.24% 6.95% 7.06% 7.29% Cost of Funds 2.98% 2.78% 2.85% 2.93% Net Interest Margin 4.83% 4.60% 4.73% 4.78% Core Efficiency Ratio 49.21% 53.90% 49.98% 54.79% North Fork Bancorporation, Inc. (NYSE:NFB) (Dollars in thousands) September 30, June 30, March 31, December 31, BALANCE SHEET HIGHLIGHTS 1994 1994 1994 1993 ____________ ________ _________ ____________ Loans, net of unearned 988,764 1,011,086 1,012,345 1,017,084 Allowance for Loan Losses 41,176 44,353 45,636 46,625 Total Securities 842,584 855,590 826,328 748,716 Total Assets 1,940,396 2,020,338 1,949,760 1,883,881 Deposits - Demand 291,113 270,494 254,020 257,447 Deposits - Other 1,188,019 1,173,028 1,188,043 1,184,823 Borrowed Funds 275,217 354,285 337,920 275,643 Stockholders' Equity 169,533 162,351 157,341 154,472 Book Value Per Share $11.82 $11.39 $11.14 $10.95 SELECTED FINANCIAL September 30, June 30, March 31, December 31, HIGHLIGHTS 1994 1994 1994 1993 ________________________________________________________________________________ CAPITAL: Risk Based Capital Tier 1 15.29% 14.21% 13.81% 13.59% Total 16.57% 15.49% 15.10% 14.88% Leverage Ratio 8.32% 7.89% 7.73% 7.55% Actual Shares Outstanding 14,348,167 14,248,312 14,124,453 14,109,481 ASSET QUALITY: Loans past due 90 days or more and still accruing 1,422 1,933 3,313 1,811 Non-Accrual Loans 34,393 30,671 29,148 33,484 ______ ______ ______ ______ Total Non-Performing Loans 35,815 32,604 32,461 35,295 Other Real Estate 14,449 14,039 18,359 21,899 ______ ______ ______ ______ Total Non-Performing Assets 50,264 46,643 50,820 57,194 ====== ====== ====== ====== Allowance for loan losses to non performing loans 114.97% 136.04% 140.59% 132.10% Allowance for loan losses to total loans, net of unearned income 4.16% 4.39% 4.51% 4.58% -----END PRIVACY-ENHANCED MESSAGE-----