-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, SobzTxEtmam/5tVEhhJeCil2tct7pkV/dNgm0FRbkT7IwSroaVSFt754VwFdZ1Au hV5qS5lttBDumX/T5/DQSQ== /in/edgar/work/0000882377-00-000498/0000882377-00-000498.txt : 20001020 0000882377-00-000498.hdr.sgml : 20001020 ACCESSION NUMBER: 0000882377-00-000498 CONFORMED SUBMISSION TYPE: 425 PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20001019 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: QUEENS COUNTY BANCORP INC CENTRAL INDEX KEY: 0000910073 STANDARD INDUSTRIAL CLASSIFICATION: [6036 ] IRS NUMBER: 061377322 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 SEC ACT: SEC FILE NUMBER: 000-22278 FILM NUMBER: 742746 BUSINESS ADDRESS: STREET 1: 38-25 MAIN ST CITY: FLUSHING STATE: NY ZIP: 11354 BUSINESS PHONE: 7183596400 MAIL ADDRESS: STREET 1: 38-25 MAIN STREET CITY: FLUSHING STATE: NY ZIP: 11354 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: HAVEN BANCORP INC CENTRAL INDEX KEY: 0000900741 STANDARD INDUSTRIAL CLASSIFICATION: [6035 ] IRS NUMBER: 113153802 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 425 BUSINESS ADDRESS: STREET 1: 615 MERRICK AVE CITY: WESTBURY STATE: NY ZIP: 11590 BUSINESS PHONE: 5166838385 MAIL ADDRESS: STREET 1: 93 22 JAMAICA AVE CITY: WOODHAVEN STATE: NY ZIP: 11421 425 1 0001.txt HAVEN BANCORP, INC. [Haven Bancorp Logo] Filed by Haven Bancorp, Inc. pusuant to Rule 425 promulgated under the Securities Act of 1933, as amended, and deemed filed pursuant to Rule 14a- 12 of the Securities Exchange Act of 1934, as amended Subject Company: Queens County Bancorp, Inc. Registration No. 333-42980 FOR IMMEDIATE RELEASE: October 19, 2000 CONTACTS: Catherine Califano, S.V.P. /C.F.O., Haven Bancorp Tel. (516) 683-4483 Annette Esposito, F.V.P./Communications Director, Haven Bancorp Tel. (516) 683-4231 HAVEN BANCORP REPORTS THIRD QUARTER RESULTS Westbury, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding company for CFS Bank, today reported net income of $7.0 million, or $0.77 per basic common share ($0.73 per share, diluted) for the third quarter of 2000, compared to $3.0 million, or $0.34 per basic common share ($0.32 per share, diluted) in the third quarter of 1999. Net income for the nine months ended September 30, 2000, was $14.2 million, or $1.58 per basic common share ($1.51 per share, diluted), compared to $8.9 million, or $1.02 per basic common share ($0.97 per share, diluted) for the first nine months of 1999. Net income for the nine months ended September 30, 2000, excluding pre-tax restructuring charges, net of recoveries, totaling $6.9 million taken in the first quarter of 2000, would have been $18.5 million, or $2.07 per basic common share ($1.97 per share, diluted). Philip S. Messina, Chairman and Chief Executive Officer, stated, "We are pleased to report a 138% increase in net income from the third quarter of 1999. This outcome was due to the continued growth in the revenues from our supermarket branches and the savings realized from the restructuring of our mortgage operations, the reduction of our workforce and the elimination of certain other discretionary expenses which began in the first quarter of 2000. We have experienced two solid and consistent quarters since we restructured certain of our operations in the first quarter of this year." "Earnings per share were $0.73 per share, diluted, in the third quarter of 2000 compared to $0.76 per share, diluted, in the second quarter of 2000. The third quarter was impacted by an increase in our ESOP compensation expense due to a 47% increase in Haven's average stock price during the quarter. In addition, weighted average shares outstanding increased by approximately 225,000 shares due to option exercises during the quarter." "We look forward to our strategic partnership with Queens County Bancorp, Inc. A special meeting of Haven stockholders will be held on November 20, 2000 to approve and adopt the Agreement and Plan of Merger with Queens County. We are confident that the merger of Haven Bancorp with Queens County offers the greatest value to our shareholders," concluded Messina. As of September 30, 2000, the Bank had 62 supermarket branches with total deposits of $929.3 million, an increase of $21.0 million, or 2.3%, from $908.3 million at June 30, 2000. Core deposits equaled 46.0% of total supermarket branch deposits, compared to a ratio of 44.2% in traditional branches. The total number of core deposit accounts in the supermarket branches was approximately 193,000 as of September 30, 2000, compared to 182,000 as of September 30, 1999. Non-interest income from supermarket branches totaled $5.7 million in the third quarter of 2000 compared to $5.4 million in the second quarter of 2000. Non-interest expense from supermarket branches, including allocated overhead, has remained stable at $9.1 million in the third and second quarters of 2000. For the first nine months of 2000, non-interest income from supermarket branches totaled $15.8 million and non-interest expense from supermarket branches, including allocated overhead, totaled $27.4 million for the period. Net interest income for the third quarter of 2000 was $19.0 million, a 2.5% increase over net interest income of $18.6 million in the third quarter of 1999. The net interest margin in the third quarter of 2000 remained at 2.68% compared to the third quarter of 1999. For the first nine months of 2000, net interest income totaled $58.4 million, a 10.9% increase over the $52.7 million recorded in the first nine months of 1999. The net interest margin for the first nine months of 2000 was 2.74% compared to 2.78% for the first nine months of 1999. Commercial and multi-family real estate loan originations for our portfolio totaled $110.2 million in the third quarter of 2000, compared to $59.2 million originated in the third quarter of 1999. Commercial and multi-family real estate loan originations for our portfolio totaled $193.1 million in the first nine months of 2000, compared to $142.6 million originated in the first nine months of 1999. During the third quarter of 2000, the Bank purchased $77.1 million in multi-family loans from Queens County Savings Bank. Commercial and multi-family real estate loan originations include $41.1 million of construction and land loans originated in the first nine months of 2000, compared to $2.1 million for the first nine months of 1999. Residential real estate loan originations and purchases for our portfolio totaled $13.1 million in the third quarter of 2000, compared to $203.3 million originated and purchased for portfolio in the third quarter of 1999. In addition, $1.1 million of residential loans were originated or purchased for sale in the secondary market during the third quarter of 2000 compared to $153.3 million in the third quarter of 1999. The decrease in loan originations and purchases for portfolio and for sale in the secondary market was due to the wind down of the residential mortgage origination operations which began in the second quarter of 2000. Residential real estate originations and purchases for our portfolio totaled $72.3 million in the first nine months of 2000 compared to $481.5 million for the comparable period in 1999. In addition, $131.9 million of residential loans were originated or purchased for sale in the secondary market during the first nine months of 2000 compared to $462.3 million in the comparable period in 1999. The provision for loan losses in the third quarter of 2000 was $0.6 million compared to $1.0 million in third quarter of 1999. The decrease in the provision was due to the decrease in the growth of the residential loan portfolio and the decrease in non-performing loans. The allowance for loan losses was $17.6 million, or 0.93% of loans, at September 30, 2000 compared to $16.7 million, or 0.92% of loans, at December 31, 1999. For the first nine months of 2000, the provision for loan losses totaled $1.7 million compared to $2.6 million for the first nine months of 1999. Non-performing assets at September 30, 2000 totaled $7.4 million, or 0.25% of -2- total assets. Non-performing loans, comprised of non-accrual and restructured loans, were $6.8 million and real estate owned, net, was $0.6 million at September 30, 2000. At September 30, 1999, non-performing assets totaled $8.7 million, or 0.30% of total assets; non-performing loans totaled $8.2 million and real estate owned, net, equaled $0.5 million. In the third quarter of 2000, non-interest income, excluding net gains on sales of interest-earning assets, increased to $8.8 million, or 17.9%, from $7.5 million in the third quarter of 1999. The growth in non-interest income reflects the impact of the continued maturation of our supermarket banking program. Retail banking fees increased 32.2% in the 2000 third quarter to $5.9 million from $4.5 million in the 1999 third quarter. Insurance, annuity and mutual fund fees for the third quarter of 2000 increased 6.9% to $2.4 million from $2.2 million in the 1999 third quarter. Mortgage banking income was $0.1 million in the third quarters of 2000 and 1999, respectively. For the first nine months of 2000, non-interest income, excluding net gains on sales of interest-earning assets was $26.0 million, an increase of 14.3% over $22.8 million in the first nine months of 1999. The growth in non-interest income reflects the impact of the continued maturation of our supermarket banking program, which was offset by a decrease in mortgage banking income. Non-interest expense decreased by $4.5 million, or 22.0% to $15.8 million in the third quarter of 2000 compared to $20.3 million for the 1999 third quarter and $17.2 million for the second quarter of 2000. The decrease was due to the restructuring of the residential mortgage division, the reduction of the Company's workforce and the elimination of certain discretionary expenses. For the first nine months of 2000, non-interest expense was $53.5 million, excluding net restructuring charges, a decrease of 11.2% from $60.2 million in the same period of 1999. At September 30, 2000, Haven had total assets of $2.96 billion. Stockholders' equity was $123.6 million, or $13.23 book value per share, compared to $105.6 million, or $11.73 book value per share at December 31, 1999. This increase was primarily due to net income of $14.2 million for the nine-month period ended September 30, 2000. CFS Bank's tangible, core and risk-based capital ratios at September 30, 2000, were 6.30%, 6.30% and 13.17%, respectively. These ratios exceeded the minimum regulatory requirements of 2.00%, 4.00% and 8.00%, respectively. The Bank is considered "well capitalized" by regulatory standards. Headquartered in Westbury, New York, Haven Bancorp, Inc. is the holding company for CFS Bank, a community-oriented institution offering deposit products, residential and commercial real estate loans and a full range of financial services including discount brokerage, mutual funds, annuities and insurance products through eight full-service banking offices and 62 supermarket branches located in New York City, Nassau, Suffolk, Rockland and Westchester Counties, New Jersey and Connecticut. Haven provides auto, homeowners and business lines of insurance through its subsidiary, CFS Insurance Agency, Inc. The Bank's deposits are insured by the FDIC. -3- HAVEN BANCORP, INC. AND QUEENS COUNTY BANCORP, INC. FILED A JOINT PROXY STATEMENT/PROSPECTUS DATED OCTOBER 13, 2000 AND OTHER RELEVANT DOCUMENTS CONCERNING THE MERGER OF THE TWO COMPANIES WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION (THE "SEC"). WE URGE INVESTORS TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. INVESTORS ARE ABLE TO OBTAIN THESE DOCUMENTS FREE OF CHARGE AT THE SEC'S WEB SITE (WWW.SEC.GOV). IN ADDITION, DOCUMENTS FILED WITH THE SEC BY HAVEN BANCORP ARE AVAILABLE FREE OF CHARGE FROM HAVEN BANCORP, 615 MERRICK AVENUE, WESTBURY, NEW YORK 11590. DOCUMENTS FILED WITH THE SEC BY QUEENS COUNTY BANCORP ARE AVAILABLE WITHOUT CHARGE FROM THE VICE PRESIDENT, INVESTOR RELATIONS, QUEENS COUNTY BANCORP, 38-25 MAIN STREET, FLUSHING, NEW YORK 11354. THE DIRECTORS, EXECUTIVE OFFICERS, AND CERTAIN OTHER MEMBERS OF MANAGEMENT OF HAVEN BANCORP AND QUEENS COUNTY BANCORP MAY BE SOLICITING PROXIES IN FAVOR OF THE MERGER FROM THE COMPANIES' RESPECTIVE SHAREHOLDERS. FOR INFORMATION ABOUT THESE DIRECTORS, EXECUTIVE OFFICERS, AND MEMBERS OF MANAGEMENT, SHAREHOLDERS ARE ASKED TO REFER TO THE MOST RECENT PROXY STATEMENTS ISSUED BY THE RESPECTIVE COMPANIES, WHICH ARE AVAILABLE AT THE ADDRESSES PROVIDED IN THE PRECEDING PARAGRAPH. SAFE HARBOR PROVISIONS OF THE PRIVATE LITIGATION REFORM ACT OF 1995 STATEMENTS MADE HEREIN THAT ARE FORWARD-LOOKING IN NATURE WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995, ARE SUBJECT TO RISKS AND UNCERTAINTIES THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY. SUCH RISKS AND UNCERTAINTIES INCLUDE, BUT ARE NOT LIMITED TO, THOSE RELATED TO OVERALL BUSINESS CONDITIONS, PARTICULARLY IN THE CONSUMER FINANCIAL SERVICES, MORTGAGE AND INSURANCE MARKETS IN WHICH HAVEN OPERATES, FISCAL AND MONETARY POLICY, COMPETITIVE PRODUCTS AND PRICING, CREDIT RISK MANAGEMENT, CHANGES IN REGULATIONS AFFECTING FINANCIAL INSTITUTIONS AND OTHER RISKS AND UNCERTAINTIES DISCUSSED IN HAVEN'S SEC FILINGS, INCLUDING ITS 1999 FORM 10-K, AS AMENDED. HAVEN DISCLAIMS ANY OBLIGATION TO PUBLICLY ANNOUNCE FUTURE EVENTS OR DEVELOPMENTS, WHICH MAY AFFECT THE FORWARD-LOOKING STATEMENTS CONTAINED HEREIN. -4- HAVEN BANCORP, INC. SELECTED FINANCIAL RATIOS AND SELECTED FINANCIAL DATA SELECTED FINANCIAL RATIOS
Three Months Ended Nine Months Ended September 30, September 30, ---------------------------------- ------------------------------- 2000 1999 2000 1999 ---------------- ------------- ------------- ------------- (annualized) (annualized) Return on average assets 0.94% 0.41% 0.64% 0.44% Return on average assets excluding restructuring charges 0.94 0.41 0.83 0.44 Return on average equity 23.89 10.59 17.42 10.19 Return on average equity excluding restructuring charges 23.89 10.59 22.73 10.19 Net interest spread 2.66 2.62 2.70 2.73 Net interest margin 2.68 2.68 2.74 2.78 Operating expenses to average assets(1) 2.12 2.73 2.39 2.95
(1) For the purpose of this calculation, operating expenses equal non-interest expense excluding amortization of goodwill, real estate owned operations, net and non-performing loan expenses totaling $38,000 and $477,000 for the three months ended September 30, 2000 and 1999, respectively, and $231,000 and $1.0 million for the nine months ended September 30, 2000 and 1999, respectively. Also excluded from operating expenses are net restructuring charges of $6.9 million for the nine months ended September 30, 2000.
SEPTEMBER 30, DECEMBER 31, 2000 1999 --------------------- ------------------- Stockholders' equity to total assets 4.18% 3.56% Stockholders' equity per share $13.23 $11.73 Non-performing loans to total loans 0.36% 0.42% Non-performing assets to total assets 0.25 0.27 Allowance for loan losses to non-performing loans 257.23 216.56 Allowance for loan losses to total loans 0.93 0.92
SELECTED FINANCIAL DATA - RETAIL BRANCHES(1) TRADITIONAL BRANCHES 8 Branches
September 30, 2000 NUMBER % OF TRADITIONAL OF ACCOUNTS BALANCE BRANCH DEPOSITS ----------- ------- --------------- Total Deposits 168,420 $1,227.0 billion ------- ---------------- Checking 67,346 $ 165.0 million 13.5% Savings & Money Market 59,842 $ 376.8 million 30.7% Certificates 41,232 $ 685.2 million 55.8% Cost of deposits 4.04% Fee income contribution(2) $2.9 million
SUPERMARKET BRANCHES 62 Branches
September 30, 2000 NUMBER % OF SUPERMARKET OF ACCOUNTS BALANCE BRANCH DEPOSITS ----------- ------- --------------- Total Deposits 221,472 $929.3 million ------- -------------- Checking 122,871 $115.4 million 12.4% Savings & Money Market 70,103 $312.5 million 33.6% Certificates 28,498 $501.4 million 54.0% Cost of deposits 4.83% Fee income contribution(2) $5.7 million
(1) Excludes approximately $3.2 million of deposits held in the administrative branch. (2) For the three months ended September 30, 2000. -5- HAVEN BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
Three Months Ended Nine Months Ended September 30, September 30, ------------- ------------- 2000 1999 2000 1999 ---- ---- ---- ---- INTEREST INCOME Loans $ 34,798 $ 31,339 $103,328 $85,490 Mortgage-backed securities 12,384 12,952 38,034 38,288 Money market investments 120 53 380 122 Debt and equity securities 5,004 4,134 14,153 9,294 -------- -------- -------- ------- Total Interest Income 52,306 48,478 155,895 133,194 -------- -------- -------- ------- INTEREST EXPENSE Deposits Savings accounts 4,203 5,114 13,220 14,798 NOW accounts 192 428 863 1,171 Money market accounts 543 430 1,715 1,289 Certificate accounts 17,725 13,554 49,377 37,378 Borrowed funds 10,633 10,400 32,299 25,880 -------- -------- -------- ------- Total Interest Expense 33,296 29,926 97,474 80,516 -------- -------- -------- ------- Net interest income before provision for loan losses 19,010 18,552 58,421 52,678 Provision for loan losses 596 1,035 1,746 2,590 -------- -------- -------- ------- Net interest income after provision for loan losses 18,414 17,517 56,675 50,088 -------- -------- -------- ------- NON-INTEREST INCOME Loan fees and servicing income 267 528 874 1,455 Mortgage banking income 86 97 1,341 3,042 Retail banking fees 5,911 4,472 16,587 11,416 Net gain on sales of interest-earning assets 146 111 271 1,680 Insurance, annuity and mutual fund fees 2,384 2,231 6,805 6,374 Other 190 170 426 487 -------- -------- -------- ------- Total Non-Interest Income 8,984 7,609 26,304 24,454 -------- -------- -------- ------- NON-INTEREST EXPENSE Compensation and benefits 8,375 10,917 27,954 32,884 Occupancy and equipment 3,106 3,482 9,871 10,265 REO operations, net (22) 112 (119) (72) Federal deposit insurance premiums 105 255 333 763 Restructuring charges - - 6,877 - Other 4,268 5,520 15,411 16,320 -------- -------- -------- ------- Total Non-Interest Expense 15,832 20,286 60,327 60,160 -------- -------- -------- ------- Income before income tax expense 11,566 4,840 22,652 14,382 Income tax expense 4,555 1,890 8,455 5,504 -------- -------- -------- ------- Net income $ 7,011 $ 2,950 $ 14,197 $ 8,878 ======== ======== ======== ======= Net income per common share: Basic $ 0.77 $ 0.34 $ 1.58 $ 1.02 ======== ======== ======== ======= Diluted $ 0.73 $ 0.32 $ 1.51 $ 0.97 ======== ======== ======== =======
Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation. -6- HAVEN BANCORP, INC. CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (In thousands, except for share data)
September 30, December 31, 2000 1999 ----------------- ---------------- ASSETS - ------ Cash and due from banks $ 52,308 $ 41,479 Money market investments 15,100 1,238 Securities available for sale 903,750 937,299 Loans held for sale 1,425 82,709 Federal Home Loan Bank of NY Stock 27,865 27,865 Loans receivable: First mortgage loans 1,855,282 1,777,208 Cooperative apartment loans 5,233 3,669 Other loans 21,421 25,948 ----------------- ---------------- Total loans receivable 1,881,936 1,806,825 Less allowance for loan losses (17,586) (16,699) ----------------- ---------------- Loans receivable, net 1,864,350 1,790,126 Premises and equipment, net 33,489 35,928 Accrued interest receivable 15,788 15,825 Other assets 44,801 33,381 ----------------- ---------------- Total Assets $ 2,958,876 $ 2,965,850 ================= ================ LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Liabilities Deposits $ 2,159,499 $ 2,080,613 Borrowed funds 652,228 749,232 Other liabilities 23,561 30,422 ----------------- ---------------- Total Liabilities 2,835,288 2,860,267 ----------------- ---------------- Stockholders' Equity: Preferred stock ($.01 par value, 2,000,000 shares authorized, none issued) - - Common stock ($.01 par value, 30,000,000 shares authorized, 9,918,750 issued; 9,343,315 and 9,000,237 outstanding at September 30, 2000 and December 31, 1999, respectively) 100 100 Additional paid-in capital 54,011 52,336 Retained earnings, substantially restricted 101,937 89,083 Accumulated other comprehensive loss: Unrealized loss on securities available- for-sale, net of tax effect (24,170) (25,465) Treasury stock, at cost (575,435 and 1,059,058 shares at September 30, 2000 and December 31, 1999, respectively) (6,641) (8,934) Unallocated common stock held by ESOP (726) (934) Unearned common stock held by Bank's Recognition Plans and Trusts (206) (231) Unearned compensation (717) (372) ----------------- ---------------- Total Stockholders' Equity 123,588 105,583 ----------------- ---------------- ----------------- ---------------- Total Liabilities and Stockholders' Equity $ 2,958,876 $ 2,965,850 ================= ================ Book value per share $ 13.23 $ 11.73 ================= ================
-7- HAVEN BANCORP, INC. CONSOLIDATED AVERAGE BALANCE SHEET - YIELD/RATE ANALYSIS (Dollars in thousands)
For the Three Months Ended ------------------ September 30, 2000 September 30, 1999 ------------------ ------------------ Average Yield/ Average Yield/ Balance Interest Rate(1) Balance Interest Rate(1) ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-earning assets Mortgage loans $1,860,302 $ 34,267 7.37% $ 1,688,701 $30,615 7.25% Other loans 21,959 531 9.67 39,093 724 7.41 Mortgage-backed securities 691,076 12,384 7.17 800,778 12,952 6.47 Money market investments 13,169 120 3.63 2,717 53 7.80 Debt and equity securities 254,169 5,004 7.88 236,259 4,134 7.00 ---------- -------- ----------- ------- Total interest-earning assets 2,840,675 52,306 7.37 2,767,548 48,478 7.01 -------- ------- Non-interest-earning assets 135,661 138,167 ---------- ----------- Total assets $2,976,336 $ 2,905,715 ========== =========== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities Savings accounts $ 637,743 $ 4,203 2.62% $ 654,038 $ 5,114 3.13% Certificate accounts 1,174,542 17,725 6.00 1,027,514 13,554 5.28 NOW accounts 282,979 192 0.27 243,768 428 0.70 Money market accounts 64,989 543 3.34 55,249 430 3.11 Borrowed funds 666,311 10,633 6.38 743,586 10,400 5.59 ---------- -------- ----------- ------- Total interest-bearing liabilities 2,826,564 33,296 4.71 2,724,155 29,926 4.39 -------- ------- Other liabilities 32,387 70,176 ---------- ----------- Total liabilities 2,858,951 2,794,331 Stockholders' equity 117,385 111,384 ---------- ----------- Total liabilities and stockholders' equity $2,976,336 $ 2,905,715 ========== =========== Net interest income $ 19,010 $18,552 ======== ======= Net interest spread 2.66% 2.62% ======= ======= Net interest margin 2.68% 2.68% ======= =======
(1) annualized -8- HAVEN BANCORP, INC. CONSOLIDATED AVERAGE BALANCE SHEET - YIELD/RATE ANALYSIS (Dollars in thousands)
For the Nine Months Ended ----------------- September 30, 2000 September 30, 1999 ------------------ ------------------ Average Yield/ Average Yield/ Balance Interest Rate(1) Balance Interest Rate(1) ------- -------- ------- ------- -------- ------- ASSETS - ------ Interest-earning assets Mortgage loans $ 1,850,670 $101,722 7.33% $1,517,812 $83,130 7.30% Other loans 23,630 1,606 9.06 36,769 2,360 8.56 Mortgage-backed securities 713,503 38,034 7.11 784,139 38,288 6.51 Money market investments 10,349 380 4.90 2,149 122 7.57 Debt and equity securities 243,896 14,153 7.74 184,446 9,294 6.72 ----------- -------- ---------- ------- Total interest-earning assets 2,842,048 155,895 7.31 2,525,315 133,194 7.03 -------- ------- Non-interest-earning assets 124,931 150,900 ----------- ---------- Total assets $ 2,966,979 $2,676,215 =========== ========== LIABILITIES AND STOCKHOLDERS' EQUITY - ------------------------------------ Interest-bearing liabilities Savings accounts $ 640,679 $13,220 2.76% $ 622,453 $14,798 3.17% Certificate accounts 1,148,443 49,377 5.74 950,846 37,378 5.24 NOW accounts 277,462 863 0.42 234,998 1,171 0.66 Money market accounts 69,462 1,715 3.30 56,533 1,289 3.04 Borrowed funds 685,069 32,299 6.29 629,823 25,880 5.48 ----------- -------- ---------- ------- Total interest-bearing liabilities 2,821,115 97,474 4.61 2,494,653 80,516 4.30 -------- ------- Other liabilities 37,183 65,437 ----------- ---------- Total liabilities 2,858,298 2,560,090 Stockholders' equity 108,681 116,125 ----------- ---------- Total liabilities and stockholders' equity $ 2,966,979 $2,676,215 =========== ========== Net interest income $58,421 $52,678 ======== ======= Net interest spread 2.70% 2.73% ======= ======= Net interest margin 2.74% 2.78% ======= =======
(1) annualized -9- HAVEN BANCORP, INC. CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data)
2000 ---- 3Q 2Q 1Q -- -- -- INTEREST INCOME - --------------- Loans $34,798 $34,123 $ 34,407 Mortgage-backed securities 12,384 12,793 12,857 Money market investments 120 113 147 Debt and equity securities 5,004 4,822 4,326 ------- ------- -------- Total Interest Income 52,306 51,851 51,737 ------- ------- -------- INTEREST EXPENSE - ---------------- Deposits Savings accounts 4,203 4,501 4,516 NOW accounts 192 289 382 Money market accounts 543 642 529 Certificate accounts 17,725 16,081 15,571 Borrowed funds 10,633 10,519 11,147 ------- ------- -------- Total Interest Expense 33,296 32,032 32,145 ------- ------- -------- Net interest income before provision for loan losses 19,010 19,819 19,592 Provision for loan losses 596 585 565 ------- ------- -------- Net interest income after provision for loan losses 18,414 19,234 19,027 ------- ------- -------- NON-INTEREST INCOME - ------------------- Loan fees and servicing income 267 342 264 Mortgage banking income 86 171 1,084 Retail banking fees 5,911 5,811 4,866 Net gain on sales of interest-earning assets 146 - 126 Insurance, annuity and mutual fund fees 2,384 2,252 2,169 Other 190 141 94 ------- ------- -------- Total Non-Interest Income 8,984 8,717 8,603 ------- ------- -------- NON-INTEREST EXPENSE - -------------------- Compensation and benefits 8,375 8,541 11,037 Occupancy and equipment 3,106 3,156 3,609 REO operations, net (22) 79 (176) ) Federal deposit insurance premiums 105 120 108 Restructuring (recoveries) charges - (180) 7,057 Other 4,268 5,304 5,840 ------- ------- -------- Total Non-Interest Expense 15,832 17,020 27,475 ------- ------- -------- Income before income tax expense 11,566 10,931 155 Income tax expense 4,555 3,845 54 ------- ------- -------- Net income $ 7,011 $ 7,086 $ 101 ======= ======= ======== Net income per common share: Basic $ 0.77 $ 0.80 $ 0.01 ======= ======= ======== Diluted $ 0.73 $ 0.76 $ 0.01 ======= ======= ========
1999 ---- 4Q 3Q 2Q 1Q -- -- -- -- INTEREST INCOME - --------------- Loans $ 33,923 $ 31,339 $ 28,416 $ 25,735 Mortgage-backed securities 12,566 12,952 12,686 12,650 Money market investments 20 53 39 30 Debt and equity securities 4,160 4,134 3,095 2,065 -------- -------- -------- -------- Total Interest Income 50,669 48,478 44,236 40,480 -------- -------- -------- -------- INTEREST EXPENSE - ---------------- Deposits Savings accounts 4,867 5,114 5,015 4,669 NOW accounts 503 428 419 324 Money market accounts 544 430 440 419 Certificate accounts 14,891 13,554 12,071 11,753 Borrowed funds 11,585 10,400 8,371 7,109 -------- -------- -------- -------- Total Interest Expense 32,390 29,926 26,316 24,274 -------- -------- -------- -------- Net interest income before provision for loan losses 18,279 18,552 17,920 16,206 Provision for loan losses 1,035 1,035 880 675 -------- -------- -------- -------- Net interest income after provision for loan losses 17,244 17,517 17,040 15,531 -------- -------- -------- -------- NON-INTEREST INCOME - ------------------- Loan fees and servicing income 1,285 528 422 505 Mortgage banking income 692 97 677 2,268 Retail banking fees 4,634 4,472 3,865 3,079 Net gain on sales of interest-earning assets (930) 111 1,234 335 Insurance, annuity and mutual fund fees 1,885 2,231 2,168 1,975 Other 211 170 182 135 -------- -------- -------- -------- Total Non-Interest Income 7,777 7,609 8,548 8,297 -------- -------- -------- -------- NON-INTEREST EXPENSE - -------------------- Compensation and benefits 11,803 10,917 10,927 11,040 Occupancy and equipment 2,723 3,482 3,439 3,344 REO operations, net (148) 112 (33) (151 Federal deposit insurance premiums 302 255 254 254 Restructuring (recoveries) charges - - - - Other 5,253 5,520 5,662 5,138 -------- -------- -------- -------- Total Non-Interest Expense 19,933 20,286 20,249 19,625 -------- -------- -------- -------- Income before income tax expense 5,088 4,840 5,339 4,203 Income tax expense 1,359 1,890 2,011 1,603 -------- -------- -------- -------- Net income $ 3,729 $ 2,950 $ 3,328 $ 2,600 ======== ======== ======== ======== Net income per common share: Basic $ 0.42 $ 0.34 $ 0.38 $ 0.30 ======== ======== ======== ======== Diluted $ 0.40 $ 0.32 $ 0.37 $ 0.29 ======== ======== ======== ========
Note: Certain reclassifications have been made to prior period amounts to conform to the current period presentation. -10- -----END PRIVACY-ENHANCED MESSAGE-----