-----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, QmotgwEfzePPGlIH6xYAx2O2L5YSPa3ZqhbPFy0LW6qSRU6L2ff8jn2z/WT4Qcsi EGzb8B7As41R/QLsmie7fA== 0000900741-00-000007.txt : 20000425 0000900741-00-000007.hdr.sgml : 20000425 ACCESSION NUMBER: 0000900741-00-000007 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20000424 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 20000424 FILER: COMPANY DATA: COMPANY CONFORMED NAME: HAVEN BANCORP INC CENTRAL INDEX KEY: 0000900741 STANDARD INDUSTRIAL CLASSIFICATION: SAVINGS INSTITUTION, FEDERALLY CHARTERED [6035] IRS NUMBER: 113153802 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: SEC FILE NUMBER: 000-21628 FILM NUMBER: 607025 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 8-K 1 UNITED STATES 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 Date of Report (Date of earliest event reported) April 24, 2000 HAVEN BANCORP, INC. (Exact name of registrant as specified in its charter) DELAWARE (State or other jurisdiction of incorporation or organization) 000-21628 (Commission File Number) 11-3153802 (I.R.S. Employer Identification No.) 615 MERRICK AVENUE, WESTBURY, NEW YORK 11590 (Address of principal executive offices) (Zip Code) (516) 683-4485 (Registrant's telephone number, including area code) NOT APPLICABLE (Former name, former address and former fiscal year, if changed since last report) ITEM 5. OTHER EVENTS Attached hereto as Exhibit 99.1 and incorporated herein by reference is certain information to be made available by the Registrant in connection with a presentation to be given by the Registrant to investment analysts on April 24, 2000. 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 the Registrant 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 the Registrant's SEC filings, including its 1999 Form 10-K. The Registrant disclaims any obligation to publicly announce future events or developments, which may affect the forward-looking statements contained herein. ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION AND EXHIBITS (a) Financial Statements of Businesses Acquired. Not Applicable. (b) Pro Forma Financial Information. Not Applicable. (c) Exhibits. 99.1 Portions of Analyst Presentation. 99.2 First Quarter Earnings Press Release. 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 hereunto duly authorized. HAVEN BANCORP INC. (Registrant) Date: April 24, 2000 By: /s/ Catherine Califano --------------------------- Catherine Califano Senior Vice President and Chief Financial Officer 2 EX-99.1 2 Exhibit 99.1 INCOME STATEMENT
Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended ($ IN THOUSANDS) March 31, 2000 December 31, 1999 September 30, 1999 June 30, 1999 March 31, 1999 Interest income $51,737 50,669 48,478 44,236 40,480 Interest expense 32,145 32,390 29,926 26,316 24,274 Net interest income before provision 19,592 18,279 18,552 17,920 16,206 Provision for loan losses 565 1,035 1,035 880 675 Net interest income after provision 19,027 17,244 17,517 17,040 15,531 Non interest income Mortgage banking income 1,084 692 97 677 2,268 Retail banking fees 4,866 4,634 4,472 3,865 3,079 Insurance, annuity and mutual fund fees 2,169 1,885 2,231 2,168 1,975 Other 484 566 809 1,838 975 Total non interest income 8,603 7,777 7,609 8,548 8,297 Non interest expense Compensation and benefits 11,037 11,803 10,917 10,927 11,040 Occupancy and equipment 3,609 2,723 3,482 3,439 3,344 Restructuring charge 7,057 - - - - Other 5,772 5,407 5,887 5,883 5,241 Total non interest expense 27,475 19,933 20,286 20,249 19,625 Income before taxes 155 5,088 4,840 5,339 4,203 Income tax expense 54 1,359 1,890 2,011 1,603 Net income $ 101 3,729 2,950 3,328 2,600 EPS: Basic $0.01 0.42 0.34 0.38 0.30 Diluted $0.01 0.40 0.32 0.37 0.29 EPS without restructuring charges: Basic $0.53 Diluted $0.51
Note: Certain reclassifications have been made to prior period amounts to conform to the current period. BALANCE SHEET
(In thousands) March 31, 2000 December 31, 1999 December 31, 1998 December 31, 1997 Assets Cash and equivalents $ 57,844 42,717 44,808 40,306 Securities available for sale 943,435 937,299 889,251 499,380 Loans held for sale 49,384 82,709 54,188 - Debt securities held to maturity - - - 66,404 Mortgage-backed securities held to maturity - - - 163,057 Loans receivable, net 1,805,182 1,790,126 1,296,702 1,138,253 Premises and equipment 35,002 35,928 39,209 27,062 Other assets 75,065 77,071 71,365 40,428 Total assets $2,965,912 2,965,850 2,395,523 1,974,890 Liabilities and Equity Deposits $2,150,944 2,080,613 1,722,710 1,365,012 Borrowed funds 630,703 698,948 415,362 441,810 Other liabilities 31,240 30,422 112,600 30,219 2,812,887 2,809,983 2,250,672 1,837,041 Capital securities 50,284 50,284 24,984 24,984 Total liabilities 2,863,171 2,860,267 2,275,656 1,862,025 Total equity 102,741 105,583 119,867 112,865 Total Liabilities and Equity $2,965,912 2,965,850 2,395,523 1,974,890
SIGNIFICANT EVENTS - - Residential Mortgage Division Sale of parts M&T Mortgage Corp. - All but Fishkill, NY Proposed sale of Fishkill, NY - Target closing: May 1, 2000 - - Reduce operating expenses through reduction in workforce and elimination of other discretionary expenses. - - Board expansion ! Richard Lashley/Garrett Goodbody MORTGAGE BANKING Return to Profitability - - Continue to service customers with private label mortgage product. - - Purchase agreement with M&T Mortgage Corp. gives Haven option to buy mortgage product for portfolio. - - Portfolio consists primarily of the following: MBS Fixed and Adjustable 56% Residential 1-4 family Mortgage Loans 22% Multifamily* 10% Commercial* 12% 100% * Projected 2000 commercial/multi-family originations $175 million. MORTGAGE BANKING 1999 direct expenses, net of capitalized origination costs $11.1 million 2000 projected direct expenses, net of capitalized origination costs 3.7 million* ---- 2000 expected cost savings 7.4 million ==== * Direct expenses in 1Q 2000, net of capitalized origination costs were $2.2 million. MORTGAGE BANKING Financial Impact Pre-Restructuring Post-Restructuring* Pre-tax Net Income: 1st Quarter 2000 ($1,100,000) ($150,000) Incremental Profitability $950,000 Profitability 86% Improvement After tax annual value $2,500,000 $0.27/share * Represents quarterly run rate after restructuring is complete. Operating Expenses Reduction Operating Salary Expense and Employee Reductions Benefits Change FY 2000 $1,500,000 $5,000,000 -140 After tax annual value $4,225,000 $0.46/share - - Elimination of 70 FTEs on 3/31/00 - - Remainder through attrition and hiring freeze - - Headcount at 12/31/99 985 Headcount at 3/31/00 765 --- Reduction 220 === RETAIL BANKING STRATEGY - - Liability Management - - Customer penetration - - Cost Control In-Store Performance Analysis ($ in Thousands) 3Q ' 99 4Q '99 1Q '00 Net interest income $4,990 $5,277 $5,539 Fee income 4,614 4,434 4,659 Operating expenses (including allocated overhead) 9,001 9,036 9,184 Pre-tax income $ 603 $ 675 $1,014 # of branches 61 63 62 Liability balance $778,144 $842,333 $898,532 Cost of deposits 4.41% 4.49% 4.45% # of checking accounts 116,588 123,154 128,972 # of savings accounts 65,824 67,892 72,158 In-Store Performance Analysis ($ in Thousands) 2Q '00 3Q '00 4Q '00 Projected Projected Projected Fee income $5,750 6,450 6,900 # of checking accounts 140,500 151,000 161,500 # of savings accounts 71,050 72,940 74,830 Many CEO's of other leading thrifts also believe that supermarket banking enhances the value of their franchise TCF Financial ! William A. Cooper, Chairman & CEO "Our emerging (supermarket banking business has) started to make significant contributions and will be an engine of growth in future years. These branches produced 76% of the checking account growth in 1999. Consumer loans originated in supermarket branches now total $192.9 million, a growth rate of 78% this year." People's Bank ! John A. Klein, President & CEO "The supermarket offices saw substantial growth, with deposits up 24% since year-end 1998 ... (and) is designed to capitalize on the continuing shifts in the competitive landscape in Connecticut." Bank United ! Barry Burkholder, Chairman, President & CEO "The new in-store, 'seven-day' banking centers have given the Company the opportunity to significantly increase our presence in these growing markets faster and for much less cost than building traditional de novo branches. Additionally, these branches benefit from high consumer traffic ..." Charter One ! Charles J. Koch, Chairman & CEO "Our supermarket strategy is a natural complement to the alternative delivery channels for banking that we have already established for our growing customer base ! namely ATM, debit card and home banking access. EX-99.2 3 EXHIBIT 99.2 FOR IMMEDIATE RELEASE: April 20, 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 FIRST QUARTER RESULTS Westbury, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding company for CFS Bank, today reported net income of $101,000, or $0.01 per basic common share ($0.01 per share, diluted) for the first quarter of 2000, compared to $2.6 million, or $0.30 per basic common share ($0.29 per share, diluted) in the first quarter of 1999. Net income for the first quarter of 2000, excluding restructuring charges would have been $4.7 million, or $0.53 per basic common share ($0.51 per share, diluted). As previously announced, the first quarter of 2000 included pre-tax restructuring charges totaling $7.1 million, including a charge of approximately $6.8 million related to the sale of parts of the Company's residential mortgage origination division and the reorganization of the remainder of the division, and a restructuring charge of approximately $300,000 related to the remainder of the Company's business operations. The Company previously announced that it expects to realize annualized savings of approximately $14 million from the restructuring of its mortgage operations and its plan to reduce operating expenses through a reduction in the Company's workforce and the elimination of certain other discretionary expenses. Philip S. Messina, Chairman and Chief Executive Officer, stated, "We are pleased to report that our core earnings (net income excluding gains on sales of interest-earning assets and restructuring charges) grew by 83% over the first quarter of 1999. Our results were positively impacted by continued growth in net interest income, the significant contributions of fee income from our supermarket branches and the stabilization of operating expenses. Now that we have substantially resolved the residential mortgage division issues which had negatively impacted our operating results, we are well positioned to further capitalize on our supermarket banking strategy and our core banking business. During this quarter, the supermarket branches made a positive contribution of approximately $1.0 million to our pre-tax earnings, up from $675,000 in the fourth quarter of 1999. We will continue to provide residential mortgage products to our customers through our branch network and from our Westbury, NY headquarters." As of March 31, 2000, the Bank had 62 supermarket branches with total deposits of $898.5 million, an increase of $56.2 million, or 6.7%, from $842.3 million at December 31, 1999. During the quarter, the Bank closed one branch in an Edwards Superstore in Bayshore, NY and relocated another branch from the Pathmark in Woodmere to Springfield Gardens, NY. Core deposits equaled 49.1% of total supermarket branch deposits, compared to a ratio of 45.2% in traditional branches. The supermarket branches added approximately 5,800 new checking accounts during the first quarter of 2000, bringing the total number of checking accounts in the supermarket branches to approximately 129,000. Non- interest income from supermarket branches totaled $4.7 million in the first quarter of 2000 compared to $4.4 million in the fourth quarter of 1999. Non-interest expense, including allocated overhead, totaled $9.2 million for the period compared to $9.0 million in the fourth quarter of 1999. Net interest income for the first quarter of 2000 was $19.6 million, a 20.9% increase over net interest income of $16.2 million in the first quarter of 1999. The increase was primarily the result of interest-earning asset growth. Average interest- earning assets increased by 23.5% in the first quarter of 2000 compared to the first quarter of 1999, primarily due to a 71.6% increase in average debt and equity securities, and a 34.7% increase in average mortgage loans. Average interest-earning assets were relatively flat from the fourth quarter of 1999. The net interest margin in the 2000 first quarter was 2.74% compared to 2.80% in the first quarter of 1999. Residential and commercial real estate loan originations and purchases for our portfolio totaled $68.8 million in the first quarter of 2000, compared to $166.2 million originated and purchased for portfolio in the first quarter of 1999. The decrease in loan originations and purchases for portfolio was due to the wind down of the residential mortgage origination operations. In addition, $95.8 million of residential loans were originated or purchased for sale in the secondary market during the first quarter of 2000. The provision for loan losses in the first quarter of 2000 was $0.6 million compared to $0.7 million in first quarter of 1999. The decrease in the provision was due to the expected decrease in the growth of the residential loan portfolio. The allowance for loan losses was $16.8 million, or 0.92% of loans, at March 31, 2000 compared to $16.7 million, also 0.92% of loans, at December 31, 1999. Non-performing assets at March 31, 2000 totaled $7.5 million, or 0.25% of total assets. Non-performing loans, comprised of non-accrual and restructured loans, were $7.1 million and real estate owned, net, was $0.4 million at March 31, 2000. At March 31, 1999, non-performing assets totaled $10.3 million, or 0.40% of total assets; non-performing loans totaled $10.1 million and real estate owned, net, equaled $0.2 million. 2 In the first quarter of 2000, non-interest income, excluding net gains on sales of interest-earning assets, increased to $8.5 million, or 6.5%, from $8.0 million in the first quarter 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. Retail banking fees increased 58% in the 2000 first quarter to $4.9 million from $3.1 million in the 1999 first quarter. Insurance, annuity and mutual fund fees for the first quarter of 2000 increased 9.8% to $2.2 million from $2.0 million in the 1999 first quarter. Mortgage banking income was $1.1 million in the first quarter of 2000 compared to $2.3 million in the first quarter of 1999. The decrease in mortgage banking income was due to a decrease in the Bank's loans held for sale volume as a result of the wind down of the residential mortgage origination operations. Non-interest expense, excluding the restructuring charges, increased by $0.8 million, or 4.0% to $20.4 million in the first quarter of 2000 compared to $19.6 million for the 1999 first quarter and $19.9 million for the fourth quarter of 1999. The increase was due primarily to the Bank's expansion of its supermarket banking program from fifty-two branches at March 31, 1999 to sixty-two branches at March 31, 2000. At March 31, 2000, Haven had total assets of $2.97 billion. Stockholders' equity was $102.7 million, or $11.38 book value per share, compared to $105.6 million, or $11.73 book value per share at December 31, 1999. This decrease was due to an after tax increase in the unrealized loss on securities available-for-sale of $2.6 million, primarily as a result of an increase in interest rates during the three months ended March 31, 2000. CFS Bank's tangible, core and risk-based capital ratios at March 31, 2000, were 5.72%, 5.72% and 12.08%, 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, home-owners and business lines of insurance through its subsidiary, CFS Insurance Agency, Inc. The Bank's deposits are insured by the FDIC. 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 3 actual results to differ materially. Such risks and uncertainties include, but are not limited to, those related to overall businessconditions, 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. Haven disclaims any obligation to publicly announce future events or developments, which may affect the forward-looking statements contained herein. HAVEN BANCORP, INC. Selected Financial Ratios and Selected Financial Data Selected Financial Ratios Three Months Ended March 31, 2000 1999 (annualized) Return on average assets 0.01% 0.42% Return on average assets excluding restructuring charges 0.63 0.42 Return on average equity 0.39 8.67 Return on average equity excluding restructuring charges 17.96 8.67 Net interest spread 2.70 2.75 Net interest margin 2.74 2.80 Operating expenses to average assets(1) 2.73 3.16 (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 $75,000 and $190,000 for the three months ended March 31, 2000 and 1999, respectively, and the restructuring charges of $7.1 million recognized in the 2000 quarter. March 31, December 31, 2000 1999 Stockholders' equity to total assets 3.46% 3.56% Stockholders' equity per share $11.38 $11.73 Non-performing loans to total loans 0.39% 0.42% Non-performing assets to total assets 0.25 0.27 Allowance for loan losses to non- performing loans 237.00 216.56 Allowance for loan losses to total loans 0.92 0.92 4 Selected Financial Data ! Retail Branches(1)
TRADITIONAL BRANCHES 8 Branches March 31, 2000 Number % of Traditional of Accounts Balance Branch Deposits Total Deposits 169,587 $1,236.7 billion Checking 69,366 $ 168.0 million 13.6% Savings & Money Market 58,632 $ 390.4 million 31.6% Certificates 41,589 $ 678.3 million 54.8% Cost of deposits 3.87% Fee income contribution $2.5 million SUPERMARKET BRANCHES 62 Branches March 31, 2000 Number % of Supermarket of Accounts Balance Branch Deposits Total Deposits 227,501 $898.5 million Checking 128,972 $118.2 million 13.1% Savings & Money Market 72,158 $323.2 million 36.0% Certificates 26,371 $457.1 million 50.9% Cost of deposits 4.45% Fee income contribution $4.7 million
(1) Excludes approximately $15.7 million of deposits held in the administrative branch. 5 HAVEN BANCORP, INC. Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited)
Three Months Ended March 31, ------------------ 2000 1999 ---- ---- Interest income: Loans $34,407 $25,735 Mortgage-backed securities 12,857 12,650 Money market investments 147 30 Debt and equity securities 4,326 2,065 ------ ------ Total interest income 51,737 40,480 ------ ------ Interest expense: Deposits: Savings accounts 4,516 4,669 NOW accounts 382 324 Money market accounts 529 419 Certificate accounts 15,571 11,753 Borrowed funds 11,147 7,109 ------ ------ Total interest expense 32,145 24,274 ------ ------ Net interest income before provision for loan losses 19,592 16,206 Provision for loan losses 565 675 ------ ------ Net interest income after provision for loan losses 19,027 15,531 ------ ------ Non-interest income: Loan fees and servicing income 264 505 Mortgage banking income 1,084 2,268 Retail banking fee 4,866 3,079 Net gain on sales of interest-earning assets 126 335 Insurance, annuity and mutual fund fees 2,169 1,975 Other 94 135 ------ ------ Total non-interest income 8,603 8,297 ------ ------ Non-interest expense Compensation and benefits 11,037 11,040 Occupancy and equipment 3,609 3,344 REO operations, net (176) (151) Federal deposit insurance premiums 108 254 Restructuring charges 7,057 - Other 5,840 5,138 ------ ------ Total non-interest expense 27,475 19,625 ------ ------ Income before income tax expense 155 4,203 Income tax expense 54 1,603 ------ ------ Net income $ 101 $ 2,600 ====== ====== Net income per common share: Basic $ 0.01 $ 0.30 ====== ====== Diluted $ 0.01 $ 0.29 ====== ======
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 (Dollars in thousands, except for share data) (Unaudited)
March 31, December 31, 2000 1999 --------- ------------ ASSETS Cash and due from banks $ 51,740 $ 41,479 Money market investments 6,104 1,238 Securities available for sale 943,435 937,299 Loans held for sale 49,384 82,709 Federal Home Loan Bank of NY Stock 27,865 27,865 Loans receivable: First mortgage loans 1,793,622 1,777,208 Cooperative apartment loans 4,048 3,669 Other loans 24,348 25,948 --------- --------- Total loans receivable 1,822,018 1,806,825 Less allowance for loan losses (16,836) (16,699) --------- --------- Loans receivable, net 1,805,182 1,790,126 Premises and equipment, net 35,002 35,928 Accrued interest receivable 15,564 15,825 Other assets 31,636 33,381 --------- --------- Total assets $2,965,912 $2,965,850 ========= ========= LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: Deposits $2,150,944 $2,080,613 Borrowed funds 680,987 749,232 Due to broker 871 - Other liabilities 30,369 30,422 --------- --------- Total liabilities 2,863,171 2,860,267 --------- --------- Stockholders' Equity: Preferred stock, ($.01 par value, 2,000,000 shares authorized, none issued) - - Common stock ($.01 par value, 30,000,000 authorized, 9,918,750 issued; 9,026,661 and 9,000,237 shares outstanding at March 31, 2000 and December 31, 1999, respectively) 100 100 Additional paid-in capital 52,556 52,336 Retained earnings, substantially restricted 88,525 89,083 Accumulated other comprehensive income: Unrealized loss on securities available for sale, net of tax effect (28,101) (25,465) Treasury stock, at cost (892,089 and 1,059,058 shares at March 31, 2000 and December 31, 1999, respectively) (8,759) (8,934) Unallocated common stock held by ESOP (864) (934) Unearned common stock held by Bank's Recognition Plans and Trusts (218) (231) Unearned compensation (498) (372) --------- --------- Total stockholders' equity 102,741 105,583 --------- --------- Total liabilities and stockholders' equity $2,965,912 $2,965,850 ========= ========= Book value per share $11.38 $11.73 ========= =========
7 HAVEN BANCORP, INC. Consolidated Average Balance Sheet - Yield/Rate Analysis (Dollars in thousands)
For the Three Months Ended March 31, 2000 March 31, 1999 ------------------------ ------------------------ Average Yield/ Average Yield/ Balance Interest Rate(1) Balance Interest Rate(1) ------- -------- ------- ------- -------- ------- (Dollars in thousands) Assets: Interest-earning assets: Mortgage loans $1,854,895 $33,900 7.31% $1,377,235 $24,885 7.23% Other loans 25,223 507 8.04 37,178 850 9.15 Mortgage-backed securities 734,530 12,857 7.00 762,234 12,650 6.64 Money market investments 11,902 147 4.94 1,516 30 7.92 Debt and equity securities 228,406 4,326 7.58 133,067 2,065 6.21 --------- ------ --------- ------ Total interest-earning assets 2,854,956 51,737 7.25 2,311,230 40,480 7.01 Non-interest-earning assets 123,305 ------ 147,604 ------ --------- --------- Total assets 2,978,261 2,458,834 ========= ========= Liabilities and stockholders' equity: Interest-bearing liabilities: Savings accounts 630,899 4,516 2.86 576,044 4,669 3.24 Certificate accounts 1,141,035 15,571 5.46 892,050 11,753 5.27 NOW accounts 260,657 382 0.59 222,499 324 0.58 Money market accounts 70,272 529 3.01 57,986 419 2.89 Borrowed funds 723,653 11,147 6.16 530,099 7,109 5.36 --------- ------ --------- ------ Total interest-bearing liabilities 2,826,516 32,145 4.55 2,278,678 24,274 4.26 Other liabilities 47,319 ------ 60,133 ------ --------- --------- Total liabilities 2,873,835 2,338,811 Stockholders' equity 104,426 120,023 --------- --------- Total liabilities and stockholders' equity $2,978,261 2,458,834 ========= ========= Net interest income $19,592 $16,206 ====== ====== Net interest spread 2.70% 2.75% ==== ==== Net interest margin 2.74% 2.80% ==== ====
(1) annualized 8 HAVEN BANCORP, INC. Consolidated Statements of Income (Dollars in thousands, except per share data) (Unaudited)
2000 1999 ---- ------------------------------- 1Q 4Q 3Q 2Q 1Q ---- ---- ---- ---- ---- Interest income: Loans $34,407 $33,923 $31,339 $28,416 $25,735 Mortgage-backed securities 12,857 12,566 12,952 12,686 12,650 Money market investments 147 20 53 39 30 Debt and equity securities 4,326 4,160 4,134 3,095 2,065 ------ ------ ------ ------ ------ Total interest income 51,737 50,669 48,478 44,236 40,480 ------ ------ ------ ------ ------ Interest expense: Deposits: Savings accounts 4,516 4,867 5,114 5,015 4,669 NOW accounts 382 503 428 419 324 Money market accounts 529 544 430 440 419 Certificate accounts 15,571 14,891 13,554 12,071 11,753 Borrowed funds 11,147 11,585 10,400 8,371 7,109 ------ ------ ------ ------ ------ Total interest expense 32,145 32,390 29,926 26,316 24,274 ------ ------ ------ ------ ------ Net interest income before provision for loan losses 19,592 18,279 18,552 17,920 16,206 Provision for loan losses 565 1,035 1,035 880 675 ------ ------ ------ ------ ------ Net interest income after provision for loan losses 19,027 17,244 17,517 17,040 15,531 ------ ------ ------ ------ ------ Non-interest income: Loan fees and servicing income 264 1,285 528 422 505 Mortgage banking income 1,084 692 97 677 2,268 Retail banking fee 4,866 4,634 4,472 3,865 3,079 Net gain on sales of interest-earning assets 126 (930) 111 1,234 335 Insurance, annuity and mutual fund fees 2,169 1,885 2,231 2,168 1,975 Other 94 211 170 182 135 ------ ------ ------ ------ ------ Total non-interest income 8,603 7,777 7,609 8,548 8,297 ------ ------ ------ ------ ------ Non-interest expense Compensation and benefits 11,037 11,803 10,917 10,927 11,040 Occupancy and equipment 3,609 2,723 3,482 3,439 3,344 REO operations, net (176) (148) 112 (33) (151) Federal deposit insurance premiums 108 302 255 254 254 Restructuring charge 7,057 - - - - Other 5,840 5,253 5,520 5,662 5,138 ------ ------ ------ ------ ------ Total non-interest expense 27,475 19,933 20,286 20,249 19,625 ------ ------ ------ ------ ------ Income before income tax expense 155 5,088 4,840 5,339 4,203 Income tax expense 54 1,359 1,890 2,011 1,603 ------ ------ ------ ------ ------ Net income $ 101 $ 3,729 $ 2,950 $ 3,328 $ 2,600 ====== ====== ====== ====== ====== Net income per common share: Basic $ 0.01 $ 0.42 $ 0.34 $ 0.38 $ 0.30 ====== ====== ====== ====== ====== Diluted $ 0.01 $ 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. 9 -----END PRIVACY-ENHANCED MESSAGE-----