-----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, N6D3gUS+z8aXYKDkB4/BdpA8r3lsDd2NIl79Qq+ANNMr3Iax2FuI5c3qMh+QuY4E v4EY4r0YAoDtH5jImLivrQ== 0000900741-99-000012.txt : 19991201 0000900741-99-000012.hdr.sgml : 19991201 ACCESSION NUMBER: 0000900741-99-000012 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19991130 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19991130 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: 99766455 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) NOVEMBER 30, 1999 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) 683-4483 (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 December 1, 1999. 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 1998 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. 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: November 30, 1999 By: /s/ Catherine Califano --------------------------- Catherine Califano Senior Vice President and Chief Financial Officer 2 EX-99 2 EXHIBIT 99.1 PORTIONS OF ANALYST PRESENTATION Balance Sheet ($ in thousands)
Sept. 30, 1999 Dec. 31, 1998 Dec. 31, 1997 Dec. 31, 1996 Assets Cash and equivalents $ 56,165 44,808 40,306 35,717 Securities available for sale 992,768 889,251 499,380 370,105 Loans held for sale 53,976 54,188 - - Debt securities held to maturity - - 66,404 97,307 Mortgage-backed securities held to maturity - - 163,057 197,940 Loans receivable, net 1,721,002 1,296,702 1,138,253 836,882 Premises and equipment 36,290 39,209 27,062 8,820 Other assets 81,639 71,365 40,428 36,774 --------- --------- --------- --------- Total assets $2,941,840 2,395,523 1,974,890 1,583,545 ========= ========= ========= ========= Liabilities & Equity Deposits $2,015,509 1,722,710 1,365,012 1,137,788 Borrowed funds 726,686 415,362 441,810 326,433 Other liabilities 38,397 112,600 30,219 19,940 --------- --------- --------- --------- 2,780,592 2,250,672 1,837,041 1,484,161 Capital securities 50,284 24,984 24,984 - --------- --------- --------- --------- Total liabilities 2,830,876 2,275,656 1,862,025 1,484,161 Total equity 110,964 119,867 112,865 99,384 --------- --------- --------- --------- Total Liabilities and Equity $2,941,840 2,395,523 1,974,890 1,583,545 ========= ========= ========= =========
INCOME STATEMENT ($ in thousands)
Three Months Ended Three Months Ended Three Months Ended Sept. 30, 1999 June 30, 1999 March 31, 1999 ---------------- ----------------- ---------------- Interest income $ 48,478 44,236 40,480 Interest expense 29,926 26,316 24,274 ------ ------ ------ Net interest income before provision 18,552 17,920 16,206 Provision for loan losses 1,035 880 675 ------ ------ ------ Net interest income after provision 17,517 17,040 15,531 ------ ------ ------ Non interest income Mortgage banking income 97 677 2,268 Savings/checking fees 4,327 3,839 3,125 Insurance, annuity and mutual fund fees 2,231 2,168 1,975 Other 1,460 2,344 1,430 ------ ------ ------ Total non interest income 8,115 9,028 8,798 ------ ------ ------ Non interest expense Compensation and benefits 10,917 10,927 11,040 Occupancy and equipment 3,482 3,439 3,344 Other 6,393 6,363 5,742 ------ ------ ------ Total non interest expense 20,792 20,729 20,126 ------ ------ ------ Income before taxes 4,840 5,339 4,203 Income tax expense 1,890 2,011 1,603 ------ ------ ------ Net income $2,950 $3,328 $2,600 ====== ====== ====== EPS: Basic $ 0.34 $ 0.38 $ 0.30 ====== ====== ====== Diluted $ 0.32 $ 0.37 $ 0.29 ====== ====== ======
CFS MORTGAGE Purchased Intercounty Mortgage on May 1, 1998. Offices in New York, New Jersey, Connecticut and Pennsylvania. Originates residential held for sale and portfolio mortgages. CFS MORTGAGE ORIGINATIONS ($ in Millions) 12/98 Q 3/99 Q 6/99 Q 9/99 Q ------ ------- ------ ------ Held for sale $204.9 $160.7 $148.4 $153.3 Portfolio 119.7 132.1 146.1 203.3 CFS MORTGAGE P&L impact of approximately $5.5 million pre-tax loss through 9/30/99 Market factors Investment in building processing system & front end system 30% drop in held for sale volume Accounting issues - FASB 91 Evaluating options Portfolio production of $481.5 million YTD 1999 has future value NON-INTEREST INCOME ($ in Millions) 1996 1997 1998 9/98* 9/99* Non-Interest Income $ 9 $14 $20 $14 $21 Percent of Total Revenue 16% 21% 26% 26% 30% * 9 months % = Total non-interest income divided by (non-interest income + net interest income) Non-interest income = Banking fees, investments and insurance sales. Excludes mortgage banking income and gains on sales. CFS INVESTMENTS/INSURANCE Annuities, mutual funds and a wide array of insurance products. Provides a competitive product line, convenient location, accommodating hours and knowledgeable sales people. Licensed securities representative at each location. Leader in the industry. Significant cross-selling potential. TRADITIONAL BRANCHES 8 Branches September 30, 1999 Number % of Total of Accounts Balance Deposits Deposits 171,754 $1,219.8 billion Checking 69,485 $151.0 million 12.4% Savings & Money Market 59,809 $394.9 million 32.4% Certificates 42,460 $673.9 million 55.2% Cost of deposits 3.86% Fee income contribution $6.6 million* *YTD 9/99 SUPERMARKET BANKING Convenient one stop shopping for banking, investment, mortgage, and insurance products. Provides the opportunity to interact with up to 30,000 customers per week, per location. Creating a sales culture in supermarket banking. Developing strong customer relationships. SUPERMARKET BRANCHES 61 Branches September 30, 1999 % of Total Number Supermarket of Accounts Balance Deposits Deposits 205,039 $778.1 million Checking 116,588 $ 86.2 million 11.1% Savings & Money Market 65,824 $299.8 million 38.5% Certificates 22,627 $392.2 million 50.4% Cost of deposits 4.41% Fee income contribution $11.9 million* *YTD 9/99 SUPERMARKET BRANCHES - PROFITABILITY Approximately $600,000 pre-tax income third quarter 1999. In 1999 deposits have grown by approximately $30 million per month. In 1999 fee income has grown by approximately $50,000 per month. Branch operating costs average approximately $49,000 per month. FUTURE POTENTIAL 61 Supermarket Branches ($ in Millions) Monthly Pre-Tax Income At the end of the period 9/99 12/99 6/00 12/00 12/01 ---- ----- ---- ----- ----- $10 million per month deposit growth, $10,000 per month growth in fee income $0.25 $0.3 $0.4 $0.6 $0.9 $20 million per month deposit growth, $25,000 per month growth in fee income 0.25 0.5 0.7 1.2 2.0 $25 million per month deposit growth, $40,000 per month growth in fee income 0.25 0.6 0.9 1.6 2.7 SUPERMARKET DEPOSIT POTENTIAL ($ in Billions) Dollars of Deposits At the end of the period 9/99 12/99 6/00 12/00 12/01 ---- ----- ---- ----- ----- $10 million per month deposit growth $0.8 $0.81 $0.87 $0.93 $1.05 $20 million per month deposit growth 0.8 0.84 0.96 1.10 1.33 $25 million per month deposit growth 0.8 0.85 1.00 1.18 1.48 TOTAL ASSETS ($ in Millions) 12/96 12/97 12/98 9/99 Total Assets $1,584 $1,975 $2,396 $2,942 COMPOSITION OF ASSETS
September 30, 1999 December 31, 1998 December 31, 1997 Loans, net 60.3% 56.4% 57.6% Other 4.1 4.7 2.8 Cash and equivalents 1.9 1.8 2.0 Securities available for sale 33.7 37.1 25.3 Securities, held to maturity - - 11.6 TOTAL LOANS, NET ($ in Millions) 12/96 12/97 12/98* 9/99* Total loans, net $ 837 $1,138 $1,351 $1,775 * Includes loans held for sale LOAN PORTFOLIO September 30, 1999 December 31, 1998 December 31, 1997 ------------------ ----------------- ----------------- One to Four Family 73.8% 67.9% 69.9% Multi-Family 14.6 16.5 12.5 Commercial 10.1 12.5 12.9 Other 1.5 3.1 4.7 Other includes: Cooperative, Construction and Land, HELOCs, Home Improvement and Other ASSET QUALITY 12/96 12/97 12/98 9/99 % NPA + Lns 90/Assets 1.17% 0.66% 0.36% 0.30% % Reserves/NPA+Lns 90 0.71% 0.96% 1.62% 1.81% DEPOSITS ($ in Millions) 12/96 12/97 12/98 9/99 Deposits $1,138 $1,365 $1,723 $2,016 TOTALS DEPOSITS September 30, 1999 December 31, 1998 December 31, 1997 ------------------ ----------------- ----------------- CDs 51.1% 52.3% 57.3% Checking 15.4 12.5 11.3 Savings 31.6 31.8 27.7 Money Market 1.9 3.4 3.7 EQUITY CAPITAL ($ in Millions) 12/96 12/97 12/98 9/99 Total Equity $99.4 $113.0 $120.0 $111.0 % Core Capital to Assets 6.14% 6.42% 5.66% 5.54% INCOME STATEMENT ($ in Thousands)
December 31, 1998 December 31, 1997 December 31, 1996 ----------------- ----------------- ----------------- Interest income $ 151,685 126,306 109,253 Interest expense 93,776 74,400 61,368 ------ ------ ------ Net interest income before provision 57,909 51,906 47,885 Provision for loan losses 2,665 2,750 3,125 ------ ------ ------ Net interest income after provision 55,244 49,156 44,760 ------ ------ ------ Non interest income Mortgage banking income 3,000 - - Savings/checking fees 9,822 5,478 3,378 Insurance, annuity and mutual fund fees 5,874 3,758 3,114 Other 7,149 4,676 3,062 ------ ------ ------ Total non interest income 25,845 13,912 9,554 ------ ------ ------ Non interest expense Compensation and benefits 36,935 24,251 15,737 Occupancy and equipment 11,005 6,334 3,478 Other 22,073 15,262 19,240 ------ ------ ------ Total non interest expense 70,013 45,847 38,455 ------ ------ ------ Income before taxes 11,076 17,221 15,859 Income tax expense 2,926 6,138 6,434 ------ ------ ------ Net income $8,150 $11,083 $9,425 ====== ====== ====== Net income per common share: Basic $ 0.95 $ 1.32 $ 1.13 ====== ====== ====== Diluted $ 0.89 $ 1.24 $ 1.08 ====== ====== ======
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