Greater Community Bancorp (Nasdaq: GFLS) (the �Company�) announced
net income for the second quarter of 2007 of $3.0 million,
increasing $0.8 million or 39.9% from the $2.1 million reported for
the second quarter of 2006. Diluted earnings per share were $0.35,
compared with $0.25 per share reported for the prior-year second
quarter. Earnings for the quarter included partial recovery of a
state income tax liability that was recognized in the fourth
quarter of 2006. The recovery, which included related interest on
taxes, amounted to $1.8 million net of federal income tax. The
Company previously announced that it had mitigated and extinguished
the tax liability as a result of satisfying all disclosure and
filing requirements under voluntary disclosure agreements with the
NJ Division of Taxation. Also included in the quarterly earnings
results was a charge taken for unamortized trust preferred
securities issuance costs of approximately $0.5 million, net of
income taxes, related to the previously announced redemption of all
of the outstanding 8.45% trust preferred securities issued in 2002
by GCB Capital Trust II, a Delaware statutory trust sponsored by
the Company. Anthony M. Bruno, Jr., Chairman, President and CEO,
noted, "The net effect of these two items was a $0.15 increase in
diluted earnings per share for the quarter. Excluding consideration
of the items, diluted earnings per share were $0.20, which was
comparable with the first quarter of this year.� For the second
quarter 2007, net interest income totaled $7.8 million, decreasing
$0.3 million compared to a year ago. The provision for loan and
lease losses was $0.3 million for both the current and prior year
quarters. Non-interest income totaled $1.4 million, compared to
$1.5 million for the second quarter of 2006. Non-interest expense
of $6.5 million for the quarter increased $0.3 million or 5.3% from
a year ago. The provision for income taxes for the second quarter
reflected a net recovery of $0.6 million, compared with a provision
of $1.0 million for the same period a year ago. Mr. Bruno
commented, �In the past quarter we continued to be affected by the
inversion of the interest rate yield curve which is compressing our
net interest margin. Specifically, the inverted yield curve has put
upward pressure on deposit rates while also reducing our ability to
price loans at rates that would allow us to increase the yield on
our portfolio faster than the increase in our cost of funds. For
the second quarter of 2007, interest income increased 13.6% from a
year ago while interest expense increased 39.6%, and the net
interest margin was 3.47% compared to 4.02% for the same period a
year ago. This is despite having grown our loans and leases by
$68.3 million or 9.9% over the past year. �Although these are
conditions affecting the banking industry as a whole, we recognize
that they call for a special effort and dedication on the part of
our experienced management and staff. As a result, we have
instituted changes to our strategic plan to include new initiatives
focusing on higher-yielding loans, lower-costing core deposits and
opportunities to increase fee income. In addition, we have
aggressively initiated measures to manage our operating costs in
this period of declining interest margins. We are confident that
these new initiatives, in conjunction with all of our strategic
goals, will lead us to operate effectively as a $1 billion bank
uniquely positioned to acquire greater market share and return
greater shareholder value.� At June 30, 2007, total assets were
$970.4 million, up $19.4 million since December 31, 2006 and $87.2
million from a year ago, representing annualized growth of 2.0% and
9.9%, respectively. Loans and leases totaled $760.6 million as of
June 30, 2007, increasing $13.0 million in the current quarter and
$68.3 million from a year ago. Total deposits increased $34.0
million since December 31, 2006, totaling $761.3 million at June
30, 2007, growing at an annualized rate of 9.3%. Shareholders'
equity totaled $69.7 million as of June 30, 2007, compared to $67.6
million at December 31, 2006. At June 30, 2007, non-performing
assets were 0.25% of total assets, compared to 0.15% at December
31, 2006. Net charge-offs for the six months ended June 30, 2007
were $63,000, or an annualized 0.02% of average loans and leases,
and the allowance for loan and lease losses at period-end was 1.39%
of total loans and leases. In June, the Company�s Board of
Directors declared a $0.145 per share quarterly cash dividend,
representing an annualized cash dividend of $0.58 per share, and
also declared a 2.5% stock dividend which is payable in September,
2007. About the Company Greater Community Bancorp is a financial
holding company headquartered in Totowa, New Jersey. The Company
operates fifteen full-service branches in the northern New Jersey
counties of Passaic, Bergen, and Morris through its state-chartered
commercial bank subsidiary, Greater Community Bank. Greater
Community Bank provides traditional commercial and retail banking
services to small businesses and consumers, and operates an
equipment leasing and financing subsidiary, Highland Capital Corp.
Greater Community Financial, a division of Greater Community Bank,
provides a wide range of investment products and services
exclusively through Raymond James Financial Services, Inc., member
NASD/SIPC. (Securities are not FDIC insured or bank-guaranteed, and
are subject to risk and may lose value). The Company offers
traditional insurance products through its Greater Community
Insurance Services, LLC subsidiary, and also offers title insurance
and settlement services through its Greater Community Title, LLC
subsidiary and personal income tax return preparation services
through its Greater Community Tax Services, LLC subsidiary.
Insurance policies and tax services are not insured by the FDIC or
any federal government agency, may lose value, and are not a
deposit of or guaranteed by Greater Community Bank or any bank
affiliate. For additional information about Greater Community
Bancorp and its subsidiaries visit www.greatercommunity.com or call
973-942-1111. Forward-Looking Statements This release contains
forward-looking statements relating to present or future trends or
factors affecting the banking industry, and specifically the
financial condition and results of operations, including without
limitation, statements relating to the earnings outlook of the
Company, as well as its operations, markets and products. Actual
results could differ materially from those indicated. Among the
important factors that could cause results to differ materially are
interest rate changes, change in economic climate, which could
materially impact credit quality trends and the ability to generate
loans, changes in the mix of the Company's business, competitive
pressures, changes in accounting, tax or regulatory practices or
requirements, resolution of tax reviews, and those risk factors
detailed in the Company's periodic reports and registration
statements filed with the Securities and Exchange Commission. The
Company undertakes no obligation to release revisions to these
forward-looking statements or reflect events or circumstances after
the date of this release. Greater Community Bancorp Consolidated
Balance Sheets (dollars in thousands, except per share data) � June
30, December�31, 2007 2006 (unaudited) ASSETS CASH AND DUE FROM
BANKS - Non interest-bearing $ 20,657 $ 22,269 FEDERAL FUNDS SOLD �
21,000 � 31,600 Total cash and cash equivalents 41,657 53,869 DUE
FROM BANKS - Interest-bearing 11,619 26,359 INVESTMENT SECURITIES -
Available-for-sale 83,029 64,942 INVESTMENT SECURITIES -
Held-to-maturity (aggregate fair values of $23,328 and $36,225 at
June 30, 2007 and December 31, 2006, respectively) 23,859 36,391
Total investment securities 106,888 101,333 LOANS AND LEASES, net
of unearned income 760,641 721,430 Less: Allowance for loan and
lease losses � (10,603) � (10,022) Net loans and leases 750,038
711,408 PREMISES AND EQUIPMENT, net 11,898 10,599 ACCRUED INTEREST
RECEIVABLE 4,337 4,091 OTHER REAL ESTATE OWNED, net 349 349
BANK-OWNED LIFE INSURANCE 15,706 15,477 GOODWILL 11,574 11,574
OTHER ASSETS � 16,296 � 15,910 TOTAL ASSETS $ 970,362 $ 950,969 �
LIABILITIES AND SHAREHOLDERS' EQUITY DEPOSITS: Non interest-bearing
$ 170,652 $ 169,013 Interest-bearing checking 91,289 103,853 Money
market 239,922 191,912 Savings 67,080 68,659 Time deposits less
than $100 121,448 119,470 Time deposits $100 and over � 70,887 �
74,405 Total deposits 761,278 727,312 FEDERAL FUNDS PURCHASED -
10,000 SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE 7,800 8,246
FHLB ADVANCES 96,000 96,000 SUBORDINATED DEBENTURES 24,743 24,743
ACCRUED INTEREST PAYABLE 4,134 3,191 OTHER LIABILITIES � 6,678 �
13,902 Total liabilities � 900,633 � 883,394 SHAREHOLDERS' EQUITY:
Common stock, par value $0.50 per share: 20,000,000 shares
authorized, 8,462,127 and 8,402,842 shares outstanding at June 30,
2007 and December 31, 2006, respectively 4,219 4,201 Additional
paid-in capital 59,199 58,633 Retained earnings 6,238 3,963
Accumulated other comprehensive income � 73 � 778 Total
shareholders' equity � 69,729 � 67,575 TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 970,362 $ 950,969 Greater Community Bancorp
Consolidated Statements of Income (in thousands, except per share
data, unaudited) � Three Months Ended Six Months Ended June 30,
June 30, 2007 2006 2007 2006 INTEREST INCOME: Loans and leases $
13,185 $ 11,851 $ 25,800 $ 23,459 Investment securities 1,343 1,361
2,737 2,756 Federal funds sold and deposits with banks � 671 � 167
� 1,276 � 496 Total interest income � 15,199 � 13,379 � 29,813 �
26,711 � INTEREST EXPENSE: Deposits 5,646 3,740 10,696 7,217
Short-term borrowings 1,273 1,074 2,640 2,132 Long-term borrowings
� 507 � 507 � 1,014 � 1,014 Total interest expense � 7,426 � 5,321
� 14,350 � 10,363 � NET INTEREST INCOME 7,773 8,058 15,463 16,348 �
PROVISION FOR LOAN AND LEASE LOSSES � 331 � 314 � 644 � 314 Net
interest income after provision for loan and lease losses � 7,442 �
7,744 � 14,819 � 16,034 � NON-INTEREST INCOME: Service charges on
deposit accounts 633 739 1,314 1,417 Commissions and fees 339 323
657 600 Loan fee income 197 165 435 282 Gain on sale of loans 56 -
56 - Gain on sale of investment securities 19 - 160 28 Bank-owned
life insurance 93 115 229 236 All other income � 101 � 199 � 207 �
310 Total non-interest income � 1,438 � 1,541 � 3,058 � 2,873 �
NON-INTEREST EXPENSE: Salaries and employee benefits 3,714 3,910
7,460 7,308 Occupancy and equipment 1,058 916 2,034 1,827
Regulatory, professional and other fees 1,346 547 1,888 1,109
Computer services 224 201 477 443 Office expenses 319 211 567 529
Interest on taxes (recovery) (635) - (515) - Other operating
expenses � 523 � 435 � 1,118 � 964 Total non-interest expense �
6,549 � 6,220 � 13,029 � 12,180 � INCOME BEFORE PROVISION FOR
INCOME TAXES 2,331 3,065 4,848 6,727 PROVISION FOR INCOME TAXES
(RECOVERY) � (627) � 951 � 162 � 2,151 � NET INCOME $ 2,958 $ 2,114
$ 4,686 $ 4,576 � Weighted average shares outstanding - Basic 8,458
8,341 8,442 8,322 Weighted average shares outstanding - Diluted
8,475 8,378 8,462 8,357 � Earnings per share - Basic $ 0.35 $ 0.25
$ 0.56 $ 0.55 Earnings per share - Diluted $ 0.35 $ 0.25 $ 0.55 $
0.55 Greater Community Bancorp � Three Months Ended Six Months
Ended June 30, June 30, SELECTED FINANCIAL DATA 2007 2006 2007 2006
(dollars in thousands, except per share data, unaudited) � Earnings
Net interest income $7,773 $8,058 $15,463 $16,348 Provision for
loan and lease losses 331 314 644 314 Non-interest income 1,438
1,541 3,058 2,873 Non-interest expense 6,549 6,220 13,029 12,180
Net income 2,958 2,114 4,686 4,576 Per Share Data1 Earnings per
share - basic $0.35 $0.25 $0.56 $0.55 Earnings per share - diluted
0.35 0.25 0.55 0.55 Book value per share 8.24 8.06 8.24 8.01 Cash
dividend declared 0.145 0.137 0.285 0.264 Performance Ratios Return
on average assets 1.22% 0.97% 0.98% 1.04% Return on average equity
17.39% 12.57% 13.91% 13.85% Net interest margin (tax equivalent
basis) 3.47% 4.02% 3.52% 4.05% Efficiency ratio 69.94% 64.80%
69.65% 63.46% � � � � � � � � � � As of June 30, SELECTED BALANCE
SHEET DATA & RATIOS 2007 2006 (dollars in thousands, unaudited)
� Period-end Balances Total assets $970,362 $950,969 Total loans
and leases, net of unearned income 760,641 721,430 Total deposits
761,278 727,312 Total shareholders' equity 69,729 67,575 Capital
& Liquidity Shareholders' equity/ total assets 7.19% 7.11%
Average loans and leases/ average deposits 99.92% 99.19% Asset
Quality Net loan and lease charge-offs/ average loans and leases
0.01% 0.03% Nonperforming assets + 90 days past due/ total assets
0.25% 0.15% Allowance for loan and lease losses/ total loans and
leases 1.39% 1.39% � 1 Adjusted retroactively for stock dividends.
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