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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