Long Island Financial Corp. (the "Company") (NASDAQ/NMS: LICB), the
holding company for Long Island Commercial Bank (the "Bank"), today
reported net income of $754,000, or $.47 per diluted share, for the
three months ended September 30, 2005, compared to net income of
$1.2 million, or $.73 per diluted share for the three months ended
September 30, 2004. For the nine months ended September 30, 2005,
the Company reported net income of $2.4 million, or $1.52 per
diluted share, compared to net income of $1.2 million, or $.74 per
diluted share, for the nine months ended September 30, 2004. The
financial results for the three and nine months ended September 30,
2004, were substantially impacted by both provisions for loan
losses and automobile loan expenses recognized with regard to the
Company's automobile loan portfolio. Commenting on the results of
the Company for the current quarter, Douglas C. Manditch, President
and Chief Executive Officer, stated, "current quarter and year to
date performance compared to 2004 reflect the effects of our
automobile loan portfolio, balance sheet repositioning, and the
increasingly unfavorable interest rate environment. The quarter
ended September 30, 2004 benefited from aggressive cost cutting and
expense control, a restructured branch expansion plan, and a steep
yield curve. The quarter ended September 30, 2005 reflects our
emphasis on core business growth through an improved asset mix.
Loan growth was funded from maturing automobile loans and from
market opportunities in which investment securities were
liquidated, which reduced our reliance on borrowed funds. The
balance sheet repositioning, combined with an emphasis on
increasing core deposit funding, improves our overall interest rate
risk profile and better positions us to address anticipated
increases in short term rates and a continued flattening yield
curve." Mr. Manditch continued, "we are excited about opportunities
to serve a broader range of clients in new markets with both the
establishment of New York Commercial Bank, pending the close of our
transaction with New York Community Bancorp, Inc., and the newest
addition to the Bank's executive management team, Dennis D. Jurs.
Dennis, who joined us this week, comes to us with 30 years of
middle market commercial lending experience. Dennis currently
serves as our Chief Lending Officer and will spearhead the lending
effort for New York Commercial Bank." At September 30, 2005, total
assets amounted to $532.8 million, a decrease of $5.1 million, or
1.0%, from the $537.9 million held at September 30, 2004. Taking
into consideration $17.7 million of matured automobile loans that
were repaid, loans at that date, net of unearned income and
deferred fees, increased by $30.6 million, or 14.1%, from the
September 30, 2004 level. Year-over-year, the average balance of
demand deposits increased $10.7 million, or 11.0%, from $97.7
million for the nine months ended September 30, 2004, to $108.4
million for the nine months ended September 30, 2005. Similarly,
the average balance of savings deposits increased by $14.2 million,
or 13.5%, from $105.2 million for the nine months ended September
30, 2004, to $119.4 million for the nine months ended September 30,
2005. Automobile Loans As discussed in releases for prior periods,
the Company continues to monitor the performance of its automobile
loan portfolio. At September 30, 2005, the automobile loan
portfolio consisted of 524 loans with balances aggregating $10.4
million. Automobile loans represented 4.0% of the Bank's loan
portfolio, net of unearned income and deferred fees. Delinquencies
at September 30, 2005, were $21,989. The Company incurred operating
expenses relating to the automobile loan portfolio of $96,000 for
the quarter ended September 30, 2005, compared to $206,000 for the
quarter ended September 30, 2004. Those expenses include expenses
for legal services, portfolio servicing and administration,
collateral perfection, verification and disposition, and audit and
accounting services. While the Company expects to continue to incur
operating expenses related to the automobile loan portfolio, it
expects those expenses to decrease as the portfolio matures.
Operating costs for the automobile loan portfolio are expensed when
incurred and recorded in "automobile loan expense" in the
consolidated statements of earnings. Supplemental Information On
August 1, 2005, the Company and New York Community Bancorp, Inc.
("NYCB") entered into an Agreement and Plan of Merger (the "Merger
Agreement") under which the Company will merge with and into NYCB,
with NYCB as the surviving entity, in an all-stock transaction
valued at approximately $69.8 million. Under the terms of the
Merger Agreement, shareholders of the Company will receive 2.32
shares of NYCB common stock for each share of the common stock of
the Company held at the closing date. Additional information
concerning the Merger Agreement can be found in the Form 8-K filed
by the Company on August 3, 2005. On August 24, 2005, the Board of
Directors of Long Island Financial Corp. declared a dividend of
$.12 per common share. The dividend will be paid on November 16,
2005, to stockholders of record on November 1, 2005. Long Island
Financial Corp. has set November 16, 2005, as the date of its
Special Meeting of Shareholders to vote on the Company's pending
merger with New York Community Bancorp, Inc. (NYSE: NYB). The
meeting will start at 12 Noon, Eastern Time, and will be held at
Stonebridge Country Club in Smithtown, New York. The voting record
date is September 30, 2005, and shareholder proxy materials were
mailed on or about October 14, 2005. Long Island Commercial Bank,
the wholly-owned subsidiary of Long Island Financial Corp., is a
New York state chartered commercial bank, which began operations in
January of 1990, and provides commercial and consumer banking
services through twelve branch offices, maintaining its
headquarters in Islandia. The Bank is an independent local bank
emphasizing personal service and responsiveness to the needs of its
customers. -0- *T Branch Offices -------------- Suffolk County,
N.Y. Nassau County, N.Y. Kings County, N.Y. -------------------
------------------- ------------------ Islandia Babylon Jericho
Westbury Bay Ridge-Brooklyn Central Islip Deer Park Melville
Ronkonkoma Shirley Smithtown Hauppauge *T This release may contain
certain forward-looking statements, which are based on management's
current expectations regarding economic, legislative, and
regulatory issues that may impact the Company's earnings in future
periods. Factors that could cause future results to vary materially
from current management expectations include, but are not limited
to, general economic conditions, changes in interest rates, deposit
flows, real estate values, and competition; changes in accounting
principles, policies, or guidelines; changes in legislation or
regulation; and other economic, competitive, governmental,
regulatory and technological factors affecting the Company's
operations, pricing, products, and services. -0- *T LONG ISLAND
FINANCIAL CORP. Consolidated Balance Sheets (Unaudited) (In
thousands, except share data) Sept. 30, Dec. 31, Sept. 30, 2005
2004 2004 --------- --------- --------- Assets: Cash and due from
banks $ 13,399 $ 10,310 $ 11,547 Interest earning deposits 229 37
45 --------- --------- --------- Total cash and cash equivalents
13,628 10,347 11,592 Securities available-for-sale, at fair value
237,196 278,814 258,821 Federal Home Loan Bank stock, at cost 5,943
4,925 6,372 Loans, held for sale 164 604 786 Loans, net of unearned
income and deferred fees 257,676 243,477 244,768 Less allowance for
loan losses (3,725) (5,591) (5,794) --------- --------- ---------
Loans, net 253,951 237,886 238,974 Premises and equipment, net
5,009 5,422 5,504 Accrued interest receivable 2,882 3,342 2,957
Bank owned life insurance 7,998 7,779 7,712 Deferred tax asset, net
4,180 3,169 2,588 Prepaid expenses and other assets 1,802 2,521
2,580 --------- --------- --------- Total assets $532,753 $554,809
$537,886 --------- --------- --------- Liabilities and
Stockholders' Equity: Deposits: Demand deposits $110,374 $ 99,876
$105,324 Savings deposits 104,964 123,142 109,950 NOW and money
market deposits 82,341 126,509 85,769 Time deposits, $100,000 or
more 15,435 9,863 10,860 Other time deposits 62,703 58,905 61,436
--------- --------- --------- Total deposits 375,817 418,295
373,339 Federal funds purchased and securities sold under
agreements to repurchase 47,865 27,500 50,430 Other borrowings
71,000 71,000 76,000 Subordinated debentures 7,732 7,732 7,732
Accrued expenses and other liabilities 3,385 3,245 2,976 ---------
--------- --------- Total liabilities $505,799 $527,772 $510,477
--------- --------- --------- Stockholders' equity: Common stock
(par value $.01 per share; 10,000,000 shares authorized; 1,881,146,
1,850,378, and 1,846,589 shares issued; 1,544,246, 1,513,478, and
1,509,689 shares outstanding, respectively) 19 19 18 Surplus 22,239
21,590 21,500 Retained earnings 13,285 11,417 10,967 Accumulated
other comprehensive loss (4,411) (1,811) (898) Treasury stock at
cost, (336,900 shares) (4,178) (4,178) (4,178) --------- ---------
--------- Total stockholders' equity 26,954 27,037 27,409 ---------
--------- --------- Total liabilities and stockholders' equity
$532,753 $554,809 $537,886 --------- --------- --------- *T -0- *T
LONG ISLAND FINANCIAL CORP. Consolidated Statements of Earnings
(Unaudited) (In thousands, except share data) For the Three Months
For the Nine Months Ended September 30, Ended September 30,
-------------------- --------------------- 2005 2004 2005 2004
---------- --------- ---------- --------- Interest income: Loans $
4,293 $ 4,091 $ 12,314 $ 11,762 Securities 2,682 2,803 8,457 8,107
Federal funds sold and earning deposits 5 1 77 6 ----------
--------- ---------- --------- Total interest income 6,980 6,895
20,848 19,875 ---------- --------- ---------- --------- Interest
expense: Savings deposits 529 309 1,440 872 NOW and money market
deposits 429 124 1,442 583 Time deposits, $100,000 or more 102 51
273 180 Other time deposits 580 529 1,638 1,770 Borrowed funds
1,089 1,141 2,849 2,778 Subordinated debentures 205 208 620 621
--------- --------- ---------- --------- Total interest expense
2,934 2,362 8,262 6,804 --------- --------- ---------- ---------
Net interest income 4,046 4,533 12,586 13,071 --------- ---------
---------- --------- Provision for loan losses 50 75 175 5,575
--------- --------- ---------- --------- Net interest income after
provision for loan losses 3,996 4,458 12,411 7,496 ---------
--------- ---------- --------- Other operating income: Service
charges on deposit accounts 680 572 2,024 1,842 Net gain (loss) on
sales and calls of securities 17 (11) 17 2,869 Net gain on sale of
residential loans 186 208 469 604 Earnings on bank- owned life
insurance 92 85 272 480 Other 170 141 561 404 ---------- ---------
---------- --------- Total other operating income 1,145 995 3,343
6,199 --------- --------- ---------- --------- Other operating
expenses: Salaries and employee benefits 2,078 1,771 6,330 5,772
Occupancy expense 348 335 1,032 964 Premises and equipment expense
369 354 1,089 1,120 Automobile loan expense 96 206 350 1,061 Other
1,088 972 3,201 3,132 --------- --------- ---------- ---------
Total other operating expenses 3,979 3,638 12,002 12,049 ---------
--------- --------- --------- Income before income taxes 1,162
1,815 3,752 1,646 Income taxes 408 664 1,331 471 ---------
--------- ---------- --------- Net income $ 754 $ 1,151 2,421 1,175
--------- --------- ---------- --------- Basic earnings per share $
.49 $ .76 $ 1.58 $ .78 --------- --------- ---------- ---------
Diluted earnings per share $ .47 $ .73 $ 1.52 $ .74 ---------
--------- ---------- --------- Weighted average shares outstanding
1,543,967 1,508,636 1,533,011 1,503,608 --------- ---------
---------- --------- Diluted weighted average shares outstanding
1,610,782 1,580,404 1,597,040 1,583,682 --------- ---------
---------- --------- *T -0- *T LONG ISLAND FINANCIAL CORP.
(Unaudited) (In thousands, except share data) September 30,
December 31, September 30, 2005 2004 2004 -------------
------------ ------------- ASSET QUALITY RATIOS AND OTHER DATA
------------------ Non-accrual loans: Commercial and industrial
loans $ 200 $ - $ - Automobile loans - 89 69 -------------
------------ ------------- Total non-accrual loans 200 89 69
------------- ------------ ------------- Accruing loans
contractually past due 90 days or more as to principal or interest
payments: Commercial and industrial loans (1) 2,016 - -
------------- ------------ ------------- Total non-performing loans
$ 2,216 $ 89 $ 69 Allowance for loan losses $ 3,725 $ 5,591 $ 5,794
Non-performing loans as a percent of total loans, net (2) .86 % .04
% .03 % Non-performing loans as a percent of total assets .42 % .02
% .01 % Allowance for loan losses as a percent of: Non-performing
loans 168 % 6,282 % 8,397 % Total loans, net(2) 1.45 % 2.30 % 2.37
% Book value per share $ 17.45 $ 17.86 $ 18.16 Book value per
share, as adjusted (3) $ 20.31 $ 19.06 $ 18.75 Shares outstanding
1,544,246 1,513,478 1,509,689 Full service offices 12 12 12 *T -0-
*T For the Three Months For the Nine Months Ended September 30,
Ended September 30, ------------------- -------------------- 2005
2004 2005 2004 ---------- --------- --------- --------- Interest
rate spread 2.47% 3.00% 2.65% 2.99% Net interest margin 3.14% 3.45%
3.21% 3.39% (1) These loans have matured. The Bank is in the
process of renewing these obligations and/or awaiting repayment.
(2) Loans include loans, net of unearned income and deferred fees.
(3) Excludes net unrealized depreciation/appreciation in
available-for-sale securities, net of tax. *T
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