Omega Announces Record Fourth Quarter Earnings STATE COLLEGE, Pa.,
Feb. 24 /PRNewswire-FirstCall/ -- Omega Financial Corporation
(NASDAQ:OMEF) achieved record earnings for the quarter ended
December 31, 2004 of just over $5.9 million, an increase of $1.5
million or 35.1% over the same period last year. Earnings per
diluted share for the quarter were $.47 as compared to $.51 for the
same period last year, a 7.8% decrease. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO ) David B.
Lee, Omega's chairman and chief executive officer, said that the
results for the fourth quarter reflect the addition of Sun
Bancorp's operations and a balance sheet restructuring that
included the early retirement of $171 million of long term Federal
Home Loan Bank Debt and the sale of certain assets all owned by
Sun. The purpose of the restructuring was to improve Omega's margin
and asset quality. Omega completed its merger with Sun on October 1
of last year. The restructuring added gains of $570,000 from the
debt extinguishment and $653,000 from security sales, Lee
explained. The total of these transactions was to increase income
before taxes by $1.2 million. Net income contributed from
operations of the former Sun franchise for the quarter and the year
was approximately $1.5 million, exclusive of the effect of the
balance sheet restructuring. Including the effect of the
restructuring, the former Sun franchise contribution to net income
was approximately $2.5 million for both periods. For the year,
Omega's earnings were $17.0 million as compared to $17.2 million
for 2003, a 1% decrease. Earnings per diluted share for 2004 were
$1.78 verses $2.01 for 2003, an 11.4% decrease. The Sun acquisition
expanded Omega's market presence into seven additional counties in
Central Pennsylvania and Northeastern Pennsylvania while adding 23
branches. The total price paid for Sun was $187.7 million,
resulting in goodwill and intangibles of $17.1 million being
created. To pay for the merger Omega issued 4,117,116 shares of
common stock and paid cash of $35.9 million. Omega now has 68
offices throughout Bedford, Blair, Centre, Clinton, Cumberland,
Dauphin, Huntingdon, Juniata, Luzerne, Lycoming, Mifflin,
Northumberland, Snyder and Union counties. The bank opened new
offices in Cumberland County late last year and in Luzerne County
this month. Quarterly and annual reports, a corporate profile,
stock quotes and other financial data can be accessed through the
Omega web site at http://www.omegafinancial.com/ . Selected
financial highlights are summarized on the following page. OMEGA
FINANCIAL CORPORATION CONSOLIDATED BALANCE SHEETS (In thousands)
Unaudited December 31, December 31, Assets 2004 2003 Cash and due
from banks $47,877 $32,420 Interest bearing deposits with other
financial institutions 31,122 10,682 Federal funds sold 36,350
17,850 Investment securities available for sale 327,979 240,539
Investment in unconsolidated subsidiary 1,625 - Total loans
1,328,250 788,144 Less: Allowance for loan losses (15,644) (10,569)
Net loans 1,312,606 777,575 Premises and equipment, net 35,509
14,348 Other real estate owned 3,082 741 Bank-owned life insurance
72,845 37,134 Investment in limited partnerships 8,605 - Core
deposit intangibles 13,927 50 Other intangibles 2,799 - Goodwill
156,959 - Other assets 31,286 8,827 TOTAL ASSETS $2,082,571
$1,140,166 Liabilities and Shareholders' Equity Deposits:
Non-interest bearing $228,408 $155,702 Interest bearing 1,273,674
751,878 Total deposits 1,502,082 907,580 Short-term borrowings
90,241 33,263 ESOP debt 2,192 2,521 Junior subordinated debt 57,190
- Long-term debt 99,597 21,600 Other interest bearing liabilities
854 813 Other liabilities 14,676 6,950 TOTAL LIABILITIES 1,766,832
972,727 TOTAL SHAREHOLDERS' EQUITY 315,739 167,439 TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY $2,082,571 $1,140,166 OMEGA
FINANCIAL CORPORATION AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
INCOME (In thousands, except share data) Unaudited Three Months
Ended Twelve Months Ended December 31, December 31, 2004 2003 2004
2003 Interest Income: Interest and fees on loans $20,217 $11,472
$53,396 $47,710 Interest and dividends on investment securities
3,032 2,040 8,418 8,765 Other interest income 252 44 557 308 TOTAL
INTEREST INCOME. 23,501 13,556 62,371 56,783 Interest Expense:
Interest on deposits 4,891 2,803 12,964 12,339 Interest on
short-term borrowings 1,003 64 1,302 329 Interest on long-term debt
and other interest bearing liabilities 1,651 270 2,400 1,038 TOTAL
INTEREST EXPENSE 7,545 3,137 16,666 13,706 NET INTEREST INCOME
15,956 10,419 45,705 43,077 Provision for loan losses (300) (300)
350 INCOME FROM CREDIT ACTIVITIES 16,256 10,419 46,005 42,727 Other
Income: Service fees on deposit accounts 2,508 1,436 7,076 5,754
Service fees on loans 668 220 1,547 1,351 Earnings on bank-owned
life insurance 578 292 1,581 1,395 Trust fees 1,438 885 4,027 3,623
Gain on the early extinguishment of debt 570 570 Gain on sale of
loans and other assets (115) 11 (102) 292 Net gains on investment
securities 692 140 963 1,127 Other 2,127 786 4,744 3,263 TOTAL
OTHER INCOME 8,466 3,770 20,406 16,805 Other Expense: Salaries and
employee benefits 8,193 4,931 22,888 20,091 Net occupancy expense
1,057 599 2,790 2,372 Equipment expense 1,109 685 3,246 2,777 Data
processing service 547 402 1,839 1,673 Pennsylvania shares tax 562
386 1,705 1,539 Amortization of intangible assets 394 2 402 10
Other 4,884 2,014 11,198 9,059 TOTAL OTHER EXPENSE 16,746 9,019
44,068 37,521 Income before taxes 7,976 5,170 22,343 22,011 Income
tax expense 2,042 779 5,322 4,826 NET INCOME $5,934 $4,391 $17,021
$17,185 Net income per common share: Basic $0.47 $0.52 $1.79 $2.07
Diluted $0.47 $0.51 $1.78 $2.01 Weighted average shares and
equivalents: Basic 12,531 8,112 9,484 8,169 Diluted 12,627 8,564
9,579 8,524 Dividends declared per share: Common $.30 $.30 $1.20
$1.17 Preferred $1.35 OMEGA FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited) (In thousands, except
as indicated*) For the Quarter Year to Date 2004 2003 % Change 2004
2003 % Change Earnings: Net income $5,934 $4,391 35.1% $17,021
$17,185 (1.0)% Per share statistics: * Diluted earnings $.47 $.51
(7.8)% $1.79 $2.01 (10.9)% Dividends declared - common .30 .30 0.0
1.20 1.17 2.6 Dividends declared - preferred - - - - 1.35 (100.0)
Book value - common 25.07 19.79 26.7 25.07 19.79 26.7 Book value -
tangible 11.28 19.79 - 11.28 19.79 - Market value - High 36.75
38.99 (5.7) 38.75 38.99 (0.6) Low 30.95 33.24 (6.9) 29.13 31.25
(6.8) Financial position at December 31: Assets $2,082,571
$1,140,166 82.7% $2,082,571 $1,140,166 82.7% Deposits 1,502,082
907,580 65.5 1,502,082 907,580 65.5 Net loans 1,312,606 777,575
68.8 1,312,606 777,575 68.8 Shareholders' equity 315,739 167,439
88.6 315,739 167,439 88.6 Average Balances: Assets $2,060,742
$1,139,723 80.8% $1,371,227 $1,145,407 19.7% Deposits 1,532,995
907,179 69.0 1,065,230 913,178 16.7 Net loans 1,339,386 780,352
71.6 913,596 779,025 17.3 Shareholders' equity 255,565 167,810 52.3
191,512 166,469 15.0 Profitability ratios - annualized: * Return on
average assets 1.15% 1.54% (25.3)% 1.24% 1.50% (17.3)% Return on
average tangible equity (1) 29.06% 10.47% 177.6 11.84% 10.32% 14.7
Return on average stated equity (2) 9.29 10.47 (11.3) 8.89 10.32
(13.9) Net interest margin - fully tax equivalent 3.78 4.19 (9.8)
3.92 4.32 (9.3) Shares outstanding at December 31: * Common
12,593,524 8,458,823 48.9% 12,593,524 8,458,823 48.9% (1) Average
tangible equity represents average shareholders' equity less
average intangibles and goodwill. (2) Average stated equity is
equal to average shareholders' equity.
http://www.newscom.com/cgi-bin/prnh/19990921/OMFCLOGO
http://photoarchive.ap.org/ DATASOURCE: Omega Financial Corporation
CONTACT: JoAnn McMinn SVP, Investor Relations Officer of Omega
Financial Corporation, +1-814-231-5779 Web site:
http://www.omegafinancial.com/
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