Independence Community Bank (NASDAQ:ICBC)
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BROOKLYN, N.Y., Jan. 23 /PRNewswire-FirstCall/ -- Independence Community Bank Corp. (NASDAQ:ICBC) reported today that net income for the three months ended December 31, 2005 was $45.2 million and diluted earnings per share were $0.56, a decline of 14% and 11%, respectively, compared to the same period in 2004. During the fourth quarter of 2005, the Company incurred $4.3 million of merger-related fees associated with the pending acquisition of the Company by Sovereign Bancorp, Inc. Excluding such charges net income would have been $48.0 million and diluted earnings per share $0.60, a decline of 8% and 5%, respectively, compared to the fourth quarter of 2004.
For the year ended December 31, 2005, net income increased slightly to $213.5 million as compared to the same period in 2004 although diluted earnings per share decreased by 8% to $2.62 as compared to the same period in 2004. The Company's results of operations for the 2004 periods reflect the inclusion of the operations of Staten Island Bancorp, Inc. ("SIB"), which merged with the Company on April 12, 2004 and the related issuance of 28.2 million shares of the Company's common stock in connection with the merger.
On a linked quarter basis, net income declined $9.1 million to $45.2 million and diluted earnings per share declined $0.11 to $0.56 during the fourth quarter of 2005 compared to the third quarter of 2005. Excluding the $4.3 million of merger-related fees discussed above, net income declined $6.3 million, or 12%, during the fourth quarter of 2005 compared to the third quarter of 2005 and diluted earnings per share decreased from $0.67 for the third quarter to $0.60 for the fourth quarter.
Highlights
-- Net interest margin was 2.82% for the quarter ended December 31, 2005,
a decline of 30 basis points, as compared to 3.12% for the quarter
ended September 30, 2005. Twenty-six of the 30 basis point decline in
net interest margin during the fourth quarter was related to the
completion of the purchase accounting amortization at the beginning of
the fourth quarter related to the SIB borrowing portfolio. The
remaining 4 basis point decline was due to operations as the cost of
funds continued to outpace the upward repricing of interest-earning
assets due to the more rapid repricing of interest-bearing liabilities.
-- The Company originated loans totaling $1.03 billion, excluding mortgage
warehouse lines of credit, during the quarter ended December 31, 2005,
of which $733.3 million were retained for portfolio with the remainder
originated for sale in the secondary market.
-- In this interest rate environment, the Company continues to focus on
the quality and mix of its balance sheet and has shown modest growth,
on average, in the fourth quarter. However, at the end of the year,
the Company experienced a temporary build-up in liquidity which was
used to repay borrowings in the beginning of 2006.
-- Core deposits increased by $196.0 million to $7.23 billion at December
31, 2005 compared to December 31, 2004 through the combination of seven
de novo branch openings, new business development and the introduction
of the Independence RewardsPlus Checking(TM) product during 2005.
-- As part of its long-term asset/liability management strategy, the
Company selectively chose to utilize certain certificate of deposit
promotions as a source of lower cost funding for its asset generation,
reducing dependence on wholesale borrowings. Borrowings as a percentage
of assets declined to 29.4% at December 31, 2005 compared to 33.3% at
December 31, 2004.
-- Non-interest income decreased by $0.7 million in the fourth quarter
compared to the third quarter of 2005 primarily as a result of
decreased income from mortgage-banking activities, lower revenue
related to sales of securities and reduced banking service fees which
were partially offset by an increase in income from the Company's
minority equity investment in a mortgage brokerage company.
-- The $1.6 million increase in non-interest expense from the prior
quarter in 2005 was primarily due to approximately $4.3 million in
merger-related costs associated with the pending acquisition of the
Company which was partially offset by reductions in data processing
fees and advertising expenses as the Company continued to focus on
expense control.
-- Asset quality continues to improve; the Company recorded a $0.2 million
net charge-off for the quarter ended December 31, 2005 and a $0.1
million net recovery for the year ended December 31, 2005.
-- Non-performing assets as a percentage of total assets were 0.20% at
December 31, 2005 compared to 0.29% at December 31, 2004. The
allowance for loan losses as a percentage of total loans was 0.82% at
December 31, 2005 compared to 0.90% at December 31, 2004. The
allowance for loan losses as a percentage of non-performing loans was
273.25% at December 31, 2005 compared to 205.84% at December 31, 2004.
No provision for loan losses was required for the fourth quarter of
2005.
-- In light of the pending merger transaction with Sovereign Bancorp, Inc.
the Company has suspended its stock repurchase program. Prior to that
suspension, the Company repurchased 4.3 million shares of common stock
at an aggregate cost of $154.4 million during the year ended December
31, 2005.
Sovereign Bancorp, Inc. Acquisition of Independence
-- On October 24, 2005, the Company, Sovereign and Iceland Acquisition
Corp. entered into the Merger Agreement.
-- Upon effectiveness of the merger, each outstanding share of common
stock of the Company other than shares owned by the Company (other than
in a fiduciary capacity), Sovereign or their subsidiaries and other
than dissenting shares will be converted into the right to receive $42
per share in cash.
-- The transaction is subject to various customary conditions, including
stockholder approval and receipt of certain regulatory approvals. The
Company will hold a special meeting of stockholders on January 25, 2006
to consider approval of the merger.
-- The merger is currently expected to close during the second quarter of
2006.
Independence Community Bank Corp. is the holding company for Independence Community Bank. The Bank, originally chartered in 1850, currently operates 125 branches located in the greater New York City metropolitan area, which includes the five boroughs of New York City, Nassau and Suffolk Counties and New Jersey. At its banking offices located on Staten Island, the Bank conducts business as SI Bank & Trust, a division of Independence Community Bank. The Bank has three key business divisions, Commercial Real Estate Lending, Consumer Banking and Business Banking, and actively targets small and mid-size businesses. The Bank maintains its community orientation by offering its diverse communities a wide range of financial products and by emphasizing customer service, superior value and convenience. The Bank's Internet address is http://www.myindependence.com/.
Note: This news release contains certain financial information determined by methods other than in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The Company's management uses these non-GAAP measures in its analysis of the Company's performance. These measures typically adjust GAAP performance measures to exclude the effects of significant gains, losses or expenses that are unusual in nature or non-recurring. Because these items and their impact on the Company's performance are difficult to predict, management believes that presentations of financial measures excluding the impact of these items provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's business. These disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures which may be presented by other companies.
Statements contained in this release which are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated due to a number of factors. Words such as "expect," "feel," "believe," "will," "may," "anticipate," "plan," "estimate," "intend," "should," and similar expressions are intended to identify forward- looking statements. These statements include, but are not limited to, financial projections and estimates and their underlying assumptions; statements regarding plans, objectives and expectations with respect to future operations, products and services; and statements regarding future performance. Such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the Company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) the businesses of the Company and Sovereign may not be combined successfully, or such combination may take longer to accomplish than expected; (2) the growth opportunities and cost savings from the merger of the Company and Sovereign may not be fully realized or may take longer to realize than expected; (3) operating costs and business disruption following the completion of the merger, including adverse effects on relationships with employees, may be greater than expected; (4) stockholder and governmental approvals of the merger may not be obtained, or adverse regulatory conditions may be imposed in connection with governmental approvals of the merger; (5) diversion of management time on merger-related issues; (6) litigation or other adversarial proceedings relating to the merger or to Banco Santander's proposed investment in Sovereign; (7) competitive factors which could affect net interest income and non-interest income and/or general economic conditions which could affect the volume of loan originations, deposit flows and real estate values; and (8) the levels of non-interest income and the amount of loan losses as well as other factors discussed in the documents filed by the Company with the Securities and Exchange Commission (the "SEC") from time to time. The Company does not undertake any obligation to update these forward-looking statements to reflect events or circumstances that occur after the date on which such statements were made.
These materials may be deemed to be solicitation material in respect of the proposed merger transaction involving Independence Community Bank Corp., Sovereign and Iceland Acquisition Corp. In connection with the proposed transaction, Independence Community Bank Corp. has filed a definitive proxy statement with the Securities and Exchange Commission ("SEC"). STOCKHOLDERS OF INDEPENDENCE COMMUNITY BANK CORP. ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The definitive proxy statement was fist mailed to Independence's stockholders on or about December 21, 2005. Stockholders can obtain free copies of the proxy statement and other documents by contacting Investor Relations at http://www.myindependence.com/ or by mail at Independence Community Bank Corp. Investor Relations, 195 Montague St., Brooklyn, NY 11201, or by telephone: 718-722-5400. In addition, investors and stockholders may obtain these documents free of charge at the SEC's web site at http://www.sec.gov/. Independence Community Bank Corp. and its directors and executive officers may be deemed to be participants in the solicitation of proxies from the stockholders of Independence Community Bank Corp. in connection with the proposed transaction. Information regarding the special interests of these directors and executive officers in the proposed transaction is included in the proxy statement of Independence Community Bank Corp. described above which was filed with the SEC on December 20, 2005. Information regarding Independence Community Bank Corp.'s directors and executive officers is also available in its proxy statement for its 2005 Annual Meeting of Stockholders, which was filed with the SEC on April 18, 2005. This document is available free of charge at the SEC's web site at http://www.sec.gov/ and from Investor Relations at Independence Community Bank Corp. as described above.
INDEPENDENCE COMMUNITY BANK CORP.
Consolidated Statements of Financial Condition
(Dollars in thousands)
December 31, September 30, December 31,
2005 2005 2004
(Unaudited) (Unaudited) (Audited)
ASSETS:
Cash and due from banks $1,079,182 $456,071 $360,877
Securities available-for-sale:
Investment securities 418,911 390,250 454,305
Mortgage-related securities 3,155,589 3,161,043 3,479,482
Total securities available-
for-sale 3,574,500 3,551,293 3,933,787
Loans available-for-sale 22,072 105,429 96,671
Mortgage loans 10,352,297 10,278,333 9,315,090
Other loans 1,948,073 2,053,556 1,933,502
Total loans 12,300,370 12,331,889 11,248,592
Less: allowance for possible
loan losses (101,467) (101,671) (101,435)
Total loans, net 12,198,903 12,230,218 11,147,157
Premises, furniture and equipment,
net 165,639 163,297 162,687
Accrued interest receivable 72,518 71,638 64,437
Goodwill 1,185,566 1,191,718 1,155,572
Intangible assets, net 67,676 70,438 79,056
Bank owned life insurance ("BOLI") 336,566 332,465 321,040
Other assets 380,498 328,210 432,195
Total assets $19,083,120 $18,500,777 $17,753,479
LIABILITIES AND STOCKHOLDERS'
EQUITY:
Deposits $10,945,283 $10,503,254 $9,305,064
Borrowings 4,956,729 4,756,893 5,511,972
Subordinated notes 397,260 397,017 396,332
Senior notes 247,986 248,098 --
Escrow and other deposits 116,529 179,930 104,304
Accrued expenses and other 133,553 160,544 131,764
Total liabilities 16,797,340 16,245,736 15,449,436
Stockholders' equity:
Common stock ($.01 par value,
250,000,000 shares authorized
at December 31, 2005,
September 30, 2005 and
December 31, 2004,
104,243,820 shares issued at
December 31 2005,
September 30, 2005 and
December 31, 2004;
82,332,449, 81,859,731 and
84,928,719 shares
outstanding at December 31,
2005, September 30, 2005
and December 31, 2004,
respectively) 1,042 1,042 1,042
Additional paid-in-capital 1,911,370 1,907,063 1,900,252
Treasury stock at cost;
21,911,371, 22,384,089 and
19,315,101 shares at December
31, 2005, September 30, 2005
and December 31, 2004,
respectively (463,789) (473,707) (341,226)
Unallocated common stock held by
ESOP (59,323) (60,559) (64,267)
Unvested restricted stock awards
under stock benefit plans (9,104) (10,614) (9,701)
Retained earnings, partially
restricted 949,721 925,642 821,702
Accumulated other comprehensive
loss:
Net unrealized loss on
securities available-for-sale,
net of tax (44,137) (33,826) (3,759)
Total stockholders' equity 2,285,780 2,255,041 2,304,043
Total liabilities and
stockholders' equity $19,083,120 $18,500,777 $17,753,479
INDEPENDENCE COMMUNITY BANK CORP.
Consolidated Statements of Income
(In thousands, except per share data)
(Unaudited)
For the Three Months Ended For the Year Ended
December September December December December
31, 2005 30, 2005 31, 2004 31, 2005 31, 2004(1)
Interest income:
Mortgage loans $141,391 $136,486 $122,150 $531,272 $426,942
Other loans 32,834 33,542 26,739 122,960 95,170
Loans available-for-sale 882 1,266 1,793 4,853 6,906
Investment securities 4,853 4,708 6,532 18,456 22,578
Mortgage-related
securities 35,912 34,871 36,992 148,271 132,809
Other 3,894 2,892 1,641 11,767 5,003
Total interest
income 219,766 213,765 195,847 837,579 689,408
Interest expense:
Deposits 54,155 44,736 22,549 162,868 71,848
Borrowings 44,642 39,288 37,816 156,780 128,788
Subordinated notes 3,911 3,903 3,731 15,621 13,279
Senior notes 3,164 281 -- 3,445 --
Total interest
expense 105,872 88,208 64,096 338,714 213,915
Net interest income 113,894 125,557 131,751 498,865 475,493
Provision for loan
losses -- -- -- -- 2,000
Net interest income
after provision for
loan losses 113,894 125,557 131,751 498,865 473,493
Non-interest income:
Net gain (loss) on
securities 119 1,428 (10,347) 6,637 (8,816)
Net (loss) gain on loans (18) 128 105 154 281
Mortgage-banking
activities 4,847 6,597 5,560 20,106 29,613
Service fees 16,743 17,253 15,873 66,004 66,619
BOLI 4,105 3,959 4,402 15,856 14,616
Other 6,527 3,680 7,061 16,123 19,196
Total non-interest
income 32,323 33,045 22,654 124,880 121,509
Non-interest expense:
Compensation and
employee benefits 38,858 38,096 36,611 149,122 134,924
Occupancy costs 13,988 13,126 12,858 52,287 43,679
Data processing fees 2,249 3,929 4,855 14,037 16,236
Advertising 1,368 2,389 2,464 8,170 9,140
Other 17,949 15,254 14,967 62,837 58,828
Total general and
administrative
expenses 74,412 72,794 71,755 286,453 262,807
Amortization of
identifiable
intangible assets 2,763 2,816 2,983 11,380 8,268
Total non-interest
expense 77,175 75,610 74,738 297,833 271,075
Income before provision
for income taxes 69,042 82,992 79,667 325,912 323,927
Provision for income
taxes 23,820 28,632 27,300 112,440 111,755
Net income $45,222 $54,360 $52,367 $213,472 $212,172
Basic earnings per
share $0.58 $0.69 $0.65 $2.70 $2.96
Diluted earnings per
share $0.56 $0.67 $0.63 $2.62 $2.84
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
At or For the Three Months At or For the Year
Ended Ended
December September December December December
31, 2005 30, 2005 31, 2004 31, 2005 31, 2004
(1)
Performance Ratios:
Return on average
assets(2) 0.99% 1.19% 1.18% 1.18% 1.37%
Return on average
equity(2) 7.99% 9.49% 9.24% 9.31% 11.31%
Return on average
tangible assets(2) 1.06% 1.28% 1.27% 1.27% 1.46%
Return on average
tangible equity(2) 18.04% 21.16% 20.11% 20.63% 21.79%
Non-interest expense to
average assets 1.68% 1.66% 1.68% 1.65% 1.75%
Efficiency ratio(3) 50.93% 46.35% 43.58% 46.43% 43.40%
Average Balances:
Average shares out-
standing - basic 77,833,303 78,727,182 80,513,692 79,162,634 71,559,988
Average shares out-
standing - diluted 80,068,543 80,812,827 83,410,532 81,550,364 74,617,220
December 31, September 30, December 31,
2005 2005 2004
Capital and Other Ratios:
Book value per share $27.76 $27.55 $27.13
Tangible book value per share $12.54 $12.13 $12.59
Average equity to average assets 12.35% 12.57% 12.77%
Tangible equity to tangible assets 5.79% 5.76% 6.47%
Leverage ratio (Bank only) 6.98% 6.68% 5.51%
Tier 1 risk-based (Bank only) 8.82% 8.44% 7.36%
Total risk-based capital (Bank only) 12.59% 12.22% 11.47%
Deposits:
Core deposits:
Savings $2,143,172 $2,280,861 $2,630,416
Money market 871,916 986,166 1,701,287
Interest-bearing demand 2,622,115 2,365,618 1,214,190
Non-interest-bearing demand 1,592,486 1,561,529 1,487,756
Total core deposits 7,229,689 7,194,174 7,033,649
Certificates of deposit 3,715,594 3,309,080 2,271,415
Total deposits $10,945,283 $10,503,254 $9,305,064
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
December 31, September 30, December 31,
2005 2005 2004
Loan Portfolio Composition:
Mortgage loans on real estate:
Single-family residential and
cooperative apartment loans $1,932,516 $2,131,544 $2,490,062
Multi-family residential 4,743,308 4,634,533 3,800,649
Commercial real estate 3,687,226 3,522,846 3,034,254
Total principal balance - mortgage
loans 10,363,050 10,288,923 9,324,965
Less net deferred fees 10,753 10,590 9,875
Total mortgage loans on real estate 10,352,297 10,278,333 9,315,090
Commercial business loans, net of
deferred fees 977,022 914,479 809,392
Other loans:
Mortgage warehouse lines of credit 453,541 624,081 659,942
Home equity loans and lines of credit 481,597 477,725 416,351
Consumer and other loans 35,913 37,271 47,817
Total principal balance - other loans 971,051 1,139,077 1,124,110
Less net deferred fees -- -- --
Total principal balance - other loans 971,051 1,139,077 1,124,110
Total loans receivable 12,300,370 12,331,889 11,248,592
Less allowance for loan losses 101,467 101,671 101,435
Loans receivable, net $12,198,903 $12,230,218 $11,147,157
Loans Available-for-Sale Composition:
Single-family residential $4,172 $4,723 $74,121
Multi-family residential 17,900 100,706 22,550
Total loans available-for-sale $22,072 $105,429 $96,671
December 31, September 30, December 31,
2005 2005 2004
Asset Quality:
Non-performing loans:
Non-accrual loans $28,325 $33,821 $43,644
Loans past due 90 days or more
as to:
Interest and accruing 86 18 117
Principal and accruing (4) 8,722 7,808 5,517
Total non-performing loans 37,133 41,647 49,278
Other real estate owned 1,279 1,591 2,512
Total non-performing assets $38,412 $43,238 $51,790
Non-performing assets to total assets 0.20% 0.23% 0.29%
Allowance for loan losses to
non-performing loans 273.25% 244.13% 205.84%
Allowance for loan losses to total loans 0.82% 0.82% 0.90%
Net charge offs to average loans -
quarter ended 0.002% 0.004% 0.031%
Net charge offs to average loans -
year-to-date N/A N/A 0.043%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Three Months Ended
December 31, September 30, December 31,
2005 2005 2004
Average Average Average
Balance Rate(2) Balance Rate(2) Balance Rate(2)
Net Interest Margin:
Interest-earning assets:
Loans receivable:
Mortgage loans $10,357,966 5.49% $10,153,025 5.43% $9,396,521 5.28%
Commercial
business
loans 921,401 6.87 854,375 6.87 815,403 6.13
Mortgage warehouse
lines of credit 506,516 6.99 696,917 6.40 638,123 4.87
Consumer and other
loans 517,400 6.00 508,322 5.74 458,899 5.41
Total loans 12,303,283 5.68 12,212,639 5.60 11,308,946 5.32
Mortgage-related
securities 3,203,610 4.48 3,220,819 4.33 3,389,042 4.37
Investment securities 407,450 4.76 402,649 4.68 572,367 4.56
Other interest-
earning assets 312,641 4.94 287,118 4.00 323,793 2.02
Total interest-earning
assets 16,226,984 5.41 16,123,225 5.29 15,594,148 5.02
Non-interest-earning
assets 2,105,866 2,110,158 2,153,659
Total assets $18,332,850 $18,233,383 $17,747,807
Interest-bearing
liabilities:
Deposits:
Savings deposits 2,206,680 0.34 2,327,875 0.34 2,655,796 0.37
Interest-bearing
demand and money
market deposits 3,671,673 2.40 3,465,224 2.09 3,137,328 1.35
Certificates of
deposit 3,447,168 3.46 3,030,820 3.21 2,257,677 1.66
Total interest-
bearing
deposits 9,325,521 2.30 8,823,919 2.01 8,050,801 1.11
Non-interest-
bearing demand
deposits 1,558,225 -- 1,537,621 -- 1,509,413 --
Total deposits 10,883,746 1.97 10,361,540 1.71 9,560,214 0.94
Senior notes 248,047 5.10 21,573 5.21 -- --
Subordinated notes 397,139 3.91 396,912 3.90 396,239 3.75
Borrowings 4,403,026 4.02 5,038,947 3.09 5,373,759 2.80
Total interest-bearing
liabilities 15,931,958 2.64 15,818,972 2.21 15,330,212 1.66
Non-interest-bearing
liabilities 137,308 123,301 151,482
Total liabilities 16,069,266 15,942,273 15,481,694
Total stockholders'
equity 2,263,584 2,291,110 2,266,113
Total liabilities
and stockholders'
equity $18,332,850 $18,233,383 $17,747,807
Net interest-
earning assets $295,026 $304,253 $263,936
Interest rate spread(2) 2.77% 3.08% 3.36%
Net interest margin(2) 2.82% 3.12% 3.38%
Average interest-
earning assets to
average interest-
bearing liabilities 101.85% 101.92% 101.72%
INDEPENDENCE COMMUNITY BANK CORP.
Selected Financial Ratios and Other Data
(In thousands, except ratios and per share amounts)
(Unaudited)
For the Year Ended
December 31, 2005 December 31, 2004
Average Average
Net Interest Margin: Balance Rate Balance Rate
Interest-earning assets:
Loans receivable:
Mortgage loans $9,942,883 5.39% $8,007,134 5.42%
Commercial business loans 855,474 6.81 768,246 6.10
Mortgage warehouse lines of
credit 573,767 6.22 583,696 4.47
Consumer and other loans 496,498 5.75 407,147 5.34
Total loans 11,868,622 5.55 9,766,223 5.41
Mortgage-related securities 3,368,272 4.40 3,124,201 4.25
Investment securities 400,906 4.60 537,362 4.20
Other interest-earning assets 290,293 4.05 294,974 1.70
Total interest-earning assets 15,928,093 5.26 13,722,760 5.02
Non-interest-earning assets 2,131,721 1,753,873
Total assets $18,059,814 $15,476,633
Interest-bearing liabilities:
Deposits:
Savings deposits 2,394,722 0.35 2,423,565 0.35
Interest-bearing demand and money
market deposits 3,462,910 1.98 2,654,703 1.19
Certificates of deposit 2,930,696 2.94 2,005,120 1.58
Total interest-bearing deposits 8,788,328 1.85 7,083,388 1.01
Non-interest-bearing demand
deposits 1,500,135 -- 1,281,445 --
Total deposits 10,288,463 1.58 8,364,833 0.86
Senior notes 67,959 5.07 -- --
Subordinated notes 396,797 3.94 341,230 3.89
Borrowings 4,858,563 3.23 4,725,871 2.73
Total interest-bearing liabilities 15,611,782 2.17 13,431,934 1.59
Non-interest-bearing liabilities 156,105 169,204
Total liabilities 15,767,887 13,601,138
Total stockholders' equity 2,291,927 1,875,495
Total liabilities and stockholders'
equity $18,059,814 $15,476,633
Net interest-earning assets $316,311 $290,826
Interest rate spread 3.09% 3.43%
Net interest margin 3.13% 3.46%
Average interest-earning assets to average
interest-bearing liabilities 102.03% 102.17%
(1) The merger with Staten Island Bancorp, Inc. ("SIB") was completed on
April 12, 2004. As a result, SIB's assets and liabilities and results
of operations were included in the Consolidated Statement of Financial
Condition and Consolidated Statement of Income effective as of such
date.
(2) Presented on an annualized basis.
(3) Reflects in each period presented adjusted operating expense (net of
amortization of identifiable intangible assets) as a percentage of the
aggregate of net interest income and adjusted non-interest income
(excluding gains and losses on loans and securities). Amortization of
identifiable intangible assets is excluded from the calculation since
it is a non-cash expense. Gains and losses on loans and securities are
also excluded since they are generally considered by the Company's
management to be non-recurring in nature. The operating efficiency
ratio is not a financial measurement required by generally accepted
accounting principles in the United States of America. However, the
Company believes such information is useful to investors in evaluating
the Company's operations.
(4) Reflects loans that are 90 days or more past maturity which continue
to make payments on a basis consistent with the original repayment
schedule.
DATASOURCE: Independence Community Bank Corp.
CONTACT: Kathleen A. Hanrahan, First Vice President, Investor Relations
+1-718-722-5400, or Frank W. Baier, Executive Vice President, Chief Financial
Officer, +1-718-923-3506, both of Independence Community Bank Corp.
Web site: http://www.myindependence.com/