Long Island Financial (NASDAQ:LICB)
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Long Island Financial Corp. (the "Company") (NASDAQ/NMS:
LICB), the holding company for Long Island Commercial Bank (the
"Bank"), today reported net income of $807,000, or $.51 per diluted
share, for the three months ended June 30, 2005, compared to a loss of
$897,000, or $.56 per diluted share for the three months ended June
30, 2004. For the six months ended June 30, 2005, the Company reported
net income $1.7 million, or $1.05 per diluted share, compared to net
income of $24,000, or $.02 per diluted share, for the six months ended
June 30, 2004. The financial results for the three and six months
ended June 30, 2004, were substantially impacted by provisions both
for loan losses and automobile loan expenses recognized with regard to
the Company's automobile loan portfolio.
Total assets amounted to $539.7 million at June 30, 2005, a
decrease of $5.8 million, or 1.1%, from the $545.5 million held at
June 30, 2004. At June 30, 2005, loans, excluding automobile loans,
net of unearned income and deferred fees, had increased by $30.7
million, or 15.0%, from the June 30, 2004 level. Year-over-year, the
average balance of demand deposits increased $10.0 million, or 10.5%,
from $96.1 million for the six months ended June 30, 2004, to $106.1
million for the six months ended June 30, 2005. The average balance of
savings deposits increased by $18.1 million, or 17.6%, from $103.2
million at June 30, 2004, to $121.3 million at June 30, 2005.
Automobile Loans
As discussed in prior quarter press releases, the Company
continues to monitor the performance of its automobile loan portfolio.
At June 30, 2005, the automobile loan portfolio consisted of 664 loans
with balances aggregating $13.1 million. Automobile loans represented
5.3% of the Bank's loan portfolio, net of unearned income and deferred
fees. Delinquencies at June 30, 2005, were $227,102, or 1.7% of the
portfolio.
The Company incurred operating expenses relating to the automobile
loan portfolio of $131,000 for the quarter ended June 30, 2005,
compared to $798,000 for the quarter ended June 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.
Summary
"We are particularly pleased with our financial results to date,"
stated Douglas C. Manditch, President and Chief Executive Officer,
"Our ability to generate core business in the current environment is
being demonstrated this year with continued growth in our loan
portfolio despite rapid run-off in the automobile loan portfolio. Core
deposits such as demand and savings scored double-digit gains
year-over-year in period-end balances, and more importantly, average
balances." Continuing, he added: "We are cautiously optimistic moving
into the second half of 2005. While we are encouraged by the
disposition of automobiles resulting in less than projected losses
during May and June, we still face an extremely competitive
environment with the automobile loan portfolio. We also expect that
continued growth in our loan portfolio will necessitate modest
quarterly provisions, similar to the $50,000 provision made for the
three months ended June 30, 2005."
On May 25, 2005, the Board of Directors of Long Island Financial
Corp. declared a dividend of $.12 per common share. The dividend was
paid on July 1, 2005, to stockholders of record on June 17, 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.
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*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)
June 30, December 31, June 30,
2005 2004 2004
Assets:
Cash and due from banks $ 11,539 $ 10,310 $ 11,383
Interest earning deposits 1,441 37 177
Federal funds sold - - -
-------- -------- --------
Total cash and cash
equivalents 12,980 10,347 11,560
Securities available-for-sale, at fair
value 255,545 278,814 269,735
Federal Home Loan Bank stock, at cost 4,200 4,925 6,800
Loans, held for sale 838 604 1,257
Loans, net of unearned income and
deferred fees 249,125 243,477 239,150
Less allowance for loan losses (4,066) (5,591) (6,722)
-------- -------- --------
Loans, net 245,059 237,886 232,428
Premises and equipment, net 5,220 5,422 5,710
Accrued interest receivable 3,203 3,342 3,162
Bank owned life insurance 7,924 7,779 7,646
Deferred tax asset, net 2,896 3,169 5,423
Prepaid expenses and other assets 1,814 2,521 1,802
-------- -------- --------
Total assets $539,679 $554,809 $545,523
-------- -------- --------
Liabilities and Stockholders' Equity:
Deposits:
Demand deposits $112,424 $ 99,876 $ 97,259
Savings deposits 118,786 123,142 106,518
NOW and money market deposits 106,400 126,509 77,140
Time deposits, $100,000 or more 15,272 9,863 11,864
Other time deposits 62,974 58,905 73,043
-------- -------- --------
Total deposits 415,856 418,295 365,824
Federal funds purchased and securities
sold under agreements to repurchase 13,000 27,500 69,900
Other borrowings 71,000 71,000 76,000
Subordinated debentures 7,732 7,732 7,732
Accrued expenses and other liabilities 3,584 3,245 3,453
-------- -------- --------
Total liabilities $511,172 $527,772 $522,909
-------- -------- --------
Stockholders' equity:
Common stock (par value $.01 per
share; 10,000,000 shares
authorized; 1,878,792, 1,850,378,
and 1,842,850 shares issued;
1,541,892, 1,513,478, and
1,505,950 shares outstanding,
respectively) 19 19 18
Surplus 22,165 21,590 21,400
Accumulated surplus 12,716 11,417 9,996
Accumulated other comprehensive loss (2,215) (1,811) (4,622)
Treasury stock at cost, (336,900
shares) (4,178) (4,178) (4,178)
-------- -------- --------
Total stockholders' equity 28,507 27,037 22,614
-------- -------- --------
Total liabilities and
stockholders' equity $539,679 $554,809 $545,523
-------- -------- --------
LONG ISLAND FINANCIAL CORP.
Consolidated Statements of Earnings
(Unaudited)
(In thousands, except share data)
For the Three Months For the Six Months
Ended June 30, Ended June 30,
2005 2004 2005 2004
Interest income:
Loans $ 4,070 $ 3,871 $ 8,021 $ 7,671
Securities 2,838 2,757 5,775 5,304
Federal funds sold
and earning deposits 62 3 72 5
----------- ---------- --------- ---------
Total interest
income 6,970 6,631 13,868 12,980
---------- ----------- --------- ----------
Interest expense:
Savings deposits 490 272 911 563
NOW and money market
deposits 579 223 1,013 459
Time deposits,
$100,000 or more 101 60 171 129
Other time deposits 551 593 1,058 1,241
Borrowed funds 839 871 1,760 1,637
Subordinated
debentures 209 206 415 413
---------- --------- ------- ------
Total interest
expense 2,769 2,225 5,328 4,442
---------- ---------- -------- ------
Net interest
income 4,201 4,406 8,540 8,538
--------- -------- --------- --------
Provision for loan losses 50 5,000 12 5,500
--------- -------- --------- --------
Net interest income after
provision for loan losses 4,151 (594) 8,415 3,038
--------- ---------- -------- --------
Other operating income:
Service charges on
deposit accounts 706 618 1,344 1,270
Net gain on sales and
calls of securities - 2,483 - 2,880
Net gain on sale of
residential loans 147 204 283 396
Earnings on bank-
owned life insurance 91 100 180 395
Other 226 128 391 263
--------- -------- ------- -------
Total other
operating income 1,170 3,533 2,198 5,204
--------- -------- ------- -------
Other operating expenses:
Salaries and employee
benefits 2,158 1,870 4,252 4,001
Occupancy expense 342 314 684 629
Premises and
equipment expense 377 379 720 766
Automobile loan
expense 131 798 254 855
Other 1,063 1,067 2,113 2,160
--------- -------- -------- --------
Total other
operating
expenses 4,071 4,428 8,023 8,411
--------- -------- --------- --------
Income before
income taxes 1,250 (1,489) 2,590 (169)
Income taxes 443 (592) 923 (193)
--------- ---------- -------- ---------
Net income $ 807 $ (897)$ 1,667 $ 24
--------- ---------- ---------- ---------
Basic earnings per share $ .53 $ (.60)$ 1.09 $ .02
--------- ---------- ---------- ---------
Diluted earnings per share$ .51 $ (.56)$ 1.05 $ .02
--------- ---------- ---------- ---------
Weighted average shares
outstanding 1,533,004 1,503,606 1,527,443 1,501,067
-------------------------------------------
Diluted weighted average
shares outstanding 1,592,957 1,588,510 1,590,321 1,585,710
-------------------------------------------
LONG ISLAND FINANCIAL CORP.
(Unaudited)
(In thousands, except share data)
June 30 December 31 June 30,
2005 2004 2004
---- ---- ----
ASSET QUALITY RATIOS
AND OTHER DATA
Total non- performing
loans (1) $ - $ 89 $ 56
Allowance for loan
losses 4,066 5,591 6,722
Non-performing loans
as a percent of total
loans, net (1)(2) - % .04 % .02 %
Non-performing loans
as a percent of total
assets (1) - % .02 % .01 %
Allowance for loan
losses as a percent
of
Non-performing
loans (1) - % 6,282 % 12,004 %
Total loans, net
(2) 1.63 % 2.30 % 2.81 %
Book value per share $ 18.49 $ 17.86 $ 15.02
Book value per share,
as adjusted (3) $ 19.92 $ 19.06 $ 18.09
Shares outstanding 1,541,892 1,513,478 1,505,950
Full service offices 12 12 12
For the Three Months For the Six Months
Ended June 30 Ended June 30
2005 2004 2005 2004
Interest rate spread 2.66% 3.02% 2.74% 2.97%
Net interest margin 3.19% 3.40% 3.24% 3.35%
*T
(1) Non-performing loans consist of all non-accrual loans and all
other loans 90 days or more past due and still accruing interest.
It is the Company's policy to generally cease accruing interest
on all loans 90 days or more past due.
(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.