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Pelican Financial, Inc. Posts Record Net Income, Loss from Continuing Operations
for 2003
Mortgage Company Spin-off Completed
ANN ARBOR, Mich. and NAPLES, Fla., Feb. 26 /PRNewswire-FirstCall/ -- Pelican
Financial, Inc. , the holding company for Pelican National Bank, posted record
net income, but a loss from continuing operations for 2003, Charles C. Huffman,
Chairman and CEO, reported today.
Pelican National Bank, headquartered in Naples, Fla., is a full-service
community bank serving the consumer and commercial sectors from branch offices
in Fort Myers, San Carlos, and Bonita Springs, Florida.
Pelican Financial, Inc. completed its previously announced spin-off of Washtenaw
Mortgage Company into a separate, publicly held corporation, The Washtenaw
Group, Inc., trading under the symbol TWH. The spin-off was effective at the
close of business December 31, 2003. PFI shareholders received one share of TWH
for each share of PFI held.
Fourth-quarter results
Fourth-quarter results from continuing operations were marred by margin
compression from the low interest-rate environment and higher expenses from
marketing and branch-expansion activities. The net loss for the quarter was
$663,138, or $0.15 per diluted share, compared with the year earlier net income
of $411,339, or $0.09 per diluted share. A major factor was higher noninterest
expense, which rose 63% to $2,107,310, chiefly reflecting higher personnel count
and related costs, marketing, and branch expansion activities.
Full-year results
The Company recorded a loss from continuing operations of $918,165, or $0.21 per
share, for 2003, compared with income from continuing operations of $1,522,232
or $0.34 per share, for 2002. The 2003 results reflect lower gain on sales of
loans and mortgage servicing rights and higher noninterest expense.
Aided by accounting adjustments, the bank-holding company recorded net income
for 2003 inclusive of discontinued operations. Net income rose 127% to
$8,520,071, or $1.91 per diluted share, from net income of $3,742,104, or $0.84
per diluted share, for 2002. The results were aided appreciably from the
operations of Washtenaw Mortgage Company, which contributed income of
$9,438,236, equivalent to $2.12 per diluted share, from the discontinued
mortgage subsidiary.
With a new president at the helm, the Bank focused on strengthening its balance
sheet, increasing core deposits and preparing for growth. The Bank launched a
very successful money-market promotion to increase core deposits. This resulted
in increases in core deposits of $60 million, or 97%. The Bank also reduced
delinquent and nonperforming loans by 63% to one-half of one percent of loans.
The loan-loss provision was, likewise, increased and it stood at a healthy 1.20%
of total loans outstanding at the close of the year.
Mr. Huffman said, "Pelican National Bank performed well despite the difficult
interest-rate environment and rising costs as we grew our staff and prepared to
open two new branches in 2004 in south Fort Meyers and Cape Coral. These are
scheduled to open around midyear. We are optimistic about 2004 as we expand our
franchise and build our customer base. The Bank opened one new branch in Bonita
Springs, Fla. in 2003."
Mr. Huffman said that the board of directors has suspended dividend payments so
that future earnings can be invested in Company growth.
Safe Harbor. This news release contains forward-looking statements made pursuant
to the safe harbor provisions of the Private Securities Litigation Reform Act of
1995. Such statements are based on management's current expectations and are
subject to risks and uncertainties, which could cause actual results to differ
materially from those described in the forward- looking statements. Among these
risks are regional and national economic conditions, competitive and regulatory
factors, legislative changes, mortgage- interest rates, cost and availability of
borrowed funds, our ability to sell mortgages in the secondary market, and
housing sales and values. These risks and uncertainties are contained in the
Corporation's filings with the Securities and Exchange Commission, available via
EDGAR. The Company assumes no obligation to update forward-looking statements
to reflect occurrences or unanticipated events or circumstances after the date
of such forward-looking statements.
PELICAN FINANCIAL, INC.
Consolidated Balance Sheets
December 31, 2003 and 2002
2003 2002
ASSETS
Cash and cash equivalents
Cash and due from banks $6,354,416 $10,410,554
Interest-bearing deposits 45,639,288 33,005,000
Federal funds sold 3,426,013 13,946,381
Total cash and cash
equivalents 55,419,717 57,361,935
Accounts receivable, net 179,488 348,136
Securities available for sale 49,729,994 2,560,305
Federal Reserve & Federal Home Loan
Bank Stock 949,000 1,330,000
Loans held for sale 141,200 18,689,918
Loans receivable, net of allowance of
$1,330,112 and $1,062,109 109,798,257 104,082,175
Mortgage servicing rights, net 29,368 69,888
Other real estate owned 332,857 75,782
Premises and equipment, net 2,658,018 1,195,139
Other assets 2,277,736 1,880,406
Assets of discontinued operations - 198,657,086
$221,515,635 $386,250,770
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest-bearing $74,004,969 $87,404,821
Interest-bearing 117,907,62566,428,958
Total deposits 191,912,594 153,833,779
Due to bank - -
Notes payable 291,665 791,667
Repurchase agreements - -
Federal Home Loan Bank borrowings 12,000,000 18,000,000
Other liabilities 421,088 847,610
Liabilities of discontinued
operations - 180,947,056
Total liabilities 204,625,347 354,420,112
Commitments and contingencies
Shareholders' equity
Preferred stock, 200,000 shares
authorized; none outstanding - -
Common stock, $.01 par value
10,000,000 shares authorized;
4,448,351 and 4,440,241 outstanding
at December 31, 2003 and 2002 44,884 44,402
Additional paid in capital 15,568,593 15,345,573
Retained earnings 1,183,546 16,426,842
Accumulated other comprehensive
income, net of tax 93,265 13,841
Total shareholders' equity 16,890,288 31,830,658
$221,515,635 $386,250,770
PELICAN FINANCIAL, INC.
Consolidated Statements of Income
Years ended December 31, 2003, 2002 and 2001
2003 2002 2001
Interest income
Loans, including fees $9,148,444 $10,028,618 $9,357,437
Investment securities, taxable 430,257 473,410 411,616
Federal funds sold and overnight
accounts 563,084 322,980 219,848
Total interest income 10,141,785 10,825,008 9,988,901
Interest expense
Deposits 2,474,514 3,240,473 3,900,481
Other borrowings 997,915 1,064,314 1,008,241
Total interest expense 3,472,429 4,304,787 4,908,722
Net interest income 6,669,356 6,520,221 5,080,179
Provision for loan losses 1,058,000 300,000 562,000
Net interest income after
provision for loan losses 5,611,356 6,220,221 4,518,179
Noninterest income
Gain (loss) on sale of
securities, net (29,015) 162,776 -
Service charges on deposit
accounts 179,146 155,609 118,240
Servicing income 17,521 11,101 32,880
Gain on sales of mortgage
servicing rights and loans, net 94,054 369,781 163,581
Other income (30,256) 72,645 2,916
Total noninterest income 231,450 771,912 317,617
Noninterest expense
Compensation and employee
benefits 3,617,106 2,233,588 1,830,396
Occupancy and equipment 1,008,652 760,547 660,847
Telephone 96,921 57,799 63,090
Postage 30,634 42,923 46,499
Amortization of mortgage
servicing rights 40,521 12,952 8,000
Other noninterest expense 2,439,833 1,575,444 1,622,732
Total noninterest expense 7,233,667 4,683,253 4,231,564
Income (loss) from continuing
operations before income taxes and
cumulative effect of change in
accounting principle (1,390,861) 2,308,880 604,232
Provision for income taxes (472,696) 786,648 208,458
Income (loss) from continuing
operations before cumulative
effect of change in accounting
principle (918,165) 1,522,232 395,774
Discontinued operations:
Income from operations of
discontinued mortgage
subsidiary 14,278,682 2,762,924 10,673,598
Income (loss) on disposition - - -
Income tax (benefit) 4,840,446 956,501 3,646,167
Income (loss) on discontinued
operations 9,438,236 1,806,423 7,027,431
Income (loss) before cumulative
effect of change in accounting
principle 8,520,071 3,328,655 7,423,205
Cumulative effect of change in
accounting principle - 413,449 (420,495)
Net income $8,520,071 $3,742,104 $7,002,710
Basic earnings per share from
continuing operations before
cumulative effect of change in
accounting principle $(0.21) $0.34 $0.09
Diluted earnings per share from
continuing operations before
cumulative effect of change in
accounting principle $(0.21) $0.34 $0.09
Per share effect of discontinued
operations $2.12 $0.41 $1.60
Basics earnings per share cumulative
effect of change in accounting
principle $- $0.10 $(0.10)
Diluted earnings per share cumulative
effect of change in accounting
principle $- $0.09 $(0.10)
Basics earnings per share $1.91 $0.85 $1.59
Diluted earnings per share $1.91 $0.84 $1.59
DATASOURCE: Pelican Financial, Inc.
CONTACT: Howard Nathan of Pelican Financial, Inc., +1-800-765-5562; or
Mike Marcotte of Marcotte Financial Relations, +1-248-656-3873