Invesco ETF Trust Invesc... (NASDAQ:PFI)
Historical Stock Chart
From Oct 2019 to Oct 2024
Pelican Financial, Inc. Reports 2004 Results
Two Branches Opened Core Deposits Increased
ANN ARBOR, Mich. and NAPLES, Fla., March 4 /PRNewswire-FirstCall/ -- Pelican
Financial, Inc. (AMEX:PFI), the holding company for Pelican National Bank,
continued its branching campaign with the opening of two branches, raised core
deposits, but posted a net loss for 2004, 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 six branch
offices in Cape Coral, Fort Myers, Naples, 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.
Fourth-quarter results
Fourth-quarter results were hampered by low loan growth, margin compression
from the low interest-rate environment, an increase in the cost of funds and
higher expenses from marketing and branch-expansion activities. The net loss
for the quarter was $174,993, or $0.04 per diluted share, improved appreciably
from the year-earlier net loss of $663,138, or $0.15 per diluted share, for the
fourth quarter of 2004. Net interest income rose fractionally, noninterest
income posted a 214% turnaround from a loss a year ago, and noninterest expense
was reduced by 11%, despite the branch openings and addition of personnel
during the year. The results were aided by the absence of any new provision
for loan losses, reflecting improved loan quality.
Full-year results
The Company recorded a net loss $250,820, or $0.06 per diluted share for 2004.
This compares with a net loss from continuing operations before accounting
adjustments of $918,165 for 2003. Aided by accounting adjustments, net income
including discontinued operations for 2003 was $8,520,071, or $1.91 per diluted
share.
2004's net interest income was off about 8%, reflecting lower loan fees and
higher deposit costs, partially from successful money-market promotions. As
previously announced, Washtenaw Mortgage Company withdrew approximately $50
million in non-interest bearing deposits. The Bank has been working hard to
replace those funds through traditional deposit promotions. Noninterest income
was up three fold, chiefly from gains on the sale of securities and the sale of
foreclosed assets. Noninterest expense rose 3%, principally from the opening
and operation of two new branches during the year, along with higher personnel
costs.
Two new branches were opened in Fort Myers Beach, and Cape Coral, FL. Six
branches were in operation at yearend.
The Bank continued it focus on strengthening its balance sheet and increasing
core deposits. Core deposits increased by $13.1 million. Credit quality was
another management thrust for 2004. The Bank reduced classified loans by 58%
or $6.2 million to 4.0% of loans outstanding. The improvement resulted in a
$225,000 credit for the loan loss provision.
Mr. Huffman said, "While we are disappointed by a net loss, management focused
a majority of its efforts on building infrastructure, improving loan quality
and growing core deposits to support future loan growth. With our team and a
network of branches in place, we are now well positioned to compete. We will
continue to target commercial lending to the medium and small-business service
sectors. And while competition is fierce, the recent interest-rate increases
by the Federal Reserve has helped our Net Interest Margin on adjustable loans.
These comprise about 50% of the Bank's total loans outstanding. We are hopeful
for improved operating results in 2005."
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, 2004 and 2003
2004 2003
ASSETS
Cash and cash equivalents
Cash and due from banks $2,831,621 $6,264,960
Interest-bearing deposits 275,800 45,728,744
Federal funds sold 7,384,068 3,426,013
Total cash and cash equivalents 10,491,489 55,419,717
Accounts receivable, net 410,436 179,488
Securities available for sale 69,385,545 49,729,994
Federal Reserve &
Federal Home Loan Bank Stock 2,669,700 949,000
Loans held for sale - 141,200
Loans receivable, net of allowance of
$953,954 and $1,330,112 110,830,985 109,798,257
Loan servicing rights, net 12,054 29,368
Other real estate owned - 332,857
Premises and equipment, net 3,713,200 2,658,018
Other assets 1,302,169 2,277,736
$198,815,578 $221,515,635
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Noninterest-bearing $15,200,340 $74,004,969
Interest-bearing 125,508,431 117,907,625
Total deposits 140,708,771 191,912,594
Note payable - 291,665
Federal Home Loan Bank borrowings 41,500,000 12,000,000
Other liabilities 319,057 421,088
Total liabilities 182,527,828 204,625,347
Shareholders' equity
Preferred stock, 200,000 shares authorized;
none outstanding - -
Common stock, $.01 par value
10,000,000 shares authorized; 4,494,365
and 4,488,351 outstanding at
December 31, 2004 and 2003 44,943 44,884
Additional paid in capital 15,574,767 15,568,593
Retained earnings 932,726 1,183,546
Accumulated other comprehensive
income, net of tax (264,686) 93,265
Total shareholders' equity 16,287,750 16,890,288
$198,815,578 $221,515,635
PELICAN FINANCIAL, INC.
Consolidated Statements of Income
Years ended December 31, 2004, 2003 and 2002
2004 2003 2002
Interest income
Loans, including fees $7,525,937 $9,148,444 $10,028,618
Investment securities, taxable 2,635,218 430,257 473,410
Federal funds sold and
overnight accounts 376,677 563,084 322,980
Total interest income 10,537,832 10,141,785 10,825,008
Interest expense
Deposits 3,671,517 2,474,514 3,240,473
Other borrowings 716,433 997,915 1,064,314
Total interest expense 4,387,950 3,472,429 4,304,787
Net interest income 6,149,882 6,669,356 6,520,221
Provision for loan losses (225,000) 1,058,000 300,000
Net interest income after
provision for loan losses 6,374,882 5,611,356 6,220,221
Noninterest income
Gain (loss) on sale of
securities, net 318,940 (29,015) 162,776
Service charges on
deposit accounts 169,870 179,146 155,609
Gain on sales of loans, net 28,371 94,054 369,781
Net gain (loss) on foreclosed
assets and other income 214,048 (12,735) 83,746
Total noninterest income 731,229 231,450 771,912
Noninterest expense
Compensation and
employee benefits 3,857,215 3,617,106 2,233,588
Occupancy and equipment 1,303,789 1,008,652 760,547
Legal 237,195 408,339 282,766
Accounting and auditing 168,089 199,578 117,856
Data processing 238,965 136,804 99,381
Marketing and advertising 104,687 180,901 130,310
Loan and other real estate owned 315,194 443,231 224,981
Debt extinguishments - 309,673 -
Other noninterest expense 1,258,586 929,383 833,824
Total noninterest expense 7,483,720 7,233,667 4,683,253
Income (loss) from continuing
operations before income taxes and
cumulative effect of change in
accounting principle (377,609) (1,390,861) 2,308,880
Income tax expense (benefit) (126,789) (472,696) 786,648
Income (loss) from continuing
operations before cumulative
effect of change in accounting
principle (250,820) (918,165) 1,522,232
Discontinued operations:
Income from operations of
discontinued mortgage subsidiary - 14,278,682 2,762,924
Income tax - 4,840,446 956,501
Income from discontinued operations - 9,438,236 1,806,423
Income before cumulative effect of
change in accounting principle (250,820) 8,520,071 3,328,655
Cumulative effect of change in
accounting principle, net of tax - - 413,449
Net income $(250,820) $8,520,071 $3,742,104
Basic earnings per share from
continuing operations before
cumulative effect of change
in accounting principle $(0.06) $(0.21) $0.35
Diluted earnings per share from
continuing operations before
cumulative effect of change in
accounting principle $(0.06) $(0.21) $0.34
Per share effect of
discontinued operations $ - $2.12 $0.41
Per share cumulative effect of
change in accounting principle $ - $ - $0.09
Basic earnings per share $(0.06) $1.91 $0.85
Diluted earnings per share $(0.06) $1.91 $0.84
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, for Pelican
Financial, Inc.