ST Joseph (NASDAQ:SJOE)
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St. Joseph Capital Corporation Announces 4th Quarter & Full Year Earnings, $.04
Dividend Per Common Share Declared
MISHAWAKA, Ind., Feb. 17 /PRNewswire-FirstCall/ -- St. Joseph Capital
Corporation today announced financial results for the fourth quarter and full
year 2003.
For the year ending December 31, 2003 net income increased to $1.824 million, up
8.4% from $1.683 million recorded in 2002. Net income rose 6.4% during the
fourth quarter of 2003 with profits reaching $515,000 compared to $484,000 for
the same quarter a year ago. The Company's basic earnings per common share for
2003 were $1.08, an increase of $.08 or 8.0% over 2002. Basic earnings per
common share for the fourth quarter of 2003 were $.30, up $.01 or 3.5%, compared
to $.29for the fourth quarter of 2002.
Total assets grew to $288.3 million at December 31, 2003 compared to $253.8
million at December 31, 2002, an increase of 13.6%. Total net loans reached
$223.0 million at year-end compared to $189.1 million at December 31, 2002, an
18.0% increase.
In announcing fourth quarter results, Chairman, President and Chief Executive
Officer John W. Rosenthal said, "Among the important drivers of the Company's
financial success is our long-standing commitment to superior assetquality.
For the seventh consecutive year, St. Joseph Capital Bank did not experience any
loan charge-offs. Our Board has expressed its strong confidence in our success
and future direction by declaring a $.04 dividend per common share for the first
quarter of 2004. This is the first such dividend declaration in the history of
the Company and is an exciting development in our evolution." The implied
annual dividend rate is $.16 per common share. However, any future declaration
of dividends will be determined on a quarterly basis and will be contingent on a
variety of factors related to the Company's ongoing performance.
St. Joseph Capital Corporation is a bank holding company whose headquarters are
located in Mishawaka, Indiana. Its sole operating subsidiary, St. Joseph
Capital Bank, provides a broad array of banking services to businesses and
individuals in the Michiana area. St. Joseph Capital Bank employs numerous
delivery channels for their financial services including a unique courier
service and electronic banking accessed via their website, http://www.sjcb.com/
. St. Joseph Capital Bank is a member of the Federal Deposit Insurance
Corporation.
SPECIAL NOTE CONCERNING FORWARD-LOOKING STATEMENTS
This document contains, and future oral and written statements of the Company
and its management may contain, forward-looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995 with respect to the
financial condition, results of operations, plans, objectives, future
performance and business of the Company. Forward-looking statements, which may
be based upon beliefs, expectations and assumptions of the Company's management
and on information currently available to management, are generally identifiable
by the use of words such as "believe," "expect," "anticipate," "plan," "intend,"
"estimate," "may," "will," "would," "could," "should" or other similar
expressions. Additionally, all statements in this document, including
forward-looking statements, speak only as of the date they are made, and the
Company undertakes no obligation to update any statement in light of new
information or future events.
A number of factors, many of which are beyond the ability of the Company to
control or predict, could cause actual results to differ materially from those
in its forward-looking statements. These factors include, among others, the
following: (i) the strength of the local and national economy; (ii) the economic
impact of terrorist threats or actions; (iii) changes in state and federal laws,
regulations and governmental policies concerning the Company's general business;
(iv) changes in interest rates and prepayment rates of the Company's assets; (v)
increased competition in the financial services sector and the inability to
attract new customers; (vi) changes in technology and the ability to develop and
maintain secure and reliable electronic systems; (vii) the loss of key
executives or employees; (viii) changes in consumer spending; (ix) unexpected
results of acquisitions; (x) unexpected outcomes of existing or new litigation
involving the Company; and (xi) changes in accounting policies and practices.
These risks and uncertainties should be considered in evaluating forward-looking
statements and undue reliance should not be placed on such statements.
Additional information concerning the Company and its business, including
additional factors that could materially affect the Company's financial results,
is included in the Company's filings with the Securities and Exchange
Commission.
ST. JOSEPH CAPITAL CORPORATION
Consolidated Statement of Operations (Unaudited)
(dollars in thousands - except per share data)
Three Months Ended Twelve Months Ended
December 31, December 31, December 31, December 31,
2003 2002 2003 2002
Interest and
dividend income
Loans, including
fees $2,879 $2,729 $11,266 $10,231
Securities 279 467 1,428 1,933
3,158 3,196 12,694 12,164
Interest expense
Deposits 476 703 2,149 2,932
Federal funds
purchased 8 - 70 -
Securities sold
under agreements
to repurchase and
other borrowings 568 552 2,151 1,980
Net interest income 2,106 1,941 8,324 7,252
Provision for loan
losses 94 320 327 716
Net interest income
after provision for
loan losses 2,012 1,621 7,997 6,536
Noninterest income 224 397 733 866
Noninterest expense
Employee compensation
and benefits 920 805 3,561 3,089
Stock options expense 22 - 67 -
Severance - - 341 -
Occupancy and equipment
expense 118 87 417 411
Other expense 366 362 1,476 1,246
1,426 1,254 5,862 4,746
Income before income
taxes 810 764 2,868 2,656
Income tax expense 295 280 1,044 973
Net income $515 $484 $1,824 $1,683
Basic income per
common share $.30 $.29 $1.08 $1.00
Diluted income per
common share $.29 $.28 $1.05 $.98
ST. JOSEPH CAPITAL CORPORATION
Condensed Consolidated Balance Sheets (Unaudited)
(dollars in thousands - except per share data)
ASSETS December 31, 2003 December 31, 2002
Total cash and cash equivalents $12,729 $20,937
Federal Funds Sold 22,700 -
Securities available for sale 24,178 38,580
Federal Home Loan Bank (FHLB)
stock 2,326 2,154
Loans receivable 226,291 192,084
Allowance for loan losses (3,317) (2,990)
Loans receivable, net 222,974 189,094
Premises and equipment, net 1,347 1,304
Interest receivable and other
assets 2,004 1,771
Total assets $288,258 $253,840
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Total deposits $207,283 $177,674
Securities sold under agreements
to repurchase & other borrowings 6,484 10,280
FHLB Advances 46,520 43,070
Interest payable and other
liabilities 736 675
Guaranteed preferred beneficial
interest in the Corporation's
subordinated debentures 3,000 -
Total liabilities 264,023 231,699
Total shareholders' equity 24,235 22,141
Total liabilities and shareholders'
equity $288,258 $253,840
Contacts:
John Rosenthal 574-273-9700
Mark Secor 800-890-2798
Fax: 574-243-9674
E-mail:
DATASOURCE: St. Joseph Capital Corporation
CONTACT: John Rosenthal, +1-574-273-9700, E-mail: ,
or Mark Secor, +1-800-890-2798, E-mail: , or
Fax: +1-574-243-9674, both of St. Joseph Capital Corporation
Web site: http://www.sjcb.com/