Golden State Bancorp Reports First Quarter Earnings Up 20 Percent
SAN FRANCISCO--(BUSINESS WIRE)--April 18, 2000--Golden State
Bancorp Inc. (NYSE: GSB), the publicly traded parent of California
Federal Bank, today reported first quarter 2000 earnings of $85.0
million, or $0.60 per diluted share, up 20 percent from the first
quarter of 1999. Operating earnings were $83.8 million, or $0.59 per
diluted share, and exclude a $1.2 million extraordinary gain on early
extinguishment of debt, net of taxes. Cash operating earnings, which
exclude amortization of goodwill, were $100.3 million, or $0.71 per
diluted share for the quarter.
"Our first quarter results demonstrate the continued success of
our company to grow both earnings per share and capital in a
challenging interest rate environment," said Gerald J. Ford, chairman
and chief executive officer. "I am especially pleased with our ability
to expand our operations while maintaining strict expense control and
excellent risk management."
"The revenue-growth initiatives that we have undertaken had a very
positive impact on first quarter results," added Carl B. Webb,
president and chief operating officer. "Loan originations for
portfolio were up more than $218 million from the year-ago quarter,
loans receivable on our balance sheet were up 18 percent from the
first quarter of 1999, and demand deposits as a share of total
deposits reached 19.5 percent on March 31, up from 18.8 percent a year
ago."
Webb cited progress in each of the bank's five "billion-dollar
banking businesses" during the quarter as an indication of the
progress Cal Fed is making to offer a full range of commercial bank
products to its customers.
-- Cal Fed Investments sold $305 million of mutual funds,
annuities, insurance and other securities in the quarter, on pace to
exceed its record sales of $1.1 billion products in 1999.
-- Commercial real estate originations reached just under $300
million in the quarter, an increase of more than $175 million from a
year earlier, well on its way to reach the goal of $1.0 billion of
originations in 2000.
-- Auto One, the bank's auto lending subsidiary, reached $1.2
billion in purchased auto loans outstanding on March 31. During the
quarter Auto One closed the acquisition of Downey Auto Finance and
acquired the automobile-lending unit of Guaranty Federal Bank.
-- Consumer loan fundings totaled $152.6 million in the quarter,
up 139 percent from the year earlier period, led by home equity
fundings of $103.3 million. The short-term objective of the consumer
loan division is to reach $1.0 billion in outstandings.
-- Commercial business lending increased 54 percent from a year
ago, with loan fundings of $230.2 million. The commercial banking
group is targeting $1.0 billion in outstandings by the end of 2001. |
