Golden State Bancorp Reports Strong Second-Quarter Earnings and Declares First Post-Merger Dividend
SAN FRANCISCO--(BUSINESS WIRE)--July 20, 2000--Golden State
Bancorp Inc. (NYSE:GSB), the publicly traded parent of California
Federal Bank, today reported second-quarter 2000 earnings of $87.7
million, or $0.61 per diluted share. Operating earnings were $85.8
million, or $0.60 per diluted share, and exclude a $1.8 million gain
on early extinguishment of debt, net of taxes. Operating earnings were
up 10.9 percent from operating earnings in the second quarter of 1999.
Cash operating earnings, which exclude amortization of goodwill, were
$101.3 million or $0.71 per diluted share for the quarter.
Golden State Bancorp today also announced a quarterly dividend,
its first since the Glendale merger in 1998, of $0.10 per common
share, payable on September 1, 2000, to shareholders of record as of
July 31, 2000.
"Once again our results demonstrate our ability to achieve our
financial goals," said Gerald J. Ford, chairman and chief executive
officer. "The announcement of our first post-merger dividend reflects
our strengthening capital position, our level of cash earnings and our
excellent credit quality."
"During the second quarter we accelerated our efforts to achieve
the status of a premier regional bank," added Carl B. Webb, president
and chief operating officer. "In addition to instituting a dividend,
we improved our balance sheet and grew our tangible capital. While we
expect market conditions to remain challenging, we believe that over
time our initiatives will result in a higher quality of profitability,
reduced interest-rate risk and an even stronger capital position." |
