Golden State Bancorp Reports Record Third-Quarter Earnings
SAN FRANCISCO--(BUSINESS WIRE)--October 17, 2000--Golden State Bancorp Inc. (NYSE:GSB - news), the publicly traded parent of California Federal Bank, today reported third-quarter 2000 earnings of $88.5 million, or $0.62 per diluted share, up 8.4 percent from $81.6 million in the third quarter of 1999. Cash earnings, which exclude amortization of goodwill, were $103.9 million or $0.73 per diluted share for the quarter.
``I am very pleased to report to our shareholders another quarter of strong growth in earnings and capital,'' said Gerald J. Ford, chairman and chief executive officer. ``Total stockholders' equity is up 33 percent from one year ago, and includes the effects of our first post-merger dividend paid on September 1, 2000.''
``With more stable interest rates, the operating environment for our company improved during the quarter,'' added Carl B. Webb, president and chief operating officer. ``As a result, our performance reflects the impact of our efforts to achieve the status of a premier regional bank, including increasing demand deposits, improving our underlying net interest margin, maintaining our excellent credit quality, and continuing to improve our mix of earning assets.''
Webb cited key indicators of the company's accelerated efforts to attain premier regional bank status:
-- Demand deposits reached $4.7 billion on September 30, 2000, up 8.7
percent from the end of the third quarter 1999. Demand deposits
accounted for 20.3 percent of total deposits at the end of the
quarter, up from 18.3 percent one year earlier.
-- On a normalized basis, the net interest margin for Cal Fed
increased to 2.27 percent in the third quarter from 2.24 percent
in the second quarter. This is the first quarter-to-quarter
increase in the net interest margin since the first quarter of
1999.
-- Credit quality remained excellent, with total non-performing
assets as a percent of total bank assets falling to 0.22 percent
at quarter end, compared to 0.26 percent at the end of the second
quarter and 0.39 percent at the end of the third quarter 1999.
-- Total assets remained essentially stable during the quarter at
$60.6 billion. However, the mix of assets improved as an increase
in loans receivable was offset by a decline in mortgage-backed
securities. Loans receivable as a percent of total assets reached
64.5 percent at the end of the quarter, up from 63.5 at the end of
the second quarter and 58.2 at the end of the third quarter 1999.
Golden State Bancorp will host a conference call to discuss the third-quarter earnings today, October 17, 2000, at 10:30 a.m. (Eastern Time). To access the webcast of the call please visit our website, www.goldenstate.com. |
