KFBI (12/29/00): Dividend
News Release
Date: December 29, 2000 FOR IMMEDIATE RELEASE
Klamath First Bancorp, Inc. Announces Quarterly Cash Dividend
KLAMATH FALLS, OREGON -- December 29, 2000 -- Klamath First Bancorp, Inc. (NASDAQ NMS: KFBI) Kermit K. Houser, president and chief executive officer of Klamath First Bancorp, Inc., announced today that the board of directors declared a quarterly cash dividend of $0.13 per share of common stock payable January 16, 2001 to shareholders of record as of the close of business January 5, 2001.
Houser stated, "We are pleased to announce this twenty-first consecutive quarterly dividend payment since we became a public company in 1995. The current dividend translates to an annualized dividend of $.52 and provides a yield of 4.4% based on our December 27, 2000 closing price of $11.8125. This is slightly above the yield offered by our peers and is unlike some other financial institutions which have had to cut their dividends because of concerns over non-performing assets. Credit quality is one of our company’s strengths."
Klamath First Bancorp, Inc. is the holding company for Klamath First Federal Savings & Loan Association ("the association") which operates 36 offices, in 22 counties throughout Oregon. The association was founded as a mutual company in 1934 and on October 4, 1995 became the wholly-owned subsidiary of KFBI as part of the company's conversion to a stock company. Consolidated assets and net earnings through the fiscal year ended September 30, 2000 were $995.6 million and $6.4 million, respectively.
Safe Harbor Clause: Except for the historical information in this news release, the matters described herein are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and are subject to risks and uncertainties that could cause actual results to differ materially. Such risks and uncertainties include those related to the economic environment, particularly in the region where Klamath First Bancorp, Inc. operates, competitive products and pricing, fiscal and monetary policies of the U.S. government, acquisitions and the integration of acquired businesses, credit risk management, change in government regulations affecting financial institutions, and other risks and uncertainties discussed from time to time in Klamath First Bancorp, Inc.’s SEC filings including its 2000 Form 10-K. Klamath First Bancorp, Inc. disclaims any obligation to publicly announce future events or developments which affect the forward-looking statements herein.
CONTACTS:
Frank X. Hernandez, Senior Vice President & COO,
1-541-882-3444 x1
email fhernandez@kffsl.com
Marshall J. Alexander, Senior Vice President & CFO,
1-541-882-3444 x120,
email malexander@kffsl.com |
