Dave! Dale found another super one: PFI 9.45 +.20 ...Tuesday April 23, 10:31 am Eastern Time
Press Release
SOURCE: Pelican Financial, Inc.
Pelican Financial, Inc. Q1 Net Income Rises 1,790%
Bank Subsidiary to Open Third Branch Office
ANN ARBOR, Mich., April 23 /PRNewswire-FirstCall/ -- Pelican Financial, Inc. (Amex: PFI - news) posted a 1,790% increase in net income for the first quarter of 2002, Charles C. Huffman, President and CEO, announced today.
The strong rebound in earnings from the year-earlier Q1 net loss reflects higher mortgage volume and noticeably improved results at Washtenaw Mortgage Company and solid growth and a surge in profitability at Pelican National Bank.
For the three months ended March 31, 2002, net income rose 1,790% to $3,290,324, or $0.75 per share, from a net loss of $194,602, or $0.04 per share, for the first quarter of 2001. Results for Q1 2001 include a charge of $420,495, or $0.10 per share, for the effect of a change in accounting principle. There were no comparable adjustments for this year's first quarter.
At Washtenaw Mortgage Company, net income surged 1,046% to $3,028,254, compared with a net loss of $320,271 for the year-earlier quarter. In the main, the improvement came from a 22% increase in mortgage volume, which increased to $715,000,000 from $586,000,000 for 2001's first quarter. The results for Q1 2001 include an accounting charge of $420,495 for a change in accounting principle. For the quarter, net interest income rose 184%, to $2,089,901, from $736,088 a year ago; and noninterest income increased 152% to $10,052,868, from $3,987,044.
Pelican National Bank's results were equally positive. Net income increased 84% to $401,602, from $217,946 a year ago. Noninterest income rose 314% to $175,722, from $42,492 for 2001's first quarter. The strong gain came from higher service charges and fees and gains on the sale of mortgage servicing rights and loans.
At the close of the period, the Bank's total assets were $156,577,303, up 34% over the year-earlier quarter; net loans were $103,279,228, an 11% improvement over 2001's first quarter; and total deposits were $127,051,607, or 38% over Q1 2001.
Mr. Huffman said, ``We're quite pleased with results at both subsidiaries. At Washtenaw Mortgage, profitability improved and our mortgage volume remained strong. At Pelican National Bank, we posted excellent balance sheet growth and improved upon key ratios and our profitability.
``Looking at 2002, we are optimistic about the second quarter and second half. The economy genuinely appears to be on the mend. Home sales and mortgage activity continue at a hearty pace. At Washtenaw Mortgage, we are adding new, pivotal online processing capabilities that will speed, automate and simplify mortgage processing for the 1,500+ mortgage brokers that we serve across the nation's 41 states. At Pelican National Bank, we expect growth in loan demand and more stability in interest rates. We have received approval from regulators to open our third branch office. The new branch will be located in San Carlos, Florida, just north of Naples. We are completing renovations now and expect to open that branch around midyear.''
Pelican Financial, Inc. (PFI) is the holding company for Washtenaw Mortgage Company, Ann Arbor, Michigan; and Pelican National Bank, Naples, Florida. Founded in 1981, Washtenaw Mortgage Company is a leading wholesale mortgage banker. Pelican National Bank, founded in 1997, is a full service community bank with branches in Naples, and Fort Myers, Florida.
Safe Harbor Provision. This news release contains forward-looking statements, pursuant to the safe-harbor provisions of the Private
Are these awesome earnings or what! I jumped in and will wait for double digits to come soon I'd think...in 52wk high ground now...tuna |
