Harbor Federal "HARB" at 12 9/16 has gone unnoticed because of
the temporary symbol changes, and restructuring.
For a Florida Bank it is in my opionion the best buy in the
entire sector. Book value alone is over $8.
Wednesday April 8, 12:48 pm Eastern Time
Company Press Release
SOURCE: Harbor Florida Bancshares, Inc.
Harbor Florida Bancshares, Inc. Announces Increased Dividends And Quarterly Earnings
FORT PIERCE, Fla., April 8 /PRNewswire/ -- Harbor Florida Bancshares, Inc. (Nasdaq: HARB - news; ''the Company''), the holding company for Harbor Federal Savings Bank (''the Bank''), announced today that its Board of Directors declared an 11.6% increase in the quarterly cash dividend to 6.50 cents per share from 5.82 cents per share for the second quarter of the fiscal year ending September 30, 1998. The dividend is payable May 20, 1998, to shareholders of record as of April 24, 1998.
The Company also announced today that net income for its second fiscal quarter, ended March 31, 1998, increased 2.7% to $3.4 million or 11 cents per diluted share, compared to $3.3 million or 11 cents per diluted share for the same period last year. Net interest income for the quarter ending March 31, 1998, increased 16.4% from the same period last year but was offset by increases to the provision for loan losses and operating expenses. Net income for the first half of fiscal 1998 increased 16.9% to $7.5 million or 24 cents per diluted share, compared to $6.4 million or 21 cents per diluted share for the same period last year. This increase was due primarily to nonrecurring income of $978,000, after tax, recognized in the first fiscal quarter on the payoff of a problem commercial real estate loan and on the sale of the Bank's ownership interest in its data processing servicer. Beginning December 31, 1997, net income per share has been calculated in accordance with the provisions of Statement of Financial Accounting Standards No. 128 ''Earnings Per Share'', with previous periods restated.
Total assets increased to $1.284 billion at March 31, 1998, from $1.131 billion at September 30, 1997. Total net loans increased to $888.4 million at March 31, 1998, from $834.3 million at September 30, 1997. Total deposits increased to $920.6 million at March 31, 1998, from $911.6 million at September 30, 1997.
Net interest income increased 16.4% to $11.3 million for the quarter ended March 31, 1998, from $9.7 million for the quarter ended March 31, 1997. This increase was due primarily to an increase in average interest-earning assets. Provision for loan losses increased to $651,000 for the quarter ended March 31, 1998, from $126,000 for the quarter ended March 31, 1997. The provision for the quarter ended March 31, 1998 was principally comprised of a charge of $307,000 related to an increase in the level of classified loans, a charge of $255,000 due to loan growth and a charge of $89,000 for net charge offs. Other income increased to $1.1 million for the quarter ended March 31, 1998, from $860,000 for the quarter ended March 31, 1997. Other expenses increased to $5.9 million for the quarter ended March 31, 1998, from $5.1 million for the quarter ended March 31, 1997, due primarily to an increase of $540,000 in compensation and benefits, an increase of $98,000 in occupancy expense and an increase of $154,000 in other expenses. The increase in compensation and benefits includes an increase of $249,000 in noncash expense of stock benefit plans due to the increase in the Company's stock price. Income tax expense increased to $2.4 million for the quarter ended March 31, 1998, from $2.0 million for the quarter ended March 31, 1997.
On March 18, 1998, the Company announced that it had completed its reorganization and stock offering in connection with the conversion of Harbor Financial, M.H.C. The Company sold 16,586,752 shares of common stock for $10.00 per share in a Subscription Offering (the ''Offering''). Cash proceeds after costs and funding of the ESOP was approximately $150 million. The Company also issued 14,112,400 exchange shares (exchange ratio of 6.0094 to 1) to existing Harbor Florida Bancorp, Inc. public stockholders (the ''Exchange''). Total shares of common stock outstanding following the Offering and Exchange is 30,699,152.
Harbor Federal is located in Fort Pierce, Florida and has 24 offices located in a six county area of East Central Florida. Harbor Florida Bancshares, Inc. common stock trades on the NASDAQ National Market under the symbol HARB.
Financial highlights for Harbor Florida Bancshares, Inc. follow.
Harbor Florida Bancshares, Inc.
Mar. 31, Sept. 30,
1998 1997
Selected Consolidated
Financial Data: (In Thousands)
Total assets $1,284,313 $1,131,024
Loans, net 888,443 834,270
Interest-bearing
deposits 106,691 15,736
Fed funds sold 0 250
Investment securities 74,300 52,553
Mortgage-backed securities 156,163 176,854
Real estate owned (net) 2,775 2,314
Deposits 920,604 911,576
FHLB advances 95,000 100,000
Other borrowings 0 475
Stockholders' equity 254,606 96,802
Three Months Ended Six Months Ended
Mar. 31, Mar. 31,
1998 1997 1998 1997
(In Thousands Except Per Share Data)
Selected Consolidated
Operating Data:
Interest income $22,773 $20,723 $45,828 $41,251
Interest expense 11,459 11,002 23,226 21,935
Net interest income 11,314 9,721 22,602 19,316
Provision for loan
losses 651 126 463 251
Net interest income
after provision
for loan losses 10,663 9,595 22,139 19,065
Other income:
Income (loss) from real
estate operations (63) (43) (206) (45)
Other 1,148 903 2,871 1,899
Total other income 1,085 860 2,665 1,854
Other expenses:
SAIF insurance 144 132 288 507
Other 5,783 4,974 11,756 9,881
Total other expense 5,927 5,106 12,044 10,388
Income before income
taxes 5,821 5,349 12,760 10,531
Income tax expense 2,432 2,048 5,276 4,130
Net income $ 3,389 $ 3,301 $7,484 $6,401
Net income per share (1)
Basic $0.11 $0.11 $0.25 $0.21
Diluted $0.11 $0.11 $0.24 $0.21
(1) Net income per share for the period ended March 31, 1997 has been restated to conform to the provisions of Statement of Financial Accounting Standards No. 128 ''Earnings Per Share,'' adopted by the Company in the quarter ended December 31, 1997.
Three Months Ended Six Months Ended
Mar. 31. Mar. 31
1998 1997 1998 1997
Selected Financial Ratios:
Return on average
assets (1) 1.16% 1.24% 1.29% 1.20%
Return on average
stockholders'
equity (1) 10.71% 15.02% 13.25% 14.66%
Book value per share $8.29 $2.98 $8.29 $2.98
Average shareholders'
equity to average
assets 10.81% 8.24% 9.75% 8.17%
Shareholders' equity to
assets
at period end 19.82% 8.22% 19.82% 8.22%
Net interest rate
spread (1) 3.50% 3.34% 3.63% 3.36%
Net yield on average
interest-earning
assets (1) 3.90% 3.65% 4.01% 3.69%
Non-performing assets
to total assets 0.47% 0.47% 0.47% 0.47%
Allowance for loan
losses to total loans 1.35% 1.41% 1.35% 1.41%
Allowance for loan
losses to
classified loans 115.80% 136.88% 115.80% 136.88%
Allowance for loan
losses to
non-performing
loans 369.39% 522.88% 369.39% 522.88%
Allowance for losses
on real estate owned
to total real estate
owned 20.01% 20.01% 20.01% 20.01%
Efficiency ratio (1) 48.68% 50.32% 50.66% 49.33%
Non-interest expense to
average assets (1) 2.02% 1.91% 2.08% 1.94%
Net interest income to
non-interest
expense (1) 1.86 1.85 1.87 1.85
Average interest-earning
assets to
average interest-
bearing
liabilities 109.95% 107.50% 109.33% 107.98%
(1) Ratio is annualized.
SOURCE: Harbor Florida Bancshares, |
