First Colorado Bancorp, Inc. Announces Earnings
LAKEWOOD, Colo., April 16,1998 -- Malcolm E. Collier, Chairman and CEO of First Colorado Bancorp, Inc., (Nasdaq: FFBA - news) the parent corporation of First Federal Bank of Colorado, today announced earnings of $4.8 million for the quarter ended March 31, 1998. The March 31, 1998 results of operations of First Colorado Bancorp, Inc. compared with earnings of $4.8 million for the first quarter of 1997.
The Company's return on average assets for the three months ended March 31, 1998 was 1.23% compared to 1.28% for the comparable 1997 period. Return on average stockholders' equity of the Company was 9.08% for the three months ended March 31, 1998 compared to 9.52% for the comparable 1997 period. Earnings per fully diluted share for the three months ended March 31, 1998 were $0.29 compared to $0.30 for the comparable 1997 period, while book value per share at March 31, 1998 was $12.65 compared to $11.60 at March 31, 1997.
On March 9, 1998, the Company announced that it had entered into a definitive agreement to be acquired by Commercial Federal Corporation [NYSE:CFB - news], a savings and loan holding company based in Omaha, Nebraska. Under the terms of the agreement, Commercial Federal will acquire through a tax-free reorganization all of the outstanding shares of the Company's common stock in exchange for Commercial Federal's common stock. The precise exchange ratio will be determined based upon the average closing price of Commercial Federal common stock for the fifteen trading days ending on (and including) the fifth trading day immediately preceding closing. Based on Commercial Federal's closing price on April 15, 1998, the Company's shareholders would receive .7895 shares of Commercial Federal common stock for each share of First Colorado Bancorp, Inc. outstanding common stock. The acquisition is subject to regulatory approvals, the Company's and Commercial Federal's shareholders' approval, and other conditions and is expected to close in the third quarter of 1998.
First Colorado Bancorp, Inc. trades on the Nasdaq National Market under the symbol FFBA and, with assets of $1.6 billion, is the largest publicly traded bank or thrift institution based in Colorado. For more information, please contact Bill Marcoux or Brian L. Johnson at 303-232-2121.
First Colorado Bancorp, Inc. and Subsidiary
Consolidated Statements of Financial Condition
(dollars in thousands)
03/31/98 12/31/97
(unaudited)
Assets
Cash and due from banks $24,103 $27,970
Federal funds sold and
other interest-earning assets 32,415 16,687
Investment Securities:
Held-to-maturity 79,812 73,944
Available-for-sale, at market
value 758 5,951
Mortgage-backed securities,
net:
Held-to-maturity 193,210 209,543
Available-for-sale, at market
value 5,884 6,839
Loans receivable, net 1,173,430 1,164,602
Accrued interest receivable 8,208 8,356
Office properties and equipment,
net 23,155 23,606
Federal Home Loan Bank stock 11,486 11,277
Real estate owned 183 225
Core deposit intangible
/goodwill 4,177 4,251
Other assets 2,473 2,775
Total assets $1,559,294 $1,556,026
Liabilities
Deposits 1,189,386 1,182,727
Advances from Federal Home Loan
Bank 120,410 122,410
Other borrowed money 4,368 4,479
Advances by borrowers for taxes
and insurance 4,286 8,369
Current/deferred income taxes 7,175 4,720
Other liabilities 20,863 24,012
Total liabilities $1,346,488 $1,346,717
Stockholders' Equity
Common stock, $0.10 par value
(50,000,000 shares
authorized; 20,134,256 shares
issued at March 31, 1998 and
December 31, 1997;
16,826,798 and 16,808,372
shares outstanding at March 31,
1998 and December 31, 1997,
respectively) 2,013 2,013
Additional paid-in capital 155,713 155,047
Treasury stock (3,307,458 and
3,325,884 shares, respectively,
at cost) (53,301) (53,562)
Unearned ESOP shares (10,188) (10,523)
Unearned MRP/MSBP shares (3,324) (3,338)
Unrealized gain on securities
available for sale (net of tax) (612) (215)
Retained earnings, partially
restricted 122,505 119,887
Total stockholders' equity 212,806 209,309
Total liabilities and
stockholders' equity $1,559,294 $1,556,026
First Colorado Bancorp, Inc. and Subsidiary
Consolidated Statements of Earnings
(dollars in thousands, except per share amounts) (unaudited)
For the three months ended
03/31/98 12/31/97 09/30/97 06/30/97 03/31/97
Interest income:
Loans $22,534 22,729 22,008 21,530 21,066
Mortgage-backed
securities 3,367 3,527 3,852 3,305 4,354
Investment securities 1,348 1,414 1,321 1,291 1,205
Other 283 103 46 107 90
Total interest
income 27,532 27,773 27,227 26,233 26,715
Interest expense:
Deposits 12,829 13,194 12,919 12,738 12,396
Borrowed funds 2,009 2,241 2,261 2,194 2,071
Total interest
expense 14,838 15,435 15,180 14,932 14,467
Net interest income 12,694 12,338 12,047 11,301 12,248
Provision (credit) for
loan losses 137 27 (1,320) 335 219
Net interest income
after provision for
loan losses 12,557 12,311 13,367 10,966 12,029
Noninterest income:
Fees and service
charges 1,551 1,542 1,336 1,260 1,198
Gain on sale of loans
and investments, net 51 1,333 79 63 36
Net income from real
estate operations 14 877 133 87 51
Rental income 49 48 45 45 49
Total noninterest
income 1,665 3,800 1,593 1,455 1,334
Noninterest expense:
Compensation 3,846 4,180 3,933 3,382 3,213
Occupancy 1,079 1,113 1,043 1,021 941
Provision (credit) for
losses on real estate
owned (4) (93) (21) (19) 19
Professional fees 190 184 193 154 180
Advertising 212 278 266 249 202
Printing, supplies and
postage 329 288 263 291 294
FDIC premiums 185 186 183 182 178
Other, net 758 686 732 758 657
Total noninterest
expense 6,595 6,822 6,592 6,018 5,684
Earnings before income
taxes 7,627 9,289 8,368 6,403 7,679
Income tax expense 2,821 3,395 3,188 2,378 2,864
Net earnings 4,806 5,894 5,180 4,025 4,815
Earnings per share,
assuming dilution 0.29 0.36 0.33 0.26 0.30
Diluted shares
outstanding 16,542,896 16,196,722 15,746,54915,667,528 16,183,667
First Colorado Bancorp, Inc. and Subsidiary
Financial Highlights
(dollars in thousands, except per share amounts) (unaudited)
For the three months ended
At period end 03/31/98 12/31/97 09/30/97 06/30/97 03/31/97
Assets $1,559,294 1,556,026 1,512,605 1,509,861 1,509,514
Investment
securities:
Available-for-sale 758 5,951 6,782 6,501 6,063
Held-to-maturity 79,812 73,944 73,937 72,930 74,990
Mortgage-backed and
other asset-backed
securities, net:
Available-for-sale 5,884 6,839 6,448 6,704 7,471
Held-to-maturity 193,210 209,543 229,062 245,281 258,728
Loans, net 1,173,430 1,164,602 1,122,509 1,103,996 1,086,026
Deposits 1,189,386 1,182,727 1,148,866 1,145,562 1,154,455
Borrowings 124,778 126,889 134,915 142,443 132,112
Stockholders'
equity 212,806 209,309 197,849 194,713 192,089
Book value per
share 12.65 12.45 12.00 11.76 11.60
Tangible book value
per share 12.40 12.20 11.85 11.60 11.44
Shares outstanding
(in thousands) 16,827 16,808 16,485 16,561 16,555
Average balances
Assets $1,559,319 1,552,646 1,510,696 1,508,872 1,505,824
Stockholders'
equity 211,688 205,934 196,362 193,973 202,283
Interest-earning
assets 1,493,898 1,483,262 1,449,707 1,449,284 1,447,519
Interest-bearing
liabilities 1,311,415 1,311,603 1,285,499 1,284,485 1,268,385
Fully diluted shares
(in thousands) 16,543 16,197 15,747 15,668 16,184
Ratios
Return on average assets 1.23% 1.52% 1.37% 1.07% 1.28%
Return on average total
stockholders' equity 9.08 11.45 10.55 8.30 9.52
Net interest spread 2.85 2.78 2.79 2.59 2.82
Net interest margin 3.40 3.33 3.32 3.12 3.38
Equity to assets
(period end) 13.65 13.46 13.08 12.90 12.73
Tangible capital ratio
(Bank only) 12.67 12.25 11.82 11.41 11.11
Core capital ratio
(Bank only) 12.91 12.49 11.97 11.56 11.27
Risk-based capital ratio
(Bank only) 24.43 23.76 22.67 22.10 21.92
Asset quality (period end)
Nonperforming loans
("NPLs") $2,560 2,466 1,831 2,181 1,314
Nonperforming assets
("NPAs") 2,743 2,691 3,078 3,433 2,943
Allowance for loan
losses 4,832 4,716 4,356 4,182 4,017
NPLs as a % of
total loans 0.22% 0.21% 0.16% 0.20% 0.12%
NPAs as a % of
total assets 0.1 0.17 0.20 0.23 0.20
Allowance for loan losses
as a % of total loans 0.41 0.40 0.39 0.38 0.37
SOURCE: First Colorado Bancorp, Inc. |
