EARNINGS IN LINE
From Yahoo Board:
Sandler O'Neil Equity Research
by: LindaGol (42/F) 335 of 335
From Sandler O'Neil Equity Research 1/21/99
Earnings Results for the Quarter Ended 12/31/98
RSFC:
Republic completed the acquisition of First Palm Beach
Bancorp during the fourth quarter. As a consequence, the
quarter's results were skewed by several nonrecurring items.
Excluding these items, core operating EPS were in line with
our estimate. At this juncture, we do not see any reason to
alter our 1999 EPS estimate of $0.65
Analyst: Mark Fitzgibbon
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Monday January 18, 11:30 pm Eastern Time
Republic Securitybeats Q4 forecast
NOTE: Wall Street expected the company to post fourth
quarter operating earnings of $0.14 a share, compared with a
loss of $0.16 a share in the prior fourth quarter, according toFirst Call.
Republic Security Financial Corp. income, excluding merger
related expenses, an additional provision for loan losses and
one time charges relating to the write down of certain other
assets, was $7.7 million or $0.16 per common share for the
quarter ended December 31, 1998 compared to $4.2 million or
$0.08 diluted earnings per common share, excluding merger
related expenses, for the quarter ended December 31, 1997.
Income, excluding merger related expenses, the additional
provision for loan losses and one time charges, was $21.1
million or $0.45 diluted earnings per common share for the year
ended December 31, 1998 compared to $17.9 million or $0.37 per
common share on a diluted basis, excluding merger related
expenses, for the year ended December 31, 1997.
(a) Excludes merger related and one time expenses of $32.6
million and $6.5 million, net of taxes, for the years ended
December 31, 1998 and 1997, respectively, $30.5 million and
$5.4 million, net of taxes, for the three months ended December
31, 1998 and 1997 respectively, and $2.1 million, net of taxes,
for the three months ended September 30, 1998.
(b) Excludes pre-tax merger related and one time expenses
of approximately $26.8 million and $9.3 million for the years
ended December 31, 1998 and 1997, respectively, $24.5 million
for the three months ended December 31, 1998, $2.1 million for
the three months ended September 30, 1998 and $5.3 million for
the three months ended December 31, 1997.
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