TBFC.. looking good!! TeleBanc Financial Corp. Announces First-Quarter Results [expected 0.08 actual 0.12] YHOO users to be linked to their account.. seems like excellent news and earnings report.
Record Deposit and Account Growth Successful Marketing Campaign Drives Continued Rapid Growth
ARLINGTON, Va.--(BUSINESS WIRE)--May 3, 1999--TeleBanc Financial Corp. (Nasdaq:TBFC - news), holding company for Telebank (http://www.telebankonline.com), the leading and largest online bank providing high-value financial-service products via the Internet, announced net income of $1.7 million for the quarter ended March 31, 1999, or 12 cents diluted earnings per share, excluding a nonrecurring charge of $469,000 related to a cumulative effect of an accounting change.
For the same period in 1998, the company reported net income of $274,000, or 5 cents diluted earnings per share.
At March 31, 1999, total assets increased to more than $2.6 billion and total deposits surpassed $1.3 billion, representing year-over-year growth rates of 160 percent and 131.9 percent, respectively, over the $1 billion in assets and $560.6 million in deposits recorded at March 31, 1998.
On April 16, 1999, TeleBanc sold 3,970,000 shares of common stock at $105 per share, raising approximately $400 million in net proceeds. The additional capital is to be used for continued growth as the company expects to double its assets and deposits in 1999.
''The exceptionally strong growth in retail deposits reflects the success of our marketing campaign and solidifies our position as the dominant Internet bank. At the end of the quarter, we were approximately five times the size of all other Internet banks combined,'' said Mitchell H. Caplan, president and chief executive officer.
techstocks.com |
