Jeff, even without the internet bank angle, USAB looks rock solid and undervalued at this price. Since 4q 1996, the company has enjoyed a steady and consistent revenues and earning increase for 9 consecutive quarters (rev from 797,000 to 3,486,000, an astounding 337% increase in 9 quarters, eps from 0.12 (1996 fiscal year) to 0.74 (1998 fiscal year, an even more astounding increase of 516% in two years))
USABancShares, Inc.
N MARKET GUIDE INC
G
K Copyright (c) 1999, Market Guide Inc., All rights reserved
G TABLE OF CONTENTS
L
OUS;USAB[MG]/2 L<<< Company Description
OUS;USAB[MG]/3 L<<< Quarterly Summary
OUS;USAB[MG]/4 L<<< Company To Industry Ratio Comparison
OUS;USAB[MG]/5 L<<< Share Ownership & Price Performance
OUS;USAB[MG]/6 L<<< Capitalization, Officers & Address
OUS;USAB[MG]/7 L<<< Annual Income Statements
OUS;USAB[MG]/8 L<<< Annual Income Statements - Continued
OUS;USAB[MG]/9 L<<< Quarterly & Year To Date Income Statements
OUS;USAB[MG]/10 L<<< Annual & Quarterly Balance Sheets
OUS;USAB[MG]/11 L<<< Annual & Year To Date Statement of Cash Flows
G
G
G
OComplete Financials: G September 1998 OExchange G NASD
OEarnings Announcement: G December 1998* OFY END G DEC
L ISSUE DATA (04/09/99) PER SHARE DATA RATIOS
OPrice $ G 8.25 OEPS (TTM) $ G 0.72* OP/E (TTM) G 11.47*
O52W High $ G 18.00 ODiv. Rate $ G 0.00 OYield G 0.00 %
O52W Low $ G 6.75 OBook Value $ G 6.69 OPrice/Book G 1.23
OShrs Out G 2.11 Mil OCash $ G 0.55 OROE (TTM) G 13.36*%
OFloat G 1.40 Mil ORev (TTM) $ G 5.83* OROA (TTM) G 1.25*%
OMon. Vol G 0.06 Mil O G OCurr. Ratio G NM
OBeta G 1.26 O G OLT Dbt/Eqty G 0.00
O BRIEF: G USABancShares, Inc. is a bank holding company for
G Peoples Thrift Savings Bank, a state chartered bank with one
G office in PA. For the 9 months ended 9/30/98, total
G interest income totalled $8.9M, up from $3.2M. Net interest
G income after loan loss provision totalled $4M, up from
G $1.5M. Net income totalled $1.2M, up from $288K. Results
G reflect an increase in the average balance of the loan
G portfolio & increased income from the brokerage operations.
O *PRELIMINARY: G For the 3 months ended 12/31/98, revenues
were 3,486; after tax earnings were 313.
G L HISTORICAL QUARTERLY RESULTS ($000)
LREVENUE 1996 1997 1998
O1st Qtr MAR G 497 925 2,288
O2nd Qtr JUN G 832 1,029 3,245
O3rd Qtr SEP G 817 1,226 3,339
O4th Qtr DEC G 797 1,699 3,486*
LEPS (U.S. Dollars per share)
O1st Qtr MAR G 0.010 0.050 0.240
O2nd Qtr JUN G 0.060 0.100 0.220
O3rd Qtr SEP G 0.110 0.120 0.120
O4th Qtr DEC G -0.050 -0.450 0.140*
G
G FY'95 = 10 months due to 3/14/95 inception of operations.
G
L DIVIDENDS EMPLOYEES
O Last Dividend Decl. G $ NA O # Employees G 18
O Last Div Ex-Date G NA O Sales/Employee (TTM) G 686,556
O Last Div Pay Date G NA O Net. Income/Empl.(TTM G) 82,833
G
G
LCOMPANY COMPARISON TO THE BANKING AND S&P 500 AGGREGATES
LVALUATION RATIOS: COMPANY INDUSTRY S&P 500
OP/E Ratio G 11.47* 21.25 37.06
ODividend Yield G 0.00 2.07 1.21
OPrice to Tangible Book G 1.24 4.08 11.96
OPrice to Book G 1.23 3.20 8.65
OPrice to Free Cash Flow G -4.13 21.61 45.73
LGROWTH STATISTICS:
O3 Yr Rev Growth G NA 11.37 15.69
O3 Yr EPS Growth G NA 11.08 16.13
O3 Yr Div Growth G NA 16.27 11.05
OReinvestment Rate G 100.00 61.86 70.71
LPROFITABILITY RATIOS:
ONet Profit Margin G 12.07* 17.56 11.13
OReturn on Equity G 13.36* 16.66 22.30
OInterest Coverage G NM 1.07 7.97
LFINANCIAL STRENGTH RATIOS:
OCurrent Ratio G NM NM 1.46
OLT Debt to Equity G 0.00 NM 0.87
OTotal Debt to Equity G NM 5.22 1.05
L INSTITUTIONAL OWNERSHIP INSIDER TRADING (Prev. 6 months)
G O % Shares Out. Owned G 10.74 % ONet Insider Trades G 4
O # of Institutions G 8 O# Buy Transactions G 4
O Total Shs Held G 0.226 Mil O# Sell Transactions G 0
O 3 Mo. Net Purch. G 0.093 Mil ONet Shares Bought G 0.055 Mil
O 3 Mo. Shs Purch. G 0.135 Mil O# Shares Bought G 0.055 Mil
O 3 Mo. Shs Sold G 0.042 Mil O# Shares Sold G 0.000 Mil
G
O 4 Week Price % Change G -5.7% O 4 Week Rel. Price % Change G -9.0%
O 13 Week Price % Change G -1.5% O 13 Week Rel. Price % Change G -6.9%
O 26 Week Price % Change G 3.1% O 26 Week Rel. Price % Change G -26.4%
O 52 Week Price % Change G -28.0% O 52 Week Rel. Price % Change G -40.5%
OYTD Week Price % Change G -8.3% OYTD Week Rel. Price % Change G -16.2%
G
L SHORT INTEREST
O Current month G 0.030 Mil
O Previous month G 0.022 Mil
O Avg Daily Vol. G 0.003 Mil
G
LMARKET MAKERS: G FJMC SDLR ISLD INCA
OEQUITY: GCommon Stock $1 Par, 11/98, 10M auth., 2,105,441 issd.
GInsiders control approx. 27%. Sandler O'Neill Asset
GManagement LLC owns approx. 7%. Private Placement 2/98,
G769,231 shares @ $9.75. Common Stock Class B, $.01 Par, 10K
Go/s. 8/98, 7/97, 33% stock dividends.
G
G
OOFFICERS: G Kenneth L. Tepper, Pres./CEO, George M. Laughlin,
GChmn., David J. Torpey, VP/CFO, Amy B. Smith, Secy.
GTRANSFER AGENT: Company office. Company incorporated 1995
Gin PA. Direct inquiries to: David J. Torpey, VP/CFO.
G
O ADDRESS & PHONE NUMBERS
GUSABancShares, Inc.
GOne Lincoln Plaza
G1535 Locust Street
GPhiladelphia, PA 19102
GPHONE: (215) 569-4200
G FAX: (215) 569-4214
G
LANNUAL INCOME STATEMENT ($000)
L 10M 12/31/95 12M 12/31/96 12M 12/31/97
OLoans G 67 1,924 3,090
OInvestment Secs. G 64 807 1,637
ODeposits/Other G 40 212 152
O Total Revenue G 171 2,943 4,879
ODeposits G 91 1,182 2,285
OBorrowed Funds G 6 43 245
OLoan Loss Provision G 50 125 415
O Total Expenses G 147 1,350 2,945
O Operating Income G 24 1,593 1,934
LANNUAL INCOME STATEMENT ($000) (Contd.)
L 10M 12/31/95 12M 12/31/96 12M 12/31/97
O Operating Income G 24 1,593 1,934
ONon-Interest Income G 2 103 314
ONon-Interest Expense G -305 -1,501 -2,457
O Income Before Taxes G -279 195 -209
OIncome Taxes G 0 68 17
O Income After Taxes G -279 127 -226
O Pri/Bas EPS Ex. XOrd G -0.264 0.120 -0.209
O Pri/Bas EPS In. XOrd G -0.264 0.120 -0.209
OPrimary/Basic Avg Sh G 1,056.18 1,056.18 1,082.37
OCommon Dividends/Shr G 0.0000 0.0000 0.0000
LSELECTED INCOME STATEMENT ITEMS ($000)
L QUARTERS YEAR TO DATE
L 3M 09/30/97 3M 09/30/98 9M 09/30/97 9M 09/30/98
ORevenue G 1,226 3,339 3,180 8,872
OOperating Expenses G 656 2,004 1,648 4,869
O Operating Income G 570 1,335 1,532 4,003
ONon-Operating Income G 151 401 281 831
ONon-Operating Expenses G -480 -1,270 -1,323 -2,908
O Income Before Taxes G 241 466 490 1,926
OIncome Taxes G 114 196 204 748
OAdjustments to Income G 0 0 0 0
O Inc. for Primary EPS G 127 270 286 1,178
O Pri/Bas EPS Ex. XOrd G 0.119 0.128 0.268 0.621
ODisc Opns + Xord Items G 0 0 0 0
O Pri/Bas EPS In. XOrd G 0.119 0.128 0.268 0.621
OPrimary/Basic Avg Sh G 1,070.14 2,105.44 1,064.97 1,938.72
O Dilutd EPS Excl XOrd G 0.119 0.119 0.268 0.579
O Dilutd EPS Incl XOrd G 0.119 0.119 0.268 0.579
OCommon Dividends/Shr G 0.000 0.000 0.000 0.000
LSELECTED BALANCE SHEET ITEMS ($000)
L YEAR ENDING QUARTER ENDING
L 12/31/96 12/31/97 09/30/97 09/30/98
OCash and Due Banks G 198 833 999 1,107
OLoans, Net G 16,529 56,002 33,824 88,599
OInterest Earning Asset G 20,591 29,329 27,057 53,314
OFixed Assets G 144 1,153 188 1,856
O Total Assets G 38,143 89,326 64,267 150,992
ODeposits G 27,973 70,474 46,195 98,564
OST Debt & Curr LTD G 0 0 0 0
OInt. Bearing Liabs. G 5,050 12,638 12,205 37,053
OLT Debt & Cap Leases G 0 0 0 0
O Total Liabilities G 33,251 83,961 58,848 137,640
OPreferred Stock G 0 0 0 0
OCommon/Paid In Capital G 5,475 5,642 5,550 12,739
ORetained Earnings G -153 -378 135 799
O Total Equity G 4,895 5,366 5,420 13,351
OShares Outstanding G 960 974 974 1,997
LSELECTED STMT OF CASH FLOWS - INDIRECT METHOD ($000)
L ANNUAL YEAR TO DATE
L 12M 12/31/96 12M 12/31/97 9M 09/30/97 9M 09/30/98
ONet Income G 126 -226 288 1,177
ODepreciation & Amort. G -562 -211 -188 -671
ONon Cash Items G 109 380 30 172
O Total Operating CF G -663 -812 -1,213 -2,264
OCapital Expenditures G -2 -1,018 -38 -850
O Total Investing CF G -15,460 -48,682 -26,738 -53,359
ODividends Paid G 0 0 0 0
OSale (Purch.) of Stock G 0 0 0 7,098
ONet Borrowings G 0 0 0 0
O Total Financing CF G 12,244 50,088 25,377 59,603
OExchange Rate Effect G 0 0 0 0
ONet Change In Cash G -3,880 594 -2,572 3,981
OOper CF-Cap Exp-Div Pd G -665 -1,830 -1,251 -3,114
KCopyright (c) 1999, Market Guide Inc., All rights reserved
G
Apr-14-1999 02:04 GMT
Symbols:
US;USAB
Source [B] Market Guide |
