BSB Bancorp, Inc. Second Quarter Net Income was $4.0 Million
16 Julho 2004 - 12:51PM
PR Newswire (US)
BSB Bancorp, Inc. Second Quarter Net Income was $4.0 Million UTICA,
N.Y., July 16 /PRNewswire-FirstCall/ -- Partners Trust Financial
Group, Inc. (NASDAQ:PRTRD) announced today that net income for BSB
Bancorp, Inc. ("BSB") for the quarter ended June 30, 2004 was $4.0
million, compared with net income of $4.1 million for the first
quarter of 2004. As previously announced, BSB was acquired by
Partners Trust on July 14, 2004. Net interest income for the
quarter was $16.7 million, as compared to $17.2 million in the
quarter ended March 31, 2004. The net interest margin for the
quarter was 3.13% as compared with 3.26% for the quarter ended
March 31, 2004, reflecting the continued low level of market
interest rates. Non-interest expenses for the quarter totaled $11.8
million, as compared to $12.7 million in the first quarter.
Included in the expenses for the quarter were merger expenses of
$740,000. This compares with $172,000 of merger expenses recorded
in the first quarter. Asset quality was consistent with Partners
Trust's expectations at June 30, 2004. Non-performing loans at June
30, 2004 totaled $19.5 million or 1.40% of total loans at June 30,
compared with $16.7 million or 1.17% of total loans at March 31,
2004. The primary contributor to the $2.9 million increase was one
commercial loan totaling $3.0 million. The provision for loan
losses for the quarter was $1.6 million, and was unchanged from the
provision in the first quarter. The information provided in this
release is intended to provide a brief summary of BSB's financial
condition and results of operations as of and for the quarter ended
June 30, 2004. It does not include any information for any period
after June 30, 2004 or the impact of any purchase accounting
adjustments recorded by Partners Trust as a result of the merger.
Statements contained in this news release contain forward-looking
statements as that term is defined in the Private Securities
Litigation Reform Act of 1995. These statements are based on the
beliefs of management as well as the assumptions made using
information currently available to management. Since these
statements reflect the views of management concerning future
events, these statements involve risks, uncertainties and
assumptions. These risks and uncertainties include among others,
the impact of changes in market interest rates and general economic
conditions, changes in government regulations, changes in
accounting principles and the quality or composition of the loan
and investment portfolios. Therefore, actual future results may
differ significantly from results discussed in the forward-looking
statements due to a number of factors, which include, but are not
limited to, factors discussed in the documents filed by the Company
with the Securities and Exchange Commission from time to time. BSB
Bancorp, Inc. and Subsidiaries Summary Consolidated Financial
Highlights June 30, March 31, 2004 2004 (Dollars in thousands)
Total loans $1,394,865 $1,424,384 Allowance for loan losses $50,038
$48,080 Non-performing loans $19,549 $16,653 Non-performing loans
to total loans 1.40% 1.17% Non-performing assets $20,532 $17,486
Non-performing assets to total assets 0.94% 0.79% Total assets
$2,188,805 $2,221,475 Total deposits $1,544,752 $1,580,617 Three
months ended June 30, March 31, 2004 2004 (In thousands) Interest
income $26,846 $27,587 Interest expense 10,127 10,357 Net interest
income 16,719 17,230 Provision for loan losses 1,620 1,620
Non-interest income 2,938 3,228 Non-interest expenses 11,786 12,690
Net income before taxes 6,251 6,148 Income taxes 2,284 2,031 Net
income $3,967 $4,117 DATASOURCE: Partners Trust Financial Group,
Inc. CONTACT: Steven Covert, Partners Trust Financial Group,
Executive Vice President and CFO, +1-315-738-4993 Web site:
http://www.sbu.com/
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