In Florida overlooking the Intercoastal Waterway..
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.
DCOM..
The bank is larger than I follow but one thing that I do not like is a restructuring charge associated with a bank... Bank only use brain power to produce earnings and any restructuring charges represent brain drains...The main problem with larger banks is the same as the Drilling Funds of old... If you the money you have to drill and you only have a short window which to deploy... DCOM has a very high efficency ratio of below .40 and if management could deploy funds in a more productive way it could deserve a higher multible.. The problem here as with most large organizations is the lack of ownership by insiders..and the fear of job of those down the management chain to demonstrate or produce any creative new programs ..hank
GOOG puts...
You need time and room... GOOGLE is fairly valued here because the company will not give guidance.. That puts a risk factor to own GOOG and I don't believe a multible of more than 35 is justified...If GOOG earns 6.80 to 8.50 as the talking heads say the price value after the next 3 quarters would be in my opinion $238.00 to $300.00... If they miss or slip the multible contracts to 25 to 30 and at 6.00 which is still a substantial increase for the year GOOG should trade at $150.00 to $180.00...Jan 07 puts are at 20.00 and if GOOG were to trade anytime until Jan 06 to $400.00 the value would still be $8.00,, But if GOOG were to trade at $265.00 before Jan 06 the value would be $37.00 and If GOOG were to trade at $220.00 before Jan 06 the implied value would be $55.00 and would increase by $1.00 in value for each declining GOOG dollar thereafter...So if Goog goes up $100.00 you loose 60% and if it goes down $50.00 to $250.00 you make 100% on you money...The longer you wait the more compelling this becomes and the higher it goes the further the fall... As for me this exercise has points in price just too far away from the current price it would be pure speculation...FRGB @82.00 will probably will earn 7.15 this year and at a 18 multible $128.00 seems a shoe in for a $44.00 or over 50% gain and it is already up 25% in the contest.. If it sported GOOGLES current multible FRGB could be trading at $645.00...It has the same growth but it's not tech...It's my largest position..MBLA blows them both out of the water for growth but you pay for it in the PE,,, MBLA is my 11'th largest position...hank
KOZ..
That has to be the best post that I have seen you make,,,to the point,, with great information and with out gas...Keep them coming..Would you share your methane list with us and which ones are in the US...hank
10-Bagger... Top 19 list 7/22/05
FRGB 81.79, SAVB 33.23, CWBS 23.22, ALY 6.35, ANCX 15.12, ACBA 17.65, ANNB 9.13, FCEN 36.00, UBFO 27.10, MCBF 13.27, MBLA 15.25, PREM 20.65, PFBX 18.51, SJOE 35.75, FSTF 13.25, SOTK 2.20, SNFCA 3.24, BKSC 15.00, CHKJ (Bank buying back all shareholders with less than 1100 shares ,, to get around Sarbanes),ATBC 25.00... Most of this list is below 100 Mil in market cap...I no longer have 20 positions,,,hank
GOOG is trading down over 30.00 in after market..
The Cramer show should be interesting tonight...hank
Small banks...
Mortage brokers do expand and contract with demand,, but banks have a harder time with employees if not in the city enviroment... Therefore medium sized banks are squeezed by demand for mortages and the falling off of the same... Keeping staff in anticipation of business is as costly as having to service and originate sold mortages... In most cases banks making sales of mortages execpt in urban areas retain some sort of risk if only in reptation of the packages they represent.. Having the last 100 Mil for sale in a cycle without a buyer is not only costly, but must be represented with some assurance of profits to the buyer.. Selling to Fanny's is a marginal business and small banks in rural areas lack the ability to package mortages in sufficent amounts to be resold... Hence they rely on the capitol and savings base from thier demographical area.. Deposits rates give most small banks spreads of over 5.00% on mortages and allow excess fund to be placed at 350 baisis points above cost in the open market while awaiting a lender... Again small banks have the lowest loan losses of any banks other than banks that specialize and lend to Asians.. Asian banks though must compete for funds at a higher rate because the are in a urban enviormen which bring thier spreads below 3.00%.. The answer you gave to your own question #1 is proper and I don't really understand what you wanted answered.. The above is only a more detailed of the same...CWBS just made an all time high...hank
FRGB...
And small banks in general.. The hupla made about housing starts,,, Interest rates,,, and the housing bubble while being talking points on CNBC really have little effect on Small banks... Where small banks get into trouble is when they decide to become mortage brokers rather than mortage bankers...CSNT is a good example... The beauty of small banks is that thier footprints are outside the penetration of larger or city center banks....They know thier builders,,, fund the land and finance the buyer..Thier capitol base comes from the community and in many cases only persons within that state may participate in new offerings.. They rarely sell mortages and have a spread of 100 to 250 basis points higher than widely advertised come on rates by the larger banks...They don't compete for deposits because they are the only game in town that participates in local fundraising,,, sponsers the littleleage team and finances small loans for the unfortunate.. In short they put thier best foot forward and have the smallest loan loss reserves of any bank group....They become the best business in any small town... As to FRGB reference to the mortage market it serves to show a possible leak in the dam in the transition from small to medium but FRGB would have to triple in size before it would become trouble... Before that happens I am sure a take out would be made at over 15PE placing a floor of $107.00 at my current projection of 7.15 per share...As long as FRGB doesn't depend upon the fed window for expansion and uses its normal deposit growth it will insulate itself from the mismanagement mistakes of larger banks... The yield curve when it flattens hurts the spread of larger banks only because of massive funding requirements....CWBS recently sold almost 1,000,000 shares at the bid of 20 without discount and it was restricted stock... As long as there is any inflation Small banks will Rock... CWBS, FRGB, SAVB, MBWM and a new one ANNB will fit well into any portfolio,,,hank
I missed when you raised your equity position...
I am totally out of oils except for ALY... Bought another 767 SAVB today and am with margin 123% invested,,,, My trading account is actually 185% invested,,, All in banks.. I just love to listen to the talking heads on CNBC rag the banks,,,FRGB (up 24% in the contest} looks as though it will close up 3.00 today and I think it's got a short squeeze going... FRGB will prob earn over 7.00 this year you would have to be nuts to short this one...The same goes for CWBS, SAVB, and ACBA...hank
ACBA.... Small Bank update,, Return on SHE and EPS not up as much as earnings% but this is due to increased shares outstanding and an additional capitol base,, Good report ..hank
American Community Bancshares (ACBA)
Industry: Regional Banks
Sector: Financial
American Community Bancshares, Inc. Announces a 63% Increase in Earnings for the Quarter Ended June 30, 2005
CHARLOTTE, N.C., July 19, 2005 /PRNewswire-FirstCall via COMTEX/ -- American Community Bancshares, Inc. ( NASDAQ:ACBA) the holding company for American Community Bank (ACB), announced higher unaudited earnings for the three months ended June 30, 2005 of $1,066,000 or a 62.8% increase over unaudited earnings for the three months ended June 30, 2004 of $655,000. Earnings per share (diluted) for the three months ended June 30, 2005 increased to $0.24 compared to $0.18 for the three months ended June 30, 2004. The annualized return on average assets for the quarter was 1.06% with an annualized return on average equity of 9.39%.
Total assets at June 30, 2005 were $419.3 million, with loan and lease receivables of $322.5 million, deposits of $329.9 million, borrowings of $39.0 million, and stockholders' equity of $49.2 million. Total assets increased 13.9% or $51.2 million, from June 30, 2004, loan and lease receivables increased 15.0% or $41.9 million, deposits increased 17.8% or $49.9 million and borrowings decreased 24.3% or $12.5 million.
The allowance for loan losses represented 1.15% of total loans at June 30, 2005. Non-performing loans, the majority of which are secured by real estate, totaled $742,000 or 0.23% of loans at June 30, 2005 compared to $378,000 or 0.13% of loans at June 30, 2004, a $364,000 or a 96% increase. Non-performing assets (which includes foreclosed real estate and repossessed assets) totaled $990,000 at June 30, 2005 and represented 0.24% of total assets compared to $527,000 or 0.14% of total assets at June 30, 2004, a $463,000 or an 87.9% increase.
Net interest income for the quarter ended June 30, 2005 totaled $3.9 million, an increase of 33% over the $2.9 million for the quarter ended June 30, 2004. Primarily as a result of Federal Reserve rate increases, the Company's net interest margin continued to improve increasing to 4.21% for the quarter ended June 30, 2005 from 4.03% for the quarter ended March 31, 2005. Currently approximately 61% of the loan portfolio is floating rate and adjusts with movements in the bank's prime lending rate. Non-interest income was basically unchanged for the three months ended June 30, 2005 from the three months ended June 30, 2004. In addition, operating expenses increased $266,000 or 10.1% from $2.6 million for the three months ended June 30, 2004 to $2.9 million for the three months ended June 30, 2005 primarily as a result of the opening of two new branches during the second quarter of 2005.
American Community Bancshares, headquartered in Charlotte, NC is the holding company for American Community Bank. American Community Bank is a full service community bank, headquartered in Monroe, NC with five offices in Union County, North Carolina's fastest growing county. The Bank also has three offices in Mecklenburg County, home of Charlotte, North Carolina's largest city and the nation's second largest financial center and three offices in Cherokee County, SC. Two additional branches, one in the South End historical district of Charlotte and one in the Tega Cay area of York County, SC, opened during the second quarter of 2005. The Bank provides a wide assortment of traditional banking and financial services offered with a high level of personal attention. American Community Bancshares website is americancommunitybank. American Community Bancshares stock is traded on the NASDAQ SmallCap market under the symbol "ACBA".
American Community Bancshares, Inc.
Oil going down...I forgot to ask but are you still a bear and 90% in cash... Oil could retrace here to the low 50's but I believe it will be the last chance to buy oil service companies before blowout earnings....hank
Small bank update...
SAVB +1.26
FRGB +2.37 New High
CWBS +0.41 New High
ACBA +0.65
The easy money has not been made yet..hank
FRGB MC 331 Mil., SAVB MC 133 MIL., ACBA MC 67 Mil., CWBS MC 85 Mil., ALY MC 85 Mil. ...
If they were tech stocks they all would be 5-baggers NOW.. Buy them and put them away,,I own them all....Hank
FRGB update...Up 1.98 to 81.31....Up 22% in the contest..
And the beat goes on.... Up 8.25 this week and it is my largest position...Still only 320 Mil. market cap..Small Banks ROCK...hank
CWBS...Small Bank update.. In the contest..hank
On June 27, 2005, the Company successfully added $19.34 million in additional capital through a private placement of 967,009 shares of newly issued Company common stock @$20.00... (This is restricted stock sold without discount)
Press Release Source: Commonwealth Bankshares, Inc.
Commonwealth Bankshares, Inc., Norfolk, VA, Announces Record Earnings for the Quarter and Six Months Ended June 30, 2005
Tuesday July 19, 1:09 pm ET
NORFOLK, Va., July 19 /PRNewswire-FirstCall/ -- Commonwealth Bankshares, Inc. (Nasdaq: CWBS - News) today reported record earnings of $2.7 million for the first six months of 2005, an increase of $1.4 million or 109.0% over the comparable period in 2004. For the quarter ended June 30, 2005, the Company earned a record $1.5 million, an increase of 98.4% over the $744.7 thousand reported in the second quarter of 2004. On a per share basis, diluted earnings increased 43.4% to $0.76 for the six months ended June 30, 2005 compared to $0.53 for the same period in 2004. For the quarter ended June 30, 2005, diluted earnings per share was $0.41, up from $0.30 for the second quarter in 2004.
ADVERTISEMENT
Edward J. Woodard, Jr., CLBB, Chairman of the Board, President and Chief Executive Officer, commented, "Throughout my 44 year banking career, I have never been more proud and excited to be part of such a dynamic and growing company as Bank of the Commonwealth. The second quarter of 2005 was another record quarter for us, both in earnings and asset growth. Our second quarter earnings surpassed any previously reported quarterly earnings over our thirty- four year history. We continue to seek opportunities to grow and expand our franchise. During the first half of 2005 there were several exciting events which transformed our Bank. We added four of the area's leading veteran commercial lending officers, with over sixty-eight years of combined experience, to our professional team at Bank of the Commonwealth. With the addition of these professionals, we are poised to grow our commercial lending operations significantly. Plans were finalized to open three new branches within the next four months. A new branch in the Ocean View section of Norfolk is scheduled to open by the end of July, a new branch in the Western Branch section of the Tri-Cities area of Portsmouth - Chesapeake - Northern Suffolk is scheduled to open the first of August and a new branch in the Little Neck - Birchwood corridor on Virginia Beach Boulevard in Virginia Beach is scheduled to open in October 2005. As a result of this growth, a number of seasoned community banking professionals have joined the Bank of the Commonwealth's staff over the past six months, adding to the experience and community related involvements the Bank has enjoyed for some thirty-four years as the oldest community bank headquartered in and serving Southside Hampton Roads. As we continue to grow, we are looking to diversify and search for new avenues of revenue. Bank of the Commonwealth has expanded its title insurance services with the formation of Executive Title Center, a wholly owned subsidiary, which commenced operations July 1st. In addition to providing a considerably diverse and expanded source of fee income, Executive Title Center will provide a high level of responsive and personalized service to our customers, making their real estate endeavors a smooth transaction. I am also proud to report that on June 27, 2005, the Company successfully added $19.34 million in additional capital through a private placement of 967,009 shares of newly issued Company common stock. The loyalty and continued support of our shareholders and customers has provided the foundation for our growth and success. We look forward to continuing to execute on a strategy we believe will enhance the long-term growth of the company and value for our shareholders."
The Company's record earnings resulted in favorable profitability ratios. Profitability as measured by the Company's return on average assets (ROA) was 1.36% for the six months ended June 30, 2005 up 51 basis points from 0.85% for the first six months of 2004. Return on average equity (ROE) increased 100 basis points to 14.01% for the six months ended June 30, 2005 as compared to 13.01% for the six months ended June 30, 2004. For the quarter ended June 30, 2005, ROA was 1.40% and ROE was 14.82%.
The record earnings were driven by the $151.4 million or 57.4% increase in the Bank's loan portfolio from June 30, 2004 to June 30, 2005. Total loans at June 30, 2005 reached a record $415.1 million. Our strong loan demand generated record increases in interest income. Interest income on loans increased $4.4 million or 44.8% to $14.1 million for the six months ended June 30, 2005. For the quarter ended June 30, 2005 interest income on loans increased 51.4% to $7.6 million up from the $5.0 million reported in the second quarter in 2004.
Interest expense of $5.2 million for the six months ended June 30, 2005 represented a $1.0 million increase from the comparable period in 2004. For the second quarter of 2005, interest expense was $2.8 million, an increase of $749.5 thousand over the second quarter of 2004. The increase was primarily attributable to the record increase in the Company's average interest bearing liabilities, which was offset by the decrease in overall rates paid on liabilities as a result of higher priced time deposits repricing at lower rates throughout the first half of the year.
A fundamental source of the Company's earnings, net interest income, is defined as the difference between income on earning assets and the cost of funds supporting those assets. Significant categories of earning assets are loans and securities, while deposits and short-term borrowings represent the major portion of interest bearing liabilities. The level of net interest income is impacted primarily by variations in the volume and mix of these assets and liabilities, as well as changes in interest rates when compared to previous periods of operations. As a result of the record increases in interest income coupled with the reduction in the yield paid on our interest bearing liabilities, our net interest income reached an all time quarterly high of $4.9 million for the quarter ended June 30, 2005, an increase of $1.9 million or 60.8% over the comparable period in 2004. For the six months ended June 30, 2005, net interest income reached a record $9.2 million, an increase of $3.3 million over the comparable period in 2004.
Net interest margin, which is calculated by expressing net interest income as a percentage of average interest earning assets, is an indicator of effectiveness in generating income from earning assets. The Company's net interest margin (tax equivalent basis) increased 70 basis points from 4.11% during the first six months of 2004 to 4.80% for the same period in 2005.
Commonwealth Bankshares exceeded its goal for asset growth. Total assets at June 30, 2005 reached a new high of $475.4 million, up 46.2% or $150.2 million from $325.2 million at June 30, 2004.
Despite the rapid growth in the Company's loan portfolio, our asset quality remains exceptional. Net charge-offs for the six months ended June 30, 2005 were $48.1 thousand, or 0.01% of year to date average loans. Non- performing assets were $442.0 thousand or 0.09% of total assets at June 30, 2005 compared to $1.9 million or 0.58% of total assets at June 30, 2004.
About Commonwealth Bankshares
Commonwealth Bankshares, Inc. is the parent of Bank of the Commonwealth which opened its first office in Norfolk, Virginia, in 1971, creating a community bank that was attuned to local issues and could respond to the needs of local citizens and businesses. Over the last three decades, the Company's growth has mirrored that of the communities it serves. Today, Bank of the Commonwealth has eight bank branches strategically located throughout the Hampton Roads region with three new offices scheduled to open by October 2005 and an extensive ATM network for added convenience. The Company continues to grow and develop new services, such as Online Banking and a Corporate Cash Management program and at the same time, maintain the longstanding commitment to personal service. Our slogan conveys our true corporate philosophy: "When you bank with us, you bank with your neighbors." Bank of the Commonwealth offers insurance services through its subsidiary BOC Insurance Agencies of Hampton Roads, Inc., title services through its subsidiary Executive Title Center and mortgage funding services through its subsidiary Community Home Mortgage of Virginia, Inc. Additional information about the company, its products and services, can be found on the Web at http://www.bankofthecommonwealth.com.
This press release contains forward-looking statements. Words such as "anticipates," " believes," "estimates," "expects," "intends," "should," "will," variations of such words and similar expressions are intended to identify forward-looking statements. These statements reflect management's current beliefs as to the expected outcomes of future events and are not guarantees of future performance. These statements involve certain risks, uncertainties and assumptions that are difficult to predict with regard to timing, extent, likelihood and degree of occurrence. Therefore, actual results and outcomes may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could cause a difference include, among others: changes in the national and local economies or market conditions; changes in interest rates, deposit flows, loan demand and asset quality, including real estate and other collateral values; changes in banking regulations and accounting principals, policies or guidelines; and the impact of competition from traditional or new sources. These and other factors that may emerge could cause decisions and actual results to differ materially from current expectations. Commonwealth Bankshares, Inc. undertakes no obligation to revise, update, or clarify forward-looking statements to reflect events or conditions after the date of this release.
Commonwealth Bankshares, Inc. and Subsidiaries
Selected Financial Information (Unaudited)
(in thousands, except per
share data) Three Months Ended Six Months Ended
June 30, June 30, June 30, June 30,
2005 2004 2005 2004
Operating Results:
Interest Income $7,746 $5,142 $14,381 $10,046
Interest Expense 2,840 2,091 5,210 4,171
Net interest income 4,906 3,051 9,171 5,875
Provision for loan losses 685 370 1,015 835
Non-interest income 941 674 1,687 1,299
Non-interest expense 2,922 2,236 5,762 4,417
Income before provision for
income taxes 2,240 1,119 4,081 1,922
Provision for income taxes 762 374 1,386 633
Net income $1,478 $745 $2,695 $1,289
Per Share Data:
Basic earnings $0.48 $0.38 $0.88 $0.66
Diluted earnings $0.41 $0.30 $0.76 $0.53
Book value $14.56 $10.43 $14.56 $10.43
Basic weighted average
shares outstanding 3,100,300 1,965,186 3,062,019 1,942,739
Diluted weighted average
shares outstanding 3,754,952 2,718,009 3,722,486 2,720,157
Shares outstanding at
period-end 4,036,189 1,982,361 4,036,189 1,982,361
Period End Balances:
Assets $475,439 $325,250 $475,439 $325,250
Loans* 415,086 263,691 415,086 263,691
Loans held for sale 32,004 33,806 32,004 33,806
Investment securities 5,696 10,104 5,696 10,104
Deposits 353,581 256,033 353,581 256,033
Shareholders' equity 58,752 20,676 58,752 20,676
Average Balance:
Assets $424,799 $313,800 $399,633 $305,036
Loans* 384,924 264,547 363,551 241,044
Loans held for sale 13,901 25,994 10,885 31,177
Investment securities 6,715 7,358 6,805 9,939
Deposits 315,460 258,296 298,630 260,609
Shareholders' equity 39,995 20,322 38,787 19,934
Financial Ratios:
Return on average assets 1.40% 0.95% 1.36% 0.85%
Return on average
shareholders' equity 14.82% 14.74% 14.01% 13.01%
Shareholders' equity to
total assets 12.36% 6.36% 12.36% 6.36%
Loan loss allowance to loans 0.92% 1.27% 0.92% 1.27%
Loan loss allowance to non-
performing assets 861.21% 177.68% 861.21% 177.68%
Non-performing assets to
total assets 0.09% 0.58% 0.09% 0.58%
Net interest margin (tax
equivalent basis) 4.80% 4.10% 4.80% 4.11%
Bank's Tier 1 capital to
average assets 14.53% 7.86% 14.53% 7.86%
Bank's Tier 1 capital to
risk weighted assets 15.28% 9.29% 15.28% 9.29%
Bank's Total capital to risk
weighted assets 16.22% 10.54% 16.22% 10.54%
* Net of unearned income and loans held for sale
--------------------------------------------------------------------------------
Source: Commonwealth Bankshares, Inc.
Ten-Bagger top 20...
Sorry I for got to post friday...
FRGB, CWBS, SAVB, MBWN, ALY, ANCX, ACBA, CHKJ, FCEN, ANNB, MBLA, PREM, UBFO, PFBX, BKSC, FSTF, SOTK, MCBF, SJOE, SNFCA, Watch the yield curve...hank
SOTK...Sales up 52%.,,, Earnings up 100%..
Sono-Tek Announces Record First Quarter Earnings
Thursday July 14, 3:39 pm ET
MILTON, N.Y., July 14 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK - News) today announced sales of $1,832,364 for the three months ended May 31, 2005, an increase of 52% or $625,932 compared to sales of $1,206,432 for the same period of last year. Operating income for the first three months of the year was $231,462 or 13% of sales compared to $162,572 or 13% of sales for the prior year period. For the three months ended May 31, 2005, the Company had record net income of $229,398 compared to $134,610 for the prior year period. Earnings per share for the three months ended May 31, 2005 was $.02, a 100% increase when compared to the same period last year.
The balance sheet is improved from last year at this time with working capital of $2,480,335 at May 31, 2005 from working capital of $1,058,021 last year, liabilities have been reduced from $1,869,835 at May 31, 2004 to $750,585 at May 31, 2005, and shareholders' equity increased $2,371,509 from $770,850 at May 31, 2004 to $3,142,359 at May 31, 2005.
The Company's sales levels have increased as the result of product development efforts, related marketing thrusts and expansion into overseas markets which have had the effects of improving net income, reducing debt and increasing shareholders' equity.
According to Dr. Christopher L. Coccio, Sono-Tek's CEO and President, "We are very pleased with the increase in our sales over last year. The increase has resulted from several factors, the first being geographical expansion into new or underserved areas such as Europe, Eastern Europe and Asia. Another important area has been the growth of industrial coating, particularly in the glass area using our WideTrack system. The medical industry has shown excellent response to our Medicoat stent coating systems and technologies to coat other implantable devices. We are also selling more equipment used in nanotechnology particle creation and coating applications. We are using our increased financial resources to invest in the technical and marketing areas described above, in order to create additional growth in the future."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at http://www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-KSB and Form 10-QSBs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Three Months Ended May 31,
2005 2004
Net Sales $1,832,364 $1,206,432
Net Income $229,398 $134,610
Basic Earnings Per Share - $0.02 $0.01
Diluted Earnings Per Share - $0.02 $0.01
Weighted Average Shares - Basic 13,952,488 10,853,471
Weighted Average Shares - Diluted 14,386,259 12,973,240
--------------------------------------------------------------------------------
Source: Sono-Tek Corporation
SOTK...
Bob I respect your opinion but what was wrong with the growth... I know on a PE basis this one is not cheap but I think at this rate of growth and the repayment of almost all the debt SOTK sees 8 long before 1.00..hank
SAVB..Small Bank update...Was able to purchase another 566 shares... This one goes higher.... FRGB, my largest position makes another new high... up 4.28...hank
SAVB....Small bank update...Hank,, It's thin but I was able to buy 865 today...
Savannah Bancorp Reports 70 Percent Second Quarter EPS Increase and Declares Regular Quarterly Dividend
Tuesday July 19, 11:52 am ET
SAVANNAH, Ga.--(BUSINESS WIRE)--July 19, 2005--The Savannah Bancorp (NasdaqNM: SAVB - News) reported net income for the second quarter 2005 of $2,184,000, up 71 percent from $1,277,000 in the second quarter 2004. Net income per diluted share was 51 cents compared to 30 cents per diluted share in the second quarter of 2004, an increase of 70 percent. For the second quarter 2005, return on average equity was 20.51 percent, return on average assets was 1.29 percent and the efficiency ratio was 52.20 percent.
For the first six months of 2005, net income was $3,965,000, a 64 percent increase over $2,417,000 in the first six months of 2004. Earnings per diluted share for the first six months of 2005 were 93 cents, an increase of 63 percent over earnings per diluted share of 57 cents over the same period in 2004. For the first six months of 2005, return on average equity was 19.10 percent, return on average assets was 1.21 percent and the efficiency ratio was 53.70 percent.
Prior year per share amounts have been restated to reflect the effect of a 5-for-4 stock split distributed in the form of a 25 percent stock dividend in December 2004.
Net interest income increased $1,927,000, or 41 percent, in the second quarter 2005 over the same period in 2004. Earning assets growth of 22 percent and nine consecutive prime rate increases of 25 basis points each over the prior 12 months resulted in significantly higher net interest margins for the second quarter and the first six months of 2005. The Company's efficiency ratio improved because more revenues are being realized from investments made in previous years in markets, personnel and technology.
Loans, excluding loans held for sale, totaled $572 million at June 30, 2005, compared with $444 million one year earlier, an increase of 29 percent. Deposits totaled $588 million at June 30, 2005 and $449 million at June 30, 2004, an increase of 31 percent. As of June 30, 2005, demand, savings and money market accounts had increased 20 percent over the prior year as a result of continued focus on core deposit growth. Total assets increased 21 percent to $689 million at June 30, 2005, up from $568 million a year earlier.
Nonperforming assets increased to $733,000, or 0.13 percent of total loans, at June 30, 2005 from $644,000, or 0.12 percent of loans, at March 31, 2005 and $510,000, or 0.11 percent of total loans, at June 30, 2004. Net loan losses for the first half of 2005 were $7,000. Provision for credit losses for the first six months of 2005 was $820,000 and $875,000 for the first six months of 2004.
At June 30, 2005, Harbourside Mortgage Company, a division of The Savannah Bank, N.A., had total loans and loans held for sale of $116 million, up from $49 million a year earlier. Harbourside earnings for the second quarter of 2005 were $341,000 and $478,000 for the first six months of 2005. This compares with second quarter 2004 earnings of $11,000 and a loss of $80,000 for the first six months of 2004.
In a quarterly letter to shareholders, G. Mike Odom, Jr., Chief Executive Officer, and John C. Helmken II, President, stated, "Excellent loan and deposit growth, net interest margin improvement and enhanced efficiency in both of our banks continued in the second quarter resulting in another record level of earnings and growth. We enjoy strong economic conditions in each of our markets and our expansion plans are on schedule. The commitment and vision of our directors, the focus of our management team and the efforts of our staff continue to yield excellent returns to shareholders and positive banking experiences for our customers."
On July 7th, the Company announced that it intends to organize Harbourside Community Bank, a new federal stock thrift institution, in partnership with a group of directors from Hilton Head Island and Bluffton, South Carolina as the Company's third banking subsidiary. Subject to regulatory approval, this new bank, which is an expansion of the Company's Harbourside Mortgage division, is scheduled to open in the fall of 2005.
Today, the Board of Directors approved a regular quarterly cash dividend of 13.5 cents per share payable on August 15, 2005 to shareholders of record on July 29, 2005.
The Savannah Bancorp, Inc. (SAVB), a bank holding company for The Savannah Bank, N.A. and Bryan Bank & Trust (Richmond Hill, Georgia), is headquartered in Savannah, Georgia. Harbourside Mortgage Company, a division of The Savannah Bank, N.A., is a loan production office on Hilton Head Island, SC that began business on October 1, 2003. SAVB began operations in 1990. Its primary businesses include deposit, credit, trust and mortgage origination services provided to local customers.
This press release may contain forward-looking statements as defined by federal securities law which involve significant risks and uncertainties. Actual results could differ materially from those contained in or implied by such statements for a variety of reasons including, but not limited to: changes in interest rates; changes in accounting principles, policies, or guidelines; significant changes in the economic scenario: significant changes in regulatory requirements; and significant changes in securities markets. The Savannah Bancorp, Inc. does not undertake to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made. Any such statements are made in reliance on the safe harbor protections provided under the Private Securities Act of 1995.
The Savannah Bancorp, Inc. and Subsidiaries
Second Quarter Financial Highlights
June 30, 2005 and 2004
(Unaudited)
(thousands, except per share data)
Balance Sheet Data
at June 30 2005 2004 % Change
----------------------------------------------------------------------
Total assets $ 689,271 $ 568,225 21
Interest-earning assets 659,759 541,420 22
Loans 572,317 444,372 29
Allowance for credit losses 7,202 5,843 23
Nonperforming assets 733 510 44
Deposits 588,249 449,368 31
Interest-bearing liabilities 545,340 449,870 21
Shareholders' equity 43,619 37,726 16
Allowance for credit losses
to total loans 1.26% 1.31% (4.2)
Nonperforming assets to total
loans and other real estate owned 0.13% 0.11% 16
Loan to deposit ratio 97.29% 98.89% (1.6)
Equity to assets 6.33% 6.64% (4.7)
Tier 1 capital to risk-weighted
assets 9.39% 9.63% (2.5)
Total capital to risk-weighted
assets 10.64% 10.89% (2.3)
Book value per share $ 10.40 $ 9.17 13
Outstanding shares 4,194 4,112 2.0
Market value per share $ 30.95 $ 22.60 37
Performance Ratios
----------------------------------------------------------------------
For the Second Quarter 2005 2004 % Change
----------------------------------------------------------------------
Net income $ 2,184 $ 1,277 71
Return on average assets 1.29% .94% 38
Return on average equity 20.51% 13.65% 50
Net interest margin 4.16% 3.71% 12
Efficiency ratio 52.20% 59.94% (13)
Per share data:
Net income - basic $ 0.52 $ 0.31 69
Net income - diluted $ 0.51 $ 0.30 70
Dividends $ 0.135 $ 0.132 2.3
Average shares:
Basic 4,177 4,109 1.7
Diluted 4,275 4,214 1.4
----------------------------------------------------------------------
For the First Six Months 2005 2004 % Change
----------------------------------------------------------------------
Net income $ 3,965 $ 2,417 64
Return on average assets 1.21% 0.93% 30
Return on average equity 19.10% 13.00% 47
Net interest margin 4.12% 3.78% 9.0
Efficiency ratio 53.70% 59.98% (10)
Per share data:
Net income - basic $ 0.95 $ 0.59 61
Net income - diluted $ 0.93 $ 0.57 63
Dividends $ 0.27 $ 0.26 3.8
Average shares:
Basic 4,163 4,105 1.4
Diluted 4,266 4,205 1.5
The Savannah Bancorp, Inc. and Subsidiaries
Consolidated Balance Sheets
June 30, 2005 and 2004
(Unaudited)
----------------------------------------------------------------------
(Amounts in thousands, except share data)
June 30
------------------------
2005 2004
---------- ---------
Assets
Cash and due from banks $ 16,380 $ 14,813
Interest-bearing deposits 14,944 6,275
Federal funds sold 4,673 18,896
Investment securities, available for sale 39,856 45,868
Loans held for sale 28,120 26,277
Loans, net of allowance for credit losses of
$7,202 in 2005 and $5,843 in 2004 565,115 438,529
Premises and equipment, net 4,762 4,713
Other real estate owned - 500
Bank-owned life insurance 5,449 5,246
Other assets 9,972 7,108
----------------------------------------------------------------------
Total assets $ 689,271 $ 568,225
======================================================================
Liabilities
Deposits:
Noninterest-bearing $ 95,890 $ 77,270
Interest-bearing 492,359 372,098
----------------------------------------------------------------------
Total deposits 588,249 449,368
Securities sold under repurchase agreements 15,974 25,019
Other short-term borrowings 6,009 25,551
FHLB long-term advances 20,688 21,016
Subordinated debt 10,310 6,186
Other liabilities 4,422 3,359
----------------------------------------------------------------------
Total liabilities 645,652 530,499
----------------------------------------------------------------------
Shareholders' Equity
Common stock, par value $1 per share:
authorized 79,860,000 shares; issued
4,194,036 and 3,290,223 in 2005 and 2004 4,194 3,290
Preferred stock, par value $1: authorized
10,000,000 shares - -
Capital surplus 25,066 25,054
Retained earnings 14,383 9,315
Treasury stock, at cost, 267 and 226 shares in
2005 and 2004 (4) (4)
Net unrealized (losses) gains on available for
sale securities (20) 71
----------------------------------------------------------------------
Total shareholders' equity 43,619 37,726
----------------------------------------------------------------------
Total liabilities and shareholders'
equity $ 689,271 $ 568,225
======================================================================
The Savannah Bancorp, Inc. and Subsidiaries
Consolidated Statements of Income
Second Quarter and First Six Months, 2005 and 2004
(Unaudited)
----------------------------------------------------------------------
(thousands, except per share data)
For the Quarter For the Six Months
Ended Ended
June 30, June 30,
------------------ ------------------
2005 2004 2005 2004
----------------------------------------------------------------------
Interest income $10,197 $ 6,687 $19,375 $12,911
Interest expense 3,526 1,943 6,563 3,676
----------------------------------------------------------------------
Net Interest Income 6,671 4,744 12,812 9,235
Provision for credit losses 315 415 820 875
----------------------------------------------------------------------
Net interest income after
provision for credit losses 6,356 4,329 11,992 8,360
----------------------------------------------------------------------
Noninterest Income
Trust fees 117 106 233 214
Service charges on deposit
accounts 427 399 814 791
Gain on sale of mortgage loans,
net 276 333 530 475
Gain on sale other real estate
owned, net (24) 0 (24) 91
Other income 252 204 489 409
----------------------------------------------------------------------
Total noninterest income 1,048 1,042 2,042 1,980
----------------------------------------------------------------------
Noninterest Expenses
Salaries and employee benefits 2,291 2,052 4,634 3,961
Occupancy and equipment expense 551 459 1,063 906
Data processing expense 298 266 599 525
Other operating expenses 892 691 1,679 1,335
----------------------------------------------------------------------
Total noninterest expenses 4,032 3,468 7,975 6,727
----------------------------------------------------------------------
Income before provision for
income taxes 3,372 1,903 6,059 3,613
Provision for income taxes 1,188 626 2,094 1,196
----------------------------------------------------------------------
Net Income $ 2,184 $ 1,277 $ 3,965 $ 2,417
======================================================================
Per Share:
Net income - basic $ 0.52 $ 0.31 $ 0.95 $ 0.59
======================================================================
Net income - diluted $ 0.51 $ 0.30 $ 0.93 $ 0.57
======================================================================
The Savannah Bancorp, Inc. and Subsidiaries
Historical Trend Data - Five Years and Five Quarters
---------------------------------------------------------------------
The following tables show per share information for the most recent
five years and five quarters. Share and per share information have
been restated to reflect the effect of a 5-for-4 stock split with a
record date of November 26, 2004, and a distribution date of December
20, 2004.
(thousands, except per share data)
For the Most Recent Five Years
------------------------------
2004 2003 2002 2001 2000
-------- -------- -------- -------- --------
Net income $ 5,736 $ 4,644 $ 4,508 $ 4,358 $ 4,292
Average shares
Basic 4,109 4,103 4,100 4,068 4,090
Diluted 4,209 4,181 4,160 4,140 4,156
Net income per share ($)
Basic 1.40 1.13 1.10 1.07 1.05
Diluted 1.36 1.11 1.08 1.05 1.03
Dividends per share 0.52 0.51 0.49 0.45 0.38
Market price per common
share ($)
High $ 27.60 $ 23.20 $ 17.68 $ 18.18 $ 14.38
Low 20.14 15.18 14.18 12.40 11.24
Close 27.05 23.20 15.25 14.84 12.73
At December 31 ($)
Assets 617,341 476,865 437,598 376,183 344,096
Shareholders' equity 40,071 36,771 34,756 32,071 28,656
Book value per share 9.74 8.96 8.48 7.86 7.03
Outstanding shares 4,112 4,103 4,101 4,079 4,076
Key Ratios (%)
Return on equity 15.04 12.99 13.50 14.27 16.23
Return on assets 1.03 1.05 1.14 1.20 1.36
Net interest margin 3.86 3.91 4.10 4.13 4.77
Efficiency ratio 58.47 59.40 59.17 57.11 56.04
For the Most Recent Five Quarters (Unaudited)
---------------------------------------------
2005 2004
----------------- -------------------------
Second First Fourth Third Second
Quarter Quarter Quarter Quarter Quarter
-------- -------- -------- -------- ---------
Net income $ 2,184 $ 1,781 $ 1,775 $ 1,544 $ 1,277
Average shares
Basic 4,177 4,153 4,112 4,113 4,109
Diluted 4,275 4,259 4,225 4,204 4,214
Net income per share ($)
Basic 0.523 0.429 0.432 0.375 0.311
Diluted 0.511 0.418 0.420 0.367 0.303
Dividends per share 0.135 0.135 0.132 0.132 0.132
Market price per common
share ($)
High 33.46 28.85 27.60 22.60 23.28
Low 27.00 24.01 21.99 20.14 20.21
Close 30.95 28.85 27.05 22.16 22.60
At quarter-end ($)
Assets 689,271 673,252 617,341 580,016 568,225
Shareholders' equity 43,619 41,369 40,071 39,016 37,726
Book value per share 10.40 9.96 9.74 9.49 9.17
Outstanding shares 4,194 4,153 4,112 4,113 4,113
Performance ratios (%)
Return on equity 20.51 17.71 17.84 15.96 13.65
Return on assets 1.29 1.12 1.16 1.06 0.94
Net interest margin 4.16 4.08 4.00 3.82 3.71
Efficiency ratio 52.20 55.30 55.94 58.51 59.94
Additional financial highlights are available at www.savb.com
--------------------------------------------------------------------------------
Contact:
The Savannah Bancorp, Inc., Savannah
G. Mike Odom, Jr., 912-629-6486
or
Robert B. Briscoe, 912-629-6525
--------------------------------------------------------------------------------
Source: The Savannah Bancorp, Inc.
Email Story
Set News Alert
Print Story
CWBS...Small bank update...
Up 1.10 to 23.83...It's in the contest...hank
GOOG.. Wish I would of stayed in Cash = GOOG... Sold 35 points ago but made out ok....hank
FRGB... Small bank update...
Up 2.98,,,,,WHeeeeeeeee...No Ipii in percentages but up 43.00 since brought to this board... Now trades at 77.98..126.00 is the goal... Also in the contest....hank
TMR... Take a look at BLMC which I own and where TMR drills...I don't own TMR and I would not buy it... hank
FSTF.. Small bank update...Hank
I sold Half my position in this one today... Still hold 1832...
Earnings improved but shares outstanding due to a recent secondary increased causing returns on SHE and assets to decrease.... Untill new capitol funds are deployed in loans the profit mix at FSTF is without projection.. I think at this level FSTF is a hold and will have above average results.......
FIRST STATE FINANCIAL CORP (FSTF)
First State Financial Corporation Announces Second Quarter 2005 Record Earnings
SARASOTA, Fla., July 15, 2005 First State Financial Corporation ( NASDAQ:FSTF), holding company for First State Bank, today reported net income for the second quarter of 2005 of $853,000 versus $497,000 for the same period of 2004, a 71.6% increase.
In December 2004, the Company held its initial public offering, raising $26.9 million in new capital and issuing 2,446,625 shares. The issuance raised FSTF's weighted average common equivalent number of shares for the three months ended June 30, 2005 to 5,879,179. This resulted in diluted earnings per share for the quarter of 14 cents. Diluted earnings per share for the comparable period of 2004 was 15 cents based on weighted average common equivalent shares outstanding of 3,410,514.
Year to date the company has earned $1,651,000 in net income or 28 cents per share versus $918,000 or 28 cents per share at June 30, 2004.
The increase in net income for the second quarter of 2005 over the respective prior year period resulted primarily from an increase in net interest income from $2.2 million to $3.2 million, or 47.2%. This growth is attributed to the 42.2% growth in total loans at June 30, 2005 versus June 30, 2004 as well as growth in other earning assets. This increase in income was partially offset by an increase in non-interest expense from $1.6 million to $2.1 million related to the growth of the company.
Total loans increased 42.2% to $283.3 million at June 30, 2005 compared to $199.2 million at June 30, 2004. Our loan quality continues to improve resulting in an allowance for loan losses of 1.05% of the loan portfolio at June 30, 2005 versus 1.31% for June 30, 2004. Total deposits increased 27.2% to $266.8 million at June 30, 2005 compared to $209.8 million at June 30, 2004. According to the corporation's President and CEO, Corey Coughlin, "We continue to aggressively manage our flow of funds to provide our depositors with competitive rates while meeting loan demand through sound credit policies. To that end, our focus is on relationship banking. It is our goal to respond to all of our customers' financial needs with the attention they deserve."
Since December 31, 2004, First State's total assets have increase 14.7% to $314.3 million. Total loans increased 24.3% to $283.3 million and deposits increased 25.6% to $266.8 million. According to Mr. Coughlin, "Our growth over the last two years has been very impressive. Our challenge now is to continue that growth while maintaining that community bank feel that has made us what we are."
On June 15, 2005, the Company declared its second dividend of 5 cents per share for holders of record on July 14, 2005, payable on July 29, 2005. The first dividend, declared on February 16, 2005 of 5 cents per share, was issued to shareholders of record on March 10, 2005. The dividend was paid on March 31, 2005.
First State Bank is a wholly owned subsidiary of First State Financial Corporation, headquartered in Sarasota, FL. First State Bank currently operates six offices, three in Sarasota County and three in Pinellas County.
Except for historical information contained herein, this news release contains comments or information that constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve significant risks and uncertainties. Actual results may differ materially from the results discussed in the forward-looking statements.
First State Financial Corporation
Unaudited Summary Consolidated Statements of Income
For the three months For the six months
ended ended
June 30, June 30,
(in thousands, except for per 2005 2004 2005 2004
share data) Interest income $4,882 $3,332 $9,103 $6,508
Interest expense 1,715 1,180 3,118 2,338
Net interest income 3,167 2,152 5,985 4,170
Provision for loan loss 225 174 225 319
Non-interest income 509 404 998 753
Non-interest expense 2,098 1,580 4,111 3,107
Income before income tax
expense 1,353 802 2,647 1,497
Income tax expense 500 305 996 579
Net income $853 $497 $1,651 $918 Basic earnings per share $0.14 $0.15 $0.28 $0.28
Diluted earnings per share $0.14 $0.15 $0.28 $0.28
Selected financial data (in thousands except for per share data) For the six months
ended
June 30,
2005 2004 Average loans outstanding $245,722 $186,698
Average earning assets $281,365 $211,158
Return on assets 1.13 % 0.83 %
Return on average equity 7.80 % 14.85 %
Net interest margin 4.29 % 3.97 % Weighted average diluted shares 5,879,964 3,302,006 At June 30, At June 30,
2005 2004 Book Value $7.35 $4.05
End of period shares outstanding 5,863,265 3,399,040 Net loan (charge-offs) / recoveries $12 $17
Non-accrual loans $943 $1,016
Non-accrual loans as a % of total loans 0.33 % 0.51 %
SOURCE First State Financial Corporation
CONTACT: Corey J. Coughlin, President & CEO, +1-941-929-9000,
EGBN....Small bank update..hank
Press Release Source: Eagle Bancorp, Inc.
Eagle Bancorp, Inc. Announces 42% Increase in Earnings for the First Six Months of 2005 With Assets Exceeding $600 Million
Monday July 18, 8:00 am ET
BETHESDA, Md., July 18 /PRNewswire-FirstCall/ -- Eagle Bancorp, Inc. (Nasdaq: EGBN - News), the parent company of EagleBank, today announced net income of $3.2 million for the six months ended June 30, 2005, compared to $2.3 million for the first six months of 2004, an increase of 42%. On a per-share basis, the Company earned $0.45 per basic share and $0.43 per diluted share for 2005, as compared to $0.32 per basic share and $0.31 cents per diluted share for 2004.
ADVERTISEMENT
For the second quarter of 2005, the Company earned $1.6 million ($0.22 per basic share and $0.21 per diluted share), as compared to $1.1 million ($0.15 per basic share and diluted share) for the second quarter of 2004, a 45% increase.
"We are extremely pleased to report continuing strong financial results for Eagle Bancorp for the first half and second quarter of 2005," noted Leonard L. Abel, Chairman of Eagle Bancorp, Inc. and Ronald D. Paul, President and CEO of Eagle Bancorp, Inc. "Growth in both deposits and loans and a favorable net interest margin comparison continue to propel increases in revenues and net earnings. Asset quality remains strong and the Company continues to make investment in its infrastructure to support a growing organization, while managing its overall costs as measured by the efficiency ratio."
For the six months ended June 30, 2005, the Company reported an annualized return on average assets (ROAA) of 1.12% as compared to 0.99% for the first six months of 2004; while the annualized return on average equity (ROAE) was 10.83%, as compared to 8.30% for the same period in 2004.
A number of factors contributed to the very strong first six month results. Both lending and deposit activity were strong in the period, and resulted in strong growth in net interest income due to both increased volume, and an improved net interest margin over the prior period. The Bank's asset/liability management position has allowed it to benefit from the continued increase in market interest rates in the January to June period. For the first six months of 2005, the net interest margin was 4.99% as compared to 4.23% for the first six months in 2004. Non-interest income for the first six months of 2005 was $1.9 million compared to $1.9 million in the first six months of 2004. Excluding securities gains of $12 thousand during the first six months of 2005 and $253 thousand during the same period in 2004, noninterest income increased 16%. This increase in noninterest income exclusive of securities gains was due primarily to increased amounts of gains on the sale of SBA loans, which increased to $517 thousand for the first six months of 2005, as compared to $241 thousand in the first six months of 2004. EagleBank is the leading community bank lender in the Washington D.C. metropolitan area.
Non-interest expenses were $9.4 million for the first six months of 2005, as compared to $7.1 million for 2004, a 31% increase. The primary reasons for this increase were increases in staff levels, and related personnel cost increases, higher incentive compensation, increased occupancy cost, due in part to new banking offices, and higher marketing and data processing costs associated with a larger organization. In spite of higher levels of noninterest expenses, the very strong growth in revenue allowed the efficiency ratio to improve for the first six months of 2005 to 61.09% from 65.46% for the same period in 2004.
Asset quality remained favorable in the period. The Company recorded net recoveries of $28 thousand for the first six months of 2005 as compared to net recoveries of $47 thousand for the first six months of 2004. The ratio of non-performing loans to total loans was .03% at June 30, 2005 as compared to .13% at June 30, 2004. The provision for loan loss was $887 thousand for the first six months in 2005 as compared to $230 thousand for 2004; the increase due substantially to growth in the portfolio. At June 30, 2005, the allowance for credit losses represented 1.07% of loans outstanding, as compared to 1.13% at June 30, 2004.
At June 30, 2005, total assets were $610.1 million compared to $494.0 million at June 30, 2004, a 23% increase. Total deposits amounted to $516.4 million, at June 30, 2005, a 28% increase over deposits of $403.2 million at June 30, 2004, while total loans increased to $481.8 million at June 30, 2005, from $349.0 million at June 30, 2004, a 38% increase.
Eagle Bancorp commenced a quarterly cash dividend of $.07 per share in the first quarter of 2005, which was also paid for the second quarter of 2005.
The Summary of Financial Information presented on the following pages provides more detail of the Company's performance for the six and three months ended June 30, 2005 as compared to 2004. Persons wishing additional information should refer to the Company's Form 10K filed with the Securities and Exchange Commission on March 16, 2005.
Eagle Bancorp is the holding company for EagleBank and its subsidiary, Eagle Land Title, LLC. EagleBank commenced operations in 1998. The Bank is headquartered in Bethesda, Maryland, and conducts full service commercial banking services thru eight offices, located in Montgomery County, Maryland and Washington, D.C. A lease has been executed for a new community bank office in Chevy Chase, Maryland which is expected to be opened in the first quarter of 2006. The Company focuses on building relationships with businesses, professionals and individuals in its marketplace.
Forward looking Statements: This press release contains forward looking statements within the meaning of the Securities and Exchange Act of 1934, as amended, including statements of goals, intentions, and expectations as to future trends, plans, events or results of Company operations and policies and regarding general economic conditions. In some cases, forward-looking statements can be identified by use of words such as "may," "will," "anticipates," "believes," "expects," "plans," "estimates," "potential," "continue," "should," and similar words or phrases. These statements are based upon current and anticipated economic conditions, nationally and in the Company's market, interest rates and interest rate policy, competitive factors and other conditions which by their nature, are not susceptible to accurate forecast and are subject to significant uncertainty. Because of these uncertainties and the assumptions on which this discussion and the forward- looking statements are based, actual future operations and results in the future may differ materially from those indicated herein. Readers are cautioned against placing undue reliance on any such forward-looking statements. The Company's past results are not necessarily indicative of future performance.
Eagle Bancorp, Inc
Statement of Condition Highlights
June 30, December 31, June 30,
(in thousands) 2005 2004 2004
Unaudited Audited Unaudited
Assets
Cash and due from banks $24,577 $31,100 $31,180
Interest bearing deposits with banks
and other short term investments 10,689 9,594 5,936
Federal funds sold 2,002 15,035 23,980
Investment securities available for
sale, at fair value 71,035 64,098 63,922
Loans held for sale 3,646 2,208 3,866
Loans 481,769 415,509 349,012
Less: allowance for credit losses (5,155) (4,240) (3,957)
Premises and equipment, net 5,962 5,726 5,603
Accrued interest, taxes and other
assets 15,575 14,423 14,485
Total Assets $610,100 $553,453 $494,027
Liabilities and Stockholders' Equity
Noninterest bearing deposits $146,039 $130,309 $96,252
Interest bearing deposits 370,401 331,978 306,996
Total deposits 516,440 462,287 403,248
Federal funds purchased and
securities sold under
repurchase agreements 26,352 23,983 21,906
Other borrowings 4,333 6,333 12,528
Other liabilities 1,920 2,316 1,623
Total liabilities 549,045 494,919 439,305
Stockholders' equity 61,055 58,534 54,722
Total Liabilities and Stockholders'
Equity $610,100 $553,453 $494,027
Eagle Bancorp, Inc.
Statements of Income Highlights
(in thousands) Six Months Ended Three Months Ended
June 30, June 30,
2005 2004 2005 2004
(Unaudited)(Unaudited)(Unaudited)(Unaudited)
Total interest income $16,362 $10,989 $8,652 $5,613
Total interest expense 2,942 2,013 1,707 1,044
Net interest income 13,420 8,976 6,945 4,569
Provision for credit losses 887 230 470 76
Noninterest income (before
investment gains) 1,913 1,654 874 825
Investment Gains 12 253 12 -
Noninterest expense 9,375 7,124 4,900 3,631
Income before income tax
expense 5,083 3,529 2,461 1,687
Income tax expense 1,874 1,277 905 614
Net income $3,209 $2,252 $1,556 $1,073
Per Share Data (1):
Earnings per share, basic $0.45 $0.32 $0.22 $0.15
Earnings per share, diluted $0.43 $0.31 $0.21 $0.15
Shares outstanding at period
end 7,095,397 7,025,534 7,085,855 7,025,534
Weighted average shares
outstanding, basic 7,085,855 7,016,697 7,092,770 7,023,232
Weighted average shares
outstanding, diluted 7,514,477 7,274,391 7,533,336 7,315,565
Book value per share at period
end $8.60 $7.79
(1) Prior periods adjusted to give retroactive effect to the 1.3 to 1
stock split in the form of a 30% stock dividend paid on February 25,
2005
Eagle Bancorp, Inc.
Performance Ratios (annualized):
Return on average assets 1.12% 0.99%
Return on average equity 10.83% 8.30%
Net interest margin 4.99% 4.23%
Efficiency ratio (2) 61.09% 65.46%
Other Ratios:
Allowance for credit losses to
total loans 1.07% 1.13%
Non performing loans to total
loans 0.03% 0.13%
Net charge-offs (annualized)
to average loans -0.01% -0.03%
Average equity to average
assets 10.37% 11.89%
Tier 1 leverage Ratio 10.61% 12.10%
Total risk based capital ratio 12.46% 16.20%
Average Balances:
Total assets $576,109 $456,495
Total earning assets $542,780 $424,259
Total loans $443,235 $332,108
Total deposits $479,639 $368,371
Total stockholders' equity $59,748 $54,297
(2) computed by dividing noninterest expense by the sum of net interest
income and noninterest income
--------------------------------------------------------------------------------
Source: Eagle Bancorp, Inc.
ACRG..
The exact quote...
On the change in equipment suppliers, Mr. Trevino remarked, "Haier is a $12 billion leading global manufacturer of consumer appliances and HVAC industry products. We are proud to be chosen to help introduce their products to the HVAC market in the U.S. The Haier brand name is recognized globally, and they have invested millions of dollars in the development of product lines specifically designed for our markets. We believe that consumers in the U.S. will quickly appreciate the high quality of the products as well as the value proposition that the Haier brand represents. As with most transitions of HVAC equipment brands, there are initial dislocations, and this is no exception. In particular, our Georgia business unit has experienced a significant decline in equipment sales at the beginning of fiscal 2006, as operating management worked to get the right inventory mix at each location and to educate customers about the benefits of the Haier product line. We are likely to continue to experience some attrition in sales at that business unit for the entire fiscal year, although we certainly expect to regain some momentum during the summer selling season. This dislocation will adversely affect consolidated earnings for the first quarter of fiscal 2006, and perhaps later quarters, but we believe that the availability of this product line across our entire Company provides a very attractive long-term growth opportunity. Such opportunities are difficult to find in the HVAC industry, where there are many distributors and few differentiated products."
This was first overlooked and when reviewed again it became apparent and the DD trips were made to 3 outlets in Fla and Ga... Hank
This is a copy of a private letter I sent to HWEB...
After thinking about it I thought I would share it with all...His continued presence on this board is an asset that is impossible to place a value on...hank
Sent By: 10 bagger Date: 7/15/2005 7:26:07 PM
ACRG...
You don't know how much money you saved me and the family... I was a buyer on the day of the last earnings release and compounded my problem... I bought over 40,000 shares that day and the next...Luckey I had an average of just under 3.00 on those purchases but the family now had over $XXXXXX.00 in ACRG (most still below 0.50)... As I posted I made trips to 3 stores and I sold the whole position in one day... The volume spike before the lull in volume was mine and I was luckey to be out... I did't keep one share and it all was invested in banks within 3 days... one third went into FRGB... Again thank you ... Here are the results of what you so well spotted...hank
ACR Group, Inc. Reports Earnings for First Quarter Ended May 31, 2005; Sales and Income Impacted By Change in Equipment Supplier
Friday July 15, 3:03 pm ET
HOUSTON, July 15 /PRNewswire-FirstCall/ -- ACR Group, Inc. (OTC Bulletin Board: ACRG - News), a leading wholesale distributor of air-conditioning, heating, and refrigeration equipment and supplies, today reported operating results and sales for the quarter ended May 31, 2005, the first quarter of fiscal 2006. Net income for the quarter ended May 31, 2005 was $160,000, or $.01 per share, compared to $1,129,000, or $.10 per share, for the quarter ended May 31, 2004. Operating results at business units in Florida and Nevada were significantly improved over the previous year, but were offset by lower operating results at the business units based in Georgia and Colorado. As previously reported in May 2005, both sales and income at those business units were adversely affected in the first quarter by the transition to the Haier brand of HVAC equipment.
Sales for the quarter ended May 31, 2005 were $47.5 million, which was 5% less than sales in the quarter ended May 31, 2004. Excluding the two business units that changed equipment brands, sales increased 17%, and same-store sales increased 14%, in the quarter ended May 31, 2005 compared to the same quarter in 2004. For the first five months of calendar 2005, industry-wide product shipments declined 5% based on data compiled by a leading industry trade association.
Gross margin percentage on sales increased to 23.4% in the first quarter of fiscal 2006 from 22.3% in the first quarter of fiscal 2005, as the Company negotiated improved purchasing and payment terms with suppliers. The Company also recorded a loss of $205,000 on an interest rate derivative in the first quarter of fiscal 2006 resulting from a decline in long-term interest rates during the quarter.
Commenting on the Company's first quarter results, Alex Trevino, Jr., President and Chief Executive Officer of ACR Group, stated, "We expected a challenging first quarter as our business units based in Georgia and Colorado began to stock and sell new brands of equipment. We believe that we have resolved most of the logistical issues resulting from the changes; however, it is unlikely that the sales volume at those two business units will return this year to the levels reached in fiscal 2005. On the positive side, our business units in Florida and Nevada posted very strong sales growth in the quarter and our consolidated gross margin percentage improved by more than a full point. Sales of the Haier brand of HVAC equipment at all of our business units are increasing significantly each month."
About ACR Group, Inc.
ACR Group, Inc. is a wholesale distributor of air-conditioning, heating, and refrigeration ("HVACR") equipment and supplies. The Company owns and operates 48 branch locations that are organized into six business units covering nine states.
Statements in this news release that relate to management's expectations or beliefs concerning future plans, expectations, events, and performance are "forward-looking" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results or events could differ materially from those anticipated in the forward-looking statements due to a variety of factors, including, without limitation, weather conditions, the effects of competitive pricing, general economic conditions, and availability of capital.
(financial data to follow)
ACR GROUP, INC. CONSOLIDATED INCOME STATEMENTS
(in thousands of dollars, except per share amounts)
Quarter Ended
May 31,
2005 2004
Sales $47,538 $ 50,045
Cost of sales 36,423 38,887
Gross profit 11,115 11,158
Selling, general and administrative
expenses 10,275 9,007
Depreciation and amortization 228 240
Operating income 612 1,911
Interest expense 299 255
Interest derivative loss (gain) 205 (30)
Other non-operating (income) (152) (142)
Income before taxes 260 1,828
Provision for income taxes 100 699
Net income $160 $1,129
Earnings per share:
Basic $ .01 $.11
Diluted $ .01 $.10
Average outstanding shares:
Basic 10,940 10,681
Diluted 11,343 10,996
--------------------------------------------------------------------------------
Source: ACR Group, Inc.
As always do your own DD...I do...HANK
SOTK....
It's on sale.. Just bought 5000 at 2.15...Great stock to put away... Could be a 10-bagger with patience...hank
ASPN...
Sold my position today,, Am a little concerned about the results of the first hole... Not a big thing but ASPN is up over 100% on anticipation of good news... Have scale buy orders from 3.70 down... If I fill OK, If not OK.... hank
SOTK...
Got to love it,,,, I have been trying to buy for the past week... Was only able to pick up 3500 shares below 2.25..hank
Sono-Tek Announces Record First Quarter Earnings
Thursday July 14, 3:39 pm ET
MILTON, N.Y., July 14 /PRNewswire-FirstCall/ -- Sono-Tek Corporation (OTC Bulletin Board: SOTK - News) today announced sales of $1,832,364 for the three months ended May 31, 2005, an increase of 52% or $625,932 compared to sales of $1,206,432 for the same period of last year. Operating income for the first three months of the year was $231,462 or 13% of sales compared to $162,572 or 13% of sales for the prior year period. For the three months ended May 31, 2005, the Company had record net income of $229,398 compared to $134,610 for the prior year period. Earnings per share for the three months ended May 31, 2005 was $.02, a 100% increase when compared to the same period last year.
The balance sheet is improved from last year at this time with working capital of $2,480,335 at May 31, 2005 from working capital of $1,058,021 last year, liabilities have been reduced from $1,869,835 at May 31, 2004 to $750,585 at May 31, 2005, and shareholders' equity increased $2,371,509 from $770,850 at May 31, 2004 to $3,142,359 at May 31, 2005.
The Company's sales levels have increased as the result of product development efforts, related marketing thrusts and expansion into overseas markets which have had the effects of improving net income, reducing debt and increasing shareholders' equity.
According to Dr. Christopher L. Coccio, Sono-Tek's CEO and President, "We are very pleased with the increase in our sales over last year. The increase has resulted from several factors, the first being geographical expansion into new or underserved areas such as Europe, Eastern Europe and Asia. Another important area has been the growth of industrial coating, particularly in the glass area using our WideTrack system. The medical industry has shown excellent response to our Medicoat stent coating systems and technologies to coat other implantable devices. We are also selling more equipment used in nanotechnology particle creation and coating applications. We are using our increased financial resources to invest in the technical and marketing areas described above, in order to create additional growth in the future."
For further information, contact Dr. Christopher L. Coccio, at 845-795-2020, or visit our website at http://www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.
This earnings release contains forward looking statements regarding future events and the future performance of Sono-Tek Corporation that involve risks and uncertainties that could cause actual results to differ materially. These factors include, among other considerations, general economic and business conditions; political, regulatory, competitive and technological developments affecting the Company's operations or the demand for its products; timely development and market acceptance of new products; adequacy of financing; capacity additions and the ability to enforce patents. We refer you to documents that the company files with the Securities and Exchange Commission, which includes Form 10-KSB and Form 10-QSBs containing additional important information.
Sono-Tek Corporation
Selected Financial Data
Three Months Ended May 31,
2005 2004
Net Sales $1,832,364 $1,206,432
Net Income $229,398 $134,610
Basic Earnings Per Share - $0.02 $0.01
Diluted Earnings Per Share - $0.02 $0.01
Weighted Average Shares - Basic 13,952,488 10,853,471
Weighted Average Shares - Diluted 14,386,259 12,973,240
--------------------------------------------------------------------------------
Source: Sono-Tek Corporation
BOBWINS... I am so relieved and have cancelled my cot reservation at the Salvation Army... Besides My largest bank position was up big today...New HIGH....74.00 + 2.50,,, FRGB...hank
BOBWINS/ELOHSSA..
Nice dialog and display of frustration... I've at times had the same on other subjects,,,, GFCI most recently,,, Especessaly when I was asked if they were merging with ALY and when the board came down on me for selling 105,000 shares of JMIH with out notice (although no one cared when I sold 50,000 AVEEEEEEE at a 60% loss or 175,000 FIND and it took 2 months... Also when ACRG fell apart I did not recieve any condolences,,,, BUT I am here and here is where I stay... BOBWINS posted today that banks would fall 50% in the next year and that is his opinion,,, Either I disregard it or make backup reservations at the local Salvation Army for my retirement... Many times statements are made and if they are used to awake the mind rather than piss of the spirit they all serve a purpose... BOBWINS has a following as each of us on this board have in our own way...Don't leave your diverse input and become remembered as a pissed off spirit,,, BUT,, If you must could/would you please post which stocks I should buy to make 500% in the later part of this year so I can at least equal your performance and hedge against my cot at the Salvation Army ..hank
Bank stock prices... In all but the smallest of banks I agree with you... Small banks are insulated because in most cases they are the only game in town and historically they have over half of thier deposits at rates equal to 40% of city banks... Also thier interest rates are usually 1% to 1 3/4% higher than city banks... Most that I follow have spreads of over 4.5% and return on SHE of 20% +.... The large banks cut thier own noses for a loan and will take a loan with much more risk just to get compensating balances...Banks are not technology baised and it is hard to stop the big and destroy the little..ALSO payrolls at little banks create efficency ratios of less than 50%...hank..
As for Bolwins projection of banks going down 50%,, If a bank grows revs and earns at 50% plus and returns over 20% on SHE I doubt any decline here...If they don't they are not on my radar screen...hank
Bank stock prices... In all but the smallest of banks I agree with you... Small banks are insulated because in most cases they are the only game in town and historically theyn have over half of thier deposits at rates equal to 40
PREM...Small bank update...hank
Premier Community Bankshares, Inc. Announces 22% Earnings Increase for the First Six Months
Tuesday July 12, 9:50 am ET
WINCHESTER, Va., July 12 /PRNewswire-FirstCall/ -- Premier Community Bankshares, Inc. (Nasdaq: PREM - News) reported net income of $3.4 million for the first six months of 2005, an increase of 22% or $610 thousand over the net income for the corresponding period of 2004. Diluted earnings per share were $0.68, an increase of 21% from the $0.56 per share for the first half of 2004. The return on equity was 15.06% and the return on assets was 1.15%. In comparison, the first half of 2004 generated a return on equity and assets of 14.09% and 1.15%, respectively.
For the second quarter of 2005, the return on equity was 15.18% and the return on assets was 1.15% as compared to a return on equity of 14.81% and a return on assets of 1.17% for the second quarter of 2004. Net income for the second quarter of 2005 was $1.8 million, an increase of 18% or $270 thousand over the net income for the corresponding period of 2004.
Total assets for the company as of June 30, 2005 were $624.5 million, a gain of $81.3 million or 15.0% over the first six months of 2004. Net loans outstanding grew by $84.8 million or 19.0% and accounted for the majority of the asset growth. The increase in net income is attributable in large part to the interest income and corresponding fees derived from the growth in loans. The increase in loans was funded by a $75.7 million increase in deposits and a $6.5 million decrease in federal funds sold. Total deposits equaled $530.7 million, an increase of $75.7 million or 16.6% over the first half of 2004. Other income of $2.2 million was as a result of fees on a growing asset and deposit base while other expenses increased due to personnel expenses and equipment needed to service an expanding customer base and the anticipated opening of Premier Bank of West Virginia. Premier Bank of West Virginia will be the third bank in the holding company, and is expected to open on July 18, 2005.
Premier Community Bankshares is a growing multi-bank holding company that operates 16 offices in the Shenandoah Valley region located in the northwestern part of Virginia. The Corporation's two subsidiary banks of Rockingham Heritage Bank and The Marathon Bank serve an increasingly diversified market with a growing population. The Corporation also operates a loan production office in the eastern panhandle of West Virginia, which will become Premier Bank of West Virginia.
This press release may contain forward-looking statements, as defined by federal securities laws, which may involve significant risks and uncertainties. The statements are based on estimates and assumptions made by management in conjunction with other factors deemed appropriate under the circumstances. Actual results could differ materially from current projections. Readers are encouraged to read filings the company has made with the Securities and Exchange Commission for additional information.
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Balance Sheet June 30th,
Assets: 2005 2004 % Change
Cash & Due From Banks $20,255 $25,622 -20.9%
Interest Bearing Due From Banks 186 164 13.4%
Fed Funds Sold 19,861 26,387 -24.7%
Securities-HTM 7,408 8,203 -9.7%
Securities-AFS 20,053 17,509 14.5%
Loans 535,101 449,859 18.9%
Allowance for Loan Losses (5,256) (4,786) 9.8%
Bank Premises & Equip. 14,313 11,723 22.1%
Other Assets 12,581 8,542 47.3%
Total Assets $624,502 $543,223 15.0%
Liabilities:
Noninterest Bearing Deposits $90,351 $73,270 23.3%
Interest Bearing Deposits 440,348 381,695 15.4%
Total Deposits $530,699 $454,965 16.6%
Other Borrowed Money 21,672 30,716 -29.4%
Other Liabilities 2,736 2,673 2.4%
Trust Preferred Capital Notes 21,651 13,403 61.5%
Total Liabilities $576,758 $501,757 14.9%
Shareholders' Equity
Common Stock $4,938 $4,890 1.0%
Capital Surplus 19,608 19,338 1.4%
Retained Earnings 23,144 17,224 34.4%
Accumulated Other Comp Income (loss) 54 14 285.7%
Total Shareholders' Equity $47,744 $41,466 15.1%
Total Liabilities and Shareholders'
Equity $624,502 $543,223 15.0%
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Six Months Ending
June 30th,
2005 2004 % Change
Income Statement
Interest Income $18,645 $14,644 27.3%
Interest Expense 5,859 4,147 41.3%
Net Interest Income 12,786 10,497 21.8%
Provision for Loan Losses 327 745 -56.1%
Net Interest Income After Provision
for Loans Losses 12,459 9,752 27.8%
Other Income 2,187 2,207 -0.9%
Other Expenses 9,523 7,828 21.7%
Income Before Taxes 5,123 4,131 24.0%
Income Taxes 1,689 1,307 29.2%
Net Income $3,434 $2,824 21.6%
Results of Operation
Book Value Per Share $9.67 $8.48 14.0%
Earnings Per Share-Basic $0.70 $0.58 20.7%
Earnings Per Share-Assuming Dilution $0.68 $0.56 21.4%
Return on Average Assets 1.15% 1.15% 0.0%
Return on Average Equity 15.06% 14.09% 6.9%
Allowance for Loan Losses to Loans 0.98% 1.06% -7.5%
Common Shares Outstanding, (Thousands) 4,938 4,890 1.0%
PREMIER COMMUNITY BANKSHARES
(Unaudited)
($ In Thousands)
Three Months Ending
June 30th,
2005 2004 % Change
Income Statement
Interest Income $9,714 $7,494 29.6%
Interest Expense 3,176 2,111 50.5%
Net Interest Income 6,538 5,383 21.5%
Provision for Loan Losses 100 316 -68.4%
Net Interest Income After Provision
for Loans Losses 6,438 5,067 27.1%
Other Income 1,135 1,172 -3.2%
Other Expenses 4,929 4,047 21.8%
Income Before Taxes 2,644 2,192 20.6%
Income Taxes 871 689 26.4%
Net Income $1,773 $1,503 18.0%
Results of Operation
Earnings Per Share-Basic $0.36 $0.31 16.1%
Earnings Per Share-Diluted $0.35 $0.30 16.7%
Return on Average Assets 1.15% 1.17% -1.7%
Return on Average Equity 15.18% 14.81% 2.5%
--------------------------------------------------------------------------------
Source: Premier Community Bankshares, Inc.
THK...
Wade you could be right but that still doesn't explain where the stock is coming from... It's simple,,, Just too much stock for sale,,, Examples are EGY and PDGE of the same problem for investors.. It's supply vrs demand and for now supply wins... I would not buy at a price over 1.50 if projections of 0.20 are met and if you think that 0.20 could/will be shy... THK will then loose all respect with investors and a price below 1.00 is possible...hank
ALY...The strong get stronger... I still am pounding the table...hank
Press Release Source: Allis-Chalmers Energy Inc.
Allis-Chalmers Energy Expands and Refinances Bank Credit Facility and Closes Acquisitions
Tuesday July 12, 6:00 am ET
HOUSTON, July 12 /PRNewswire-FirstCall/ -- Allis-Chalmers Energy Inc. (Amex: ALY - News) today announced that it has entered into a new $55 million bank credit facility. The proceeds of the facility were used to acquire a 45% equity interest in AirComp LLC from M-I LLC, to purchase the compressed air drilling equipment of WT Enterprise, Inc., which operates under the name of Lone Star Air Service, to replace the company's existing debt facilities and for general working capital purposes. As a result of the purchase of M-I's interest, the Company now owns 100% of the equity interest in AirComp.
The new facility consists of a $13 million revolving credit facility, an $18 million term loan facility and a $24 million acquisition facility, all of which mature in two years.
AirComp provides compressed air and associated hammer and bit services to the drilling, geothermal, completion and workover markets from its operating locations in San Angelo and Fort Stockton, Texas, Farmington, New Mexico, and Grand Junction, Colorado. AirComp has a fleet of over 90 compressors and boosters and is the world's second largest provider of compressed air drilling services. The acquisition of Lone Star will expand these capabilities by increasing the current inventory with an additional 22 compressors, 9 boosters and 8 mist pumps.
"The new financing facility represents another important step in strengthening our balance sheet and our ability to execute our future growth strategies," stated Micki Hidayatallah, the Company's Chairman and Chief Executive Officer. "We are very excited about the acquisition of M-I's minority interest in AirComp and the Lone Star assets, both of which increase our capabilities in the underbalanced drilling sector."
About Allis-Chalmers Energy
Allis-Chalmers Energy Inc. provides a variety of products and services to the oil and natural gas industry. Through its subsidiaries, Allis-Chalmers is engaged in providing specialized equipment and operations to install casing and production tubing required to drill and complete oil and gas wells, directional and horizontal drilling services, the rental of "hevi-wate" spiral drill pipe and related oilfield services, services to enhance production through the installation of small diameter coiled tubing and chemicals into producing oil and gas wells and air drilling services to natural gas exploration and development operators.
Forward- Looking Statements
PFBX....Small bank release...Great IPII switch...
PFBX is a small mature bank in the Gulf coast of MS. that is strainig to keep up with it's growth... These small banks are also storm plays because with Gov backed loans for repairs without much risk to the lending bank... PFBX footprints include the area of casino activity...This is a cheap small bank stock with a book that floors the price of the stock with modest 25% to 40% upside potential during the next 12 months...hank
Peoples Financial Corporation Net Income Climbs 67% in First Half of 2005
Monday July 11, 4:01 pm ET
BILOXI, Miss., July 11 /PRNewswire-FirstCall/ -- Peoples Financial Corporation (Nasdaq: PFBX - News), parent of The Peoples Bank, reported a 67% increase in earnings for the first half of 2005 over the same period in 2004.
Net income for the six months ended June 30, 2005 totaled $5,119,000, compared to $3,058,000 for the first six months of 2004.
Earnings per share for the first half of 2005 rose 67% to $.92, compared to $.55 per share for the same period the year before. Earnings per share figures are based on weighted average shares outstanding of 5,551,781 and 5,556,954 on June 30, 2005 and June 30, 2004, respectively.
Approximately $900,000 of net income in the second quarter of 2005 came from the repayment of a loan that had previously been classified as impaired. Quarterly results also included an after-tax loss of $293,000 on securities sold and a gain of $79,000 after taxes from the proceeds of the PULSE EFT Association Exchange.
For the second quarter of 2005, net income increased 37% over the same period in 2004 and 14% sequentially over the first quarter of 2005. Earnings for the first quarter of 2005 also included proceeds from the recovered loan and the PULSE AFT Association Exchange.
"Our earnings from ongoing operations for the most recent quarter continued the trend of growth we have enjoyed the past two years and remain above the budget the board set for 2005," said Chevis C. Swetman, chairman of the board and chief executive officer of the holding company and the bank. "As we expected, our loan volume resumed its growth during the second quarter after a slight dip in the first three months of the year that proved to be an anomaly of timing," he added.
"Residential and resort development on the Mississippi Gulf Coast remains active, and our bank is taking as much of that business as we can accommodate, considering our scale and resources. The Coast's 'Crane Index' continues to elevate," said Swetman.
Founded in 1896, with $664 million in assets as of June 30, 2005, The Peoples Bank operates 16 full-service branches and 37 ATMs along the Mississippi Gulf Coast in Hancock, Harrison, Jackson and Stone counties. In addition to a comprehensive range of retail and commercial banking services, the bank also operates an asset management department that has provided customers with financial, estate and retirement planning services since 1936. The Peoples Bank is a wholly-owned subsidiary of Peoples Financial Corporation, listed on the NASDAQ Small Cap Market under the symbol PFBX. Additional information is available on the Internet at http://www.thepeoples.com .
This news release contains forward-looking statements and reflects industry conditions, company performance and financial results. These forward- looking statements are subject to a number of risk factors and uncertainties which could cause the Company's actual results and experience to differ from the anticipated results and expectation expressed in such forward-looking statements.
2 - YEAR FINANCIAL HIGHLIGHTS
(In Thousands, Except Per Share Amounts)
(Unaudited)
Earnings (A)
Six Months Ended June 30, 2005 2004 Change
Net Income $ 5,119 $3,058 67%
Net Income Per Share 0.92 0.55 67%
Financial Condition
June 30, 2005 2004 Change
Total Assets $ 664,956 $ 583,206 14%
Loans -- Net of Unearned
Discounts 347,501 318,217 9%
Investment Securities 236,760 195,995 21%
Total Deposits 428,990 397,515 8%
Shareholders' Equity 89,379 82,521 8%
Book Value Per Share 16.11 14.85 8%
Selected Ratios
Return on average
shareholders' equity 11.69% 7.37%
Return on average total assets 1.63% 1.04%
Primary capital to average
assets 15.22% 15.23%
Allowance for loan losses as
a % of loans, net of unearned
discount 1.71% 2.09%
(A) Based on weighted average shares outstanding of 5,551,781 and
5,556,954 at June 30, 2005 and 2004, respectively.
--------------------------------------------------------------------------------
Source: Peoples Financial Corporation
UFBO...Small Bank Release...hank
Press Release Source: United Security Bancshares
United Security Bancshares - 13th Best Performing Community Bank in Nation
Monday July 11, 1:01 pm ET
FRESNO, CA--(MARKET WIRE)--Jul 11, 2005 -- USB ("US Banker magazine"), in its July 2005 edition, ranked United Security Bancshares as 13th in the nation for its three year average 17.4% return on equity (ROE) among banks and thrifts with $1 billion or less in total assets. The report appears in the magazine's current July issue titled "Top 200 Publicly Traded Community Banks" beginning on page 26. United Security Bancshares moved up on this prestigious list to 13th this year from 15th last year.
Dennis R. Woods, President and Chief Executive Officer of United Security Bancshares http://www.unitedsecuritybank.com/ (NasdaqNM:UBFO - News) added, "I'm very pleased with this acknowledgment, and very pleased to be included once again on this prestigious list of high performing banks. Our continued appearance in the report acknowledges what we constantly strive to achieve, consistent growth of shareholder value."
United Security Bancshares is a $620+ million bank holding company for United Security Bank, the largest community bank head quartered in the Central San Joaquin Valley. The Bank operates ten branch offices, as well as four loan centers, administrative offices and a data center. For more information about Bank visit our web site at www.unitedsecuritybank.com.
Contact:
Contact:
Dennis Woods
559-248-4928
Posted by: 10 bagger
In reply to: Bobwins who wrote Date: 6/11/2005 5:31:37 PM
This is a post that I made 6/11... Other than THK trading up to 3 since I have no reason to change my opinion... THK has stock overhanging and I think if co projections do not move the stock either the projections are wrong or my opinion has merit....THK is a good investment but at present at a bad price...
THK.. 6/11
My thoughts include the following...
T. Benjamin Jennings, the Company's Chairman, stated, "We are thrilled with the pace and success of our integration efforts. We have made significant progress in the first quarter with taking some great independent companies and forming one of the true leaders in our industry: online search, marketing and advertising, which we believe is the fastest growing and most profitable segment of the internet. We remain comfortable with the high end of our previously stated estimated range for fiscal 2005 earnings per share of 20 cents - 25 cents per share on a fully diluted basis with second quarter growth of more than 80% over first quarter's earnings per share."
If Jennings is correct the following must happen... First all new announcements by the company must be accretive and be restricted in share exchange on a performance basis...Second,, All previous purchases for stock need non compete and binding employment contracts and third,, addptional shares must be offered to existing employees on an option basis... Why do I think this way??? THK has bought many companies in a rising stock climent and most companies that were purchased with an implied promise that the grass is greener on THK's side of the mountain... In addition to purchase in green most deals were done with stock... Stock has rewards only on the upside and create liabilities on the downside... To keep employees of the newly acquired incentives must be given to the ranks of the lesser paid,, If not all the non=competes are worthless.. and jumping ship to repeat the same job elsewhere will become an opportunity for all not in management of the newly accuried.. THK assets are its brain pool and the promise of riches to the overworked and under paid will not go far with a falling stock price... The managers of the acquired companies usually recieved cash and stock and can afford to work while waiting for a stock recovery...The promise made to the rest will fall on deft ears if the stock continues it down drift... At where would I become a buyer... I think that THK could trade in the 1.45 to 1.65 range before year end especally as now it is a tax loss selling candidate... At the lower end of this range I think investment dollars could be used to acquire a position.. If purchases were made above 2.00 and THK falls below 1.80 I suspect that THK will become dead money for at least 6 months.. THK is not on the GOOG bandwagon and the internet company investors looking for a lift because of GOOG will continue to be dissapointed... THK must be looked at as any other small cap and any value above 12PE will cause sellers and not buyers... I would not feel comfortable paying more than 7.5 PE because until the brain drain possibility is cured THK will be just more of the same... That has not seemed to work since 6.00..hank
As always do your own DD...I do...HANK