Colonial Financial Services, Inc. Announces Third Quarter 2012
Results
VINELAND, N.J., Nov. 20, 2012 /PRNewswire/ -- Colonial
Financial Services, Inc. (NASDAQ Global Market: COBK) (the
"Company") the holding company for Colonial Bank, FSB (the "Bank"),
announced net income of $475
thousand, or $0.13 per basic
share and $0.12 per diluted share for
the three months ended September 30,
2012, compared to net income of $981
thousand, or $0.24 per basic
and diluted share, for the three months ended September 30, 2011. For the nine months
ended September 30, 2012, the Company
had a net loss of $789 thousand, or
$(0.21) per basic and diluted share
compared to net income of $2.4
million, or $0.59 per basic
and diluted share, for the nine months ended September 30, 2011.
For the three months ended September 30,
2012, net interest income after provision for loan
losses was $3.7 million compared to
$4.1 million for the three months
ended September 30, 2011. The
provision for loan losses totaled $329
thousand for the three months ended September 30, 2012 compared to $398 thousand for the three months ended
September 30, 2011. Interest
income decreased to $5.3 million for
the three months ended September 30,
2012 from $6.2 million for the
three months ended September 30,
2011. Interest expense decreased to $1.3 million for the three months ended
September 30, 2012 from $1.7 million for the three months ended
September 30, 2011.
Non-interest income was $425 thousand
for the three months ended September 30,
2012 compared to $485 thousand
for the three months ended September
30, 2011. Non-interest expense was $3.4 million for the three months ended
September 30, 2012 compared to
$3.2 million for the three months
ended September 30, 2011. For
the three months ended September 30,
2012, income tax was an expense of $216 thousand compared to an expense of
$426 thousand for the three months
ended September 30, 2011.
For the nine months ended September 30,
2012, net interest income after provision for loan losses
was $7.0 million compared to
$11.6 million for the nine months
ended September 30, 2011. The
provision for loan losses totaled $5.1
million for the nine months ended September 30, 2012 compared to $1.2 million for the nine months ended
September 30, 2011. Interest
income decreased to $16.3 million for
the nine months ended September 30,
2012 from $18.3 million for
the nine months ended September 30,
2011. Interest expense decreased to $4.2 million for the nine months ended
September 30, 2012 from $5.5 million for the nine months ended
September 30, 2011.
Non-interest income was $1.4 million
for the nine months ended September 30,
2012 compared to $1.3 million
for the nine months ended September
30, 2011. Non-interest expense was $9.7 million for the nine months ended
September 30, 2012 compared to
$9.6 million for the nine months
ended September 30, 2011. For
the nine months ended September 30,
2012, income tax totaled a benefit of $553 thousand compared to an expense of
$943 thousand for the nine months
ended September 30, 2011.
Total assets at September 30, 2012
were $630.3 million compared to
$603.8 million at December 31, 2011, an increase of $26.5 million. Cash and cash equivalents
increased to $24.8 million at
September 30, 2012 from $7.9 million at December
31, 2011. Investment securities available for sale
increased to $243.0 million at
September 30, 2012 from $228.5 million at December
31, 2011. Investment securities held to maturity
decreased to $33.2 million at
September 30, 2012 from $38.0 million at December
31, 2011. Net loans receivable at September 30, 2012 were $294.4 million compared to $297.6 million at December
31, 2011. Deposits increased to $556.4 million at September 30, 2012 compared to $520.7 million at December
31, 2011. Borrowings totaled $2.0 million at September
30, 2012 and $10.0 million at
December 31, 2011,
respectively. Stockholders' equity decreased to $70.2 million at September
30, 2012 from $71.7 million at
December 31, 2011. The decrease
in stockholders' equity was mainly the result of the Company's net
loss and common stock repurchased under the second stock repurchase
program.
Colonial Financial Services, Inc. is the stock holding company
for Colonial Bank, FSB. Colonial Bank, FSB is a federally
chartered savings bank which was originally chartered in
1913. Colonial Bank, FSB conducts business from its
headquarters and main office in Vineland,
New Jersey as well as eight offices located in Cumberland and Gloucester Counties in Southern New Jersey and its operating
subsidiaries, COBK Investments, Inc. and Cohansey Bridge LLC.
Statements contained in this news release, which are not
historical facts, contain forward-looking statements as that term
is defined in the Private Securities Reform Act of 1995. Such
forward-looking statements are subject to risk and uncertainties,
which could cause actual results to differ materially from those
currently anticipated due to a number of factors, which include,
but are not limited to, factors discussed in documents filed by the
Company with the Securities and Exchange Commission from time to
time.
Selected Income Statement Data (Unaudited)
(Dollars in thousands, except per share data)
|
|
For the
Three Months Ended September 30,
|
|
For the
Nine Months Ended
September
30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Interest
income
|
|
$5,314
|
|
$6,223
|
|
$16,287
|
|
$18,345
|
Interest
expense
|
|
1,291
|
|
1,724
|
|
4,207
|
|
5,549
|
Net
interest income
|
|
4,023
|
|
4,499
|
|
12,080
|
|
12,796
|
Provision
for loan losses
|
|
329
|
|
398
|
|
5,072
|
|
1,194
|
Net
interest income after provision for loan losses
|
|
3,694
|
|
4,101
|
|
7,008
|
|
11,602
|
Non-interest income
|
|
425
|
|
485
|
|
1,370
|
|
1,307
|
Non-interest expense
|
|
3,428
|
|
3,179
|
|
9,720
|
|
9,588
|
Income
(loss) before income tax expense(benefit)
|
|
691
|
|
1,407
|
|
(1,342)
|
|
3,321
|
Income tax
expense (benefit)
|
|
216
|
|
426
|
|
(553)
|
|
943
|
Net income
(loss)
|
|
$475
|
|
$981
|
|
$(789)
|
|
$2,378
|
|
|
|
|
|
|
|
|
|
Earnings
(loss) per share – basic (1)
|
|
$0.13
|
|
$0.24
|
|
$(0.21)
|
|
$0.59
|
Earnings
(loss) per share – diluted (1)
|
|
$0.12
|
|
$0.24
|
|
$(0.21)
|
|
$0.59
|
Weighted
average shares outstanding – basic (1)
|
|
3,793,790
|
|
4,002,642
|
|
3,814,645
|
|
4,010,750
|
Weighted
average shares outstanding – diluted (1)
|
|
3,805,545
|
|
4,002,642
|
|
3,814,645
|
|
4,010,750
|
Performance Ratios (Unaudited)
|
|
For the
Three Months Ended September 30,
|
|
For the
Nine Months Ended September 30,
|
|
|
2012
|
|
2011
|
|
2012
|
|
2011
|
Return on
average assets (2)
|
|
0.30%
|
|
0.65%
|
|
(0.17)%
|
|
0.53%
|
Return on
average equity (2)
|
|
2.70%
|
|
5.41%
|
|
(1.47)%
|
|
4.46%
|
Net
interest margin on average interest earning assets
|
|
2.89%
|
|
3.25%
|
|
2.86%
|
|
3.24%
|
Selected Balance Sheet Data (Unaudited)
(Dollars in thousands, except per share data)
|
|
At
September 30,
2012
|
|
At
December 31,
2011
|
Assets
|
|
$630,294
|
|
$603,814
|
Cash and
cash equivalents
|
|
24,759
|
|
7,893
|
Investment
securities
|
|
276,242
|
|
266,535
|
Net loans
receivable
|
|
294,432
|
|
297,570
|
Deposits
|
|
556,371
|
|
520,703
|
Federal
Home Loan Bank borrowings
|
|
2,000
|
|
10,045
|
Total
stockholders' equity
|
|
70,181
|
|
71,685
|
Book value
per share (3)
|
|
17.89
|
|
17.95
|
Stockholders' equity to total assets
|
|
11.13%
|
|
11.87%
|
Asset Quality (Unaudited)
(Dollars in thousands)
|
|
At
September 30,
2012
|
|
At
December 31,
2011
|
Non-performing assets (4)
|
|
$12,230
|
|
$9,245
|
Allowance
for loan losses
|
|
3,006
|
|
5,027
|
Non-performing assets to total assets
|
|
1.94%
|
|
1.53%
|
Allowance
for losses to total loans
|
|
1.01%
|
|
1.66%
|
(1) Shares outstanding do not include unreleased
ESOP shares and treasury shares but do include the common share
equivalents of stock options and stock awards for the purpose of
the weighted average shares outstanding-diluted calculation, if
dilutive.
(2) Annualized.
(3) Total stockholders' equity divided by shares
outstanding of 3,923,264 and 3,994,046 for September 30, 2012 and December 31, 2011, respectively.
(4) Non-performing assets include non-accrual loans and
real estate owned.
SOURCE Colonial Financial Services, Inc.