EFC Bancorp, Inc. Reports First Quarter 2001 Operating Results

Apr 27, 2001, 01:00 ET from EFC Bancorp, Inc.

    ELGIN, Ill., April 27 /PRNewswire/ -- Barrett J. O'Connor, President and
 Chief Executive Officer of EFC Bancorp, Inc. (the "Company"), the holding
 company for Elgin Financial Savings Bank (the "Bank"), reported net income for
 the Company for the three months ended March 31, 2001 of $902,000 compared to
 $963,000 for the three months ended March 31, 2000.  For the three months
 ended March 31, 2001 and 2000, basic and diluted earnings per share totaled
 $0.21.
     Total assets at March 31, 2001 were $601.6 million, which represents an
 increase of $18.4 million, or 3.2%, compared to $583.2 million at December 31,
 2000.  The increase in total assets was primarily a result of an increase in
 loans receivable of $12.7 million, or 2.8%, to $472.5 million at March 31,
 2001 from $459.8 million at December 31, 2000.  In addition, cash and cash
 equivalents increased $9.7 million, or 35.9%, to $36.7 million at March 31,
 2001 from $27.0 million at December 31, 2000.  The loan growth was funded by
 increases in borrowed money and savings deposits.  Borrowed money,
 representing FHLB advances, increased $10.0 million to $150.2 million at March
 31, 2001 from $140.2 million at December 31, 2000.  Savings deposits increased
 $4.8 million, or 1.3%, to $374.3 million at March 31, 2001 from $369.5 million
 at December 31, 2000.
     Stockholders' equity increased $376,000 to $67.7 million at March 31, 2001
 from $67.3 million at December 31, 2000.  The increase in stockholders' equity
 was primarily the result of the Company's net income during the period and a
 $591,000 increase in the Company's accumulated other comprehensive income
 relating to its available-for-sale investment portfolio, offset by stock
 repurchases and dividends paid.  The Company is in the process of its fifth
 stock repurchase program, which was announced on December 1, 2000.  As of
 March 31, 2001, there were 4,753,969 shares of common stock outstanding,
 resulting in a book value of $14.23 per share.
     Net interest income before provision for loan losses increased by
 $117,000, or 2.9%, to $4.2 million for the three months ended March 31, 2001
 from $4.1 million for the prior year period.  Interest rate spread decreased
 37 basis points to 2.22% for the three months ended March 31, 2001 from 2.59%
 for the three months ended March 31, 2000.
     Noninterest income increased $76,000 for the three months ended March 31,
 2001 compared to the prior year period.  The increase is primarily attributed
 to a $60,000 increase in insurance and brokerage commissions to $95,000 for
 the three months ended March 31, 2001.
     Noninterest expense increased by $224,000, or 8.0%, for the three months
 ended March 31, 2001 over the comparable period in 2000.  Of this increase,
 $157,000 was directly related to compensation and benefits, primarily due to a
 combination of annual salary increases, the addition of staff and an increase
 in employee health insurance costs.  The additional staff expenses are
 primarily attributed to the opening of the Bank's newest branch and the hiring
 of human resource and marketing personnel.
     As of March 31, 2001, the Company had purchased 126,200 shares of its
 common stock at an average price of $10.45, as a result of its fifth stock
 repurchase program announced in December 2000.  On February 21, 2001, the
 Company announced a quarterly dividend of $0.1225 per share.  Payment of the
 cash dividend was made on April 10, 2001 to shareholders of record on
 March 30, 2001.
     In other Company news, President and Chief Executive Officer Barrett J.
 O'Connor announced that to further generate deposits, loans and other services
 the Bank has contracted to purchase land intended for a new branch office in a
 rapidly growing commercial and residential area.  Presently, there are no
 other banking facilities in the immediate area.  Assuming the branch is opened
 as planned, it would be a full service facility with drive-up and ATM
 capabilities.
     On April 26, 2001, the Company's stock priced closed at $10.60 per share
 on the American Stock Exchange.  The Company's price to book value per share
 ratio and dividend yield totaled 74.5% and 4.62%, respectively.
     EFC Bancorp, Inc. is a thrift holding company headquartered in Elgin,
 Illinois, with $601.6 million in assets.  Its primary subsidiary, Elgin
 Financial Savings Bank, a state chartered financial institution, maintains
 seven full service offices in Elgin and surrounding communities.
     For further information about the Company and the Bank visit them on the
 world wide web at www.efcbancorp.com and www.elginfsb.com , respectively.
     EFC Bancorp, Inc. common stock is traded on the American Stock Exchange
 under the symbol "EFC".
     Statements contained in this news release which are not historical facts,
 are forward-looking statements as that term is defined in the Private
 Securities Litigation 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.
     The Company does not undertake, and specifically disclaims any obligation,
 to publicly release the result of any revisions which may be made to any
 forward-looking statements to reflect events or circumstances after the date
 of such statements or to reflect the occurrence of anticipated or
 unanticipated events.
 
     EFC BANCORP, INC. AND SUBSIDIARIES
     Selected consolidated financial data,
      operating data and selected ratios (Unaudited)
 
                                            March 31,     Dec. 31,     Dec. 31,
                                               2001         2000        1999
     Selected Consolidated Financial Data
      (In Thousands):
       Total Assets                          $601,550     583,201     510,972
       Loans receivable, net                  472,513     459,795     396,007
       Investment securities available-
        for-sale                               55,208      64,071      61,080
       Mortgage-backed securities
        available-for-sale                     14,958       9,454      11,882
       Deposits                               374,301     369,533     323,879
       FHLB Advances                          150,200     140,200     115,200
       Total equity                            67,661      67,285      66,422
       Non-performing assets                    4,959       5,072       1,438
       Allowance for loan losses                1,971       1,881       1,545
 
     Selected Ratios:
       Total equity to total assets            11.25%      11.54%      13.00%
       Allowance for loan losses as a %
        of nonperforming assets                39.75%      37.09%     107.44%
       Allowance for loan losses as a %
        of loans, net                           0.42%       0.41%       0.39%
       Book value per share                     14.23       13.92       12.87
       Market value per share                   10.35       10.38       10.00
       Dividends per share (for the
        quarter ended)                         0.1225      0.1200      0.1000
 
 
                                                        Three months ended
                                                              March 31,
                                                      2001               2000
     Selected Consolidated Operating Data
      (In Thousands):
       Interest income                               $10,686             9,189
       Interest expense                                6,488             5,108
         Net interest income before
          provision for loan losses                    4,198             4,081
       Provision for loan losses                          90                60
         Net interest income after
          provision for loan losses                    4,108             4,021
       Noninterest income                                342               266
       Noninterest expense                             3,043             2,819
         Income before income expense                  1,407             1,468
       Income tax expense                                505               505
         Net income                                     $902               963
 
 
       Earnings per share - basic                      $0.21              0.21
       Earnings per share - diluted                    $0.21              0.21
 
 
                                                       Three months ended
                                                             March 31,
                                                      2001               2000
     Selected Ratios:
       Return on average assets (a)                   0.60%              0.74%
       Interest rate spread                           2.22%              2.59%
       Net interest margin (a)                        2.89%              3.26%
       Return on average equity (a)                   5.35%              5.89%
       Noninterest expense to average
        total assets (a)                              2.03%              2.16%
       Efficiency ratio                               67.0%              64.9%
 
 
     Selected Consolidated Average Balance Data (In Thousands):
                                                       Three months ended
                                                             March 31,
                                                     2001               2000
 
       Total Assets                                $600,378           521,465
       Mortgage loans receivable, net               424,706           380,404
       Total deposits                               345,110           317,471
       FHLB advances                                160,200           112,867
       Stockholders' equity                          67,420            65,364
 
       (a)  Annualized.
 
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SOURCE EFC Bancorp, Inc.
    ELGIN, Ill., April 27 /PRNewswire/ -- Barrett J. O'Connor, President and
 Chief Executive Officer of EFC Bancorp, Inc. (the "Company"), the holding
 company for Elgin Financial Savings Bank (the "Bank"), reported net income for
 the Company for the three months ended March 31, 2001 of $902,000 compared to
 $963,000 for the three months ended March 31, 2000.  For the three months
 ended March 31, 2001 and 2000, basic and diluted earnings per share totaled
 $0.21.
     Total assets at March 31, 2001 were $601.6 million, which represents an
 increase of $18.4 million, or 3.2%, compared to $583.2 million at December 31,
 2000.  The increase in total assets was primarily a result of an increase in
 loans receivable of $12.7 million, or 2.8%, to $472.5 million at March 31,
 2001 from $459.8 million at December 31, 2000.  In addition, cash and cash
 equivalents increased $9.7 million, or 35.9%, to $36.7 million at March 31,
 2001 from $27.0 million at December 31, 2000.  The loan growth was funded by
 increases in borrowed money and savings deposits.  Borrowed money,
 representing FHLB advances, increased $10.0 million to $150.2 million at March
 31, 2001 from $140.2 million at December 31, 2000.  Savings deposits increased
 $4.8 million, or 1.3%, to $374.3 million at March 31, 2001 from $369.5 million
 at December 31, 2000.
     Stockholders' equity increased $376,000 to $67.7 million at March 31, 2001
 from $67.3 million at December 31, 2000.  The increase in stockholders' equity
 was primarily the result of the Company's net income during the period and a
 $591,000 increase in the Company's accumulated other comprehensive income
 relating to its available-for-sale investment portfolio, offset by stock
 repurchases and dividends paid.  The Company is in the process of its fifth
 stock repurchase program, which was announced on December 1, 2000.  As of
 March 31, 2001, there were 4,753,969 shares of common stock outstanding,
 resulting in a book value of $14.23 per share.
     Net interest income before provision for loan losses increased by
 $117,000, or 2.9%, to $4.2 million for the three months ended March 31, 2001
 from $4.1 million for the prior year period.  Interest rate spread decreased
 37 basis points to 2.22% for the three months ended March 31, 2001 from 2.59%
 for the three months ended March 31, 2000.
     Noninterest income increased $76,000 for the three months ended March 31,
 2001 compared to the prior year period.  The increase is primarily attributed
 to a $60,000 increase in insurance and brokerage commissions to $95,000 for
 the three months ended March 31, 2001.
     Noninterest expense increased by $224,000, or 8.0%, for the three months
 ended March 31, 2001 over the comparable period in 2000.  Of this increase,
 $157,000 was directly related to compensation and benefits, primarily due to a
 combination of annual salary increases, the addition of staff and an increase
 in employee health insurance costs.  The additional staff expenses are
 primarily attributed to the opening of the Bank's newest branch and the hiring
 of human resource and marketing personnel.
     As of March 31, 2001, the Company had purchased 126,200 shares of its
 common stock at an average price of $10.45, as a result of its fifth stock
 repurchase program announced in December 2000.  On February 21, 2001, the
 Company announced a quarterly dividend of $0.1225 per share.  Payment of the
 cash dividend was made on April 10, 2001 to shareholders of record on
 March 30, 2001.
     In other Company news, President and Chief Executive Officer Barrett J.
 O'Connor announced that to further generate deposits, loans and other services
 the Bank has contracted to purchase land intended for a new branch office in a
 rapidly growing commercial and residential area.  Presently, there are no
 other banking facilities in the immediate area.  Assuming the branch is opened
 as planned, it would be a full service facility with drive-up and ATM
 capabilities.
     On April 26, 2001, the Company's stock priced closed at $10.60 per share
 on the American Stock Exchange.  The Company's price to book value per share
 ratio and dividend yield totaled 74.5% and 4.62%, respectively.
     EFC Bancorp, Inc. is a thrift holding company headquartered in Elgin,
 Illinois, with $601.6 million in assets.  Its primary subsidiary, Elgin
 Financial Savings Bank, a state chartered financial institution, maintains
 seven full service offices in Elgin and surrounding communities.
     For further information about the Company and the Bank visit them on the
 world wide web at www.efcbancorp.com and www.elginfsb.com , respectively.
     EFC Bancorp, Inc. common stock is traded on the American Stock Exchange
 under the symbol "EFC".
     Statements contained in this news release which are not historical facts,
 are forward-looking statements as that term is defined in the Private
 Securities Litigation 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.
     The Company does not undertake, and specifically disclaims any obligation,
 to publicly release the result of any revisions which may be made to any
 forward-looking statements to reflect events or circumstances after the date
 of such statements or to reflect the occurrence of anticipated or
 unanticipated events.
 
     EFC BANCORP, INC. AND SUBSIDIARIES
     Selected consolidated financial data,
      operating data and selected ratios (Unaudited)
 
                                            March 31,     Dec. 31,     Dec. 31,
                                               2001         2000        1999
     Selected Consolidated Financial Data
      (In Thousands):
       Total Assets                          $601,550     583,201     510,972
       Loans receivable, net                  472,513     459,795     396,007
       Investment securities available-
        for-sale                               55,208      64,071      61,080
       Mortgage-backed securities
        available-for-sale                     14,958       9,454      11,882
       Deposits                               374,301     369,533     323,879
       FHLB Advances                          150,200     140,200     115,200
       Total equity                            67,661      67,285      66,422
       Non-performing assets                    4,959       5,072       1,438
       Allowance for loan losses                1,971       1,881       1,545
 
     Selected Ratios:
       Total equity to total assets            11.25%      11.54%      13.00%
       Allowance for loan losses as a %
        of nonperforming assets                39.75%      37.09%     107.44%
       Allowance for loan losses as a %
        of loans, net                           0.42%       0.41%       0.39%
       Book value per share                     14.23       13.92       12.87
       Market value per share                   10.35       10.38       10.00
       Dividends per share (for the
        quarter ended)                         0.1225      0.1200      0.1000
 
 
                                                        Three months ended
                                                              March 31,
                                                      2001               2000
     Selected Consolidated Operating Data
      (In Thousands):
       Interest income                               $10,686             9,189
       Interest expense                                6,488             5,108
         Net interest income before
          provision for loan losses                    4,198             4,081
       Provision for loan losses                          90                60
         Net interest income after
          provision for loan losses                    4,108             4,021
       Noninterest income                                342               266
       Noninterest expense                             3,043             2,819
         Income before income expense                  1,407             1,468
       Income tax expense                                505               505
         Net income                                     $902               963
 
 
       Earnings per share - basic                      $0.21              0.21
       Earnings per share - diluted                    $0.21              0.21
 
 
                                                       Three months ended
                                                             March 31,
                                                      2001               2000
     Selected Ratios:
       Return on average assets (a)                   0.60%              0.74%
       Interest rate spread                           2.22%              2.59%
       Net interest margin (a)                        2.89%              3.26%
       Return on average equity (a)                   5.35%              5.89%
       Noninterest expense to average
        total assets (a)                              2.03%              2.16%
       Efficiency ratio                               67.0%              64.9%
 
 
     Selected Consolidated Average Balance Data (In Thousands):
                                                       Three months ended
                                                             March 31,
                                                     2001               2000
 
       Total Assets                                $600,378           521,465
       Mortgage loans receivable, net               424,706           380,404
       Total deposits                               345,110           317,471
       FHLB advances                                160,200           112,867
       Stockholders' equity                          67,420            65,364
 
       (a)  Annualized.
 
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 SOURCE  EFC Bancorp, Inc.