Finger Lakes Bancorp Inc. Announces First Quarter 2001 Results

Apr 17, 2001, 01:00 ET from Finger Lakes Bancorp, Inc.

    GENEVA, N.Y., April 17 /PRNewswire/ --
 Finger Lakes Bancorp, Inc. (Nasdaq:   FLBC), the parent company of the Savings
 Bank of the Finger Lakes, today announced results for the quarter-ended
 March 31, 2001. Net income for the quarter totaled $343,000, or $.11 per
 diluted share, compared to $164,000, or $.05 per diluted share for the quarter
 ended March 31, 2000.
     Total assets as of March 31, 2001 were $348.0 million, an increase of
 $18.8 million or 5.7%, from yearend 2000. Total loans increased by
 $3.1 million or 1.8% to $175.6 million. Securities available for sale
 increased by $14.0 million or 10.7% to $145.4 million. Deposits as of
 March 31, 2001 were $235.6 million, up $7.2 million or 3.1% from year-end
 2000. Borrowed funds increased by $10.9 million or 18.1% to $71.1 million.
 Stockholders' equity at December 31, 2000 was $37.8 million, representing
 10.9% of total assets.
     G. Thomas Bowers, President and Chief Executive Officer said, "We believe
 that first quarter results demonstrate our commitment to significantly improve
 the financial performance of our company with earnings per share more than
 double that of 1st quarter 2000."
     The increase of $3.1 million in total loans consisted of an increase of
 $1.8 million in residential and commercial mortgage loans, $507,000 in
 consumer loans, $190,000 in home equity loans, and $690,000 in commercial
 business loans.
     Total deposits grew $7.2 million or 3.1%. Savings and demand deposits
 increased by $1.3 million and certificates of deposit increased by
 $5.9 million.
     Net interest income for the first quarter of 2001 amounted to
 $2.2 million, unchanged from the first quarter of 2000. Net interest margin
 for the quarter was 2.77%, as compared to 2.97% for first quarter of 2000. The
 average interest rate spread was 2.38% versus 2.73% for 2000. The average
 yield on earning assets increased to 7.53%, compared to 7.34% in 2000, while
 the average cost of funds increased from 4.60% to 5.14%.
     Provision for loan losses for the quarter amounted to $60,000, unchanged
 from 2000. The allowance for loan losses amounted to $1.5 million as of
 March 31, 2001 or 0.86% of total loans outstanding. Asset quality remained
 strong with the ratio of non-performing loans to total loans of .31% as of
 March 31, 2001.
     Noninterest income, consisting primarily of service charges on deposit
 accounts, loan servicing fees, income from the sale of annuities and mutual
 funds, and gains and losses on loans and securities sold, was $543,000 for the
 quarter ended March 31, 2001, an increase of $293,000 or 117%, compared to the
 quarter ended March 31, 2000. Net gains on the sale of investment securities
 amounted to $118,000 and income on bank owned life insurance amounted to
 $75,000.
     Noninterest expense totaled $2.2 million for the quarter ended March 31,
 2001, an increase of $72,000 or 3.5% from 2000. Salaries and employee benefits
 and office occupancy and equipment expense increased $154,000 or 11.5%,
 primarily due to adding our seventh branch office in Auburn, New York in the
 second quarter of 2000. Other noninterest expense, which includes items such
 as postage, office supplies, telephone charges, insurance, and third party
 check processing, increased $54,000 or 14.7%. These increases were offset by a
 decrease of $150,000 in the provision for remediation expense on other real
 estate owned.
     On April 16, 2001, the Board of Directors of the Finger Lakes Bancorp,
 Inc., declared a regular cash dividend for the quarter ended March 31, 2001,
 of $.06 per share to shareholders of record April 30, 2001, payable on May 14,
 2001.
 
     This release may contain forward-looking statements based on current
 expectations, estimates and projections about the Company's industry,
 management's beliefs and assumptions made by management. Words such as
 "anticipates," "expects," "intends," "plans," "believes," "seems," estimates,"
 variations of such words and similar expressions are intended to identify such
 forward-looking statements. These statements are not guarantees of future
 performance and are subject to certain risks, uncertainties and assumptions
 that are difficult to forecast. Therefore, actual results may differ
 materially from those expressed or forecast in such forward-looking
 statements. The Company undertakes no obligation to update publicly any
 forward-looking statements, whether as a result of new information or
 otherwise.
     Finger Lakes Bancorp, Inc. is the stock holding company of the Savings
 Bank of the Finger Lakes, a federal savings bank headquartered in Geneva, New
 York. The Savings Bank of the Finger Lakes operates seven branch offices in
 Geneva, Seneca Falls, Ithaca, Canandaigua and Auburn.
 
                 Selected Consolidated Financial and Other Data
                  Of Finger Lakes Bancorp, Inc. and Subsidiary
 
                                                      March 31,    December 31,
                                                        2001           2000
                                                          (In Thousands)
     Selected Financial Condition:
     Total assets                                    $347,956       $329,196
     Cash and cash equivalents                          3,936          4,496
     Securities available for sale                    145,351        131,322
     Securities held to maturity                        1,563          1,563
     Loans, net                                       175,564        172,422
     Deposits                                         235,642        228,462
     Advances from Federal Home Loan Bank              71,102         60,243
     Stockholders' equity                              37,824         36,571
     Stockholders' equity to total assets
      at end of period                                 10.87%         11.11%
     Book value per common share                       $10.98         $10.62
 
                                                         Three Months Ended
                                                               March 31,
                                                         2001           2000
                                          (In thousands, except per share data)
     Selected Operating Data:
 
     Total interest income                             $5,919         $5,335
     Total interest expense                             3,741          3,175
       Net interest income                              2,178          2,160
     Provision for loan losses                             60             60
     Net interest income after provision for
      loan losses                                       2,118          2,100
     Noninterest income                                   543            250
     Noninterest expense                                2,155          2,083
     Income before income tax expense                     506            267
     Income tax expense                                   163            103
     Net income                                          $343           $164
     Net income per share - basic                       $0.11          $0.05
     Net income per share - diluted                     $0.11          $0.05
 
 
                   Selected Consolidated Financial and Other Data
                    Of Finger Lakes Bancorp, Inc. and Subsidiary
 
                                                         Three Months Ended
                                                              March 31,
                                                         2001          2000
     Selected Ratios:
     Return on assets(1)                                0.41%          0.22%
     Return on stockholders' equity(1)                  3.73%          3.35%
     Interest rate spread information:
       Average during period                            2.38%          2.73%
       End of period                                    2.41%          2.75%
     Net interest margin                                2.77%          2.97%
     Noninterest expense to average total assets(l)     2.60%          2.78%
     Efficiency ratio(l)                               79.20%         86.43%
     Fee income as a percentage of net
      interest income                                  18.96%         10.14%
 
     (1) Annualized
 
                                                       March 31,   December 31,
                                                         2001          2000
     Asset Quality Ratios:
     Non-performing assets to total assets              0.25%          0.18%
     Non-performing loans to loans, net                 0.31%          0.13%
     Non-performing loans and troubled debt
      restructings to lows, net                         0.47%          0.30%
     Allowance for loan losses to
      non-performing loans                            279.11%        641.05%
     Allowance for loan losses to loans, net            0.86%          0.85%
 
 

SOURCE Finger Lakes Bancorp, Inc.
    GENEVA, N.Y., April 17 /PRNewswire/ --
 Finger Lakes Bancorp, Inc. (Nasdaq:   FLBC), the parent company of the Savings
 Bank of the Finger Lakes, today announced results for the quarter-ended
 March 31, 2001. Net income for the quarter totaled $343,000, or $.11 per
 diluted share, compared to $164,000, or $.05 per diluted share for the quarter
 ended March 31, 2000.
     Total assets as of March 31, 2001 were $348.0 million, an increase of
 $18.8 million or 5.7%, from yearend 2000. Total loans increased by
 $3.1 million or 1.8% to $175.6 million. Securities available for sale
 increased by $14.0 million or 10.7% to $145.4 million. Deposits as of
 March 31, 2001 were $235.6 million, up $7.2 million or 3.1% from year-end
 2000. Borrowed funds increased by $10.9 million or 18.1% to $71.1 million.
 Stockholders' equity at December 31, 2000 was $37.8 million, representing
 10.9% of total assets.
     G. Thomas Bowers, President and Chief Executive Officer said, "We believe
 that first quarter results demonstrate our commitment to significantly improve
 the financial performance of our company with earnings per share more than
 double that of 1st quarter 2000."
     The increase of $3.1 million in total loans consisted of an increase of
 $1.8 million in residential and commercial mortgage loans, $507,000 in
 consumer loans, $190,000 in home equity loans, and $690,000 in commercial
 business loans.
     Total deposits grew $7.2 million or 3.1%. Savings and demand deposits
 increased by $1.3 million and certificates of deposit increased by
 $5.9 million.
     Net interest income for the first quarter of 2001 amounted to
 $2.2 million, unchanged from the first quarter of 2000. Net interest margin
 for the quarter was 2.77%, as compared to 2.97% for first quarter of 2000. The
 average interest rate spread was 2.38% versus 2.73% for 2000. The average
 yield on earning assets increased to 7.53%, compared to 7.34% in 2000, while
 the average cost of funds increased from 4.60% to 5.14%.
     Provision for loan losses for the quarter amounted to $60,000, unchanged
 from 2000. The allowance for loan losses amounted to $1.5 million as of
 March 31, 2001 or 0.86% of total loans outstanding. Asset quality remained
 strong with the ratio of non-performing loans to total loans of .31% as of
 March 31, 2001.
     Noninterest income, consisting primarily of service charges on deposit
 accounts, loan servicing fees, income from the sale of annuities and mutual
 funds, and gains and losses on loans and securities sold, was $543,000 for the
 quarter ended March 31, 2001, an increase of $293,000 or 117%, compared to the
 quarter ended March 31, 2000. Net gains on the sale of investment securities
 amounted to $118,000 and income on bank owned life insurance amounted to
 $75,000.
     Noninterest expense totaled $2.2 million for the quarter ended March 31,
 2001, an increase of $72,000 or 3.5% from 2000. Salaries and employee benefits
 and office occupancy and equipment expense increased $154,000 or 11.5%,
 primarily due to adding our seventh branch office in Auburn, New York in the
 second quarter of 2000. Other noninterest expense, which includes items such
 as postage, office supplies, telephone charges, insurance, and third party
 check processing, increased $54,000 or 14.7%. These increases were offset by a
 decrease of $150,000 in the provision for remediation expense on other real
 estate owned.
     On April 16, 2001, the Board of Directors of the Finger Lakes Bancorp,
 Inc., declared a regular cash dividend for the quarter ended March 31, 2001,
 of $.06 per share to shareholders of record April 30, 2001, payable on May 14,
 2001.
 
     This release may contain forward-looking statements based on current
 expectations, estimates and projections about the Company's industry,
 management's beliefs and assumptions made by management. Words such as
 "anticipates," "expects," "intends," "plans," "believes," "seems," estimates,"
 variations of such words and similar expressions are intended to identify such
 forward-looking statements. These statements are not guarantees of future
 performance and are subject to certain risks, uncertainties and assumptions
 that are difficult to forecast. Therefore, actual results may differ
 materially from those expressed or forecast in such forward-looking
 statements. The Company undertakes no obligation to update publicly any
 forward-looking statements, whether as a result of new information or
 otherwise.
     Finger Lakes Bancorp, Inc. is the stock holding company of the Savings
 Bank of the Finger Lakes, a federal savings bank headquartered in Geneva, New
 York. The Savings Bank of the Finger Lakes operates seven branch offices in
 Geneva, Seneca Falls, Ithaca, Canandaigua and Auburn.
 
                 Selected Consolidated Financial and Other Data
                  Of Finger Lakes Bancorp, Inc. and Subsidiary
 
                                                      March 31,    December 31,
                                                        2001           2000
                                                          (In Thousands)
     Selected Financial Condition:
     Total assets                                    $347,956       $329,196
     Cash and cash equivalents                          3,936          4,496
     Securities available for sale                    145,351        131,322
     Securities held to maturity                        1,563          1,563
     Loans, net                                       175,564        172,422
     Deposits                                         235,642        228,462
     Advances from Federal Home Loan Bank              71,102         60,243
     Stockholders' equity                              37,824         36,571
     Stockholders' equity to total assets
      at end of period                                 10.87%         11.11%
     Book value per common share                       $10.98         $10.62
 
                                                         Three Months Ended
                                                               March 31,
                                                         2001           2000
                                          (In thousands, except per share data)
     Selected Operating Data:
 
     Total interest income                             $5,919         $5,335
     Total interest expense                             3,741          3,175
       Net interest income                              2,178          2,160
     Provision for loan losses                             60             60
     Net interest income after provision for
      loan losses                                       2,118          2,100
     Noninterest income                                   543            250
     Noninterest expense                                2,155          2,083
     Income before income tax expense                     506            267
     Income tax expense                                   163            103
     Net income                                          $343           $164
     Net income per share - basic                       $0.11          $0.05
     Net income per share - diluted                     $0.11          $0.05
 
 
                   Selected Consolidated Financial and Other Data
                    Of Finger Lakes Bancorp, Inc. and Subsidiary
 
                                                         Three Months Ended
                                                              March 31,
                                                         2001          2000
     Selected Ratios:
     Return on assets(1)                                0.41%          0.22%
     Return on stockholders' equity(1)                  3.73%          3.35%
     Interest rate spread information:
       Average during period                            2.38%          2.73%
       End of period                                    2.41%          2.75%
     Net interest margin                                2.77%          2.97%
     Noninterest expense to average total assets(l)     2.60%          2.78%
     Efficiency ratio(l)                               79.20%         86.43%
     Fee income as a percentage of net
      interest income                                  18.96%         10.14%
 
     (1) Annualized
 
                                                       March 31,   December 31,
                                                         2001          2000
     Asset Quality Ratios:
     Non-performing assets to total assets              0.25%          0.18%
     Non-performing loans to loans, net                 0.31%          0.13%
     Non-performing loans and troubled debt
      restructings to lows, net                         0.47%          0.30%
     Allowance for loan losses to
      non-performing loans                            279.11%        641.05%
     Allowance for loan losses to loans, net            0.86%          0.85%
 
 SOURCE  Finger Lakes Bancorp, Inc.