First Bell Bancorp, Inc. Announces First Quarter 2001 Earnings

Apr 24, 2001, 01:00 ET from First Bell Bancorp, Inc.

    WILMINGTON, Del., April 24 /PRNewswire Interactive News Release/ --
 First Bell Bancorp, Inc. (Nasdaq:   FBBC), today reported net income of
 $1,675,000 or $0.40 per share for the quarter ended March 31, 2001, in
 comparison to 1,969,000 or $0.44 per share for the quarter ended March 31,
 2000. Earnings per share are based on diluted shares.  The return on average
 equity was 11.03% for the first quarter of fiscal 2001.
     Total consolidated assets at March 31, 2001 were $848.4 million compared
 to $832.7 million at December 31, 2000.  Stockholders' equity as of March 31,
 2001 was $64.4 million representing a book value per share of $13.53.
     Total non-performing assets were $807,000 or 0.10% of total assets as of
 March 31, 2001 in comparison to $594,000 or 0.07% of assets as of December 31,
 2000.  The reserve for loan losses was $925,000 representing 115% of non-
 performing assets as of the end of the current quarter.
     Additional information of First Bell Bancorp, Inc. and its subsidiary Bell
 Federal Savings and Loan Association of Bellevue can be found on the world
 wide web at www.bellfederalsavings.com.
 
 
                            FIRST BELL BANCORP, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                              AS OF MARCH 31, 2001
                                  (unaudited)
                    (in thousands except per share amounts)
 
                                     THREE MONTHS       THREE MONTHS
                                        ENDED               ENDED
                                    MARCH 31, 2001     MARCH 31, 2000
     Tax equivalent interest income:
       Conventional mortgage loans      $9,164              $9,556
       Interest-bearing deposits           593                 223
       Mortgage-backed securities          136                  46
       Federal funds sold                   93                 391
       Investment securities             3,597               3,582
       Other loans                          17                  17
       Federal Home Loan Bank stock        178                 192
          Total tax equivalent
           interest income              13,778              14,007
 
     Interest expense on deposits        7,535               6,427
     Interest expense on borrowings      3,179               3,245
          Total interest expense        10,714               9,672
 
          Net tax equivalent
           interest income               3,064               4,335
 
     Provision for loan losses               0                   0
 
         Net tax equivalent interest
          income after provision
          for loan losses                3,064               4,335
 
     Other income:
       Loan fees and service charges       285                 158
       Gains on sales of loans
        and investments                    402                   0
       Other income                        164                  88
          Total other income               851                 246
 
     General and administrative
      expenses:
       Compensation, payroll
        taxes and fringe benefits          657                 729
       Federal insurance premiums           26                  26
       Office occupancy expense,
        excluding depreciation             148                 117
       Depreciation                         76                  71
       Computer services                    80                  70
       Other expenses                      250                 325
          Total general and
           administrative expenses       1,237               1,338
 
     Net income before taxes             2,678               3,243
 
     Provision for income taxes:
       Current:
         Federal                         1,254               1,242
         State                              64                  34
         Deferred expense(credit)         (315)                 (2)
     Total provision for
      income taxes                       1,003               1,274
 
     Net income                         $1,675              $1,969
 
     Basic earnings per share            $0.41               $0.46
     Diluted earnings per share          $0.40               $0.44
     Weighted average
      shares outstanding-Basic           4,055               4,322
     Weighted average shares
      outstanding-Diluted                4,186               4,475
 
 
                            First Bell Bancorp, Inc.
                                   Unaudited
                     In Thousands Except Per Share Amounts
 
                                    Three Months        Three Months
                                       Ended                Ended
                                      03/31/01            03/31/00
     AVERAGE  BALANCES
        Portfolio Loans                516,534             533,422
        Mortgage-Backed Securities       6,977               2,655
        Other Investment Securities    224,877             206,401
        Other Earning Assets            64,212              49,436
        Total Earning Assets           812,600             791,914
        Total Assets                   843,212             805,284
        Total Deposits                 540,789             511,857
        Borrowings                     218,475             225,102
        Advances by Borrower for
         Taxes and Insurance            13,499              12,981
            Total Interest-Bearing
             Liabilities               772,763             749,940
            Total Stockholders'
             Equity                     60,741              54,557
 
     PERIOD END BALANCES
        Loans                          495,500             535,339
        Reserve for Loan Losses            925                 925
        Mortgage-Backed Securities           0               6,332
        Total Assets                   848,362             808,011
        Total Stockholders' Equity      64,390              53,887
        Deposits                       546,876             515,675
        Borrowings                     218,000             223,000
        Servicing Portfolio (others)    36,402              18,097
        Total Servicing Portfolio      520,029             540,103
        Shares Outstanding               4,758               4,968
        FTE Staff                           51                  54
        Non-Accrual Loans                  807                 288
        Other Real Estate Owned              0                  29
        Nonperforming Assets               807                 317
 
     SELECTED RATIOS
        Book Value Per Share            $13.53              $10.85
        Period Ending Share Price      $13.938             $16.500
        Diluted Earnings Per Share       $0.40               $0.44
        Return on average equity(A)     11.03%              14.44%
        Return on average assets(A)      0.79%               0.98%
        Net yield on average interest
         earning assets(A)(B)            1.51%               2.19%
        Other expenses to
         average assets(A)               0.59%               0.66%
        Net interest income
         to other expenses(B)            2.48x               3.24x
        Nonperforming assets
         to total assets                 0.10%               0.04%
        Average shareholders' equity
         to avg. total assets            7.20%               6.77%
        Nonperforming loans
         to total loans                  0.16%               0.05%
        Allowance for possible loan
         losses to total loans           0.19%               0.17%
        Allowance for possible loan losses
          to nonperforming assets        1.15x               2.92x
        Net interest income after
         provision for possible loan
         losses to other expenses(B)     2.48x               3.24x
        Average interest earning assets
         to average interest
         bearing liabilities             1.05x               1.06x
        Efficiency ratio                31.60%              29.21%
        Dividend payout ratio           32.78%              26.36%
        Number of:
          Depositor accounts            57,005              54,830
          Full-service customer
           service facilities                7                   7
 
     (A) annualized rates
 
     (B) tax equivalent net interest income
 
 
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SOURCE First Bell Bancorp, Inc.
    WILMINGTON, Del., April 24 /PRNewswire Interactive News Release/ --
 First Bell Bancorp, Inc. (Nasdaq:   FBBC), today reported net income of
 $1,675,000 or $0.40 per share for the quarter ended March 31, 2001, in
 comparison to 1,969,000 or $0.44 per share for the quarter ended March 31,
 2000. Earnings per share are based on diluted shares.  The return on average
 equity was 11.03% for the first quarter of fiscal 2001.
     Total consolidated assets at March 31, 2001 were $848.4 million compared
 to $832.7 million at December 31, 2000.  Stockholders' equity as of March 31,
 2001 was $64.4 million representing a book value per share of $13.53.
     Total non-performing assets were $807,000 or 0.10% of total assets as of
 March 31, 2001 in comparison to $594,000 or 0.07% of assets as of December 31,
 2000.  The reserve for loan losses was $925,000 representing 115% of non-
 performing assets as of the end of the current quarter.
     Additional information of First Bell Bancorp, Inc. and its subsidiary Bell
 Federal Savings and Loan Association of Bellevue can be found on the world
 wide web at www.bellfederalsavings.com.
 
 
                            FIRST BELL BANCORP, INC.
                        CONSOLIDATED STATEMENT OF INCOME
                              AS OF MARCH 31, 2001
                                  (unaudited)
                    (in thousands except per share amounts)
 
                                     THREE MONTHS       THREE MONTHS
                                        ENDED               ENDED
                                    MARCH 31, 2001     MARCH 31, 2000
     Tax equivalent interest income:
       Conventional mortgage loans      $9,164              $9,556
       Interest-bearing deposits           593                 223
       Mortgage-backed securities          136                  46
       Federal funds sold                   93                 391
       Investment securities             3,597               3,582
       Other loans                          17                  17
       Federal Home Loan Bank stock        178                 192
          Total tax equivalent
           interest income              13,778              14,007
 
     Interest expense on deposits        7,535               6,427
     Interest expense on borrowings      3,179               3,245
          Total interest expense        10,714               9,672
 
          Net tax equivalent
           interest income               3,064               4,335
 
     Provision for loan losses               0                   0
 
         Net tax equivalent interest
          income after provision
          for loan losses                3,064               4,335
 
     Other income:
       Loan fees and service charges       285                 158
       Gains on sales of loans
        and investments                    402                   0
       Other income                        164                  88
          Total other income               851                 246
 
     General and administrative
      expenses:
       Compensation, payroll
        taxes and fringe benefits          657                 729
       Federal insurance premiums           26                  26
       Office occupancy expense,
        excluding depreciation             148                 117
       Depreciation                         76                  71
       Computer services                    80                  70
       Other expenses                      250                 325
          Total general and
           administrative expenses       1,237               1,338
 
     Net income before taxes             2,678               3,243
 
     Provision for income taxes:
       Current:
         Federal                         1,254               1,242
         State                              64                  34
         Deferred expense(credit)         (315)                 (2)
     Total provision for
      income taxes                       1,003               1,274
 
     Net income                         $1,675              $1,969
 
     Basic earnings per share            $0.41               $0.46
     Diluted earnings per share          $0.40               $0.44
     Weighted average
      shares outstanding-Basic           4,055               4,322
     Weighted average shares
      outstanding-Diluted                4,186               4,475
 
 
                            First Bell Bancorp, Inc.
                                   Unaudited
                     In Thousands Except Per Share Amounts
 
                                    Three Months        Three Months
                                       Ended                Ended
                                      03/31/01            03/31/00
     AVERAGE  BALANCES
        Portfolio Loans                516,534             533,422
        Mortgage-Backed Securities       6,977               2,655
        Other Investment Securities    224,877             206,401
        Other Earning Assets            64,212              49,436
        Total Earning Assets           812,600             791,914
        Total Assets                   843,212             805,284
        Total Deposits                 540,789             511,857
        Borrowings                     218,475             225,102
        Advances by Borrower for
         Taxes and Insurance            13,499              12,981
            Total Interest-Bearing
             Liabilities               772,763             749,940
            Total Stockholders'
             Equity                     60,741              54,557
 
     PERIOD END BALANCES
        Loans                          495,500             535,339
        Reserve for Loan Losses            925                 925
        Mortgage-Backed Securities           0               6,332
        Total Assets                   848,362             808,011
        Total Stockholders' Equity      64,390              53,887
        Deposits                       546,876             515,675
        Borrowings                     218,000             223,000
        Servicing Portfolio (others)    36,402              18,097
        Total Servicing Portfolio      520,029             540,103
        Shares Outstanding               4,758               4,968
        FTE Staff                           51                  54
        Non-Accrual Loans                  807                 288
        Other Real Estate Owned              0                  29
        Nonperforming Assets               807                 317
 
     SELECTED RATIOS
        Book Value Per Share            $13.53              $10.85
        Period Ending Share Price      $13.938             $16.500
        Diluted Earnings Per Share       $0.40               $0.44
        Return on average equity(A)     11.03%              14.44%
        Return on average assets(A)      0.79%               0.98%
        Net yield on average interest
         earning assets(A)(B)            1.51%               2.19%
        Other expenses to
         average assets(A)               0.59%               0.66%
        Net interest income
         to other expenses(B)            2.48x               3.24x
        Nonperforming assets
         to total assets                 0.10%               0.04%
        Average shareholders' equity
         to avg. total assets            7.20%               6.77%
        Nonperforming loans
         to total loans                  0.16%               0.05%
        Allowance for possible loan
         losses to total loans           0.19%               0.17%
        Allowance for possible loan losses
          to nonperforming assets        1.15x               2.92x
        Net interest income after
         provision for possible loan
         losses to other expenses(B)     2.48x               3.24x
        Average interest earning assets
         to average interest
         bearing liabilities             1.05x               1.06x
        Efficiency ratio                31.60%              29.21%
        Dividend payout ratio           32.78%              26.36%
        Number of:
          Depositor accounts            57,005              54,830
          Full-service customer
           service facilities                7                   7
 
     (A) annualized rates
 
     (B) tax equivalent net interest income
 
 
                     MAKE YOUR OPINION COUNT -  Click Here
                http://tbutton.prnewswire.com/prn/11690X82197076
 
 SOURCE  First Bell Bancorp, Inc.