GA Financial, Inc. Reports First Quarter 2001 Earnings and Dividend

Apr 26, 2001, 01:00 ET from GA Financial Inc.

    PITTSBURGH, April 26 /PRNewswire/ -- GA Financial, Inc. (Amex:   GAF)
 reported earnings of $1.5 million or $.29 per share (diluted) for the
 three-month period ended March 31, 2001, compared to earnings of $1.6 million
 and earnings per share (diluted) of $.29 for the three-month period ended
 March 31, 2000.  GA Financial, Inc. recorded a previously announced
 non-recurring pre-tax expense of $100,000 associated with the closing of its
 Belle Vernon branch.
     GA Financial, Inc. also announced that at its meeting held April 25, 2001
 the Board of Directors declared a dividend of $.18 per share to stockholders
 of record on May 11, 2001, payable on May 21, 2001.  This dividend represents
 a 5.05% yield based on the stock price of $14.25 at the close of business on
 April 25, 2001.
     GA Financial, Inc. is the parent company of Great American Federal.  The
 Whitehall-based community financial institution operates fifteen branch
 offices in Allegheny and Westmoreland counties.  At March 31, 2001, GA
 Financial, Inc. had total consolidated assets of $892.4 million.
 
 
                               GA Financial, Inc.
                 Consolidated Statements of Financial Condition
                   As of March 31, 2001 and December 31, 2000
 
                                                  (Unaudited)
                                                    March 31,     December 31,
                                                       2001           2000
     ASSETS (Dollars in thousands
      except per share amounts)
 
     Cash (including interest-bearing demand
      deposits of $31,170 in 2001 and $16,596
      in 2000)                                        $35,424        $21,436
     Held for trading securities, at fair value           861            798
 
     Available for sale securities, at fair value:
       Investment securities                          140,472        145,370
       Mortgage-related securities                    253,724        265,681
     Held to maturity investment securities, at
      cost                                             14,098         12,761
 
     Loans receivable, net of allowance for
      loan losses of $2,311 and $2,268,
      respectively                                    387,547        380,474
     Education loans held for sale                     19,100         19,359
     Accrued interest receivable                        6,368          6,411
     Federal Home Loan Bank stock                      15,458         15,458
 
     Office, property and equipment, net                7,466          7,441
     Foreclosed assets                                    160            154
     Securities sold, not settled                           -          1,539
 
     Prepaid expenses and other assets                 11,750         12,287
     TOTAL ASSETS                                    $892,428       $889,169
 
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
     Noninterest-bearing demand deposits              $35,832        $33,840
     Savings accounts                                 493,709        488,645
     Borrowed funds                                   258,575        268,598
     Advances from customers for taxes,
      insurance, and other                              2,307          1,822
     Accrued interest payable                           4,479          2,506
     Other liabilities                                  2,957          1,110
     TOTAL LIABILITIES                               $797,859       $796,521
 
     Shareholders' Equity:
     Preferred stock, (.01 par value);
      1,000,000 shares authorized;
      0 shares issued                                       -              -
     Common stock, (.01 par value);
      23,000,000 shares authorized;
      8,900,000 shares issued                              89             89
     Additional paid in capital                        86,865         86,898
     Treasury stock, at cost (3,423,251 shares
      as of March 31, 2001 and 3,278,071 shares
      as of December 31, 2000)                        (54,982)       (52,892)
     Unearned employee stock ownership plan
      (ESOP) shares                                    (3,780)        (3,780)
     Unearned recognition and retention plan
      (RRP) shares                                       (742)          (758)
     Accumulated other comprehensive results,
      net of taxes                                        833         (2,608)
     Retained earnings                                 66,286         65,699
     TOTAL SHAREHOLDERS' EQUITY                        94,569         92,648
 
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $892,428       $889,169
 
 
                               GA Financial, Inc.
                       Consolidated Statements of Income
               For the Three Months Ended March 31, 2001 and 2000
 
                                                        For the Three Months
                                                          Ended March 31,
                                                            (Unaudited)
 
     (Dollars in thousands except per share data)        2001           2000
 
 
     Interest income:
     Loans                                             $7,741         $6,688
     Mortgage-related securities                        4,336          5,314
     Investment securities                              2,432          2,488
     Bank deposits                                        337            100
     Total interest income                            $14,846        $14,590
     Interest expense:
     Savings accounts                                   5,350          4,827
     Borrowed funds                                     3,660          4,026
     Other                                                  7              9
     Total interest expense                            $9,017         $8.862
     Net interest income before provision
      for losses on loans                              $5,829         $5,728
     Provision for losses on loans                         90            180
     Net interest income after provision
      for losses on loans                              $5,739         $5,548
     Non-interest income:
     Service fees                                         641            663
     Net (loss) gain on sales of securities               (36)           106
     Net trading gains                                     69             84
     Net gain on sales of education loans                  43             20
     Other                                                110            143
     Total non-interest income                           $827         $1,016
     Non-interest expense:
     Compensation and employee benefits                 2,608          2,464
     Occupancy and equipment                              504            427
     Deposit insurance premiums                            25             26
     Depreciation                                         257            177
     Marketing                                             83             64
     Other                                              1,136          1,278
     Total non-interest expense                        $4,613         $4,436
     Income before provision for income taxes          $1,953         $2,128
     Provision for income taxes                           450            510
     Net income                                        $1,503         $1,618
 
 
     Other comprehensive results:
     Unrealized holding gains on available
      for sale securities, net of taxes                 3,371            388
     Reclassification adjustment for losses
      (gains) included in net income                       70            (67)
     Other comprehensive income                         3,441            321
     Comprehensive income                              $4,944         $1,939
 
 
     Basic earnings per share                            $.30           $.29
 
     Diluted earnings per share                          $.29           $.29
 
     Dividends per share                                 $.18           $.18
 
     Average shares outstanding - basic             5,080,030      5,560,680
     Average shares outstanding - diluted           5,145,708      5,563,794
 
 
                            Selected Financial Data
                (Dollars in thousands except per share amounts)
 
                                                    (Unaudited)    (Unaudited)
                                                     March 31,    December 31,
                                                       2001           2000
 
     Total assets                                    $892,428       $889,169
     Total loans receivable, net                      406,647        399,833
     Loan loss reserve                                  2,311          2,268
     Non-performing loans                               1,926          1,220
     Non-performing loans and foreclosed assets         2,086          1,374
     Non-performing assets to total assets               .23%           .15%
     Loan loss reserve to total gross loans              .54%           .55%
     Loan loss reserve to non-performing assets          111%           165%
     Held to maturity investment securities, at cost   14,098         12,761
     Mortgage-related securities available for sale,
      at fair value                                   253,724        265,681
     Investment securities available for sale,
      at fair value                                   140,472        145,370
     Held for trading securities, at fair value           861            798
     Total savings deposits                           529,541        522,485
     Passbook accounts                                124,064        125,258
     Certificates of deposit                          262,425        253,351
     Checking accounts                                 74,140         72,742
     Money market accounts                             68,912         71,134
     Consolidated stockholders' equity                 94,569         92,648
     Book value per share                              $17.27         $16.48
 
 
                                              Three Months Ended
                                                   March 31,
                                               2001        2000
                                           (Unaudited)  (Unaudited)
     Net interest margin                       2.90%       2.96%
     Average interest rate spread              2.35%       2.56%
     Return on Average Assets (annualized)      .68%        .74%
     Return on Average Equity (annualized)     6.52%       8.08%
 
 
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SOURCE GA Financial Inc.
    PITTSBURGH, April 26 /PRNewswire/ -- GA Financial, Inc. (Amex:   GAF)
 reported earnings of $1.5 million or $.29 per share (diluted) for the
 three-month period ended March 31, 2001, compared to earnings of $1.6 million
 and earnings per share (diluted) of $.29 for the three-month period ended
 March 31, 2000.  GA Financial, Inc. recorded a previously announced
 non-recurring pre-tax expense of $100,000 associated with the closing of its
 Belle Vernon branch.
     GA Financial, Inc. also announced that at its meeting held April 25, 2001
 the Board of Directors declared a dividend of $.18 per share to stockholders
 of record on May 11, 2001, payable on May 21, 2001.  This dividend represents
 a 5.05% yield based on the stock price of $14.25 at the close of business on
 April 25, 2001.
     GA Financial, Inc. is the parent company of Great American Federal.  The
 Whitehall-based community financial institution operates fifteen branch
 offices in Allegheny and Westmoreland counties.  At March 31, 2001, GA
 Financial, Inc. had total consolidated assets of $892.4 million.
 
 
                               GA Financial, Inc.
                 Consolidated Statements of Financial Condition
                   As of March 31, 2001 and December 31, 2000
 
                                                  (Unaudited)
                                                    March 31,     December 31,
                                                       2001           2000
     ASSETS (Dollars in thousands
      except per share amounts)
 
     Cash (including interest-bearing demand
      deposits of $31,170 in 2001 and $16,596
      in 2000)                                        $35,424        $21,436
     Held for trading securities, at fair value           861            798
 
     Available for sale securities, at fair value:
       Investment securities                          140,472        145,370
       Mortgage-related securities                    253,724        265,681
     Held to maturity investment securities, at
      cost                                             14,098         12,761
 
     Loans receivable, net of allowance for
      loan losses of $2,311 and $2,268,
      respectively                                    387,547        380,474
     Education loans held for sale                     19,100         19,359
     Accrued interest receivable                        6,368          6,411
     Federal Home Loan Bank stock                      15,458         15,458
 
     Office, property and equipment, net                7,466          7,441
     Foreclosed assets                                    160            154
     Securities sold, not settled                           -          1,539
 
     Prepaid expenses and other assets                 11,750         12,287
     TOTAL ASSETS                                    $892,428       $889,169
 
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
 
     Liabilities:
     Noninterest-bearing demand deposits              $35,832        $33,840
     Savings accounts                                 493,709        488,645
     Borrowed funds                                   258,575        268,598
     Advances from customers for taxes,
      insurance, and other                              2,307          1,822
     Accrued interest payable                           4,479          2,506
     Other liabilities                                  2,957          1,110
     TOTAL LIABILITIES                               $797,859       $796,521
 
     Shareholders' Equity:
     Preferred stock, (.01 par value);
      1,000,000 shares authorized;
      0 shares issued                                       -              -
     Common stock, (.01 par value);
      23,000,000 shares authorized;
      8,900,000 shares issued                              89             89
     Additional paid in capital                        86,865         86,898
     Treasury stock, at cost (3,423,251 shares
      as of March 31, 2001 and 3,278,071 shares
      as of December 31, 2000)                        (54,982)       (52,892)
     Unearned employee stock ownership plan
      (ESOP) shares                                    (3,780)        (3,780)
     Unearned recognition and retention plan
      (RRP) shares                                       (742)          (758)
     Accumulated other comprehensive results,
      net of taxes                                        833         (2,608)
     Retained earnings                                 66,286         65,699
     TOTAL SHAREHOLDERS' EQUITY                        94,569         92,648
 
     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY      $892,428       $889,169
 
 
                               GA Financial, Inc.
                       Consolidated Statements of Income
               For the Three Months Ended March 31, 2001 and 2000
 
                                                        For the Three Months
                                                          Ended March 31,
                                                            (Unaudited)
 
     (Dollars in thousands except per share data)        2001           2000
 
 
     Interest income:
     Loans                                             $7,741         $6,688
     Mortgage-related securities                        4,336          5,314
     Investment securities                              2,432          2,488
     Bank deposits                                        337            100
     Total interest income                            $14,846        $14,590
     Interest expense:
     Savings accounts                                   5,350          4,827
     Borrowed funds                                     3,660          4,026
     Other                                                  7              9
     Total interest expense                            $9,017         $8.862
     Net interest income before provision
      for losses on loans                              $5,829         $5,728
     Provision for losses on loans                         90            180
     Net interest income after provision
      for losses on loans                              $5,739         $5,548
     Non-interest income:
     Service fees                                         641            663
     Net (loss) gain on sales of securities               (36)           106
     Net trading gains                                     69             84
     Net gain on sales of education loans                  43             20
     Other                                                110            143
     Total non-interest income                           $827         $1,016
     Non-interest expense:
     Compensation and employee benefits                 2,608          2,464
     Occupancy and equipment                              504            427
     Deposit insurance premiums                            25             26
     Depreciation                                         257            177
     Marketing                                             83             64
     Other                                              1,136          1,278
     Total non-interest expense                        $4,613         $4,436
     Income before provision for income taxes          $1,953         $2,128
     Provision for income taxes                           450            510
     Net income                                        $1,503         $1,618
 
 
     Other comprehensive results:
     Unrealized holding gains on available
      for sale securities, net of taxes                 3,371            388
     Reclassification adjustment for losses
      (gains) included in net income                       70            (67)
     Other comprehensive income                         3,441            321
     Comprehensive income                              $4,944         $1,939
 
 
     Basic earnings per share                            $.30           $.29
 
     Diluted earnings per share                          $.29           $.29
 
     Dividends per share                                 $.18           $.18
 
     Average shares outstanding - basic             5,080,030      5,560,680
     Average shares outstanding - diluted           5,145,708      5,563,794
 
 
                            Selected Financial Data
                (Dollars in thousands except per share amounts)
 
                                                    (Unaudited)    (Unaudited)
                                                     March 31,    December 31,
                                                       2001           2000
 
     Total assets                                    $892,428       $889,169
     Total loans receivable, net                      406,647        399,833
     Loan loss reserve                                  2,311          2,268
     Non-performing loans                               1,926          1,220
     Non-performing loans and foreclosed assets         2,086          1,374
     Non-performing assets to total assets               .23%           .15%
     Loan loss reserve to total gross loans              .54%           .55%
     Loan loss reserve to non-performing assets          111%           165%
     Held to maturity investment securities, at cost   14,098         12,761
     Mortgage-related securities available for sale,
      at fair value                                   253,724        265,681
     Investment securities available for sale,
      at fair value                                   140,472        145,370
     Held for trading securities, at fair value           861            798
     Total savings deposits                           529,541        522,485
     Passbook accounts                                124,064        125,258
     Certificates of deposit                          262,425        253,351
     Checking accounts                                 74,140         72,742
     Money market accounts                             68,912         71,134
     Consolidated stockholders' equity                 94,569         92,648
     Book value per share                              $17.27         $16.48
 
 
                                              Three Months Ended
                                                   March 31,
                                               2001        2000
                                           (Unaudited)  (Unaudited)
     Net interest margin                       2.90%       2.96%
     Average interest rate spread              2.35%       2.56%
     Return on Average Assets (annualized)      .68%        .74%
     Return on Average Equity (annualized)     6.52%       8.08%
 
 
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 SOURCE  GA Financial Inc.