North Central Bancshares, Inc. Announces Earnings for First Quarter 2001

Apr 23, 2001, 01:00 ET from North Central Bancshares, Inc.

    FORT DODGE, Iowa, April 23 /PRNewswire Interactive News Release/ --
     North Central Bancshares, Inc. (Nasdaq:   FFFD) (the "Company"), the holding
 company for First Federal Savings Bank of Iowa (the "Bank"), announced today
 that the Company earned $0.51 diluted earnings per share for the quarter ended
 March 31, 2001, compared to diluted earnings per share of $0.47 for the
 quarter ended March 31, 2000, an increase in diluted earnings per share of
 8.5%.  In dollars, the Company's net income was $981,000 for the quarter ended
 March 31, 2001, as compared to $1,007,000 for the quarter ended March 31,
 2000.
     Total assets at March 31, 2001 were $383.8 million as compared to
 $389.0 million at December 31, 2000.  The decrease in assets resulted
 primarily from decreases in securities available for sale and loans, offset by
 an increase in interest-bearing cash.  Securities available-for-sale decreased
 $6.0 million, or 13.9%, from $43.4 million at December 31, 2000 to
 $37.3 million at March 31, 2001.  The decrease in securities available for
 sale was primarily due to calls and maturities in excess of purchases.  Loans
 decreased by $3.7 million, or 1.2%, from $318.0 million at December 31, 2000
 to $314.3 million at March 31, 2001.  Interest-bearing cash increased
 $3.2 million, or 51.0% to $9.6 million at March 31, 2001 from $6.3 million at
 December 31, 2000.
     Deposits increased $5.7 million, or 2.2%, to $266.9 million at March 31,
 2001 from $261.2 million at December 31, 2000.  Other borrowed funds decreased
 $11.5 million, or 13.0%, from $88.6 million at December 31, 2000 to
 $77.1 million at March 31, 2001.
     Nonperforming assets were 0.31% of total assets as of March 31, 2001
 compared to 0.28% of total assets as of December 31, 2000.  The allowance for
 loan losses was $2.8 million, or 0.89% of total loans, at March 31, 2001,
 compared to $2.8 million, or 0.88% of total loans, at December 31, 2000.
     The net interest spread of 2.47% for the three months ended March 31, 2001
 represented a decrease from the net interest spread of 2.75% for the three
 months ended March 31, 2000.  The net interest margin of 2.89% for the three
 months ended March 31, 2001 represented a decrease from the net interest
 margin of 3.14% for the three months ended March 31, 2000.  Net interest
 income for the three months ended March 31, 2001 was $2,659,000 compared to
 net interest income of $2,744,000 for the three months ended March 31, 2000.
     The Bank's provision for loan losses was $30,000 for each of the three
 months ended March 31, 2001 and 2000.  The Company establishes provisions for
 loan losses, which are charged to operations, in order to maintain the
 allowance for loan losses at a level which is deemed to be appropriate based
 upon an assessment of prior conditions, the volume and type of loans in the
 Bank's portfolio, and other factors related to the collectibility of the
 Bank's loan portfolio.
     Stockholders' equity was $36.5 million at March 31, 2001, compared to
 $36.4 million at December 31, 2000.  Stockholders' equity increased by
 $75,000 primarily due to earnings and an increase in accumulated other
 comprehensive income, which were offset in part by stock repurchases and
 declared dividends.  Book value, or stockholders' equity per share, at March
 31, 2001 was $19.64 compared to $19.04 at December 31, 2000.  The ratio of
 stockholders' equity to total assets was 9.5% at March 31, 2001, as compared
 to 9.4% at December 31, 2000.
     Stockholders of record on March 15, 2001, received a quarterly cash
 dividend of $0.15 per share on April 6, 2001.
     Recently, the Company authorized a new stock repurchase program for
 100,000 shares.  The new program will commence at the completion of the
 Company's current repurchase program, of which 3,000 shares currently remain
 to be repurchased.
     During the three months ended March 31, 2001, the Company repurchased a
 total of 54,500 shares or approximately 2.85% of its outstanding shares of
 common stock at prevailing market prices averaging $20.07 per share.  Since
 its formation in 1996, the Company has invested a total of $35.8 million in
 the repurchase of 2,171,467 shares of its outstanding stock.
     North Central Bancshares, Inc. serves north central and southeastern Iowa
 at 8 full service locations in Fort Dodge, Nevada, Ames, Perry, Burlington and
 Mount Pleasant, Iowa through its wholly-owned subsidiary, First Federal
 Savings Bank of Iowa, headquartered in Fort Dodge, Iowa.  The Bank's deposits
 are insured by the Federal Deposit Insurance Corporation.  The Company's stock
 is traded on The Nasdaq National Market under the symbol "FFFD."
 
    FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES
 
     Condensed Consolidated Statements of Financial Condition
 
                                                    March 31,      December 31,
                                                     2001              2000
     (Dollars in Thousands, except per
      share and share data)
     Assets
     Cash and cash equivalents                      $11,586            $8,850
     Securities available for sale                   37,346            43,352
     Loans (net of allowance of loan loss
      of $2.8 million and $2.8 million,
      respectively)                                 314,309           318,026
     Goodwill                                         5,325             5,443
     Other assets                                    15,195            13,327
 
       Total Assets                                $383,761          $388,998
     Liabilities
     Deposits                                      $266,896          $261,167
     Other borrowed funds                            77,061            88,592
     Other liabilities                                3,331             2,841
        Total Liabilities                           347,288           352,600
 
     Stockholders' Equity                            36,473            36,398
 
     Total Liabilities and Stockholders'
      Equity                                       $383,761          $388,998
 
     Stockholders' equity to total assets              9.50%             9.36%
 
     Book value per share                            $19.64            $19.04
 
     Total shares outstanding                     1,857,380         1,911,880
 
 
     Condensed Consolidated Statements of Income
 
     (Dollars in Thousands, except per share data)
                                                       For the Three Months
                                                          Ended March 31,
                                                       2001              2000
 
     Interest income                                 $7,040            $6,530
     Interest expense                                 4,381             3,786
       Net interest income                            2,659             2,744
     Provision for loan loss                             30                30
       Net interest income after provision
        for loan loss                                 2,629             2,714
     Noninterest income                               1,039               955
     Noninterest expense                              2,174             2,112
       Income before income taxes                     1,494             1,557
     Income taxes                                       513               550
       Net income                                      $981            $1,007
 
     Basic earnings per share                         $0.53             $0.48
 
     Diluted earnings per share                       $0.51             $0.47
 
 
     Selected Financial Ratios
 
                                                       For the Three Months
                                                          Ended March 31,
                                                       2001              2000
     Performance ratios
       Net interest spread                             2.47%             2.75%
       Net interest margin                             2.89%             3.14%
       Return on average assets                        1.01%             1.10%
       Return on average equity                       10.65%            10.94%
       Efficiency ratio (noninterest expense
        divided by the sum of net interest income
        before provision for loan losses plus
        noninterest income)                           58.79%            57.11%
 
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SOURCE North Central Bancshares, Inc.
    FORT DODGE, Iowa, April 23 /PRNewswire Interactive News Release/ --
     North Central Bancshares, Inc. (Nasdaq:   FFFD) (the "Company"), the holding
 company for First Federal Savings Bank of Iowa (the "Bank"), announced today
 that the Company earned $0.51 diluted earnings per share for the quarter ended
 March 31, 2001, compared to diluted earnings per share of $0.47 for the
 quarter ended March 31, 2000, an increase in diluted earnings per share of
 8.5%.  In dollars, the Company's net income was $981,000 for the quarter ended
 March 31, 2001, as compared to $1,007,000 for the quarter ended March 31,
 2000.
     Total assets at March 31, 2001 were $383.8 million as compared to
 $389.0 million at December 31, 2000.  The decrease in assets resulted
 primarily from decreases in securities available for sale and loans, offset by
 an increase in interest-bearing cash.  Securities available-for-sale decreased
 $6.0 million, or 13.9%, from $43.4 million at December 31, 2000 to
 $37.3 million at March 31, 2001.  The decrease in securities available for
 sale was primarily due to calls and maturities in excess of purchases.  Loans
 decreased by $3.7 million, or 1.2%, from $318.0 million at December 31, 2000
 to $314.3 million at March 31, 2001.  Interest-bearing cash increased
 $3.2 million, or 51.0% to $9.6 million at March 31, 2001 from $6.3 million at
 December 31, 2000.
     Deposits increased $5.7 million, or 2.2%, to $266.9 million at March 31,
 2001 from $261.2 million at December 31, 2000.  Other borrowed funds decreased
 $11.5 million, or 13.0%, from $88.6 million at December 31, 2000 to
 $77.1 million at March 31, 2001.
     Nonperforming assets were 0.31% of total assets as of March 31, 2001
 compared to 0.28% of total assets as of December 31, 2000.  The allowance for
 loan losses was $2.8 million, or 0.89% of total loans, at March 31, 2001,
 compared to $2.8 million, or 0.88% of total loans, at December 31, 2000.
     The net interest spread of 2.47% for the three months ended March 31, 2001
 represented a decrease from the net interest spread of 2.75% for the three
 months ended March 31, 2000.  The net interest margin of 2.89% for the three
 months ended March 31, 2001 represented a decrease from the net interest
 margin of 3.14% for the three months ended March 31, 2000.  Net interest
 income for the three months ended March 31, 2001 was $2,659,000 compared to
 net interest income of $2,744,000 for the three months ended March 31, 2000.
     The Bank's provision for loan losses was $30,000 for each of the three
 months ended March 31, 2001 and 2000.  The Company establishes provisions for
 loan losses, which are charged to operations, in order to maintain the
 allowance for loan losses at a level which is deemed to be appropriate based
 upon an assessment of prior conditions, the volume and type of loans in the
 Bank's portfolio, and other factors related to the collectibility of the
 Bank's loan portfolio.
     Stockholders' equity was $36.5 million at March 31, 2001, compared to
 $36.4 million at December 31, 2000.  Stockholders' equity increased by
 $75,000 primarily due to earnings and an increase in accumulated other
 comprehensive income, which were offset in part by stock repurchases and
 declared dividends.  Book value, or stockholders' equity per share, at March
 31, 2001 was $19.64 compared to $19.04 at December 31, 2000.  The ratio of
 stockholders' equity to total assets was 9.5% at March 31, 2001, as compared
 to 9.4% at December 31, 2000.
     Stockholders of record on March 15, 2001, received a quarterly cash
 dividend of $0.15 per share on April 6, 2001.
     Recently, the Company authorized a new stock repurchase program for
 100,000 shares.  The new program will commence at the completion of the
 Company's current repurchase program, of which 3,000 shares currently remain
 to be repurchased.
     During the three months ended March 31, 2001, the Company repurchased a
 total of 54,500 shares or approximately 2.85% of its outstanding shares of
 common stock at prevailing market prices averaging $20.07 per share.  Since
 its formation in 1996, the Company has invested a total of $35.8 million in
 the repurchase of 2,171,467 shares of its outstanding stock.
     North Central Bancshares, Inc. serves north central and southeastern Iowa
 at 8 full service locations in Fort Dodge, Nevada, Ames, Perry, Burlington and
 Mount Pleasant, Iowa through its wholly-owned subsidiary, First Federal
 Savings Bank of Iowa, headquartered in Fort Dodge, Iowa.  The Bank's deposits
 are insured by the Federal Deposit Insurance Corporation.  The Company's stock
 is traded on The Nasdaq National Market under the symbol "FFFD."
 
    FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES
 
     Condensed Consolidated Statements of Financial Condition
 
                                                    March 31,      December 31,
                                                     2001              2000
     (Dollars in Thousands, except per
      share and share data)
     Assets
     Cash and cash equivalents                      $11,586            $8,850
     Securities available for sale                   37,346            43,352
     Loans (net of allowance of loan loss
      of $2.8 million and $2.8 million,
      respectively)                                 314,309           318,026
     Goodwill                                         5,325             5,443
     Other assets                                    15,195            13,327
 
       Total Assets                                $383,761          $388,998
     Liabilities
     Deposits                                      $266,896          $261,167
     Other borrowed funds                            77,061            88,592
     Other liabilities                                3,331             2,841
        Total Liabilities                           347,288           352,600
 
     Stockholders' Equity                            36,473            36,398
 
     Total Liabilities and Stockholders'
      Equity                                       $383,761          $388,998
 
     Stockholders' equity to total assets              9.50%             9.36%
 
     Book value per share                            $19.64            $19.04
 
     Total shares outstanding                     1,857,380         1,911,880
 
 
     Condensed Consolidated Statements of Income
 
     (Dollars in Thousands, except per share data)
                                                       For the Three Months
                                                          Ended March 31,
                                                       2001              2000
 
     Interest income                                 $7,040            $6,530
     Interest expense                                 4,381             3,786
       Net interest income                            2,659             2,744
     Provision for loan loss                             30                30
       Net interest income after provision
        for loan loss                                 2,629             2,714
     Noninterest income                               1,039               955
     Noninterest expense                              2,174             2,112
       Income before income taxes                     1,494             1,557
     Income taxes                                       513               550
       Net income                                      $981            $1,007
 
     Basic earnings per share                         $0.53             $0.48
 
     Diluted earnings per share                       $0.51             $0.47
 
 
     Selected Financial Ratios
 
                                                       For the Three Months
                                                          Ended March 31,
                                                       2001              2000
     Performance ratios
       Net interest spread                             2.47%             2.75%
       Net interest margin                             2.89%             3.14%
       Return on average assets                        1.01%             1.10%
       Return on average equity                       10.65%            10.94%
       Efficiency ratio (noninterest expense
        divided by the sum of net interest income
        before provision for loan losses plus
        noninterest income)                           58.79%            57.11%
 
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 SOURCE  North Central Bancshares, Inc.