Oneida Financial Corp. Reports 2001 First Quarter Operating Results (unaudited)

Apr 16, 2001, 01:00 ET from Oneida Financial Corp.

    ONEIDA, N.Y., April 16 /PRNewswire/ --
 Oneida Financial Corp. (Nasdaq: ONFC), the parent company of The Oneida
 Savings Bank, has announced first quarter operating results.  Net income for
 the three months ending March 31, 2001 increased to $643,000, or $0.20 basic
 earnings per share from $608,000, or $0.19 basic earnings per share, for the
 three months ended March 31, 2000.  Cash earnings, which excludes the
 amortization of goodwill, increased 19.7% to $728,000 or $0.23 per share for
 the quarter ended March 31, 2001 compared with $608,000 or $0.19 per share for
 the same period during 2000.
     Michael R. Kallet, President and Chief Executive Officer of Oneida
 Financial Corp., said, "The performance of Oneida Financial, during the first
 quarter of 2001, is consistent with our expectations and continues to
 reinforce our corporate strategy of improving core earnings, growing all
 business lines and enhancing shareholder value.  Our Company's reported
 earnings of $643,000 for the first quarter of 2001, or $.20 basic earnings per
 share, demonstrate solid and improving financial performance of our Company.
 During the first quarter of 2001 our Company completed the acquisition of The
 Dunn Agency, Inc., our third insurance agency acquisition over the past six
 months.  The sale of insurance and financial services is expected to enhance
 our non-interest income in the future."  Total assets increased $28.1 million,
 totaling $326.6 million at March 31, 2001, an increase of 9.4% from the March
 31, 2000 level of $298.5 million.  Kallet further stated, "The Company's asset
 growth has been driven by a 6.6% increase in loans receivable, an increase of
 $10.3 million at March 31, 2001 compared with March 31, 2000."  In addition,
 the Bank purchased $9.0 million of Bank Owned Life Insurance recorded at cash
 value on the balance sheet with increases in the cash value recorded as non-
 interest income in future periods.  The acquisition of three insurance
 agencies has resulted in the recognition of $5.0 million in goodwill to date;
 there was no prior goodwill recorded on the company's balance sheet.
     In an effort to proactively manage the capital position of Oneida
 Financial Corp., the Company announced their third stock repurchase program to
 acquire up to 165,260 shares of the Company's common stock, which represents
 approximately 5% of the common stock outstanding.  To date, the Company has
 reacquired 350,410 shares, of which 1,400 shares were purchased this year.
 Furthermore, 45,496 shares of treasury stock were issued during the quarter as
 a portion of the purchase consideration resulting from the acquisition of
 Bailey & Haskell Associates, Inc.  In addition, the Company paid its' fourth
 semiannual cash dividend of $0.18 per share in February 2001, an increase of
 5.9% in our semiannual dividend rate per share.
     Interest income was $5.8 million for the first quarter of 2001; an
 increase of 12.9% as compared with the same period in 2000 at $5.1 million.
 This improvement resulted primarily from an increase in loans receivable, the
 investment of proceeds of wholesale borrowing transactions entered into with
 the Federal Home Loan Bank of New York, and an increase in the yield on
 interest-earning assets during the period.
     Total interest expense increased to $3.1 million for the three months
 ended March 31, 2001 compared with interest expense of $2.6 million during the
 same 2000 period.  The increase is due to an increase in interest expense on
 borrowed funds and deposit accounts.  A total of $72.6 million in borrowed
 funds were outstanding at March 31, 2001 compared with $63.0 million in
 borrowings outstanding at March 31, 2000.  Interest expense on deposits
 increased 16.5% during the first quarter of 2001 to $2.1 million as compared
 with the same period of 2000.  The increase is a result of an increase in both
 the average balance of interest-bearing deposits and an increase in the
 average cost of deposits.
     Net interest income increased for the first quarter of 2001 to
 $2.6 million compared with $2.5 million for the first quarter of 2000.  The
 increase in net interest income is primarily as a result of an increase in
 average interest earning assets and net earning assets.
     During the first quarter of 2001 non-interest income increased to $1.6
 million compared to $259,000 for the same quarter in 2000.  The increase was
 primarily due to revenue derived from the Company's insurance agency
 subsidiary activities, which began October 1, 2000 with the acquisition of
 Bailey & Haskell Associates, Inc.  In addition, deposit account services fee
 income increased to $163,000 for the first quarter of 2001 as compared with
 $135,000 for the same period in 2000.  Data processing services provided to a
 commercial bank provided a new revenue source for 2001 with income earned of
 $24,000 for the period to date.  Non-interest expense was $3.1 million during
 the first quarter of 2001 compared with $1.8 million for the same 2000 period.
 The increase in non-interest expense is primarily the result of operating
 expenses incurred as a result of entering the insurance agency business.
 Provisions for possible credit losses totaled $120,000 for the first quarter
 of 2001 compared with $66,000 for the same period in 2000, this has resulted
 in a ratio of Loan Loss Allowance to Total Loans Receivable of 1.03% at
 March 31, 2001 compared with a ratio of 0.99% at March 31, 2000.
     Shareholders' equity was $43.0 million, or 13.2% of assets at March 31,
 2001 compared with $38.9 million, or 13.1% of assets, at March 31, 2000.  The
 increase in shareholders' equity is primarily a result of the contribution of
 net earnings for the period, as well as, valuation adjustments made for the
 Company's available for sale investment and mortgage-backed securities.  These
 increases are partially offset by management efforts to manage the Company's
 capital through a combination of stock repurchases, dividends and other
 strategies.  All financial information provided at and for the quarters ending
 March 31, 2001 and March 31, 2001 is unaudited.  Selected financial ratios
 have been annualized where appropriate.  Operating data is presented in
 thousands of dollars, except for per share amounts.
 
                                            At and for the
     Selected Financial Ratios               Three Months
     (unaudited)                             Ended March 31,
                                           2001         2000
     Return on Average Assets              0.80%        0.84%
     Return on Average Equity              6.07%        5.97%
     Efficiency Ratio                     73.14%       66.46%
     Non-Performing Assets to
      Total Assets (end of period)         0.08%        0.10%
     Allowance for Loan Losses to
      Non-Performing Loans               666.80%     1331.90%
     Allowance for Loan Losses to
      Loans Receivable, net                1.03%        0.99%
 
                            Selected Financial Data
                                  (unaudited)
                               At           At              %        (audited)
                            March 31,     March 31,      Change    At Dec. 31,
                              2001         2000          01 vs 00      2000
                               (in thousands)                (in thousands)
 
     Total Assets          $326,584      $298,497         9.4%      $319,535
     Loans Receivable, net  166,079       155,895         6.5%       164,661
     Mortgage-backed
      Securities             45,852        33,536        36.7%        40,473
     Investment Securities   80,929        91,073      (11.1%)        90,796
     Goodwill, net            4,982            --          N/A         3,296
     Deposits               207,765       195,660         6.2%       202,756
     Borrowings              72,600        63,000        15.2%        72,100
     Shareholders' Equity    42,963        38,924        10.4%        41,845
 
     Book value per share
      (end of period)        $13.50        $12.03                     $13.33
 
                            Selected Operating Data
 
                                   Three Months           %       Year Ended
                                   Ended Mar 31,        Change        Dec 31,
                                2001        2000        01 vs 00        2000
                          (unaudited) (unaudited)                   (audited)
     Interest Income:          (in thousands)                  (in thousands)
     Interest and
      fees on loans          $3,618        $3,180        13.8%       $13,830
     Interest and dividends
      on investments         $2,084        $1,904         9.5%        $8,243
     Interest on Fed Funds       54            16       237.5%            66
       Total interest income  5,756         5,100        12.9%        22,139
     Interest expense:
      Interest on deposits    2,079         1,785        16.5%         7,593
      Interest on borrowings  1,052           807        30.4%         4,016
       Total interest expense 3,131         2,592        20.8%        11,609
     Net interest income     $2,625         2,508         4.7%       $10,530
      Provision for
       loan losses              120            66        81.8%           345
     Net Interest Income after
      Provision for
       loan losses           $2,505        $2,442         2.6%       $10,185
     Total noninterest
      income                  1,571           259       506.6%         1,770
     Total noninterest
      expense                 3,069         1,839        66.9%         8,266
     Net income before income
      taxes and goodwill
       amortization          $1,007          $862        16.8%        $3,689
     Income tax provision       279           254         9.8%         1,024
     Net income before
      goodwill amortization    $728          $608        19.7%        $2,665
     Goodwill amortization       85             0          N/A            56
     Net income                $643          $608         5.8%        $2,609
 
     Net income per common
      share (EPS -Cash)       $0.23         $0.19                      $0.83
     Net income per common
      share (EPS -Basic)      $0.20         $0.19                      $0.82
     Net income per common
      share ( EPS -Diluted )  $0.20         $0.19                      $0.81
 
 

SOURCE Oneida Financial Corp.
    ONEIDA, N.Y., April 16 /PRNewswire/ --
 Oneida Financial Corp. (Nasdaq: ONFC), the parent company of The Oneida
 Savings Bank, has announced first quarter operating results.  Net income for
 the three months ending March 31, 2001 increased to $643,000, or $0.20 basic
 earnings per share from $608,000, or $0.19 basic earnings per share, for the
 three months ended March 31, 2000.  Cash earnings, which excludes the
 amortization of goodwill, increased 19.7% to $728,000 or $0.23 per share for
 the quarter ended March 31, 2001 compared with $608,000 or $0.19 per share for
 the same period during 2000.
     Michael R. Kallet, President and Chief Executive Officer of Oneida
 Financial Corp., said, "The performance of Oneida Financial, during the first
 quarter of 2001, is consistent with our expectations and continues to
 reinforce our corporate strategy of improving core earnings, growing all
 business lines and enhancing shareholder value.  Our Company's reported
 earnings of $643,000 for the first quarter of 2001, or $.20 basic earnings per
 share, demonstrate solid and improving financial performance of our Company.
 During the first quarter of 2001 our Company completed the acquisition of The
 Dunn Agency, Inc., our third insurance agency acquisition over the past six
 months.  The sale of insurance and financial services is expected to enhance
 our non-interest income in the future."  Total assets increased $28.1 million,
 totaling $326.6 million at March 31, 2001, an increase of 9.4% from the March
 31, 2000 level of $298.5 million.  Kallet further stated, "The Company's asset
 growth has been driven by a 6.6% increase in loans receivable, an increase of
 $10.3 million at March 31, 2001 compared with March 31, 2000."  In addition,
 the Bank purchased $9.0 million of Bank Owned Life Insurance recorded at cash
 value on the balance sheet with increases in the cash value recorded as non-
 interest income in future periods.  The acquisition of three insurance
 agencies has resulted in the recognition of $5.0 million in goodwill to date;
 there was no prior goodwill recorded on the company's balance sheet.
     In an effort to proactively manage the capital position of Oneida
 Financial Corp., the Company announced their third stock repurchase program to
 acquire up to 165,260 shares of the Company's common stock, which represents
 approximately 5% of the common stock outstanding.  To date, the Company has
 reacquired 350,410 shares, of which 1,400 shares were purchased this year.
 Furthermore, 45,496 shares of treasury stock were issued during the quarter as
 a portion of the purchase consideration resulting from the acquisition of
 Bailey & Haskell Associates, Inc.  In addition, the Company paid its' fourth
 semiannual cash dividend of $0.18 per share in February 2001, an increase of
 5.9% in our semiannual dividend rate per share.
     Interest income was $5.8 million for the first quarter of 2001; an
 increase of 12.9% as compared with the same period in 2000 at $5.1 million.
 This improvement resulted primarily from an increase in loans receivable, the
 investment of proceeds of wholesale borrowing transactions entered into with
 the Federal Home Loan Bank of New York, and an increase in the yield on
 interest-earning assets during the period.
     Total interest expense increased to $3.1 million for the three months
 ended March 31, 2001 compared with interest expense of $2.6 million during the
 same 2000 period.  The increase is due to an increase in interest expense on
 borrowed funds and deposit accounts.  A total of $72.6 million in borrowed
 funds were outstanding at March 31, 2001 compared with $63.0 million in
 borrowings outstanding at March 31, 2000.  Interest expense on deposits
 increased 16.5% during the first quarter of 2001 to $2.1 million as compared
 with the same period of 2000.  The increase is a result of an increase in both
 the average balance of interest-bearing deposits and an increase in the
 average cost of deposits.
     Net interest income increased for the first quarter of 2001 to
 $2.6 million compared with $2.5 million for the first quarter of 2000.  The
 increase in net interest income is primarily as a result of an increase in
 average interest earning assets and net earning assets.
     During the first quarter of 2001 non-interest income increased to $1.6
 million compared to $259,000 for the same quarter in 2000.  The increase was
 primarily due to revenue derived from the Company's insurance agency
 subsidiary activities, which began October 1, 2000 with the acquisition of
 Bailey & Haskell Associates, Inc.  In addition, deposit account services fee
 income increased to $163,000 for the first quarter of 2001 as compared with
 $135,000 for the same period in 2000.  Data processing services provided to a
 commercial bank provided a new revenue source for 2001 with income earned of
 $24,000 for the period to date.  Non-interest expense was $3.1 million during
 the first quarter of 2001 compared with $1.8 million for the same 2000 period.
 The increase in non-interest expense is primarily the result of operating
 expenses incurred as a result of entering the insurance agency business.
 Provisions for possible credit losses totaled $120,000 for the first quarter
 of 2001 compared with $66,000 for the same period in 2000, this has resulted
 in a ratio of Loan Loss Allowance to Total Loans Receivable of 1.03% at
 March 31, 2001 compared with a ratio of 0.99% at March 31, 2000.
     Shareholders' equity was $43.0 million, or 13.2% of assets at March 31,
 2001 compared with $38.9 million, or 13.1% of assets, at March 31, 2000.  The
 increase in shareholders' equity is primarily a result of the contribution of
 net earnings for the period, as well as, valuation adjustments made for the
 Company's available for sale investment and mortgage-backed securities.  These
 increases are partially offset by management efforts to manage the Company's
 capital through a combination of stock repurchases, dividends and other
 strategies.  All financial information provided at and for the quarters ending
 March 31, 2001 and March 31, 2001 is unaudited.  Selected financial ratios
 have been annualized where appropriate.  Operating data is presented in
 thousands of dollars, except for per share amounts.
 
                                            At and for the
     Selected Financial Ratios               Three Months
     (unaudited)                             Ended March 31,
                                           2001         2000
     Return on Average Assets              0.80%        0.84%
     Return on Average Equity              6.07%        5.97%
     Efficiency Ratio                     73.14%       66.46%
     Non-Performing Assets to
      Total Assets (end of period)         0.08%        0.10%
     Allowance for Loan Losses to
      Non-Performing Loans               666.80%     1331.90%
     Allowance for Loan Losses to
      Loans Receivable, net                1.03%        0.99%
 
                            Selected Financial Data
                                  (unaudited)
                               At           At              %        (audited)
                            March 31,     March 31,      Change    At Dec. 31,
                              2001         2000          01 vs 00      2000
                               (in thousands)                (in thousands)
 
     Total Assets          $326,584      $298,497         9.4%      $319,535
     Loans Receivable, net  166,079       155,895         6.5%       164,661
     Mortgage-backed
      Securities             45,852        33,536        36.7%        40,473
     Investment Securities   80,929        91,073      (11.1%)        90,796
     Goodwill, net            4,982            --          N/A         3,296
     Deposits               207,765       195,660         6.2%       202,756
     Borrowings              72,600        63,000        15.2%        72,100
     Shareholders' Equity    42,963        38,924        10.4%        41,845
 
     Book value per share
      (end of period)        $13.50        $12.03                     $13.33
 
                            Selected Operating Data
 
                                   Three Months           %       Year Ended
                                   Ended Mar 31,        Change        Dec 31,
                                2001        2000        01 vs 00        2000
                          (unaudited) (unaudited)                   (audited)
     Interest Income:          (in thousands)                  (in thousands)
     Interest and
      fees on loans          $3,618        $3,180        13.8%       $13,830
     Interest and dividends
      on investments         $2,084        $1,904         9.5%        $8,243
     Interest on Fed Funds       54            16       237.5%            66
       Total interest income  5,756         5,100        12.9%        22,139
     Interest expense:
      Interest on deposits    2,079         1,785        16.5%         7,593
      Interest on borrowings  1,052           807        30.4%         4,016
       Total interest expense 3,131         2,592        20.8%        11,609
     Net interest income     $2,625         2,508         4.7%       $10,530
      Provision for
       loan losses              120            66        81.8%           345
     Net Interest Income after
      Provision for
       loan losses           $2,505        $2,442         2.6%       $10,185
     Total noninterest
      income                  1,571           259       506.6%         1,770
     Total noninterest
      expense                 3,069         1,839        66.9%         8,266
     Net income before income
      taxes and goodwill
       amortization          $1,007          $862        16.8%        $3,689
     Income tax provision       279           254         9.8%         1,024
     Net income before
      goodwill amortization    $728          $608        19.7%        $2,665
     Goodwill amortization       85             0          N/A            56
     Net income                $643          $608         5.8%        $2,609
 
     Net income per common
      share (EPS -Cash)       $0.23         $0.19                      $0.83
     Net income per common
      share (EPS -Basic)      $0.20         $0.19                      $0.82
     Net income per common
      share ( EPS -Diluted )  $0.20         $0.19                      $0.81
 
 SOURCE  Oneida Financial Corp.