St. Joseph Capital Corporation's Total Assets Exceed $182 Million Pre-tax Quarterly Profits up by 138.9%

Apr 16, 2001, 01:00 ET from St. Joseph Capital Corporation

    MISHAWAKA, Ind., April 16 /PRNewswire/ -- St. Joseph Capital Corporation
 (OTC: SJOE), today announced its financial results for the first quarter 2001.
     Total assets grew to $182.7 million at March 31, 2001 compared to
 $147.5 million at March 31, 2000 representing an increase of 23.7%.  Pre-tax
 income catapulted to $497,630 compared to $208,343 in the same quarter a year
 ago.  Net income after tax increased 48.5% to $309,330 in the first quarter of
 2001 up from $208,343 at March 31, 2000.
     Total loans grew to $137.3 million at March 31, 2001, compared to
 $94.4 million at March 31, 2000, an increase of 45.4%.  The provision for
 future loan losses expensed in the first quarter totaled $80,000.  The
 allowance for possible loan losses continues to exceed the peer group average
 and stands at $1.932 million or 1.41% of total loans.  The Company and Bank
 still have no past due or non-performing loans in the portfolio.
     In announcing first quarter results, John W. Rosenthal, Chairman of the
 Board and Chief Executive Officer said, "We are very pleased with another
 excellent quarter of growth in overall asset size and especially pleased with
 our profitability.  This is our 10th consecutive quarter of increased
 profits."
     Commenting further, Rosenthal said, "Our commitment to operate with
 maximum efficiency, combined with conservative loan underwriting and a service
 oriented staff continue to drive our profitability."
     St. Joseph Capital Corporation is a bank holding company whose
 headquarters are located in Mishawaka, Indiana.  Its sole subsidiary, St.
 Joseph Capital Bank, provides a broad array of banking services to businesses
 and individuals in the Michiana area.  Its stock is an Over-the-Counter
 "bulletin board" stock and trades under the symbol "SJOE."
     St. Joseph Capital Bank is a Member of the Federal Deposit Insurance
 Corporation.
 
 
                         ST. JOSEPH CAPITAL CORPORATION
                Consolidated Statement of Operations (Unaudited)
 
                                                 Three Months   Three Months
                                                     Ended          Ended
                                                 March 31, 2001 March 31, 2000
     Interest and dividend income
       Loans, including fees                       $2,757,312     $1,823,494
       Securities - taxable                           420,267        479,018
       Securities - taxable-exempt                     20,861          8,530
        Total                                       3,198,440      2,311,042
 
     Interest expense
       Deposits                                     1,361,838      1,041,061
       Securities sold under agreements to repurchase
         and other borrowings                         486,442        187,484
     Net interest income                            1,350,160      1,082,497
 
     Provision for loan losses                        (80,000)      (158,000)
     Net interest income after provision for
       loan losses                                  1,270,160        924,497
 
     Non-interest income                               92,093         22,374
 
     Non-interest expense
       Employee compensation and benefits             543,715        454,200
       Occupancy and equipment expense                117,967        102,399
       Other expense                                  202,941        181,929
        Total                                         864,623        738,528
 
     Income before income taxes                       497,630        208,343
     Income tax expense                               188,300             --
     Net income                                      $309,330       $208,343
 
     Basic income per common share                       $.18           $.12
     Diluted income per common share                     $.18           $.12
 
 
                         ST. JOSEPH CAPITAL CORPORATION
               Condensed Consolidated Balance Sheets (Unaudited)
 
     ASSETS                                     March 31, 2001 March 31, 2000
 
       Total cash and cash equivalents            $22,308,055    $25,708,025
       Securities available for sale               20,226,493     25,546,814
       Federal Home Loan Bank (FHLB) stock          1,578,500        550,000
       Loans receivable                           137,332,770     94,428,647
       Allowance for loan losses                    1,932,000      1,428,000
         Loans receivable, net                    135,400,770     93,000,647
       Premises and equipment, net                  1,411,190      1,489,619
       Interest receivable and other assets         1,775,513        997,639
         Total assets                            $182,700,521   $147,292,744
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
       Liabilities
       Total deposits                            $123,362,753   $112,124,233
       Securities sold under agreements to
         repurchase & other borrowings              8,185,640      6,920,852
       FHLB Advances                               31,570,000     11,000,000
       Interest payable and other liabilities         562,753        261,782
         Total liabilities                        163,681,146    130,306,867
 
       Total shareholders' equity                  19,019,375     16,985,877
 
         Total liabilities and shareholders'
           equity                                $182,700,521   $147,292,744
 
     CONTACT:  John Rosenthal, 219-273-9700, or Edward Pooley, 800-890-2798, or
 e-mail, epooley@sjcb.com, or Fax, 219-273-0791
 
 

SOURCE St. Joseph Capital Corporation
    MISHAWAKA, Ind., April 16 /PRNewswire/ -- St. Joseph Capital Corporation
 (OTC: SJOE), today announced its financial results for the first quarter 2001.
     Total assets grew to $182.7 million at March 31, 2001 compared to
 $147.5 million at March 31, 2000 representing an increase of 23.7%.  Pre-tax
 income catapulted to $497,630 compared to $208,343 in the same quarter a year
 ago.  Net income after tax increased 48.5% to $309,330 in the first quarter of
 2001 up from $208,343 at March 31, 2000.
     Total loans grew to $137.3 million at March 31, 2001, compared to
 $94.4 million at March 31, 2000, an increase of 45.4%.  The provision for
 future loan losses expensed in the first quarter totaled $80,000.  The
 allowance for possible loan losses continues to exceed the peer group average
 and stands at $1.932 million or 1.41% of total loans.  The Company and Bank
 still have no past due or non-performing loans in the portfolio.
     In announcing first quarter results, John W. Rosenthal, Chairman of the
 Board and Chief Executive Officer said, "We are very pleased with another
 excellent quarter of growth in overall asset size and especially pleased with
 our profitability.  This is our 10th consecutive quarter of increased
 profits."
     Commenting further, Rosenthal said, "Our commitment to operate with
 maximum efficiency, combined with conservative loan underwriting and a service
 oriented staff continue to drive our profitability."
     St. Joseph Capital Corporation is a bank holding company whose
 headquarters are located in Mishawaka, Indiana.  Its sole subsidiary, St.
 Joseph Capital Bank, provides a broad array of banking services to businesses
 and individuals in the Michiana area.  Its stock is an Over-the-Counter
 "bulletin board" stock and trades under the symbol "SJOE."
     St. Joseph Capital Bank is a Member of the Federal Deposit Insurance
 Corporation.
 
 
                         ST. JOSEPH CAPITAL CORPORATION
                Consolidated Statement of Operations (Unaudited)
 
                                                 Three Months   Three Months
                                                     Ended          Ended
                                                 March 31, 2001 March 31, 2000
     Interest and dividend income
       Loans, including fees                       $2,757,312     $1,823,494
       Securities - taxable                           420,267        479,018
       Securities - taxable-exempt                     20,861          8,530
        Total                                       3,198,440      2,311,042
 
     Interest expense
       Deposits                                     1,361,838      1,041,061
       Securities sold under agreements to repurchase
         and other borrowings                         486,442        187,484
     Net interest income                            1,350,160      1,082,497
 
     Provision for loan losses                        (80,000)      (158,000)
     Net interest income after provision for
       loan losses                                  1,270,160        924,497
 
     Non-interest income                               92,093         22,374
 
     Non-interest expense
       Employee compensation and benefits             543,715        454,200
       Occupancy and equipment expense                117,967        102,399
       Other expense                                  202,941        181,929
        Total                                         864,623        738,528
 
     Income before income taxes                       497,630        208,343
     Income tax expense                               188,300             --
     Net income                                      $309,330       $208,343
 
     Basic income per common share                       $.18           $.12
     Diluted income per common share                     $.18           $.12
 
 
                         ST. JOSEPH CAPITAL CORPORATION
               Condensed Consolidated Balance Sheets (Unaudited)
 
     ASSETS                                     March 31, 2001 March 31, 2000
 
       Total cash and cash equivalents            $22,308,055    $25,708,025
       Securities available for sale               20,226,493     25,546,814
       Federal Home Loan Bank (FHLB) stock          1,578,500        550,000
       Loans receivable                           137,332,770     94,428,647
       Allowance for loan losses                    1,932,000      1,428,000
         Loans receivable, net                    135,400,770     93,000,647
       Premises and equipment, net                  1,411,190      1,489,619
       Interest receivable and other assets         1,775,513        997,639
         Total assets                            $182,700,521   $147,292,744
 
     LIABILITIES AND SHAREHOLDERS' EQUITY
       Liabilities
       Total deposits                            $123,362,753   $112,124,233
       Securities sold under agreements to
         repurchase & other borrowings              8,185,640      6,920,852
       FHLB Advances                               31,570,000     11,000,000
       Interest payable and other liabilities         562,753        261,782
         Total liabilities                        163,681,146    130,306,867
 
       Total shareholders' equity                  19,019,375     16,985,877
 
         Total liabilities and shareholders'
           equity                                $182,700,521   $147,292,744
 
     CONTACT:  John Rosenthal, 219-273-9700, or Edward Pooley, 800-890-2798, or
 e-mail, epooley@sjcb.com, or Fax, 219-273-0791
 
 SOURCE  St. Joseph Capital Corporation