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
Share this article