Community First Bankshares Files Form 10-Q for Third Quarter
13 Noviembre 2003 - 3:30PM
PR Newswire (US)
Community First Bankshares Files Form 10-Q for Third Quarter FARGO,
N.D., Nov. 13 /PRNewswire-FirstCall/ -- Community First Bankshares,
Inc., announced today the filing of its Form 10-Q for the third
quarter with the Securities and Exchange Commission. Certain
financial information concerning the accounting treatment of the
company's $120 million in Trust Preferred Securities and the
interest payments on such securities has been revised from the
company's earnings announcement on Oct. 16, 2003, in accordance
with guidance from the Financial Accounting Standards Board (FASB).
In May 2003, the FASB issued Statement No. 150 (FAS 150),
"Accounting for Certain Financial Instruments with Characteristics
of Both Liabilities and Equity," which establishes standards for
how an issuer classifies and measures certain financial instruments
with characteristics of both liabilities and equities. On Oct. 16,
2003, Community First announced its results of operations and
financial condition for the third quarter in a press release and
8-K filing with the Securities and Exchange Commission. The company
adopted FAS 150 on July 1, 2003, and the financial information
released on Oct. 16 reflected the reclassification of the company's
$120 million in Trust Preferred Securities as liabilities in the
statement of financial condition and the payments on such
securities as interest expense. However, on Nov. 5, 2003, the FASB
announced that provisions related to certain mandatorily redeemable
securities (including the company's Trust Preferred Securities)
were delayed indefinitely. Based on this revised FASB guidance, the
financial statements contained in the company's Form 10-Q do not
include such securities in liabilities, and do not include the
payments on such securities as interest expense. This change has no
effect on the company's net income. However, the company's total
liabilities, noninterest expense, interest expense and net interest
margin have been revised from the earnings announcement on Oct. 16,
2003, in the Form 10-Q to reflect the change in accounting
guidance. The company's accounting treatment for the Trust
Preferred Securities and the payments on such securities in the
Form 10-Q for the third quarter is consistent with the company's
accounting treatment of such securities and payments in prior
periods. Community First Bankshares, a $5.5 billion financial
services company, provides a complete line of banking, investment,
insurance, mortgage and trust products to individuals and
businesses. The company's extensive offering of financial products
and services is marketed through full-service offices in 136
communities in 12 states -- Arizona, California, Colorado, Iowa,
Minnesota, Nebraska, New Mexico, North Dakota, South Dakota, Utah,
Wisconsin and Wyoming. The company's services include an online
banking system that offers electronic bill payment and discount
brokerage capabilities, telephone banking and an extensive ATM
network. Community First Bankshares stock is traded on The Nasdaq
Stock Market(R) under the symbol CFBX. The latest investor and
other corporate information is available at its Web site,
http://www.communityfirst.com/ . This press release contains
forward-looking statements under the Private Securities Litigation
Reform Act of 1995 that are subject to certain risks and
uncertainties that could cause actual results to differ materially
from historical earnings and those presently anticipated or
projected. The company wishes to caution readers not to place undue
reliance on any such forward- looking statements, which speak only
as of the date made. Factors that could cause actual results to
differ from the results discussed in the forward- looking
statements include, but are not limited to: risk of loans and
investments, including dependence on local economic conditions;
competition for the company's customers from other providers of
financial services; possible adverse effects of changes in interest
rates; execution and implementation of a series of previously
announced strategic initiatives; balance sheet and capital ratio
risks related to the share repurchase program; risks related to the
company's acquisition and market extension strategy, including
risks of adversely changing results of operations and factors
affecting the company's ability to consummate further acquisitions
or extend its markets; and other risks detailed in the company's
filings with the Securities and Exchange Commission, all of which
are difficult to predict and many of which are beyond the control
of the company. DATASOURCE: Community First Bankshares, Inc.
CONTACT: Jeff Wilhoit of Financial Relations Board,
+1-312-640-6757, , or Mark A. Anderson of Community First
Bankshares, Inc., +1-701-298-5600, Web site:
http://www.communityfirst.com/
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