Federal Trust Corporation Announces Year-End Results for 2005
01 Febrero 2006 - 11:02AM
PR Newswire (US)
SANFORD, Fla., Feb. 1 /PRNewswire-FirstCall/ -- James V.
Suskiewich, Chief Executive Officer and President of Federal Trust
Corporation reported today that the earnings for the quarter ended
December 31, 2005 were $1,165,000 or $.14 per basic and diluted
share, compared to $487,000 or $.06 per basic and diluted share for
the fourth quarter of 2004. For the full year, earnings increased
44% to $4,436,000 for 2005, from $3,089,000 for 2004. On a per
share basis, 2005 earnings were $.55 basic and $.54 fully diluted
per share compared to $.44 basic and $.43 per fully diluted share
for 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO ) At December
31, 2005, Federal Trust's total assets were $735.4 million, an
increase of $132.3 million, or 22% from December 31, 2004.
Stockholders' equity at the end of 2005 was $44.1 million, and the
book value per share was $5.35. "The fourth quarter capped off a
great year for our Company," stated Chief Executive Officer
Suskiewich. "We are pleased to report a substantial earnings
increase in a year in which we also invested heavily in branch
expansion." Chairman Suskiewich went on to say, "The steady
increases in interest rates by the Federal Reserve in 2004 and 2005
have been challenging for financial institutions including Federal
Trust. To face this challenge, we have tightly controlled operating
expenses to an increase of only 5%, in spite of our growth and new
branch overhead. Additionally, we are continuing to fight against
margin compression through strategic management of our funding
sources and loan products." Federal Trust Corporation's common
stock is traded on the American Stock Exchange under the symbol
"FDT." At January 30, 2006, the closing price was $12.40 per share.
Federal Trust Corporation is a unitary thrift holding company and
is the parent company of Federal Trust Bank, a $730 million
federally-chartered, FDIC-insured savings bank. Federal Trust Bank
operates from seven full-service offices in Florida, located in
Orange, Seminole and Volusia Counties. The Company's Executive and
Administrative Offices are located in Sanford, Florida. The
following information is in thousands except per share data. At
Quarter End Dec. 31, Dec. 31, % 2005 2004 Change Total assets
$735,416 $603,131 22 % Investment securities 50,080 41,172 22 %
Loans 630,827 521,331 21 % Deposits 471,062 404,116 17 %
Shareholders' equity 44,141 39,387 12 % Book value per share $5.35
$4.97 8 % Three Months Ended Dec. 31, Dec. 31, % 2005 2004 Change
Interest Income $10,095 $7,119 42 % Interest Expense 5,999 3,228 86
% Net interest income 4,096 3,891 5 % Provision for Loan Loss 150
330 -55 % Non-interest income 454 444 2 % Other than temporary
appointment -- 1,055 -100 % Non-interest expense 2,701 2,259 20 %
Provision for income taxes 534 204 162 % Net earnings 1,165 487 139
% Earnings per share - basic 0.14 0.06 130 % Earnings per share -
fully diluted 0.14 0.06 131 % Average common shares Outstanding -
basic 8,257 7,931 4 % Average common shares Outstanding - fully
diluted 8,395 8,155 3 % Return on average assets 0.64 % 0.33 % 94 %
Return on average equity 10.73 % 4.98 % 115 % Net Interest Margin
2.38 % 2.83 % -16 % Twelve Months Ended Dec. 31, Dec. 31, % 2005
2004 Change Interest Income $33,977 $24,609 38 % Interest Expense
19,336 10,851 78 % Net interest income 14,641 13,758 6 % Provision
for Loan Loss 650 1,180 -45 % Non-interest income 2,533 2,391 6 %
Other than temporary appointment -- 1,055 -100 % Non-interest
expense 9,791 9,334 5 % Provision for income taxes 2,297 1,491 54 %
Net earnings 4,436 3,089 44 % Earnings per share - basic 0.55 0.44
25 % Earnings per share - fully diluted 0.54 0.43 27 % Average
common shares Outstanding - basic 8,107 7,082 14 % Average common
shares Outstanding - fully diluted 8,232 7,262 13 % Return on
average assets 0.66 % 0.59 % 12 % Return on average equity 10.70 %
9.80 % 9 % Net Interest Margin 2.30 % 2.80 % -18 % This press
release contains forward-looking statements, including statements
about the financial conditions, results of operations and earnings
outlook of Federal Trust Corporation. The forward-looking
statements involve certain risks and uncertainties. Factors that
may cause actual results to differ materially from such
forward-looking statements include, among others, the following: 1)
projected business increases following process changes and other
investments are lower than expected; 2) competitive pressure among
financial services companies increases significantly; 3) general
economic conditions are less favorable than expected; 4) political
conditions and related actions by the United States military abroad
adversely affect the Company's businesses and economic conditions
as a whole; 5) changes in the interest rate environment reduce
interest margins and impact funding sources; 6) changes in market
rates and prices adversely impact the value of financial products
and assets; 7) legislation or regulatory environments, requirements
or changes adversely affect businesses in which the Company is
engaged; 8) litigation and regulatory liabilities, including costs,
expenses, settlements and judgments, adversely affect the Company
or its businesses, and; 9) decisions to downsize, sell or close
units or otherwise change the business mix of the Company. For
further information regarding Federal Trust Corporation, please
read the Federal Trust Corporation reports filed with the SEC
available at http://www.sec.gov/ . Press releases and other
information about Federal Trust Corporation can be found on the PR
Newswire at http://www.prnewswire.com/ For more information,
contact: Marcia Zdanys, Corporate Secretary/Investor Relations
(407) 323-1833
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO
http://photoarchive.ap.org/ DATASOURCE: Federal Trust Corporation
CONTACT: Marcia Zdanys, Corporate Secretary - Investor Relations,
Federal Trust Corporation, +1-407-323-1833 Web site:
http://www.federaltrust.com/
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