Federal Trust Corporation Announces Record First Quarter Earnings 2004
15 Abril 2004 - 5:41PM
PR Newswire (US)
Federal Trust Corporation Announces Record First Quarter Earnings
2004 SANFORD, Fla., April 15 /PRNewswire-FirstCall/ -- James V.
Suskiewich, President and Chief Executive Officer of Federal Trust
Corporation announced today record earnings for the quarter ending
March 31, 2004. Net earnings were $810,000, up 24% from the
$654,000 in earnings for the first quarter of 2002. On a per share
basis, first quarter earnings were $.12 per basic and diluted
share, compared to $.10 per basic and diluted share for the first
quarter of 2003. The earnings improvement for 2004 is attributable
to the Company's continued growth in assets and the improvement in
net interest income, which increased $684,000, or 25%, while net
non-interest expenses increased $208,000, or 10%. (Logo:
http://www.newscom.com/cgi-bin/prnh/19990513/FDTRLOGO ) At March
31, 2004, Federal Trust's total assets were $483 million, an
increase of $54 million, or 13% from March 31, 2003. Stockholders'
equity at the end of the first quarter of 2004 was $27 million, and
the book value per share was $4.21. President Suskiewich stated,
"We are very pleased to announce record earnings for the first
quarter of 2004, as we continued to build upon core earnings and
assemble the key pieces to our Central Florida footprint. The
progress is indicative of the reception we have received to our
brand of customer service and products in the markets we serve. We
place strong emphasis on customer contacts as reflected by our
ongoing Customer Calling program." He concluded by saying that
"construction, which began on our permanent Deltona Office in
January 2004, is expected to be completed before the end of the
second quarter. Federal Trust is also evaluating several additional
sites for future branch expansion." Federal Trust Corporation's
common stock is traded on the American Stock Exchange under the
symbol "FDT." At April 14, 2004, the closing price was $8.10 per
share. Federal Trust Corporation is a unitary thrift holding
company and is the parent company of Federal Trust Bank, a $474
million federally-chartered, FDIC-insured savings bank. Federal
Trust Bank operates from six full-service offices in Sanford,
Winter Park, Casselberry, New Smyrna Beach, Deltona, and Orange
City, Florida. The Company's Executive and Administrative Offices
are located in Sanford, Florida. The following information is in
thousands except per share data. Federal Trust Corporation At
Quarter End March 31, 2004 March 31, 2003 % Change Total assets
$482,739 $428,536 13 % Investment securities 34,082 37,299 (9)%
Loans 413,868 357,604 16 % Deposits 335,570 294,299 14 %
Shareholders' equity 27,478 25,852 6 % Book value per share $4.21
$3.92 5 % Three Months Ended March 31, 2004 March 31, 2003 % Change
Interest income $5,798 $5,493 6 % Interest expense 2,393 2,772
(14)% Net interest income 3,405 2,721 25 % Provision for loan
losses 550 220 150 % Noninterest income 678 607 12 % Noninterest
expenses 2,346 2,138 10 % Provision for income taxes 377 316 19 %
Net earnings 810 654 24% Earnings per share-basic $.12 $0.10 20 %
Earnings per share-fully diluted $.12 $0.10 20 % Average common
shares outstanding 6,529 6,591 (1) % Return on average assets 0.68%
0.64% 6 % Return on average equity 12.02% 10.28% 17 % Net interest
margin 3.01% 2.78% 8 % 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 and 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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