CRANFORD, N.J., Oct. 26 /PRNewswire-FirstCall/ -- John S. Fiore,
President and Chief Executive Officer of Synergy Financial Group,
Inc. (NASDAQ:SYNF) (the "Company"), the holding company of Synergy
Bank and Synergy Financial Services, Inc., today announced net
income for the three-month period ended September 30, 2005 of
$1.108 million, or $0.10 per diluted share, compared to $1.094
million, or $0.09 per diluted share, for the same period last year.
Net income for the nine-month period ended September 30, 2005 was
$3.333 million, or $0.29 per diluted share. This represents an
increase of $324,000, or 10.8%, from the $3.009 million, or $0.27
per diluted share, reported for the same nine-month period of 2004.
(Logo: http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGO )
Total assets reached $945.6 million on September 30, 2005, an
increase of 9.9%, or $84.9 million, from $860.7 million on December
31, 2004. The increase was primarily attributable to an increase of
$129.1 million in net loans, partially offset by a decline of $50.3
million in investment securities. Net loans increased 23.0%, to
$690.8 million on September 30, 2005, from $561.7 million on
December 31, 2004. On September 30, 2005, total loans were
comprised of 33.3% in non-residential and multi-family mortgage
loans, 27.4% in consumer loans, 18.4% in single-family real estate
loans, 16.5% in home equity loans, 3.2% in commercial and
industrial loans and 1.2% in construction loans. On September 30,
2005, the allowance for loan and lease losses was $5.4 million,
compared to $4.4 million on December 31, 2004. The ratio of the
allowance to total loans was 0.78% on both September 30, 2005 and
December 31, 2004. Non-performing assets to total assets was 0.06%
on September 30, 2005, compared to 0.03% on December 31, 2004.
Deposits reached $581.1 million on September 30, 2005, an increase
of $42.2 million, or 7.8%, from the $538.9 million reported on
December 31, 2004. Certificates of deposit increased by $71.0
million, or 28.1%, from the $252.7 million reported at year-end
2004, while core deposits, which consist of checking, savings, and
money market accounts, decreased $28.8 million, or 10.1%. The
increase in certificates of deposit was the result of initiatives
directed toward attracting funds with extended maturities in
response to the current interest rate environment. Despite the
decline in total core deposits during the nine-month period,
checking accounts increased by $5.0 million or 8.9%. During the
same period, Federal Home Loan Bank borrowings increased $50.0
million, or 23.6%, to $262.5 million on September 30, 2005.
Stockholders' equity totaled $97.8 million on September 30, 2005, a
decrease of 6.0%, or $6.2 million, from $104.0 million on December
31, 2004. The decline was attributable to the repurchase of common
stock in open market transactions to fund the Company's 2004
Restricted Stock Plan and the 5% stock repurchase program that was
announced on January 26, 2005, as well as the effect of the net
unrealized investment portfolio market value adjustment, offset by
the net income for the period. During the third quarter, the
Company completed the stock repurchase program originally announced
in January, 2005 and commenced a new program to purchase up to an
additional 5% of its outstanding common shares. Additionally, on
September 28, 2005, the Company's Board of Directors declared a
quarterly cash dividend of $0.05 per common share, which is payable
on October 28, 2005 to stockholders of record on October 14, 2005.
Net interest income increased $78,000, or 1.3%, for the three
months ended September 30, 2005, to $6.1 million, from $6.0 million
for the same period last year. For the nine months ended September
30, 2005, net interest income increased 7.7%, to $18.5 million,
from $17.2 million for the same period last year. Other income
increased $72,000, or 7.6%, for the three months ended September
30, 2005, to $1,024,000, from $952,000 for the same period last
year. For the nine months ended September 30, 2005, other income
increased 32.2%, to $2.9 million, from $2.2 million for the same
period last year. The increase was primarily attributable to growth
in commission income generated by Synergy Financial Services, Inc.
and an increase in income generated from bank-owned life insurance.
Other expenses increased $159,000, or 3.2%, for the three months
ended September 30, 2005, to $5.1 million, from $4.9 million for
the same period last year. For the nine months ended September 30,
2005, other expenses increased $1.4 million, or 10.2%, to $14.8
million, from $13.5 million for the same period last year. The
increase was primarily attributable to salaries and benefits
associated with the Company's growth strategy, which includes
equity- based employee compensation plans, coupled with higher
operating expenses associated with a larger branch network. About
Synergy Financial Group, Inc. Synergy Financial Group, Inc. is the
holding company for Synergy Bank and Synergy Financial Services,
Inc. The Company is a financial services company that provides a
diversified line of products and services to individuals and small-
to mid-size businesses. Synergy offers consumer banking, mortgage
lending, commercial banking, consumer finance, Internet banking,
and financial services through a network of 19 branch offices
located in Middlesex, Monmouth, Morris, and Union counties New
Jersey. Forward-Looking Statements This press release contains
forward-looking statements, which are not historical facts and
pertain to future operating results. These forward- looking
statements are within the meaning of the Private Securities
Litigation Reform Act of 1995. These forward-looking statements
include, but are not limited to, statements about our plans,
objectives, expectations, and intentions and other statements
contained in this press release that are not historical facts. When
used in this press release, the words "expects," "anticipates,"
"intends," "plans," "believes," "seeks," "estimates," or words of
similar meaning, or future or conditional verbs, such as "will,"
"would," "should," "could," or "may" are generally intended to
identify forward-looking statements. These forward-looking
statements are inherently subject to significant business,
economic, and competitive uncertainties and contingencies, many of
which are beyond our control. In addition, these forward-looking
statements are subject to assumptions with respect to future
business strategies and decisions that are subject to change.
Actual results may differ materially from the results discussed in
these forward-looking statements. We do not undertake to update any
forward-looking statement that may be made by the Company from time
to time. SYNERGY FINANCIAL GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets (In thousands, except share data)
September 30, December 31, 2005 2004 (unaudited) (audited) Assets:
Cash and amounts due from banks $4,386 $4,687 Interest-bearing
deposits with banks 3,554 1,759 Cash and cash equivalents 7,940
6,446 Investment securities available-for-sale, at fair value
93,485 134,360 Investment securities held-to-maturity (fair value
of $100,203 and $111,154, respectively) 101,155 110,584 Federal
Home Loan Bank of New York stock, at cost 13,123 10,771 Loans
receivable, net 690,808 561,687 Accrued interest receivable 3,118
2,751 Property and equipment, net 17,752 16,814 Cash surrender
value of bank-owned life insurance 13,010 12,637 Other assets 5,172
4,627 Total assets $945,563 $860,677 Liabilities: Deposits $581,140
$538,916 Federal Home Loan Bank advances 262,450 212,414 Advance
payments by borrowers for taxes and insurance 2,140 1,702 Accrued
interest payable on advances 780 385 Dividend payable 623 498 Other
liabilities 599 2,720 Total liabilities 847,732 756,635
Stockholders' equity: Preferred stock; $.10 par value, 5,000,000
shares authorized; issued and outstanding - none - - Common stock;
$.10 par value, 20,000,000 shares authorized; Issued - 12,466,903
in 2005 and 12,452,011 in 2004 Outstanding - 11,453,266 in 2005 and
12,064,968 in 2004 1,247 1,245 Additional paid-in-capital 85,601
86,177 Retained earnings 32,211 30,603 Unearned ESOP shares (5,452)
(5,962) Unearned RSP compensation (2,784) (3,391) Treasury stock
held for the RSP, at cost; 363,037 and 387,043 shares in 2005 and
2004, respectively (4,042) (4,343) Treasury stock, at cost; 650,600
and 0 shares in 2005 and 2004, respectively (7,916) - Accumulated
other comprehensive loss, net of taxes (1,034) (287) Total
stockholders' equity 97,831 104,042 Total liabilities and
stockholders' equity $945,563 $860,677 SYNERGY FINANCIAL GROUP,
INC. AND SUBSIDIARIES Consolidated Statements of Income (In
thousands, except per share data) Three Months Ended Nine Months
Ended September 30, September 30, 2005 2004 2005 2004
(unaudited)(unaudited)(unaudited)(unaudited) Interest income:
Loans, including fees $9,819 $7,278 $27,074 $20,647 Investment
securities 1,934 2,463 6,448 5,626 Other 156 42 391 88 Total
interest income 11,909 9,783 33,913 26,361 Interest expense:
Deposits 3,292 2,329 9,025 6,615 Borrowed funds 2,517 1,432 6,347
2,538 Total interest expense 5,809 3,761 15,372 9,153 Net interest
income before provision for loan losses 6,100 6,022 18,541 17,208
Provision for loan losses 392 429 1,314 1,133 Net interest income
after provision for loan losses 5,708 5,593 17,227 16,075 Other
income: Service charges and other fees on deposit accounts 550 556
1,562 1,604 Net gain (loss) on sale of investments 8 38 (26) 38
Commissions 211 153 660 186 Other 255 205 665 336 Total other
income 1,024 952 2,861 2,164 Other expenses: Salaries and employee
benefits 2,784 2,687 8,261 7,180 Premises and equipment 962 939
2,789 2,854 Occupancy 604 490 1,655 1,436 Professional services 165
156 560 403 Advertising 269 241 723 603 Other operating 272 384 828
974 Total other expenses 5,056 4,897 14,816 13,450 Income before
income tax expense 1,676 1,648 5,272 4,789 Income tax expense 568
554 1,939 1,780 Net income $1,108 $1,094 $3,333 $3,009 Per share of
common stock: Basic earnings per share $0.10 $0.10 $0.30 $0.28
Diluted earnings per share $0.10 $0.09 $0.29 $0.27 Basic weighted
average shares outstanding 10,711 11,496 10,993 10,886 Diluted
weighted average shares outstanding 11,102 11,743 11,390 11,113
http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGODATASOURCE:
Synergy Financial Group, Inc. CONTACT: Kevin M. McCloskey, Senior
Vice President and Chief Operating Officer of Synergy Financial
Group, Inc., 1-800-693-3838, extension 3292 Web site:
http://www.synergyonthenet.com/
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