UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported)April 30, 2003
Globe Bancorp, Inc.
(Exact name of registrant as specified in its charter)
Louisiana | 0001136645 | 72-1498296 |
(State or other jurisdiction | (Commission | (IRS Employer |
|
4051 Veterans Blvd., Suite 100 |
|
(Address of principal executive offices) | (Zip Code) |
Registrant's telephone number, including area code(504) 887-0057
____________________________________________________________
(Former name or former address, if changed since last report)
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Item 9. Regulation FD Disclosure
On April 30, 2003, Globe Bancorp, Inc. issued a press release announcing its financial results for the first quarter ended March 31, 2003. The Press Release is attached as Exhibit 99.1 to this report and is incorporated herein by reference. This information, which is required by Item 12 of Form 8-K, is being provided under Item 9 pursuant to Commission Release 34-47583.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
GLOBE BANCORP, INC.
Registrant
Date: April 30, 2003 By: /s/ Thomas J. Exnicios
Thomas J. Exnicios &nbs p; President, Chief Executive Officer Chief Financial Officer
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Exhibit No. 99.1
PRESS RELEASE
Contact information:
Globe Bancorp, Inc.
Thomas J. Exnicios, (504) 887-0057
Globe Bancorp, Inc. Announces 2003 First Quarter Earnings and Declares Semi-Annual Dividend
METAIRIE, LA. --(BUSINESS WIRE)--April 30, 2003--Thomas J. Exnicios, President and Chief Executive Officer of Globe Bancorp, Inc. (OTC BB: GLBP), the holding company for Globe Homestead Savings Bank, announced earnings for the quarter ended March 31, 2003.
Globe Bancorp, Inc. reported first quarter net income of $44,000 or $0.17 per share, up 5.49% from $41,000 or $0.15 per share, in the comparable 2002 first quarter. The increase in net income was due to an increase in net interest income which was partially offset by a decrease in non-interest income and an increase in non-interest expense and income tax expense. In addition, the Company announced a semi-annual dividend of $0.175 per share on the Company's common stock, which was declared on April 22, 2003. The dividend is payable June 20, 2003 to stockholders of record May 29, 2003. This dividend represents an increase of $0.025 or 16.6% over prior semi-annual dividend payments.
Total assets increased $310,000 or 0.92% to $33.9 million at March 31, 2003 compared to $33.6 million at December 31, 2002. Such increase was primarily due to an increase in securities of $1.3 million, offset by a decrease in cash and cash equivalents and loans receivable of $642,000 and $327,000, respectively. Total liabilities increased $269,000 or 0.96% to $28.3 million at March 31, 2003 due primarily to an increase of $336,000 in deposits offset by a decrease of $90,000 in Federal Home Loan Bank advances. Total stockholders' equity increased $42,000 or 0.75% to $5.6 million at March 31, 2003 compared to $5.5 million at December 31, 2002. The primary reason for the increase was the net income during the period. Book value, or stockholders' equity per share, at March 31, 2003, was $20.18.
Globe Bancorp, Inc. was formed on March 12, 2001 as a Louisiana corporation. We are the holding company for Globe Homestead Savings Bank. Our offices are located at 4051 Veterans Boulevard., Suite 100, Metairie, Louisiana 70002, and our telephone number is (504) 887-0057.
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Consolidated Balance Sheets | March 31, | |
2003 | 2002 | |
(Unaudited) | (Unaudited) | |
Assets: | ||
Cash and Cash Equivalents | $3,082,538 | $4,537,209 |
Investment Securities: | ||
Available for sale | 4,720,306 | 2,240,174 |
Held to maturity | 2,482,510 | 3,410,778 |
Trading account securities | - | 978,749 |
Net Loans | 22,854,330 | 21,175,282 |
Premises and Equipment, Net | 104,777 | 79,963 |
Other Assets | 619,732 | 619,771 |
Total Assets | $33,864,193 | $33,041,926 |
========= | ========= | |
Liabilities: | ||
Deposits | $24,012,057 | $21,578,844 |
Federal Home Loan Bank Advances | 4,015,611 | 5,369,069 |
Other Liabilities | 247,812 | 225,747 |
Total Liabilities | 28,275,480 | 27,173,660 |
Stockholders' Equity: | ||
Common Stock - 304,175 shares issued | 3,042 | 3,042 |
Additional paid-in capital | 2,725,844 | 2,721,753 |
Treasury stock - 27,175 shares, at cost | (408,984) | - |
Retained Earnings | 3,466,490 | 3,344,373 |
Unearned ESOP Shares | (210,895) | (225,200) |
Accumulated Other Comprehensive Income | 13,216 | 24,298 |
Total Stockholders' Equity | 5,588,713 | 5,868,266 |
Total Liabilities and Stockholders' Equity | $33,864,193 | $33,041,926 |
========= | ========= | |
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Consolidated Statements of Income
For the Three Months Ended March 31, | ||
2003 | 2002 | |
(Unaudited) | (Unaudited) | |
Interest income | $469,198 | $485,505 |
Interest expense | 231,593 | 287,723 |
Net interest income | 237,605 | 197,782 |
Provision for (recovery of) loan losses | - | (1,024) |
Net interest income after provision | ||
for (recovery of) loan losses | 237,605 | 198,806 |
Non-interest income | 1,754 | 15,985 |
Non-interest expense | 173,586 | 160,771 |
Income before income taxes | 65,773 | 54,020 |
Income tax expense | 22,104 | 12,623 |
Net income | $ 43,669 | $ 41,397 |
====== | ======= | |
Selected performance and other data: | ||
Earnings per share | $0.17 | $0.15 |
Return on average assets | 0.52% | 0.51% |
Return on average equity | 3.14% | 2.83% |
Average shares outstanding | 255,911 | 281,463 |
Dividends per share | $0.00 | $0.00 |
As of March 31, | As of March 31, | |
2003 | 2002 | |
(Unaudited) | (Unaudited) | |
Non-Performing Assets | $ - | $ - |
Book value per share (1) | $20.18 | $19.29 |
(1) Book value per share is calculated based on total equity divided by total shares outstanding. Alternatively, if the calculation were based on shares outstanding minus unearned ESOP shares, book value per share at March 31, 2003 would have been $21.84.
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