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COMPANY PRESS RELEASE
DUTCHFORK BANCSHARES, INC.
FIRST QUARTER EARNINGS
Newberry, SC January 30, 2004 (BusinessWire) -- DutchFork Bancshares,
Inc. (DFBS) announced earnings of $721,213 for the first quarter ending December
31, 2003 compared to earnings of $566,441 for the first quarter of 2002.
Basic earnings per share were $0.73 for the first quarter ending
December 31, 2003 compared to $0.53 for the comparable period in 2002.
Net interest income after provisions for loan losses for the first
quarter of 2003 was $1,952,952 compared to $1,343,420 for the same period of
2002. Total interest income was $3,023,026 for the three months ended December
31, 2003, a $303,151 increase from the same period in 2002 due to asset
restructuring. Interest expense for the first quarter of 2003 was $1,070,724, a
decrease of $306,381 from the same period of 2002 due to decreases in funding
costs.
Non-interest income for the first quarter of 2003 was $266,909
representing a decrease of $381,296 from the $648,205 posted in the same quarter
of 2002 due to decreases in gains on sales of securities. Non-interest expense
for the quarter ending December 31, 2003 was $1,409,460 compared to $1,352,872
for the same period of 2002.
At December 31, 2003, total assets were $225,585,173 compared to
$235,053,359 at September 30, 2003.
Other comprehensive income (loss) resulting from the mark-to-market of
investments available for sale was $(974,460)(after taxes) during the three
months ended December 31, 2003, due to a decline in the market value of
investments.
DutchFork Bancshares, Inc. is the holding company for Newberry Federal
Savings Bank, which operates three banking locations in Newberry County of South
Carolina. The company is listed on the NASDAQ SmallCap Market under the symbol
"DFBS".
Contact:
J. Thomas Johnson, CEO
Steve P. Sligh, CFO
803-321-3200
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INCOME STATEMENT DATA
(UNAUDITED)
(Dollars in thousands)
THREE MONTHS ENDED
DECEMBER 31,
2003 2002
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Interest income $ 3,023 $ 2,719
Interest expense 1,070 1,376
Net interest income 1,953 1,343
Provision for loan losses --- ---
Net interest income after provision
for loan losses 1,953 1,343
Non-interest income 267 648
Non-interest expense 1,410 1,353
Income before taxes 810 638
Income tax expense 89 72
Net income 721 566
INCOME PER SHARE (COMMON) $ 0.73 $ 0.53
INCOME PER SHARE (DILUTED) $ 0.68 $ 0.50
RETURN ON AVERAGE ASSETS 1.21% 1.02%
RETURN ON AVERAGE EQUITY 7.09% 6.78%
NET INTEREST MARGIN 3.54% 2.60%
BALANCE SHEET DATA
(Dollars in thousands, except per share data)
DECEMBER 31,
2003 SEPTEMBER 30,
(UNAUDITED) 2003
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Total assets $ 225,585 $ 235,053
Investment securities 142,797 162,166
Loans 57,105 58,371
Allowance for loan losses 371 401
Total deposits 142,585 143,429
Other borrowings 49,621 57,613
Shareholders' equity 32,385 32,558
Equity to assets 14.36% 13.85%
Loan to deposit ratio 40.05% 40.70%
NON-PERFORMING LOANS TO ASSETS .56% 0.47%
AVERAGE BALANCES
(UNAUDITED)
THREE MONTHS ENDED
DECEMBER 31,
2003 2002
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Average total assets $ 237,538 $ 222,618
Average loans 57,443 61,232
Average earning assets 220,511 206,424
Average deposits 140,724 153,364
Average other short-term borrowings 59,974 35,000