Exhibit 99.3 Press Release
PRESS RELEASE For More Information Contact:
April 23, 2001 David M. Bradley, President
North Central Bancshares, Inc.
825 Central Avenue
Fort Dodge, Iowa 50501
515-576-7531
NORTH CENTRAL BANCSHARES, INC. ANNOUNCES EARNINGS FOR FIRST QUARTER 2001
(Nasdaq: FFFD)
Fort Dodge, Iowa -- North Central Bancshares, Inc. (the "Company"), the holding
company for First Federal Savings Bank of Iowa (the "Bank"), announced today
that the Company earned $0.51 diluted earnings per share for the quarter ended
March 31, 2001, compared to diluted earnings per share of $0.47 for the quarter
ended March 31, 2000, an increase in diluted earnings per share of 8.5%. In
dollars, the Company's net income was $981,000 for the quarter ended March 31,
2001, as compared to $1,007,000 for the quarter ended March 31, 2000.
Total assets at March 31, 2001 were $383.8 million as compared to $389.0 million
at December 31, 2000. The decrease in assets resulted primarily from decreases
in securities available for sale and loans, offset by an increase in
interest-bearing cash. Securities available-for-sale decreased $6.0 million, or
13.9%, from $43.4 million at December 31, 2000 to $37.3 million at March 31,
2001. The decrease in securities available for sale was primarily due to calls
and maturities in excess of purchases. Loans decreased by $3.7 million, or 1.2%,
from $318.0 million at December 31, 2000 to $314.3 million at March 31, 2001.
Interest-bearing cash increased $3.2 million, or 51.0% to $9.6 million at March
31, 2001 from $6.3 million at December 31, 2000.
Deposits increased $5.7 million, or 2.2%, to $266.9 million at March 31, 2001
from $261.2 million at December 31, 2000. Other borrowed funds decreased $11.5
million, or 13.0%, from $88.6 million at December 31, 2000 to $77.1 million at
March 31, 2001.
Nonperforming assets were 0.31% of total assets as of March 31, 2001 compared to
0.28% of total assets as of December 31, 2000. The allowance for loan losses was
$2.8 million, or 0.89% of total loans, at March 31, 2001, compared to $2.8
million, or 0.88% of total loans, at December 31, 2000.
- MORE-
The net interest spread of 2.47% for the three months ended March 31, 2001
represented a decrease from the net interest spread of 2.75% for the three
months ended March 31, 2000. The net interest margin of 2.89% for the three
months ended March 31, 2001 represented a decrease from the net interest margin
of 3.14% for the three months ended March 31, 2000. Net interest income for the
three months ended March 31, 2001 was $2,659,000 compared to net interest income
of $2,744,000 for the three months ended March 31, 2000.
The Bank's provision for loan losses was $30,000 for each of the three months
ended March 31, 2001 and 2000. The Company establishes provisions for loan
losses, which are charged to operations, in order to maintain the allowance for
loan losses at a level which is deemed to be appropriate based upon an
assessment of prior conditions, the volume and type of loans in the Bank's
portfolio, and other factors related to the collectibility of the Bank's loan
portfolio.
Stockholders' equity was $36.5 million at March 31, 2001, compared to $36.4
million at December 31, 2000. Stockholders' equity increased by $75,000
primarily due to earnings and an increase in accumulated other comprehensive
income, which were offset in part by stock repurchases and declared dividends.
Book value, or stockholders' equity per share, at March 31, 2001 was $19.64
compared to $19.04 at December 31, 2000. The ratio of stockholders' equity to
total assets was 9.5% at March 31, 2001, as compared to 9.4% at December 31,
2000.
Stockholders of record on March 15, 2001, received a quarterly cash dividend of
$0.15 per share on April 6, 2001.
Recently, the Company authorized a new stock repurchase program for 100,000
shares. The new program will commence at the completion of the Company's current
repurchase program, of which 3,000 shares currently remain to be repurchased.
During the three months ended March 31, 2001, the Company repurchased a total of
54,500 shares or approximately 2.85% of its outstanding shares of common stock
at prevailing market prices averaging $20.07 per share. Since its formation in
1996, the Company has invested a total of $35.8 million in the repurchase of
2,171,467 shares of its outstanding stock.
North Central Bancshares, Inc. serves north central and southeastern Iowa at 8
full service locations in Fort Dodge, Nevada, Ames, Perry, Burlington and Mount
Pleasant, Iowa through its wholly-owned subsidiary, First Federal Savings Bank
of Iowa, headquartered in Fort Dodge, Iowa. The Bank's deposits are insured by
the Federal Deposit Insurance Corporation. The Company's stock is traded on The
Nasdaq National Market under the symbol "FFFD".
For more information contact: David M. Bradley, President, 515-576-7531
FINANCIAL HIGHLIGHTS OF NORTH CENTRAL BANCSHARES, INC. AND SUBSIDIARIES
Condensed Consolidated Statements of Financial Condition
(Dollars in Thousands, except per share and March 31, 2001 December 31, 2000
share data) -------------- -----------------
Assets
Cash and cash equivalents $ 11,586 $ 8,850
Securities available for sale 37,346 43,352
Loans (net of allowance of loan loss of $2.8
million and $2.8 million, respectively) 314,309 318,026
Goodwill 5,325 5,443
Other assets 15,195 13,327
------------ ------------
Total Assets $ 383,761 $ 388,998
============ ============
Liabilities
Deposits $ 266,896 $ 261,167
Other borrowed funds 77,061 88,592
Other liabilities 3,331 2,841
------------ ------------
Total Liabilities 347,288 352,600
Stockholders' Equity 36,473 36,398
------------ ------------
Total Liabilities and Stockholders' Equity $ 383,761 $ 388,998
============ ============
Stockholders' equity to total assets 9.50% 9.36%
============ ============
Book value per share $ 19.64 $ 19.04
============ ============
Total shares outstanding 1,857,380 1,911,880
============ ============
Condensed Consolidated Statements of Income
(Dollars in Thousands, except per share data)
For the Three Months
Ended March 31,
2001 2000
-------- --------
Interest income $ 7,040 $ 6,530
Interest expense 4,381 3,786
-------- --------
Net interest income 2,659 2,744
Provision for loan loss 30 30
-------- --------
Net interest income after provision for loan loss 2,629 2,714
Noninterest income 1,039 955
Noninterest expense 2,174 2,112
-------- --------
Income before income taxes 1,494 1,557
Income taxes 513 550
-------- --------
Net income $ 981 $ 1,007
======== ========
Basic earnings per share $ 0.53 $ 0.48
======== ========
Diluted earnings per share $ 0.51 $ 0.47
======== ========
Selected Financial Ratios
For the Three Months
Ended March 31,
2001 2000
---- ----
Performance ratios
Assets
Net interest spread 2.47% 2.75%
Net interest margin 2.89% 3.14%
Return on average assets 1.01% 1.10%
Return on average equity 10.65% 10.94%
Efficiency ratio (noninterest expense divided by
the sum of net interest income before provision
for loan losses plus noninterest income) 58.79% 57.11%