FOR IMMEDIATE RELEASE
October 30, 2003
For further information contact:
Ralph A. Fernandez
Vice President and Chief Financial Officer
Synergy Financial Group, Inc.
(800) 693-3838, extension 3292
Synergy Financial Group, Inc.
Announces Third Quarter, 2003 Earnings
Cranford, New Jersey, October 30, 2003 - John S. Fiore, President and Chief
Executive Officer of Synergy Financial Group, Inc. (OTCBB: SYNF), the
middle-tier stock holding company of Synergy Bank and Synergy Financial
Services, Inc., today announced earnings for the three- and nine-month periods
ended September 30, 2003. For the three months ended September 30, 2003, net
income was $739,000, or $0.23 per basic and diluted share, an increase of
$290,000, or 64.5 percent, from $449,000 for the same period a year ago. Net
income for the nine-month period ended September 30, 2003 was $2.3 million, an
increase of $724,000, or 45.9 percent, from $1.6 million for the same period a
year earlier. Basic and diluted earnings per share were $0.71 for the nine
months ended September 30, 2003.
Total assets reached $591.3 million at September 30, 2003, an increase of 42.1
percent, or $175.3 million, from $416.0 million at September 30, 2002. Net loans
increased 33.0 percent, or $99.0 million, from $300.0 million at September 30,
2002 to $399.0 million at September 30, 2003. During this same period, the
allowance for loan and lease losses increased $1.0 million, from $2.1 million at
September 30, 2002 to $3.1 million at September 30, 2003. The majority of this
increase - $800,000 - was attributable to the allowance for loan and lease
losses obtained in the January 2003 acquisition of First Bank of Central Jersey.
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Deposits reached $463.1 million at September 30, 2003, an increase of 36.6
percent from the $338.9 million reported at September 30, 2002. Shareholders'
equity at September 30, 2003 totaled $39.2 million, up 4.2 percent, or $1.6
million, from twelve months earlier.
Net interest income during the third quarter of 2003 was $4.6 million, compared
to $3.6 million during the same period last year, an increase of 27.7 percent.
During the nine months ended September 30, 2003, net interest income increased
34.4 percent, from $10.5 million to $14.1 million, when compared to the same
period in 2002.
Non-interest income increased to $752,000 for the third quarter of 2003, from
$471,000 for the same period in 2002. This was an increase of $281,000, or 59.7
percent. During the nine months ended September 30, 2003, non-interest income
totaled $1.8 million compared to $1.3 million for the same period in 2002. This
represents an increase of $478,000, or 36.6 percent. This increase was primarily
attributable to the growth in service fees and realized gains on the sales of
investment securities.
Non-interest expense increased to $3.8 million in the third quarter of 2003,
compared with $3.0 million for the third quarter of 2002. During the nine months
ended September 30, 2003, non-interest expense totaled $11.6 million, compared
to $8.5 million for the same period in 2002, an increase of $3.1 million, or
36.5 percent. The increase in non-interest expense is primarily due to increased
operating expenses associated with new branch offices, two of which opened in
the fourth quarter of 2002 and two that were added with the acquisition of First
Bank of Central Jersey in January 2003.
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"We are very pleased with our year-to-date results for 2003," said Mr. Fiore.
"We continue to perform in line with our plan, strengthening our balance sheet
with good loan and deposit growth," he added.
About Synergy Financial Group, Inc.
Synergy Financial Group, Inc. (the "Company) is the holding company for Synergy
Bank and Synergy Financial Services, Inc. A majority of the stock of the Company
is held by Synergy, MHC, a federal mutual holding company. The Company is a
financial services company that provides a diversified line of products and
services to consumers and small- to mid-sized businesses. Synergy offers
consumer banking, mortgage lending, commercial banking, consumer finance,
Internet banking, and financial services through a network of 18 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.
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