SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 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)
July 21, 1999
COHOES BANCORP, INC.
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(Exact name of Registrant as specified in its Charter)
Delaware 000-25027 14-1807865
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(State or other (Commission File No.) (IRS Identification No.)
jurisdiction of incorporation)
75 Remsen Street, Cohoes, New York 12047
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (518)233-6500
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N/A
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(Former name or former address, if changed since last report)
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Item 5. Other Events
On July 21, 1999, the Registrant issued the attached press release.
Items 7. Financial Statements and Exhibits
(a) Exhibit
99 -- Press release, dated July 21, 1999
2
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SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange
Act of 1934, the registrant has duly caused this registration statement to be
signed on its behalf by the undersigned, thereto duly authorized.
COHOES BANCORP, INC.
Date: July 21, 1999 By:/s/ Richard A. Ahl
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Richard A. Ahl, Executive Vice
President and Chief Financial Officer
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EXHIBIT 99
COHOES BANCORP, INC. ANNOUNCES
FOURTH QUARTER AND FISCAL 1999 RESULTS
AND ANNUAL MEETING DATE
Cohoes, New York, July 21, 1999 - Cohoes Bancorp, Inc. (NASDAQ: COHB), parent
company of Cohoes Savings Bank, today announced net income of $1.7 million or
$.19 per share for the Company?s fourth quarter ended June 30, 1999 as compared
to $615,000 for the fourth quarter of 1998. Net income for the fiscal year ended
June 30, 1999 was $2.4 million ($5.4 million operating income) as compared to
$4.1 million for the same period in 1998. The fiscal year earnings were
negatively affected by a non-recurring expense of $2.1 million ($1.3 million
after-tax) resulting from the terminated merger transaction and a $2.8 million
($1.7 million after-tax) contribution to the Cohoes Savings Foundation, Inc.
made in conjunction with Cohoes Savings Bank?s mutual to stock conversion (the
?Conversion?). The Conversion was completed on December 31, 1998 with the
issuance of 9,535,225 common shares including 277,725 shares issued to the
foundation. The Company also announced that the annual meeting of shareholders
will be held on October 26, 1999 at 10:00 a.m. at The Century House.
Net interest income for the quarter ended June 30, 1999 was $6.4 million as
compared to $4.9 million for the same quarter of 1998. Net interest income for
the fiscal year ended June 30, 1999 was $22.7 million as compared to $19.2
million for the fiscal year ended June 30, 1998. The increases are primarily
attributable to an increase in average earning assets partially offset by a
decrease in interest rate spread.
Noninterest expense increased $303,000 to $4.0 million for the quarter ended
June 30, 1999 from $3.7 million for the same period of 1998. Noninterest expense
for the fiscal year ended June 30, 1999 was $20.4 million, an increase of $6.6
million from the $13.8 million for the fiscal year ended June 30, 1998. The
increase in noninterest expense for the fiscal year ended June 30, 1999 was
primarily attributable to the non-recurring charges mentioned above.
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Total assets of the Company were $650.5 million at June 30, 1999 compared to
total assets of $535.7 million at June 30, 1998. The increase is primarily
attributable to the proceeds received in the Conversion completed on December
31, 1998. Deposits decreased $3.4 million to $446.1 million at June 30, 1999
from $449.5 at June 30, 1998. The decrease is largely a result of the withdrawal
of deposits to purchase stock in the Conversion.
Nonperforming loans decreased $656,000 from $5.6 million at June 30, 1998 to
$5.0 million at June 30, 1999.
Stockholders' equity at June 30, 1999 was $139.4 million, which represents a
book value per share of $14.62.
Cohoes Bancorp, Inc. is headquartered at 75 Remsen Street, Cohoes, New York.
Cohoes Savings Bank, wholly owned subsidiary of the Company, provides full
service banking from its headquarters and 18 branch offices in Albany,
Schenectady, Rensselaer, Saratoga, Greene and Warren Counties in upstate New
York.
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COHOES BANCORP, INC.
SELECTED CONSOLIDATED FINANCIAL INFORMATION
June 30, June 30,
1999 1998
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(In Thousands)
Selected Financial Condition Information:
Total assets $650,470 $535,716
Cash and cash equivalents 11,114 14,229
Net loans receivable 521,005 412,759
Investment securities 54,455 45,424
Securities available-for-sale 44,742 48,720
Due to depositors 446,123 449,541
Borrowings 49,045 19,897
Stockholders' equity 139,430 53,282
Other real estate owned 724 509
Nonperforming loans 4,993 5,649
Selected Operating Data:
(Unaudited)
Three Months Ended Fiscal Year Ended
June 30, June 30,
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1999 1998 1999 1998
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(In Thousands)
(Except Per Share Data)
Total interest income $11,209 $9,965 $43,038 $38,423
Total interest expense 4,803 5,056 20,334 19,262
Net interest income 6,406 4,909 22,704 19,161
Provision for loan losses 450 820 1,235 1,400
Net interest income after
provision for loan losses 5,956 4,089 21,469 17,761
Noninterest income 740 632 2,916 2,743
Noninterest expense 4,038 3,735 20,443 13,767
Income before income tax expense 2,658 986 3,942 6,737
Income tax expense 992 371 1,511 2,650
Net income $ 1,666 $ 615 $ 2,431 $ 4,087
Earnings per share since conversion $0.19 N/A $0.37 N/A
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