<PAGE>
UNITED STATES
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) April 24, 2000
HAVEN BANCORP, INC.
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation or organization)
000-21628
(Commission File Number)
11-3153802
(I.R.S. Employer Identification No.)
615 MERRICK AVENUE, WESTBURY, NEW YORK 11590
(Address of principal executive offices) (Zip Code)
(516) 683-4485
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name, former address and former fiscal year,
if changed since last report)
<PAGE>
ITEM 5. OTHER EVENTS
Attached hereto as Exhibit 99.1 and incorporated herein by
reference is certain information to be made available by the
Registrant in connection with a presentation to be given by the
Registrant to investment analysts on April 24, 2000.
Statements made herein that are forward-looking in nature within
the meaning of the Private Securities Litigation Reform Act of
1995, are subject to risks and uncertainties that could cause
actual results to differ materially. Such risks and uncertainties
include, but are not limited to, those related to overall business
conditions, particularly in the consumer financial services,
mortgage and insurance markets in which the Registrant operates,
fiscal and monetary policy, competitive products and pricing,
credit risk management, changes in regulations affecting financial
institutions and other risks and uncertainties discussed in the
Registrant's SEC filings, including its 1999 Form 10-K. The
Registrant disclaims any obligation to publicly announce future
events or developments, which may affect the forward-looking
statements contained herein.
ITEM 7. FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS
(a) Financial Statements of Businesses Acquired.
Not Applicable.
(b) Pro Forma Financial Information.
Not Applicable.
(c) Exhibits.
99.1 Portions of Analyst Presentation.
99.2 First Quarter Earnings Press Release.
SIGNATURE
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.
HAVEN BANCORP INC.
(Registrant)
Date: April 24, 2000 By: /s/ Catherine Califano
---------------------------
Catherine Califano
Senior Vice President and
Chief Financial Officer
2
<PAGE>
Exhibit 99.1
INCOME STATEMENT
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Three Months Ended Three Months Ended Three Months Ended
($ IN THOUSANDS) March 31, 2000 December 31, 1999 September 30, 1999 June 30, 1999 March 31, 1999
<S> <C> <C> <C> <C> <C>
Interest income $51,737 50,669 48,478 44,236 40,480
Interest expense 32,145 32,390 29,926 26,316 24,274
Net interest income before provision 19,592 18,279 18,552 17,920 16,206
Provision for loan losses 565 1,035 1,035 880 675
Net interest income after provision 19,027 17,244 17,517 17,040 15,531
Non interest income
Mortgage banking income 1,084 692 97 677 2,268
Retail banking fees 4,866 4,634 4,472 3,865 3,079
Insurance, annuity and mutual fund fees 2,169 1,885 2,231 2,168 1,975
Other 484 566 809 1,838 975
Total non interest income 8,603 7,777 7,609 8,548 8,297
Non interest expense
Compensation and benefits 11,037 11,803 10,917 10,927 11,040
Occupancy and equipment 3,609 2,723 3,482 3,439 3,344
Restructuring charge 7,057 - - - -
Other 5,772 5,407 5,887 5,883 5,241
Total non interest expense 27,475 19,933 20,286 20,249 19,625
Income before taxes 155 5,088 4,840 5,339 4,203
Income tax expense 54 1,359 1,890 2,011 1,603
Net income $ 101 3,729 2,950 3,328 2,600
EPS: Basic $0.01 0.42 0.34 0.38 0.30
Diluted $0.01 0.40 0.32 0.37 0.29
EPS without restructuring charges:
Basic $0.53
Diluted $0.51
</TABLE>
Note: Certain reclassifications have been made to prior period
amounts to conform to the current period.
<PAGE>
BALANCE SHEET
<TABLE>
<CAPTION>
(In thousands) March 31, 2000 December 31, 1999 December 31, 1998 December 31, 1997
<S> <C> <C> <C> <C>
Assets
Cash and equivalents $ 57,844 42,717 44,808 40,306
Securities available for sale 943,435 937,299 889,251 499,380
Loans held for sale 49,384 82,709 54,188 -
Debt securities held to maturity - - - 66,404
Mortgage-backed securities
held to maturity - - - 163,057
Loans receivable, net 1,805,182 1,790,126 1,296,702 1,138,253
Premises and equipment 35,002 35,928 39,209 27,062
Other assets 75,065 77,071 71,365 40,428
Total assets $2,965,912 2,965,850 2,395,523 1,974,890
Liabilities and Equity
Deposits $2,150,944 2,080,613 1,722,710 1,365,012
Borrowed funds 630,703 698,948 415,362 441,810
Other liabilities 31,240 30,422 112,600 30,219
2,812,887 2,809,983 2,250,672 1,837,041
Capital securities 50,284 50,284 24,984 24,984
Total liabilities 2,863,171 2,860,267 2,275,656 1,862,025
Total equity 102,741 105,583 119,867 112,865
Total Liabilities and Equity $2,965,912 2,965,850 2,395,523 1,974,890
</TABLE>
<PAGE>
SIGNIFICANT EVENTS
- - Residential Mortgage Division
Sale of parts
M&T Mortgage Corp. - All but Fishkill, NY
Proposed sale of Fishkill, NY - Target closing: May 1, 2000
- - Reduce operating expenses through reduction in workforce and
elimination of other discretionary expenses.
- - Board expansion ! Richard Lashley/Garrett Goodbody
<PAGE>
MORTGAGE BANKING
Return to Profitability
- - Continue to service customers with private label mortgage
product.
- - Purchase agreement with M&T Mortgage Corp. gives Haven option to
buy mortgage product for portfolio.
- - Portfolio consists primarily of the following:
MBS Fixed and Adjustable 56%
Residential 1-4 family Mortgage Loans 22%
Multifamily* 10%
Commercial* 12%
100%
* Projected 2000 commercial/multi-family originations $175
million.
<PAGE>
MORTGAGE BANKING
1999 direct expenses, net of capitalized
origination costs $11.1 million
2000 projected direct expenses, net of
capitalized origination costs 3.7 million*
----
2000 expected cost savings 7.4 million
====
* Direct expenses in 1Q 2000, net of capitalized origination costs
were $2.2 million.
<PAGE>
MORTGAGE BANKING
Financial Impact
Pre-Restructuring Post-Restructuring*
Pre-tax Net Income:
1st Quarter 2000 ($1,100,000) ($150,000)
Incremental Profitability $950,000
Profitability 86%
Improvement
After tax annual value $2,500,000
$0.27/share
* Represents quarterly run rate after restructuring is complete.
<PAGE>
Operating Expenses Reduction
Operating Salary
Expense and Employee
Reductions Benefits Change
FY 2000 $1,500,000 $5,000,000 -140
After tax annual value $4,225,000
$0.46/share
- - Elimination of 70 FTEs on 3/31/00
- - Remainder through attrition and hiring freeze
- - Headcount at 12/31/99 985
Headcount at 3/31/00 765
---
Reduction 220
===
<PAGE>
RETAIL BANKING STRATEGY
- - Liability Management
- - Customer penetration
- - Cost Control
<PAGE>
In-Store Performance Analysis ($ in Thousands)
3Q ' 99 4Q '99 1Q '00
Net interest income $4,990 $5,277 $5,539
Fee income 4,614 4,434 4,659
Operating expenses
(including allocated overhead) 9,001 9,036 9,184
Pre-tax income $ 603 $ 675 $1,014
# of branches 61 63 62
Liability balance $778,144 $842,333 $898,532
Cost of deposits 4.41% 4.49% 4.45%
# of checking accounts 116,588 123,154 128,972
# of savings accounts 65,824 67,892 72,158
<PAGE>
In-Store Performance Analysis ($ in Thousands)
2Q '00 3Q '00 4Q '00
Projected Projected Projected
Fee income $5,750 6,450 6,900
# of checking accounts 140,500 151,000 161,500
# of savings accounts 71,050 72,940 74,830
<PAGE>
Many CEO's of other leading thrifts also believe that supermarket
banking enhances the value of their franchise
TCF Financial ! William A. Cooper, Chairman & CEO
"Our emerging (supermarket banking business has) started to make
significant contributions and will be an engine of growth in future
years. These branches produced 76% of the checking account growth
in 1999. Consumer loans originated in supermarket branches now
total $192.9 million, a growth rate of 78% this year."
People's Bank ! John A. Klein, President & CEO
"The supermarket offices saw substantial growth, with deposits up
24% since year-end 1998 ... (and) is designed to capitalize on the
continuing shifts in the competitive landscape in Connecticut."
Bank United ! Barry Burkholder, Chairman, President & CEO
"The new in-store, 'seven-day' banking centers have given the
Company the opportunity to significantly increase our presence in
these growing markets faster and for much less cost than building
traditional de novo branches. Additionally, these branches benefit
from high consumer traffic ..."
Charter One ! Charles J. Koch, Chairman & CEO
"Our supermarket strategy is a natural complement to the
alternative delivery channels for banking that we have already
established for our growing customer base ! namely ATM, debit card
and home banking access.
<PAGE>
EXHIBIT 99.2
FOR IMMEDIATE RELEASE: April 20, 2000
CONTACTS: Catherine Califano, S.V.P. /C.F.O., Haven Bancorp
Tel. (516) 683-4483
Annette Esposito, F.V.P./Communications Director,
Haven Bancorp
Tel. (516) 683-4231
HAVEN BANCORP REPORTS FIRST QUARTER RESULTS
Westbury, NY--Haven Bancorp, Inc. (Nasdaq: HAVN), the holding
company for CFS Bank, today reported net income of $101,000, or
$0.01 per basic common share ($0.01 per share, diluted) for the
first quarter of 2000, compared to $2.6 million, or $0.30 per
basic common share ($0.29 per share, diluted) in the first
quarter of 1999. Net income for the first quarter of 2000,
excluding restructuring charges would have been $4.7 million, or
$0.53 per basic common share ($0.51 per share, diluted). As
previously announced, the first quarter of 2000 included pre-tax
restructuring charges totaling $7.1 million, including a charge
of approximately $6.8 million related to the sale of parts of the
Company's residential mortgage origination division and the
reorganization of the remainder of the division, and a
restructuring charge of approximately $300,000 related to the
remainder of the Company's business operations. The Company
previously announced that it expects to realize annualized
savings of approximately $14 million from the restructuring of
its mortgage operations and its plan to reduce operating expenses
through a reduction in the Company's workforce and the
elimination of certain other discretionary expenses.
Philip S. Messina, Chairman and Chief Executive Officer, stated,
"We are pleased to report that our core earnings (net income
excluding gains on sales of interest-earning assets and
restructuring charges) grew by 83% over the first quarter of
1999. Our results were positively impacted by continued growth
in net interest income, the significant contributions of fee
income from our supermarket branches and the stabilization of
operating expenses. Now that we have substantially resolved the
residential mortgage division issues which had negatively
impacted our operating results, we are well positioned to further
capitalize on our supermarket banking strategy and our core
banking business. During this quarter, the supermarket branches
made a positive contribution of approximately $1.0 million to our
pre-tax earnings, up from $675,000 in the fourth quarter of 1999.
We will continue to provide residential mortgage products to our
customers through our branch network and from our Westbury, NY
headquarters."
<PAGE>
As of March 31, 2000, the Bank had 62 supermarket branches with
total deposits of $898.5 million, an increase of $56.2 million,
or 6.7%, from $842.3 million at December 31, 1999. During the
quarter, the Bank closed one branch in an Edwards Superstore in
Bayshore, NY and relocated another branch from the Pathmark in
Woodmere to Springfield Gardens, NY. Core deposits equaled 49.1%
of total supermarket branch deposits, compared to a ratio of
45.2% in traditional branches. The supermarket branches added
approximately 5,800 new checking accounts during the first
quarter of 2000, bringing the total number of checking accounts
in the supermarket branches to approximately 129,000. Non-
interest income from supermarket branches totaled $4.7 million in
the first quarter of 2000 compared to $4.4 million in the fourth
quarter of 1999. Non-interest expense, including allocated
overhead, totaled $9.2 million for the period compared to $9.0
million in the fourth quarter of 1999.
Net interest income for the first quarter of 2000 was $19.6
million, a 20.9% increase over net interest income of $16.2
million in the first quarter of 1999. The increase was primarily
the result of interest-earning asset growth. Average interest-
earning assets increased by 23.5% in the first quarter of 2000
compared to the first quarter of 1999, primarily due to a 71.6%
increase in average debt and equity securities, and a 34.7%
increase in average mortgage loans. Average interest-earning
assets were relatively flat from the fourth quarter of 1999. The
net interest margin in the 2000 first quarter was 2.74% compared
to 2.80% in the first quarter of 1999.
Residential and commercial real estate loan originations and
purchases for our portfolio totaled $68.8 million in the first
quarter of 2000, compared to $166.2 million originated and
purchased for portfolio in the first quarter of 1999. The
decrease in loan originations and purchases for portfolio was due
to the wind down of the residential mortgage origination
operations. In addition, $95.8 million of residential loans were
originated or purchased for sale in the secondary market during
the first quarter of 2000.
The provision for loan losses in the first quarter of 2000 was
$0.6 million compared to $0.7 million in first quarter of 1999.
The decrease in the provision was due to the expected decrease in
the growth of the residential loan portfolio. The allowance for
loan losses was $16.8 million, or 0.92% of loans, at March 31,
2000 compared to $16.7 million, also 0.92% of loans, at December
31, 1999. Non-performing assets at March 31, 2000 totaled $7.5
million, or 0.25% of total assets. Non-performing loans,
comprised of non-accrual and restructured loans, were $7.1
million and real estate owned, net, was $0.4 million at March 31,
2000. At March 31, 1999, non-performing assets totaled $10.3
million, or 0.40% of total assets; non-performing loans totaled
$10.1 million and real estate owned, net, equaled $0.2 million.
2
<PAGE>
In the first quarter of 2000, non-interest income, excluding net
gains on sales of interest-earning assets, increased to $8.5
million, or 6.5%, from $8.0 million in the first quarter of 1999.
The growth in non-interest income reflects the impact of the
continued maturation of our supermarket banking program which was
offset by a decrease in mortgage banking income. Retail banking
fees increased 58% in the 2000 first quarter to $4.9 million from
$3.1 million in the 1999 first quarter. Insurance, annuity and
mutual fund fees for the first quarter of 2000 increased 9.8% to
$2.2 million from $2.0 million in the 1999 first quarter.
Mortgage banking income was $1.1 million in the first quarter of
2000 compared to $2.3 million in the first quarter of 1999. The
decrease in mortgage banking income was due to a decrease in the
Bank's loans held for sale volume as a result of the wind down of
the residential mortgage origination operations.
Non-interest expense, excluding the restructuring charges,
increased by $0.8 million, or 4.0% to $20.4 million in the first
quarter of 2000 compared to $19.6 million for the 1999 first
quarter and $19.9 million for the fourth quarter of 1999. The
increase was due primarily to the Bank's expansion of its
supermarket banking program from fifty-two branches at March 31,
1999 to sixty-two branches at March 31, 2000.
At March 31, 2000, Haven had total assets of $2.97 billion.
Stockholders' equity was $102.7 million, or $11.38 book value per
share, compared to $105.6 million, or $11.73 book value per share
at December 31, 1999. This decrease was due to an after tax
increase in the unrealized loss on securities available-for-sale
of $2.6 million, primarily as a result of an increase in interest
rates during the three months ended March 31, 2000. CFS Bank's
tangible, core and risk-based capital ratios at March 31, 2000,
were 5.72%, 5.72% and 12.08%, respectively. These ratios
exceeded the minimum regulatory requirements of 2.00%, 4.00% and
8.00%, respectively. The Bank is considered "well capitalized"
by regulatory standards.
Headquartered in Westbury, New York, Haven Bancorp, Inc. is the
holding company for CFS Bank, a community-oriented institution
offering deposit products, residential and commercial real estate
loans and a full range of financial services including discount
brokerage, mutual funds, annuities and insurance products through
eight full-service banking offices and 62 supermarket branches
located in New York City, Nassau, Suffolk, Rockland and
Westchester Counties, New Jersey and Connecticut. Haven provides
auto, home-owners and business lines of insurance through its
subsidiary, CFS Insurance Agency, Inc. The Bank's deposits are
insured by the FDIC.
Statements made herein that are forward-looking in nature within
the meaning of the Private Securities Litigation Reform Act of
1995, are subject to risks and uncertainties that could cause
3
<PAGE>
actual results to differ materially. Such risks and
uncertainties include, but are not limited to, those related to
overall businessconditions, particularly in the consumer
financial services, mortgage and insurance markets in which Haven
operates, fiscal and monetary policy, competitive products and
pricing, credit risk management, changes in regulations affecting
financial institutions and other risks and uncertainties
discussed in Haven's SEC filings, including its 1999 Form 10-K.
Haven disclaims any obligation to publicly announce future events
or developments, which may affect the forward-looking statements
contained herein.
HAVEN BANCORP, INC.
Selected Financial Ratios and Selected Financial Data
Selected Financial Ratios
Three Months Ended
March 31,
2000 1999
(annualized)
Return on average assets 0.01% 0.42%
Return on average assets
excluding restructuring charges 0.63 0.42
Return on average equity 0.39 8.67
Return on average equity
excluding restructuring charges 17.96 8.67
Net interest spread 2.70 2.75
Net interest margin 2.74 2.80
Operating expenses to average assets(1) 2.73 3.16
(1) For the purpose of this calculation, operating expenses equal
non-interest expense excluding amortization of goodwill, real
estate owned operations, net and non-performing loan expenses
totaling $75,000 and $190,000 for the three months ended March
31, 2000 and 1999, respectively, and the restructuring charges of
$7.1 million recognized in the 2000 quarter.
March 31, December 31,
2000 1999
Stockholders' equity to total assets 3.46% 3.56%
Stockholders' equity per share $11.38 $11.73
Non-performing loans to total loans 0.39% 0.42%
Non-performing assets to total assets 0.25 0.27
Allowance for loan losses to non-
performing loans 237.00 216.56
Allowance for loan losses to total loans 0.92 0.92
4
<PAGE>
Selected Financial Data ! Retail Branches(1)
<TABLE>
<CAPTION>
TRADITIONAL BRANCHES
8 Branches
March 31, 2000 Number % of Traditional
of Accounts Balance Branch Deposits
<S> <C> <C> <C>
Total Deposits 169,587 $1,236.7 billion
Checking 69,366 $ 168.0 million 13.6%
Savings & Money Market 58,632 $ 390.4 million 31.6%
Certificates 41,589 $ 678.3 million 54.8%
Cost of deposits 3.87%
Fee income contribution $2.5 million
SUPERMARKET BRANCHES
62 Branches
March 31, 2000 Number % of Supermarket
of Accounts Balance Branch Deposits
Total Deposits 227,501 $898.5 million
Checking 128,972 $118.2 million 13.1%
Savings & Money Market 72,158 $323.2 million 36.0%
Certificates 26,371 $457.1 million 50.9%
Cost of deposits 4.45%
Fee income contribution $4.7 million
</TABLE>
(1) Excludes approximately $15.7 million of deposits held in the
administrative branch.
5
<PAGE>
HAVEN BANCORP, INC.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31,
------------------
2000 1999
---- ----
<S> <C> <C>
Interest income:
Loans $34,407 $25,735
Mortgage-backed securities 12,857 12,650
Money market investments 147 30
Debt and equity securities 4,326 2,065
------ ------
Total interest income 51,737 40,480
------ ------
Interest expense:
Deposits:
Savings accounts 4,516 4,669
NOW accounts 382 324
Money market accounts 529 419
Certificate accounts 15,571 11,753
Borrowed funds 11,147 7,109
------ ------
Total interest expense 32,145 24,274
------ ------
Net interest income before provision for loan losses 19,592 16,206
Provision for loan losses 565 675
------ ------
Net interest income after provision for loan losses 19,027 15,531
------ ------
Non-interest income:
Loan fees and servicing income 264 505
Mortgage banking income 1,084 2,268
Retail banking fee 4,866 3,079
Net gain on sales of interest-earning assets 126 335
Insurance, annuity and mutual fund fees 2,169 1,975
Other 94 135
------ ------
Total non-interest income 8,603 8,297
------ ------
Non-interest expense
Compensation and benefits 11,037 11,040
Occupancy and equipment 3,609 3,344
REO operations, net (176) (151)
Federal deposit insurance premiums 108 254
Restructuring charges 7,057 -
Other 5,840 5,138
------ ------
Total non-interest expense 27,475 19,625
------ ------
Income before income tax expense 155 4,203
Income tax expense 54 1,603
------ ------
Net income $ 101 $ 2,600
====== ======
Net income per common share: Basic $ 0.01 $ 0.30
====== ======
Diluted $ 0.01 $ 0.29
====== ======
</TABLE>
Note: Certain reclassifications have been made to prior period
amounts to conform to the current period presentation.
6
<PAGE>
HAVEN BANCORP, INC.
Consolidated Statements of Financial Condition
(Dollars in thousands, except for share data)
(Unaudited)
<TABLE>
<CAPTION>
March 31, December 31,
2000 1999
--------- ------------
<S> <C> <C>
ASSETS
Cash and due from banks $ 51,740 $ 41,479
Money market investments 6,104 1,238
Securities available for sale 943,435 937,299
Loans held for sale 49,384 82,709
Federal Home Loan Bank of NY Stock 27,865 27,865
Loans receivable:
First mortgage loans 1,793,622 1,777,208
Cooperative apartment loans 4,048 3,669
Other loans 24,348 25,948
--------- ---------
Total loans receivable 1,822,018 1,806,825
Less allowance for loan losses (16,836) (16,699)
--------- ---------
Loans receivable, net 1,805,182 1,790,126
Premises and equipment, net 35,002 35,928
Accrued interest receivable 15,564 15,825
Other assets 31,636 33,381
--------- ---------
Total assets $2,965,912 $2,965,850
========= =========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Deposits $2,150,944 $2,080,613
Borrowed funds 680,987 749,232
Due to broker 871 -
Other liabilities 30,369 30,422
--------- ---------
Total liabilities 2,863,171 2,860,267
--------- ---------
Stockholders' Equity:
Preferred stock, ($.01 par value, 2,000,000
shares authorized, none issued) - -
Common stock ($.01 par value, 30,000,000 authorized,
9,918,750 issued; 9,026,661 and 9,000,237 shares outstanding
at March 31, 2000 and December 31, 1999, respectively) 100 100
Additional paid-in capital 52,556 52,336
Retained earnings, substantially restricted 88,525 89,083
Accumulated other comprehensive income:
Unrealized loss on securities available for sale, net
of tax effect (28,101) (25,465)
Treasury stock, at cost (892,089 and 1,059,058 shares at March 31,
2000 and December 31, 1999, respectively) (8,759) (8,934)
Unallocated common stock held by ESOP (864) (934)
Unearned common stock held by Bank's Recognition Plans and Trusts (218) (231)
Unearned compensation (498) (372)
--------- ---------
Total stockholders' equity 102,741 105,583
--------- ---------
Total liabilities and stockholders' equity $2,965,912 $2,965,850
========= =========
Book value per share $11.38 $11.73
========= =========
</TABLE>
7
<PAGE>
HAVEN BANCORP, INC.
Consolidated Average Balance Sheet - Yield/Rate Analysis
(Dollars in thousands)
<TABLE>
<CAPTION>
For the Three Months Ended
March 31, 2000 March 31, 1999
------------------------ ------------------------
Average Yield/ Average Yield/
Balance Interest Rate(1) Balance Interest Rate(1)
------- -------- ------- ------- -------- -------
(Dollars in thousands)
<S> <C> <C> <C> <C> <C> <C>
Assets:
Interest-earning assets:
Mortgage loans $1,854,895 $33,900 7.31% $1,377,235 $24,885 7.23%
Other loans 25,223 507 8.04 37,178 850 9.15
Mortgage-backed securities 734,530 12,857 7.00 762,234 12,650 6.64
Money market investments 11,902 147 4.94 1,516 30 7.92
Debt and equity securities 228,406 4,326 7.58 133,067 2,065 6.21
--------- ------ --------- ------
Total interest-earning assets 2,854,956 51,737 7.25 2,311,230 40,480 7.01
Non-interest-earning assets 123,305 ------ 147,604 ------
--------- ---------
Total assets 2,978,261 2,458,834
========= =========
Liabilities and stockholders' equity:
Interest-bearing liabilities:
Savings accounts 630,899 4,516 2.86 576,044 4,669 3.24
Certificate accounts 1,141,035 15,571 5.46 892,050 11,753 5.27
NOW accounts 260,657 382 0.59 222,499 324 0.58
Money market accounts 70,272 529 3.01 57,986 419 2.89
Borrowed funds 723,653 11,147 6.16 530,099 7,109 5.36
--------- ------ --------- ------
Total interest-bearing liabilities 2,826,516 32,145 4.55 2,278,678 24,274 4.26
Other liabilities 47,319 ------ 60,133 ------
--------- ---------
Total liabilities 2,873,835 2,338,811
Stockholders' equity 104,426 120,023
--------- ---------
Total liabilities and stockholders' equity $2,978,261 2,458,834
========= =========
Net interest income $19,592 $16,206
====== ======
Net interest spread 2.70% 2.75%
==== ====
Net interest margin 2.74% 2.80%
==== ====
</TABLE>
(1) annualized
8
<PAGE>
HAVEN BANCORP, INC.
Consolidated Statements of Income
(Dollars in thousands, except per share data)
(Unaudited)
<TABLE>
<CAPTION>
2000 1999
---- -------------------------------
1Q 4Q 3Q 2Q 1Q
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
Interest income:
Loans $34,407 $33,923 $31,339 $28,416 $25,735
Mortgage-backed securities 12,857 12,566 12,952 12,686 12,650
Money market investments 147 20 53 39 30
Debt and equity securities 4,326 4,160 4,134 3,095 2,065
------ ------ ------ ------ ------
Total interest income 51,737 50,669 48,478 44,236 40,480
------ ------ ------ ------ ------
Interest expense:
Deposits:
Savings accounts 4,516 4,867 5,114 5,015 4,669
NOW accounts 382 503 428 419 324
Money market accounts 529 544 430 440 419
Certificate accounts 15,571 14,891 13,554 12,071 11,753
Borrowed funds 11,147 11,585 10,400 8,371 7,109
------ ------ ------ ------ ------
Total interest expense 32,145 32,390 29,926 26,316 24,274
------ ------ ------ ------ ------
Net interest income before provision for loan losses 19,592 18,279 18,552 17,920 16,206
Provision for loan losses 565 1,035 1,035 880 675
------ ------ ------ ------ ------
Net interest income after provision for loan losses 19,027 17,244 17,517 17,040 15,531
------ ------ ------ ------ ------
Non-interest income:
Loan fees and servicing income 264 1,285 528 422 505
Mortgage banking income 1,084 692 97 677 2,268
Retail banking fee 4,866 4,634 4,472 3,865 3,079
Net gain on sales of interest-earning assets 126 (930) 111 1,234 335
Insurance, annuity and mutual fund fees 2,169 1,885 2,231 2,168 1,975
Other 94 211 170 182 135
------ ------ ------ ------ ------
Total non-interest income 8,603 7,777 7,609 8,548 8,297
------ ------ ------ ------ ------
Non-interest expense
Compensation and benefits 11,037 11,803 10,917 10,927 11,040
Occupancy and equipment 3,609 2,723 3,482 3,439 3,344
REO operations, net (176) (148) 112 (33) (151)
Federal deposit insurance premiums 108 302 255 254 254
Restructuring charge 7,057 - - - -
Other 5,840 5,253 5,520 5,662 5,138
------ ------ ------ ------ ------
Total non-interest expense 27,475 19,933 20,286 20,249 19,625
------ ------ ------ ------ ------
Income before income tax expense 155 5,088 4,840 5,339 4,203
Income tax expense 54 1,359 1,890 2,011 1,603
------ ------ ------ ------ ------
Net income $ 101 $ 3,729 $ 2,950 $ 3,328 $ 2,600
====== ====== ====== ====== ======
Net income per common share: Basic $ 0.01 $ 0.42 $ 0.34 $ 0.38 $ 0.30
====== ====== ====== ====== ======
Diluted $ 0.01 $ 0.40 $ 0.32 $ 0.37 $ 0.29
====== ====== ====== ====== ======
</TABLE>
Note: Certain reclassifications have been made to prior period
amounts to conform to the current period presentation.
9
