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ASBI » Topics » Nine Months Ended September 30, 2006 compared to the Nine Months Ended September 30, 2005

This excerpt taken from the ASBI 10-Q filed Nov 13, 2006.

Nine Months Ended September 30, 2006 compared to the Nine Months Ended September 30, 2005

Net income for the nine months ended September 30, 2006 decreased 93.1% to $131,000, or $0.04 per diluted share, compared to net income of $1.9 million, or $0.59 per diluted share, for the nine months ended September 30, 2005. The $1.8 million decrease in net income and the $0.55 decrease in diluted earnings per share for the nine months ended September 30, 2006, compared to the same period a year ago, was the result of the following factors:

 

  •   An $824,000 decrease in net interest income, reflecting the cost of funds increasing more than yields on interest-earning assets.

 

  •   A provision of $225,000 in the first nine months of 2006 compared to a credit to the allowance for loan losses of $3.0 million in the same period in 2005.

 

  •   A $170,000 decrease in other income primarily due to decreases of $76,000 in brokerage and insurance commissions, $62,000 in gain on sale of loans and servicing rights, and $177,000 in gain on sale of land. These decreases were partially offset by increases of $54,000 in other fees and service charges, and $61,000 in increase on cash surrender value of life insurance.

 

  •   A $1.6 million decrease in other expense. The major components were decreases of $1.1 million in salaries and employee benefits primarily due to additional pension expense in 2005, $68,000 in furniture and equipment expense, and $452,000 in legal and professional fees.

 

  •   A $901,000 decrease in income taxes.
This excerpt taken from the ASBI 10-Q filed Aug 11, 2006.

Six Months Ended June 30, 2006 compared to the Six Months Ended June 30, 2005

Net income for the six months ended June 30, 2006 decreased 85.0% to $223,000, or $0.07 per diluted share, compared to net income of $1,490,000, or $0.47 per diluted share, for the six months ended June 30, 2005. The $1.3 million decrease in net income and the $0.40 decrease in diluted earnings per share for the six months ended June 30, 2006, compared to the same period a year ago, was the result of the following factors:

 

  •   A $455,000 decrease in net interest income, reflecting the cost of funds increasing more than yields on interest-earning assets.

 

  •   A provision of $150,000 in the first six months of 2006 compared to a credit to the allowance for loan losses of $3.0 million in the same period in 2005.

 

  •   A $180,000 decrease in other income primarily due to decreases of $106,000 in brokerage and insurance commissions, $39,000 in gain on sale of loans and servicing rights, and $177,000 in gain on sale of land. These decreases were partially offset by increases of $72,000 in other fees and service charges, and $47,000 in increase on cash surrender value of life insurance.

 

  •   A $1.9 million decrease in other expense. The major components were decreases of $1.2 million in salaries and employee benefits primarily due to additional pension expense in 2005, $72,000 in furniture and equipment expense, $469,000 in legal and professional fees, and $139,000 in other expenses.

 

  •   A $664,000 decrease in income taxes.
This excerpt taken from the ASBI 10-Q filed May 12, 2006.

First Quarter of 2006 compared to the First Quarter of 2005

Net income for the first quarter of 2006 decreased 71.3% to $218,000, or $0.07 per diluted share, compared to net income of $760,000, or $0.24 per diluted share, for the first quarter of 2005. The $542,000 decrease in net income and the $0.17 decrease in diluted earnings per share for the three months ended March 31, 2006, compared to the same period a year ago, was the result of the following factors:

 

  •   A $182,000 decrease in net interest income, reflecting the cost of interest-bearing liabilities increasing more than earnings on interest-earning assets.

 

  •   A provision of $75,000 in the first quarter of 2006 compared to a credit to the allowance for loan losses of $2.1 million in the same period in 2005.

 

  •   A $173,000 decrease in other income primarily due to decreases of $54,000 in brokerage and insurance commissions, $31,000 in gain on sale of loans and servicing rights, and $148,000 in other income. These decreases were partially offset by increases of $28,000 in other fees and service charges, and $32,000 in increase on cash surrender value of life insurance.

 

  •   A $1.6 million decrease in other expense. The major components were decreases of $1.3 million in salaries and employee benefits primarily due to additional pension expense in 2005, $38,000 in furniture and equipment expense, $188,000 in legal and professional fees, and $134,000 in other expenses. These decreases were partially offset by increases of $20,000 in net occupancy expense and $26,000 in advertising and marketing expense.

 

  •   A $298,000 decrease in income taxes.

 

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EXCERPTS ON THIS PAGE:

10-Q
Nov 13, 2006
10-Q
Aug 11, 2006
10-Q
May 12, 2006

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