CRANFORD, N.J., Jan. 18 /PRNewswire-FirstCall/ -- John S. Fiore,
President and Chief Executive Officer of Synergy Financial Group,
Inc. (NASDAQ:SYNF) (the "Company"), the holding company of Synergy
Bank and Synergy Financial Services, Inc., today announced net
income for the three-month period ended December 31, 2005 of $1.160
million, or $0.10 per diluted share, compared to $1.194 million, or
$0.10 per diluted share, for the same period last year. Net income
for the twelve-month period ended December 31, 2005 was $4.493
million, or $0.40 per diluted share. This represents an increase of
$290,000, or 6.9%, from the $4.203 million, or $0.37 per diluted
share, reported for the same period in 2004. (Logo:
http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGO ) Total
assets reached $973.9 million on December 31, 2005, an increase of
13.2%, or $113.2 million, from $860.7 million on December 31, 2004.
The increase was primarily attributable to an increase of $171.4
million in net loans, partially offset by a decline of $64.0
million in investment securities. Net loans increased 30.5%, to
$733.2 million on December 31, 2005, from $561.7 million on
December 31, 2004. On December 31, 2005, total loans were comprised
of 36.7% in non-residential and multi-family mortgage loans, 25.7%
in consumer loans, 17.6% in single-family real estate loans, 15.3%
in home equity loans, 3.4% in commercial and industrial loans and
1.3% in construction loans. On December 31, 2005, the allowance for
loan and lease losses was $5.8 million, compared to $4.4 million on
December 31, 2004. The ratio of the allowance to total loans was
0.78% on both December 31, 2005 and December 31, 2004.
Non-performing assets to total assets was 0.04% on December 31,
2005, compared to 0.03% on December 31, 2004. Deposits reached
$606.5 million on December 31, 2005, an increase of $67.6 million,
or 12.5%, from the $538.9 million reported on December 31, 2004.
Certificates of deposit increased by $113.7 million, or 45.0%, from
the $252.7 million reported at year-end 2004, while core deposits,
which consist of checking, savings, and money market accounts,
decreased $46.1 million, or 16.1%. The increase in certificates of
deposit was the result of initiatives directed toward attracting
funds with extended maturities in response to the current interest
rate environment, coupled with the placement of approximately $23.6
million of brokered certificates of deposit. Despite the decline in
total core deposits during the twelve-month period ended December
31, 2005, checking accounts increased by $5.5 million or 9.8%.
During the same period, Federal Home Loan Bank borrowings increased
$54.2 million, or 25.5%, to $266.6 million on December 31, 2005.
Stockholders' equity totaled $95.3 million on December 31, 2005, a
decrease of 8.4%, or $8.8 million, from $104.0 million on December
31, 2004. The decline was attributable to the repurchase of 989,451
shares of common stock in open market transactions to fund the
Company's 2004 Restricted Stock Plan and its stock repurchase
programs, as well as the effect of the net unrealized investment
portfolio market value adjustment, offset by the net income for the
period. On August 24, 2005, the Company announced a new program to
repurchase up to an additional 5% of its outstanding common stock,
or approximately 577,628 shares. During the fourth quarter, the
Company repurchased 275,000 shares. As a result, it has now
completed in excess of 52% of the current program, at an average
price of $12.72 per share. Additionally, on December 21, 2005, the
Company's Board of Directors declared a quarterly cash dividend of
$0.05 per common share, which is payable on January 27, 2006 to
stockholders of record on January 13, 2006. Net interest income
increased $283,000, or 4.7%, for the three months ended December
31, 2005, to $6.3 million, from $6.0 million for the same period
last year. For the twelve months ended December 31, 2005, net
interest income increased 7.0%, to $24.8 million, from $23.2
million for the same period last year. Other income decreased
$130,000, or 11.6%, for the three months ended December 31, 2005,
to $990,000, from $1,120,000 for the same period last year. The
decrease in other income from the fourth quarter of last year was
primarily due to a decline in commission income generated by
Synergy Financial Services, Inc. ("SFSI"). For the twelve months
ended December 31, 2005, other income increased 17.3%, to $3.9
million, from $3.3 million for the same period last year. The
increase was primarily attributable to growth in commission income
generated by SFSI and an increase in income generated from
bank-owned life insurance. Other expenses increased $14,000, or
0.3%, for the three months ended December 31, 2005, to $4.945
million, from $4.931 million for the same period last year. For the
twelve months ended December 31, 2005, other expenses increased
$1.4 million, or 7.5%, to $19.8 million, from $18.4 million for the
same period last year. The increase was primarily attributable to
salaries and benefits associated with the Company's growth
strategy, which includes equity- based employee compensation plans,
coupled with higher operating expenses associated with a larger
branch network. During 2005, Synergy Bank opened branch offices in
Elizabeth, Spotswood and Summit and closed a Union Township
facility. About Synergy Financial Group, Inc. Synergy Financial
Group, Inc. is the holding company for Synergy Bank and Synergy
Financial Services, Inc. The Company is a financial services
company that provides a diversified line of products and services
to individuals and small- to mid-size businesses. Synergy offers
consumer banking, mortgage lending, commercial banking, consumer
finance, Internet banking, and financial services through a network
of 20 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. We do not
undertake to update any forward-looking statement that may be made
by the Company from time to time. SYNERGY FINANCIAL GROUP, INC. AND
SUBSIDIARIES Consolidated Balance Sheets (In thousands, except
share data) December 31, December 31, 2005 2004 (unaudited)
(audited) Assets: Cash and amounts due from banks $4,635 $4,687
Interest-bearing deposits with banks 1,948 1,759 Cash and cash
equivalents 6,583 6,446 Investment securities available-for-sale,
at fair value 85,319 134,360 Investment securities held-to-maturity
(fair value of $93,575 and $111,154, respectively) 95,621 110,584
Federal Home Loan Bank of New York stock, at cost 13,263 10,771
Loans receivable, net 733,183 561,687 Accrued interest receivable
3,313 2,751 Property and equipment, net 18,570 16,814 Cash
surrender value of bank-owned life insurance 13,138 12,637 Other
assets 4,897 4,627 Total assets $973,887 $860,677 Liabilities:
Deposits $606,471 538,916 Federal Home Loan Bank advances 266,600
212,414 Advance payments by borrowers for taxes and insurance 2,215
1,702 Accrued interest payable on advances 611 385 Dividend payable
623 498 Other liabilities 2,117 2,720 Total liabilities 878,637
756,635 Stockholders' equity: Preferred stock; $.10 par value,
5,000,000 shares authorized; issued and outstanding - none - -
Common stock; $.10 par value, 20,000,000 shares authorized; Issued
- 12,471,481 in 2005 and 12,452,011 in 2004 Outstanding -
11,545,881 in 2005 and 12,452,011 in 2004 1,247 1,245 Additional
paid-in-capital 85,959 86,177 Retained earnings 32,794 30,603
Unearned ESOP shares (5,282) (5,962) Unearned RSP compensation
(2,567) (3,391) Treasury stock held for the RSP, at cost; 363,037
and 387,043 shares in 2005 and 2004, respectively (4,124) (4,343)
Treasury stock, at cost; 925,600 and - 0 - shares in 2005 and 2004,
respectively (11,426) - Accumulated other comprehensive loss, net
of taxes (1,351) (287) Total stockholders' equity 95,250 104,042
Total liabilities and stockholders' equity $973,887 $860,677
SYNERGY FINANCIAL GROUP, INC. AND SUBSIDIARIES Consolidated
Statements of Income (In thousands, except per share data) Three
Months Ended Twelve Months Ended December 31, December 31, 2005
2004 2005 2004 (unaudited) (unaudited) (unaudited) (audited)
Interest income: Loans, including fees $10,664 $7,610 $37,738
$28,258 Investment securities 1,813 2,354 8,261 7,980 Other 181 74
572 162 Total interest income 12,658 10,038 46,571 36,400 Interest
expense: Deposits 3,834 2,499 12,859 9,114 Borrowed funds 2,542
1,540 8,889 4,078 Total interest expense 6,376 4,039 21,748 13,192
Net interest income before provision for loan losses 6,282 5,999
24,823 23,208 Provision for loan losses 546 358 1,860 1,492 Net
interest income after provision for loan losses 5,736 5,641 22,963
21,716 Other income: Service charges and other fees on deposit
accounts 543 578 2,105 2,182 Net (loss) gain on sale of investments
- - (26) 38 Commissions 195 331 855 517 Other 252 211 917 547 Total
other income 990 1,120 3,851 3,284 Other expenses: Salaries and
employee benefits 2,540 2,768 10,801 9,948 Premises and equipment
1,018 946 3,807 3,800 Occupancy 590 475 2,245 1,911 Professional
services 236 300 796 703 Advertising 252 219 975 822 Other
operating 309 223 1,137 1,197 Total other expenses 4,945 4,931
19,761 18,381 Income before income tax expense 1,781 1,830 7,053
6,619 Income tax expense 621 636 2,560 2,416 Net income $1,160
$1,194 $4,493 $4,203 Per share of common stock: Basic earnings per
share $0.11 $0.10 $0.41 $0.38 Diluted earnings per share $0.10
$0.10 $0.40 $0.37 Basic weighted average shares outstanding 10,669
11,374 10,911 11,009 Diluted weighted average shares outstanding
11,057 11,734 11,306 11,276 First Call Analyst: FCMN Contact:
http://www.newscom.com/cgi-bin/prnh/20040128/SYNFDLOGODATASOURCE:
Synergy Financial Group, Inc. CONTACT: Kevin M. McCloskey, Senior
Vice President and Chief Operating Officer of Synergy Financial
Group, Inc., 1-800-693-3838, ext. 3292 Web site:
http://www.synergyonthenet.com/
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