OFG ==> The Titans Are Coming to AC Winner!!

[spikefader]

Re: main thread

Spikefader,

Where is the "main thread?"

sorry, here http://www.mrmarketishuge.com/forum/viewtopic.php?t=456

[Jaws57]

Earnings report

When does OFG report its earnings? I cant seem to find an accurate date.
Earnings.com says week of Apr15th, Zacks says 4-13 but the company hasnt confirmed. Is there a reliable web site?, or has the company just not decided the date yet. I would assume it will be around the 2nd week in May since the last one was on Feb 9.

Thanks
Jaws57

[Dave]

OFG will report between 4/15 and 4/30 as per their website. I am hoping it is closer to the 15th than to the 30th...

-Dave

[mrmarket]

Oriental Financial Group Third Quarter Net Income Increases 25.5%
Monday April 26, 12:00 pm ET


SAN JUAN, Puerto Rico--(BUSINESS WIRE)--April 26, 2004--Oriental Financial Group Inc. (NYSE:OFG - News), a financial holding company specializing in banking and financial services, today reported a 25.5% increase in net income for the third fiscal quarter ended March 31, 2004. Net income rose to $16.3 million, compared to $13.0 million in the year-ago quarter. Diluted earnings per share increased 16.4% to a record $0.71, compared to $0.61 in the March 2003 quarter.
"We achieved strong gains across the board, with healthy growth in interest income and banking and financial service revenues, coupled with our increasing ability to control costs and operate more efficiently as business expands," said Jose E. Fernandez, Chairman, President and CEO. "We continue to be solidly on plan to achieve our target of 12-15% EPS growth in Fiscal 2004."

"The outlook for the growth of our expanded commercial loan operation looks good, particularly as the Puerto Rico economy picks up," Mr. Fernandez continued. "In retail banking, branch employees have completed their training and have begun marketing our new Preferred Plan account for professionals as well as our new MasterCard Classic and home equity lines of credit for consumers. The IRA business is doing well this season, reflecting the appeal of our Puerto Rico Diversified Growth IRA fund as an attractive alternative to fixed-income CDs. In financial services, the January 2003 acquisition of Caribbean Pension Consultants, based in Boca Raton, FL, has been successfully growing trust assets under management."

For the nine months ended March 31, 2004, net income increased 22.8% to $45.6 million compared to $37.1 million in the year ago period. Diluted earnings per share increased 17.2% to $2.04 as compared to $1.74.

Financial Highlights of the Quarter

The Group continued to increase its capital base to support asset growth, selling 1,955,000 new shares of common stock at a public offering price of $28.00 per share in March 2004, raising $51.5 million net of underwriters' discounts, commissions and other related expenses.
Net interest income after provision for loan losses increased 15.1%.
Non-interest income rose 29.9%, with banking and financial services revenues increasing 15.7%.
Total financial assets managed and owned increased 17.4%, to $6.2 billion.
Stockholders' equity reached a record $286.7 million.
3Q04 Income Statement

Net interest income after provision for loan losses increased by 15.1% to $21.7 million in the March 2004 quarter, compared with $18.9 million in the year ago quarter. Higher securities and loan volume more than offset the decline in net interest margin to 2.81%, reflecting generally narrower spreads, from 3.01% in the corresponding year-ago quarter.

Non-interest income increased 29.9% to $11.2 million in the March 2004 quarter, compared with $8.6 million in the year ago quarter. Revenues from banking and financial services increased 15.7% to $8.1 million, reflecting a 32.3% increase in banking service revenues and an 11.7% increase in revenues from trust, mortgage banking, brokerage and insurance fees. Net gain from the sale of securities, offset by a net loss on derivatives, added approximately $1.5 million to non-interest income, as Oriental took advantage of market conditions to sell selected securities.

Non-interest expenses amounted to $15.0 million in the March 2004 quarter, compared with $13.8 million in the year-ago quarter, and the efficiency ratio improved to 48.53%, compared to 51.54%. The Company's growth program initially involved higher outlays for human resources, technology and marketing, among others. Non-interest expenses peaked at $15.4 million in the September 2003 quarter, and have since trended lower.

March 31, 2004 Balance Sheet

Total financial assets managed and owned increased 17.4% to $6.2 billion as of March 31, 2004 from $5.3 billion as of March 31, 2003. Bank assets increased 23.8% to $3.5 billion, broker-dealer assets gathered increased 19.3% to $1.1 billion, and trust assets managed increased 5.1% to $1.7 billion.

Interest-earning assets increased 23.7% to $3.4 billion as of March 31, 2004. Investments increased 29.6% to $2.6 billion, and loans increased 5.8% to $718.1 million. Total loan production increased 1.9% to $92.2 million as compared to $90.5 million in the year-ago quarter, reflecting both increased mortgage and commercial loan activity.

Interest-bearing liabilities increased 22.1% to $3.1 billion as of March 31, 2004, compared with $2.5 billion on March 31, 2003. Utilizing cost effective funding sources, borrowings as of March 31, 2004 were $2.0 billion, compared with $1.5 billion a year ago, while deposits increased 1.6% to more than $1.0 billion.

Stockholders' equity increased 43.3% to $286.7 million as of March 31, 2004 compared to March 31, 2003. Common equity increased 31.3% to $218.7 million, the result of earnings growth as well as proceeds from the recent sale of common shares, and preferred equity increased 103% to $68.0 million with the September 2003 sale of the Preferred Stock Series B. Book value per share increased 15.0% to $9.98 on 14.2% more shares.

Performance Ratios & Credit Quality Data

Oriental continued to realize favorable rates of return while maintaining its stringent credit policies.

Return on average equity, improved to 36.35% for the March 2004 quarter, as compared to 30.45% in the March 2003 quarter. Return on average assets amounted to 1.93%, as compared to 1.83%. The leverage capital ratio at March 31, 2004 increased to 11.58%, as compared to 7.82% at March 31, 2003.

Net loans charged-off to average loans outstanding declined by over one-third to 0.24% for the March 2004 quarter as compared to 0.39% in the March 2003 quarter. The loan loss provision was $1.0 million in the March 2004 quarter, compared to $0.9 million in the year ago quarter. The allowance for loan losses to total loans at March 31, 2004 improved to 0.92% from 0.60% at March 31, 2003.

[Dave]

They beat the highest estimate I could find (.70) and it is seemingly having no affect on the stock price, or even volume. Maybe it will take a while for this to makes its way around, or maybe people are waiting for the CC later today...

-Dave

[Websman]

They beat the highest estimate I could find (.70) and it is seemingly having no affect on the stock price, or even volume. Maybe it will take a while for this to makes its way around, or maybe people are waiting for the CC later today...

-Dave

I believe OFG will start to run up tommorrow, but I don't see a dramatic overnight run. If you'll look at the charts, OFG has not been a stock that has ever made a big jump, but more like a steady climb.
I would love to see it shoot straight up but I'll be happy as long as it climbs and we all make a profit and we will see profit soon!
Hang in there y'all

[Websman]

I'm out...

Down...
Down...
Down...
.
.
.
.

Can't win em all

[Calvin]

Sooooo....what do we make of OFG nowadays?

If it was a buy at $31 and p/e 13 it should be grand larceny at $27 and p/e 10, all other things being equal.

But for some odd reason the market hasn't seen fit to be impressed so far, and now there's that interest rate thing. Absolutely everyone agrees an increase is normal and to be expected but also seems determined to be paralyzed at the mere thought of.

What might they be thinking in the sunny Carribbean about all this? Hmmm?

[mrmarket]

Sooooo....what do we make of OFG nowadays?

If it was a buy at $31 and p/e 13 it should be grand larceny at $27 and p/e 10, all other things being equal.

But for some odd reason the market hasn't seen fit to be impressed so far, and now there's that interest rate thing. Absolutely everyone agrees an increase is normal and to be expected but also seems determined to be paralyzed at the mere thought of.

What might they be thinking in the sunny Carribbean about all this? Hmmm?

I'm happy to wait until the market comes to its senses. A week doesn't go by without a small bank being acquired. Seems like the big banks know a good deal when they see one.

earnings earnings earnings

[Calvin]

Small banks do seem to be disappearing, now that you mention it.

And OFG still looks good, doesn't it? I can't claim your patience but maybe I'll take the plunge on this puppy.

Oh, and nice play on SAFM. I stopped out on their regulatory snag, but as it turns out the drop was mere chicken feed.

[mrmarket]

Small banks do seem to be disappearing, now that you mention it.

And OFG still looks good, doesn't it? I can't claim your patience but maybe I'll take the plunge on this puppy.

Oh, and nice play on SAFM. I stopped out on their regulatory snag, but as it turns out the drop was mere chicken feed.

Different strokes for different folks. All I can say is that everyone I knew was still eating chicken.

[Calvin]

I never thought anyone would stop eating chicken, me included, but they don't have to get them from Sanderson or any other one place. Maybe I spent too much time in the pharmaceutical industry, but I've seen what a pack of regulatory turds can do to a company (and, of course, its shareholders). It's as easy for them to turn the screws as not - either way they'll be going home at 5.

[jiesen]

OFG financials

http://www.snl.com/Interactive/IR/doc.asp?DID=1720520&IID=1032005&OSID=9

just posted on the OFG IR site.

[mrmarket]

HUGE!

Press Release Source: Oriental Financial Group Inc.


Oriental Financial Group Net Income Increases 24.0% in Fiscal 2004 and 27.1% in the Fourth Quarter
Wednesday July 21, 3:14 pm ET


SAN JUAN, Puerto Rico--(BUSINESS WIRE)--July 21, 2004--Oriental Financial Group Inc. (NYSE: OFG - News) announced record net income for the year ended June 30, 2004.
ADVERTISEMENT


Fiscal 2004 net income increased 24.0% to $63.6 million, compared to $51.3 million last year, and earnings per diluted share increased 15.4% to $2.78, compared to last year's $2.41 per share. Return on Equity (ROE) equaled 34.64%, against 31.33% in Fiscal 2003, and Return on Assets (ROA) for the year increased to 1.91%, compared to 1.88%. At year-end Fiscal 2004, stockholders' equity amounted to $294.7 million, up 46.1%, from year-end Fiscal 2003, and per share book value equaled $10.30, an increase of 18.9%, based on a greater number of outstanding shares. Total financial assets managed and owned were $6.5 billion, an increase of 13.6% from June 30, 2003.

In the three months ended June 30, 2004, net income increased 27.1% to a record $18.1 million for the fiscal fourth quarter compared to $14.2 million in the year-ago quarter. Earnings per diluted share increased 10.4% to $0.74, compared to last year's $0.67. ROE improved to 32.33% compared to 32.06%, and ROA equaled the year ago quarter's 1.99%.

Earnings per share for the fiscal year and fourth quarter was affected by more average shares outstanding in both periods, the result of the Group's March 2004 secondary offering of 1,995,000 common shares, which raised $51.5 million, and dividends paid on the preferred stock offering sold in September 2003, which raised $33.1 million. Excluding the effect of the new shares and the new dividend, earnings per share would have been higher by an additional $0.14 for the year and by an additional $0.08 for the quarter, and would have resulted in earnings per share growth of 21.2% for Fiscal 2004 and 22.4% for the fourth quarter compared to the corresponding prior year periods.

"We are pleased to have exceeded our average annual earnings per share growth targets despite more shares outstanding," said Jose E. Fernandez, Chairman, President and CEO. "We took major steps forward in Fiscal 2004, expanding our executive team, raising fresh growth capital, and strengthening our banking and financial services franchise. We launched The Oriental Way program, to deliver world-class products and services, targeting the personal and commercial needs of the Island's professionals and owners of small and mid-sized businesses. The results of these efforts have been most satisfactory."

"Our strong fourth quarter performance reflected continued growth in commercial loans, the successful launch of both our consumer loan business and the Oriental Wealth Management program, tight control over non-interest expenses, and reduced net charge-offs and non-performing loans, which reflects the quality of our loan portfolio," said Mr. Fernandez.

Fiscal 2004 Analysis

In Fiscal 2004, net interest income after provision for loan losses increased 17.7% to $82.6 million, with interest income up 8.3% to $164.4 million and interest expense declining 0.2% to $77.2 million. Results benefited from a larger volume of interest earning assets (investment and loans), despite lower average yields. Interest rate margin equaled 2.75% for Fiscal 2004. At June 30, 2004, interest earnings assets increased 21.3% to $3,590.2 million compared to June 30, 2003, reflecting a 27.5% increase in investments to $2,846.8 million, which were concentrated in AAA rated mortgage backed securities and Puerto Rico government agencies obligations.

Production of commercial loans, virtually all secured by real estate, increased 46.3%, to $56.4 million compared to $38.5 million. The increase reflected the Group's expansion of its commercial business in the second half with professionals and small and mid-sized businesses, and participations in commercial real estate loans. Consumer loan production declined $0.9 million, to $5.8 million, as the Group held back marketing pending expansion of the business in the fourth quarter. Residential mortgage production was 7.5% lower, at $330.4 million compared to $357.0 million, primarily due to the Group's decision to temporarily moderate home loan activity based on fourth quarter market conditions, which also resulted in lower mortgage banking revenues. Total loans outstanding at the end of the year amounted to $743.5 million, compared to $728.5 million a year earlier. Approximately $228.4 million of conforming residential mortgage loans were sold in the secondary market in Fiscal 2004.

At June 30, 2004, interest-bearing liabilities increased 26.0% to $3,307.4 million compared to June 30, 2003, reflecting a 44.3% increase in borrowings to $2,283.0 million and a 1.9% decline in deposits to $1,024.3 million. The increase in borrowings was concentrated in larger average balances of repurchase agreements, Federal Home Loan Bank advances and subordinated capital notes. The decrease in deposits primarily reflects a decision to cut back on certificates of deposit in favor of other lower-cost funding sources.

Total non-interest banking and financial services revenues increased 14.2%, to $32.5 million compared to $28.5 million. Banking service revenues increased 20.1%, to $7.2 million compared to $6.0 million, reflecting increased fees on deposit accounts, bank service charges, and commissions, and the success of the Group's product and service marketing programs. Financial service revenues (commissions and fees from broker, insurance and fiduciary activities) increased 21.7%, to $17.6 million compared to $14.5 million, the result of general improvement in equity markets, increased underwriting activities, higher service fees in fiduciary activities, and income generated by Caribbean Pension Consultants, which was acquired in January 2003. Income from mortgage banking declined 3.8%, to $7.7 million compared to $8.0 million, and the net gain on the sale of securities decreased 9.2%, to $13.4 million compared to $14.8 million.

Non-interest expenses increased 10.8%, to $59.4 million compared to $53.7 million. However, the Group's efficiency ratio in Fiscal 2004 improved to 49.63%, compared to 51.35% a year earlier. With the launch of its growth program, the Group incurred higher outlays for human resources, technology and marketing, among others, during the first half of Fiscal 2004. Thereafter, costs were realigned, with expenses trending lower in the second half.

Net loans charged-off to average loans outstanding in Fiscal 2004 declined to 0.28% compared to 0.33% a year earlier, and the provision for loan losses totaled $4.6 million compared to $4.2 million. The allowance for loan losses to total loans at June 30, 2004 was 1.01%, or $7.6 million, compared to 0.69%, or $5.0 million, at June 30, 2003, reflecting higher loss reserve requirements related to the expanded commercial and consumer loan business.

Total financial assets managed and owned at June 30, 2004 included a 22.5% increase in total bank assets, to $3,725.7 million, as compared to June 30, 2003; a 9.2% increase in broker-dealer assets gathered, to $1,051.8 million; and trust assets managed of $1,670.7 million, approximately equal to a year earlier.

Fiscal 2004 Fourth Quarter Analysis

Fourth quarter net interest income after provision for loan losses increased 28.3%, to $21.4 million compared to $16.7 million in the year-ago quarter, primarily reflecting a 14.6% increase in interest income to $42.5 million and interest expense of $19.9 million, compared to $19.0 million in the corresponding year-ago quarter. Results benefited from an increase in interest earning assets (investment and loans), partially offset by a reduction of 10 basis points in the interest rate margin.

Commercial loan production increased 95.5%, to $23.6 million compared to $12.1 million. Consumer loan production increased 17.7%, to $2.6 million compared to $2.2 million, benefiting from the Group's re-entry into providing installment loans, backed by a disciplined credit control process. Residential mortgage loan production declined 35.9%, to $68.0 million compared to $106.0 million.

Total non-interest banking and financial services revenues declined 4.3%, to $7.7 million compared to $8.0 million. Banking service revenues increased 20.2%, to $1.9 million compared to $1.6 million, and financial service revenues grew 7.7%, to $4.4 million compared to $4.1 million. Income from mortgage banking declined 42.8%, to $1.3 million from $2.3 million, and the net gain on the sale of securities totaled $3.9 million, compared with $5.8 million a year earlier.

Non-interest expenses declined 0.9% in the quarter, to $14.5 million compared to $14.6 million, with the efficiency ratio improving to 47.70% compared to 55.22%.

Net loans charged-off to average loans outstanding declined to 0.14% compared to 0.25% a year ago. The provision for loan losses amounted to $1.2 million, compared to $1.4 million in the year ago quarter. Total non-performing assets declined sequentially to $31.7 million, or 0.83% of total assets, compared with $34.4 million and 0.99%, respectively, in the March 2004 quarter. Non-performing commercial loans declined 39.3%, to $2.9 million as of June 30, 2004, from $4.8 million as of March 31, 2004, and non-performing residential mortgage loans decreased 6.7%, to $20.6 million.

Fiscal 2005 Growth Plan

Mr. Fernandez said key factors in the Group's growth plan for Fiscal 2005 include:

The anticipated opening of two new branches in the San Juan metro area, giving Oriental a total of 25 branches, and remodeling two branches to incorporate the Group's new format.
Continued growth in commercial and consumer loans, and banking and financial service revenue as the Group expands its Preferred Plan banking and Oriental Wealth Management financial planning programs.
Renewed growth in mortgage production.
Maintaining the Group's high credit standards as well as strict cost controls.
Mr. Fernandez noted that Fiscal 2005 earnings per share growth is expected to expand through the year as the Group puts to work the additional capital raised in the March 2004 offering. He added that the Group's Fiscal 2005 asset and liability management strategy anticipates a rise in interest rates for the year. During Fiscal 2005, the Group's results also should benefit from the expanded executive team assembled in Fiscal 2004.

About Oriental Financial Group

Oriental Financial Group Inc. is a diversified financial holding company operating under U.S. and Puerto Rico banking laws and regulations. It provides comprehensive financial services to its clients throughout Puerto Rico and offers third party pension plan administration in the continental U.S. and Puerto Rico through a wholly owned subsidiary, Caribbean Pension Consultants, Inc., which is headquartered in Boca Raton, Florida. The Group's core businesses include a full range of mortgage, commercial and consumer banking services offered through 23 financial centers in Puerto Rico, as well as financial planning, trust, insurance, investment brokerage and investment banking services. More information about the Group may be obtained at www.OrientalOnline.com.

Forward-Looking Statements

This release may contain forward-looking statements that reflect management's beliefs and expectations and are subject to risks and uncertainties inherent to the Group's business, including, without limitation, the effect of economic and market conditions, the level and volatility of interest rates, and other considerations.

ORIENTAL FINANCIAL GROUP
-----------------------------------------
Financial Summary QUARTER PERIOD
-----------------------------------------
(NYSE:OFG - News) 30-Jun-04 30-Jun-03 % 31-Mar-04
-----------------------------------------
Summary of Operations (In
thousands, except per share
data):
----------------------------------------------------------------------
Interest Income:
-----------------------------
Loans $12,558 $13,422 -6.4% $12,538
Investment securities 29,930 23,638 26.6% 29,909
--------- --------- --------- -----------
Total interest income 42,488 37,060 14.6% 42,447
--------- --------- --------- -----------
Interest Expense:
-----------------------------
Deposits 6,954 8,058 -13.7% 7,755
Securities sold under
agreements to repurchase 9,995 8,686 15.1% 9,083
Other borrowed funds 2,927 2,209 32.5% 2,853
--------- --------- --------- -----------
Total interest expense 19,876 18,953 4.9% 19,691
--------- --------- --------- -----------

Net interest income 22,612 18,107 24.9% 22,756
Provision for loan losses (1,183) (1,400) -15.5% (1,050)
--------- --------- --------- -----------
Net interest income after
provision for loan losses 21,429 16,707 28.3% 21,706
--------- --------- --------- -----------

Non-Interest Income:
-----------------------------
Commissions and fees from
broker, insurance and
fiduciary activities 4,402 4,088 7.7% 4,357
Banking service revenues 1,940 1,614 20.2% 1,820
Mortgage banking activities 1,319 2,306 -42.8% 1,946
--------- --------- --------- -----------
Total banking and financial
services revenues 7,661 8,008 -4.3% 8,123
Net gain on sale of
securities 3,905 5,823 -32.9% 3,327
Net gain (loss) on
derivatives and other
activities 970 427 127.2% (251)
--------- --------- --------- -----------
Total non-interest income 12,536 14,258 -12.1% 11,199
--------- --------- --------- -----------

Non-Interest Expenses:
-----------------------------
Compensation and employees'
benefits 6,424 5,297 21.3% 6,381
Occupancy and equipment 2,556 2,323 10.0% 2,465
Advertising and business
promotion 1,380 2,240 -38.4% 1,919
Professional and service fees 1,174 1,669 -29.7% 1,382
Communication 463 464 -0.2% 463
Loan servicing expenses 466 468 -0.4% 461
Taxes, other than payroll and
income taxes 435 393 10.7% 455
Electronic banking charges 480 331 45.0% 418
Printing, postage, stationery
and supplies 262 274 -4.4% 270
Insurance, including deposit
insurance 200 194 3.1% 197
Other 613 926 -33.8% 586
--------- --------- --------- -----------
Total non-interest expenses 14,453 14,579 -0.9% 14,997
--------- --------- --------- -----------

Income before income taxes 19,512 16,386 19.1% 17,908
Income tax expense (1,434) (2,161) -33.6% (1,585)
--------- --------- --------- -----------
Net income 18,078 14,225 27.1% 16,323
Less: Dividends on preferred
stock (1,200) (596) 101.3% (1,200)
--------- --------- --------- -----------
Net income available to
common shareholders $16,878 $13,629 23.8% $15,123
========= ========= ========= ===========

EARNINGS PER SHARE (1)
-----------------------------
Earning per common share
(basic) $0.77 $0.71 8.5% $0.75
--------- --------- --------- -----------
Earning per common share
(diluted) $0.74 $0.67 10.4% $0.71
--------- --------- --------- -----------
Dividends declared per common
share $0.14 $0.13 7.7% $0.14
--------- --------- --------- -----------

Average Shares Outstanding
(1) 21,983 19,313 13.8% 20,289
Average potential common
share-options (1) 861 1,181 -27.1% 983
--------- --------- --------- -----------
Total average shares
outstanding and equivalents
(1) 22,844 20,494 11.5% 21,272
--------- --------- --------- -----------

Common shares outstanding at
end of period (1) 21,922
-----------
Book value per common share
(1) $9.98
-----------

PERFORMANCE RATIOS:
-----------------------------
Return on assets 1.99% 1.99% 0.0% 1.93%
--------- --------- --------- -----------
Return on common equity 32.33% 32.06% 0.8% 36.35%
--------- --------- --------- -----------
Efficiency Ratio 47.70% 55.22% -13.6% 48.53%
--------- --------- --------- -----------
Leverage capital ratio 11.58%
-----------
Tier 1 risk-based capital 38.43%
-----------
Total risk-based capital 39.08%
-----------

SELECTED FINANCIAL DATA AT
PERIOD-END
-----------------------------
Trust Assets Managed $1,666,052
Broker-Dealer Assets Gathered 1,096,906
-----------
Total Assets Managed 2,762,958
Bank assets owned 3,466,215
-----------
Total financial assets
managed and owned $6,229,173
===========


ORIENTAL FINANCIAL GROUP
----------------------------------
Financial Summary FISCAL YEAR ENDED
----------------------------------
(NYSE:OFG - News) 30-Jun-04 30-Jun-03 %
----------------------------------

Summary of Operations (In thousands,
except per share data):
----------------------------------------------------------------------
Interest Income:
------------------------------------
Loans $52,130 $51,486 1.3%
Investment securities 112,255 100,260 12.0%
----------- ----------- ----------
Total interest income 164,385 151,746 8.3%
----------- ----------------------
Interest Expense:
------------------------------------
Deposits 30,012 33,657 -10.8%
Securities sold under agreements to
repurchase 36,018 33,834 6.5%
Other borrowed funds 11,144 9,844 13.2%
----------- ----------- ----------
Total interest expense 77,174 77,335 -0.2%
----------- ----------------------

Net interest income 87,211 74,411 17.2%
Provision for loan losses (4,587) (4,190) 9.5%
----------- ----------------------
Net interest income after provision
for loan losses 82,624 70,221 17.7%
----------- ----------------------

Non-Interest Income:
------------------------------------
Commissions and fees from broker,
insurance and fiduciary activities 17,617 14,472 21.7%
Banking service revenues 7,165 5,968 20.1%
Mortgage banking activities 7,719 8,026 -3.8%
----------- ----------- ----------
Total banking and financial services
revenues 32,501 28,466 14.2%
Net gain on sale of securities 13,435 14,794 -9.2%
Net gain (loss) on derivatives and
other activities 98 (4,221) -102.3%
----------- ----------------------
Total non-interest income 46,034 39,039 17.9%
----------- ----------------------

Non-Interest Expenses:
------------------------------------
Compensation and employees' benefits 24,579 20,563 19.5%
Occupancy and equipment 9,639 9,079 6.2%
Advertising and business promotion 7,466 7,052 5.9%
Professional and service fees 5,631 6,467 -12.9%
Communication 1,849 1,671 10.7%
Loan servicing expenses 1,853 1,775 4.4%
Taxes, other than payroll and income
taxes 1,754 1,556 12.7%
Electronic banking charges 1,679 1,244 35.0%
Printing, postage, stationery and
supplies 1,121 1,038 8.0%
Insurance, including deposit
insurance 791 736 7.5%
Other 3,070 2,475 24.0%
----------- ----------------------
Total non-interest expenses 59,432 53,656 10.8%
----------- ----------------------

Income before income taxes 69,226 55,604 24.5%
Income tax expense (5,577) (4,284) 30.2%
----------- ----------------------
Net income 63,649 51,320 24.0%
Less: Dividends on preferred stock (4,19 (2,387) 75.9%
----------- ----------------------
Net income available to common
shareholders $59,451 $48,933 21.5%
=========== ======================

EARNINGS PER SHARE (1)
------------------------------------
Earning per common share (basic) $2.92 $2.56 14.1%
----------- ----------- ----------
Earning per common share (diluted) $2.78 $2.41 15.4%
----------- ----------- ----------
Dividends declared per common share $0.55 $0.49 12.2%
----------- ----------- ----------

Average Shares Outstanding (1) 20,359 19,136 6.4%
Average potential common share-
options (1) 989 1,200 -17.6%
----------- ----------- ----------
Total average shares outstanding and
equivalents (1) 21,348 20,336 5.0%
----------- ----------- ----------

Common shares outstanding at end of
period (1) 22,011 19,425 13.3%
----------- ----------- ----------
Book value per common share (1) $10.30 $8.66 18.9%
----------- ----------- ----------

PERFORMANCE RATIOS:
------------------------------------
Return on assets 1.91% 1.88% 1.6%
----------- ----------- ----------
Return on common equity 34.64% 31.33% 10.6%
----------- ----------- ----------
Efficiency Ratio 49.63% 51.35% -3.3%
----------- ----------- ----------
Leverage capital ratio 11.24% 8.19% 37.2%
----------- ----------- ----------
Tier 1 risk-based capital 37.91% 25.00% 51.6%
----------- ----------- ----------
Total risk-based capital 38.61% 24.48% 57.7%
----------- ----------- ----------

SELECTED FINANCIAL DATA AT PERIOD-
END
------------------------------------
Trust Assets Managed $1,670,651 $1,670,437 0.0%
Broker-Dealer Assets Gathered 1,051,812 962,919 9.2%
----------- ----------- ----------
Total Assets Managed 2,722,463 2,633,356 3.4%
Bank assets owned 3,725,695 3,040,551 22.5%
----------- ----------- ----------
Total financial assets managed and
owned $6,448,158 $5,673,907 13.6%
=========== =========== ==========

(1) Data adjusted to give retroactive effect to the 10% stock dividend
declared on the Group's common stock on November 20, 2003.

--------------------------------------------
FISCAL YEAR ENDED
--------------------------------------------
31-Mar-04 30-Jun-04 30-Jun-03 %
----------- ----------- ----------- --------

Summary of Operations (In
thousands, except per share
data):

SELECTED FINANCIAL DATA AT
PERIOD-END
--------------------------
Interest-earning assets:
--------------------------
Investments:
Short term investments 6,093 $7,747 $1,152 572.5%
Trading securities 2,820 574 1,037 -44.6%
Investment securities
available-for-sale, at
fair value 1,381,415 1,527,407 2,207,604 -30.8%
Investment securities
held-to-maturity, at
amortized cost 1,233,033 1,282,862 - 100.0%
Federal Home Loan Bank
(FHLB) stock, at cost 22,537 28,160 $22,537 25.0%
----------- ----------- ----------- --------
Total investments $2,645,898 $2,846,750 $2,232,330 27.5%
----------- ----------- ----------- --------

Loans:
Residential mortgage loans $575,141 $589,328 $584,009 0.9%
Home equity loans and
secured personal loans 72,477 67,353 90,516 -25.6%
Commercial loans, mainly
secured by real estate 64,382 81,846 42,931 90.6%
Consumer loans 16,834 18,510 20,572 -10.0%
----------- ----------- ----------- --------
Loans receivable, gross 728,834 757,037 738,028 2.6%
Less: deferred loan fees,
net (11,690) (11,842) (13,733) -13.8%
----------- ----------- ----------- --------
Loans receivable 717,144 745,195 724,295 2.9%
Allowance for loan losses (6,632) (7,553) (5,031) 50.1%
----------- ----------- ----------- --------
Loans receivable, net 710,512 737,642 719,264 2.6%
Mortgage loans held for
sale 7,600 5,814 9,198 -36.8%
----------- ----------- ----------- --------
Total loans receivable,
net $718,112 $743,456 $728,462 2.1%
----------- ----------- ----------- --------
Total interest-earning
assets $3,364,010 $3,590,206 $2,960,792 21.3%
----------- ----------- ----------- --------

Interest-bearing
liabilities:
--------------------------
Deposits:
Demand deposits $133,286 $126,296 $132,328 -4.6%
Savings accounts 90,613 88,463 92,210 -4.1%
Certificates of deposit 833,823 809,590 819,727 -1.2%
----------- ----------- ----------- --------
Total deposits 1,057,722 1,024,349 1,044,265 -1.9%
----------- ----------- ----------- --------

Borrowings:
Securities sold under
agreements to repurchase 1,648,339 1,895,865 1,400,598 35.4%
Advances from FHLB 310,800 300,000 130,000 130.8%
Subordinated capital notes 72,166 72,166 36,083 100.0%
Term notes 15,000 15,000 15,000 0.0%
----------- ----------- ----------- --------
Total borrowings 2,046,305 2,283,031 1,581,681 44.3%
----------- ----------- ----------- --------
Total interest-bearing
liabilities $3,104,027 $3,307,380 $2,625,946 26.0%
----------- ----------- ----------- --------

Preferred Equity 68,000 68,000 33,500 103.0%
Common Equity 218,676 226,667 168,180 34.8%
----------- ----------- ----------- --------
Stockholders' equity $286,676 $294,667 $201,680 46.1%
----------- ----------- ----------- --------

Number of financial
centers 23 23 23
----------- ----------- -----------


--------------------------------
QUARTER PERIOD
--------------------------------
30-Jun-04 30-Jun-03 %
----------- ----------- --------
CREDIT DATA
--------------------------------------
Net loans charged-off $262 $444 -41.0%
----------- ----------- --------
Net charge-offs to average loans
outstanding 0.14% 0.25% -44.0%
----------- ----------- --------

Allowance for loan losses
Allowance coverage ratios:
Allowance for loan losses to total
loans
Allowance for loan losses to non-
performing loans
Allowance for loan losses to non-real
estate non-performing loans

Non-performing assets summary:
Residential mortgage loans
Home equity loans
Commercial
Consumer
Non-performing loans
Foreclosed properties
Non-performing assets

Non-performing loans to total loans
Non-performing assets to total assets

Loan Production Summary:
Residential mortgage loans $67,985 $106,047 -35.9%
Home equity loans and secured personal
loans 44 1,417 -96.9%
Commercial 23,606 12,073 95.5%
Consumer 2,570 2,184 17.7%
----------- ----------- --------
Total loan production $94,205 $121,721 -22.6%
----------- ----------- --------

TAX EQUIVALENT SPREAD
--------------------------------------
Interest-earning assets 4.94% 5.58% -11.5%
Tax equivalent adjustment 1.12% 2.14% -47.7%
----------- ----------- --------
Interest-earning assets -- tax
equivalent 6.06% 7.72% -21.5%
Interest-bearing liabilities 2.46% 2.92% -15.8%
----------- ----------- --------
Tax equivalent interest rate spread 3.60% 4.80% -25.0%
----------- ----------- --------

Tax equivalent interest rate margin 3.75% 4.87% -23.0%
----------- ----------- --------

NORMAL SPREAD
--------------------------------------
Investments 4.45% 4.89% -9.0%
Loans 6.65% 7.42% -10.4%
----------- ----------- --------
Interest-earning assets 4.94% 5.58% -11.5%
----------- ----------- --------

Deposits 2.62% 2.98% -12.1%
Borrowings 2.38% 2.88% -17.4%
----------- ----------- --------
Interest-bearing liabilities 2.46% 2.92% -15.8%
----------- ----------- --------

Interest rate spread 2.48% 2.66% -6.8%
----------- ----------- --------
Interest rate margin 2.63% 2.73% -3.7%
----------- ----------- --------



--------------------------------------------
FISCAL YEAR ENDED
--------------------------------------------
31-Mar-04 30-Jun-04 30-Jun-03 %
----------- ----------- ----------- --------
CREDIT DATA
--------------------------
Net loans charged-off $438 $2,065 $2,198 -6.1%
----------- ----------- ----------- --------
Net charge-offs to average
loans outstanding 0.24% 0.28% 0.33% -15.2%
----------- ----------- ----------- --------

Allowance for loan losses $6,632 $7,553 $5,031 50.1%
----------- ----------- ----------- --------
Allowance coverage ratios:
Allowance for loan losses
to total loans 0.92% 1.01% 0.69% 46.4%
----------- ----------- ----------- --------
Allowance for loan losses
to non-performing loans 19.55% 24.53% 17.42% 40.8%
----------- ----------- ----------- --------
Allowance for loan losses
to non-real estate non-
performing loans 127.78% 230.34% 217.32% 6.0%
----------- ----------- ----------- --------

Non-performing assets
summary:
Residential mortgage loans $22,131 $20,648 $19,786 4.4%
Home equity loans 6,607 6,861 6,781 1.2%
Commercial 4,870 2,954 1,817 62.6%
Consumer 320 325 498 -34.7%
----------- ----------- ----------- --------
Non-performing loans $33,928 $30,788 $28,882 6.6%
Foreclosed properties 447 888 536 65.7%
----------- ----------- ----------- --------
Non-performing assets $34,375 $31,676 $29,418 7.7%
----------- ----------- ----------- --------

Non-performing loans to
total loans 4.68% 4.10% 3.94% 4.1%
----------- ----------- ----------- --------
Non-performing assets to
total assets 0.99% 0.83% 0.95% -12.6%
----------- ----------- ----------- --------

Loan Production Summary:
Residential mortgage loans $76,853 $330,395 $357,027 -7.5%
Home equity loans and
secured personal loans 16 1,068 15,018 -92.9%
Commercial 14,323 56,357 38,522 46.3%
Consumer 972 5,800 6,729 -13.8%
----------- ----------- ----------- --------
Total loan production $92,164 $393,620 $417,296 -5.7%
----------- ----------- ----------- --------

TAX EQUIVALENT SPREAD
--------------------------
Interest-earning assets 5.24% 5.19% 6.09% -14.8%
Tax equivalent adjustment 1.87% 1.11% 2.12% -47.6%
----------- ----------- ----------- --------
Interest-earning assets --
tax equivalent 7.11% 6.30% 8.21% -23.3%
Interest-bearing
liabilities 2.56% 2.55% 3.18% -19.8%
----------- ----------- ----------- --------
Tax equivalent interest
rate spread 4.55% 3.75% 5.03% -25.4%
----------- ----------- ----------- --------

Tax equivalent interest
rate margin 4.68% 3.86% 5.11% -24.5%
----------- ----------- ----------- --------

NORMAL SPREAD
--------------------------
Investments 4.78% 4.62% 5.49% -15.8%
Loans 6.81% 7.07% 7.70% -8.2%
----------- ----------- ----------- --------
Interest-earning assets 5.24% 5.19% 6.09% -14.8%
----------- ----------- ----------- --------

Deposits 2.91% 2.87% 3.30% -13.0%
Borrowings 2.38% 2.38% 3.10% -23.2%
----------- ----------- ----------- --------
Interest-bearing
liabilities 2.56% 2.55% 3.18% -19.9%
----------- ----------- ----------- --------

Interest rate spread 2.68% 2.64% 2.90% -9.0%
----------- ----------- ----------- --------
Interest rate margin 2.81% 2.75% 2.99% -8.0%
----------- ----------- ----------- --------



--------------------------------------------------------------------------------
Contact:
Anreder & Company
Steven Anreder and Gary Fishman
212-532-3232

[jiesen]

thanks

Thanks for the updates! This is all great info, and those of us who haven't been able to find it all really appreciate your posting it here. It's going to take me a while to digest it all, but it'll be worth it.

you are HUGE!!!!!!