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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark one)

 

 

 

ý

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the quarterly period ended June 30, 2003

 

 

 

OR

 

 

 

o

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

 

 

For the Transition period from               to              

 

 

 

Commission File Number 1-13503

 

Staten Island Bancorp, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware

 

13-3958850

(State or other jurisdiction of
incorporation or organization)

 

(I.R.S. Employer
Identification Number)

 

 

 

1535 Richmond Avenue
Staten Island, New York

 

10314

(Address of principal executive office)

 

(Zip Code)

 

 

 

(718) 447-8880

(Registrant’s telephone number, including area code)

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ý  No o

 

Indicate by check mark whether the registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act).  Yes ý  No o

 

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.  The Registrant had 58,575,507 shares of Common Stock outstanding as of August 6, 2003.

 

 

 

TABLE OF CONTENTS

 

 

 

PAGE

 

 

 

Part I

FINANCIAL INFORMATION

 

 

 

 
 
Item 1     Financial Statements
 
 
 

 

Unaudited Consolidated Statements of Financial Condition
(As of June 30, 2003 and December 31, 2002)

 

1

 

 

 

 

 

Unaudited Consolidated Statements of Income
(For the three months and six months ended June 30, 2003 and 2002)

 

2

 

 

 

 

 

Unaudited Consolidated Statement of Changes in Stockholders’ Equity
(For six months ended June 30, 2003)

 

3

 

 

 

 

 

Unaudited Consolidated Statements of Cash Flows
(For the six months ended June 30, 2003 and 2002)

 

4

 

 

 

 

 

Notes to Unaudited Consolidated Financial Statements

 

5

 

 

 

 

 

Item 2     Management’s Discussion and Analysis of Financial Condition and
Results of Operations

 

18

 

 

 

 

 

Item 3     Quantitative and Qualitative Disclosures About Market Risk

 

27

 

 

 

 

 

Item 4     Controls and Procedures

 

27

 

 

 

 

Part II

OTHER INFORMATION

 

 

 

 

 

 

 

Item 1     Legal Proceedings

 

28

 

 

 

 

 

Item 2     Changes In Securities And Use Of Proceeds

 

28

 

 

 

 

 

Item 3     Defaults Upon Senior Securities

 

28

 

 

 

 

 

Item 4      Submission Of Matters To A Vote Of Security Holders

 

28

 

 

 

 

 

Item 5     Other Information

 

28

 

 

 

 

 

Item 6     Exhibits And Reports On Form 8-K

 

28

 

 

 

 

 

Signatures

 

29

 

 

STATEN ISLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION

 

 

 

June 30, 2003

 

December 31, 2002

 

 

 

(unaudited)
(000’s omitted, except share data)

 

 

 

 

 

 

 

ASSETS:

 

 

 

 

 

Cash and due from banks

 

$

100,282

 

$

137,085

 

Federal funds sold

 

226,000

 

237,000

 

Securities available for sale

 

911,958

 

911,432

 

Federal Home Loan Bank of NY capital stock

 

97,900

 

112,150

 

Loans, net of allowance for loan losses of $25.3 million at
June 30, 2003 and $22.8 million at December 31, 2002

 

3,447,711

 

3,422,492

 

Loans held for sale

 

1,939,110

 

1,729,890

 

Accrued interest receivable

 

24,229

 

23,976

 

Premises and equipment, net

 

50,496

 

47,545

 

Intangible assets, net

 

56,445

 

57,881

 

Other assets

 

265,647

 

255,644

 

Total assets

 

$

7,119,778

 

$

6,935,095

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

LIABILITIES:

 

 

 

 

 

Due Depositors-

 

 

 

 

 

Savings

 

$

1,123,232

 

$

1,045,767

 

Certificates of deposit

 

1,155,358

 

1,105,370

 

Money market

 

714,013

 

639,037

 

NOW accounts

 

140,226

 

134,450

 

Demand deposits

 

575,029

 

539,510

 

Total deposits

 

3,707,858

 

3,464,134

 

Borrowed funds

 

2,701,634

 

2,756,927

 

Advances from borrowers for taxes and insurance

 

29,788

 

23,537

 

Accrued interest and other liabilities

 

61,579

 

76,229

 

Total liabilities

 

6,500,859

 

6,320,827

 

 

 

 

 

 

 

STOCKHOLDERS’ EQUITY:

 

 

 

 

 

Common stock, par value $.01 per share, 100,000,000 shares authorized, 90,260,624 issued and 58,512,570 outstanding at June 30, 2003 and 90,260,624 issued and 60,269,397 outstanding at December 31, 2002

 

903

 

903

 

Additional paid-in-capital

 

587,688

 

586,405

 

Retained earnings

 

427,027

 

391,739

 

Unallocated common stock held by ESOP

 

(26,782

)

(27,468

)

Unearned common stock held by RRP

 

(8,784

)

(8,894

)

Treasury stock (31,748,054) shares at June 30, 2003 and 29,991,227 at December 31, 2002), at cost

 

(371,694

)

(339,982

)

 

 

608,358

 

602,703

 

Accumulated other comprehensive income, net of taxes

 

10,561

 

11,565

 

Total stockholders’ equity

 

618,919

 

614,268

 

Total liabilities and stockholders’ equity

 

$

7,119,778

 

$

6,935,095

 

 

See accompanying notes to consolidated financial statements.

 

1

 

STATEN ISLAND BANCORP, INC. AND SUBSIDIARY

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

 

 

 

For the Three Months Ended
June 30,

 

For the Six Months Ended
June 30,

 

 

 

2003

 

2002

 

2003

 

2002

 

 

 

(000’s omitted, except per share data)

 

Interest Income:

 

 

 

 

 

 

 

 

 

Loans

 

$

82,451

 

$

75,755

 

$

166,305

 

$

145,638

 

Securities, available for sale