latest news releases from the newsroom
Genesis Lease Ltd.
Genesis Lease Limited Announces First Quarter 2007 Results
LIMERICK, Ireland, April 25, 2007 (PRIME NEWSWIRE) -- Genesis Lease Limited (NYSE:GLS) today announced its financial results for the first quarter ended March 31, 2007. Results reflect the first complete quarter of independent operations since Genesis completed its initial public offering on December 19, 2006.
KNBT Bancorp, Inc. Announces First Quarter Earnings
LEHIGH VALLEY, Pa., April 25, 2007 (PRIME NEWSWIRE) -- KNBT Bancorp, Inc. (Nasdaq:KNBT), the holding company for Keystone Nazareth Bank & Trust Company (the "Bank"), today reported net income of $5.5 million for the quarter ended March 31, 2007, unchanged compared to the quarter ended March 31, 2006. KNBT's diluted earnings per share increased 10.5% to $0.21 compared to $0.19 for the first quarter of 2006.
Gateway Financial Holdings, Inc.
Gateway Financial Holdings Reports 1st Quarter 2007 Net Income of $2.5 Million, Up $2.3 Million Over 2006
VIRGINIA BEACH, Va., April 25, 2007 (PRIME NEWSWIRE) -- Gateway Financial Holdings, Inc. (Nasdaq:GBTS), the holding company for Gateway Bank & Trust Co., reported net income for the first quarter of 2007 of $2.5 million compared with $224,000 for the prior year first quarter, an increase of $2.3 million. Earnings performance was driven by exceptional revenue growth from a 38% increase in loans over the past 12 months resulting from the Company's expanding network of financial centers, and increased revenues from Gateway's non-banking activities. Diluted earnings per share were $0.22 for the first quarter of 2007 compared with $0.02 for the first quarter of the prior year. The first quarter of 2006 results were negatively affected by a loss on the market value and net cash settlement on economic hedge of $1.82 million that resulted from the $150 million interest rate swap agreement entered into on December 30, 2005 to hedge variable rate loans included in Gateway's loan portfolio. During the first quarter of 2007, Gateway had a net gain on the market value and net cash settlement of the economic hedge of $189,000. The gain or loss from the economic hedge has been reported as a component of non-interest income in accordance with GAAP. Diluted earnings per share, excluding the gain of $189,000 in the first quarter of 2007, and the loss on the market value and net cash settlement on economic hedge of $1.82 million in the first quarter of 2006 (net of income taxes using a 37.5% blended rate), were $0.21 and $0.12 per share, respectively, an increase of 75%. Due to the volatility and lack of earnings comparability caused by the economic hedge, management believes presentation of an adjusted, non-GAAP, diluted earnings per share provides useful information to investors.