Results of operations means a fiscal year financial statement concerning regulated operations that include reve- nues, expenses, taxes, net operating income, and rate base. The rate of return is also included as part of the results of operations. The rate of return is the percentage of net operat- ing income to the rate base.
Results of operations means net interest income plus non-interest income (less securities gains) less gross expenses (excluding provisions for possible loan and lease losses, write-downs of other real estate and taxes); and provided further, that material adverse effect and material impairment shall not be deemed to include the impact of (i) changes in banking and similar laws of general applicability or interpretations thereof by courts or governmental authorities, (ii) changes in generally accepted accounting principles or regulatory accounting requirements applicable to banks and bank holding companies generally, and (iii) the Merger and related expenses associated with the transactions contemplated by this Agreement on the operating performance of the parties to this Agreement; and
Results of operations means net interest income plus non-interest income (less securities gains) less gross expenses (excluding provisions for possible loan and lease losses, write-downs of other real estate and taxes); and provided further, that material adverse effect and material impairment shall not be deemed to include the impact of (i) changes in banking and similar laws of general applicability or interpretations thereof by courts or governmental authorities, (ii) changes in generally accepted accounting principles or regulatory accounting requirements applicable to banks and bank holding companies generally, and (iii) the Merger on the operating performance of the parties to this Agreement; and
Examples of Results of operations in a sentence
Management's Discussion and Analysis of Financial Condition and Results of Operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
Management’s Discussion and Analysis of Financial Condition and Results of Operations 23Item 3.
Management’s Discussion and Analysis of Financial Condition and Results of Operations 27Item 3.
Management’s Discussion and Analysis of Financial Condition and Results of Operations 14Item 3.
More Definitions of Results of operations
Results of operations begins with a discussion of the resulting impact on net income (loss) in each period.
Results of operations is presented on a business segment basis. Substantially all of the operating revenues and operating expenses of the Company can be directly attributed to its three business segments: Securities, Asset Management and Credit Services. Certain revenues and expenses have been allocated to each business segment, generally in proportion to their respective revenues or other relevant measures. The segment data presented below reflect the Company's fiscal 1999 adoption of Statement of Financial Accounting Standards ("SFAS") No. 131, "Disclosures about Segments of an Enterprise and Related Information." Prior to the adoption of SFAS No. 131, the Company had presented the results of its Securities and Asset Management segments on a combined basis. The following discussion excludes the cumulative effect of the accounting change in references to fiscal 1998 net income. Certain reclassifications have been made to prior-period amounts to conform to the current year's presentation.
Results of operations means Company's gross revenue less its cost of sales, plus earnings generated from Company's mortgage and title businesses, but shall not include the results of any restructuring or any unusual or extraordinary items (as determined by a majority of the independent members of the Board). In addition, if any Incentive Compensation (or any portion thereof) is not payable because Company's average Results of Operations for the immediately preceding one (1) month or three (3) months, whichever is applicable, is not positive, such amount shall be deferred and paid to Executive at such time as Company's average Results of Operations for a subsequent three (3) month period is positive. Company shall act in good faith and shall use its reasonable best efforts to obtain such shareholder approval.
Results of operations. Net Interest Income" for additional discussion of the Bank's interest rate spread and the impact possible future interest rate changes could have on the Bank's net interest income. The Bank continues to experience growth in its new business lines, which were introduced early in fiscal 1996. During the year, the number of checking accounts increased by 52,000, and the dollar balances of checking accounts increased by 18%. As anticipated, asset generation from the Bank's new business lines has been modest during fiscal 1996, as compared to the growth in transaction-based deposit accounts. This was due to the fact that the new business lending programs were in their initial implementation phases in fiscal 1996 and to competition from other lenders in these business lines. See the loan origination table below under "Balance Sheet Analysis--Loans Receivable" for additional information. Implementation of the Bank's strategic decision to transform itself from a savings institution to a community banking organization has resulted in an increase in general and administrative expenses. These expenses are expected to stabilize at the levels experienced during the fourth quarter of fiscal 1996, but may increase in future periods as the Bank expands its business lines and continues to maintain a higher level of marketing activity. The targeted benefits sought from this transformation--increased net interest margin resulting from investment in business and consumer loans with higher yields than single-family mortgage loans, greater amounts of lower costing demand deposit accounts and increased fee income--are expected to lag the increase in expenditures. The ability of the Bank to achieve its planned transformation into a community banking organization and realize its intended benefits, is subject to an increasingly intense level of competition from California's existing commercial banks, particularly the state's two largest banks. In addition, the level of interest-earning assets has decreased, primarily as a result of the sale of the CMO portfolio. This will adversely impact the level of net interest income until such time as the Bank can reinvest the proceeds through the origination or purchase of interest-earning assets. The Bank's ability to sustain the earnings growth experienced over the past seven quarters and its ability to successfully complete its transformation to a commercial bank will be impacted by the above factors. 47
Results of operations included in the Company's most recent Quarterly Report on Form 10-Q, incorporated by reference in the Registration Statement and the Prospectus, and the pro forma information appearing as Exhibit 99 to the Company's Annual Report on Form 10-K, incorporated by reference in the Registration Statement and the Prospectus, agrees with the accounting records of the Company and its subsidiaries, excluding any questions of legal interpretation;
Results of operations. Net Interest Income" for additional discussion of the Bank's interest rate spread and the impact possible future interest rate changes could have on the Bank's net interest income. See Note 1 of the Notes to Consolidated Financial Statements for information on current accounting pronouncements and their impact on the Bank's consolidated financial statements. CENFED ACQUISITION On August 18, 1997, Golden State entered into an agreement to acquire CENFED Financial Corporation and its federal savings bank subsidiary, CenFed Bank. The agreement is subject to regulatory and other approvals and is expected to close in the first calendar quarter of 1998. The terms of the transaction provide for a tax-free exchange of 1.2 shares of Golden State common stock for each outstanding share of CENFED's common stock. This acquisition will be accounted for as a pooling-of-interests. At June 30, 1997, CENFED operated 18 branches and had $2.3 billion in assets, including $1.5 billion in gross loans receivable, and $1.5 billion in deposits, over 79% of which were in certificate of deposit accounts. On a pro- forma basis as of June 30, 1997, Golden State would have consolidated assets of $18.5 billion, total deposits of $10.9 billion, stockholders' equity of $1.1 billion and 184 banking offices. This acquisition will provide Glendale Federal entry into several markets in which it does not currently operate. With CENFED's servicing portfolio of SBA loans Glendale Federal, upon completion of the acquisition, will become the fourth largest servicer of SBA loans in the State of California. SAIF SPECIAL ASSESSMENT On September 30, 1996, President Clinton signed legislation providing for a special assessment on thrift institutions whose customer deposits are insured by the Savings Association Insurance Fund (the "SAIF") of the Federal Deposit Insurance Corporation (the "FDIC"). Pursuant to the new law, a one-time fee was payable by all SAIF-insured institutions at the rate of $0.657 per $100 of deposits held by such institutions at March 31, 1995. In the quarter ended September 30, 1996, the Bank recorded a pre-tax accrual of $58.7 million for this assessment. In the fourth quarter ended June 30, 1997, the Bank reversed $3.2 million of this accrual to reflect the actual assessment for fiscal 1997 of $55.5
Results of operations. Business of the Company" and "Management" are fairly presented and prepared on a basis consistent with the audited financial statements of the Company.