Printer Friendly

/FIRST ADD -- MN019 -- METROPOLITAN FINANCIAL REPORTS/

 /FIRST ADD -- MN019 -- METROPOLITAN FINANCIAL REPORTS/
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollar amounts in thousands, except per share data)
 (Unaudited)
 Three Months Ended
 3/31/92 3/31/91
 Interest income
 Loans $59,685 $48,790
 Mortgage backed securities 38,281 37,401
 Investments 3,194 6,083
 FSLIC notes and covered assets -- 8,869
 Total 101,160 101,143
 Interest expense
 Deposits 58,600 63,649
 Borrowings 10,101 13,954
 Total 68,701 77,603
 Net interest income 32,459 23,540
 Provision for credit losses 2,100 2,000
 Net interest income after provision
 for credit losses 30,359 21,540
 Noninterest income
 Gain on sale of investments,
 mortgage backed securities, and
 mortgage loans 459 7,818
 Mortgage loan servicing fees 2,081 2,370
 Realty commission income 5,777 4,233
 Title closing fees 2,176 1,412
 Service charges on deposit accounts 1,446 1,254
 Other income 935 1,343
 Total 12,874 18,430
 Noninterest expense
 Compensation and related items 12,550 11,284
 Occupancy 3,716 3,680
 Data processing 1,603 1,591
 Advertising 2,471 2,220
 Deposit insurance premium 2,111 1,886
 Goodwill 1,003 1,338
 Real estate owned 1,783 1,178
 Other general and administrative 6,160 7,346
 Total 31,397 30,523
 Income before income taxes and
 cumulative effect of accounting
 change 11,836 9,447
 Income tax expense 5,216 14
 Income before cumulative effect of
 accounting change 6,620 9,433
 Cumulative effect of accounting
 change 76,333 --
 Net income $82,953 $9,433
 CONSOLIDATED STATEMENTS OF CONDITION
 (Dollar amounts in thousands, except per share data)
 3/31/91 12/31/91
 Assets (Unaudited)
 Cash and due from banks $44,541 $57,363
 Federal funds sold 105 105
 Short term interest bearing deposits 60,340 36,254
 Investment securities (market:
 March 31, 1992 - $1,858,488; Dec. 31,
 1991 - $1,885,655) 1,834,943 1,798,413
 Loans 2,592,342 2,353,380
 FHLB stock 47,512 46,466
 Accrued interest 32,667 34,568
 Real estate owned 54,781 63,399
 Office properties and equipment 42,219 40,437
 Goodwill 61,717 62,720
 Deferred taxes 71,654 --
 Other assets 81,977 73,882
 Total assets $5,018,437 $4,557,680
 Liabilities
 Deposits $3,973,098 $3,824,069
 Borrowings 632,437 517,574
 Accrued interest 39,399 27,323
 Other liabilities 12,968 19,951
 Total liabilities 4,657,902 4,388,917
 Shareholders' equity:
 Preferred stock 23 23
 Common stock, par value $.01 per share;
 authorized 30,000,000 shares; issued
 March 31, 1992-9,808,907 shares,
 Dec. 31, 1991-9-785,427 shares 98 98
 Additional paid in capital 138,446 138,025
 Retained earnings 224,318 143,145
 Less cost of common stock in treasury
 - 233,246 shares at March 31, 1992 -
 249,987 shares at Dec. 31, 1991 (2,350) (2,529)
 Total shareholders' equity 360,535 278,763
 Total liabilities and
 shareholders' equity $5,018,437 $4,667,680
 AVERAGE BALANCE SHEET AND RELATED YIELDS AND RATES
 (Dollar amounts in thousands, except per share data)
 Three Months Ended March 31, 1992
 Yields &
 Balance Interest Rates (pct.)
 Assets
 Mortgage backed securities $1,797,879 $38,281 8.52
 Loans 2,445,485 59,685 9.76
 FSLIC notes and covered assets -- -- --
 Investment securities and other
 interest earnings assets 174,597 3,194 7.32
 Total interest earning assets 4,417,961 101,160 9.16
 Cash and due from banks 46,321 -- --
 Other assets 332,358 -- --
 Total assets $4,796,640 -- --
 Liabilities and shareholders' equity
 Transaction and
 passbook deposits 1,007,964 9,164 3.66
 Certificates 2,842,302 49,436 7.00
 FHLB advances 488,693 8,825 7.22
 Borrowings 55,213 1,276 9.29
 Reverse repurchase agreements -- -- --
 Total interest bearing
 liabilities 4,394,172 68,701 6.29
 Other liabilities 62,512 -- --
 Shareholders' equity 339,956 -- --
 Total liabilities and
 shareholders' equity $4,796,640 -- --
 Net interest income -- 32,459 --
 Gross margin for the period -- -- 2.87
 Net interest margin for the period -- -- 2.94
 Three Months Ended March 31, 1991
 Yields &
 Balance Interest Rates (pct.)
 Assets
 Mortgage backed securities $1,608,825 $37,401 9.30
 Loans 1,848,735 48,790 10.56
 FSLIC notes and covered assets 483,792 8,869 7.33
 Investment securities and other
 interest earning assets 317,950 6,083 7.65
 Total interest earning assets 4,259,302 101,143 9.50
 Cash and due from banks 35,618 -- --
 Other assets 227,299 -- --
 Total assets $4,522,219 -- --
 Liabilities and shareholders'equity
 Transaction and
 passbook deposits 851,907 10,709 5.03
 Certificates 2,706,876 52,940 7.82
 FHLB advances 492,839 10,236 8.31
 Borrowings 73,725 2,040 11.07
 Reverse repurchase agreements 107,602 1,678 6.24
 Total interest bearing
 liabilities 4,232,949 77,603 7.33
 Other liabilities 56,185 -- --
 Shareholders' equity 233,085 -- --
 Total liabilities and
 shareholders' equity $4,522,219 -- --
 Net interest income -- 23,540 --
 Gross margin for the period -- -- 2.17
 Net interest margin for the period -- -- 2.21
 -0- 4/13/92
 /CONTACT: Bill Bartkowski of Metropolitan Financial, 612-
 (MFC) CO: Metropolitan Financial Corporation ST: Minnesota IN: FIN SU: ERN


AL -- MN019A -- 7968 04/13/92 17:21 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:888
Previous Article:ALLEGHENY LUDLUM: NEW STRATEGIC ALLIANCE
Next Article:ELJER DELAYS 10-K FILING PENDING OUTCOME OF LENDER DISCUSSIONS; DISCONTINUES TALKS ON SALE


Related Articles
METROPOLITAN FINANCIAL REPORTS STRONG FIRST QUARTER EARNINGS AND LARGE ONE TIME GAIN FROM ACCOUNTING CHANGE
METROPOLITAN FINANCIAL COMPLETES ACQUISITION EXPANDS SOUTH DAKOTA PRESENCE
ST. JUDE MEDICAL, INC. ANNOUNCES QUARTERLY CASH DIVIDEND
ST. PAUL COMPANIES DISAGREES WITH MOODY'S RATINGS DOWNGRADES
METROPOLITAN FEDERAL BANK NAMES MITTENDORF EXECUTIVE VICE PRESIDENT, CHIEF LENDING OFFICER
RIMAGE CORPORATION REPORTS FIRST QUARTER
FIRST BANK SYSTEM AND METROPOLITAN FINANCIAL SIGN PURCHASE AGREEMENT
CIATTI'S, INC. ANNOUNCES OPENING OF FIRST BRUEGGER'S BAGEL BAKERY IN PLANO, TEXAS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters