1ST BANCORP first quarter earnings impacted by SAIF assessment.VINCENNES, Ind.--(BUSINESS WIRE)--Oct. 21, 1996--1ST BANCORP, the Holding Company for First Federal Bank, A Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , today reported its share of the industry-wide special assessment to recapitalize the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF) was calculated at .657% of insured deposits as of March 31, 1995, resulting in a one time assessment to 1ST BANCORP of $1,330,000. As a result of this special assessment, 1ST BANCORP reported a first quarter loss of $631,000 or $.90 per share. "The recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. of the SAIF is a positive event and should augment future earnings by approximately $225,000 annually as a result of the reduction in the SAIF deposit insurance assessments," stated C. James McCormick, Chairman of 1ST BANCORP. Net earnings for the first quarter ended September 30, 1996, would have been approximately $275,000 or $.24 per share as compared to net earnings of $488,000 or $.76 per share during the same quarter of the preceding fiscal year. This reduction was primarily caused by one time charges associated with the loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. offices during the quarter, increased provision for loan losses, and decreased net interest income. Although current loan charge offs and delinquencies are consistent with previous years, the Years, The the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109] See : Time reserve for loan losses was increased to compensate for the bank's continued strong loan growth and the decision to place increasing loan production in portfolio. The net interest margin increased to 2.30% during the quarter as compared to 2.24% during the same quarter of the previous year; however, the volume of interest-earning assets and interest-bearing liabilities has decreased resulting in reduced net interest income. "With the programs currently in place, we look forward to increased earnings during the remainder of fiscal 1997 as we continue our emphasis on increased net interest margin, superior asset quality, increased loan production and increased profits on the sales of loans," stated McCormick. Assets at September 30, 1996 were $258.0 million as compared to $310.5 million at September 30, 1995. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. rose to $21.1 million from $16.9 million a year earlier. Book value per share was $31.54 at September 30, 1996, an increase from $25.11 at September 30, 1995. 1ST BANCORP (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :FBCV FBCV Federação Brasileira de Carro à Vela ) is a holding company whose subsidiaries include First Federal Bank, A Federal Savings Bank, First Financial Insurance Agency, Inc., and First Title Company. First Federal operates a retail banking office in Vincennes, Indiana This article is about the United States city, Vincennes. For other uses, see Vincennes %28disambiguation%29. The city of Vincennes is the county seat of Knox County, Indiana. It is located on the Wabash River in the southwestern part of the state. and operates loan origination offices in Indianapolis and Evansville, Indiana
Evansville (IPA: [ˈɛ.vənzˌvɪl]) is the third-largest city in the state of Indiana. , Louisville, Kentucky  “Louisville” redirects here. For other uses, see Louisville (disambiguation). , and suburbs of Cincinnati, Dayton, and Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . Information about 1ST BANCORP may be found on the World Wide Web at http://www.businesswire.com/cnn/fbcv.htm. -0-
1ST BANCORP
Consolidated Financial Highlights
(Dollars in Thousands, Except Per Share Data)
FOR THE THREE MONTHS ENDED SEPTEMBER 30: 1996 1995
__________ __________
Total Interest Income $4,709 $5,627
Total Interest Expense 3,267 3,959
Net Interest Income 1,442 1,668
Provision for Loan Losses 46 25
Other Income 873 985
Other Expenses 3,324 1,845
Income Tax (424) 295
Net Earnings (631) 488
Earnings Per Share ($0.90) $0.72
Interest Rate Margin 2.30% 2.24%
Return on Average Equity -11.77% 11.76%
Return on Average Assets -0.97% 0.63%
AT SEPTEMBER 30: 1996 1995
__________ __________
Total Assets $257,960 $310,460
Investment Securities 54,045 72,723
Loans Receivable 175,224 208,919
Savings Deposits 134,006 207,426
Borrowings 98,905 79,338
Common Stock 671 640
Additional Paid-In Capital 2,838 2,914
Retained Earnings 17,641 13,310
Stockholders' Equity 21,150 16,864
Stockholders' Equity Per Share $31.54 $25.11
CONTACT: 1ST BANCORP, Vincennes Frank Baracani, 812/882-4528 |
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