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AMERIFED REPORTS SECOND QUARTER EARNINGS OF $2.5 MILLION

 JOLIET, Ill., April 20 /PRNewswire/ -- AmeriFed Financial Corp.(NASDAQ-NMS: AFFC), the holding company of AmeriFed Federal Savings Bank, today announced net income of $2.5 million, or $0.73 per share, for the second quarter ended March 31, 1993 (the company's fiscal year ends Sept. 30) compared to $2.0 million, or $0.61 per share, for the quarter ended March 31, 1992. Net income for the six months of the fiscal year was $5.0 million, or $1.45 per share, compared to $3.4 million, or $1.07 per share, for the six months ended March 31, 1992.
 Robert B. Breidert, president and chief executive officer, commented on the results, saying, "Our net interest spread of 3.28 percent for the quarter is basically unchanged versus the quarter ended Dec. 31, 1992. If the large difference between short-term rates and long-term rates in the market narrows, our spread will likely also narrow. The company declared a special dividend on March 17, 1993, of $1.00 per common share outstanding, which was paid on April 14, 1993, to stockholders of record on April 2, 1993. It also approved the repurchase of up to 5 percent of its outstanding common stock through an open market repurchase program."
 Net interest income for the quarter ended March 31, 1993, was $8.2 million compared to $7.5 million for the quarter ended March 31, 1992. Even though average interest-earning assets were $6.6 million higher for the quarter compared to a year ago, interest income decreased to $16.5 million for March 1993 quarter compared to $18.3 for the 1992 quarter. The decrease is primarily due to a decline in the average yield on interest-earning assets to 7.67 percent from 8.56 percent for the quarter ended March 31, 1992.
 Interest expense also decreased to $8.4 million for the quarter ended March 31, 1993, from $10.8 million for the quarter ended March 31, 1992. Again reflecting falling interest rates, the average cost of funds decreased to 4.39 percent from 5.57 percent.
 While non-performing loans increased during the quarter, asset quality continued to be better than the national averages as reflected by a 0.46 percent ratio of non-performing loans and real estate owned to total assets as of March 31, 1993, as well as very low net charge-offs to total loans. The allowance for loan losses currently stands at $4.7 million or 130 percent of non-performing loans and .99 percent of loans outstanding.
 The consolidated cable capital represents 8.96 percent of total assets or $25.19 per share. The company and its bank subsidiary currently meet all regulatory capital requirements.
 AmeriFed Federal Savings Bank, which converted to a stock company in October 1991, has ten branches in and around Will County, one of the suburban collar counties adjacent to Chicago. AmeriFed Financial Corp. stock is quoted on the NASDAQ National Market System under the symbol "AFFC."
 To receive the latest information about AmeriFed Financial Corp. via FAX, at no cost, dial 1-800-PRO-INFO, code 013.
 AMERIFED FINANCIAL CORPORATION
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Dollars in thousands, except per share data)
 THREE MONTHS ENDED SIX MONTHS ENDED
 MARCH 31, MARCH 31, MARCH 31, MARCH 31,
 1993 1992 1993 1992
 INTEREST INCOME:
 Loans receivable $10,620 $12,074 $21,737 $24,746
 Mortgage-backed
 securities 4,846 4,845 9,686 7,007
 Investment securities 770 835 1,524 4,125
 Federal funds sold and other
 short-term investments 289 540 678 1,229
 Total interest income 16,525 18,294 33,625 37,107
 INTEREST EXPENSE:
 Deposits 7,962 10,397 16,460 22,157
 Advances from the Federal
 Home Loan Bank Board 399 404 807 845
 Total interest expense 8,361 10,801 17,267 23,002
 NET INTEREST INCOME 8,164 7,493 16,358 14,105
 PROVISION FOR LOAN LOSSES 531 417 1,059 767
 NET INTEREST INCOME AFTER
 PROVISION FOR POSSIBLE
 LOAN LOSSES 7,633 7,076 15,299 13,338
 NON-INTEREST INCOME:
 Gain on sale of investment
 securities 119 119
 Gain (loss) on sale of loans
 receivable 54 (2) 40 139
 Deposit account service
 charges 300 228 625 442
 Loan servicing fees 67 65 138 126
 Brokerage and insurance
 commissions 112 204 237 398
 Other 170 219 394 370
 TOTAL non-interest income 703 833 1,434 1,594
 NON-INTEREST EXPENSES:
 Salaries and employee
 benefits 2,308 2,261 4,616 4,586
 Net occupancy expenses 475 492 954 973
 Furniture and equipment
 expenses 141 125 273 240
 Federal Deposit Insurance
 premiums 284 387 713 827
 Data processing 319 328 628 652
 Amortization of excess of
 cost over fair value of
 net assets acquired 132 132 263 263
 Advertising and promotion 181 175 281 338
 Real estate owned
 expense-net 9 (26) 5 1
 Other 715 941 1,331 1,572
 Total non-interest
 expenses 4,564 4,815 9,064 9,452
 Income before
 income taxes 3,772 3,094 7,669 5,480
 Provision for
 income taxes 1,279 1,137 2,718 2,041
 Net income 2,493 1,957 4,951 3,439
 Primary earnings
 per share $0.73 $0.61 $1.46 $1.07
 Fully diluted earnings
 per share $0.73 $0.61 $1.45 $1.07
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 MARCH 31, SEPT. 30,
 1993 1992
 (In thousands)
 ASSETS:
 Cash and amounts due from
 depository institutions $ 9,277 $ 10,826
 Interest-bearing deposits 35,652 49,433
 Federal funds sold 1,000 1,000
 Total cash and cash
 equivalents 45,929 61,259
 Investment securities (Market value:
 3/93 - $54,274; 9/92 - $51,347) 53,379 50,328
 Mortgage-backed securities (Market
 value: 3/93 - $308,229;
 9/92 - $287,458) 305,078 281,335
 Loans receivable (net of allowance
 for possible loan losses:
 3/93 - $4,713; 9/92 - $3,618) 472,425 478,638
 Federal Home Loan Bank stock-at cost 5,712 5,252
 Real estate owned - net 549 278
 Office properties and equipment-net 8,405 8,446
 Accrued interest receivable 6,460 6,330
 Prepaid expenses and other assets 1,354 1,329
 Income taxes receivable 309
 Deposit base intangibles - net 828 1,006
 Excess of cost over fair value of
 net assets acquired - net 4,564 4,826
 Total assets $ 904,992 $ 899,027
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Deposits $ 775,496 $ 781,409
 Advances from the Federal Home
 Loan Bank 20,000 20,000
 Advance payments by borrowers for
 taxes and insurance 11,225 2,973
 Accrued interest payable 1,489 2,475
 ESOP loan obligation 1,771 1,932
 Income taxes payable 709
 Deferred income taxes 1,727 1,560
 Dividends payable 3,704 403
 Other liabilities 3,056 2,126
 Total liabilities 818,468 813,587
 Commitments and Contingencies
 Stockholders' Equity:
 Preferred stock, $.01 par value,
 1,500,000 shares authorized
 Common stock, $.01 par value,
 6,000,000 shares authorized,
 3,221,171 shares issued & outstanding 32 32
 Additional paid-in capital 30,028 30,000
 Retained earnings - substantially
 restricted 59,161 58,397
 Stock held for BRP (926) (1,057)
 Guaranteed ESOP loan obligation (1,771) (1,932)
 Total stockholders' equity 86,524 85,440
 Total liabilities and stockholders'
 equity $ 904,992 $ 899,027
 -0- 4/20/93
 /CONTACT: Joan Shain, investors relations of AmeriFed Financial Corp., 815-727-0370; or Nick Farina or Gary Strong, 312-266-7800 of the Financial Relations Board for AmeriFed Financial Corp./
 (AFFC)


CO: AmeriFed Financial Corp. ST: Illinois IN: FIN SU: ERN

PS -- NY083 -- 8133 04/20/93 13:39 EDT
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Date:Apr 20, 1993
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