American Federal Savings Bank Earns $307,825 in Third Quarter of 1998.ROCKVILLE Rockville, city (1990 pop. 44,835), seat of Montgomery co., W central Md., a NW suburb of Washington, D.C.; settled c.1760s, inc. as a city 1860. It has several scientific research and technology laboratories that focus on the aerospace, electronics, nuclear energy, , Md.--(BUSINESS WIRE)--Oct. 20, 1998--American 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 , Rockville, announced net income of $307,825 (or $.17 per share of common stock) for the quarter ended Sept. 30, 1998. This represents an increase of 93.5% over net income of $159,069 for the same period in 1997. The increase in net income was attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk primarily to a reduction in the amount of loan loss provisions provided for the quarter ended Sept. 30, 1998. Net income for the nine months ended Sept. 30, 1998 was $756,215, an increase of 72.3% over net income of $438,797 for the same period in 1997. For the quarter ended Sept. 30, 1998, American American, river, 30 mi (48 km) long, rising in N central Calif. in the Sierra Nevada and flowing SW into the Sacramento River at Sacramento. The discovery of gold at Sutter's Mill (see Sutter, John Augustus) along the river in 1848 led to the California gold rush of Federal had net interest income after loan losses of $674,000 compared to $579,000 for the same period in 1997. Phillip Phillip is a variant of the name Philip. It may refer to: Given name:
Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin ." The Bank reduced its non-performing assets to $1.7 million at Sept. 31, 1998 from $3.1 million at Dec. 31, 1997. At Sept. 30, 1998, American Federal had total assets of $83.6 million, deposits of $59.7 million and 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. of $11.5 million, as compared to $77.3 million, $67.7 million and $5.4 million, respectively, at Dec. 31, 1997. -0-
Balance Sheet Data:
Balance Balance
09/30/98 12/31/97
-------- --------
Total assets $83,649,978 $77,283,945
Loans receivable, net 52,828,977 48,418,776
Foreclosed real estate, net 442,826 1,447,695
Deposit accounts 59,740,371 67,697,299
Total borrowed funds 10,000,000 3,300,000
Total stockholders' equity 11,521,003 5,448,846
Operating Data:
Year-to-date Year-to-date
Sept. 30, 1998 Sept. 30, 1997
-------------- --------------
Total interest income $5,031,145 $4,824,878
Total interest expense 2,935,453 2,811,908
Net interest income 2,095,692 2,012,970
Provision for loan losses 125,891 390,184
Net interest income after
loan losses 1,969,801 1,622,786
Other income 87,647 99,217
Non-interest expenses 1,301,233 1,283,206
Income before income taxes 756,215 438,797
Provision for income taxes 0 0
Net income 756,215 438,797
Basic and diluted EPS $0.67 $0.64
Quarter ending Quarter ending
Sept. 30, 1998 Sept. 30, 1997
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Total interest income $1,704,990 $1,770,847
Total interest expense 973,930 1,030,397
Net interest income 731,060 740,450
Provision for loan losses 57,217 161,650
Net interest income after
loan losses 673,843 578,800
Other income 27,043 38,870
Non-interest expenses 393,061 458,601
Income before income taxes 307,825 159,069
Provision for income taxes 0 0
Net income 307,825 159,069
Basic and diluted EPS $0.17 $0.23
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