American Savings reports third quarter earnings.MIAMI--(BUSINESS WIRE)--Nov. 1, 1994--American Savings of Florida Florida, state, United States Florida (flôr`ĭdə, flŏr`–), state in the extreme SE United States. A long, low peninsula between the Atlantic Ocean (E) and the Gulf of Mexico (W), Florida is bordered by Georgia and , F.S.B. (NASDAQ/NMS:ASFL ASFL Australian Secured Financial Limited (Queensland, Australia) ) announced Tuesday Tuesday: see week. increases of 12% and 10% in 1994 third quarter and year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern core earnings, respectively, compared with the same periods last year. Pretax core earnings for the third quarter of 1994 increased 44% over the second quarter this year. For the three and nine months ended Sept. 30, 1994, pretax core earnings amounted to $7.0 million and $17.0 million, respectively. Net income for the quarter and nine months ended Sept. 30, 1994 amounted to $5.3 million ($0.44 per share primary and fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ) and $12.9 million ($1.07 per share primary and fully diluted) compared with $5.3 million ($0.44 per share primary and fully diluted) $18.1 million ($1.52 per share primary and fully diluted) for the same periods in 1993, respectively. Although net income in the third quarter of 1994 was the same as the third quarter last year, the current quarter's results absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. corporate expenses of $428,000 and income tax expense of $1.3 million versus nonrecurring expenses of $997,000 and no income tax expense in the third quarter of 1993. Net income in the 1994 nine month period was lower than in 1993 as a result of nonrecurring corporate expenses of $925,000 and the presence of income tax expense totaling $3.2 million. The 1993 nine month period had benefited from noncore income of $492,000, no income tax expense and the cumulative effect of a change in accounting principle of $2.1 million. The improvements in pretax core earnings for the third quarter and nine month periods of 1994 were primarily due to increases of $2.8 million and $6.1 million, respectively, in net interest income, reflecting increases in average balances of interest-earning assets and increases in net interest margin. For the three and nine months ended Sept. 30, 1994, net interest margin increased 23 basis points and 6 basis points, to 257 basis points and 254 basis points, respectively. Partially offsetting the increases in net interest income was a decrease in net gains and losses on assets held for sale and assets available for sale of $510,000 and $1.3 million for the three and nine months ended Sept. 30, 1994, respectively, and increases in operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . Operating expenses increased $1.7 million and $3.5 million in the 1994 quarter and nine month period, respectively, primarily as a result of (1) increases in compensation and benefits as 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 Savings continues to staff its business units, particularly its lending divisions and (2) decreases in gains on sales of real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most , as American Savings' portfolio of nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. has declined. At Sept. 30, 1994, nonperforming assets decreased to $27.4 million (0.79% of total assets), from $28.7 million (0.92% of total assets) at Dec. 31, 1993 and $37.0 million (1.19% of total assets) at Sept. 30, 1993. Additionally, at Sept. 30, 1994, American Savings' allowance for losses on loans represented 99.55% of nonaccrual loans. At Sept. 30, 1994, American Savings exceeded its current tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. , core and risk-based capital requirements Risk-Based Capital Requirement A stated requirement of liquid reserves placed upon banks and institutions that deal in risky ventures. Notes: These requirements exist for the protection of investors who hold an interest in these types of businesses. by $96.7 million, $64.4 million and $46.5 million, respectively; and, on a fully phased-in basis, American Savings exceeded its tangible, core and risk-based capital requirements by $96.7 million, $51.6 million and $34.7 million, respectively. American Savings, with approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $3.5 billion in assets, operates a network of 30 retail offices in Dade v. t. 1. To hold up by leading strings or by the hand, as a child while he toddles. Little children when they learn to go By painful mothers daded to and fro. - Drayton. v. i. 1. , Broward Broward could refer to:
The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real offices in Florida and two in Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. . American Savings is a member of the Federal Home Loan Bank System Noun 1. Federal Home Loan Bank System - the central credit system for thrift institutions financial institution, financial organisation, financial organization - an institution (public or private) that collects funds (from the public or other institutions) and and its deposits are federally insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. . -0-
AMERICAN SAVINGS OF FLORIDA, F.S.B.
SELECTED BALANCE SHEET DATA - SEPT. 30, 1994
(dollar amounts in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
Sept. 30, Dec. 31,
ASSETS 1994 1993
(unaudited)
Cash and investment securities $ 173,831 $ 109,891
Assets held for sale 60,224 113,228
Securities available for sale 168,750 615,473
Mortgage-backed securities 994,623 547,548
Loans receivable, net 1,911,047 1,577,511
Goodwill and other intangible
assets 64,646 69,112
Purchased loan servicing rights 11,991 7,328
Other assets 100,078 76,941
Total assets $3,485,190 $3,117,032
LIABILITIES AND STOCKHOLDERS'
EQUITY
Deposits $2,240,460 $2,228,090
Other borrowed funds 957,524 617,832
Accounts payable and accrued
expenses 74,601 63,243
Total liabilities 3,272,585 2,909,165
Stockholders' equity
Capital and retained earnings 216,052 202,395
Unrealized gains (losses) on
securities available for sale (3,447) 5,472
212,605 207,867
Total liabilities and
stockholders' equity $3,485,190 $3,117,032
Book value per common share (a) $ 18.48 $ 18.42
Tangible book value per
common share (a) $ 12.86 $ 12.29
(a) Based on 11,501,576 and 11,286,992 shares outstanding at
Sept. 30, 1994 and Dec. 31, 1993, respectively.
AMERICAN SAVINGS OF FLORIDA, F.S.B.
SELECTED EARNINGS DATA - SEPT. 30, 1994
(dollar amounts in thousands, except per share data)
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended Nine Months Ended
Sept. 30, Sept. 30,
1994 1993 1994 1993
Core earnings
Net interest income before
provision for losses $20,703 $16,868 $58,642 $52,718
Provision for losses 150 (850) 450 650
Net interest income after
provision for losses 20,553 17,718 58,192 52,068
Operating income
Loan servicing fees, net 756 966 2,165 2,596
Unrealized gains (losses)
on assets held for sale 226 -- (132) 20
Realized gains (losses) on
assets held for sale (184) 552 (3,066) 1,000
Gains on sales of securities
available for sale -- -- 2,957 --
Other operating income 1,774 1,388 4,575 3,920
Total operating income 2,572 2,906 6,499 7,536
Operating expenses
Compensation and benefits 7,775 6,881 23,118 20,412
Occupancy and equipment 2,050 1,973 5,927 5,994
FDIC premium 1,485 1,607 4,708 4,989
Amortization of goodwill and
other intangibles 1,480 1,514 4,466 4,570
Other operating expenses 3,324 2,393 9,447 8,182
Total operating expenses 16,114 14,368 47,666 44,147
Core earnings 7,011 6,256 17,025 15,457
Noncore earnings (loss) (428) (997) (925) 492
Income before income tax
expense and other items 6,583 5,259 16,100 15,949
Income tax expense 1,316 -- 3,220 --
Income before cumulative
effect of change in
accounting principle 5,267 5,259 12,880 15,949
Cumulative effect of change
in accounting principle -- -- -- 2,141
Net income $ 5,267 $ 5,259 $12,880 $18,090
Net income per share, primary
and fully diluted (a)
Income before cumulative
effect of change in
accounting principle $ 0.44 $ 0.44 $ 1.07 $ 1.34
Cumulative effect of
change in accounting
principle -- -- -- 0.18
Net income $ 0.44 $ 0.44 $ 1.07 $ 1.52
Return on average assets
(annualized) 0.62% 0.68% 0.52% 0.79%
Return on average equity
(annualized) 10.02% 11.10% 8.23% 13.12%
Net interest margin 2.57% 2.34% 2.54% 2.48%
(a) Based on 12,029,359 and 11,957,746 shares of common stock
and common stock equivalents, for the three months ended
Sept. 30, 1994 and 1993, respectively, and 12,016,439 and
11,888,277 for the nine months ended Sept. 30, 1994,
respectively.
AMERICAN SAVINGS OF FLORIDA, F.S.B.
SELECTED ASSET QUALITY DATA - SEPT. 30, 1994
(dollar amounts in thousands)
Sept. 30, Dec. 31, Sept. 30,
1994 1993 1993
Nonperforming Assets and
Restructured Loans
Nonperforming assets
Nonaccrual loans $ 19,541 $ 19,042 $ 23,610
Real estate and other assets 7,830 9,680 13,373
Total nonperforming assets 27,371 28,722 36,983
Restructured loans 17,234 17,583 17,617
Total nonperforming assets
and restructured loans $ 44,605 $ 46,305 $ 54,600
As a Percentage of Total Loans
Nonaccrual loans 0.99% 1.17% 1.46%
Nonaccrual and restructured
loans 1.86% 2.25% 2.55%
As a Percentage of Total Assets
Nonperforming assets 0.79% 0.92% 1.19%
Nonperforming assets and
restructured loans 1.28% 1.49% 1.76%
Allowance for Loan Losses
Balance $ 19,454 $ 20,452 $ 26,230
As a percentage of loans 0.98% 1.26% 1.62%
As a percentage of nonaccrual
loans 99.55% 107.40% 111.10%
Nonperforming assets ratio (a) 0.16 x 0.18 x 0.25 x
(a) Nonperforming assets divided by regulatory tangible capital
plus loss reserves.
AMERICAN SAVINGS OF FLORIDA, F.S.B.
SELECTED REGULATORY CAPITAL DATA - SEPT. 30, 1994
(dollar amounts in thousands)
CURRENT REGULATORY CAPITAL COMPUTATIONS (UNAUDITED)
Sept 30, 1994
Tangible Capital Core Capital Risk-based Capital
Balance % Balance % Balance %
Actual regulatory
capital $147,959 4.33% $167,256 4.88% $182,800 10.73%
Required minimum
regulatory
capital 51,308 1.50% 102,810 3.00% 136,256 8.00%
Regulatory capital
excess $ 96,651 2.83% $ 64,446 1.88% $ 46,544 2.73%
Dec. 31, 1993
Tangible Capital Core Capital Risk-based Capital
Balance % Balance % Balance %
Actual regulatory
capital $138,755 4.55% $168,970 5.53% $186,828 12.68%
Required minimum
regulatory
capital 45,719 1.50% 91,658 3.00% 117,838 8.00%
Regulatory capital
excess $ 93,036 3.05% $ 77,312 2.53% $ 68,990 4.68%
FULLY PHASED-IN REGULATORY CAPITAL COMPUTATIONS (UNAUDITED)
Sept. 30, 1994
Tangible Capital Core Capital Risk-based Capital
Balance % Balance % Balance %
Actual regulatory
capital $147,959 4.33% $154,429 4.51% $169,973 10.06%
Required minimum
regulatory
capital 51,308 1.50% 102,810 3.00% 135,230 8.00%
Regulatory capital
excess $ 96,651 2.83% $ 51,619 1.51% $ 34,743 2.06%
Dec. 31, 1993
Tangible Capital Core Capital Risk-based Capital
Balance % Balance % Balance %
Actual regulatory
capital $138,755 4.55% $146,111 4.78% $163,878 11.30%
Required minimum
regulatory
capital 45,719 1.50% 91,658 3.00% 116,002 8.00%
Regulatory capital
excess $ 93,036 3.05% $ 54,453 1.78% $ 47,876 3.30%
CONTACT: American Savings of Florida, F.S.B., Miami Carlos Carlos, prince of the Asturias Carlos, 1545–68, prince of the Asturias, son of Philip II of Spain and Maria of Portugal. Don Carlos, who seems to have been mentally unbalanced and subject to fits of homicidal mania, was imprisoned by his father in Fernandez-Guzman, 305/770-2430 |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion