CENFED Financial Corp. announces 127 percent increase in second-quarter earnings.PASADENA, Calif.--(BUSINESS WIRE)--July 25, 1996--CENFED Financial Corp. (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 :CENF) Thursday Thursday: see week. announced second-quarter earnings of $3 million, representing 59 cents per primary share, compared with $1.3 million and 27 cents per primary share in the corresponding quarter in 1995. For the six-month periods ended June June: see month. 30, 1996 and 1995, net earnings totaled $7.3 million and $2.9 million, respectively, representing primary earnings per share of $1.42 and 61 cents, respectively. Net earnings in the first half of 1996 included a $4.5 million pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain from the sale of the company's former headquarters building in Santa Monica Santa Monica (săn`tə mŏn`ĭkə), city (1990 pop. 86,905), Los Angeles co., S Calif., on Santa Monica Bay; inc. 1886. Tourism and retailing are important, and the city has motion-picture, biotechnology, and software industries. , Calif., which contributed 51 cents per primary share. All earnings-per-share figures include the effect of a 10 percent stock dividend distributed by the company in May 1996. D. Tad (Telephone Answering Device) An answering machine. Lowrey, president and chief executive officer, stated: ``The earnings benefits of continued expansion in our net interest margin and our emphasis on cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. are reflected in second-quarter earnings. ``As we have reached the one-year adj. 1. completing its life cycle within a year. Adj. 1. one-year - completing its life cycle within a year; "a border of annual flowering plants" annual phytology, botany - the branch of biology that studies plants anniversary of our acquisition of certain assets and the operations of Government Funding Corp., we continue to be pleased with the performance of our small-business lending division and the contribution it is making to our profit improvement.'' Results of Operations Core earnings of $3.2 million in the second quarter of 1996 increased by 109 percent from the corresponding quarter in 1995, primarily because of a $4.8 million increase in net interest income that more than offset an increase in loan-loss provisions. Core earnings in the second quarter of 1996 were 71 percent greater than in the first quarter of 1996, primarily because of the beneficial effects of a 28-basis-point increase in the net interest margin and a decrease in loan-loss provisions. For the six-month periods ended June 30, 1996 and 1995, core earnings per share were 97 cents and 66 cents, respectively. The company's ``core earnings'' exclude gains and losses on sales of investments and mortgage-backed securities Mortgage-backed securities (MSBs) Securities backed by a pool of mortgage loans. , results of real estate operations and nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. adjustments. The company's net interest margin on a tax-equivalent basis was 2.69 percent in the second quarter of 1996, compared with 2.41 percent in the first quarter of 1996 and 1.96 percent in the second quarter of 1995. During the second quarter of 1996, the company's net interest margin included 4 basis points attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to accelerated accretion The act of adding portions of soil to the soil already in possession of the owner by gradual deposition through the operation of natural causes. The growth of the value of a particular item given to a person as a specific bequest under the provisions of a will between the of discounts on mortgage-backed securities on which the company received principal prepayments Prepayments Payments made in excess of scheduled mortgage principal repayments. . Lowrey commented: ``We are pleased that our net interest margin increased for the fourth consecutive quarter. In the year since it reached its low of 1.96 percent, the margin has recovered 73 basis points. However, in a stable interest-rate environment, we don't don't 1. Contraction of do not. 2. Nonstandard Contraction of does not. n. A statement of what should not be done: a list of the dos and don'ts. expect to see the net interest margin widen wid·en tr. & intr.v. wid·ened, wid·en·ing, wid·ens To make or become wide or wider. wid  en·er n. in future quarters to the
same degree that it has over the past four quarters.``Most of the assets that had interest rates below their fully indexed rates, due to interest-rate adjustment limitations, have now reached fully indexed status.'' In addition, at the end of the second quarter the company purchased three-year interest-rate caps to limit its exposure to interest-rate risk. When the cost of the caps begins to amortize amortize To write off gradually and systematically a given amount of money within a specific number of time periods. For example, an accountant amortizes the cost of a long-term asset by deducting a portion of that cost against income in each period. in the third quarter of 1996, a 5-basis-point charge will be made against the net interest margin. Net interest income in the second quarter of 1996 totaled $13.4 million and was $4.8 million, or 55 percent, higher than in the corresponding quarter in 1995. The 73-basis-point increase in the net interest margin in the second quarter of 1996 compared with the second quarter of 1995 resulted in $1.7 million of additional net interest income. Higher average interest-earning balances in 1996 than in 1995 generated $3.1 million of additional net interest income in the same comparative quarters. In the six-month period ended June 30, 1996, net interest income totaled $25.6 million, representing a 43 percent increase from the corresponding period in 1995. The $7.7 million increase consisted of rate- and volume-related variances of $3.5 million and $4.2 million, respectively. The company recorded $2.3 million of provisions for loan losses in the second quarter of 1996, compared with $300,000 in the corresponding quarter in 1995. The company increased its provisions for loan losses in response to several factors, including: increases in delinquent delinquent 1) adj. not paid in full amount or on time. 2) n. short for an underage violator of the law as in juvenile delinquent. DELINQUENT, civil law. He who has been guilty of some crime, offence or failure of duty. and nonaccrual loans; the level of charge-offs; and the recording of $1.1 million of specific valuation allowances on two impaired See assistive technology. income-property loans. Noninterest income increased by $668,000 during the second quarter of 1996 compared with the corresponding quarter in 1995 because of increases in: fee income earned from loan-servicing activities; sales of investment products; and gains from sales of securities. Losses from real estate operations were greater in the second quarter of 1996 than in the corresponding period in 1995 primarily because of reductions in office-rental income following the first-quarter sale of the Santa Monica office building. During the second quarter of 1996, the company entered into a sale and lease-back Sale and lease-back Sale of an existing asset to a financial institution that then leases it back to the user. Related: Lease. arrangement for one of its retail offices. Because of the terms of the lease-back, the $1.2 million profit on the sale was deferred and will be applied to rental RENTAL. A roll or list of the rents of an estate containing the description of the lands let, the names of the tenants, and other particulars connected with such estate. This is the same as rent roll, from which it is said to be corrupted. expense over the five-year term of the lease-back. For the six-month period ended June 30, noninterest income increased by $6 million in 1996 compared with 1995. The principal sources of the increase in 1996 were a $4.5 million pretax gain on the sale of the Santa Monica building, a $529,000 increase in loan- servicing revenues on small-business loans and an $830,000 increase in gains from sales of investments and mortgage-backed securities. The company has engaged in sales of securities in 1996 pursuant to an interest-rate risk-reduction strategy and used $631,000 of the gains to pay for an early-retirement premium on long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. . 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. in the second quarter of 1996 totaled $8.5 million, compared with $8.1 million in the corresponding quarter in 1995. As a percentage of average assets, annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. operating expenses for the 1996 and 1995 quarters were 1.61 percent and 1.68 percent, respectively. The majority of the increase in the second quarter of 1996 compared with 1995 was in occupancy Gaining or having physical possession of real property subject to, or in the absence of, legal right or title. In a fire insurance policy, for example, the term occupancy expenses and was attributable primarily to depreciation expense on a teller TELLER. An officer in a bank or other institution. He is said to take that name from tallier, or one who kept a tally, because it is his duty to keep the accounts between the bank or other institution and its customers, or to make their accounts tally. platform system installed in late 1995 and office-rental expense. In addition, deposit-insurance premiums increased in the second quarter of 1996 compared with 1995 because of growth in the deposit base. For the six-month period ended June 30, 1996, operating expenses totaled $17.3 million, compared with $16.3 million in the first half of 1995. The reasons for the increase in the comparative six-month periods were similar to those for the comparative quarters. In addition, the $546,000 increase in other operating expenses in the first half of 1996 compared with the corresponding period in 1995 included greater expenditures for professional services (job) professional services - A department of a supplier providing consultancy and programming manpower for the supplier's products. and expense accruals Accruals Accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting. These accounts include, among many others, accounts payable, accounts receivable, goodwill, future tax liability and future interest expense. . On the subject of the deposit-insurance disparity dis·par·i·ty n. pl. dis·par·i·ties 1. The condition or fact of being unequal, as in age, rank, or degree; difference: "narrow the economic disparities among regions and industries" between banks and thrifts, Lowrey remarked: ``During the first half of 1996, the company incurred $1.7 million of deposit-insurance expense. ``In comparison, a comparably sized commercial bank 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. by the Bank Insurance Fund of the Federal Deposit Insurance Corp. would have paid only $2,000, illustrating the magnitude magnitude, in astronomy, measure of the brightness of a star or other celestial object. The stars cataloged by Ptolemy (2d cent. A.D.), all visible with the unaided eye, were ranked on a brightness scale such that the brightest stars were of 1st magnitude and the of the burden of the unresolved Not completed; not finished; not linked together. See resolve. deposit-insurance assessment issue.'' Earnings in the first six months of 1996 include a $631,000 penalty to retire retire v. 1) to stop working at one's occupation. 2) to pay off a promissory note, and thus "retire" the loan. 3) for a jury to go into the jury room to decide on a verdict after all evidence, argument and jury instructions have been completed. an 8.88 percent fixed-rate, long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. borrowing ahead of its scheduled maturity, which the company has reported as an extraordinary item. The company applied a 42 percent effective income-tax rate when it calculated the $364,000 after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. charge to earnings. The company's effective tax rates were 35.4 percent and 17.8 percent in the second quarters of 1996 and 1995, respectively, and 36.7 percent and 20 percent for the six-month periods ended June 30, 1996 and 1995, respectively. The company's marginal tax rate Marginal Tax Rate The amount of tax paid on an additional dollar of income. As income rises, so does the tax rate. Notes: Many believe this discourages business investment because you are taking away the incentive to work harder. is approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 42 percent, but tax advantages associated with its portfolio of municipal bonds reduce the effective tax rate. The relative relationship of non-tax-advantaged income to tax- tax- pref. Variant of taxo-. advantaged income from the municipal bonds determines the degree to which the tax rate deviates from the marginal tax rate. Increases in income from fully taxable sources in 1996 compared with 1995 have had the effect of increasing the effective tax rate. In addition, tax-advantaged interest from the municipal-bond portfolio has been decreasing because of bond sales in 1996, which also has pushed the effective tax rate higher. Asset Quality Loans delinquent 31 days or more at June 30, 1996, totaled $28.8 million and represented 2 percent of loans held for investment, compared with $17.2 million and 1.24 percent one year earlier. All types of loans experienced higher delinquency delinquency Criminal behaviour carried out by a juvenile. Young males make up the bulk of the delinquent population (about 80% in the U.S.) in all countries in which the behaviour is reported. rates at June 30, 1996, compared with one year earlier. During the second quarter of 1996, delinquent loans as a percentage of outstanding loans increased by 27 basis points and consisted of the following:
At:
June 30 March 31 Increase
Single family 1.24% 1.19% 0.05%
Income property 0.54% 0.33% 0.21%
Small business 0.21% 0.20% 0.01%
Other 0.01% 0.01% 0.00%
Total 2.00% 1.73% 0.27%
``The largest component of the increase in delinquent loans during the second quarter was 21 basis points of increase in delinquent income-property loans. Even though the average size of the company's income-property loans is less than $500,000, three loans with outstanding balances totaling $4.6 million became delinquent this quarter. The circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or surrounding sur·round tr.v. sur·round·ed, sur·round·ing, sur·rounds 1. To extend on all sides of simultaneously; encircle. 2. To enclose or confine on all sides so as to bar escape or outside communication. n. each loan's financial difficulty tend to be unique to the property and, therefore, we don't believe that a trend is indicated,'' commented Lowrey. 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. at June 30, 1996, totaled $29.8 million, or 1.39 percent of total assets, compared with $25.8 million, or 1.22 percent of total assets, at the beginning of the quarter. The nonperforming-asset ratio increased by 17 basis points during the second quarter because of increases in nonaccruing loans and real estate acquired in settlement of loans totaling $3.9 million and $27,000, respectively. Nonaccruing single-family sin·gle-fam·i·ly adj. Relating to or being a dwelling designed for one family only: a single-family home; single-family occupancy. loans, income- property loans and small-business loans increased by $903,000, $3 million and $62,000, respectively. The previously mentioned delinquent income-property loans were primarily responsible for the increase in nonaccruing income-property loans. Discussing trends in single-family delinquencies, Lowrey noted: ``The steady increase in single-family delinquencies in recent quarters reflects continued financial stress being experienced by borrowers in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . Delinquencies on loans made three to 10 years ago are materially higher than on less-seasoned loans. ``These borrowers would have been most adversely affected by the decline in real estate prices during the recent recession.'' The allowance for loan losses at June 30, 1996, was 1.03 percent of loans held for investment and represented 72 percent of nonaccruing loans at that date. One year earlier, the allowance for loan losses was .94 percent of loans held for investment and covered 107 percent of nonaccruing loans. Charge-offs, net of recoveries, totaled $1.3 million during the second quarter of 1996, compared with $1.6 million in the first quarter of 1996 and $72,000 in the second quarter of 1995. Lowrey observed ob·serve v. ob·served, ob·serv·ing, ob·serves v.tr. 1. To be or become aware of, especially through careful and directed attention; notice. 2. , ``Even though the amounts of single-family charge-offs have been higher in recent quarters, we are encouraged that the average loss sustained on dispositions 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 decreased during the second quarter.'' CENFED Financial is the holding company for CenFed 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 that currently operates 18 branch offices in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. , Orange, Riverside Riverside. 1 City (1990 pop. 226,505), seat of Riverside co., S Calif.; inc. 1883. One of the fastest growing U.S. cities in the late 20th cent., it is famous for its orange industry. and San Bernardino San Bernardino, city, United States San Bernardino (săn bûr'nədē`nō), city (1990 pop. 164,164), seat of San Bernardino co., S Calif., at the foot of the San Bernardino Mts.; inc. 1854. counties in Southern California. -0-
CENFED FINANCIAL CORP.
CONSOLIDATED FINANCIAL HIGHLIGHTS
(Dollars in thousands)
At June 30, At Dec. 31,
1996 1995
Financial Condition Data:
Total assets $2,148,344 $2,155,239
Interest earning assets $2,080,855 $2,074,631
Loans held for investment, net $1,439,095 $1,492,094
Loans held for sale, at lower
of cost or market $ 109,308 $ 100,183
Mortgage-backed securities,
at fair value $ 405,849 $ 341,288
Real estate held for
development and sale $ 396 $ 5,410
Total deposits $1,560,862 $1,551,329
Total borrowings $ 459,267 $ 473,352
Total stockholders' equity/a $ 107,221 $ 104,552
Total common shares outstanding 5,040,437 5,013,000 Book value per common share/a $ 21.27 $ 20.86 CenFed Bank's regulatory capital ratios: Tangible 5.58% 5.27% Core 5.68% 5.38% Risk-based 11.40% 10.90% -0-
At:
June 30, March 31, Dec. 31, Sept. 30, June 30,
1996 1996 1995 1995 1995
Nonperforming assets:
Nonaccrual loans $22,625 $18,700 $14,841 $15,047 $12,256
Real estate owned 7,134 7,107 6,236 5,551 6,753
Total nonperforming
assets $29,759 25,807 $21,077 $20,598 $19,009
Nonperforming assets, as a % of total assets 1.39% 1.22% 0.98% 0.97% 0.92% Delinquent loans (31 days or more): Single family $17,902 $17,506 $15,404 $16,328 $12,155 Income property 7,779 4,818 3,222 3,747 4,045 Small business, credit-enhanced 3,024 2,950 2,580 2,133 932 Other 77 79 58 70 20 Total delinquent loans $28,782 $25,353 $21,264 $22,278 $17,152 Delinquent loans, as a % of loans held for investment 2.00% 1.73% 1.35% 1.50% 1.24% Net charge-offs by type of loan: Single family $ 1,122 $ 666 $ 412 $ 426 $ 825 Income property 113 877 1,202 275 (792) Small business 114 5 -- -- -- Other (6) 2 2 4 39 Net charge-offs $ 1,343 $ 1,550 $ 1,616 705 72 Allowances for loan losses $14,944 $13,966 $12,789 $13,404 $13,102 -0-
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Condensed Statement
of Income:
Net interest income $ 13,438 $ 8,676 $ 25,575 $ 17,884
Provisions for loan
losses (2,250) (300) (5,050) (900)
Net interest income
after provisions
for loan losses 11,188 8,376 20,525 16,984
Non-interest income 2,036 1,368 8,966 2,961
Operating expense (8,508) (8,112) (17,342) (16,281)
Pretax earnings $ 4,716 $ 1,632 $ 12,149 $ 3,664
Net earnings $ 3,046 $ 1,341 $ 7,332 $ 2,933
Primary earnings
per share 59 cents 27 cents $ 1.42 61 cents
-0-
For the Three Months For the Six Months
Ended June 30, Ended June 30,
1996 1995 1996 1995
Other data:
Net interest margin:
Yield on interest
earning assets/b 7.74% 7.03% 7.65% 6.90%
Cost of interest
bearing liabilities 5.22% 5.16% 5.27% 4.97%
Net interest spread 2.52% 1.87% 2.38% 1.93%
Net interest margin 2.69% 1.96% 2.55% 2.02%
Loan originations: Single family -- fixed $ 2,572 $ 5,218 $ 8,278 $ 16,284 Single family -- adjustable 4,218 32,657 11,315 81,941 Income property real estate 15,307 13,968 42,117 18,749 Small business 12,007 3,101 19,973 6,064 Total loans originated $ 34,104 $ 54,944 $ 81,683 $123,038 Loans purchased $ 512 $ 73,722 $ 633 $ 91,684
(a) Stockholders' equity at June 30, 1996, and Dec. 31, 1995,
included an unrealized loss of $2.1 million and an unrealized
gain of $2.2 million, respectively, to record investment and
mortgage-backed securities available for sale at market value.
(b) Yields on tax-exempt securities have been presented on a fully
taxable-equivalent basis.
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CENFED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(In Thousands, Except Share Amounts)
June 30, Dec. 31,
1996 1995
Assets:
Cash $ 17,267 $ 21,928
Federal funds sold 288 7,288
Cash and cash equivalents 17,555 29,216
Investment securities available
for sale, at fair value 126,315 133,778
Mortgage-backed securities (MBS)
available for sale, at fair value 405,849 341,288
Loans held for investment, net 1,439,095 1,492,094
Loans held for sale, at lower
of cost or fair value 109,308 100,183
Accrued interest receivable 15,140 14,894
Real estate acquired in
settlement of loans (REO) 7,134 6,236
Real estate held for development
and sale 398 5,410
Premises and equipment, net 10,466 13,300
Intangible assets, net of
accumulated amortization 232 248
Deferred income taxes 3,818 3,818
Other assets 13,034 14,774
$2,148,344 $2,155,239
Liabilities and stockholders' equity: Customer deposit accounts $1,560,862 $1,551,329 Securities sold under agreements to repurchase 136,667 150,052 Notes payable 18,700 22,800 FHLB advances 303,900 300,500 Other liabilities 20,994 26,006 Total liabilities 2,041,123 2,050,687
Commitments and contingent
liabilities
Common stock, 1 cent par value
Authorized shares: 14 million
at June 30, 1996, and Dec.
31, 1995 -- --
Outstanding shares: 5,040,437
at June 30, 1996, and
5,013,000 at Dec. 31, 1995 50 50
Additional paid-in capital 30,357 30,122
Retained earnings --
substantially restricted 80,190 73,721
Unrealized gain/(loss) on
securities available for
sale, net of tax (2,082) 2,179
Deferred compensation --
retirement plans (1,294) (1,520)
Total stockholders' equity 107,221 104,552
$2,148,344 $2,155,239
-0-
CENFED FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in Thousands, Except Share Amounts)
Three Months Ended Six Months Ended
June 30, June 30,
1996 1995 1996 1995
Interest and dividend income: Loans $ 30,530 $24,671 $61,053 $47,238 Investment securities and short-term investments 1,845 1,947 3,779 3,691 Mortgage-backed securities 6,743 5,614 13,018 11,562 Total interest and dividend income 39,118 32,232 77,850 62,491 Interest expense: Customer deposit accounts 19,762 17,273 39,824 32,114 Securities sold under agreements to repurchase 1,256 2,570 3,010 5,156 FHLB advances 4,060 3,101 8,213 6,118 Other borrowings 602 612 1,228 1,219 Total interest expense 25,680 23,556 52,275 44,607 Net interest income 13,438 8,676 25,575 17,884 Provisions for loan losses 2,250 300 5,050 900 Net interest income after provisions for loan losses 11,188 8,376 20,525 16,984 Non-interest income: Loan servicing fees 964 712 2,029 1,357 Customer deposit account fees 490 451 974 905 Gain on sale of investments and MBS 295 12 892 62 Gain on sale of loans 14 19 47 96 Income (loss) from real estate operations (418) (166) 3,831 (347) Commissions from sales of investment products 513 288 918 714 Other 178 52 275 174 Total non-interest income 2,036 1,368 8,966 2,961 Operating expenses: Compensation and employee benefits 4,130 4,158 8,285 8,408 Net occupancy 1,509 1,194 3,061 2,543 Deposit insurance premiums 897 749 1,747 1,498 Data and check processing 386 435 796 870 Advertising and marketing 138 231 332 475 Intangible amortization 17 (11) 36 (52) Other 1,431 1,356 3,085 2,539 Total operating expenses 8,508 8,112 17,342 16,281 Earnings before income taxes and extraordinary item 4,716 1,632 12,149 3,664 Income taxes 1,670 291 4,453 731 Earnings before extraordinary item 3,046 1,341 7,696 2,933 Extraordinary item: Early extinguishment of debt (net of income taxes of $267) -- -- (364) -- Net earnings $ 3,046 $ 1,341 $ 7,332 $ 2,933 Primary earnings per share: Before extraordinary item 59 cents 27 cents $ 1.49 61 cents Extraordinary item -- -- (7 cents) -- After extraordinary item 59 cents 27 cents $ 1.42 61 cents Average primary shares outstanding 5,187,627 5,017,322 5,171,278 4,774,348 CONTACT: CENFED Financial Corp., Pasadena Steven Ste´ven n. 1. Voice; speech; language. Ye have as merry a steven As any angel hath that is in heaven. - Chaucer. 2. An outcry; a loud call; a clamor. To set steven to make an appointment. P. Neiffer, 818/585-2595 |
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