City Savings Financial Corporation Announces First Quarter Earnings.MICHIGAN CITY Michigan City, city (1990 pop. 33,822), La Porte co., NW Ind., on Lake Michigan; inc. 1836. Michigan City produces machinery, consumer articles, kitchen and transportation equipment, concrete and wire products, chemicals, apparel, and cast iron boilers. , Ind. -- City Savings Financial Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :CSFC CSFC Civil Service Football Club (UK) ) (the "Company"), the holding company of City Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , announced its results of operations for the first fiscal quarter of 2007. The Company reported a consolidated net income of $115,000 for the quarter ended September 30, 2006, compared to a net loss of $15,000 for the same period last year. The improvement in operating results was largely attributable to a decrease in noninterest expenses of $322,000 and a decrease in the provision for loan losses of $187,000. The decrease in nonoperating expenses was primarily the result of planned cost cuts in compensation and advertising expenses and a decrease in the write down of foreclosed real estate. The Company recorded a $150,000 write down of foreclosed real estate during the quarter ended September 30, 2005. The Company also recorded higher loan loss provisions for the quarter ended September 30, 2005 related to an increase in nonperforming commercial loans. Offsetting the decreases in noninterest expenses and loan loss provisions was a decrease in net interest income and noninterest income. The decline in net interest income was due to a decrease in the spread between the yield earned on interest earning assets Earning Assets 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 and the cost of interest bearing liabilities as well as a decrease in the Company's loan portfolio. The decrease in noninterest income for the three months ended September 30, 2006 resulted from a decrease in fee income related to lending activities, a decrease in gains on the sale of mortgage loans and a loss on the sale of securities recorded during the current quarter. Statements contained in this news release that are forward-looking are subject to various risks and uncertainties. Such forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. are made pursuant to the "safe-harbor" provisions of Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 and are made based on management's current expectations or beliefs as well as assumptions made by, and information currently available to, management. A variety of factors could cause actual results to differ materially from those anticipated in the Company's forward-looking statements. [TABLE OMITTED] [TABLE OMITTED] [TABLE OMITTED] |
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