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FIRST SAVINGS BANK REPORTS RECORD EARNINGS FOR SECOND QUARTER AND YEAR TO DATE PERIOD FOR FISCAL 1993

 GREENVILLE, S.C., Jan. 20 /PRNewswire/ -- The First Savings Bank, FSB (NASDAQ-NMS: FTSC), today reported record results for the three and six months ended December 31, 1992. For the second quarter, net earnings were $3.0 million or $0.49 per share, compared with net earnings of $2.8 million or $0.47 per share, for the second quarter of fiscal 1992. Net interest income before provision for loan losses increased 41 percent to $18.2 million from $13.0 million for the quarters ended December 31, 1992, and 1991, respectively. Core earnings, defined as net earnings less the after-tax income from the sale of assets, increased $2.4 million for the quarter. The provision for loan losses was $2.3 million in the most recent quarter compared with $2.9 million for the same quarter a year ago.
 For the first six months of fiscal 1993, net earnings grew 15 percent to $4.9 million or $0.80 per share, from $4.3 million or $0.73 per share, a year ago. Net interest income, before provision for loan losses, was $34.2 million compared with $25.8 million,, an increase of 33 percent for the first six months of fiscal 1993 over the first six months of fiscal 1992. Core earnings were $3.7 million compared with $219,000 for the six months ended December 31, 1992, and 1991, respectively. The provision for loan losses was $4.4 million for the first six months of fiscal 1993 compared with $5.1 million for the six months a year ago.
 All share and per share amounts have been adjusted to reflect the 10 percent stock dividend distributed in April, 1992.
 Commenting on the results, Luther C. Boliek, president and chief executive officer, said, "During the first half of fiscal 1993, we completed a new four year business plan and the results to date are on target with our plan. The key goals of the plan are: (1) to substantially increase our core earnings; (2) to reduce non-performing loans; and (3) to reduce the general and administrative expenses to assets ratio.
 "The strong growth in core earnings for the first six months of fiscal 1993 is due to the increased lending volume in a historically low interest rate environment. Combined consumer, commercial and mortgage loan volume amounted to $610.8 million for the first half of fiscal 1993, up 29 percent from the first half last year. The sale of mortgage servicing rights produced no income this six months compared with an after-tax gain of $2.1 million in the first half of last year.
 "Non-performing assets were unchanged at $62.8 million for the last six months. However, improved collection procedures and stronger underwriting guidelines implemented in prior periods should begin to reduce the level of non-performing loans as the economy continues to expand.
 "Our plans are in place and working well. We look forward to reporting continued improvements during the remainder of this fiscal year," Boliek concluded.
 At December 31, 1992, stockholders' equity was $118.6 million, or approximately 6 percent of total assets of $2.02 billion. Book value per share was $20.08 at December 31, 1992. Less goodwill, the tangible book value was $15.11 per share. Loans receivable, net amounted to $1.46 billion, at December 31, 1992, and deposits were $1.53 billion, compared with $1.48 billion and $1.54 billion, respectively, at June 30, 1992.
 The common stock of The First is traded on the NASDAQ National Market System under the symbol FTSC.
 THE FIRST SAVINGS BANK, FSB
 Unaudited Operating Results
 (in thousands except per share data)
 3 mos. ended 6 mos. ended
 12/31/92 12/31/91 12/31/92 12/31/91
 Interest income $ 39,705 $ 42,682 $ 78,201 $ 87,240
 Interest expense 21,465 29,716 43,955 61,417
 Net interest income 18,240 12,966 34,246 25,823
 Provision for loan losses 2,265 2,852 4,354 5,097
 Net interest income after
 provision for loan losses 15,975 10,114 29,892 20,726
 Other income 5,312 10,941 10,814 17,784
 Other expenses 15,367 15,245 31,088 29,823
 Earnings before income tax
 expense 5,920 5,810 9,618 8,687
 Income tax expense 2,873 3,006 4,671 4,370
 Net earnings $ 3,047 $ 2,804 $ 4,947 $ 4,317
 Net earnings per share(a) $ .49 $ .47 $ .80 $ .73
 Weighted average shares
 outstanding(a) 6,199 5,932 6,181 5,927
 Weighted average rates and yields:
 Total interest-earning
 assets 8.25 pct. 9.13 pct. 8.33 pct. 9.27 pct.
 Total interest-bearing
 liabilities 4.59 pct. 6.30 pct. 4.79 pct. 6.49 pct.
 Net spread 3.66 pct. 2.83 pct. 3.54 pct. 2.78 pct.
 Return on average assets .60 pct. .55 pct. .49 pct. .42 pct.
 Return on average equity 10.41 pct.10.45 pct. 8.55 pct. 8.13 pct.
 FINANCIAL CONDITION HIGHLIGHTS
 (in thousands except per share data)
 As of 12/31/92 6/30/92
 Total assets $ 2,019,247 $ 1,990,991
 Loans receivable, net 1,459,864 1,482,114
 Allowance for loan losses 14,158 12,557
 Loans serviced for others 1,671,897 1,582,311
 Investment securities 40,407 74,803
 Non-performing assets 62,824 62,813
 Deposits 1,527,469 1,540,064
 Stockholders' equity 118,628 113,234
 Book value per share 20.08 19.37
 (a) All per share and share amounts have been adjusted to reflect the issuance of the 10 percent stock dividend during April 1992.
 -0- 1/20/93
 /CONTACT: Fred Gilmer, Jr., Senior Vice President-Public Relations, The First Savings Bank, 803-255-3672, or Teresa C. Mauldin, Public Relations, Goudelock Agency, 803-232-7654, for The First Savings Bank/
 (FTSC)


CO: The First Savings Bank, FSB ST: South Carolina IN: FIN SU: ERN

JM-AT -- CH005 -- 6827 01/20/93 11:06 EST
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Date:Jan 20, 1993
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