Printer Friendly

FORTUNE BANCORP REPORTS SECOND QUARTER RESULTS

 CLEARWATER, Fla., April 15 /PRNewswire/ -- Fortune Bancorp, Inc. (NASDAQ: FORB) today reported net income of $2.9 million, or $.40 per common share, for the second quarter ended March 31, 1993. These results compared with net income of $1.7 million, or $.31 per common share, for the same period a year ago.
 For the first half of fiscal 1993, Fortune Bancorp recorded net income of $7.0 million, or $1.09 per common share, compared with net income of $3.0 million, or $.55 per common share for the same six months of the previous fiscal year.
 "Consolidated earnings for the first six months were $7 million, up 130 percent from last year and exceeded all of 1992," said Chairman and Chief Executive Officer John R. Torell III. "This is right on track with our strategic plan and also includes a continuation of our cleanup of known problem situations. These results are a direct correlation of the growing success of our core business units."
 Net interest income for the three months ended March 31, 1993 was $18.0 million, compared with $16.4 million for the same quarter a year ago, a 10 percent increase. For the six months ended March 31, 1993, net interest income was $36.2 million, compared with $31.8 million for the same period in fiscal 1992.
 Fortune's net interest margin for the second quarter of fiscal 1993 was 2.95 percent compared with 2.58 percent for the same period in fiscal 1992, reflecting a favorable rate environment.
 At March 31, 1993, nonperforming assets totaled $88.5 million, a decrease from the $119.5 million for the same period of the previous fiscal year. This 26 percent reduction is indicative of the steady improvement in this category over the past 12 months.
 Provision for loan losses for the quarter ended March 31, 1993 totaled $3.6 million compared with $6.3 million for the comparable period a year ago. At March 31, 1993, Fortune's allowance for loan losses totaled $25.1 million, compared with $25.2 million for the same period in 1992.
 Noninterest income was $3.3 million for the quarter ended March 31, 1993, compared with $8.8 million for the same period a year ago. This decrease is due primarily to a $3.0 million reduction in gains from securities transactions and a $1.5 million reduction in loan servicing fees.
 Noninterest expense amounted to $13.5 million for the quarter ended March 31, 1993, compared with $13.2 million for the quarter ended March 31, 1992.
 Fortune Bank continues to maintain a strong capital position and exceeds all three capital requirements under federal regulations:
 Fortune
 Bank Requirement
 Core Capital 6.06 pct. 3.00 pct.
 Tangible Capital 5.71 pct. 1.50 pct.
 Risk-Based Capital 13.40 pct. 8.00 pct.
 Fortune Bancorp is the holding company for Clearwater-based Fortune Bank, the largest independent financial institution headquartered on the west coast of Florida. With $2.7 billion in assets, Fortune operates 46 full-service banking offices in eight Florida counties.
 FORTUNE BANCORP, INC.
 March 31, Dec. 31, March 31,
 1993 1992 1992
 (Dollars in thousands, Except Per Share Data)
 FINANCIAL HIGHLIGHTS
 Total Assets $ 2,704,620 $ 2,552,150 $2,620,977
 Loans 1,558,660 1,545,246 1,766,685
 Mortgage-backed
 securities 774,200 661,297 543,264
 Investments 176,889 144,935 133,761
 Deposit Accounts 1,924,795 2,000,900 2,216,560
 Borrowed money 507,994 298,503 207,732
 Shareholders' Equity 165,448 163,396 124,002
 Per common share 23.49 23.28 22.42
 Number of common shares
 outstanding 5,565,880 5,526,693 5,530,221
 Nonperforming assets
 and restructured
 loans 88,540 101,345 119,541
 SIGNIFICANT RATIOS
 Net interest margin
 Annual 2.96 pct. 2.97 pct. 2.46 pct.
 Quarter 2.95 2.97 2.58
 Regulatory capital
 Core 6.06 6.21 4.75
 Tangible 5.71 5.83 4.35
 Risk based 13.40 12.60 9.66
 Allowance as percent of
 nonperforming and
 restructured loans 33.92 31.83 24.79
 QUARTER ENDING SIX-MONTH
 PERIOD ENDING
 March 31, March 31, March 31, March 31
 1993 1992 1993 1992
 EARNINGS SUMMARY
 Net Interest Income $ 18,007 $ 16,386 $ 36,224 $ 31,842
 Provision for Loan Losses 3,603 6,349 8,899 10,205
 Net interest income after
 provision for loan losses 14,404 10,037 27,325 21,637
 Non interest income 3,320 8,847 11,240 12,532
 Noninterest expense 13,474 13,182 27,267 25,704
 Income before income taxes
 and extraordinary items 4,250 5,702 11,298 8,465
 Income Tax Expense 1,329 3,916 4,320 5,953
 Net Income before
 extraordinary items 2,921 1,786 6,978 2,512
 Extraordinary items --- (57) --- 519
 Net income $ 2,921 $ 1,729 $ 6,978 $ 3,031
 Earnings per common
 and common
 equivalent share:
 Primary $ 0.40 $ 0.31 $ 1.09 $ 0.55
 Fully diluted $ 0.39 $ 0.31 $ 1.07 $ 0.55
 Weighted average
 common shares outstanding:
 Primary 5,581,970 5,512,156 5,572,072 5,474,330
 Fully diluted 8,128,009 5,512,156 7,048,305 5,474,330
 -0- 4/15/93
 /CONTACT: Nancy Kaylor of Fortune Bancorp, Inc., 813-538-1114/
 (FORF)


CO: Fortune Bancorp, Inc. ST: Florida IN: FIN SU: ERN

JB-AW -- FL013 -- 6404 04/15/93 15:47 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 15, 1993
Words:910
Previous Article:VINDICATOR, INC. RELEASES 1992 RESULTS
Next Article:HOSPITAL STAFFING SERVICES REPORTS FIRST QUARTER RESULTS
Topics:


Related Articles
FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS
/C O R R E C T I O N -- FORTUNE BANCORP FIRST QUARTER EARNINGS/
FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS
FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS
CAPITAL BANCORP REPORTS 75 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
PIONEER BANCORP REPORTS SECOND QUARTER 1992 RESULTS
FORTUNE BANCORP REPORTS YEAR END RESULTS
FORTUNE BANCORP REPORTS YEAR END RESULTS
FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS
FORTUNE BANCORP REPORTS SECOND QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters