Printer Friendly

LOYOLA POSTS SHARPLY HIGHER FIRST-QUARTER INCOME; DIRECTORS DECLARE $.10 DIVIDEND

 LOYOLA POSTS SHARPLY HIGHER FIRST-QUARTER INCOME;
 DIRECTORS DECLARE $.10 DIVIDEND
 BALTIMORE, April 22 /PRNewswire/ -- Loyola Capital Corporation (NASDAQ: LOYC) today announced sharply higher income for the first quarter ended March 31, 1992.
 Benefiting from a wider interest rate spread and high mortgage refinancing volume, the corporation earned $3.0 million ($.68 per share) for the quarter before considering the effect of a change in accounting principle, up from $2.3 million ($.50 per share) for the first quarter of 1991. The change in accounting principle increased net income for the first quarter of 1992 to $5.7 million ($1.30 per share).
 In January, Loyola's board of directors established a regular quarterly dividend policy and declared a quarterly dividend of $.10 per share. The board declared a second dividend of $.10 per share at its April meeting yesterday, payable on June 30, 1992, to stockholders of record as of June 15.
 Net interest income increased substantially due to a wider spread between the cost of funds and the yield on loans and investments. Income was boosted as well by a significantly higher volume of mortgage activity at the bank's real estate subsidiary in Richmond, Va., and in Maryland.
 Loyola continued efforts to restructure its portfolio. To better match the amounts of assets and liabilities that reprice at various times, and, thereby, to minimize interest-rate risk, Loyola sold its entire portfolio of mortgage-backed securities. This sale in the first quarter resulted in a $2.9 million gain.
 Loyola also increased its allowances for losses on loans and investments in real estate by $5.4 million to $24.3 million. These increases in reserves were not allocated to any specific project. Charge-offs, net of recoveries, totaled $1.3 million for the quarter. These allowances now stand at 46.7 percent of nonperforming assets as compared to 36.4 percent at Dec. 31, 1991.
 Stockholders' equity at quarter-end of $145.1 million represents 7.5 percent of assets. Book value per share increased to $34.60.
 The change in accounting principle resulted from adoption of the Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes." The cumulative effect of adopting this standard was $2.7 million ($.62 per share).
 Joseph W. Mosmiller, chairman and chief executive officer, noted that the corporation's primary subsidiary, Loyola F.S.B., is completing a transformation to a federal savings bank with additional consumer offerings. Commenting on Loyola's updated image and charter, Mosmiller said the recent changes reflect management's long-term strategy to become more banklike in products and services.
 Loyola Capital Corporation, headquartered in Baltimore, is the holding company for Loyola F.S.B. Loyola's 34 banking centers are located throughout the state of Maryland and in the Washington, D.C., metropolitan area. With more than a century's experience in retail services and mortgage lending, Loyola also operates subsidiaries in real estate appraisal, auto and boat financing, insurance and joint venture real estate development.
 LOYOLA CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Unaudited; in thousands)
 March 31, 1992 Dec. 31, 1991
 Assets:
 Cash and demand deposits $17,103 $13,605
 Money market investments 80,077 19,977
 Investment securities 95,527 43,916
 Mortgage-backed securities 12 132,557
 Loans receivable, net 1,611,883 1,667,070
 Ground rents owned, at cost 3,521 3,526
 Investments in real estate, net 63,352 68,025
 Federal Home Loan Bank of
 Atlanta stock, at cost 19,726 19,389
 Property and equipment, net 27,219 25,773
 Prepaid expenses and other assets 6,065 6,922
 Deferred income taxes 6,430 905
 Total 1,930,915 2,001,665
 Liabilities and stockholders' equity:
 Liabilities:
 Deposits $1,600,160 $1,614,442
 Notes payable and other borrowings 123,853 185,070
 Mortgage escrow accounts 33,266 21,901
 Drafts payable 16,600 21,705
 Federal and state income taxes 4,168 1,096
 Accrued expenses and other liabilities 7,735 16,893
 Total liabilities 1,785,782 1,861,107
 Stockholders' equity:
 Common stock 419 424
 Additional paid-in capital 49,660 50,375
 Retained income -- substantially
 restricted 95,054 89,759
 Total stockholders' equity 145,133 140,558
 Total 1,930,915 2,001,665
 Book value per common share $34.60 $33.18
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share data)
 Quarter ended March 31 1992 1991
 Interest income:
 Loans receivable $39,023 $44,273
 Mortgage-backed securities 264 2,804
 Investments 2,215 2,546
 Total interest income 41,502 49,623
 Interest expense:
 Deposits 22,317 28,538
 Notes payable and other borrowings 2,570 6,592
 Total interest expense 24,887 35,130
 Net interest income 16,615 14,493
 Provision for loan losses 5,950 2,539
 Net interest income after
 provision for loan losses 10,665 11,954
 Non-interest income:
 Service fees on loans 1,795 1,938
 Service fees on deposits 230 140
 Gain on sales of loans, net 670 248
 Gain on sales of mortgage-backed
 securities 2,900 ---
 Loss on investments in real estate, net (742) (51)
 Other 1,232 736
 Total non-interest income 6,085 3,011
 Non-interest expenses:
 Salaries and employee benefits 5,492 5,625
 Rent and other occupancy 975 979
 Advertising 575 451
 Equipment 1,063 1,206
 Federal deposit insurance and fees 1,007 937
 Other 2,663 1,936
 Total non-interest expenses 11,775 11,134
 Income before income taxes and cumulative
 effect of accounting change 4,975 3,831
 Income taxes 1,968 1,547
 Income before cumulative effect of
 accounting change 3,007 2,284
 Cumulative effect of change in
 accounting for income taxes 2,708 ---
 Net income 5,715 2,284
 Net income per share:
 Income before cumulative effect of
 accounting change $.68 $.50
 Net income 1.30 .50
 Average shares of common stock and common
 stock equivalents outstanding 4,406,041 4,572,485
 -0- 4/22/92
 /CONTACT: Gina Dart Fish, vp, 410-332-7210, or James V. McAveney, executive vp, 410-332-7074, both of Loyola Capital/
 (LOYC) CO: Loyola Capital Corporation ST: Maryland IN: FIN SU: ERN DIV


MK-MP -- PH009 -- 1123 04/22/92 09:50 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 22, 1992
Words:1019
Previous Article:PRIMERICA RAISES QUARTERLY DIVIDEND TO $0.20
Next Article:SANTA FE REPORTS 60 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE


Related Articles
LOYOLA CAPITAL POSTS SIGNIFICANTLY HIGHER EARNINGS; DECLARES DIVIDEND AND ANNOUNCES PLAN TO REPURCHASE ADDITIONAL SHARES
PROVIDENT BANKSHARES REPORTS FIRST QUARTER EARNINGS, DECLARES DIVIDEND
EAGLE BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS AND INCREASE IN QUARTERLY DIVIDEND
LOYOLA NET INCOME RISES 16%; BOARD ANNOUNCES DIVIDEND
LOYOLA NET INCOME RISES 15 PERCENT; BOARD DECLARES $.10 DIVIDEND
LOYOLA EARNINGS RISE 25 PERCENT; 10 CENT DIVIDEND DECLARED
LOYOLA INCOME RISES 35 PERCENT; CORPORATION ANNOUNCES DIVIDEND INCREASE AND AUTHORIZES REPURCHASE OF SHARES
LOYOLA CAPITAL'S NET INCOME RISES 17 PERCENT; BOARD DECLARES $.12 DIVIDEND
LOYOLA CAPITAL NET INCOME RISES 20%; BOARD DECLARES $.12 DIVIDEND
Urstadt Biddle Properties Inc. Reports First Quarter Results.

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