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MAYFLOWER CO-OPERATIVE ANNOUNCES FIRST QUARTER EARNINGS

 MIDDLEBORO, Mass., Aug. 25 /PRNewswire/ -- The Mayflower Co-operative Bank (NASDAQ: MFLR) announced net earnings of $41,000 or 5 cents per share for the first quarter ended July 31, 1993, compared to net earnings of $232,000 or 27 cents per share for the same quarter last year. Net earnings for the first quarter of 1992 included a one-time gain of $215,000 resulting from the cumulative effect of a change in accounting for income taxes.
 William C. MacLeod, president and chief executive officer stated, "Earnings for the first quarter ended July 31, 1993 are on target with our projections. Our net operating income of $41,000 for the quarter just ended compares favorably with net operating income of $17,000 for the same quarter of 1992 and can be attributed in part to a 6.5 percent decrease in operating expenses as other real estate owned is liquidated."
 MacLeod continued, "With the reduction in real estate owned, the resulting decrease of expense and the return of those assets to an earning status, the bank continues to work to resolve and reduce problem assets. Such a reduction coupled with strict controls on operating expenses, maintenance of favorable interest rate spreads and close monitoring of our loan portfolio will allow us to remain on target to meet or exceed our goals for the year."
 Included in the quarterly results were net interest income, and other income of $794,000 and $159,000 respectively for the first quarter ended July 31, 1993, compared to $820,000 and $129,000 respectively, for the comparable period of the prior year.
 As of July 31, 1993, the bank's loan delinquent 90 days or more totaled $3.2 million or 5.00 percent of net loans and 3.56 percent of total assets. Non-performing assets, comprised of non-accrual loans of $4.7 million and real estate acquired by foreclosure of $324,000, were 7.76 percent of net loans and 5.53 percent of total assets. At July 31, 1993, the bank's reserve for loan losses totaled $1.2 million which was 37.16 percent of loans delinquent 90 days or more and 1.86 percent of net loans.
 At July 31, 1993, total assets were $91.1 million, net loans were $64.9 million and stockholders' equity was $9.6 million or 10.50 percent of total assets.
 Operating from three offices in Southeastern Massachusetts, the bank is a state chartered Co-operative Bank and has its deposits insured by the Federal Deposit Insurance Corporation (FDIC) and the Share Insurance Fund (SIF) of Massachusetts.
 MAYFLOWER CO-OPERATIVE BANK
 Selected Consolidated Financial and Statistical Data
 (Dollars in thousands, except per share amounts)
 July 31, April 30,
 1993 1993
 Balance sheet data:
 Total assets $91,114 $91,127
 Loans receivable 64,874 64,101
 Federal funds sold 4,286 4,375
 Investment securities 14,515 14,204
 Deposits 80,812 80,903
 Borrowed funds 8 14
 Stockholders' equity 9,568 9,527
 Equity to assets ratio 10.50 pct 10.45 pct
 Book value per share $11.23 $11.18
 Three months ended
 July 31,
 1993 1992
 Operating data:
 Interest income $1,540 $1,784
 Interest expense 746 964
 Net interest income 794 820
 Provision for possible
 loan losses 120 120
 Total 674 700
 Gain on sale of
 investment securities --- 7
 Gain on sale of
 mortgage loans 33 28
 Other non-interest income 126 94
 Operating expenses (746) (798)
 Equity in earnings (losses)
 of joint ventures (2) 14
 Income before income
 taxes and cumulative
 effect of accounting
 change 85 45
 Income taxes 44 28
 Net income before
 cumulative effect of
 accounting change $41 $17
 Cumulative effect of
 change in accounting
 for income taxes --- 215
 Net income $41 $232
 Earnings per share
 before cumulative
 effect of accounting
 change 5 cents 2 cents
 Cumulative effect of
 accounting change --- 25 cents
 Earnings per share 5 cents 27 cents
 Annualized return
 on average assets .18 pct 1.03 pct
 Annualized return
 on average equity 1.72 pct 9.95 pct
 Net interest spread 3.48 pct 3.74 pct
 Net interest margin 3.69 pct 3.95 pct
 MAYFLOWER CO-OPERATIVE BANK
 Analysis of Loans Past Due
 (Dollars in thousands)
 July 31, April 30,
 1993 1993
 Loans past due over 90 days:
 Residential Mortgages $1,161 $1,085
 Commercial and construction mortgages 1,656 1,081
 Commercial time and demand loans 398 379
 Consumer and other loans 28 7
 Total $3,243 $2,552
 Loans past due over 90 days as a
 percentage of:
 Net loans receivable 5.00 pct 3.98 pct
 Total assets 3.56 pct 2.80 pct
 Non-performing assets:
 Non-accrual loans-(a) $4,713 $4,768
 Real estate acquired by foreclosure 324 464
 Total $5,037 $5,232
 Non-performing assets as a
 percentage of:
 Net loans receivable 7.76 pct 8.16 pct
 Total assets 5.53 pct 5.74 pct
 NOTE (a) -- Includes loans which are contractually past due 90 days or more and loans less than 90 days past due on which the bank has ceased accruing interest.
 -0- 8/25/93
 /CONTACT: Maria Vafiades of Mayflower Co-operative Bank, 508-947-4343/
 (MFLR)


CO: Mayflower Co-operative Bank ST: Massachusetts IN: FIN SU: ERN

DD -- NE008 -- 0339 08/25/93 12:19 EDT
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Date:Aug 25, 1993
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