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MID-STATE FEDERAL ANNOUNCES RESULTS FOR YEAR AND FOURTH QUARTER

 MID-STATE FEDERAL ANNOUNCES RESULTS FOR YEAR AND FOURTH QUARTER
 OCALA, Fla., Nov. 4 /PRNewswire/ -- Mid-State Federal Savings Bank (NASDAQ-NMS: MSSB) today announced earnings for the fiscal year ended Sept. 30, 1992, of $5,589,000, or $2.69 per share, after the cumulative effect on prior years of a change in accounting principle. Prior to the cumulative effect of the change in accounting principle, the bank had earnings of $3,717,000, or $1.79 per share, for the fiscal year ended Sept. 30, 1992. This compares to net income of $1,528,000, or $.75 per share, for the 1991 fiscal year. Mid-State Federal also reported earnings for the fourth fiscal quarter ended Sept. 30, 1992, of $1,025,000, or $.48 per share (without any cumulative effect on prior years of the change in accounting principle). This compares to earnings of $301,000, or $.15 per share, for the fourth fiscal quarter of 1991.
 The change in accounting principle resulted from the bank's adoption during the fourth quarter ended Sept. 30, 1992, of Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" (FAS 109), which permitted the bank to recognize additional deferred tax benefits relating to the accounting for loan loss allowances. The cumulative effect of this change in accounting principle on periods prior to the 1992 fiscal year was a positive adjustment to income of $1,872,000, or $.90 per share, made as of Oct. 1, 1991. The adoption of FAS 109 also had the effect of increasing net income by $409,000 for the fiscal year ended Sept. 30, 1992, and by $148,000 for the fourth fiscal quarter ended on that date.
 The results for the fiscal year and fourth quarter ended Sept. 30, 1992, were positively impacted by increased net interest income from continued improvement in the net interest rate spread. Net interest income before provision for loan losses was $25.9 million for the fiscal year ended Sept. 30, 1992, compared to $21.5 million for the previous year. The net interest rate spread was 3.39 percent during the fiscal year ended Sept. 30, 1992, compared to 2.44 percent during 1991. The net interest rate spread during the quarter ended Sept. 30, 1992, was 3.72 percent, compared to 2.59 percent for the fourth fiscal quarter of 1991.
 Earnings for fiscal year 1992 included $282,000 in pretax gains from the sale of loans and investments compared to $1.3 million of such pretax gains during fiscal year 1991. The results for the fiscal year ended Sept. 30, 1991, also included $1.1 million in pretax income from real estate operations as a result of the reversal during the first quarter ended Dec. 31, 1990, of a reserve previously established in connection with a lawsuit against the bank.
 The provision for losses on loans was $3.4 million for fiscal year 1992, compared to $2.8 million for 1991. During the fourth quarter of fiscal year 1992, the provision for losses on loans amounted to $1.2 million, compared to $811,000 for the same quarter of 1991. The provision for losses on real estate owned was $667,000 for fiscal year 1992, compared to $851,000 for 1991.
 Total nonaccrual loans were $4.7 million at Sept. 30, 1992, compared to $4.3 million at June 30, 1992, and $4.3 million at Sept. 30, 1991. Total nonearning assets from lending activities, which include nonaccrual loans, real estate in judgment and real estate owned, were $15.5 million at Sept. 30, 1992, compared to $16.9 million at June 30, 1992, and $18.9 million at Sept. 30, 1991. The ratio of total nonearning assets from lending activities to total assets was 2.06 percent at Sept. 30, 1992, compared to 2.26 percent at June 30, 1992, and 2.21 percent at Sept. 30, 1991. The ratio of total allowances for losses on loans and real estate owned to total loans, real estate in judgment, and real estate owned was 1.23 percent at Sept. 30, 1992, compared to 1.03 percent at June 30, 1992, and 0.88 percent at Sept. 30, 1991. The ratio of total allowances for losses on loans and real estate owned to total nonearning assets from lending activities was 42.7 percent at Sept. 30, 1992, compared to 33.1 percent at June 30, 1992, and 27.5 percent at Sept. 30, 1991.
 At Sept. 30, 1992, the bank's core and tangible capital ratio was 6.5 percent, compared to 4.9 percent at Sept. 30, 1991. The bank's risk-based capital ratio was 13.1 percent at Sept. 30, 1992, compared to 10.1 percent at Sept. 30,1?991. Mid-State Federal continues to meet and exceed all applicable regulatory capital requirements.
 Charles E. Harris, chairman of the board of Mid-State Federal, said "Mid-State Federal recorded the highest net income and the strongest capital position in the Bank's history during the 1992 fiscal year (prior to the cumulative effect of FAS 109)." Harris said he was "very pleased Mid-State Federal was able to accomplish these records in a difficult economy while continuing to make further provisions for loss on the Bank's problem assets."
 Mid-State Federal is a publicly held, federally insured, and federally-chartered stock savings bank with its common stock traded over-the-counter and quoted on the NASDAQ National Market System under the symbol "MSSB". With its home office in Ocala, Fla., the bank operates 21 branch offices within a four county area in west central Florida. At Sept. 30, 1992, the bank reported total assets of $750.6 million, total deposits of $650.3 million, and total loans of $520.4 million.
 MID-STATE FEDERAL CONSOLIDATED FINANCIAL STATISTICS
 FOURTH QUARTER AND YEAR OF FISCAL YEAR 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Sept. 30, Sept. 30,
 1992 1991
 Total assets $ 750,496 $ 857,074
 Loans receivable, net 520,154 577,462
 Mortgage-backed securities 108,690 108,263
 Investment securities and
 interest-bearing deposits 60,969 107,924
 Allowance for loan losses 4,865 3,970
 Deposits 650,327 758,377
 Federal Home Loan Bank advances 29,500 29,500
 Other borrowings --- ---
 Total stockholders' equity 56,712 50,844
 Total stockholders' equity
 less goodwill 48,710 42,306
 Actual shares outstanding 2,084,348 2,070,324
 Book value per share $27.21 $24.56
 Tangible book value per share 23.37 20.43
 Range of stock prices during quarter:
 High 20.75 9.50
 Low 16.50 8.00
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Interest income $14,968 $18,098 $65,502 $81,844
 Interest expense 8,256 13,581 39,637 60,328
 Net interest income before
 provision for loan losses 6,712 5,317 25,865 21,516
 Provision for loan losses 1,196 811 3,446 2,827
 Net interest income 5,516 4,506 22,419 18,689
 Gain on sale of investments,
 mortgage-backed securities
 and loans 45 419 282 1,348
 Other income 332 534 2,327 2,518
 Other expenses (4,589) (4,627) (18,240) (18,235)
 Income before income taxes 1,304 832 6,788 4,320
 Provision for income taxes (279) (531) (3,071) (2,792)
 Net income before
 cumulative effect of a
 change in accounting
 principle 1,025 301 3,717 1,528
 Cumulative effect on
 prior years
 of adopting FAS 109 -- -- 1,872 --
 Net income $ 1,025 $ 301 $ 5,589 $ 1,528
 Earnings per share
 Net income before
 cumulative effect
 of a change in accounting
 principle $.48 $.15 $1.79 $.75
 Cumulative effect on
 prior years
 of adopting FAS 109 -- -- .90 --
 Net income per share $.48 $.15 $2.69 $.75
 Weighted average shares
 outstanding (A) 2,134,079 2,037,044 2,078,717 2,036,008
 (A) -- The weighted average number of outstanding shares of common stock includes the number of common stock equivalents calculated under the treasury stock method and is reduced by the number of unallocated shares held by the ESOP.
 MID-STATE FEDERAL CONSOLIDATED FINANCIAL STATISTICS
 FOURTH QUARTER AND YEAR OF FISCAL YEAR 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Three Months Ended Year Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net Interest Rate
 Spread During:
 Weighted average yield on:
 Loans 9.05 pct. 9.98 pct. 9.42 pct. 10.10 pct.
 Mortgage-backed
 securities 7.79 9.10 8.30 9.31
 Investments 5.65 6.63 5.89 6.79
 Combined 8.53 9.36 8.88 9.63
 Weighted average
 rates paid on:
 Deposits 4.62 6.68 5.33 7.09
 Borrowings 9.20 9.20 9.20 9.10
 Combined 4.81 6.77 5.49 7.19
 Net interest
 rate spread 3.72 pct. 2.59 pct. 3.39 pct. 2.44 pct.
 -0- 11/4/92
 /CONTACT: David W. Parker, SVP & CFO of Mid-State Federal Savings Bank, 904-854-4100/
 (MSSB) CO: Mid-State Federal Savings Bank ST: Florida IN: FIN SU: ERN


AW-JJ -- FL015 -- 2653 11/04/92 16:17 EST
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