Printer Friendly

MULTIBANK FINANCIAL CORP. REPORTS QUARTERLY FINANCIAL RESULTS

 MULTIBANK FINANCIAL CORP. REPORTS QUARTERLY FINANCIAL RESULTS
 DEDHAM, Mass., Oct. 21 /PRNewswire/ -- Multibank Financial Corp. (NASDAQ-NMS: MLTF) reported today net income of $493,000 for the third quarter of 1992, or 5 cents per share, compared with a net loss of $5,794,000, or 63 cents per share, during the third quarter of 1991. For the first nine months of the year, Multibank showed a net profit of $2,336,000, or 25 cents per share, compared to a net loss of $18,355,000, or $2.00 per share in the first three quarters of last year.
 The company's improved financial results reflect lower levels of nonperforming assets and a lessened need for additions to the company's allowance for possible credit losses.
 At quarter-end, nonperforming assets were $155,183,000, down from $185,193,000 at Sept. 30, 1991. The allowance for possible credit losses at Sept. 30, 1992, was $57,771,000, or 59.3 percent of nonperforming loans, compared to $62,728,000, or 48.9 percent of nonperforming loans a year ago.
 Commenting on the company's performance, Chairman and Chief Executive Officer David B. Lynch said, "Over the last four quarters, we have achieved profitability and brought about a decrease in nonperforming assets. We are hopeful of continued improvement for the balance of this year and beyond."
 As previously announced, on Sept. 9, 1992, Multibank's board of directors voted to accept an exchange of stock merger offer from Bank of Boston Corporation. The agreement provides that Bank of Boston will issue 1.125 shares of its common stock in exchange for each share of Multibank. However, in the event Bank of Boston's stock price during the period prior to closing is greater than $25 per share, the exchange ratio will be adjusted downward to provide $28.13 per share market value of Bank of Boston stock for each share of Multibank. The merger, which is subject to the approval of Multibank shareholders, as well as regulatory approval, is expected to occur during the first half of 1993.
 Multibank Financial Corp. is a registered bank holding company with five Massachusetts banks. The company's stock is traded on the over- the-counter market and is listed and quoted through NASDAQ National Market System (NMS) under the symbol MLTF.
 MULTIBANK FINANCIAL CORP.
 Financial Highlights
 (unaudited)
 (in thousands, except per share amounts)
 Nine Months Ended Three Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Total operating
 income $167,410 $204,679 $53,409 $65,442
 Net interest income 78,614 76,863 27,289 25,767
 Net income 2,336 (18,355) 493 (5,794)
 Return on average
 assets .12 pct (.89 pct) .08 pct (.85 pct)
 Return on average
 stockholders'
 equity 1.92 pct (14.59 pct) 1.20 pct (14.16 pct)
 Daily average balances:
 Assets $2,516,011 $2,763,264 $2,473,142 $2,709,110
 Earning assets 2,227,666 2,486,891 2,203,624 2,422,845
 Deposits 2,196,861 2,409,730 2,161,242 2,362,553
 Loans and leases 1,703,652 2,000,662 1,673,518 1,921,136
 Investment
 securities 564,569 518,025 571,884 532,327
 Stockholders'
 equity 162,745 168,178 163,946 162,345
 Average shares
 outstanding 9,172,927 9,167,006 9,176,253 9,167,006
 Per share data:
 Net income 25 cents ($2.00) 5 cents (63 cents)
 Book value $17.95 $17.28
 Market value $20.75 $6.75
 -0- 10/21/92
 /CONTACT: Peter F. Russo, senior vice president, treasurer and chief financial officer of Multibank, 617-461-5590/
 (MLTF) CO: Multibank Financial Corporation ST: Massachusetts IN: FIN SU: ERN


CN -- NE005 -- 2755 10/21/92 10:05 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:Oct 21, 1992
Words:627
Previous Article:CHRYSLER INTRODUCES NEW LH FAMILY SEDANS IN NEW YORK CITY OCTOBER 21
Next Article:ALL NIPPON ORDERS TWO ADDITIONAL 767s
Topics:


Related Articles
FULTON FINANCIAL REPORTS INCREASED 1991 INCOME
EDGEMARK FINANCIAL REPORTS FOURTH QUARTER AND YEAR END EARNINGS
F&M FINANCIAL SERVICES TAKES SPECIAL CHARGES RESULTING IN A LOSS FOR FOURTH QUARTER AND YEAR
MULTIBANK FINANCIAL CORP. REPORTS QUARTERLY FINANCIAL RESULTS
ASSOCIATED BANC-CORP ANNOUNCES THIRD QUARTER AND NINE-MONTH EARNINGS
FULTON FINANCIAL REPORTS RECORD INCOME FOR 1992
ASSOCIATED BANC-CORP ANNOUNCES 1992 EARNINGS
MULTIBANK REPORTS 1992 ANNUAL AND FOURTH QUARTER EARNINGS
ASSOCIATED BANC-CORP ANNOUNCES AN INCREASE IN QUARTERLY EARNINGS
MULTIBANK FINANCIAL CORP REPORTS FIRST QUARTER RE

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