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NORTH SIDE SAVINGS BANK ANNOUNCES FIRST QUARTER RESULTS; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 NORTH SIDE SAVINGS BANK ANNOUNCES FIRST QUARTER RESULTS;
 BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND
 NEW YORK, Jan. 27 /PRNewswire/ -- North Side Savings Bank (NASDAQ: NSBK) reported net income for the quarter ended Dec. 31, 1991, of $1.0 million or $.26 per share compared to $1.4 million or $.35 per share in the comparable period of 1990.
 Net interest income increased $1.9 million to $10.9 million for the three months ended Dec. 31, 1991. The decrease in net income of $358,000 between the periods was primarily the result of an increase in the provision for loan losses of $1.1 million and an increase in other expenses of $2.2 million. Such increases were partially offset by the improvement in net interest income and a gain on assets held for sale of $.3 million, increased other income of $.2 million and a decreased provision for income taxes of $.4 million. Total assets increased $113.2 million from $1.5 billion at Sept. 30, 1991, to $1.6 billion at Dec. 31, 1991, primarily consisting of increases of $66.5 million in mortgage-backed securities, $64.2 million in mortgage loans and $48.6 million in amounts due from the Resolution Trust Corporation, which was offset somewhat by a decrease of $59.0 million in money market investments. Total deposits increased $105.5 million during the quarter ended Dec. 31, 1991, to $1.5 billion.
 The significant increases in net interest income, other expenses and total assets and liabilities in the quarter ended Dec. 31, 1991, are all primarily due to increases resulting from the bank's acquisitions of certain assets and liabilities of Yorkville Federal Savings Association and Beacon Federal Savings Association which occurred on Sept. 20, 1991, and Oct. 18, 1991, respectively. Such acquisitions initially added approximately $185 million and $150 million of assets and liabilities to North Side's financial statements on those respective dates. At Dec. 31, 1991, the bank retained approximately $126 million principal balance of primarily seasoned 1-4 family mortgage loans resulting from these acquisitions with approximately $9 million of related discount. The acquisitions had a significant impact on other expenses due to costs related to the operation of ten additional branch offices and the addition of 216 temporary workers. Approximately $1.0 million of such increase is attributable to these acquisitions. The remaining $1.2 million out of the aggregate $2.2 million increase in other operating expenses is generally attributable to increased BIF Insurance premiums and professional fees. The bank fully expects that costs related to these acquisitions will be reduced beginning with the second fiscal quarter of 1992 as consolidation of branches and other cost reductions are implemented.
 The bank's core earnings remained strong for the quarter ended Dec. 31, 1991. The interest rate spread increased from 2.57 percent for the quarter ended Sept. 30, 1991, to 2.69 percent for the three months ended Dec. 31, 1991, and the net interest margin increased from 2.75 percent to 2.80 percent for the same respective period. Non-performing loans increased from $59.8 million at Sept. 30, 1991, to $65.6 million at Dec. 31, 1991, and the allowance for loan losses increased from $12.6 million to $14.5 million at Dec. 31, 1991. The increase in non- performing loans consists of loans which had been previously classified by the bank in their normal loan loss reviews. The FDIC has recently completed field work relating to their normal examination of the bank. The bank believes, based on its discussions with the examiners, that no additional provisions to the bank's allowance for loan losses will be required by the FDIC.
 North Side remains a financially strong institution and its ratio of shareholders' equity to total assets was 5.95 percent at Dec. 31, 1991. North Side's core capital to average assets was 5.46 percent at Dec. 31, 1991, and its risk-based capital ratio was 9.46 percent, both ratios substantially exceed current regulatory minimum requirements of 3 percent and 7.25 percent, respectively. Book value per share amounted to $23.81 at Dec. 31, 1991.
 At the regular board meeting held today, immediately following the bank's annual shareholder meeting, the board of directors declared a $.10 per share regular quarterly dividend payable on March 6, 1992, to shareholders of record on Feb. 21, 1992. At the annual shareholder meeting, shareholders reelected Anthony F. Earley, Richard D. Gidron and Donald C. Fleming as directors of the bank for a three-year term expiring in 1995 and ratified the appointment of KPMG Peat Marwick as the bank's independent auditors for the year ending Sept. 30, 1992.
 NORTH SIDE SAVINGS BANK
 Consolidated Statements of Condition
 (Unaudited--Dollars in thousands)
 Periods Ended 12/31/91 9/30/91
 Assets:
 Cash and due from banks $ 13,270 $ 14,088
 Money market investments 43,113 102,101
 Investment securities, net 113,078 123,240
 Mortgage-backed securities, net 580,750 514,176
 Loans, net of premium and discount:
 Mortgage loans 688,907 624,660
 Commercial loans 10,214 10,755
 Other loans 18,092 16,729
 Total 717,213 652,144
 Less allowance for loan losses 14,472 12,600
 Loans, net 702,741 639,544
 Accrued interest receivable 14,859 13,451
 Premises and equipment, net 15,557 15,497
 Other real estate owned 12,322 11,920
 Excess of cost over fair value of
 net assets acquired 10,881 11,111
 Other assets 19,071 15,912
 Amounts due from Resolution Trust Corp. 95,643 47,032
 Total assets 1,621,285 1,508,072
 Liabilities and shareholders' equity:
 Liabilities:
 Deposits $1,469,913 $1,364,404
 Mortgagors' escrow payments 9,382 6,454
 Borrowed funds 25,654 25,646
 Other liabilities 19,856 15,940
 Total liabilities 1,524,805 1,412,444
 Shareholders' equity:
 Preferred stock, par value $1 per share,
 5 million shares authorized, none outstdng. -- --
 Common stock, par value $1 per share,
 10 million shares authorized, 4,051,364 &
 4,050,869 shares issued and outstanding at
 12/31/91 and 9/30/91, respectively 4,051 4,051
 Paid-in capital 49,389 49,404
 Surplus fund 24,101 24,101
 Undivided profits 21,347 20,705
 Unrealized depreciation on certain
 marketable equity securities (387) (558)
 Unallocated shares in management
 development and recognition plan (1,587) (1,532)
 Unearned portion of incentive compensation (434) (543)
 Total shareholders' equity 96,480 95,628
 Total liabilities & shareholders' equity 1,621,285 1,508,072
 NORTH SIDE SAVINGS BANK
 Consolidated Condensed Statements of Income
 (Unaudited--Dollars in thousands, except per share amounts)
 Three Months Ended Dec. 31 1991 1990
 Interest income $ 32,418 $ 28,531
 Interest expense 21,536 19,529
 Net interest income 10,882 9,002
 Provision for loan losses 2,000 875
 Net interest income after
 provision for loan losses 8,882 8,127
 Net gain on assets held for sale 260 --
 Net loss on sale of mortgages and
 other real estate owned -- 277
 Other income 778 601
 Other expenses 7,689 5,451
 Income before taxes 2,231 3,000
 Provision for income taxes 1,184 1,591
 Net income 1,047 1,409
 Net income per share (A) $.26 $.35
 (A) -- Based on the average number of shares outstanding for each period of 4,050,944 in the 1991 period and 4,050,869 in the 1990 period, respectively.
 -0- 1/27/92
 /CONTACT: John McDermott, senior vice president of North Side Savings Bank, 516-488-6900, ext. 221/
 (NSBK) CO: North Side Savings Bank ST: New York IN: FIN SU: ERN


PS -- NY100 -- 3988 01/27/92 19:41 EST
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Date:Jan 27, 1992
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