OLYMPUS CAPITAL CORP. ANNOUNCES THIRD QUARTER RESULTS
OLYMPUS CAPITAL CORP. ANNOUNCES THIRD QUARTER RESULTS SALT LAKE CITY, Oct. 28 /PRNewswire/ -- Olympus Capital Corp.
(NASDAQ-NMS: OLCC), parent company of Olympus Bank, a Federal Savings Bank, announced its unaudited consolidated financial results for the quarter and nine months ended Sept. 30, 1992.
The company reported third quarter net income of $557,000, or $0.22 per share, compared to a net loss of $436,000, or $0.17 net loss per share, for the third quarter of 1991. For the nine-month period ended Sept. 30, 1992, net income was $1,807,000, or $0.71 per share, compared to $177,000, or $0.07 per share, for the same period in 1991. Provisions for possible investment loan and lease losses totaled $1,246,000 for the quarter and $1,555,000 for the nine-month period. This compares with $1,397,000 and $1,667,000 for the comparable periods in 1991. Other provisions for losses (including provisions on real estate acquired in settlement of loans) totaled $1,059,000 for the quarter and $1,390,000 for the nine-month period ended Sept. 30, 1992. This compares with $1,167,000 and $1,271,000 for the comparable periods in 1991. For the nine-month period ended Sept. 30, 1992, the company's earnings were impacted by losses on interest-only strips of $1,602,000 as the carrying value of such securities, which totaled $5,648,000 at Sept. 30, 1992, were adjusted as prepayments on these securities have accelerated, in part because of lower interest rates on new mortgage loans. These securities are used to hedge interest rate risk on fixed-rate mortgages. During the third quarter of 1992 the company reported $718,000 on gains from sale of loans as compared to $28,000 in 1991. For the nine-month period ended Sept. 30, 1992, gains on sale of loans totaled $897,000 as compared to $27,000 for the same period in 1991. Total assets at Sept. 30, 1992, were $399,917,000, compared to $403,693,000 at Dec. 31, 1991. Nonperforming assets as of Sept. 30, 1992, were $11,863,000, compared to $14,062,000 at Dec. 31, 1991. At Sept. 30, 1992, Olympus Bank's core capital was approximately 5.8 percent of tangible assets, and risk-based capital was approximately 10.2 percent of risk-weighted assets. Olympus Bank continues to exceed current regulatory capital requirements. Olympus Bank operates six branches in Utah and one in Montana. Deposits are insured to $100,000 by the Federal Deposit Insurance Corp. -0- 10/28/92 /CONTACT: K. John Jones of Olympus Capital, 801-325-1000/ (OLCC) CO: Olympus Capital Corp. ST: Utah IN: FIN SU: ERN
LS-KJ -- LA006 -- 5802 10/28/92 09:04 EST
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|Date:||Oct 28, 1992|
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