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ST. PAUL BANCORP REPORTS RECORD FIRST QUARTER EARNINGS; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 ST. PAUL BANCORP REPORTS RECORD FIRST QUARTER EARNINGS;
 BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND
 CHICAGO, April 9 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank for Savings, today reported record earnings of $9.2 million, or $0.75 per share, for the three
months ended March 31, 1992. These results represent a 26 percent increase over earnings of $7.3 million, or $0.61 per share, reported for the first three months of 1991.
 The company attributed its first quarter 1992 performance to strong increases in net interest income and fee income.
 In conjunction with three positive results, the board of directors of St. Paul Bancorp today declared a regular quarterly cash dividend of $0.10 per share. The dividend will be paid May 12, 1992, to stockholders of record as of April 30, 1992.
 On an annualized basis, St. Paul Bancorp's returns on average assets and average equity for the quarter ended March 31, 1992, were 1.01 percent and 14.28 percent, respectively. At the end of the 1992 first quarter, St. Paul Federal Bank continued to exceed all regulatory capital requirements by a wide margin.
 According to Joseph C. Scully, St. Paul Bancorp chairman and chief executive officer, "We are pleased with the company's recent returns on average assets and equity, as they reflect the achievement for the quarter of goals we have previously articulated for these important ratios."
 Net interest income before provision for loan losses was $27.1 million for the 1992 first quarter, an increase of 13.3 percent over the first quarter of 1991. The improvement was the result of an increase in the bank's net interest margin to 3.09 percent for the recent quarter, from 2.79 percent in the year-ago period. The weighted average interest spread of 3.13 percent at March 31, 1992, was the highest interest spread in the bank's history.
 "The company continued to benefit throughout the first quarter from a widening interest spread," said Scully. "Whether future spreads are sustainable at these levels will be dependent upon the performance of the economy, the actions of the Federal Reserve and interest rates generally."
 Other operating income increased 41 percent to $6.6 million for the first quarter of 1992, from $4.7 million for the comparable 1991 quarter. This improvement was due primarily to increases in income from transaction fees, ATM operations, and annuity and discount brokerage commissions.
 The bank's combined loan and real estate (REO) loss provision was $2.75 million for the 1992 first quarter, compared with $1.5 million for the first three months of 1991. Non-performing assets, excluding troubled debt restructurings, declined to $73.5 million or 2.03 percent of total assets at March 31, 1992, at compared with $79.5 million or 2.17 percent of total assets at year-end 1991.
 At the end of the recent quarter, the general valuation allowable for losses on loans and REO was $46.4 million or 1.88 percent of total loans and REO and 63.14 percent of non-performing assets, as compared with $46.6 million or 1.87 percent of total loans and REO and 58.65 percent of non-performing assets at year-end 1991. Net charge-offs during the 1992 first quarter were $2.7 million, as compared with net charge-offs of $2.0 million for the fourth quarter of 1991.
 Non-interest expense was $16.9 million for the first three months of 1992, as compared with $15.4 million for the 1991 first quarter. The company's annualized ratio of general and administrative expense to average assets was 1.86 percent and 1.74 percent for the quarters ended March 31, 1992 and 1991, respectively.
 At March 31, 1992, total assets were $3.6 billion and loans, excluding mortgage-backed securities, totaled $2.4 billion. Deposits totaled $3.0 billion, while shareholders' equity was $260.8 million, equivalent to 7.20 percent of total assets or $21.66 per share.
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings. The largest independent thrift institution headquartered in Illinois, St. Paul Federal operates 38 retail banking offices throughout metropolitan Chicago. St. Paul Federal provides discount brokerage, insurance and real estate development services through its subsidiaries.
 ST. PAUL BANCORP, INC.
 Operating Highlights
 (Dollars in thousands, except per share amounts)
 Three Months Ended March 31 1992 1991
 Interest income $74,607 $81,117
 Interest expense 47,461 57,166
 Net interest income 27,146 23,951
 Provision for loan losses 1,700 1,500
 Net interest income after
 provision for loan losses 25,446 22,451
 Other operating income:
 Income from real estate operations 447 259
 Net gain on assets sold 1,155 901
 Net trading account gain (loss) (48) (188)
 Other non-interest income 5,080 3,723
 Total other operating income 6,634 4,695
 Other operating expenses 16,941 15,391
 Provision for losses on real-estate
 owned 1,050 --
 Inc. (exp.) on foreclosed real estate 191 (117)
 Inc. bef. taxes & extraordinary item 14,280 11,638
 Provision for taxes 5,034 4,306
 Net income 9,246 7,332
 Shares outstanding 12,042,055 11,993,205
 Primary earnings per share $0.75 $0.61
 Balance Sheet Highlights 3/31/92 12/31/91
 Total assets $3,622,852 $3,663,243
 Loans receivable & mortgage-backed
 securities (A) 3,089,727 3,179,058
 Investment securities (including
 FHLB stock) (A) 375,634 324,948
 Goodwill 2,260 2,489
 Deposits 3,049,370 3,004,419
 FHL bank advances 155,924 155,924
 Other borrowings 112,661 178,604
 Subordinated capital notes -- 12,176
 Stockholders' equity 260,848 252,888
 General valuation allowance 46,393 46,642
 Non-performing assets (excluding
 trouble-debt restructurings) 73,480 79,532
 Book value per share $21.66 $21.01
 (A) -- Excludes assets held for sale.
 -0- 4/9/92
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both of St. Paul Bancorp/
 (SPBC) CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU: ERN


PS -- NY008 -- 6636 04/09/92 09:37 EDT
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Date:Apr 9, 1992
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