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ST. PAUL BANCORP REPORTS THIRD QUARTER AND NINE-MONTH EARNINGS; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 ST. PAUL BANCORP REPORTS THIRD QUARTER AND NINE-MONTH EARNINGS;
 BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND
 CHICAGO, Oct. 8 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank For Savings, today reported net income of $9.0 million, or $0.72 per share, for the three months ended Sept. 30, 1992. These results represent a 48 percent increase over the $6.1 million, or $0.49 per share, earned in the third quarter of 1991.
 Net income for the first nine months of 1992 was a record $28.0 million, or $2.24 per share, an increase of 41 percent over 1991 nine- month earnings of $19.9 million, or $1.64 per share.
 Joseph C. Scully, chairman and chief executive officer, attributed the company's strong performance to higher net ie?rest income and significant increases in other income derived from diversified sources.
 In conjunction with these results, the board of directors of St. Paul Bancorp today declared the company's 21st consecutive regular quarterly cash dividend. The $0.10 per share dividend will be paid Nov. 13, 1992 to shareholders of record as of Oct. 30, 1992.
 On an annualized basis, St. Paul Bancorp's returns on average assets and average equity for the three months ended Sept. 30, 1992 were 1.02 percent and 13.11 percent, respectively. At Sept. 30, 1992, St. Paul Federal Bank's capital continued to exceed all regulatory requirements by wide margins.
 Net interest income before the provision for loan losses was $27.7 million for the 1992 third quarter, an increase of 14 percent over the $24.3 million recorded in the comparable 1991 period. For the first nine months of 1992, net interest income before the provision for loan losses was up 14 percent to 83.1 million. The improvement in net interest income resulted from an increase in the Bank's net interest margin to 3.24 percent for the third quarter of 1992, from 2.77 percent in the year-ago period. The Bank's weighted average interest spread stood at a record 3.29 percent at Sept. 30, 1992.
 Other operating income increased 18 percent to $7.2 million for the third quarter of 1992 from $6.1 million for the comparable 1991 quarter. For the first nine months of 1992, other operating income rose 26 percent to $20.7 million, from $16.5 million in the year-ago nine months. The major components of growth in other operating income for both the third quarter and first nine months of 1992 were comprised of income from transaction fees, annuity and discount brokerage commissions, ATM operations and real estate operations.
 The Bank's combined loan and real estate (REO) loss provision was $4.0 million for the 1992 third quarter, versus $4.5 million for the three months ended Sept. 30, 1991. During the first nine months of 1992, the combined loan and REO loss provision totaled $9.5 million, as compared to $9.0 million for the first nine months of 1991. Non- performing assets, excluding troubled debt restructurings (TDRs), were $54.3 million or 1.54 percent of total assets at Sept. 30, 1992, as compared with $79.5 million or 2.17 percent of total assets at December 31, 1991 and $57.9 million or 1.63 percent of total assets at June 30, 1992. The Bank has chosen to continue its conservative approach to evaluating loan loss reserves. Management believes that this approach is appropriate given the uncertainties which exist in the national economy.
 At the end of the recent quarter, the Bank's general valuation allowance for losses on loans and REO stood at $46.4 million, or 1.96 percent of total loans and REO and 85.4 percent of non-performing assets. This compares with $47.1 million, or 1.99 percent of total loans and REO and 81.4 of non-performing assets at June 30, 1992.
 Non-interest expense was $17.7 million for the three months ended Sept. 30, 1992, an increase of 7 percent from the $16.5 million for the comparable 1991 period. The company's annualized ratio of general and administrative expense to average assets increased to 1.99 percent for the three months ended Sept. 30, 1992, from 1.83 percent for the comparable 1991 period. The increase in this ratio relates to higher costs and commissions associated with increases in other income from brokerage and annuity sales and, in part, from a decline in average assets. The Bank's net burden ratio (expenses less other income, compared to average assets), however, has remained relatively constant over the last year.
 At Sept. 30, 1992, St. Paul Bancorp's total assets were $3.5 billion and loans, including mortgage-backed securities, totaled $3.0 billion. Deposits totaled $3.0 billion, while stockholders' equity grew to $277.7 million, equivalent to 7.88 percent of total assets or $22.91 per share.
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings, the largest independent thrift based in Illinois. St. Paul Federal operates 39 retail banking offices throughout metropolitan Chicago. The Bank also 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
 Period Ended Three Months Nine Months
 Sept. 30 1992 1991 1992 1991
 Intrest income $ 67,228 $ 80,096 $ 212,973 $ 242,864
 Interest expense 39,538 55,807 129,836 169,661
 Net interest income 27,690 24,289 83,135 73,203
 Provision for loan
 losses 3,750 4,450 7,625 8,950
 Net intrest income
 after provision for
 loan losses 23,940 19,839 75,510 64,253
 Other Operaing Income:
 Income from real
 estate operations 569 423 1,630 1,391
 Net gain on assets
 sold 546 890 2,183 2,231
 Net trading account
 gain (loss) 46 74 17 (104)
 Other non-interest
 incomes 6,032 4,725 16,906 12,962
 Total other operating
 income 7,193 6,112 20,736 16,480
 Other operating
 expenses 17,711 16,542 52,136 48,643
 Income (loss) on
 foreclosed real
 estate 508 406 (1,033) 176
 Income before taxes 13,930 9,615 43,077 32,266
 Provision for taxes 4,894 3,752 15,047 12,321
 Net income 9,036 6,090 28,030 19,945
 Shares
 outstanding 12,118,980 12,035,055 12,118,980 12,035,055
 Primary earnings
 per share 0.72 0.49 2.24 1.64
 ST PAUL BANCORP, INC.
 Balance Sheet Highlights
 Period ended 9/30/92 12/31/91
 Total assets $3,523,002 $3,663,243
 Loans receivable and
 mortgage-backed securities(A) 2,964,424 3,179,058
 Investment securities
 (including FHLB Stock)(A) 339,848 324,948
 Goodwill 2,319 2,489
 Deposits 2,970,457 3,004,419
 FHL bank advances 155,863 155,924
 Other borrowings 95,947 178,604
 Subordinated capital notes -- 12,176
 Stockholders' equity 277,657 252,888
 Accumulated provision for
 loan losses 48,726 46,164
 Nonperforming assets (excluding
 trouble-debt restructurings) 54,332 79,532
 Book value per share 22.91 21.01
 (A) Excludes assets held for sale.
 -0- 10/8/92
 /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


LD-TM -- NY007 -- 0280 10/08/92 09:03 EDT
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