Printer Friendly

STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS

 STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
 TROY, Mich., May 11 /PRNewswire/ -- Today, Standard Federal Bank (NYSE: SFB) reported the following selected financial data on its operations for the month ended April 30, 1992:
 At
 April 30, Dec. 31, April 30,
 1992 1991 1991
 (Dollars in thousands)
 SELECTED ASSET AND
 LIABILITY DATA:
 Total assets $9,458,796 $9,513,922 $9,226,612
 Investment securities 748,553 939,328 994,866
 Mortgage-backed securities 3,622,988 3,918,852 4,183,472
 Loans receivable 4,495,943 4,043,578 3,491,437
 Deposits 6,137,407 6,188,550 5,631,137
 Borrowings 2,259,865 2,474,762 2,740,409
 Weighted average rate on
 deposit portfolio(1) (pct) 4.91 5.55 6.37
 Nonperforming assets as a
 percentage of total assets
 (pct) 0.91 0.73 0.66
 Nonperforming assets as a
 percentage of total assets
 (net of reserves) (pct) 0.64 0.48 0.48
 One-year repricing gap as a
 percentage of total
 assets(2) (pct) -2.00 -1.97 -0.12
 (1) The rates presented represent the actual weighted average contractual rates paid to the bank's deposit customers, and exclude the impact of purchase accounting adjustments and interest rate exchange agreements.
 (2) The percentage reported as of April 30, 1992, is a reasonable estimate of the bank's actual position and may be subject to further revision.
 For the Month Ended For the Four Months Ended
 April 30, April 30,
 1992 1991 1992 1991
 (Dollars in thousands)
 DEPOSIT ACTIVITY:
 Net increase
 (decrease) ($78,029) ($178,956) ($51,143) ($267,226)
 Net increase
 (decrease) as a
 percent of beginning
 deposits (pct) -1.26 -3.08 -0.83 -4.53
 Interest credited,
 included above $11,777 $18,866 $80,801 $107,162
 Sale of deposits,
 included above --- ($8,440) --- ($8,440)
 For the Month Ended For the Four Months Ended
 April 30 April 30
 1992 1991 1992 1991
 (Dollars in thousands)
 MORTGAGE LOAN ACTIVITY:
 Dollar volume of residential
 loan closings $370,946 $187,929 $1,278,206 $507,157
 Dollar volume of
 apartment loan closings --- $83 $200 $109
 Dollar volume of
 commercial loan closings --- --- --- $1,045
 Total loan closings $370,946 $188,011 $1,278,406 $508,311
 30-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 29.20 47.60 32.80 46.60
 15-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 43.00 36.30 46.20 38.00
 Balloon loans closed
 as a percentage of total
 loans closed (pct) 7.70 8.90 7.80 7.40
 Adjustable-rate loans
 as a percentage of
 total loans closed 20.10 7.20 13.20 8.0
 Average yield on
 30-year fixed-rate
 loans closed (pct) 9.12 9.79 8.96 9.75
 Average yield on
 15-year fixed-rate
 loans closed (pct) 8.80 9.54 8.67 9.57
 Average yield on balloon
 loans closed (pct) 8.74 9.95 8.68 9.97
 Average yield on
 adjustable-rate
 loans closed (pct) 7.50 7.19 7.45 8.93
 Repaid, net $122,409 $63,421 $415,909 $177,916
 Securitized and sold $197,001 $71,091 $374,754 $382,900
 For the Month Ended For the Four Months Ended
 April 30, April 30,
 1992 1991 1992 1991
 WEIGHTED AVERAGE
 INTEREST RATES:
 Yield on earning
 assets (pct) 8.50 9.39 8.66 9.56
 Cost of interest-bearing
 liabilities (pct) 6.11 7.32 6.25 7.52
 Interest rate spread 2.39 2.07 2.41 2.03
 Net interest margin
 on average earning
 assets (pct) 2.78 2.37 2.65 2.26
 The information presented herein reflects current operating statistics but does not necessarily constitute all factors affecting the quarterly or annual financial results of Standard Federal. This interim financial information is unaudited and may be adjusted in subsequent financial statements provided by the bank on a quarterly basis. Standard Federal makes no commitment to revise this information for changes in circumstances or events which may occur subsequent to the date of this release.
 -0- 5/11/92
 /CONTACT: Joseph Krul of Standard Federal Bank, 313-643-9600, or (Michigan) 1-800-482-3930, or (Indiana) 1-800-874-3716/
 (SFB) CO: Standard Federal Bank ST: Michigan IN: FIN SU:


ML-JG -- DE017 -- 8719 05/11/92 14:44 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:May 11, 1992
Words:713
Previous Article:MICHAEL JACKSON'S EUROPEAN TOUR DATES: SUPERSTAR SET TO BEGIN TOUR ON June 27 IN MUNICH, GERMANY
Next Article:CORRECTION TO HERBALIFE ANNOUNCES THERMOJECTICS
Topics:


Related Articles
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS

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