Printer Friendly

STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS

 STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
 TROY, Mich., Nov. 13 /PRNewswire/ -- Today, Standard Federal Bank (NYSE: SFB) reported the following selected financial data on its operations for the month ended Oct. 31, 1992:
 At
 Oct. 31, Dec. 31, Oct. 31,
 1992 1991 1991
 (Dollars in thousands)
 SELECTED FINANCIAL DATA:
 Total assets $9,706,513 $9,513,922 $9,881,686
 Investment securities 625,498 939,328 1,426,602
 Mortgage-backed securities 3,411,171 3,918,852 3,912,104
 Loans receivable 5,066,852 4,043,578 3,960,031
 Deposits 6,407,236 6,188,550 6,246,659
 Borrowings 2,209,084 2,474,762 2,765,293
 Weighted average rate on
 deposit portfolio(1) (pct) 4.22 5.55 5.93
 Ratio of nonperforming assets
 to total assets (pct) 0.81 0.73 0.76
 Ratio of nonperforming assets
 (net of reserves) to total
 assets (pct) 0.54 0.48 0.49
 One-year repricing gap as a
 percentage of total
 assets(2) (pct) 6.00 -1.97 -5.47
 (1) These rates 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 Oct. 31, 1992, is a reasonable estimate of the bank's actual repricing position and may be subject to further revision.
 For the Month Ended For the 10 Months Ended
 Oct. 31, Oct. 31,
 1992 1991 1992 1991
 (Dollars in thousands)
 DEPOSIT ACTIVITY:
 Net increase (decrease),
 excluding deposits
 acquired from
 mergers ($83,268) ($22,145) $48,137 ($86,923)
 Deposits acquired
 from mergers --- --- $170,549 $435,219
 Total increase (decrease)
 as a percentage of
 beginning
 deposits (pct) -1.28 -0.35 3.53 5.90
 Interest credited,
 included above $12,298 $14,118 $218,494 $267,555
 Sales of deposits,
 included above --- --- --- ($21,303)
 For the Month Ended For the 10 Months Ended
 Oct. 31 Oct. 31
 1992 1991 1992 1991
 (Dollars in thousands)
 MORTGAGE LOAN ACTIVITY:
 Dollar volume of residential
 loan closings $376,125 $163,978 $2,956,014 $1,307,959
 Dollar volume of
 apartment loan
 closings 1,000 --- 1,305 2,222
 Dollar volume of
 commercial loan closings --- 827 1,105 1,872
 Total loan closings $377,125 $164,805 $2,958,424 $1,312,053
 30-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 32.50 47.50 33.70 51.40
 15-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 48.00 38.60 43.90 29.80
 Balloon loans closed
 as a percentage of total
 loans closed (pct) 8.80 7.70 8.40 8.70
 Adjustable-rate loans
 closed as a percentage
 of total loans
 closed (pct) 10.70 6.20 14.00 10.10
 Average yield on
 30-year fixed-rate
 loans closed (pct) 8.30 9.28 8.70 9.70
 Average yield on
 15-year fixed-rate
 loans closed (pct) 7.93 9.00 8.35 9.47
 Average yield on balloon
 loans closed (pct) 7.85 9.31 8.36 9.84
 Average yield on
 adjustable-rate
 loans closed (pct) 6.75 8.75 7.19 8.89
 Loans acquired from
 merger --- $3,357 $149,940 $59,586
 Securitized & sold ($231,299) ($15) ($1,026,276) ($559,694)
 Repaid, net ($155,105) ($56,320) ($1,028,494) ($451,778)
 For the Month Ended For the 10 Months Ended
 Oct. 31, Oct. 31,
 1992 1991 1992 1991
 (Dollars in thousands)
 WEIGHTED AVERAGE RATES:
 Yield on earning
 assets (pct) 8.21 9.12 8.54 9.39
 Cost of interest-bearing
 liabilities (pct) 5.42 6.97 5.94 7.29
 Interest rate spread
 (pct) 2.79 2.15 2.60 2.10
 Net interest margin
 on average earning
 assets (pct) 2.97 2.38 2.85 2.32
 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- 11/13/92
 /CONTACT: Joseph Krul, senior vice president and chief financial officer, stockholder relations, 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:


KE-ML -- DE029 -- 0860 11/13/92 16:34 EST
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:Nov 13, 1992
Words:752
Previous Article:CABOT CORPORATION BOARD VOTES DIVIDEND
Next Article:ALLIS-CHALMERS CORPORATION REPORTS RESULTS
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