THIRD QUARTER EARNINGS CLIMB 23 PERCENT AT MERCHANTS NEW YORK BANCORP, INC.
NEW YORK, Oct. 21 /PRNewswire/ -- Merchants New York Bancorp, Inc. (NASDAQ-NMS: MBNY) today reported that earnings continued their upward trend in the third quarter ended Sept. 30, 1993, increasing 23.3 percent to $1,401,024 from $1,136,281 in the prior year. Earnings per share advanced 21.7 percent to $0.56 from $0.46. Spencer B. Witty, chairman of the board, said that the gain came from increases in loans and other earning assets at the company's principal operation, The Merchants Bank of New York. The bank continued to maintain its prudent and liquid asset posture, with holdings of U.S. Government and U.S. Agency obligations at $518 million, up from $212 million at September 30, 1992. Mr. Witty noted that the higher levels of both loans and securities was in part a result of the acquisition of the deposits of the First New York Bank For Business (formerly the First Women's Bank). For the nine month period ended September 30, 1993, net income advanced 19.5 percent to $6,068,618, from $5,078,801. Earnings per share grew 19.0 percent to $2.44 from $2.05. Mr. Witty commented, "We are pleased with these early indications that loan demand may finally be starting to improve. If it continues, our earnings will continue to benefit." He also noted that the bank maintained its strong, debt-free balance sheet. Merchants Bank serves New York City with seven branches. It offers commercial and retail banking services primarily to small- and medium-sized businesses and individuals. Effective July 1, 1993, The Merchants Bank of New York was converted to a holding company, and is now a wholly-owned subsidiary of Merchants New York Bancorp, Inc. MERCHANTS NEW YORK BANCORP, INC. Condensed Statements of Income Periods ended Three Months Nine Months Sept. 30 1993 1992 1993 1992 Interest income $14,623,672 $11,844,565 $45,440,943 $35,173,017 Interest expense 6,035,699 3,742,757 19,006,799 12,409,135 Net interest income 8,587,973 8,101,811 26,434,144 22,763,882 Provision for possible loan losses 2,509,953 3,661,489 6,784,953 4,861,489 Other income 1,501,166 2,610,027 6,995,772 4,995,786 Other expenses 4,946,589 4,355,948 15,282,136 13,438,952 Income before income taxes 2,632,597 2,694,401 11,362,827 9,459,227 Provision for income tax 1,231,573 1,558,120 5,294,209 4,380,426 Net income 1,401,024 1,136,281 6,068,618 5,078,801 Net income per share $ 0.56 $ 0.46 $ 2.44 $ 2.05 -0- 10/21/93 /CONTACT: Spencer B. Witty, chairman of the board of Merchants New York Bancorp, 212-669-6600/ (MBNY) CO: Merchants New York Bancorp, Inc. ST: New York IN: SU:
DH -- NY110 -- 5471 10/21/93 17:08 EDT