Printer Friendly

VIRGINIA BEACH FEDERAL ANNOUNCES CONSOLIDATED EARNINGS FOR FIRST QUARTER 1993

 VIRGINIA BEACH, Va., April 19 /PRNewswire/ -- Virginia Beach Federal Financial Corporation (NASDAQ-NMS: VABF) today reported consolidated net income of $835,000, or $0.17 per share, for the first quarter of 1993, compared with $535,000, or $0.11 for the first quarter of 1992.
 Earnings during the first quarter of 1993 included a one-time tax benefit of $700,000 related to the adoption of Financial Accounting Standards Board Statement No. 109, "Accounting for Income Taxes."
 Net interest income during the first quarter of 1993 was $2,725,000, compared with $2,887,000 during the first quarter of 1992. Total assets at March 31, 1993, were $637,872,000, compared with $631,236,000 at Dec. 31, 1992, and $667,783,000 at March 31, 1992. The Savings Bank's net interest income is being affected by a continuing decline in long- term interest rates, which causes an increase in the prepayment of higher coupon mortgage loans. At the same time, the Savings Bank continues to hold certain certificates of deposit totaling over $57 million, which were issued to depositors during the 1980s, mainly 1987, which carry interest rates between 12 percent and 14 percent. The pressure on the Savings Bank's net interest income will continue until these CD's mature in late 1994.
 Loan origination's at the Savings Bank's mortgage banking subsidiary, Beach Fed Mortgage Corp., were nearly $64 million during the first quarter of 1993, a 58 percent increase over the first quarter of 1992. The Savings Bank's portfolio of loans serviced for others was $236 million at March 31, 1993, reflecting the effects of the corporation's strategy of retaining loan servicing for the future fee income that it generates. At March 31, 1992, the portfolio of loans serviced for others was $27 million.
 Nonperforming assets were $31,302,000, or 4.9 percent of assets, compared with $28,623,000, or 4.5 percent of assets, at Dec. 31, 1992, and $30,168,000, or 4.5 percent of assets, at March 31, 1992. While the increase in nonperforming assets during the first quarter of 1993 is disappointing, the Savings Bank is diligently pursuing resolutions involving all of its nonearning assets and is hopeful that several of its foreclosed properties will be resolved during the second and third quarters of 1993. Although there can be no assurance that this will occur, management is optimistic that certain transactions presently being negotiated will be consummated. In order to facilitate the disposition of foreclosed property, the Savings Bank added $700,000 to its reserve for foreclosed property during the first quarter of 1993.
 During the quarter Beach Fed opened its fourth loan production office in Fairfax, Va., giving the mortgage company access to the sizable residential loan market in Northern Virginia. Also during the first quarter of 1993, the Savings Bank completed the acquisition of $5.4 million in deposits from a local financial institution and merged these deposits into its recently acquired Shore Drive Branch.
 Virginia Beach Federal Financial Corporation is a unitary savings and loan holding company whose sole subsidiary is Virginia Beach Federal Savings Bank. The Savings Bank, headquarterd in Virginia Beach, is a


57-year-old institution providing full financial services to customers in the Hampton Roads area of Virginia. Beach Fed Mortgage Corp, a wholly owned subsidiary of the Savings Bank, originates residential mortgage loans through its offices in Virginia Beach, Newport News, Richmond and Fairfax.
 VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION
 Selected Financial Information
 (dollars in thousands except per share data)
 Quarter Ended
 March 31, 1993 March 31, 1992
 Balance Sheet
 Loans receivable $339,302 $385,895
 Foreclosed real estate 17,533 21,876
 Total assets 637,872 667,783
 Deposits 450,964 484,257
 Stockholders' equity 41,784 41,720
 Income Statement
 Interest income 11,470 14,810
 Interest expense 8,745 11,923
 Net interest income 2,725 2,887
 Loan loss provision 200 150
 Other income 2,749 1,068
 Other expense 5,073 3,000
 Net income 835 535
 Other Data
 Loan originations: Beach Fed 63,813 40,500
 Book value per share 8.54 8.35
 Earnings per share 0.17 0.11
 Stock price per share 5-5/8 4-1/4
 -0- 4/19/93 R
 /CONTACT: Dennis R. Stewart of Virginia Beach Federal Financial Corporation, 804-428-9331/
 (VABF)


CO: Virginia Beach Federal Financial Corporation ST: Virginia IN: FIN SU: ERN TW-DC -- DC022R -- 8729 04/21/93 12:15 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1993
Words:736
Previous Article:CHARTER ONE FINANCIAL, INC. NAMES DENISE MARIE FUGO TO BOARD OF DIRECTORS
Next Article:KETEMA REPORTS FISCAL 1993 RESULTS
Topics:


Related Articles
FIRSTFED MICHIGAN REPORTS STRONG FIRST QUARTER RESULTS
EAGLE BANCORP, INC. ANNOUNCES RECORD FIRST-QUARTER EARNINGS, STOCK SPLIT AND REGULAR QUARTERLY DIVIDEND
VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES CONSOLIDATED EARNINGS FOR SECOND QUARTER 1993 AND DECLARES QUARTERLY DIVIDEND
VIRGINIA FIRST SAVINGS ANNOUNCES EARNINGS
VIRGINIA REACH FEDERAL FINANCIAL CORPORATION ANNOUNCES 1993 RESULTS
VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES FIRST QUARTER RESULTS
VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS
EAGLE BANCORP, INC. ANNOUNCES THIRD QUARTER EARNINGS AND REGULAR QUARTERLY DIVIDEND
FIRST PALM BEACH BANCORP, INC. ANNOUNCES FIRST QUARTER EARNINGS
VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES 1994 RESULTS

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