Westwood Homestead Financial Corp. announces third quarter earnings.CINCINNATI--(BUSINESS WIRE)--Nov. 12, 1996--Westwood Homestead Homestead. 1 City (1990 pop. 26,866), Dade co., SE Fla.; inc. 1913. A large Miami suburb with a growing Hispanic population, Homestead is a trade center for the redland district, known for its many varieties of citrus and other fruits and vegetables. Financial Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :WEHO WEHO West Hollywood (incorporated city in Los Angeles County, CA, USA) ), parent of The Westwood Westwood. 1 Residential town (1990 pop. 12,557), Norfolk co., E Mass., in the greater Boston area; settled 1640, inc. 1897. It has several early 18th-century buildings. 2 Residential borough (1990 pop. 10,446), Bergen co., NE N.J. Homestead Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , announces its earnings for the third quarter of 1996. As a result of the bank's conversion from a state chartered mutual savings bank Mutual savings bank A state-chartered savings bank which is owned by its depositors and managed by a fiduciary board of trustees. to a state chartered stock savings bank and the sale of 2,843,375 shares of common stock of the company, on Sept. 27, 1996, WHFC WHFC West Ham Football Club became the parent company of Westwood Homestead Savings Bank. Net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the stock offering were $27.7 million. Net income decreased $463,000 to a loss of $272,000 for the quarter ended Sept. 30, 1996, as compared with net income of $191,000 for the quarter ended Sept. 30, 1995. The decrease was primarily due to a deposit insurance special assessment of $584,000 and the nine months amortization accrual accrual, n continually recurring short-term liabilities. Examples are accrued wages, taxes, and interest. associated with the Employee Stock Ownership Plan. These expenses were partially offset by an increase of $117,000 in net interest income. Net interest income before provision for loan losses increased $117,000 to $746,000 for the quarter ended Sept. 30, 1996, from $629,000 for the quarter ended Sept. 30, 1995. This increase was due to an increase of 31 basis points in the net interest spread to 2.16 percent for the quarter ended September September: see month. 1996 from 1.84 percent for the quarter ended Sept. 30, 1995, and $0.8 million more in average net interest earnings assets. Total assets increased $23.3 million, or 24.1 percent from $96.6 million at Dec. 31, 1995, to $119.9 million at Sept. 30, 1996, primarily due to the consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of the mutual to stock conversion on Sept. 27, 1996. The company had no shares outstanding prior to Sept. 27, 1996; therefore, no earnings (loss) per share are presented. Primarily as a result of the conversion, total equity increased $25.3 million from Dec. 31, 1995, to $39.5 million, or 32.9 percent of total assets, at Sept. 30, 1996. Westwood Homestead Savings Bank, a subsidiary of Westwood Homestead Financial Corp., operates two banking facilities in the Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. area. -0-
WESTWOOD HOMESTEAD FINANCIAL CORP.
Consolidated Statements of Financial Condition
______________________________________________
Sept. 30, 1996 Dec. 31, 1995
_______________ ______________
Assets
Cash and cash equivalents $ 15,946,541 869,124
Securities available for sale 19,962,117 18,373,472
Loans receivable, net 81,219,688 74,942,212
Other assets 2,737,434 2,453,203
_______________ ______________
Total assets $ 119,865,780 96,638,011
_______________ ______________
_______________ ______________
Liabilities
Deposits $ 79,083,057 81,748,061
Advances 540,932 640,095
Accrued expenses and other
liabilities 752,749 59,833
_______________ ______________
Total liabilities 80,376,738 82,447,989
Stockholders' equity 39,489,042 14,190,022
_______________ ______________
Total liabilities and stockholders'
equity $ 119,865,780 96,638,011
_______________ ______________
_______________ ______________
Selected Financial Highlights
_____________________________
Total stockholders' equity to
total assets 32.94% 14.68%
Market value per share $10.75 N/A
Number of shares outstanding 2,615,905 N/A
Earnings per share N/M N/A
Non-performing loans 32,000 0
Allowance for loan losses 146,756 101,709
WESTWOOD HOMESTEAD FINANCIAL CORP.
Consolidated Statements of Operations
_____________________________________
Three months ended Nine months ended
Sept. 30, Sept. 30,
_____________________ ___________________
1996 1995 1996 1995
__________ _________ _________ _________
Interest income $1,999,935 1,892,549 5,667,254 5,882,969
Interest expense 1,253,753 1,263,265 3,675,915 4,003,970
__________ _________ _________ _________
Net interest income 746,182 629,284 1,991,339 1,878,999
Provision for loan losses 14,878 27,861 45,047 27,861
__________ _________ _________ _________
Net interest income
after provision for
loan losses 731,304 601,423 1,946,292 1,851,138
Non-interest income (loss) 22,793 10,621 91,981 (530,830)
Non-interest expense(a) 1,166,721 420,588 2,122,968 1,239,378
__________ _________ _________ _________
Income (loss) before
taxes (412,624) 191,455 (84,695) 80,930
Income tax benefit (140,500) -- (29,000) --
__________ _________ _________ _________
Net income (loss) $ (272,124) 191,455 (55,695) 80,930
__________ _________ _________ _________
__________ _________ _________ _________
Earnings (loss) per share are not meaningful due to the completion
of the Conversion Stock Offering effective Sept. 27, 1996.
(a) includes $584,000 SAIF special assessment.
Selected Financial Highlights
_____________________________
Return on average assets
(annualized) -1.01% 0.77% -0.07% 0.10%
Return on average
stockholders' equity
(annualized) -7.33% 5.39% -0.51% 0.77%
Net interest rate spread
(annualized) 2.16% 1.84% 1.91% 1.76%
Net interest margin
(annualized) 2.84% 2.60% 2.64% 2.45%
CONTACT: Westwood Homestead Financial Corp., Cincinnati Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. P. Brennan Bren·nan , William Joseph, Jr. 1906-1997. American jurist who served as an associate justice of the U.S. Supreme Court (1956-1990). , 513/661-5735 |
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