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AMERICAN SAVINGS OF FLORIDA ANNOUNCES EARNINGS FOR THE YEAR ENDED DEC. 31, 1991

 AMERICAN SAVINGS OF FLORIDA ANNOUNCES EARNINGS
 FOR THE YEAR ENDED DEC. 31, 1991
 MIAMI, Jan. 30 /PRNewswire/ -- American Savings of Florida, F.S.B. (NASDAQ: ASLA) today reported unaudited net income of $19.7 million ($0.35 earnings per share) for the year ended Dec. 31, 1991 compared with a net loss of $72.7 million ($1.33 loss per share) for 1990. Earnings for 1991 included non-recurring pretax gains on sales of securities (primarily mortgage-backed securities) aggregating $22.0 million, pretax gains on sales of branches of $4.3 million and extraordinary tax credits of $9.0 million. Results of operations for 1991 also reflect a reduction in operating expenses of $16.8 million, or 20 percent, compared to 1990, reflecting cost cutting measures which were implemented in the second quarter of 1991. Losses reported for the year ended Dec. 31, 1990 resulted primarily from the establishment of loss reserves of $75.2 million.
 At Dec. 31, 1991 American Savings exceeded its risk-based capital requirement by $19.8 million and exceeded its core capital requirement by $9.7 million, compared with the deficiencies of $44.2 million and $41.3 million, respectively, at Dec. 31, 1990. American Savings' tangible capital increased to $49.0 million at Dec. 31, 1991 from $11.1 million at Dec. 31, 1990. Tangible capital at Dec. 31, 1991 was $361,000 below the required level compared with a $53.4 million shortfall at Dec. 31, 1990.
 The improvement in American Savings' capital levels was achieved through the earnings reported for the year ended Dec. 31, 1991, a reduction in total assets of approximately $1.03 billion during 1991 and the resolution of a preacquisition tax contingency which resulted in an $11.8 million reduction of goodwill during the fourth quarter of 1991.
 American Savings also reported unaudited net income for the quarter ended Dec. 31, 1991 of $5.4 million ($0.09 earnings per share) compared with a net loss of $64.3 million ($1.17 loss per share) for the same period in 1990. Net income for the fourth quarter of 1991 included extraordinary tax credits of $6.4 million. Before income taxes and extraordinary credits, American Savings lost $1.0 million in the 1991 fourth quarter, due primarily to additional provisions for losses on real estate owned.
 As a result of sales of securities and other asset reductions, total assets decreased by approximately $1.03 billion, to $3.37 billion at Dec. 31, 1991 from $4.40 billion at Dec. 31, 1990. Additionally during 1991, American Savings sold or closed 21 branches reducing the number of branches to 34.
 American Savings also noted that the Office of Thrift Supervision has submitted to the Department of Treasury for review a proposed regulation that would, for most savings and loan associations, increase the core capital requirement from 3 percent to between 4 percent and 5 percent of assets. At Dec. 31, 1991, American Savings core capital was 3.29 percent of assets. If this proposed regulation becomes final, American Savings could be required to submit a revised capital plan. Although the text of the rule is not yet available, it has been reported in the media that the proposed core capital rule permits OTS to grant extensions beyond Dec. 31, 1994 for institutions to meet the higher core capital requirement.
 AMERICAN SAVINGS OF FLORIDA, F.S.B.
 SELECTED FINANCIAL DATA -- DEC. 31, 1991
 (dollar amounts in thousands, except per share data)
 CONDENSED CONSOLIDATED STATEMENTS OF CONDITION
 Dec. 31, Dec. 31,
 1991 1990
 (unaudited)
 ASSETS
 Cash and investment
 securities $ 669,607 $ 473,205
 Assets held for sale 309,331 25,317
 Mortgage-backed securities 1,215,574 2,371,840
 Loans receivable, net 945,320 1,085,264
 Amounts due from
 affiliates, net 3,079 160,736
 Goodwill and other
 intangible assets 86,081 106,387
 Other assets 144,338 177,372
 Total assets $ 3,373,330 $ 4,400,121
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $ 2,467,529 $ 3,266,132
 Other borrowed funds 741,853 966,301
 Accounts payable and
 accrued expenses 31,372 54,209
 Total liabilities 3,240,754 4,286,642
 Stockholders' equity
 Preferred 938 1,665
 Common 131,638 111,814
 Total stockholders' equity 132,576 113,479
 Total liabilities and
 stockholders' equity $ 3,373,330 $ 4,400,121
 Book value per common
 share (A) $ 2.38 $ 2.03
 Tangible book value per
 common share (A) $ 0.82 $ 0.10
 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 Three Months Ended Dec. 31,
 1991 1990
 (unaudited) (unaudited)
 Net interest income
 before provision
 for losses $ 14,896 $ 14,817
 Provision for losses 2,400 61,492
 Net interest income after
 provision for losses 12,496 (46,675)
 Operating income 3,463 3,176
 Operating expenses 16,958 21,578
 Income (loss) before income
 taxes and other items (999) (65,077)
 Income taxes and other items (6,362) (803)
 Net income (loss) $ 5,363 $(64,274)
 Net income (loss) applicable
 to common shares $ 5,335 $(64,324)
 Net income (loss) per share,
 primary and fully diluted $ 0.09 $ (1.17)
 Years Ended Dec. 31,
 1991 1990
 (unaudited)
 Net interest income
 before provision
 for losses $ 63,581 $ 66,012
 Provision for losses 11,151 72,922
 Net interest income after
 provision for losses 52,430 (6,910)
 Operating income 35,127 20,099
 Operating expenses 67,150 83,923
 Income (loss) before income
 taxes and other items 20,407 (70,734)
 Income taxes and other items 700 1,994
 Net income (loss) $ 19,707 $(72,728)
 Net income (loss) applicable
 to common shares $ 19,587 $(73,173)
 Net income (loss) per share,
 primary and fully diluted $ 0.35 $ (1.33)
 (A) -- Based on 55,267,178 and 55,143,912 common shares outstanding at Dec. 31, 1991 and 1990, respectively.
 REGULATORY CAPITAL (UNAUDITED)
 Dec. 31, 1991
 Tangible Capital Core Capital Risk-based Capital
 Balance Pct. Balance Pct. Balance Pct.
 Actual
 regulatory
 capital $48,995 1.49 $108,673 3.29 $124,415 8.56
 Required
 minimum
 regulatory
 capital 49,356 1.50 99,021 3.00 104,616 7.20
 Regulatory
 capital
 excess
 (deficiency)
 $ (361) -0.01 $ 9,652 0.29 $ 19,799 1.36
 Dec. 31, 1990
 Tangible Capital Core Capital Risk-based Capital
 Balance Pct. Balance Pct. Balance Pct.
 Actual
 regulatory
 capital $11,050 0.26 $88,004 2.04 $106,722 5.42
 Required
 minimum
 regulatory
 capital 64,488 1.50 129,350 3.00 150,896 7.67
 Regulatory
 capital
 deficiency$(53,438) -1.24 $(41,346) -0.96 $(44,174) -2.25
 -0- 1/30/92 R
 /CONTACT: Stephen D. Taylor, president and chief executive officer of American Savings of Florida, F.S.B., 305-770-2097/
 (ASLA) CO: American Savings of Florida, F.S.B. ST: Florida IN: FIN SU: ERN


JT-JJ -- FL012R -- 5554 01/30/92 19:07 EST
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