ATLANFED BANCORP, INC., ANNOUNCES RESULTS
ATLANFED BANCORP, INC., ANNOUNCES RESULTS BALTIMORE, Jan. 17 /PRNewswire/ -- Atlanfed Bancorp, Inc.
(NASDAQ-NMS: AFED), of Baltimore, announced net income of $416,899, or 44 cents per share, for the quarter ended Dec. 31, 1991, as compared to earnings for the same quarter in the preceding year of $160,191, or 17 cents per share, an increase of 160.3 percent. For the first nine months of fiscal 1992, net income was $1,120,812, or $1.18 per share, as compared to $657,239, or 70 cents per share, for the same period of the preceding fiscal year, an increase of 70.5 percent. Increases in net income are attributable primarily to increases in operating income due to a widening interest rate spread and improved operating results of the company's subsidiaries.
Stockholders' equity of Altanfed Bancorp, Inc., increased to $18.3 million, or $19.39 book value per share, as compared to $17.3 million or $18.28 book value per share at Dec. 31, 1990. Savings deposits increased to $196.9 million as of Dec. 31, 1991, as compared to $171.8 million at the same time of the preceding year. Total assets increased to $258.5 million at Dec. 31, 1991, as compared to $232.1 million at Dec. 31, 1990. Increases in savings deposits and assets are primarily due to the assumption of the company during May 1991 of FDIC-insured deposits of two branch offices of First Federal Savings Bank of Annapolis from the Resolution Trust Corporation. ATLANFED BANCORP, INC. Dec. 31, Dec. 31, Increase 1991 1990 (percent) Net Income (3 months) $416,899 160,191 160.3 Net Income Per Share (3 months) $0.44 0.17(A) 160.3 Net Income (9 months) $1,120,812 657,239 70.5 Net Income Per Share (9 months) $1.18 0.70(A) 70.2 Stockholders' Equity $18,325,962 17,279,100 6.1 Book Value Per Share $19.39 18.28(A) 6.1 Savings Deposits $196,888,592 171,821,592 14.6 Total Assets $258,454,757 232,110,005 11.4 (A) Adjusted for 10 percent stock dividend. Atlanfed Bancorp's primary subsidiary, Atlantic Federal Savings Bank, was founded in 1897 and currently operates 11 branch offices throughout the state of Maryland. Atlantic Home Mortgage Corporation, the bank's mortgage banking subsidiary, operates loan production offices in Towson, Bel Air and Pasadena, Md., and in Newark, Del. -0- 1/17/92 /CONTACT: Richard E. Funke, chairman of the board and president, or Michael P. Gavin, executive vice president, Atlanfed Bancorp, Inc., 410-938-8610/ (AFED) CO: Atlanfed Bancorp, Inc. ST: Maryland IN: FIN SU: ERN
MH -- DC012 -- 0982 01/17/92 12:21 EST
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|Date:||Jan 17, 1992|
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