ATLANFED BANCORP ANNOUNCES EARNINGS
ATLANFED BANCORP ANNOUNCES EARNINGS BALTIMORE, July 17 /PRNewswire/ -- Atlanfed Bancorp, Inc.
(NASDAQ-NMS: AFED), Baltimore, announced net income of $508,033, or 45 cents per share, for fiscal year 1993's first quarter ended June 30, 1992, as compared to earnings for the same quarter in 1991 of $337,635, or 31 cents per share, an increase of 50 percent.
Total assets of Atlanfed Bancorp, Inc., as of June 30, 1992, were $253.6 million as compared to $262.3 million at June 30, 1991. Total stockholders' equity of Atlanfed Bancorp, Inc., increased to $18.9 million, or $17.40 per share, as compared to $17.6 million, or $16.20 per share, at June 30, 1991. Total savings deposits as of June 30, 1992, were $192.2 million as compared to $200.8 million at June 30, 1991. ATLANFED BANCORP, INC. June 30, June 30, Increase 1992 1991 (Decrease) Net Income (3 months) $508,033 337,635(B) 50 pct. Net Income Per Share (3 months) $0.45 0.31(A)(B) 45 pct. Total Assets $253,588,991 262,328,488(B) (3) pct. Stockholders' Equity $18,918,336 17,607,364(B) 7 pct. Book Value Per Share $17.40 16.20(A)(B) 7 pct. Savings Deposits $192,185,138 200,757,201 (4) pct. (A) Adjusted for fiscal year 15 percent stock dividend paid on June 22, 1992. (B) Adjusted for adoption of new accounting statement on income taxes. The increase in net income for the current quarter is primarily attributable to improved core earnings of the company's main subsidiary, Atlantic Federal Savings Bank, which benefited from a continued decline in interest rates. Other subsidiaries of the company also showed increased profitability. Atlantic Federal Savings Banks was founded in 1897 and currently operates 10 branch offices throughout the state of Maryland. Atlantic Home Mortgage Corporation, the bank's mortgage banking subsidiary, operates loan production offices in Towson, Pasadena, Elkton and Bel Air, Md. -0- 7/17/92 /CONTACT: Richard E. Funke, chairman of the board and president, or Michael P. Gavin, executive vice president, Atlanfed Bancorp, 410-938-8610/ (AFED) CO: Atlanfed Bancorp, Inc.; Atlantic Federal Savings Bank ST: Maryland IN: FIN SU: ERN
DC -- DC011 -- 0216 07/17/92 11:35 EDT
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|Date:||Jul 17, 1992|
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