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BFS BANKORP REPORTS FIRST QUARTER RESULTS

 BFS BANKORP REPORTS FIRST QUARTER RESULTS
 NEW YORK, Feb. 26 /PRNewswire/ -- BFS Bankorp, Inc. (NASDAQ: BFSI),


the parent holding company for Bankers Federal Savings FSB, today announced a net loss of $253,000 or 18 cents per share for the first fiscal quarter ended Dec. 31, 1991. This compares to net income of $280,000 or 20 cents per share in the prior year's comparable quarter. Net interest income increased to $3,148,000 from $3,069,000, quarter to quarter.
 Commenting in the results, James A. Randall, president and chief executive officer, noted: "Once again, our net income results have been dramatically impacted by additions to the allowance for loan losses and the reversal of interest income on non-performing loans. Although non- performing loans have remained essentially flat for more than half a year now, reaching $47.3 million this quarter vs. $46.7 million last quarter, Bankers Federal added an additional $1,050,000 to the allowance for loan losses during this quarter, which reflected the board of directors' commitment to conservative and sensible management of the bank's assets."
 Randall also added: "The release of first quarter financials has been unusually late due to pending results of an Office of Thrift Supervision (OTS) exam. As previously announced, the bank was informed by the OTS of the OTS's preliminary determination that the bank will be required to increase its specific valuation allowance on non-performing assets by at least $3 million. As a result of this preliminary finding, the bank has been notified that it is not in compliance with its risk- based capital requirement."
 He also added: "Since the examination has not been completed and discussions between management and the OTS are on-going, it is not known at this time the actual amount of any additional specific and general valuation allowances that may be required."
 The bank is in the process of competing the securitization of certain multifamily mortgage loans, which transaction, if completed, would reduce its risk-weighted assets and risk-based capital requirement to the extent that it should bring the bank back into compliance with its risk-based requirement.
 BFS Bankorp, Inc., the parent holding company of Bankers Federal Savings FSB, is a SAIF-insured savings bank headquartered in New York City. As of Dec. 31, 1991, the company has total assets of $472 million, deposits of $352 million, and stockholders' equity of $22 million.
 BFS BANKORP, INC. AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Dollars in thousands)
 12/31/91 9/30/91
 (Unaudited)
 Assets:
 Cash and due from banks $8,717 $6,922
 Federal funds & interest-bearing deposits -- 4,500
 Investment securities, net 7,584 13,660
 Mortgage-backed securities, net 44,241 45,895
 Loans
 First mortgage loans 383,375 376,413
 Other loans 2,131 2,114
 Total 385,506 378,527
 Allowance for loan losses (4,088) (3,701)
 Loans, net 381,418 374,826
 Premises and equipment, net 2,829 2,831
 Real estate acquired through foreclosure
 and in-substance foreclosures 21,274 21,286
 Accrued interest receivable 4,544 4,502
 Other assets 1,478 2,306
 Total assets $472,085 $477,268
 Liabilities:
 Deposits $352,441 $354,793
 Borrowed funds 60,666 60,694
 Collateralized mortgage obligations (CMO) 28,845 29,498
 Mortgagors' escrow payments 4,611 6,789
 Accrued expenses & other liabilities 3,032 2,789
 Total liabilities 449,595 454,572
 Stockholders' equity:
 Preferred stock, $.01 par value,
 2 million shares authorized, none issued -- --
 Common stock, $.01 par value,
 6 million shares authorized;
 1,448,401 issued and outstanding
 at Dec. 31, 1991, and Sept. 30, 1991 14 14
 Additional paid-in capital 8,374 8,374
 Retained earnings, substantially restricted 14,889 15,142
 Common stock acquired for Employee
 Stock Ownership Plan (ESOP) (101) (129)
 Common stock acquired for Management
 Recognition Plan (MRP) (121) (140)
 Common stock in treasury, at cost;
 59,940 shares at Dec. 31, 1991,
 and Sept. 30, 1991 (565) (565)
 Total stockholders' equity 22,490 22,696
 Total liabilities and stockholders' equity $472,085 $477,268
 Consolidated Statements of Operations
 (Unaudited; dollars in thousands, except per-share data)
 Three months ended Dec. 31: 1991 1990
 Interest income:
 First mortgage loans $9,298 $9,684
 Mortgage-backed securities 859 905
 Federal funds and interest-bearing deposits 123 623
 Investment securities 212 206
 Other loans 48 181
 Total interest income 10,540 11,599
 Interest expense:
 Deposits 5,289 6,396
 Borrowed funds 1,388 1,325
 Collateralized mortgage obligations 715 809
 Total interest expense 7,392 8,530
 Net interest income 3,148 3,069
 Provision for loan losses 1,050 450
 Net interest inc. after prov. for loan losses 2,098 2,619
 Other income:
 Gain on sale of assets 59 --
 Loan fees and service charges 125 255
 Other fees and service charges 250 193
 Loss from real estate operations (85) (81)
 Other 3 11
 Total other income 352 378
 Other expenses:
 Compensation and benefits 1,226 1,049
 Marketing 24 24
 Occupancy & equipment 438 422
 Data processing services fees 126 101
 SAIF deposit insurance premiums 196 167
 Professional fees and services 127 115
 Other 526 329
 Total other expenses 2,663 2,207
 Income (loss) before provision
 for income tax expense (213) 790
 Provision for income tax expense 40 510
 Net income (loss) (253) 280
 Earnings (loss) per share ($0.18) $0.20
 Selected Financial Data
 (Unaudited)
 Three months ended Dec. 31: 1991 1990
 Financial Ratios (expressed as a percent)
 Average yields:
 First mortgage loans 9.75 10.25
 Mortgage-backed securities 7.59 7.62
 Federal funds 4.55 7.92
 Investment securities 5.00 6.62
 Other loans 9.14 11.76
 Total interest-earning assets 9.24 9.75
 Average cost:
 Deposits 5.95 7.08
 Borrowed funds 9.10 9.43
 Collateralized mortgage obligations 9.01 9.30
 Total interest-bearing liabilities 6.59 7.55
 Interest rate spread 2.65 2.20
 Net interest margin 2.79 2.62
 Average interest-earning assets to
 average interest-bearing liabilities 102.21 105.89
 Return on average assets (0.01) 0.06
 Return on average common equity (0.30) 1.28
 Operating expenses as a percent
 of average assets 2.23 1.90
 Equity to asset ratio at Dec. 31 4.76 4.60
 Per Share Information
 Earnings (loss) per common share $(0.18) $0.20
 Book value per share at Dec. 31 16.20 15.90
 Number of shares outstdg., net at Dec. 31 1,388,461 1,388,461
 Loan Information (Dollars in thousands)
 Loan originations $15,796 $20,699
 Loan sales 5,427 --
 Loans serviced for others at Dec. 31 64,466 63,287
 Non-performing assets as a percent
 of total assets at Dec. 31 10.02 6.82
 Adjustable Rate Assets at Dec. 31
 (Dollars in thousands)
 First mortgage loans $336,497 $340,678
 Other loans, federal funds and
 investment securities 1,421 30,156
 Total adjustable rate assets as a percent
 of total interest-earning assets 73.81 78.05
 -0- 2/26/92
 /CONTACT: Gerard Perri of BFS Bankorp, 212-227-4040/
 (BFSI) CO: BFS Bankorp Inc. ST: New York IN: FIN SU: ERN CK-ST -- NY030 -- 2780 02/26/92 12:02 EST
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