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BURRITT INTERFINANCIAL BANCORP REPORTS SECOND-QUARTER RESULTS; RESTATES FIRST-QUARTER RESULTS

 BURRITT INTERFINANCIAL BANCORP REPORTS SECOND-QUARTER RESULTS;
 RESTATES FIRST-QUARTER RESULTS
 NEW BRITAIN, Conn., Aug. 17 /PRNewswire/ -- Burritt InterFinancial Bancorporation (NASDAQ: BANQ) today announced its second-quarter results, posting a loss of $1.6 million or $0.48 per share for the period ended June 30, 1992. These figures compare to the loss of $13.3 million or $3.96 per share recorded for the same three-month period last year.
 Nonperforming assets, which included $36 million in nonperforming loans, stood at $64.8 million or 11.8 percent of total assets, compared to $55.7 million or 9.3 percent of total assets at the end of 1991.
 In another move, Burritt announced that it is restating first- quarter results to report a net loss of $4.7 million for the three months ended March 31, 1992. The company previously reported a net loss of $543,000. The difference is due primarily to an increase in the provision for loan losses of $7.3 million. President and chief executive officer Patrick Wisman noted, however, that the financial impact of the increase in provision for loan losses will be partially offset by a one-time tax benefit of $2.8 million resulting from the adoption of an accounting standard dealing with recovery of certain tax amounts paid in prior years.
 "We are continuing the careful and detailed review of Burritt's operations that began when I became CEO and president," Wisman said. "This restatement of the first-quarter results reflects the final results of a recently completed state banking examination and an extensive internal review of our loans."
 As a result of the restatement, the adjusted loss per share for the first quarter of 1992 increased to $1.40 from $0.16. This figure compares to the net loss per share of $1.62 posted for the same three- month period of 1991.
 For the first six months of 1992, Burritt reported losses of $6.3 million, compared to last year's mid-year loss of $18.8 million. The company, during the second quarter, provided $1.0 million for loan losses compared to $13.8 million for the same period last year. For the first six months of 1992, provisions for loan losses totalled $12.1 million compared to $19.7 for the same time last year.
 At June 30, 1992, the company's Tier 1 capital ratio was 1.64 percent, which was below all minimum regulatory requirements and not in compliance with the Cease and Desist Order entered into in April 1992. Under the terms of the Order, the company is required to maintain a minimum 3 percent Tier 1 capital ratio at all times and increase that ratio to 4 percent by Oct. 17, 1992. Management is currently considering various actions in order to improve the company's capital position, but the company's ability to achieve compliance with the required capital levels depends upon a number of factors, some of which are beyond the company's control. There can be no assurance that the company's efforts to increase capital or preserve shareholder value will be successful. If the company is not successful, further regulatory action would result which would seriously jeopardize the continued viability of the company.
 Losses on other real estate properties also were reduced in the second quarter to $1.3 million from $3.1 million in the second quarter of 1991. For the six-month period ended June 30, 1992, Burritt reported a $2.5 million loss for other real estate compared to a loss of $6.0 million over the same period in 1991.
 The institutions's total assets as of June 30 were $547,680,000.
 BURRITT INTERFINANCIAL BANCORPORATION
 Quarter ended Six months ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Net loss $(1,601,000) $(13,346,000) $ (6,325,000)$ (18,810,000)
 Loss per share (0.48) (3.96) (1.88) (5.59)
 Total assets 547,680,000 639,987,000
 Total loans 458,907,000 527,311,000
 Total deposits 527,253,000 596,344,000
 Quarter ended March 31, 1992 1991
 Net loss $ (4,725,000) $ (5,464,000)
 Loss per share (1.40) (1.62)
 Total assets 570,214,000 660,183,000
 Total loans 474,644,000 548,037,000
 Total deposits 549,016,000 603,875,000
 Burritt InterFinancial Bancorporation is a state-chartered savings bank. The company serves as a financial intermediary, accepting deposits, originating loans and providing an expanding range of financial services to its markets.
 -0- 8/17/92
 /CONTACT: Barbara J. Bennett, senior vice president and CFO of Burritt InterFinancial Bancorporation, 203-225-7601, before and after hours, 203-225-7606/
 (BANQ) CO: Burritt InterFinancial Bancorporation ST: Connecticut IN: FIN SU: ERN


PS-KW -- NY078 -- 0672 08/17/92 16:58 EDT
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Publication:PR Newswire
Date:Aug 17, 1992
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