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CENTRAL HOLDING COMPANY REPORTS RESULTS OF QUARTER ENDED DEC. 31, 1992

 CLINTON TOWNSHIP, Mich., Feb. 4 /PRNewswire/ -- Central Holding Company (the "company" or "CHC") (NASDAQ-NMS: CHOL) reported net income of $152,000 or $0.04 per share for the quarter ended Dec. 31, 1992, and net income of $369,000 or $0.10 per share for the six months ended Dec. 31, 1992, as compared to a net loss of $3.80 million or $1.05 per share and a net loss of $3.78 million or $1.04 per share for the corresponding periods one year earlier.
 CHC reported net income from continuing operations of $143,000 and $258,000 for the three- and six-month periods ended Dec. 31, 1992, as compared to net losses from continuing operations of $1.28 million and $854,000 for the corresponding periods one year earlier.
 CHC attributed the significant improvement in the operating results for the three and six months ended Dec. 31, 1992, as compared to the corresponding periods one year earlier to a significant reduction in the provision for losses and expenses associated with foreclosed real estate and declines in general and administrative costs. The three and six months ended Dec. 31, 1991, included losses from discontinued operations of $2.1 million and $2.2 million, respectively, related to the partial writedown of net assets of the company's real estate brokerage franchise operations which were sold during 1992. Additionally, the three and six months ended Dec. 31, 1991, included extraordinary losses of $391,000 and $680,000, respectively, related to the prepayment of borrowings from the Federal Home Loan Bank of Indianapolis.
 As of Dec. 31, 1992, CHC's wholly owned subsidiary, Colonial Central Savings Bank, F.S.B. (Colonial), met all three regulatory capital requirements for the first time since 1989. Colonial had a tangible capital ratio and core capital ratio of 5.56 percent at Dec. 31, 1992, as compared to current minimum tangible and core regulatory capital ratio requirements of 1.50 percent and 3.00 percent, respectively. Colonial had a risk-based capital ratio of 9.88 percent at Dec. 31, 1992, as compared to a minimum, required risk-based capital ratio of 8.00 percent.
 At Dec. 31, 1992, Colonial had assets classified substandard or doubtful of $11.3 million or 74.59 percent of tangible capital and general valuation allowances. This compares to assets classified substandard or doubtful of $16.4 million or 148.27 percent of tangible capital and general valuation allowances at June 30, 1992. Colonial also announced that it had disposed of an additional $2.5 million in foreclosed real estate during January 1993.
 Colonial was required, under a Capital Directive which it executed with the Office of Thrift Supervision in October 1992, to meet all regulatory capital requirements and reduce its ratio of assets classified substandard and doubtful to less than 75 percent of tangible capital and general valuation allowances by June 30, 1993. Colonial has met these requirements as of Dec. 31, 1992.
 CHC also plans to pursue a rights offering in the next 90 to 120 days to raise net proceeds of approximately $2.0 million to $3.0 million in order to pay off debt obligations maturing during the last six months of 1993 and for additional capital at Colonial. First of Michigan Corporation will act as financial adviser to CHC in connection with the rights offering. CHC expects the rights offering will consist of common stock and warrants.
 CHC is a financial services organization headquartered in Clinton Township. Its main operating subsidiaries include: Colonial Central Savings Bank, F.S.B., a federally chartered stock savings bank with six branches in Michigan and Central Mortgage Corporation, which originates residential mortgage loans.
 CENTRAL HOLDING COMPANY
 OPERATING HIGHLIGHTS
 (In thousands of dollars, except per-share data)
 Three Months Ended Six Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 (Unaudited) (Unaudited)
 Net interest income $2,073 $2,407 $4,515 $5,007
 Net income (loss) from
 continuing operations $143 ($1,277) $258 ($854)
 Net income (loss) from
 discontinued operations 9 (2,137) 111 (2,246)
 Net income (loss) after
 discontinued operations but
 before extraordinary items 152 (3,414) 369 (3,100)
 Net (loss) from extraordinary items --- (391) --- (680)
 Net income (loss) $152 ($3,805) $369 ($3,780)
 Per-share data:
 Net income (loss) per share from
 continuing operations $0.04 ($0.35) $0.07 ($0.24)
 Net income (loss) per share from
 discontinued operations --- (0.59) 0.03 (0.62)
 Net income (loss) per share after
 discontinued operations but
 before extraordinary items 0.04 (0.94) 0.10 (0.86)
 Net (loss) from extraordinary items --- (0.11) --- (0.18)
 Net income (loss) per share $0.04 ($1.05) $0.10 ($1.04)
 Average shares outstanding 3,749 3,622 3,686 3,622
 BALANCE SHEET HIGHLIGHTS
 (In thousands of dollars, except per-share data)
 Dec. 31, June 30, Dec. 31,
 1992 1992 1991
 (Unaudited) (Unaudited)
 Total assets $229,234 $357,859 $389,117
 Loans receivable, net 144,622 240,565 278,436
 Deposit accounts 180,818 303,067 327,039
 Stockholders' equity 10,947 10,418 14,372
 Book value per share 2.89 2.88 3.97
 -0- 2/3/93
 /CONTACT: Margaret S. Makela or Robert N. Shuster of Central Holding Company, 313-792-7000/
 (CHOL)


CO: Central Holding Company ST: Michigan IN: FIN SU: ERN

KE-SM -- DE012 -- 2887 02/04/93 10:36 EST
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Date:Feb 4, 1993
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