Printer Friendly

CITFED BANCORP SECOND QUARTER EARNINGS UP 71.9 PERCENT; YEAR-TO-DATE EARNINGS IMPROVED BY 44.8 PERCENT

 CITFED BANCORP SECOND QUARTER EARNINGS UP 71.9 PERCENT;
 YEAR-TO-DATE EARNINGS IMPROVED BY 44.8 PERCENT
 DAYTON, Ohio, Oct. 26 /PRNewswire/ -- CitFed Bancorp, Inc., (NASDAQ-NMS: CTZN), the holding company of Citizens Federal Bank, F.S.B., today announced net income of $2.1 million, or $0.50 per share, for the second quarter ended Sept. 30, 1992 (the corporation's fiscal year ends March 31) which is a 71.9 percent increase over the $1.2 million net income for the second quarter ended Sept. 30, 1991. Net income for the first six months of the year was $4.2 million, or $0.99 per share, compared to $2.9 million for the six months ended Sept. 30, 1991, an increase of 44.8 percent.
 Jerry L. Kirby, president and chief executive officer, commented on the results saying "our core earnings continue to be based on the strength of our retail offices. In the first six months of this year, core deposit growth in our checking, savings and money market products was $15.6 million (2.8 percent for six months) and loan originations including mortgage refinancings were strong at $552.4 million. The widening of our net interest margin to 2.94 percent compared to 2.33 percent a year ago primarily reflects the steepness of the yield curve. While a large portion of our deposits and many assets have already repriced to these lower market interest rates, our asset yield has not yet completely adjusted."
 Return on average assets for the six months ended Sept. 30, 1992 was .49 percent up from .34 percent for the six months ended Sept. 30, 1991. Results for the period also showed that as of Sept. 30, 1992, total assets were $1.7 billion and deposits totalled $1.3 billion.
 Kirby stated that Citizens Federal Bank, the corporation's thrift subsidiary, exceeded the regulatory capital requirements currently in effect with a tangible ratio of 4.53 percent, a core ratio of 5.53 percent and a risk-based ratio of 12.03 percent. In dollars, the excess was $50.9 million in tangible capital, $42.5 million in core capital and $39.8 million in risk-based capital.
 Total non-performing assets increased from $25.1 million, or 1.48 percent of total assets, at the end of the first quarter to $34.6 million, or 2.0 percent, at the end of the second quarter. The increase was mainly due to two borrowers with multiple loans at the bank totalling $7.4 million whose financial condition deteriorated in the second quarter and were placed on non-accrual status. This percentage remains well below thrift industry averages. The bank increased its loan loss provision in the second quarter 54.8 percent over the same period a year earlier to $1.2 million.
 CitFed Mortgage, the bank's wholly-owned mortgage banking subsidiary, sells substantially all of the fixed-rate mortgage loans it originates in the secondary market but retains the servicing rights to these loans. At Sept. 30, 1992, CitFed Mortgage serviced about $3.6 billion of mortgage loans of which $2.2 billion were for other investors.
 On Jan. 29, 1992, the bank completed its initial public offering. At that time, the bank converted from a mutual to stock charter and issued 100 percent of its stock to the corporation. Because the conversion and stock offering did not occur until the fourth quarter of fiscal 1992, financial information from the first six months of fiscal 1992 pertains solely to the bank. Accordingly, fiscal 1992 income does not reflect earnings on investment of the stock offering proceeds, nor are earnings per share data for this period presented.
 Citizens Federal is headquartered in Dayton, Ohio and operates 21 full service banking offices in the greater Dayton area as well as seven mortgage loan origination offices in Dayton, Columbus and Cincinnati through its wholly-owned subsidiary, CitFed Mortgage Corporation of America.
 CitFed Bancorp, Inc.
 Highlights
 (in thousands except for share data)
 Balance Sheet Sept. 30, March 31,
 1992 1992
 Total Asset $1,708,519 $1,766,531
 Loans Receivable, net 870,165 887,059
 Mortgage-backed securities 549,976 541,530
 Interest-earning deposits 50,891 55,492
 Investment securities 121,903 145,903
 Deposits 1,305,167 1,360,597
 Borrowings 280,907 290,834
 Stockholders' Equity 103,321 98,926
 Shareholders' Equity/Assets (pct.) 6.05 5.60
 Tangible Capital/Assets (pct.) 4.86 4.37
 Book Value per Share $24.98 $23.92
 Market Closing Price $14-1/4 $11-7/8
 Price/Earnings multiple 7.20x 8.05x
 Operating Data Three Months Ended Six Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Net Income $2,121 $1,234 $4,186 $2,891
 Earnings per common and
 common stock equivalent $0.50 N/A $0.99 N/A
 Return on average assets
 (annualized) (pct.) .50 .30 .49 .34
 Return on average equity
 (annualized) (pct.) 8.31 7.84 8.28 9.30
 -0- 10/26/92
 /CONTACT: Diana Schoenberger of CitFed Bancorp, Inc., 513-229-8319/
 (CTZN) CO: CitFed Bancorp, Inc. ST: Ohio IN: FIN SU: ERN


BM -- CL020 -- 4989 10/26/92 16:03 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1992
Words:851
Previous Article:MICHIGAN TOURISM SLIPS
Next Article:PRECISION SYSTEMS, INC. ANNOUNCES FISCAL 1992 RESULTS
Topics:


Related Articles
CITFED BANCORP, INC. RELEASES PRELIMINARY EARNINGS
CITFED BANCORP, INC. EARNINGS EXPECTED TO BE ON TARGET
CITFED BANCORP FIRST QUARTER EARNINGS UP 24.6 PERCENT; RECORDS NET INCOME OF $2.1 MILLION
CITFED BANCORP THIRD QUARTER AND YEAR-TO-DATE EARNINGS UP 45 PERCENT
CITFED BANCORP FISCAL YEAR EARNINGS UP 40 PERCENT
CITFED BANCORP ANNOUNCES RECORD FIRST QUARTER EARNINGS; CORE EARNINGS UP 20.7 PERCENT
CITFED BANCORP ANNOUNCES RECORD SECOND QUARTER EARNINGS, 28.6 PERCENT INCREASE OVER 1992
CITFED BANCORP ANNOUNCES 27.5 PERCENT INCREASE IN EARNINGS AND RECORD MORTGAGE LOAN ORIGINATIONS
CITFED BANCORP, INC. INCREASES CASH DIVIDEND BY 20 PERCENT
CITFED BANCORP REPORTS 12.6 PERCENT INCREASE IN CORE EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters