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COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR QUARTER ENDED DEC. 31, 1991

COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR QUARTER ENDED DEC. 31, 1991
 ARLINGTON, Va., Jan. 15 /PRNewswire/ -- Columbia First Bank (NASDAQ-NMS: CFFS), a Federal Savings Bank, reported net income of $775,000, or 26 cents per share, for the quarter ended Dec. 31, 1991, compared to a net loss of $2.8 million, or 95 cents per share, for the same quarter in 1990. Columbia First's fiscal year-end is Sept. 30, and the bank's results for the year ended Sept. 30, 1991, have been previously released. The quarterly earnings for the current period represent the fourth consecutive period in which the bank has reported earnings.
 Total provisions for loan losses for the quarter ended Dec. 31, 1991, were $3.0 million. These provisions compare to the $6.5 million recognized for the quarter ended Dec. 31, 1990. The bank has continued to aggressively restructure loans and, in the process, to obtain additional collateral. Loan balances not considered adequately collateralized have been charged off. Loans for which restructuring has not been feasible have been foreclosed upon, and the property charged down to current market value. During the quarter, foreclosed property balances decreased $3.4 million as the bank was successful in selling a commercial property.
 The residential real estate loan portfolio, which comprises the majority of the bank's asset base, continued to perform well, and the bank's delinquency ratios on the residential loan portfolio are well below regional and national averages. A regulatory measure of the bank's conservative and stable asset base is the "Qualified Thrift Lender" (QTL) formula, which is expressed as a percentage of residential mortgage loans and other qualifying investments compared to total assets. Columbia First's QTL ratio was 84 percent at Dec. 31, 1991.
 The bank's capital ratios continue to exceed all current regulatory capital requirements.
 Columbia First has total assets of $2.2 billion and currently operates 28 banking offices and three loan origination offices in Virginia, Maryland and the District of Columbia. Two new full-service banking offices were opened during the quarter, one at 5701 Connecticut Ave. N.W., Washington, in a conveniently located branch at Chevy Chase Circle, and another at 303 Pennsylvania Ave. S.E., Washington, on Capitol Hill. These two new locations, in addition to a full-service branch opened in mid-August at 11842 Sunrise Valley Drive in Reston, Va., further exhibit Columbia First's commitment to providing its customers high quality, convenient service throughout the metropolitan area.
 COLUMBIA FIRST BANK, A FEDERAL SAVINGS BANK AND SUBSIDIARIES
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended
 Dec. 31,
 1991 1990
 Operating Results
 Net interest income $11,167 $ 8,591
 Provision for loan losses 3,042 6,543
 Non-interest income 4,001 1,492
 Non-interest expense 9,052 8,031
 Net income (loss) before
 extraordinary item 909 (2,506)
 Extraordinary item, net
 of taxes (134) 20
 Provision for annual income
 payments on permanent
 income capital certificate -- 281
 Net income (loss) to
 stockholders 775 (2,767)
 Per share data
 Primary and fully diluted:
 Net income (loss) before
 extraordinary item $0.30 $(0.86)
 Extraordinary item, net
 of taxes (0.04) 0.01
 Provision for annual income
 payments on permanent
 income capital certificate -- 0.10
 Net income (loss) to
 stockholders $0.26 $(0.95)
 Dec. 31, Sept. 30,
 1991 1991
 Balance Sheet
 Assets $2,178,608 $2,058,311
 Deposits 1,304,513 1,239,411
 Loans, net of unearned income 1,278,128 1,282,802
 Mortgage-backed securities 648,504 538,094
 Advances from FHLB of Atlanta 584,440 553,685
 Stockholders' equity 93,905 90,630
 Tangible stockholders' equity 76,368 71,475
 Common shares outstanding 3,129,118 3,015,481
 Tangible book value per common share $24.41 $23.70
 Allowance for loan losses
 Balance $ 14,185 $ 11,174
 Reserve/loans, net of unearned income 1.11 pct. 0.86 pct.
 Reserve/loans paying at less than
 contractual rates 34.55 pct. 26.40 pct.
 Non-performing/Underperforming Assets
 Non-accruing loans $ 9,952 $ 2,781
 Non-accruing loans upon which
 interest is being received 13,409 17,836
 Restructured loans with modified
 contractual terms 17,565 21,705
 Total loans paying at less than
 contractual rates 40,926 42,322
 Real estate owned 30,939 34,381
 Non-performing/underperforming assets $ 71,865 $ 76,703
 Loans paying at less than
 contractual rates/loans, net of
 unearned income 3.20 pct. 3.28 pct.
 -0- 1/15/92
 /CONTACT: Robert J. Creighton, senior vice president - chief


financial officer, Columbia First Bank, 703-247-5090/
 (CFFS) CO: Columbia First Bank, a Federal Savings Bank ST: Virginia IN: FIN SU: ERN


SB-TW -- DC021 -- 0084 01/15/92 14:56 EST
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