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COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR QUARTER ENDED MARCH 31, 1992

 COLUMBIA FIRST BANK ANNOUNCES RESULTS
 FOR QUARTER ENDED MARCH 31, 1992
 ARLINGTON, Va., April 13 /PRNewswire/ -- Columbia First Bank, a Federal Savings Bank (NASDAQ-NMS: CFFS) reported net income of $1,237,000, or 39 cents per share, for the quarter ended March 31, 1992. This compares to net income of $773,000, or 26 cents per share, for the same quarter in 1991. For the six months ended March 31, 1992, the bank reported net income of $2,012,000, or 65 cents per share, compared to a net loss of $1,994,000, or 67 cents per share, in the prior year period. The quarterly earnings for the current period represent the fifth consecutive period in which the bank has reported earnings.
 The balance sheet restructuring accomplished during the most recent 12 months, and the current interest rate environment have enabled the bank to dramatically improve its net interest yield on earning assets. The bank reported a net interest yield of 2.42 percent for the six months ended March 31, 1992, a dramatic improvement from the 1.88 percent reported for the fiscal year ended Sept. 30, 1991. In achieving this yield, however, the bank has not sacrificed future earnings through funding longer-term assets with low cost short-term deposits and borrowings. Management has been successful in reducing the bank's one-year negative interest rate gap ratio to less than 10 percent for the first time since the early 1980s when this measurement was first formulated. The one-year negative interest rate gap ratio measures the amount by which liabilities repricing within one year exceed assets which reprice within one year as a percentage of total assets. As interest rates rise, the bank will be less affected than will other institutions which report a more negative interest rate gap.
 The bank's commercial real estate and construction loan portfolio continues to be restructured, and management has been successful for the third consecutive quarter in reducing the level of non-performing/underperforming assets. The residential real estate portfolio, which comprises the majority of the bank's asset base, continues to perform well, and the bank's delinquency ratios on the residential loan portfolio are well below regional and national averages. Current regional and national data has not yet been released; however, the Mortgage Bankers Association of America Dec. 31, 1991, quarterly National Delinquency Survey reported that the delinquency ratio measuring residential loans past due 30 days or more as a proportion of total residential loans was 5.82 percent within the bank's region and 5.27 percent nationally. The bank's ratio at Dec. 31, 1991, was 1.23 percent, while the March month-end ratio stood at 1.20 percent.
 Columbia First has total assets of $2.2 billion and is the largest savings institution headquartered in Virginia. The bank operates 28 full-service banking offices and three residential mortgage loan origination offices in Virginia, Maryland and the District of Columbia. The bank's capital ratios continue to exceed all regulatory capital requirements.
 COLUMBIA FIRST BANK, A FEDERAL SAVINGS BANK AND SUBSIDIARIES
 Financial Highlights
 (Dollars in thousands, except share data)
 For the three For the six
 months ended months ended
 March 31, March 31,
 1992 1991 1992 1991
 Operating Results
 Net interest income $13,017 $ 9,235 $24,164 $17,826
 Provision for loan losses 2,906 1,600 5,948 8,143
 Non-interest income 3,062 1,520 7,063 3,012
 Non-interest expense 10,053 8,372 19,105 16,403
 Net income (loss) before
 extraordinary item 1,218 464 2,127 (2,042)
 Extraordinary item, net
 of taxes 19 395 (115) 415
 Provision for annual income
 payments on permanent
 income capital certificate -- 86 -- 367
 Net income (loss) to
 stockholders $ 1,237 $ 773 $ 2,012 $(1,994)
 Per share data
 Primary:
 Net income (loss) before
 extraordinary item $0.39 $ 0.15 $ 0.69 $(0.69)
 Extraordinary item, net
 of taxes -- 0.13 (0.04) .14
 Provision for annual income
 payments on PICC -- 0.02 -- 0.12
 Net income (loss) available
 to shareholders $0.39 $ 0.26 $ 0.65 $(0.67)
 Fully Diluted:
 Net income (loss) before
 extraordinary item, net
 of taxes $0.37 $0.15 $0.66 $(0.69)
 Extraordinary item, net
 of taxes 0.01 0.13 (0.03) 0.14
 Provision for annual income
 payments on PICC -- 0.02 -- 0.12
 Net income (loss) available
 to shareholders $0.38 $0.26 $0.63 $(0.67)
 March 31, Sept. 30,
 1992 1991
 Balance Sheet
 Assets $2,180,998 $2,058,311
 Deposits 1,355,929 1,239,411
 Loans, net of unearned income 1,262,700 1,282,802
 Mortgage-backed securities 665,212 538,094
 Advances from FHLB of Atlanta 559,794 553,685
 Stockholders' equity 95,152 90,630
 Tangible stockholders' equity 78,314 71,475
 Common shares outstanding 3,130,118 3,015,461
 Tangible book value per common share $25.02 $23.70
 Allowance for loan losses
 Balance $ 14,088 $ 11,174
 Allowance/loans, net of unearned
 income 1.12 pct. 0.87 pct.
 Allowance/loans paying at less than
 contractual rates 40.16 pct. 26.40 pct.
 Non-performing/Underperforming Assets
 Non-accruing loans $ 8,940 $ 2,781
 Non-accruing loans upon which
 interest is being received 10,901 17,836
 Restructured loans with modified
 contractual terms 15,240 21,705
 Total loans paying at less than
 contractual rates 35,081 42,322
 Real estate owned 32,189 34,381
 Non-performing/underperforming assets $ 67,270 $ 76,703
 Loans paying at less than
 contractual rates/loans, net of
 unearned income 2.78 pct. 3.30 pct.
 -0- 4/13/92
 /CONTACT: Robert J. Creighton, senior vice president-chief financial officer, Columbia First Bank, 703-247-5090/
 (CFFS) CO: Columbia First Bank ST: Virginia IN: FIN SU:


MH-SB -- DC012 -- 7724 04/13/92 11:41 EDT
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