Printer Friendly

CSF HOLDINGS 1ST QUARTER NET EARNINGS NEARLY EQUAL RECORD-SETTING 1ST QUARTER LAST YEAR, EXCLUDING ONE-TIME ACCOUNTING CHANGE GAIN

 MIAMI, April 20 /PRNewswire/ -- CSF Holdings, Inc. (NASDAQ-NMS: CSFCB), parent company of Citizens Federal Bank, attained 1993 first quarter net earnings of $10.37 million. This compares to its record-setting $10.39 million earnings in the first quarter last year, excluding a one-time accounting change gain in 1992.
 A comparison of 1993 and 1992 net earnings is distorted by an accounting change emanating from the company's adoption of Financial Accounting Standards Board Statement No. 109 which increased the company's 1992 first quarter earnings by a gain of $7.5 million.
 CSF Holdings reported net earnings, after preferred stock dividends, or $10,374,000, or $1.01 per share, on total income of $84,506,000 for the three months ended March 31, 1993, compared to net earnings after preferred stock dividends, of $17,866,000, or $1.92 per share, on total income of $99,003,000 for the same quarter of 1992. During the fourth quarter of 1992, CSF Holdings earned $8,342,000 after preferred stock dividends.
 All per share earnings have been adjusted for the 25 percent common stock dividend paid on June 29, 1992, the 50 percent common stock dividend paid on Oct. 26, 1992, and the 50 percent common stock dividend paid on Feb. 22, 1993.
 In announcing the earnings, Charles B. Stuzin, chairman and president of CSF Holdings, stated, "We had a great first quarter and I hope that fact will not be lost in the comparison with last year when our bottom line was augmented by a one-time accounting change gain.
 "Our 1993 interest rate spread of 3.39 percent is seven basis points above a year ago and produced record high quarterly net interest income of $33 million. Our operating expenses were down by 2 percent, and the results were further enhanced by a decline in the provision for loan losses from $2.7 million in the first quarter last year to $2 million this year.
 "Our after-tax core earnings of $9.8 million this quarter were 14 percent higher than the $8.6 million recorded a year ago. The gain on sale of securities and other assets was $3.5 million after taxes, which represented 26 percent of our net income before preferred stock dividends. Last year, a similar gain of $5 million after taxes represented 37 percent of our net income before preferred stock dividends.
 "The high quality of our residential mortgage loan portfolio continues to be one of the company's strongest assets. Non-performing assets were $88.7 million (1.95 percent of total assets) on March 31, 1993, compared to $87.0 million (1.95 percent) on Dec. 31, 1992, and $86.3 million (1.89 percent) on March 31, 1992."
 For the quarter ended March 31, 1993, CSF Holdings had a 0.92 percent return on average assets and a 19.7 percent return on stockholders' equity.
 As of March 31, 1993, CSF Holdings had a stockholders' equity (book value) of $21.04 per common share and a tangible book value of $19.05 per common share.
 The capital position of Citizens Federal Bank continues to exceed all regulatory requirements, and currently meets the regulatory definitions of "well-capitalized." As of March 31, 1993, tangible capital of $264 million equaled 5.9 percent vs. 1.5 percent required, core capital of $310 million equaled 6.9 percent vs. 3 percent required, and risk-based capital of $348 million equaled 14.9 percent vs. 8 percent required.
 Citizens Federal Bank is an interstate federal savings bank with operations in Florida, Illinois, Ohio, California and Virginia.
 CSF Holdings is a publicly owned financial institution with its common stock (CSFCB) traded on the NASDAQ National Market System.
 CSF HOLDINGS, INC. AND SUBSIDIARIES
 FIRST QUARTER 1993 EARNINGS
 Three Months Ended
 March 31,
 1993 1992
 (Unaudited; dollars in thousands,
 except for per share amounts)
 Total interest income $ 77,242 $ 89,865
 Total interest expense 44,149 57,064
 Net interest income 33,093 32,801
 Provision for loan losses 2,000 2,700
 Net interest income after
 provision for loan losses 31,093 30,101
 Net gain on sale of assets 5,527 7,870
 Total other income 1,737 1,268
 Total other expenses 17,321 17,675
 Income before income taxes,
 extraordinary items and
 cumulative effect of change
 in accounting principle 21,036 21,564
 Provision for income taxes 7,737 7,974
 Income before extraordinary
 items and cumulative
 effect of change in
 accounting principle 13,299 13,590
 Extraordinary items,
 net of tax (A) --- (273)
 Cumulative effect of
 change in accounting
 principle (B) --- 7,474
 Net income before
 preferred
 stock dividends 13,299 20,791
 Preferred stock dividends
 of Citizens Federal Bank 2,925 2,925
 Net income after
 preferred stock dividends $ 10,374 $ 17,866
 Earnings per common share (C):
 Income before extraordinary
 items and cumulative effect
 of change in
 accounting principle $ 1.01 $ 1.15
 Extraordinary items,
 net of taxes (A) --- (0.03)
 Cumulative effect of
 change in accounting
 principle (B) --- 0.80
 Net income after preferred
 stock dividends $ 1.01 $ 1.92
 Weighted average
 common shares (C) 10,253,181 9,282,108
 At March 31,
 1993 1992
 Total assets $4,534,441 $4,547,974
 Cash and investments $ 204,997 $ 433,552
 Loans receivable, net $2,853,923 $2,790,171
 Mortgage-backed securities $1,333,866 $1,168,691
 Deposits $3,598,736 $3,658,889
 Borrowings $ 598,340 $ 591,846
 Minority interest in Citizens
 Federal's Non-Cumulative
 Preferred Stock $ 83,421 $ 83,421
 Stockholders' equity $ 215,718 $ 169,284
 Book value per
 common share (C) $ 21.04 $ 18.07
 Tangible book value per
 common share (C) $ 19.05 $ 15.11
 Return on average equity 19.72 pct. 44.63 pct.
 Resturn on average assets 0.92 pct. 1.60 pct.
 Yield on loans and
 mortgage-backed securities 7.78 pct. 9.00 pct.
 Yield on investments 4.07 pct. 4.49 pct.
 Total yield on
 interest-earning assets 7.67 pct. 8.62 pct.
 Cost of deposits 3.83 pct. 4.89 pct.
 Cost of borrowings 7.01 pct. 7.80 pct.
 Total cost of
 interest-bearing liabilities 4.28 pct. 5.30 pct.
 Total yield on loans and
 mortgage-backed securities
 less cost of deposits 3.95 pct. 4.11 pct.
 Total yield on interest-earning
 assets less total cost of
 interest-bearing liabilities
 (interest rate spread) 3.39 pct. 3.32 pct.
 Total non-performing
 loans, net $ 73,608 $ 70,342
 Real estate owned, net 15,096 15,944
 Total non-performing assets $ 88,704 $ 86,286
 Ratio of non-performing loans
 to total assets 1.62 pct. 1.54 pct.
 Ratio of non-performing assets
 to total assets 1.95 pct. 1.89 pct.
 Tangible Capital:
 Actual regulatory capital $264,344 $226,179
 Regulatory capital
 requirement 67,384 67,212
 Surplus $196,960 $158,967
 Tangible capital as a
 percentage of tangible
 assets 5.88 pct. 5.05 pct.
 Percentage required 1.50 pct. 1.50 pct.
 Core Capital:
 Actual regulatory capital $310,014 $292,836
 Regulatory capital
 requirement 135,127 135,080
 Surplus $174,887 $157,756
 Core capital as a percentage
 of adjusted tangible assets 6.88 pct. 6.50 pct.
 Percentage required 3.00 pct. 3.00 pct.
 Risk-Based Capital:
 Actual regulatory capital $347,662 $329,108
 Regulatory capital
 requirement 186,560 162,156
 Surplus $161,102 $166,952
 Risk-based capital
 as a percentage of risk-
 weighted assets 14.91 pct. 14.61 pct.
 Percentage required 8.00 pct. 7.20 pct.
 (A) -- The extraordinary loss of CSF Holdings, Inc. (the "company") of $0.3 million for the three months ended March 31, 1992 (net of tax benefit) resulted from the prepayment of Federal Home Loan Bank advances.
 (B) -- The company adopted Statement of Financial Accounting Standard No. 109 ("SFAS No. 109"), Accounting for Income Taxes, during the second quarter of 1992 and restated its earnings for the three months ended March 31, 1992 to reflect the effects of the adoption as of Jan. 1, 1992 in accordance with the provisions of the statement. The cumulative effect of this change through Jan. 1, 1992 increased net earnings and stockholders' equity by $7.5 million.
 (C) -- On Feb. 22, 1993 the company effected a 3-for-2 stock split in the form of a 50 percent stock dividend, to the holders of its Class B Common Stock. All per-share data is adjusted for this stock split and those that occurred in 1992.
 -0- 4/20/93
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, Inc. 305-978-5454; or John K. Schulte of Schulte Ross & Aguilar, 305-856-1442, for CSF Holdings, Inc./
 (CSFCB)


CO: CSF Holdings, Inc. ST: Florida IN: FIN SU: ERN

JB-AW -- FL008 -- 8041 04/20/93 11:57 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 20, 1993
Words:1445
Previous Article:TOTAL PETROLEUM (NORTH AMERICA) ANNOUNCES 1993 FIRST QUARTER RESULTS
Next Article:WYNN'S NET INCOME INCREASES 22 PERCENT
Topics:


Related Articles
CSF HOLDINGS THIRD QUARTER EARNINGS UP 61 PERCENT ABOVE SECOND QUARTER, BUT LOWER THAN COMPARABLE QUARTER LAST YEAR; CORE EARNINGS, DEPOSITS,...
CSF HOLDINGS FOURTH QUARTER EARNINGS UP 64 PERCENT ABOVE THIRD QUARTER; OPERATING RESULTS REACH RECORD HIGHS FOR QUARTER, FISCAL YEAR
CSF HOLDINGS SECOND QUARTER EARNINGS UP FIVEFOLD TO $11.3 MILLION; RESTATED FIRST QUARTER NET INCREASED BY F.A.S.B. ACCOUNTING CHANGE
CSF HOLDINGS THIRD QUARTER NET EARNINGS TRIPLE TO $11.2 MILLION; NINE MONTH NET EARNINGS REACH RECORD HIGH OF $40.3 MILLION
CSF HOLDINGS ANNUAL EARNINGS QUADRUPLE TO $48.7 MILLION; NET ATTAINS RECORD HIGHS FOR BOTH FOURTH QUARTER AND FISCAL YEAR
MANAGEMENT OF CSF HOLDINGS PREDICTS STRONG 1993 NET EARNINGS
CSF HOLDINGS 2ND QUARTER NET EARNINGS REACH RECORD HIGH $11.4 MILLION
CSF HOLDINGS REPORTS HIGHER CORE EARNINGS BUT LOWER NET EARNINGS FOR FIRST QUARTER
CSF HOLDINGS EARNS $10.5 MILLION IN 3RD QUARTER; BANK'S CORE EARNINGS UP SUBSTANTIALLY ABOVE YEAR AGO AS EXPENSES DECLINE
CSF HOLDINGS 4TH QUARTER NET REACHES RECORD HIGH; ANNUAL EARNINGS ARE THIRD HIGHEST IN COMPANY'S HISTORY

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