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CSF HOLDINGS FIRST QUARTER EARNINGS REACH $10.1 MILLION; NET AFTER DIVIDENDS IS 10 TIMES THAT OF YEAR AGO, 71 PERCENT PRECEDING QUARTER

CSF HOLDINGS FIRST QUARTER EARNINGS REACH $10.1 MILLION; NET AFTER DIVIDENDS IS 10 TIMES THAT OF YEAR AGO, 71 PERCENT PRECEDING QUARTER
 MIAMI, April 27 /PRNewswire/ -- CSF Holdings, Inc. (NASDAQ-NMS: CSFCB) had first quarter 1992 net earnings, after preferred stock dividends, that were nearly 10 times higher than the same period last year and 71 percent above its net for the preceding quarter.
 CSF Holdings reported net earnings, after preferred stock dividends, of $10,104,000 ($3.06 per share) on total income of $99,003,000 for the three months ended March 31, 1992, compared to net earnings, after preferred stock dividends, of $1,035,000 ($.34 per share) on total income of $97,434,000 for the same quarter of 1991. During the fourth quarter of 1991, CSF Holdings earned $5,904,000 after preferred stock dividends.
 CSF Holdings is the parent company of Citizens Federal Bank, a five-state federal savings bank with operations in Florida, Illinois, Ohio, California and Virginia.
 In announcing the earnings, Charles B. Stuzin, chairman and president of CSF Holdings, stated, "A long list of positives made this the best quarter in our 40-year history. The bank's deposits and interest rate spread reached all-time highs, and our non-performing loans remains among the lowest in the nation. In addition to strong core results and as part of our continuing review of the bank's asset portfolio, we sold securities and other assets for a net gain of approximately $7.9 million, which represented 37 percent of our $21.1 million pre-tax income.
 "Compared to a year ago, our deposits rose by $390 million to $3.7 billion, and our interest rate spread on March 31st was 332 basis points. During this past quarter, we acquired approximately $174 million in deposits and four banking offices in Florida and Virginia from the Resolution Trust Corporation.
 "The high quality of our loan portfolio continues to be one of the company's strongest assets. Non-performing loans were 1.55 percent of assets as of March 31, 1992, compared to 1.28 percent on Dec. 31, 1.15 percent on Sept. 30, 1.19 percent on June 30, and 1.15 percent on March 31, 1991. Given current economic conditions, we are pleased that the bank's delinquency level remains far below the national average.
 "The capital position of Citizens Federal Bank continues to easily exceed all current and fully phased-in regulatory requirements. As of March 31, 1992, tangible capital of $221 million equaled 4.9 percent vs. 1.5 percent required, core capital of $288 million equaled 6.4 percent vs. 3 percent required, and risk-based capital of $324 million equaled 14.4 percent vs. 7.2 percent required."
 As of March 31, 1992, CSF Holdings had a stockholders' equity (book value) of $48.47 per common share and a tangible book value of $38.12 per common share.
 CSF Holdings, Inc. is a publicly owned financial institution with $4.5 billion in assets. The company's common stock (CSFCB) is traded on the NASDAQ national market system.
 CSF HOLDINGS, INC. AND SUBSIDIARIES
 FIRST QUARTER 1992 EARNINGS
 (based upon unaudited
 results of operation; dollars
 in thousands,
 except per share amounts)
 Three Months
 Ended March 31,
 1992 1991
 Total income $ 99,003 $ 97,434
 Total expense 77,883 91,693
 Income before income taxes
 and extraordinary item 21,120 5,741
 Provision for income taxes 7,818 1,986
 Income before extraordinary
 item 13,302 3,755
 Extraordinary item,
 net of taxes (A) (273) --
 Net income before preferred
 stock dividends 13,029 3,755
 Preferred stock dividends of
 Citizens Federal 2,925 2,170
 Preferred stock dividends
 of the company (B) -- 550
 Net income after preferred
 stock dividends $ 10,104 $ 1,035
 Earnings per common share:
 Income before
 extraordinary item $ 3.14 $ 0.34
 Extraordinary item,
 net of taxes (A) (0.08) --
 Net income after preferred
 stock dividends $ 3.06 $ 0.34
 Weighted average
 common shares 3,301,087 3,081,520
 (unaudited; dollars in thousands,
 except per share amounts)
 At March 31,
 1992 1991
 Total assets $4,544,178 $4,274,820
 Loans receivable, net $2,790,171 $2,573,794
 Mortgage-backed securities $1,168,690 $1,233,416
 Cash and investments $ 433,552 $ 293,854
 Deposits $3,658,889 $3,269,273
 Minority interest in Citizens
 Federal non-cumulative
 preferred stock (C) $ 83,421 $ 54,976
 Stockholders' equity (B) $ 161,522 $ 177,324
 Book value per common share $ 48.47 $ 32.51
 Tangible book value per
 common share $ 38.12 $ 16.35
 Yield on loans and
 mortgage-backed securities 9.00 pct. 9.75 pct.
 Yield on investments (D) 4.49 pct. 7.05 pct.
 Total yield on
 interest-earning assets 8.62 pct. 9.62 pct.
 Cost of deposits 4.89 pct. 7.06 pct.
 Cost of borrowings 7.80 pct. 8.37 pct.
 Total cost of
 interest-bearing liabilities 5.30 pct. 7.30 pct.
 Yield on loans and
 mortgage-backed securities
 less cost of deposits 4.11 pct. 2.69 pct.
 Total yield on interest-earning
 assets less total cost of
 interest-bearing liabilities
 (interest rate spread) 3.32 pct. 2.32 pct.
 (A) CSF Holdings, Inc.'s (the "company") extraordinary loss for
 the three months ended March 31, 1992 represents a $273,000
 loss (net of taxes) on the prepayment of Federal Home Loan
 Bank ("FHLB") advances.
 (B) On July 31, 1991, the company redeemed all of its Series A
 preferred stock which had a book value of $78,534,000 and
 liquidation value of $97,100,000 for $25,450,000 in cash and
 a $12,000,000 senior promissory note (remaining balance of
 $6,500,000 at March 31, 1992). The difference between the
 amount the preferred stock was redeemed for and its book
 value ($41,084,000) increased paid in capital by the same
 amount and tangible book value by $13.36 per share.
 (C) Citizens Federal issued 173,386 shares of its 12 percent
 Series D Non-Cumulative Preferred Stock in exchange for its
 subordinated notes during the second quarter of 1991 and sold
 to the public 1,000,000 shares of its 10 percent Series E
 Non-Cumulative Preferred Stock.
 (D) Yield on investments is provided on a taxable-equivalent
 basis. Adjustments have been made for the tax-exempt nature
 of the income from investments in state and local government
 securities and the tax advantaged nature of the income from
 investments in certain equity securities.
 (E) The following table presents Citizens Federal's compliance
 with the regulatory capital requirements in effect at March
 31, 1992 and 1991, respectively:
 At March 31,
 1992 1991
 (dollars in thousands)
 Tangible Capital:
 Actual regulatory capital $221,300 $161,284
 Regulatory capital
 requirement 67,199 62,514
 Surplus $154,101 $ 98,770
 Tangible capital as a
 percentage of tangible
 assets 4.94 3.87
 Percentage required 1.50 1.50
 Core Capital:
 Actual regulatory capital $287,948 $248,109
 Regulatory capital
 requirement 135,053 125,757
 Surplus $152,895 $122,352
 Core capital as a percentage
 of adjusted tangible assets 6.40 5.92
 Percentage required 3.00 3.00
 Risk-Based Capital:
 Actual regulatory capital $324,428 $288,805
 Regulatory capital
 requirement 162,120 171,497
 Surplus $162,308 $117,308
 Total risk-based capital
 as a percentage of risk-
 weighted assets 14.41 12.13
 Percentage required 7.20 7.20
 -0- 4/27/92
 /CONTACT: Morton Trilling, executive vice president of CSF Holdings, Inc., 305-978-5454; or John K. Schulte of Schulte, Ross and Aguilar, 305-856-1442, for CSF Holdings, Inc./
 (CSFCB) CO: CSF Holdings, Inc. ST: Florida IN: FIN SU: ERN


SS-JB-AW -- FL010 -- 3055 04/27/92 10:59 EDT
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