Printer Friendly

EARNINGS ARE CLIMBING AT RAILROADMEN'S; 38 PERCENT INCREASE FOR THE QUARTER; 61 PERCENT FOR NINE MONTHS

 EARNINGS ARE CLIMBING AT RAILROADMEN'S;
 38 PERCENT INCREASE FOR THE QUARTER; 61 PERCENT FOR NINE MONTHS
 INDIANAPOLIS, Oct. 15 /PRNewswire/ -- Railroadmen's Federal Savings & Loan Association of Indianapolis (NASDAQ: RRMN) today reported earnings of $1,724,399 or $.86 per share for the quarter ended Sept. 30, 1992. This compares to $1,247,766 or $.63 per share for the same quarter in 1991, representing an increase in earnings of 38 percent.
 For the nine months just ended, earnings were $4,939,587 or $2.46 per share. This is a 61 percent increase in earnings over the same period in 1991, when earnings were $3,067,427 or $1.71 per share.
 "The period just ended is one of the best in Railroadmen's 105-year history," said J.R. Kocher, chairman of the board and chief executive officer. "We have not only improved our earnings performance compared to last year, but our management's efforts, combined with the recent economic environment, have resulted in our fifth consecutive quarter of earnings increases," he said.
 "Another achievement of which I am especially proud is our ability to sustain our earnings growth without the tax benefit of net operating loss carryforwards, which were exhausted during April 1992. As these earnings results affirm, being subject to an effective income tax rate of 39.6 percent has definitely not prevented us from turning in remarkable performance."
 Strong earnings have allowed the association to maintain strong capital ratios while experiencing asset growth. At September 1992, Railroadmen's assets were $645.3 million, compared to $593.7 million at the end of 1991. Other key performance indicators include an increase in book value per share - $18.70 on Sept. 30, 1992, compared to $16.42 at the end of 1991; growth in shareholders' equity - $36.7 million on Sept. 30, 1992 compared to $31.9 million at the end of 1991 and return on equity of 19.2 percent for the quarter just ended, compared to 16.5 percent for the same quarter last year.
 Loan volume for the association has continued its record pace. $163.3 million in loans have closed during the first nine months of 1992. At the same point last year, $70.4 million in loans had been closed, a 132 percent increase. Consistent with other reporting periods this year, Railroadmen's is refinancing mortgage loans for a number of customers; about half of these refinances are for mortgages from other financial institutions.
 Deposits have held steady at just over $400 million throughout the year despite prevailing low interest rates for savers. The association offers a variety of traditional savings products and 21 Service Corporation, a subsidiary of Railroadmen's, provides customers the opportunity to invest in annuity and security products.
 Railroadmen's operates 15 full service offices in the greater Indianapolis and Chicago areas.
 RAILROADMEN'S FINANCIAL HIGHLIGHTS
 Dollars in Thousands Except Per Share Data
 OPERATING HIGHLIGHTS
 Three Months Ended Nine Months Ended
 9/30/92 9/30/91 9/30/92 9/30/91
 Net income before $1,724 $827 $4,453 $2,040
 benefit of NOLs
 Net income after 1,724 1,248 4,940 3,067
 benefit of NOLs
 Net income per .86 .42 2.22 1.14
 common and common
 equivalent share
 before benefit of
 NOLs (A)
 Net income per .86 .63 2.46 1.71
 common and common
 equivalent share
 after benefit of
 NOLs (A)
 Average outstanding 2,014 1,967 2,010 1,789
 shares (common and
 common equivalent) (A)
 Return on assets (Pct) 1.06 .93 1.05 .78
 Return on equity (Pct) 19.2 16.5 19.2 14.6
 BALANCE SHEET HIGHLIGHTS
 As of 9/30/92 As of 12/31/91
 Total assets $645,322 $593,716
 Loans and mortgage- 598,200 542,832
 backed securities
 Deposits 403,172 409,437
 Shareholders' equity 36,765 31,940
 Book value per common share (A) 18.70 16.42
 OTHER INFORMATION
 Market closing price (A) $17.25 $13.41
 Dividends per share .30 .30
 (annualized)
 Number of offices 15 15
 (A) -- 1991 information has been adjusted to reflect a ten percent stock dividend paid in July 1992.
 -0- 10/15/92
 /CONTACT: Kay Neidlinger of Railroadmen's Federal Savings & Loan, 317-630-0599 or 800-822-8280 toll-free in Indiana/
 (RRMN) CO: Railroadmen's Federal Savings & Long ST: Indiana IN: FIN SU: ERN


KK -- CL019 -- 0488 10/15/92 13:58 EDT
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 15, 1992
Words:725
Previous Article:HEPATITIS B VACCINATION RECOMMENDED FOR ALL INFANTS AND ADOLESCENTS; PEDIATRICIANS TAKE STEPS TO ERADICATE VIRUS
Next Article:NEW PRODUCT INTRODUCTIONS MADE AT DSP EXPOSITION & SYMPOSIUM
Topics:


Related Articles
RAILROADMEN'S ANNOUNCES RECORD EARNINGS $1 MILLION IMPROVEMENT OVER 1990 POSITION
RAILROADMEN'S POSTS RECORD QUARTERLY EARNINGS 85 PERCENT INCREASE OVER FIRST QUARTER OF 1991
STOCK DIVIDEND DECLARED AT RAILROADMEN'S TO RECOGNIZE STRONG FINANCIAL PERFORMANCE
RAILROADMEN'S POSTS RECORD EARNINGS; 68 PERCENT INCREASE OVER SAME QUARTER LAST YEAR
RAILROADMEN'S INCREASES QUARTERLY DIVIDEND; PAYMENT TO SHAREHOLDERS WILL INCREASE BY ONE-THIRD
RAILROADMEN'S ENDS YEAR WITH INCREASED EARNINGS; RECORD YEAR -- EARNINGS OVER $6 MILLION
RAILROADMEN'S ANNOUNCES EARNINGS INCREASE, UP OVER 32 PERCENT FROM SAME PERIOD LAST YEAR
RAILROADMEN'S ANNOUNCES QUARTERLY DIVIDEND
HUNTINGTON BANCSHARES INCORPORATED TO ACQUIRE RAILROADMEN'S FEDERAL SAVINGS AND LOAN ASSOCIATION
EARNINGS CLIMB AT RAILROADMEN'S; SECOND QUARTER EARNINGS UP 26 PERCENT OVER SAME PERIOD LAST YEAR

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters