Printer Friendly

EDGEMARK FINANCIAL CORP. ANNOUNCES 3RD QUARTER AND 9 MONTHS EARNINGS

 CHICAGO, Nov. 20 ~PRNewswire~ -- EdgeMark Financial Corp. today reported 1992 third quarter net income applicable to common stock increased 93 percent to $562,861 or $0.38 per share, compared to $291,285 or $0.20 per share for the same quarter last year.
 For the nine months ending Sept. 30, 1992, net income applicable to common stock was down 14 percent to $947,509, or $0.65 per share, from $1,101,521, or $0.76 per share for the same period a year ago.
 Charles A. Bruning, EdgeMark's president and chief executive officer, said that the nine months results were impacted by a decision to restate June 30, 1992 operating results to reflect an additional $650,000 to the provision for loan losses. "The action follows a recommendation from bank examiners arising from a review of one of our bank units. We elected to act on the recommendation immediately and make the additional provision to maintain our reserves," Bruning said.
 Commenting on the quarter, Bruning said that gains resulted from increases in both net interest income and non-interest income, and a continued focus on cost containment.
 Net interest income for the quarter rose nearly 12 percent, while other income jumped 34 percent, primarily due to mortgage brokerage fees generated by the mortgage brokerage operation of one of the corporation's banks. Total interest income declined 13 percent and total interest expense declined 35 percent, while total other expenses net of those attributable to the mortgage brokerage operation rose 4 percent.
 The corporation's loan loss provision for the quarter increased by 31 percent to $767,750, from $587,001 a year ago. For the nine-month period, the loan loss provision increased 132 percent to $2,666,583 from $1,150,425 a year ago. Net charge-offs for the quarter and nine-month period were $197,827 and $2,381,025, respectively, compared to $168,504 and $827,294 for the comparable periods a year ago.
 Net loans outstanding increased 6 percent to $343,365,486 from $323,945,599 a year earlier. Total deposits at Sept. 30 were $467,571,832, a slight increase from the same period last year. Total assets as of Sept. 30 were $532,401,020, a 1.45-percent increase from a year ago. Total shareholders' equity rose 4.4 percent to $42,505,602 from a year ago.
 The corporation's nonperforming loans as of Sept. 30 increased to 2.18 percent of total loans compared to 1.68 percent at June 30. The ratio was 2.26 percent a year ago.
 On Sept. 30, EdgeMark's ratio of Tier 1 capital to risk-adjusted assets was 7.02 percent and total capital to risk-adjusted was 8.33 percent compared to 6.53 percent and 8.53 percent, respectively, a year ago. The leverage ratio (Tier 1 capital to average assets) was 5.13 percent on Sept. 30, up from 4.79 percent on Sept. 30, 1991.
 The common stock of EdgeMark Financial Corp. is publicly listed under the symbol EDGE (Pink Sheets) and traded through The Chicago Corp. and Kemper Securities, Inc.
 EdgeMark Financial Corp. is a $532 million multi-bank holding company that owns and operates Merchandise National Bank of Chicago; Edgewood Bank in Countryside and Woodridge; EdgeMark Bank Lombard; First National Bank of Lockport, and EdgeMark Bank Rosemont. EdgeMark Mortgage, the corporation's mortgage brokerage operation, is a division of EdgeMark Bank Lombard.
 EDGEMARK FINANCIAL CORP.
 THIRD QUARTER 1992 AND NINE MONTHS FINANCIAL HIGHLIGHTS
 QUARTERLY COMPARISON 3Q '92 3Q '91 Pct. Change
 Net income $ 758,313 $ 483,783 56.75
 Per share .38 .20 N~A
 Net interest income 5,584,080 5,004,207 11.59
 Return on average assets 0.58 pct 0.39 pct N~A
 Return on Avg. common equity 7.12 pct 4.84 pct N~A
 Noninterest income 2,026,289 1,515,071 33.74
 Noninterest expense 5,875,345 5,334,187 10.15
 Loan loss provision 767,750 587,001 30.79
 Net charge-offs 197,827 168,504 17.40
 Weighted average shares
 and share equivalents 1,454,692 1,459,779 N~A
 YEAR TO DATE COMPARISON 1992 1991 Pct. Change
 Net income $1,531,570 $1,697,386 (9.77)
 Per share .65 .76 (14.38)
 Net interest income 16,492,899 15,011,954 9.87
 Return on average assets 0.44 pct 0.46 pct N~A
 Return on Avg. common equity 5.31 pct 5.66 pct N~A
 Noninterest income 5,274,565 3,234,716 63.06
 Noninterest expense 17,133,908 15,022,362 14.06
 Loan loss provision 2,666,583 1,150,425 131.79
 Net charge-offs 2,381,025 827,294 187.81
 Weighted average shares
 and share equivalents 1,454,487 1,459,545 N~A
 BALANCE SHEET (NINE MONTHS ENDED SEPT. 30)
 9-30-92 12-31-91 9-30-91
 Assets $532,401,020 $516,943,125 $524,790,651
 Deposits 467,571,832 456,988,585 464,968,398
 Net loans 343,365,486 324,760,366 323,945,599
 Shareholders' equity 42,505,602 41,628,926 40,715,396
 Provision for loan losses 4,732,652 4,446,093 3,493,196
 Allowance~loans ratio 1.36 1.35 1.07
 Non-performing loans $ 7,571,592 $ 4,518,028 $ 7,387,000
 as a percent of loans 2.18 pct 1.37 pct 2.26 pct
 Leverage ratio 5.13 4.52 4.79
 Book value per share $23.92 $23.28 $22.67
 -0- 11~20~92
 ~CONTACT: Charles Bruning of EdgeMark, 312-836-8001; or George Morvis of Financial Shares, 312-943-8116, for EdgeMark~
 (EDGE)


CO: EdgeMark Financial Corp. ST: Illinois IN: FIN SU: ERN

JG -- DE020 -- 3457 11~20~92 15:00 EST
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:Nov 20, 1992
Words:955
Previous Article:APPEALS BOARD UPHOLDS AWARD TO GTE FOR MULTIMILLION DOLLAR DOD SYSTEMS INTEGRATION CONTRACT
Next Article:ENVIRODYNE INDUSTRIES,INC. ANNOUNCES RESIGNATION OF PETER R. HARVEY FROM BOARD OF DIRECTORS
Topics:


Related Articles
EDGEMARK FINANCIAL REPORTS FOURTH QUARTER AND YEAR END EARNINGS
EDGEMARK FINANCIAL ANNOUNCES SECOND QUARTER AND SIX MONTHS EARNINGS
CHEMICAL FINANCIAL CORPORATION ANNOUNCES 3rd-QUARTER OPERATING RESULTS
EDGEMARK FINANCIAL CORP. REPORTS FOURTH QUARTER AND 1992 RESULTS
EDGEMARK FINANCIAL CORP. POSTS FIRST QUARTER GAINS
EDGEMARK FINANCIAL CORPORATION POSTS SECOND QUARTER GAINS
EDGEMARK FINANCIAL CORP. POSTS THIRD QUARTER GAINS
EDGEMARK FINANCIAL CORPORATION POSTS FOURTH QUARTER 1993 GAINS
OLD KENT REPORTS INCREASED FIRST QUARTER EARNINGS
OLD KENT REPORTS RECORD EARNINGS FOR 1994

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