ESSEX FINANCIAL PARTNERS, L.P., RETURNS TO PROFITABILITY IN THIRD QUARTER 1991
ESSEX FINANCIAL PARTNERS, L.P., RETURNS TO PROFITABILITY
IN THIRD QUARTER 1991
VIRGINIA BEACH, Va., Nov. 4 /PRNewswire/ -- Essex Financial Partners, L.P. (AMEX: ESX), a multi-state thrift holding company based in Virginia Beach, returned to profitability in its third quarter of operations in 1991 after posting a significant loss in the second quarter of 1991. Net income for the third quarter was $194,643 vs. the previous quarter's loss of $3,561,648. Net income per Class A unit holder was 9 cents in the third quarter of 1991 vs. a loss of $1.70 in the second quarter of 1991 based on 2,078,382 units. In the third quarter of 1990 net income was $705,408 and 29 cents per Class A unit holder. Total assets were $506,552,031 as of Sept. 30, 1991 vs. $499,460,154 as of Dec. 31, 1990. Provision for loan losses totaled $627,073 for the third quarter of 1991 vs. $3,613,602 for the second quarter of 1991 and $141,522 for the third quarter of 1990.
Looking forward to the remainder of 1991, Essex Chairman and Chief Executive Officer Lawrence N. Smith stated that: "Management is encouraged that net interest margins have increased in the third quarter. As reported earlier, we expect further improvement in the fourth quarter of 1991. For example, we have in excess of 100 million dollars of deposits at a blended cost in excess of 7.5 percent which will be rolling over in the fourth quarter. Our current C.D. deposit rates for our three banks are less than 6 percent. Bot the asset base of the North Carolina savings bank to move toward compliance by year end 1991. All in all, we believe we are well positioned to take advantage of today's low interest rates and slow economic recovery."
/CONTACT: Lisa Nasis, investor relations, Essex Financial Partners, L.P., 800-274-9900, ext. 308/
(ESX) CO: Essex Financial Partners, L.P. ST: Virginia IN: FIN SU: ERN SB -- DC003 -- 0570 11/04/91 08:34 EST