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FIRST FEDERAL REPORTS A SIGNIFICANT INCREASE IN EARNINGS

 LA CROSSE, Wis., Jan. 20 /PRNewswire/ -- First Federal Capital Corp. (NASDAQ: FTFC), the parent company of First Federal Savings Bank La Crosse-Madison, has posted a significant gain in fourth quarter profits.
 Net income for the three months ended Dec. 31, 1992, totaled $2.88 million, or $1.12 per share. That equated to a 63 percent increase over the comparable quarter last year when income totaled $1.78 million, or $.71 per share.
 For the fiscal year ended Dec. 31, 1992, income reached a record of $11.52 million, or $4.49 per share. Included in that total was a $1.1 million or a $.43 per share gain from an accounting change made in the year's first quarter. Last year, net income was $7.79 million, or $3.08. Last year's income included a $1.39 million or a $.55 per share gain from a tax loss carry-forward


from 1990. Not including these non- recurring gains in both years, net income for the year rose 63 percent in 1992 over 1991.
 Commenting on the year's performance, Thomas W. Schini, company president
and chief executive officer, indicated that, The record earnings for the last quarter and for the year can be attributed to significant increases in both net interest income and in non-interest income. Both of these areas were positively impacted by the lower levels of interest rates that were experienced throughout the year.''
 The company also reported that it provided a record level of home loans to its customers in 1992. For the year, over $500 million in loans were provided to over 7,000 individuals and families for the purchase or refinance of homes.
 Schini reported that fourth quarter net interest income rose to $7.44 million, up from $6.85 million in the same quarter last year. Primarily on the strength of a $1 million increase in gains on sales of loans, fourth quarter non-interest income was up 38 percent to $3.43 million from last year's level of $2.48 million. For the same period, non-interest expense amounted to $5.95 million, down from the comparable quarter of last year when these expenses were $6.02 million.
 Provision for possible loan or real estate losses for the quarter and year ended Dec. 31, 1992, respectively were $10,000 and $1.17 million. These compared to $109,000 and $1.47 million for the quarter and year ended Dec. 31, 1991.
 Schini also reported that during the year the company continued its
progress in reducing non-performing assets. Schini noted that, For the entire year of 1992, non-performing assets were reduced from $11.1 million at the beginning of the year to $5.5 million at Dec. 31, 1992. This substantial reduction of 50 percent was accomplished without significant impact to either earnings or to our level or reserves.'' For the quarter, non-performing assets were reduced by $1.38 million.
 At Dec. 31, 1992, First Federal Capital Corp's shareholders' equity totaled $60.84 million, 20 percent above the year end 1991 level of $50.38 million. This is the second consecutive year that shareholders' equity has increased by more than 20 percent during the year. Equity per share at Dec. 31, 1992, was $23.69.
 The company reported that for the entire year (before including the gain for the accounting change), return on average assets reached 1.21 percent and return on average equity climbed to 18.65 percent. Total assets of the company at Dec. 31, 1992, were $869 million, an increase of $40 million for the year. Deposits at year end were $702 million, while loans held for investment totaled $572 million.
 The company's banking subsidiary, First Federal Savings Bank La Crosse-Madison, is headquartered in La Crosse, Wis. It operates 23 consumer banking offices and two loan production facilities in western and south central Wisconsin. First Federal Capital Corp shares are traded on the NASDAQ Stock Market under the symbol FTFC.
 FIRST FEDERAL CAPITAL CORPORATION
 Financial Highlights
 (Dollars in 000s except for per share amounts)
 Selected operating data:
 Periods ended Dec. 31 Three months Twelve months
 1992 1991 1992 1991
 Interest income $ 17,055 $ 18,603 $ 71,021 $ 73,833
 Interest expense 9,610 11,757 41,798 49,150
 Net interest income 7,445 6,846 29,523 24,683
 Provision for
 loan losses 119 39 1,171 1,202
 Provision for real
 estate losses (109) 70 1 264
 Non-interest income 3,416 2,480 12,575 9,013
 Non-interest expense
 (excluding real estate
 loss expense) 6,059 5,951 23,786 21,435
 Income tax expense 1,909 1,482 6,716 4,389
 Net income before
 extraordinary item 2,883 1,784 10,424 6,404
 Accounting change - - 1,100 -
 Extraordinary item - - - 1,390
 Net income 2,883 1,784 11,524 7,794
 Per share 1.12 0.71 4.49 3.08
 Per share (before
 accounting change and
 extraordinary item) 1.12 0.71 4.06 2.53
 Net yield on
 earning assets 3.56 3.53 3.62 3.29
 Return on Average
 Assets (pct.) 1.31 0.88 .134 0.98
 Return on Average Assets
 (before accounting change
 & extraordinary
 item (pct.) 1.31 0.88 1.21 0.80
 Return on Average
 Equity 19.33 14.58 20.62 16.90
 Return on average Equity
 (before accounting change
 & extraordinary
 item (pct.) 19.33 14.87 18.65 13.89
 Dividends paid $ 0.15 $ 0.105 $ 0.525 $ 0.105
 FIRST FEDERAL CAPITAL CORP SELECTED BALANCE DATA SHEET
 (Dollars in 000s except for per share amounts)
 Period ended Dec. 31 1992 1991
 Assets $ 869,235 $ 829,026
 Investment Securities 64,674 23,509
 Mortgage-backed and
 related securities 133,455 107,074
 Loans held for investment 571,650 598,173
 Deposits 701,744 698,336
 Allowance for loan and
 real estate losses 8,903 9,934
 (a) Nonperforming assets 5,501 11,092
 Shareholders' equity 60,841 50,379
 Per share 23.69 19.64
 Other Information at Dec. 31, 1992 1991
 Equity Capital as a percent
 of total assets (pct.) 7.00 6.08
 Allowances for loan losses
 as a percent of loans (pct.) 1.26 1.25
 Nonperforming assets as a
 percent of total assets (pct.) 0.63 1.34
 Allowances for loan & real estate
 loss as a percent of nonperforming
 assets (pct.) 162 90
 Stock price at end of period $ 26.00 $ 14.63
 NOTE: (a) Includes real estate owned and loans 90 days past due. Does not include loans which are performing in accordance with their terms but which are being closely monitored by management for potential problems.
 -0- 1/20/93
 /CONTACT: Bob Rousey of First Federal Capital Corp, 608-784-8000/
 (FTFC)


O: First Federal Capital Corporation ST: Wisconsin IN: FIN SU: ERN

TM -- NY088 -- 7166 01/20/93 19:12 EST
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Date:Jan 20, 1993
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