Printer Friendly

FIRST FEDERAL SAVINGS OF PUERTO RICO EARNINGS UP 40 PERCENT

 SAN JUAN, Puerto Rico, Oct. 13 /PRNewswire/ -- First Federal Savings Bank of Puerto Rico (NYSE: FBP) reported record earnings for the third quarter of 1993 of $5,618,713 or $0.83 per share, as compared to $4,006,017 or $0.44 per share for the third quarter of 1992, an increase of 40 percent in earnings and 89 percent in earnings per share. Earnings during the first nine months of 1993 amounted to $22,030,374 or $2.78 per share as compared to $10,861,843 or $1.17 per share for the first nine months of 1993. Earnings during the first nine months include a special adjustment of $6,840,000 or $0.87 per share, recorded during the first quarter of 1993, as a result of the implementation of a new accounting pronouncement related to income taxes, FASB 109. (All 1992 per share figures have been retroactively adjusted to reflect the effect of a 10 percent stock dividend distributed on Dec. 31, 1992 and a 3 for 2 stock split distributed on Feb. 26, 1993.)
 Annualized return on average assets for the nine months ended Sept. 30, 1993 was 1.45 percent, and annualized return on average equity for the nine months period was 39.8 percent. Excluding the effect of the special tax adjustment explained above, return on average assets was 1.08 percent and on average equity was 29.7 percent for the nine months period ended Sept. 30, 1993.
 No special items affected earnings; these are fully operational, core earnings of the bank. The increase in earnings is the direct result of improvement in the bank's main source of revenue, net interest income, to $21.6 million this quarter from $18.54 million during the third quarter of 1992, a 17 percent increase. "First Federal has concentrated its efforts in the generation of good quality personal and auto loans, and in the restructuring of its liability base. Investments made during the past two years in these two areas coupled with a lower interest rate scenario are paying off in larger production volumes and lower funding costs" said Angel Alvarez Perez, president and chief executive officer of the bank.
 Total loans increased by $93.7 million. This is the net effect of an increase of $45.6 million and $80.1 million in real estate and consumer loans respectively, and a decrease of $32.0 million in commercial loans. Deposits remained steady, however, there was a shift of approximately $28 million from 936 deposits to deposit at branches.
 Last week First Federal announced that it was released by its regulator, the Office of Thrift Supervision, from a Supervisory Agreement which had been in effect since October of 1990.
 First Federal Savings Bank, with total assets of $1.9 billion is the largest savings institution in Puerto Rico. It operates 30 branches in Puerto Rico and the U.S. Virgin Islands, and three branches in Miami through its subsidiary, First Florida Savings Bank.
 FIRST FEDERAL SAVINGS BANK OF PUERTO RICO
 CONDENSED STATEMENTS OF INCOME
 (000s OMITTED)
 Three Months Ended Nine Months Ended
 9/30/93 9/30/92 9/30/93 9/30/92
 Net interest income $21,643 $18,493 $63,469 $52,966
 Provision for possible
 loan losses 4,075 4,050 13,507 10,192
 Other operating income 3,787 3,369 12,520 9,759
 Gain on sale of
 investments --- 537 --- 537
 Operating expenses 14,201 13,579 42,414 40,566
 Income before income tax 7,154 4,770 20,068 12,504
 Income tax
 expense (benefit):
 Current 1,535 764 4,878 1,642
 Deferred --- --- (6,840) ---
 Net income $ 5,619 $ 4,006 $22,030 $10,862
 Net income per
 common share (A) $0.83 $0.44 $2.78 $1.17
 (A) -- Both primary and fully diluted.
 FIRST FEDERAL SAVINGS BANK OF PUERTO RICO
 CONDENSED FINANCIAL HIGHLIGHTS
 (000s OMITTED)
 AT AT
 9/30/93 9/30/92
 Total assets $ 1,881,004 $ 1,886,367
 Mortgage-backed securities 436,166 417,852
 Total loans:
 Real estate loans 553,410 507,784
 Consumer and other loans 508,473 428,398
 Commercial loans 135,802 167,847
 Total 1,197,685 1,104,029
 Reserve for possible
 loan losses 30,149 30,019
 Total deposits:
 Branch generated deposits 1,039,817 1,011,816
 Institutional deposits
 including 936 291,576 316,300
 Total 1,331,393 1,328,116
 Total stockholders' equity 82,229 85,007
 -0- 10/13/93
 /CONTACT: Annie Astor de Carbonell, executive vice president and chief financial officer of First Federal Savings Bank of Puerto Rico, 809-724-1715/
 (FBP)


CO: First Federal Savings Bank of Puerto Rico ST: Puerto Rico IN: FIN SU: ERN

RK-JV -- FL010 -- 1802 10/13/93 15:27 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 13, 1993
Words:795
Previous Article:ATLAS REPORTS FINANCIAL RESULTS FOR FISCAL 1993
Next Article:ED PELLETIER APPOINTED VICE PRESIDENT, RESIDUAL ACCOUNTING, MCA TELEVISION GROUP
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters