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FLAGSHIP FINANCIAL CORP. REPORTS THIRD QUARTER RESULTS

 FLAGSHIP FINANCIAL CORP. REPORTS THIRD QUARTER RESULTS
 JENKINTOWN, Pa., Nov. 6 /PRNewswire/ -- Flagship Financial Corp.


(NASDAQ-NMS: FLGF) announced today that net income for the three months ended Sept. 30, 1992, was $1.1 million or $.32 per share.
 This compares with a $.7 million loss or $.20 per share for the same period in 1991. For the nine months ended Sept. 30, 1992, the company reported a net income of $691,000 or $.20 per share as compared to a net loss of $1.7 million or $.49 per share for the same period in 1991.
 At a recent meeting, the company's board of directors declared a regular quarterly dividend of $.10 per share. This dividend was paid on Oct. 30, 1992, to common stockholders of record on Oct. 16.
 As previously reported, the company has signed a definitive agreement with PNC Financial Corp (NYSE: PNC) for PNC to acquire Flagship. Under terms of the agreement, PNC will pay Flagship shareholders $13.05 cash per common share. The transaction has been approved by regulatory authorities. A closing date is scheduled for Nov. 20, 1992.
 Flagship Financial Corp., which ranks among the 10 largest publicly traded thrift institutions in Pennsylvania, conducts business through its wholly owned subsidiaries First American Savings and Brandywine Savings Bank. First American operates 12 full-service offices in southeastern Pennsylvania. Brandywine Savings operates nine full- service branches in Chester County, Pa.
 FLAGSHIP FINANCIAL CORPORATION
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Quarter Nine months
 Sept. 30 1992 1991 1992 1991
 Operating data:
 Total interest income $16,749 $21,728 $53,384 $67,128
 Total interest expense 9,812 14,728 32,729 45,918
 Net interest income 6,937 7,000 20,655 21,210
 Provision for loan losses 263 1,665 593 6,394
 Net interest income after
 provision for loan losses 6,674 5,335 20,062 14,816
 Non-interest income:
 Gain on sale of loans
 and securities --- 323 365 1,195
 Equity in income (loss) from
 joint ventures --- 153 (501) 269
 Other 354 491 1,216 1,412
 Total non-interest income 354 967 1,080 2,876
 Non-interest expenses:
 Salaries and employee
 benefits 1,980 2,796 6,213 7,167
 Occupancy and equipment 1,012 996 3,035 2,980
 Deposit insurance premiums 395 419 1,211 1,287
 Advertising and marketing 51 195 212 630
 Provision for loss on
 real estate owned 225 --- 4,078 12
 Amortization of excess cost
 over fair value of net assets
 acquired 220 232 659 694
 Other operating expenses 1,185 1,743 4,209 4,193
 Total non-interest expenses 5,068 6,381 19,617 16,963
 Income (loss) before income
 taxes and utilization
 of tax loss carryforward 1,960 (79) 1,525 729
 Income tax expense 934 647 1,034 2,526
 Income (loss) before utilization
 of tax loss carryforward 1,026 (726) 491 (1,797)
 Utilization of tax loss
 carryforward 102 33 200 113
 Net income (loss) 1,128 (693) 691 (1,684)
 Earnings (loss) per common
 share:
 Before utilization of tax
 loss carryforward $.29 $(.21) $.14 $(.52)
 Utilization of tax loss
 carryforward .03 .01 .06 .03
 Earnings (loss) per
 common share .32 (.20) .20 (.49)
 Net int. rate spread (pct.) 3.11 2.62 3.00 2.55
 Net interest margin (pct.) 3.44 3.04 3.30 3.01
 Return on aver. assets (pct.) .54 (.29) .11 (.23)
 Return on average
 equity (pct.) 6.23 (3.46) 1.27 (2.74)
 Financial Condition Data
 At Sept. 30 1992 1991
 Total assets $811,559 $946,926
 Loans receivable, net 520,445 635,137
 Investment securities and
 interest-bearing deposits 151,575 141,093
 Mortgage-backed securities 86,759 112,441
 Total deposits 672,834 736,985
 Total borrowings 53,621 116,785
 Total capital 72,709 79,414
 Tangible capital to tangible
 assets (pct.) 8.19 7.62
 Tangible book value per common share $18.90 $20.66
 Non-performing assets to total
 assets (pct.) 3.67 2.94
 Allowance for loan losses to
 total loans (pct.) 2.57 1.90
 Allowance for loan losses to
 nonperforming loans (pct.) 88.20 78.68
 /delval/
 -0- 11/6/92
 /CONTACT: Robert K. Lockyer, chief financial officer, 215-576-3075, or Joseph F. Kubiak, investor relations, 215-576-5900, both of Flagship Financial/
 (FLGF) CO: Flagship Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


CC-MK -- PH018 -- 8239 11/06/92 14:31 EST
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Date:Nov 6, 1992
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