Printer Friendly

FLEET MORTGAGE GROUP REPORTS FIRST QUARTER NET INCOME OF $26.8 MILLION

 COLUMBIA, S.C., April 21 /PRNewswire/ -- Fleet Mortgage Group (NYSE: FLG) today reported net income of $26.8 million, or $.54 per share, for the first quarter ended March 31, it was announced by Andrew D. Woodward Jr., chairman and chief executive officer. This compares to $23.4 million for the first quarter of 1992.
 Fleet Mortgage Group became a publicly held company in connection with its initial public offering on Aug. 7, 1992. On a proforma basis, if the public offering had been closed on Jan. 1, 1992, the company would have reported earnings per share of $.47 for the quarter ended March 31, 1992.
 Mortgage production revenue was $43.9 million for the first quarter, up 23 percent from the $35.8 million in the first quarter of 1992. Fleet Mortgage produced $3.8 billion in residential mortgage loans for the first quarter of 1993, compared to $3.9 billion for the same quarter last year. The company also acquired $800 million in mortgage servicing rights during the quarter in a bulk transaction. The company's pipeline of loans in process stood at $4.7 billion at the end of the first quarter of 1993, reflecting strong new loan application activity during the latter half of the period.
 Net loan servicing revenue, which was adversely affected by prepayments in the mortgage servicing portfolio, decreased $1.3 million from the first quarter of 1992 to $59.8 million in the first quarter 1993. The company's mortgage servicing portfolio totaled $63.5 billion at March 31, 1993, compared to $59.3 billion a year earlier, an increase of 7 percent.
 "The climate of lower interest rates provided increased opportunities in new loan production revenue; however, it also increased pressures on our existing mortgage servicing portfolio as loans refinanced and paid off at an accelerated rate. We anticipate stronger performance from our servicing division when this period of high prepayment activity abates," Woodward said.
 Fleet Mortgage Group, Inc., located in Columbia, S.C., is a leading originator and servicer of mortgage loans. Its subsidiaries originate mortgage loans through 91 branches located in 37 states and acquire new mortgage loans from other lenders through its extensive correspondent network.
 FLEET MORTGAGE GROUP, INC.
 Statements of Earnings
 For the Quarter ended March 31
 (in thousands, except per share amount)
 1993 1992
 Net Loan Servicing Revenue $ 59,789 $ 61,127
 Mortgage Production Revenue 43,854 35,792
 Net Interest Income 9,179 12,765
 Gain on Sale of Servicing 12,112 --
 Other 5,813 6,048
 Total Revenues 130,747 115,732
 Operating Expenses 60,359 53,107
 Amortization of Purchased Mortgage
 Servicing Rights 26,515 23,708
 Total Expenses 86,874 76,815
 Earnings Before Income Taxes 43,873 38,917
 Income Taxes 17,062 15,531
 Net Earnings $ 26,811 $ 23,386
 Net Earnings Per Share (A) $ .54
 Weighted Average Shares Outstanding (A) 49,545
 (A) Fleet Mortgage Group's initial public offering was on Aug. 7, 1992. Accordingly, no per share amount or weighted average shares outstanding are applicable for the quarter ended March 31, 1992.
 FLEET MORTGAGE GROUP, INC.
 Financial Highlights
 First Quarter
 1993 1992
 Residential Loan Activity ($ billions)
 Retail $1.5 $1.6
 Wholesale 2.3 2.3
 Total Residential Loan Production $3.8 $3.9
 Servicing Acquisitions 0.8 --
 Total Residential Loan Activity $4.6 $3.9
 March 31,
 1993 1992
 Servicing Portfolio ($ billions) $63.5 $59.3
 Number of Loans Serviced (thousands) 1,032 1,011
 Delinquency Ratio (30 days and over) 6.1 pct. 5.9 pct.
 Foreclosure 0.8 0.8
 Total Delinquency Ratio 6.9 pct. 6.7 pct.
 -0- 4/21/93
 /CONTACT: Charles T. Conway, Jr., Director-Corporate Communications, Fleet Mortgage Group, 803-929-7910/
 (FLG)


CO: Fleet Mortgage Group ST: South Carolina IN: FIN SU: ERN

MM -- CH004 -- 8569 04/21/93 09:43 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:Apr 21, 1993
Words:638
Previous Article:MOHAWK INDUSTRIES ANNOUNCES RECORD FIRST QUARTER EARNINGS
Next Article:TRINOVA REPORTS FIRST-QUARTER RESULTS
Topics:


Related Articles
FLEET/NORSTAR FINANCIAL GROUP REPORTS 1991 EARNINGS OF $98 MILLION
FLEET FINANCIAL GROUP REPORTS 1992 EARNINGS OF $280 MILLION; NONPERFORMING ASSETS REDUCED $619 MILLION DURING YEAR
CRESTAR FINANCIAL CORPORATION REPORTS INCREASED FIRST QUARTER 1993 EARNINGS
FLEET MORTGAGE GROUP REPORTS SECOND QUARTER LOSS OF $35.4 MILLION DUE TO PMSR VALUATION ADJUSTMENT
FLEET FINANCIAL GROUP REPORTS RECORD SECOND QUARTER EARNINGS OF $119 MILLION
FLEET FINANCIAL GROUP REPORTS RECORD EARNINGS OF $488 MILLION FOR 1993; FOURTH QUARTER EARNINGS OF $136 MILLION
FLEET FINANCIAL GROUP REPORTS FIRST QUARTER EARNINGS OF $164 MILLION; STRATEGIC GROWTH INITIATIVES ON TRACK
FLEET FINANCIAL GROUP REPORTS RECORD SECOND QUARTER EARNINGS OF $172 MILLION
FLEET FINANCIAL GROUP REPORTS RECORD THIRD QUARTER EARNINGS OF $177 MILLION
Fleet Financial Group Reports Record First Quarter Earnings Rising 18 Percent To $311 Million

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