Printer Friendly

FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS

 FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS
 CLEARWATER, Fla., Jan. 16 /PRNewswire/ -- Fortune Bancorp


(NASDAQ: FORF) today reported net income of $1.3 million, or $.24 per share, for the first quarter ended Dec. 31, 1991.
 These results compare with a net loss of $11.7 million, or $2.40 per share, for the fourth quarter of 1991 and net income of $1.6 million, or $.38 per share, for the first quarter a year ago.
 "These positive results are particularly gratifying given the difficult banking environment," said Chairman and Chief Executive Officer John R. Torell III.
 "We are encouraged by our performance and pleased with the progress we are making," Torell said. "The improvement in Fortune's net interest margin over the past fiscal year and a gain from the restructuring of our investment portfolio contributed to these results. Reducing the level of nonperforming assets remains our top priority."
 Net interest income before provision for loan losses improved for the three months ended Dec. 31, 1991, increasing to $15.5 million compared with $14.2 million for the comparable quarter of fiscal 1991. For the quarter ended Sept. 30, 1991, net interest income before provision for loan losses was $15.8 million.
 Fortune's net interest margin for the first quarter of fiscal 1992 improved to 2.40 percent, compared with 2.00 percent for the same period in fiscal 1991. For the quarter ended Sept. 30, 1991, Fortune's net interest margin was 2.43 percent.
 Nonperforming assets at Dec. 31, 1991 increased to $122.7 million from $98.6 million for the same period of the previous fiscal year. At Sept. 30, 1991, nonperforming assets totaled $111.8 million.
 Provision for loan losses for the quarter ended Dec. 31, 1991 totaled $3.9 million compared with $2.8 million for the quarter ended Dec. 31, 1990. For the quarter ended Sept. 30, 1991, provision for loan losses totaled $22.6 million.
 At Dec. 31, 1991, Fortune's allowance for loan losses totaled $21.7 million, compared with $10.8 million at Dec. 31, 1990 and $19.6 million at Sept. 30, 1991.
 Noninterest income increased to $3.7 million for the quarter ended Dec. 31, 1991, from $2.2 million for the same period the previous year. The first quarter of fiscal 1992 included a $1.2 million gain on the sale of securities relating to the restructuring of the investment portfolio.
 Noninterest expense amounted to $12.5 million for the quarter ended Dec. 31, 1991, compared with $11.4 million for the same quarter the previous year and $13.9 million for the Sept. 30, 1991 quarter. The year to year increase resulted primarily from operating costs related to branches acquired from another financial institution, and the reduction from the September quarter was the result of expense control efforts.
 Fortune Bank exceeds all capital requirements under federal regulations:
 Fortune Current Fully Phased-In
 Bank Requirement Requirement
 Core Capital 4.48 pct. 3.00 pct. 3.00 pct.
 Tangible Capital 4.08 pct. 1.50 pct. 1.50 pct.
 Risk-based Capital 9.03 pct. 7.20 pct. 8.00 pct. (A)
 (A) -- The fully phased-in requirement is effective Dec. 31, 1992.
 Fortune Bancorp is the holding company for Clearwater-based Fortune Bank, a $2.7 billion institution operating 47 full service banking offices in eight counties along Florida's west coast.
 FORTUNE BANCORP
 Dec. 31, Sept. 30, Dec. 31,
 1991 1991 1990
 (Dollars in thousands)
 FINANCIAL HIGHLIGHTS
 Total Assets $ 2,724,456 $ 2,788,062 $3,037,152
 Total loans and
 governmental agency
 certificates 2,409,478 2,453,141 2,684,055
 Investments 129,861 156,467 175,626
 Deposit Accounts 2,295,325 2,318,358 2,229,222
 Borrowed money 234,902 267,264 617,845
 Stockholders' Equity 122,584 121,552 126,145
 Stockholders' Equity
 per Share 22.49 22.36 28.99
 Number of common shares
 outstanding 5,449,965 5,435,130 4,351,978
 Nonperforming assets
 and restructured
 loans 122,655 111,786 98,588
 SIGNIFICANT RATIOS
 Net interest margin 2.40 pct. 2.43 pct. 2.00 pct.
 Regulatory capital
 Core 4.48 4.27 3.96
 Tangible 4.08 3.85 3.68
 Risk based 9.03 8.62 7.70
 Allowance as percent of
 nonperforming and
 restructured loans 21.11 20.93 13.32
 Nonperforming assets and
 restructured loans as
 percent of total assets 4.50 4.01 3.25
 QUARTER ENDING
 Dec. 31, Sept. 30, Dec. 31,
 1991 1991 1990
 EARNINGS SUMMARY
 Net Interest Income before
 Provision for Loan Losses $ 15,457 $ 15,846 $ 14,231
 Provision for Loan Losses 3,857 22,583 2,752
 Net Interest Income (expense) 11,600 (6,737) 11,479
 Non interest income 3,685 5,629 2,220
 Noninterest expense 12,522 13,932 11,353
 Income (Loss) before Income
 Taxes and extraordinary
 items 2,763 (15,040) 2,346
 Income Tax Expense
 (Benefit) 2,037 (1,861) 1,692
 Net Income (Loss) before
 extraordinary items 726 (13,179) 654
 Extraordinary items 576 (868) 993
 Net income (loss) $ 1,302 $ (14,047) $ 1,647
 Earnings (loss) per share $ 0.24 $ (2.58) $ (0.38)
 Average Shares
 Outstanding 5,436,915 5,436,021 4,351,978
 -0- 1/16/92
 /CONTACT: Nancy Kaylor of Fortune Financial Group, Inc., 813-538-1114/
 (FORF) CO: Fortune Financial Group, Inc. ST: Florida IN: FIN SU: ERN


SS-AW-JJ -- FL008 -- 0661 01/16/92 15:48 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 16, 1992
Words:903
Previous Article:FORTUNE BANCORP ELECTS THREE DIRECTORS AND CHANGES NAME
Next Article:SUNRISE MEDICAL ACQUIRES LEADING GERMAN WHEELCHAIR COMPANY
Topics:


Related Articles
/C O R R E C T I O N -- FORTUNE BANCORP FIRST QUARTER EARNINGS/
FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS
FORTUNE BANCORP REPORTS THIRD QUARTER RESULTS
CAPITAL BANCORP REPORTS 75 PERCENT INCREASE IN SECOND-QUARTER EARNINGS
FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS
CAPITAL BANCORP REPORTS RECORD EARNINGS IN FIRST QUARTER 1993
FORTUNE BANCORP REPORTS SECOND QUARTER RESULTS
FORTUNE BANCORP REPORTS FIRST QUARTER EARNINGS
FF BANCORP, INC. REPORTS EARNINGS
1ST QUARTER EARNINGS UP 11.3 PERCENT AT SUBURBAN BANCORP

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