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INTERFIRST BANKCORP REPORTS EARNINGS

 INTERFIRST BANKCORP REPORTS EARNINGS
 ANN ARBOR, Mich., March 18 /PRNewswire/ -- InterFirst Bankcorp, Inc.


(NASDAQ: INFB), the parent company for InterFirst Federal Savings Bank, today reported net earnings of $1,514,377 or $1.67 per share for the year ended Dec. 31, 1991, a 413-percent increase compared to earnings of $295,003 or $0.36 per share for the previous year ended 1990.
 Net income for the three months ended Dec. 31, 1991, was $510,080 or $0.56 per share compared to a loss of $95,129 or a loss of $0.12 per share for the three months ended Dec. 31, 1990. The bank's book value per share as of Dec. 31, 1991, was $9.35 as compared to $9.07 at year end Dec. 31, 1990.
 The above per-share amounts give effect to the 3-for-1 stock split which the board of directors authorized on Jan. 27, 1992, to shareholders of record Feb. 10, 1992, and payable March 6, 1992.
 "We are extremely pleased with both our growth in loan production and earnings, which reflects InterFirst's continued emphasis on mortgage banking and traditional residential lending," said Chairman Stanley Rhodes. "1991 earnings are a result of a continued increase in net interest income resulting from improved interest rate spreads and from the sale of $352 million in loan servicing during the year, which was made possible by our increased loan production," Chairman Rhodes added.
 During 1991, InterFirst acquired over $659 million of residential mortgage loans throughout the country as compared to $290 million during 1990. "This growth reflects both expansion of InterFirst's marketing efforts and an increase in refinance activity," noted Rhodes. "The bank plans to offset any reduction in refinance activity by aggressively increasing its marketing efforts nationally," added Rhodes.
 As a result of increased loan production, InterFirst was able to increase its portfolio of mortgage loans serviced for others to $511 million at Dec. 31, 1991, which represented a 42-percent increase over the $359 million total for the year ended 1990.
 Net interest income of InterFirst increased to $3,696,326 for the year ended Dec. 31, 1991, as compared to $2,973,949 for the year ended 1990. This growth reflects the bank's increased interest rate spread from 1.67 percent on Dec. 31, 1990, to 2.12 percent as of Dec. 31, 1991, and its asset growth from $142 million at year end 1990 to $199 million at year end 1991. Bank core deposits have grown to $97 million at year ended Dec. 31, 1991, from $58 million at Dec. 31, 1990. The bank's return on average equity was 19.53 percent for the year ended Dec. 31, 1991, as compared to 5.03 percent for the year ended 1990.
 InterFirst remains in compliance with all regulatory capital standards. Its tangible and core capital levels are 4.28 percent and its risk-based capital ratio is 9.79 percent.
 InterFirst Bankcorp, Inc. is the parent company of InterFirst Federal Savings Bank which serves the public through five full-service branches in Ann Arbor, Ypsilanti, Ypsilanti Township, Milan and Saline, Mich. InterFirst shares are traded in the over-the-counter market under the NASDAQ symbol INFB.
 INTERFIRST BANKCORP, INC. AND SUBSIDIARY
 SELECTED OPERATING DATA
 Three Months Ended For Year Ended
 12/31/91 12/31/90 12/31/91 12/31/90
 (Audited)
 Total interest
 income $3,606,735 $3,337,429 $13,838,653 $9,989,004
 Total interest
 expense 2,190,204 2,387,827 8,863,833 6,892,846
 Net interest income
 before provision
 for loan loss 1,416,531 949,602 4,974,820 3,096,158
 Provision for
 loan loss 532,575 51,432 1,278,494 122,209
 Net interest income
 after provision
 for loan loss 883,956 898,170 3,696,326 2,973,949
 Total noninterest
 income 2,117,112 135,482 5,906,139 1,390,313
 Total noninterest
 expense 1,977,388 1,147,681 6,710,488 3,852,759
 Income before federal
 income taxes 1,023,680 (114,029) 2,891,977 511,503
 Provision for federal
 income taxes 513,600 (18,900) 1,377,600 216,500
 Net income $510,080 ($95,129) $1,514,377 $295,003
 Earnings per share(1):
 Net income $0.56 ($0.12) $1.67 $0.36
 Weighted avg. no. of
 shares outstanding
 and common stock
 equivalents 911,982 772,197 908,214 772,197
 (1) -- 1990 earnings per share are calculated assuming that the proceeds from the sale of stock in that year yielded 5.67 percent and the related earnings were added to historical net income to calculate a proforma net income for 1990. The above per-share amounts give effect to the 3-for-1 stock split which the board of directors authorized on Jan. 27, 1992.
 INTERFIRST BANKCORP, INC. AND SUBSIDIARY
 SELECTED BALANCE SHEET DATA
 12/31/91 12/31/90
 (Audited)
 Total assets $199,496,287 $142,864,939
 Net mortgage-backed securities 48,125,313 54,878,729
 Net mortgage loans 137,223,888 76,094,134
 Excess servicing fees and
 purchased mortgage servicing rights 2,840,430 1,331,384
 Total deposits 96,931,386 58,764,880
 Total shareholders' equity 8,495,601 7,006,689
 Loans serviced for others $511,358,384 $359,521,570
 Other information 12/31/91 12/31/90
 Return on average assets 0.91 pct 0.27 pct
 Return on average equity 19.53 pct 5.03 pct
 Tangible capital to assets 4.28 pct 4.95 pct
 Core capital to assets 4.28 pct 4.95 pct
 Risk-based capital to assets 9.79 pct 11.97 pct
 Non-performing assets/assets 2.37 pct 0.26 pct
 Net interest rate spread 2.12 pct 1.67 pct
 Earnings per share $1.67 $0.36
 Book value per share $9.35 $9.07
 -0- 3/18/92
 /CONTACT: Ronald M. Ciolek, InterFirst president, 313-665-3700/
 (INFB) CO: InterFirst Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN


SB-JK -- DE006 -- 9301 03/18/92 14:01 EST
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