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INTERFIRST BANKCORP REPORTS RECORD QUARTERLY NET EARNINGS

 INTERFIRST BANKCORP REPORTS RECORD QUARTERLY NET EARNINGS
 ANN ARBOR, Mich., April 23 /PRNewswire/ -- InterFirst Bankcorp, Inc. (NASDAQ: INFB), the parent company for InterFirst Federal Savings Bank, today reported record quarterly net earnings of $1,053,483 or $1.12 per share for the three months ended March 31, 1992, a 389-percent increase compared to earnings of $215,513 or $0.25 per share for the comparable three months ended March 31, 1991.
 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 distributed 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. "First-quarter 1992 earnings are a result of a continued increase in net interest income resulting from improved interest rate spreads and from the sale of approximately $100 million in loan servicing during the quarter, which was made possible by our increased loan production."
 During first-quarter 1992, InterFirst acquired more than $314 million of residential mortgage loans throughout the country as compared to $90 million during the same period in 1991. "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."
 As a result of increased loan production, InterFirst was able to increase its portfolio of mortgage loans serviced for others to $653 million at March 31, 1992, which represented a 28-percent increase over the $511 million total at Dec. 31, 1991.
 Net interest income of InterFirst increased to $1,639,850 for the three months ended March 31, 1992, as compared to $984,609 for the same period in 1991. This growth reflects the bank's increased interest rate spread from 1.68 percent on March 31, 1991, to 2.55 percent as of March 31, 1992. Bank core deposits have grown to $110 million at March 31, 1992, from $97 million at Dec. 31, 1991.
 InterFirst remains in compliance with all regulatory capital standards. Its tangible and core capital levels are 4.58 percent and its risk-based capital ratio is 9.41 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
 March 31, 1992 March 31, 1991
 Total interest income $3,933,571 $3,118,499
 Total interest expense 2,293,721 2,133,890
 Net Interest income before
 provision for loan loss 1,639,850 984,609
 Provision for loan loss 88,724 70,177
 Net interest income after
 provision for loan loss 1,551,126 914,432
 Total non-interest income 2,552,774 885,636
 Total non-interest expense 2,496,417 1,447,155
 Income before federal
 income taxes 1,607,483 352,913
 Provision for federal
 income taxes 554,000 137,400
 Net income $1,053,483 $215,513
 Earnings per share:(1)
 Net income $1.12 $0.25
 Weighted average number of
 shares outstanding and common
 stock equivalents 937,705 849,414
 INTERFIRST BANKCORP, INC. AND SUBSIDIARY
 SELECTED BALANCE SHEET DATA
 March 31, 1992 Dec. 31, 1991
 Total assets $200,699,679 $199,496,287
 Net mortgage-backed
 securities 18,415,596 48,125,313
 Net mortgage loans 165,495,028 137,223,888
 Excess servicing fees
 and purchased mortgage
 servicing rights 3,236,402 2,840,430
 Total deposits 110,624,979 96,931,386
 Total shareholders' equity 9,559,273 8,495,601
 Loans serviced for others $653,076,209 $511,358,384
 OTHER INFORMATION March 31, 1992 Dec. 31, 1991
 Return on average assets(2) 2.08 pct. 0.91 pct.
 Return on average equity(2) 46.81 pct. 19.53 pct.
 Tangible capital to assets 4.58 pct. 4.28 pct.
 Core capital to assets 4.58 pct. 4.28 pct.
 Risk-based capital to assets 9.41 pct. 9.79 pct.
 Non-performing assets/assets 2.54 pct. 2.37 pct.
 Net interest rate spread 2.55 pct. 2.12 pct.
 Earnings per share $1.12 $1.67
 Book value per share $10.19 $9.35
 Notes:
 (1) March 1991 per-share amounts give effect to the 3-for-1 stock split which the board of directors authorized on Jan. 27, 1992.
 (2) March 1992 return on average asset ratio and return on average equity ratio have been annualized.
 -0- 4/23/92
 /CONTACT: Ronald M. Ciolek, president, InterFirst Bankcorp, 313-665-3700/
 (INFB) CO: InterFirst Bankcorp, Inc. ST: Michigan IN: FIN SU: ERN


SB-KK -- DE032 -- 2153 04/23/92 17:02 EDT
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