INTERWEST SAVINGS BANK ANNOUNCES YEAR-END RESULTS
INTERWEST SAVINGS BANK ANNOUNCES YEAR-END RESULTS OAK HARBOR, Wash., Nov. 4 /PRNewswire/ -- InterWest Savings Bank
(NASDAQ-NMS: IWBK) today announced continued profitable results for its fourth quarter and year ended Sept. 30, 1991. On July 12, InterWest Savings Bank completed a public offering of 1,552,500 shares at $9.00 per share which resulted in net proceeds of $12,787,000.
For the fourth quarter ended Sept. 30, 1991, net income increased 95 percent to $1,411,000, or 26 cents per share, compared with $722,000, or 18 cents per share, during the previous year. Net income for the year was $4,613,000, or $1.06 per share, down slightly from $4,844,000, or $1.23 per share a year ago. Fiscal year 1990 included $1.8 million in profit on sales of real estate held for development that did not reoccur. Commenting on the results of operations, Stephen M. Walden, president and chief executive officer of InterWest, said, "We continue to be pleased with InterWest's solid performance. Net interest income before provision for loan losses for the year rose to $19.8 million compared to $17.1 million a year ago." For the year ended Sept. 30, 1991, InterWest's total assets increased 12.3 percent to $662.2 million compared with $589.7 million, a year ago. Deposits were up 9.4 percent to $583.7 million, compared with $533.6 million last year. Stockholders' equity at Sept. 30, 1991, was $52.5 million, or 7.93 percent of total assets, compared with $35.5 million, or 6.01 percent last year. During fiscal 1991, InterWest Savings Bank originated $185.7 million in loans, compared with $158.8 million the previous year. The majority of the company's loan origination continues to be single-family home loans located in the company's primary market areas. Problem assets remained consistent at 2.19 percent of total assets, compared to 2.24 percent a year ago. InterWest continues to place a strong emphasis on the resolution of the company's problem assets and maintenance of a high-quality loan portfolio. The common stock of InterWest Savings Bank is traded in the over- the-counter national market system under the NASDAQ symbol "IWBK." INTERWEST SAVINGS BANK FINANCIAL HIGHLIGHTS (Unaudited, dollars in thousands except per-share amounts) Three Months Twelve Months Ended Sept. 30: 1991 1990 1991 1990 Interest income $14,758 $14,968 $57,805 $57,249 Interest expense $ 9,560 $ 6,823 $38,008 $40,131 Net interest income $ 4,898 $ 4,873 $18,496 $15,054 Net income $ 1,411 $ 722 $ 4,613 $ 4,844 Net income per share $ 0.26 $ 0.18 $ 1.06 $ 1.23 Weighted average shares outstanding 5,363,317 3,929,820 4,333,432 3,926,600 At Sept. 30: 1991 1990 Total assets $662,164 $589,694 Loans receivable, net $443,321 $441,261 Loans held for sale $ 3,833 -- Deposits $583,697 $533,565 Total stockholders' equity $ 52,477 $ 35,445 Problem assets(A) $ 14,546 $ 13,232 Stockholders' equity/assets (percents) 7.93 6.01 Tangible book value per share $ 9.54 $ 9.02 NOTE A: Problem assets are non-accrual loans and real estate owned. -0- 11/4/91 /CONTACT: H. Glenn Mouw or Gina Dyer of InterWest Savings Bank, 206-679-4181/ (IWBK) CO: InterWest Savings Bank ST: Washington IN: FIN SU: ERN SC-LA -- SE006 -- 0522 11/04/91 06:00 EST
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|Date:||Nov 4, 1991|
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