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INVESTORS FINANCIAL CORPORATION REPORTS THIRD QUARTER RESULTS

    INVESTORS FINANCIAL CORPORATION REPORTS THIRD QUARTER RESULTS
    RICHMOND, Va., Nov. 8 /PRNewswire/ -- Investors Financial Corporation (NASDAQ-NMS: INVF) ("Investors") the parent company of Investors Savings Bank, F.S.B. ("the Savings Bank"), today reported a net loss for the third quarter of 1991 of $7.7 million or $.89 per share, as compared to a net loss of $9.4 million or $1.09 per share for the same period in 1990.  For the first nine months of 1991, Investors' losses amount to $18.3 million or $2.12 per share, as compared to a net loss of $14.1 million or $1.64 per share for the first nine months of last year.
    During the third quarter, Investors incurred charges related to non-performing assets of $16.0 million. These charges were offset by $9.8 million of gains on the sale of investments and mortgage loans. The non-performing charges included $6.3 million in valuation writedowns, $1.1 million in losses on foreclosed real estate assets, $4.5 million in loan loss provisions and $4.1 million in interest income not recognized on non-accruing loans.
    Total non-performing assets stood at $233.2 million, net of specific reserves of $8.4 million, at Sept. 30, 1991.  This figure includes $90.9 million of non-performing loans, $135.8 million of real estate acquired through foreclosure and $6.5 million of real estate investments.
    Investors' current loan loss reserves stand at $18.2 million.  As of Sept. 30, 1991, Investors' total loan loss reserves were 1.5 percent of total loans compared to 1.4 percent or $21.2 million at the same date last year.  Excluding residential mortgages and the associated loan loss reserve, loan loss reserves were $16.3 million or 2.4 percent of adjusted loans.
    Investors' operating expenses declined 13 percent for the first nine months of 1991 as compared to the first nine months of 1990, a reduction of $5.1 million.  Investors' operating expenses included $3.0 million and $3.6 million in the amortization of intangible assets for the first nine months of 1991 and 1990, respectively.  Interest expense declined $14.9 million, or 12 percent in the first nine months of 1991, as compared to the same period in 1990, reflecting a decline in the average cost of deposits to 7.20 percent at Sept. 30, 1991, from 8.12 percent at the same date last year.
    Total stockholders' equity was $36.1 million or $4.18 per share at Sept. 30, 1991.  Based on current regulatory definitions, total capital for the risk-based requirement was negative $1.3 million, core capital was negative $1.1 million and tangible capital was negative $6.9 million.  Each of the regulatory capital totals include a deduction of $30.2 million for investments in subsidiaries whose activities (e.g. real estate development and title insurance) have been deemed non-eligible by the capital regulations established by the Office of Thrift Supervision (OTS).  Additionally, due to the mechanics of the risk-based capital calculation, the Savings Bank was unable to include the $14.8 million in general loan loss allowances at Sept. 30, 1991, whereas in previous quarters such allowances were included.
    Investors Financial Corporation is a unitary thrift holding company headquartered in Richmond, Va.  Its primary subsidiary, Investors Savings Bank, F.S.B., an FDIC-insured, federally-chartered savings bank, operates 47 banking offices in the Richmond, Tidewater and Shenandoah Valley areas of Virginia.
            INVESTORS FINANCIAL CORPORATION AND SUBSIDIARY
                          SELECTED FINANCIAL DATA
                 ($ in Thousands Except Per Share Data)
                               Three Months Ended   Nine Months Ended
                                  September 30,       September 30,
                                 1991      1990      1991        1990
    Operating data:
    Total Interest Income     $ 37,046   $ 45,957   $117,906   $141,599
    Total Interest Expense      36,290     40,790    109,687    124,619
    Net Interest Income            756      5,167      8,220     16,980
    Provision for Loan Losses    4,500      6,973      7,296     11,191
    Fees and Charges               758      1,128      2,787      3,067
    Other Income                 6,046       (347)    11,379      8,549
    Other Expenses              10,756     13,003     33,391     38,510
    Net Loss                    (7,696)    (9,399)   (18,301)   (14,141)
    Loss Per Share                (.89)     (1.09)     (2.12)     (1.64)
    Selected Ratios:
    Loss on
     Average Assets (Pct.)       (1.48)      (1.75)    (1.18)      (.86)
    Loss on
     Average Equity             (75.63)     (58.51)   (54.58)    (27.85)
    Average Equity/
     Average Assets               1.95        2.99      2.16       3.10
                              Sept. 30,       Dec. 31,     Sept. 30,
                                 1991           1990          1990
    Balance Sheet Data:
    Total Assets              $2,077,344    $2,100,969     $2,145,402
    Loans Receivable           1,178,465     1,443,039      1,492,941
    Mortgage-Backed Securities   351,106        94,250        156,503
    Investment Securities        157,043       200,442        150,353
    Deposits                   1,410,504     1,525,812      1,581,915
    Retail Deposits            1,372,983     1,445,384      1,437,275
    Borrowed Funds               606,422       498,829        475,696
    Stockholders' Equity          36,060        54,361         57,971
    Book Value Per Share            4.18          6.30           6.84
    Other Data:
    Full Service Branch Offices       47            50             50
    Automated Teller Locations        43            43             43
    Mortgaged Loans Serviced
     for Others                 $200,350      $447,597       $434,290
                      INVESTORS FINANCIAL CORPORATION
               NON-PERFORMING ASSETS BY TYPE AND LOCATION
                              SEPT. 30, 1991
                             ($ In Thousands)
                      IN-STATE       OUT-OF-STATE          TOTAL
                             Pct.              Pct.               Pct.
      PROPERTY               of                of                 of
       TYPE      No.  Amount Total  No. Amount Total  No. Amount  Total
    Residential
     Real Estate
     Permanent   175 $19,430  8.3   70 $ 8,365  3.6  245 $ 27,795  11.9
     Under
     construction 162 39,701 17.0   20   1,883  0.8  182   41,584  17.8
     Land         12  12,743  5.5    1     257  0.1   13   13,000   5.6
    Total
    Residential  349  71,874 30.8   91  10,505  4.5  440   82,379  35.3
    Commercial
     Real Estate
     Land         15  27,476  11.8   2   1,176   0.5  17   28,652   12.3
     Apartment/
      Condos      27  18,182   7.8   2     475   0.2  29   18,657    8.0
     Hotels/Motels 4   8,506   3.6   3   5,492   2.4   7   13,998    6.0
      Office
      Buildings   13  22,231   9.5   7  20,604   8.8  20   42,835   18.3
     Shopping
      Centers      3  10,470   4.5   7  19,023   8.2  10   29,493   12.7
     Other        17   5,581   2.4   0       0   0.0  17    5,581    2.4
    Total
     Commercial   79  92,446  39.6  21  46,770  20.1 100  139,216   59.7
    Non-Real
     Estate      115  11,573   5.0   0       0   0.0 115   11,573    5.0
    Total non-
     performing
     assets      543 $175,893 75.4 112 $57,275  24.6 655 $233,168  100.0
                             INVESTORS SAVINGS BANK
                                 CAPITOL RATIOS
                               SEPTEMBER 30, 1991
                               ($ In thousands)
              OTS Requirement   Actual Balance at September 30, 1991
           As Percentage Dollar As Percentage Dollar  Dollar Amount of
             of Assets   Amount   of Assets   Amount     Shortfall
    Tangible
     capital   1.50     $30,537    (0.34)    $(6,879)     $(37,416)
    Core
     capital   3.00      61,075    (0.05)     (1,095)      (62,170)
    Risk-based
     capital   7.20     129,195    (0.08)     (1,337)     (130,532)
    -0-                           11/8/91
    /CONTACT:  Tracey L. Beckler, Investor Relations, or Cary A. Morris, Senior Vice President, both of Investors Financial Corporation, 804-323-4500 (Richmond), 1-800-572-3366 (Virginia), 1-800-654-1010 (U.S.A.)/
    (INVF) CO:  Investors Financial Corporation; Investors Savings Bank, F.S.B. ST:  Virginia IN:  FIN SU:  ERN CM-DF -- CH002 -- 2743 11/08/91 17:05 EST
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