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JEFFERSON BANCORP, INC. REPORTS SUBSTANTIAL INCREASE IN CONSOLIDATED NET INCOME FOR YEAR ENDED DEC. 31, 1993

 MIAMI BEACH, Fla., Jan. 14 /PRNewswire/ -- Jefferson Bancorp, Inc., (NASDAQ: JBNC) a publicly held bank holding company headquartered in Miami Beach, today reported unaudited financial results for the year ended Dec. 31, 1993. Consolidated net income for the year ended Dec. 31, 1993 was $2,817,242, as compared to $2,219,752, an increase of 27 percent. Consolidated net income per share was $.83, as compared to $.66, an increase of 26 percent. Consolidated net income for 1993 included $1,587,445 as compared to $2,433,354 for 1992 in securities profits, net of income taxes, a decrease of 35 percent.
 The company continued to remain one of the more highly capitalized and debt-free bank holding companies in the nation and reported a 9.47 percent leverage capital ratio as of Dec. 31, 1993 as compared to 8.64 percent as of Dec. 31, 1992, an increase of 10 percent. It continued to maintain its conservative posture by increasing the loan loss reserve from $2,739,866 as of Dec. 31, 1992 to $3,823,664 as of Dec. 31, 1993, an increase of 40 percent. Return on average assets for 1993 was .75 percent as compared to .59 percent for the year 1992, an increase of 27 percent. The return on average stockholders' equity for 1993 was 7.90 percent, as compared to 6.22 percent for 1992, an increase of 27 percent.
 Stockholders' equity not including unrealized gains on securities was $36,028,047 compared to $34,397,133 at Dec. 31, 1992, an increase of 5 percent. Stockholders' equity including unrealized gains on securities was $38,628,749 at Dec. 31, 1993. The unrealized gain in the amount of $2,600,702 was computed in accordance with SFAS No. 115, "Accounting for Certain Investments in Debt and Equity Securities," which was not in effect at the end of 1992. Book value not including unrealized gains increased from $10.12 per share at Dec. 31, 1992 to $10.41 at Dec. 31, 1993. Book value including unrealized gains was $11.16 at Dec. 31, 1993. In addition, during 1993, the company paid four quarterly cash dividends totaling $1,698,214 or $.50 per share for the year based on the board of directors' acknowledgment of the strength of the company and its earnings for the year.
 During the month of September 1993, two offices of Jefferson National Bank, a subsidiary of the company, were closed as part of the company's consolidation program. Consolidated assets decreased to $352,841,077 at Dec. 31, 1993 from $388,475,390 at Dec. 31, 1992. Consolidated deposits decreased to $297,571,707 at Dec. 31, 1993 from $334,598,486 at Dec. 31, 1992. Consolidated investment securities and securities held for sale decreased to $147,429,519 at Dec. 31, 1993 from $158,563,931 at Dec. 31, 1992. Consolidated net loans and loans held for sale decreased to $168,541,024 at Dec. 31, 1993 from $174,407,682 at Dec. 31, 1992.
 Effective Dec. 1, 1993, Jefferson National Bank and Jefferson National Bank at Sunny Isles merged to created Jefferson Bank of Florida. That bank and its sister bank, Jefferson Bank, Broward, both of which are members of the Federal Reserve System, maintain ten offices and a full service Trust Department in Dade, Broward and Palm Beach counties. Jefferson Banks have served South Florida since 1964.
 -0- 1/14/94
 /CONTACT: Syed F. Zafar of Jefferson Bancorp, 305-535-9406/


CO: Jefferson Bancorp, Inc. ST: Florida IN: FIN SU: ERN

RK-DP -- FL006 -- 1209 01/14/94 12:43 EST
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Publication:PR Newswire
Date:Jan 14, 1994
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