Printer Friendly

JEFFERSON SAVINGS BANCORP ANNOUNCES EARNINGS

 BALLWIN, Mo., May 4 /PRNewswire/ -- Jefferson Savings Bancorp Inc. (NASDAQ-NMS: JSBA), the holding company for Jefferson Savings and Loan Association, reported net income of $1.2 million for the quarter ended March 31, 1993. The earnings were a 1.8 percent increase over the net income for the like period in 1992. Jefferson Savings' return on average assets and return on average equity were 1.16 percent and 15.06 percent, respectively, for the first three months in 1993 compared to 1.10 percent and 16.97 percent for the first quarter in 1992.
 Net interest income for the first quarter 1993 decreased to $3.3 million from $3.6 million for the like period in 1992 due to the leveling off of the expense on interest bearing deposits and the decline in income from interest earning assets as the Association's interest earning assets adjusted to the lower interest rate environment. The decline in net interest income was offset with a lower provision for losses on loans and a lower effective income tax rate.
 Jefferson Savings' allowance for loan losses was 1.07 percent of total loans on March 31, 1993 and 1.04 percent on Dec. 31, 1992. The Association's nonaccruing loans as a percentage of total loans was .23 percent at the end of the first quarter 1993 compared to .21 percent at year-end 1992. The Association had cash, interest-bearing deposits and federal funds sold of $84.4 million on March 31, 1993 and $17.1 million on Dec. 31, 1992. The $67.3 million increase was due primarily to stock subscriptions in the initial public offering.
 Jefferson Savings and Loan Association converted from a state chartered mutual savings and loan association to a state chartered stock association and became a wholly owned subsidiary of Jefferson Savings Bancorp on April 8, 1993. Net proceeds from the initial stock offering, in addition to the Association's earnings, increased Jefferson Savings Bancorp's total equity to approximately $71.2 million giving the holding company a capital to assets ratio of 15.8 percent.
 Jefferson Savings Bancorp has assets of $481.5 million with nine offices located in the St. Louis area. The stock of Jefferson Savings Bancorp is listed on NASDAQ National Market System under the symbol JSBA.
 JEFFERSON SAVINGS BANCORP INC. AND SUBSIDIARY
 Condensed Consolidated Balance Sheets
 (In thousands)
 March 31, Dec. 31,
 1993 1992
 (Unaudited)
 Assets
 Cash, interest-bearing deposits
 and federal funds sold $84,394 $17,151
 Investment securities(a) 60,459 63,574
 Mortgage-backed securities, net 35,463 36,748
 Loans receivable, net(b) 283,557 285,104
 Investment in real estate, net 8,114 8,673
 Office properties and equipment, net 3,859 3,941
 Accrued income and other assets 5,639 3,026
 $481,485 $418,217
 Liabilities and Retained Earnings
 Savings deposits 442,522 379,190
 Accrued expenses and other liabilities 5,065 6,379
 Total liabilities 447,587 385,569
 Retained earnings - substantially
 restricted 33,898 32,648
 $481,485 $418,217
 (a) Includes stock in Federal Home Loan Bank.
 (b) Includes loans held for sale.
 Condensed Consolidated Statements of Income
 (In thousands)
 Three Months Ended
 March 31,
 1993 1992
 (Unaudited)
 Interest and dividend income $7,063 $9,020
 Interest expense 3,811 5,424
 Net interest income 3,252 3,596
 Provision for losses on loans 60 251
 Net interest income after provision
 for losses on loans 3,192 3,345
 Noninterest income:
 Gain on sale of loans, net 10 66
 Gain on real estate operations 218 221
 Other 132 163
 Total noninterest income 360 450
 Noninterest expense - general and
 administrative:
 Compensation and employee benefits 868 849
 Occupancy 308 300
 Federal insurance premiums 169 231
 Other 377 337
 Total noninterest expense 1,722 1,717
 Income before income taxes 1,830 2,078
 Income tax expense 580 850
 Net income $1,250 $1,228
 -0- 5/4/93
 /CONTACT: Paul J. Milano of Jefferson Savings Bancorp, 314-227-3000/
 (JSBA)


CO: Jefferson Savings Bancorp Inc.; Jefferson Savings and Loan
 Association ST: Missouri IN: FIN SU: ERN


MC -- DV001 -- 4352 05/04/93 13:04 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 4, 1993
Words:679
Previous Article:CRESTFUNDS ADD MUTUAL FUNDS DIMENSION TO CRESTAR CUSTOMER RELATIONSHIPS
Next Article:UNION BANKSHARES ANNOUNCES FIRST QUARTER RESULTS
Topics:


Related Articles
JEFFERSON SAVINGS BANCORP, INC. REPORTS RESULTS
JEFFERSON SAVINGS BANCORP REPORTS RESULTS
JEFFERSON SAVINGS BANCORP REPORTS RESULTS
JEFFERSON SAVINGS BANCORP ANNOUNCES EARNINGS
JEFFERSON SAVINGS BANCORP INC. REPORTS FOURTH QUARTER RESULTS
JEFFERSON SAVINGS BANCORP INC. TO ACQUIRE NORTH TEXAS SAVINGS AND LOAN ASSOCIATION
JEFFERSON SAVINGS REPORTS EARNINGS INCREASE
JEFFERSON SAVINGS BANCORP REPORTS DIVIDEND AND INCREASED EARNINGS
JEFFERSON SAVINGS BANCORP, INC. TO ACQUIRE TEXAS HERITAGE SAVINGS/BANC
JEFFERSON SAVINGS BANCORP REPORTS INCREASED EARNINGS AND ANNOUNCES DIVIDEND REINVESTMENT PLAN

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters