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LOYOLA REPORTS HIGHER EARNINGS FOR THIRD QUARTER; BOARD DECLARES $.06 PER SHARE DIVIDEND

 BALTIMORE, Oct. 19 /PRNewswire/ -- Loyola Capital Corporation (NASDAQ: LOYC), the holding company for Loyola F.S.B., today announced higher net income for the three months ended Sept. 30, 1993, as compared with the third quarter of 1992.
 Benefitting from improvements is asset quality, Loyola reported fully diluted third quarter net income of $3.0 million ($.35 per share), up from $2.9 million ($.33 per share) earned during the comparable period in 1992.
 For the nine months ended Sept. 30, 1993, net income before the cumulative effect of an accounting change was $9.2 million ($1.06 per share) as compared with $9.0 million ($1.02 per share) during the first nine months of 1992. The change in the corporation's method of accounting for income taxes, a one-time event, added $.31 per share to last year's net income for the first nine months.
 Loyola's board of directors declared a regular quarterly dividend of $.06 per share, payable on Dec. 31, 1993, to stockholders of record as of Dec. 15.
 Reviewing Loyola's progress, Joseph W. Mosmiller, chairman and chief executive officer, said he is pleased with Loyola's orderly growth to $2.2 billion in assets from $1.8 billion at the first of the year. "We were able to add these mortgage assets," said Mosmiller, "because of our strong level of capital. This growth permits us to more efficiently leverage our investments in systems and personnel."
 James C. Johnson, Loyola's president, noted that loan originations were $392.5 million for the quarter, up from $271.1 million for the comparable period last year. Asset quality continued to improve, as nonperforming assets declined to $43.9 million from $47.9 million at the beginning of the year.
 Average shares outstanding during the quarter declined to 8,566,335 from 8,879,141 last year.
 Loyola Capital Corporation is the holding company for Loyola F.S.B., Maryland's second largest savings bank. It engages in mortgage and consumer lending, real estate appraisal, insurance brokerage, mortgage banking and real estate development.
 LOYOLA CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Financial Condition
 (Unaudited; in thousands)
 Sept. 30, 1993 Dec. 31, 1992
 Assets:
 Cash and demand deposits $17,059 $18,608
 Money market investments 19,584 126,486
 Investment securities 210,032 128,029
 Mortgage-backed securities 248,103 500
 Loans receivable, net 1,519,325 1,283,287
 Loans held for sale 80,200 106,800
 Investments in real estate, net 46,252 56,438
 Federal Home Loan Bank of
 Atlanta stock, at cost 26,657 20,618
 Property and equipment, net 25,388 26,106
 Prepaid expenses and other assets 13,145 10,746
 Deferred income taxes 7,101 7,328
 Total 2,212,846 1,784,946
 Liabilities and stockholders' equity:
 Liabilities:
 Deposits $1,426,176 $1,465,585
 Notes payable and other borrowings 576,771 125,588
 Mortgage escrow accounts 20,072 22,143
 Drafts payable 24,383 14,902
 Federal and state income taxes 1,852 392
 Accrued expenses and other liabilities 9,207 7,235
 Total liabilities 2,058,461 1,635,845
 Stockholders' equity:
 Common stock 804 819
 Additional paid-in capital 43,826 46,248
 Retained income -- substantially
 restricted 109,755 102,034
 Total stockholders' equity 154,385 149,101
 Total 2,212,846 1,784,946
 Book value per common share $19.21 $18.22
 LOYOLA CAPITAL CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Income
 (Unaudited; in thousands, except per-share data)
 Periods ended Quarters Nine months
 Sept. 30 1993 1992 1993 1992
 Interest income:
 Loans receivable $30,993 $33,970 $90,378 $109,074
 Mortgage-backed securities 2,226 --- 2,229 264
 Investments 2,837 2,978 8,791 8,117
 Total interest income 36,056 36,948 101,398 117,455
 Interest expense:
 Deposits 14,640 18,324 44,428 60,685
 Notes payable and other
 borrowings 6,362 2,495 11,557 7,576
 Total interest expense 21,002 20,819 55,985 68,261
 Net interest income 15,054 16,129 45,413 49,194
 Provision for loan losses 695 1,300 2,430 8,825
 Net interest income after
 provision for loan losses 14,359 14,829 42,983 40,369
 Non-interest income:
 Service fees on loans 1,575 1,649 4,880 4,941
 Service fees on deposits 226 196 644 605
 Insurance commissions 494 592 1,667 2,306
 Gain on sales of loans, net 121 242 869 1,248
 Gain on sale of mortgage backed
 securities --- --- --- 2,900
 Other 582 187 1,329 1,074
 Total non-interest income 2,998 2,866 9,389 13,074
 Non-interest expenses:
 Salaries and employee benefits 5,975 6,020 17,644 17,266
 Rent and other occupancy
 expenses 1,139 1,163 3,308 3,137
 Advertising 452 577 1,351 1,719
 Data Processing 1,613 1,624 4,859 4,664
 Equipment 414 438 1,229 1,231
 Federal deposit insurance and
 fees 924 930 2,129 2,943
 Loss (income) on investment in
 real estate, net (339) (109) 48 1,405
 Other 1,974 2,210 6,410 6,186
 Total non-interest expenses 12,152 12,853 36,978 38,551
 Income before income taxes and
 cumulative effect of accounting
 change 5,205 4,842 15,394 14,892
 Income taxes 2,196 1,921 6,213 5,884
 Income before cumulative effect
 of accounting change 3,009 2,921 9,181 9,008
 Cumulative effect of change
 in accounting for income taxes --- --- --- 2,708
 Net income 3,009 2,921 9,181 11,716
 Fully diluted net income per
 share:
 Income before cumulative effect
 of accounting change $.35 $.33 $1.06 $1.02
 Net income .35 .33 1.06 1.33
 Average shares of common stock
 and common stock equivalents
 outstanding 8,566 8,879 8,654 8,830
 -0- 10/19/93
 /CONTACT: James V. McAveney, executive vp of Loyola Capital, 410-332-7210/
 (LOYC)


CO: Loyola Capital Corporation ST: Maryland IN: FIN SU: ERN

MK-JR -- PH009 -- 3839 10/19/93 10:13 EDT
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Date:Oct 19, 1993
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