Printer Friendly

METROPOLITAN FEDERAL REPORTS RECORD EARNINGS

 SEATTLE, April 20 /PRNewswire/ -- Metropolitan Federal Savings and Loan Association of Seattle (NASDAQ: MSEA) has just completed a record year of earnings plus its 11th consecutive quarter of higher profitability. Net income for the fiscal year ended March 31, 1993, was $5.9 million compared to $2.8 million for the previous fiscal year, an improvement of 110 percent. Earnings per share increased to $1.82 for the 1993 fiscal year, from $1.40 for the 1992 fiscal year, representing a 30-percent increase.
 Earnings improved to $1,634,000 for the three months ended March 31, 1993, compared to $1,005,000 for the same quarter a year ago, a 63-percent gain for the quarter. Income per share increased to 50 cents for the quarter ended March 31, 1993, from 41 cents for the same period a year ago, representing a 22-percent increase.
 Earnings per share figures have been adjusted to reflect the issuance of 1,380,000 additional shares in February and March of 1992, which resulted in approximately $12.6 million of net proceeds.
 Metropolitan's annualized return on equity was 16.7 percent for the quarter and 16.1 percent for the year ended March 31, 1993, compared to 15.5 percent for the quarter and 13.5 percent for the year ended March 31, 1992. Return on assets was 1.3 percent for the quarter and year ended March 31, 1993, compared to 1.1 percent for the quarter and 0.8 percent for the year ended March 31, 1992. Net interest margin was 3.0 percent for the quarter and 3.1 percent for the year ended March 31, 1993, compared to 3.3 percent for the quarter and 2.9 percent for the year ended March 31, 1992.
 Patrick F. Patrick, president and chief executive officer, said today, "The improvement in earnings for the quarter and year were all the more remarkable because the bank incurred federal income taxes in the current year at an effective 20-percent rate compared to 2 percent for the prior year. Income before tax during the fourth fiscal quarter ended March 31, 1993, was $2.1 million compared to $1.0 million the prior year, a gain of 107 percent. This gain is a true reflection of the progress made by Metropolitan during the past year."
 Patrick continued, "The bank's return on equity of 16.7 percent and return on assets of 1.3 percent for the quarter are both in the high- achieving range for the industry. We are also pleased to report that the bank reduced non-accrual loans by 46 percent during the quarter, and subsequent to quarter-end, sold $2 million of an $8.7 million portfolio of foreclosed real estate.
 "We believe that the company's posture of maintaining a conservative balance sheet has served the shareholders well while providing safety for the customers of our various savings plans," Patrick added.
 Metropolitan's assets totalled $508 million at March 31, 1993, compared to $380 million at March 31, 1992. Capital totalled $39.8 million, or 7.8 percent of assets, at the end of March 1993, compared to $33.8 million, or 8.9 percent of assets, at March 31, 1992. Metropolitan's book value per share was $12.20 at March 31, 1993.
 Metropolitan will be holding its annual meeting of stockholders at 2 p.m. on July 21, 1993, in the West Ballroom at the Sheraton Seattle Hotel & Towers in downtown Seattle.
 Metropolitan Federal is an FDIC-insured, federally chartered savings and loan association organized in 1935 with seven branches in the greater Puget Sound area.
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION
 OF SEATTLE AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
 (In thousands, except per share data)
 March 31,
 1993 1992
 (Unaudited)
 ASSETS
 Cash and due from banks $ 514 $ 188
 Interest bearing deposits 844 4,300
 Securities held for investment
 (fair value of $20,705 and
 $18,982) 20,589 18,671
 Mortgage-backed securities
 (fair value of $166,472 and
 $42,283) 164,832 42,690
 Loans 285,126 285,100
 Loans held for sale 3,847 8,353
 Accrued interest receivable 3,000 2,692
 Real estate held for sale 8,728 7,889
 Real estate held for
 investment 6,928 987
 Federal Home Loan Bank stock,
 at cost 8,203 3,725
 Premises and equipment, net 4,258 4,825
 Prepaid expenses and other
 assets 1,121 900
 Total assets $507,990 $380,320
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $307,323 $269,476
 Advances from FHLB 150,520 70,300
 Other borrowings 4,685 ---
 Federal Income Taxes:
 Current 515 ---
 Deferred 193 ---
 Other liabilities 4,920 6,722
 Total liabilities 468,156 346,498
 Preferred stock, 10,000,000 shares authorized;
 no shares issued
 Common stock $1.00 par value
 40,000,000 shares authorized; 3,264,080 and
 3,255,583 shares issued
 and outstanding 3,264 3,256
 Additional paid-in capital 22,795 22,737
 Retained earnings 13,775 7,829
 Total stockholders' equity 39,834 33,822
 Total liabilities and stochholders'
 equity $507,990 $380,320
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION AND SUBSIDIARY
 CONSOLIDATED STATEMENTS OF OPERATIONS
 (Unaudited, in thousands, except per-share data)
 Three Months Year
 Ended March 31: 1993 1992 1993 1992
 Interest income:
 Loans receivable $ 5,912 $ 6,975 $24,793 $29,638
 Mortgage-backed securities 2,333 313 7,516 382
 Investment securities 289 80 1,310 1,197
 Other 291 309 934 1,222
 Total 8,825 7,677 34,553 32,439
 Interest expense:
 Deposits 3,214 4,002 13,726 19,361
 Borrowings 1,795 729 6,413 2,582
 Total 5,009 4,731 20,139 21,943
 Net interest income 3,816 2,946 14,414 10,496
 Provision for (recovery
 of) loan losses 195 200 749 (127)
 Net interest income after
 provision for (recovery
 of) loan losses 3,621 2,746 13,665 10,623
 Other income, (loss):
 Net gain (loss) on sale or
 write-down of real estate (100) 17 (1,000) (760)
 Collection of deferred assets 44 -- 1,297 --
 Other 234 154 1,167 521
 Total 178 171 1,464 (239)
 Other expense:
 Compensation and fringe
 benefits 855 758 3,372 3,243
 Occupancy 270 271 1,057 1,017
 Savings associations insurance
 fund premiums 130 163 593 697
 Advertising 131 66 411 347
 Net loss (income) on real
 estate operations (174) (98) 40 (86)
 Other 448 722 2,089 2,272
 Total 1,660 1,882 7,562 7,490
 Income before federal
 income taxes 2,139 1,035 7,567 2,894
 Federal income tax expense:
 Current 312 30 1,428 67
 Deferred 193 -- 193 --
 Total 505 30 1,621 67
 Net income $ 1,634 $ 1,005 $ 5,946 $ 2,827
 Net income per share $ 0.50 $ 0.41 $ 1.82 $ 1.40
 Weighted average number
 of shares outstanding 3,264,080 2,459,099 3,260,731 2,020,375
 METROPOLITAN FEDERAL SAVINGS AND LOAN ASSOCIATION AND SUBSIDIARY
 ADDITIONAL INFORMATION
 (Unaudited, in thousands, except per-share data)
 March 31, Dec. 31, Sept. 30,
 1993 1992 1992
 Stockholders' equity per
 share $12.20 $11.70 $11.22
 Stockholders' equity to
 total assets (percent) 7.84 7.80 7.60
 Regulatory capital ratios:
 Tangible (percent) 7.84 7.79 7.59
 Core (percent) 7.84 7.79 7.59
 Risk-based (percent) 14.51 14.37 12.94
 Non-accrual loans $ 6,394 $11,884 $ 8,004
 Loan loss reserves $ 5,632 $ 5,960 $ 6,029
 June 30, March 31,
 1992 1992
 Stockholders' equity per
 share $10.80 $10.39
 Stockholders' equity to
 total assets (percent) 8.03 8.89
 Regulatory capital ratios:
 Tangible (percent) 8.02 8.88
 Core (percent) 8.02 8.88
 Risk-based (percent) 13.40 13.34
 Non-accrual loans $ 8,758 $ 2,698
 Loan loss reserves $ 5,825 $ 5,665
 Quarter Year
 Ended March 31: 1993 1992 1993 1992
 Yield on interest-earning
 assets (percent) 7.39 8.86 7.87 9.45
 Rate on interest-bearing
 liabilities (percent) 4.39 5.74 4.82 6.55
 Net interest margin (percent) 3.04 3.25 3.14 2.91
 Return on average equity (percent) 16.65 15.53 16.12 13.45
 Return on average assets (percent) 1.30 1.11 1.29 0.78
 -0- 4/20/93
 /CONTACT: Suzanne Tessaro of Metropolitan Federal, 206-654-7826/
 (MSEA)


CO: Metropolitan Federal Savings and Loan Association ST: Washington IN: FIN SU: ERN

GT-LM -- SE024 -- 8395 04/20/93 20:00 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:Apr 20, 1993
Words:1404
Previous Article:TELLABS REPORTS RECORD FIRST QUARTER SALES AND EARNINGS
Next Article:WEST COAST BANCORP DECLARES DIVIDEND
Topics:


Related Articles
METROPOLITAN FINANCIAL SIGNS LETTER OF INTENT TO ACQUIRE NEBRASKA'S AMERICAN CHARTER
METROPOLITAN FINANCIAL/AMERICAN CHARTER MERGER COMPLETED
METROPOLITAN FEDERAL REPORTS 124-PERCENT IMPROVEMENT IN THIRD-QUARTER EARNINGS
METROPOLITAN FEDERAL REPORTS 48 PERCENT EARNINGS GAIN AND APPROVAL OF HOLDING COMPANY
ASTORIA FEDERAL SAVINGS AND LOAN ASSOCIATION REPORTS THIRD QUARTER AND NINE-MONTH RESULTS
METROPOLITAN BANCORP REPORTS RECORD EARNINGS FOR FISCAL 1994 AND ANNOUNCES ACQUISITION OF PHOENIX MORTGAGE
METROPOLITAN BANCORP ANNOUNCES IMPROVING EARNINGS AND INCREASE IN ASSETS
METROPOLITAN BANCORP ANNOUNCES IMPROVING EARNINGS
Metropolitan Financial Corp. Reports Record Earnings
Metropolitan Financial Corp. Reports Record Third Quarter Earnings

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