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MID-STATE FEDERAL ANNOUNCES FIRST QUARTER RESULTS

 MID-STATE FEDERAL ANNOUNCES FIRST QUARTER RESULTS
 OCALA, Fla., Jan. 23 /PRNewswire/ -- Mid-State Federal Savings


Bank (NASDAQ-NMS: MSSB) today announced earnings for the first fiscal quarter ended Dec. 31, 1991, of $576,000, or $.28 per share. This compares to net income of $269,000, or $.13 per share, for the first fiscal quarter ended Dec. 31, 1990.
 The results for the quarter ended Dec. 31, 1991, were positively impacted by increased net interest income and decreased provisions for losses on loans and real estate owned. Results for the quarter ended Dec. 31, 1990, included $1.1 million of pre-tax income from real estate operations as a result of the reversal of a reserve previously established in connection with a lawsuit against the bank.
 The improvement in net interest income was primarily the result of a further increase in net interest rate spread to 2.86 percent for the quarter ended Dec. 31, 1991, from 2.27 percent for the same period one year earlier. The provision for losses on loans was $658,000 for the quarter ended Dec. 31, 1991, compared to $949,000 for the same period a year ago. The provision for losses on real estate owned was $133,000 for the quarter ended Dec. 31, 1991, compared to $500,000 for the quarter ended Dec. 31, 1990.
 Total non-accrual loans were $4.8 million at Dec. 31, 1991, compared to $4.3 million at Sept. 30, 1991, and $6.0 million at Dec. 31, 1990. Total non-earning assets from lending activities, which include non-accrual loans, real estate in judgment, and real estate owned, were $18.7 million at Dec. 31, 1991, compared to $18.9 million at Sept. 30, 1991, and $20.6 million at Dec. 31, 1990. The ratio of total non-earning assets from lending activities to total assets was 2.28 percent at Dec. 31, 1991, compared to 2.21 percent at Sept. 30, 1991, and 2.17 percent at Dec. 31, 1990. The total allowances for loan and real estate owned losses to total loans, real estate in judgment and real estate owned was 0.97 percent at Dec. 31, 1991, compared to 0.88 percent at Sept. 30, 1991, and 0.75 percent at Dec. 31, 1990.
 At Dec. 31, 1991, the bank's core and tangible capital ratio was 5.3 percent, compared to 4.3 percent at Dec. 31, 1990. The bank's risk-based capital ratio was 10.6 percent at Dec. 31, 1991, compared to 8.4 percent at Dec. 31, 1990. The bank continues to meet and exceed all applicable regulatory capital requirements.
 Primarily as a result of a balance sheet restructuring program initiated during the 1991 fiscal year, total assets declined to $818.3 million at Dec. 31, 1991, from $952.2 million a year earlier. Net loans receivable decreased to $562.7 million at Dec. 31, 1991, from $665.9 million one year earlier and total deposits decreased to $724.7 million from $821.5 million.
 Charles E. Harris, chairman of the board of Mid-State Federal, said he was pleased that substantially all of the bank's increased earnings resulted from on-going operations, rather than from asset sales or other non-recurring sources of income.
 Mid-State Federal is a publicly held, federally insured, and federally chartered stock savings bank with its common stock traded over-the-counter and quoted on the NASDAQ National Market System under the symbol "MSSB". With its home office in Ocala, Fla., the bank operates 23 branch offices within a five county area in west central Florida.
 MID-STATE FEDERAL CONSOLIDATED FINANCIAL STATISTICS
 FIRST QUARTER OF FISCAL 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Dec. 31, Dec. 31,
 1991 1990
 Total assets $ 818,280 $ 952,195
 Loans receivable, net 562,664 665,917
 Mortgage-backed securities 118,462 162,833
 Investment securities, federal funds
 sold and interest-bearing deposits 73,050 53,668
 Allowance for loan losses 4,266 4,003
 Deposits 724,705 821,496
 Federal Home Loan Bank advances 29,500 46,500
 Other borrowings -- 18,212
 Total stockholders' equity 51,482 49,297
 Total stockholders' equity
 less goodwill 43,079 40,358
 Actual shares outstanding 2,072,427 2,069,133
 Book value per share 24.84 23.83
 Tangible book value per share 20.79 19.50
 Range of stock prices during quarter:
 High 9.00 19.75
 Low 7.50 6.75
 Three Months Ended
 Dec. 31,
 1991 1990
 Interest income $ 17,810 $ 22,226
 Interest expense 12,071 17,007
 Net interest income before provision
 for loan losses 5,739 5,219
 Provision for loan and investment
 losses 658 948
 Net interest income 5,081 4,270
 Gain on sale of investments,
 mortgage-backed securities and loans 35 --
 Other income 666 1,463
 Other expenses (4,416) (4,458)
 Income before income taxes 1,366 1,275
 Provision for income taxes 790 1,006
 Net income 576 269
 Net income per share .28 .13
 Weighted average shares
 outstanding (A) 2,055,695 2,034,458
 (A) -- The weighted average number of outstanding shares of common stock includes the number of common stock equivalents calculated under the treasury stock method and is reduced by the number of unallocated shares held by the ESOP.
 MID-STATE FEDERAL CONSOLIDATED FINANCIAL STATISTICS
 FIRST QUARTER OF FISCAL 1992
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Three Months Ended
 Dec. 31,
 Net Interest Rate 1991 1990
 Spread During:
 Weighted average yield on:
 Loans 9.69 percent 10.17 percent
 Mortgage-backed securities 8.67 9.31
 Investments 6.05 7.67
 Combined 9.08 9.82
 Weighted average rates paid on
 Deposits 6.11 7.45
 Borrowings 9.20 9.06
 Combined 6.22 7.55
 Net interest rate spread 2.86 percent 2.27 percent
 -0- 1/23/92
 /CONTACT: James L. Goehler, executive vice president and chief financial officer of Mid-State Federal Savings Bank, 904-854-4100/
 (MSSB) CO: Mid-State Federal Savings Bank ST: Florida IN: FIN SU: ERN


SS-AW -- FL004 -- 2837 01/23/92 13:13 EST
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