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MID-STATE FEDERAL ANNOUNCES SECOND QUARTER RESULTS

 OCALA, Fla., April 13 /PRNewswire/ -- Mid-State Federal Savings Bank (NASDAQ-NMS: MSSB) today announced earnings for the second fiscal quarter ended March 31, 1993, of $4,356,000, or $2.00 per share, which included $4,900,000 pretax ($3,056,000 aftertax, or $1.40 per share) income attributable to the bank's previously announced settlement of its lawsuit against First Florida Bank, N.A. and First Florida Banks, Inc. Earnings for the quarter, excluding the aftertax proceeds from the lawsuit settlement, were $1,300,000, or $.60 per share. This compares to net income of $996,000, or $.48 per share, for the second fiscal quarter ended March 31, 1992.
 Earnings for the six months ended March 31, 1993, were $5,717,000, or $2.64 per share, including the effect of the lawsuit settlement. Earnings for the six months ended March 31, 1993, exclusive of the lawsuit settlement, were $2,661,000, or $1.24 per share. This compares to earnings of $1,651,000, or $.81 per share, for the six months ended March 31, 1992, prior to the cumulative effect on prior years of a previously announced change in accounting principle. After the cumulative effect of the change in accounting principle, the bank reported earnings of $3,523,000, or $1.71 per share, for the six months ended March 31, 1992. The previously announced change in accounting principle was a positive adjustment to income of $1,872,000, or $.90 per share, and resulted from the bank's adoption during the fiscal year 1992, effective Oct. 1, 1991, of Statement of Financial Accounting Standards No. 109 "Accounting for Income Taxes" (FAS 109).
 Net interest income before provision for loan losses was $6.8 million for the quarter ended March 31, 1993, compared to $6.6 million for the same period one year earlier. The net interest rate spread was 3.70 percent during the quarter ended March 31, 1993, compared to 3.37 percent during the same period one year earlier.
 The provision for losses on loans was $500,000 for the quarter ended March 31, 1993, compared to $011,000 for the quarter ended March 31, 1992. The provision for losses on real estate owned was $180,000 for the quarter ended March 31, 1993, compared to $113,000 for the quarter ended March 31, 1992.
 Total nonaccrual loans were $3.6 million at March 31, 1993, compared to $4.7 million at Sept. 30, 1992, and $3.3 million at March 31, 1992. Total nonearning assets from lending activities, which include nonaccrual loans, real estate in judgment and real estate owned, were $11.0 million at March 31, 1993, compared to $15.5 million at September 30, 1992, and $16.5 million at March 31, 1992. The ratio of total nonearning assets from lending activities to total assets was 1.47 percent at March 31, 1993, compared to 2.06 percent at Sept. 30, 1992, and 2.03 percent at March 31, 1992. The ratio of total allowances for losses on loans and real estate owned to total loans, real estate in judgment, and real estate owned was 1.14 percent at March 31, 1993, compared to 1.23 percent at Sept. 30, 1992, and 0.98 percent at March 31, 1992. The ratio of total allowances for losses on loans and real estate owned to total nonearning assets from lending activities was 54.25 percent at March 31, 1993, compared to 42.66 percent at Sept. 30, 1992, and 33.73 percent at March 31, 1992.
 At March 31, 1993, the bank's core and tangible capital ratio was approximately 7.3 percent, compared to 6.5 percent at Sept. 30, 1992, and 5.8 percent at March 31, 1992. The bank's risk-based capital ratio was approximately 14.8 percent at March 31, 1993, compared to 13.1 percent at Sept. 30, 1992, and 11.4 percent at March 31, 1992. Mid-State Federal continues to meet and exceed all applicable regulatory capital requirements.
 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 21 branch offices within a four county area in west central Florida. At March 31, 1993, the bank reported total assets of $751.7 million, total deposits of $652.0 million, and total loans of $510.2 million.
 MID-STATE FEDERAL CONSOLIDATED
 FINANCIAL STATISTICS
 SECOND QUARTER OF FISCAL YEAR 1993
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 March 31, March 31,
 1993 1992
 Total assets $ 751,742 $ 795,281
 Loans receivable, net 510,191 548,728
 Mortgage-backed securities 89,005 113,690
 Investment securities,
 interest-bearing deposits 99,054 69,860
 Allowance for loan losses 4,701 3,946
 Deposits 652,046 697,641
 Federal Home Loan Bank
 advances 24,500 29,500
 Other borrowings --- ---
 Total stockholders' equity 62,603 54,475
 Total stockholders' equity
 less goodwill 54,868 46,205
 Actual shares outstanding 2,099,212 2,072,427
 Book value per share $29.82 $26.29
 Tangible book value per share 26.14 22.30
 Range of stock prices during quarter:
 High 30.75 13.50
 Low 24.00 7.50
 Three Months Ended
 March 31,
 1993 1992
 Interest income $14,005 $16,994
 Interest expense 7,188 10,394
 Net interest income before
 provision for loan losses 6,817 6,600
 Provision for loan losses and
 investment losses 500 811
 Net interest income 6,317 5,789
 Gain on sale of investments,
 mortgage-backed securities and loans 52 83
 Litigation settlement 4,900 ---
 Other income 541 689
 Other expenses (4,587) (4,539)
 Income before income taxes 7,223 2,022
 Provision for income taxes 2,867 1,026
 Net income before cumulative effect
 of a change in accounting principle 4,356 996
 Cumulative effect on prior years
 of adopting FAS 109 --- ---
 Net income $ 4,356 $ 996
 Earnings per share:
 Net income before cumulative
 effect of a change in accounting
 principle and litigation settlement $.60 $.48
 Cumulative effect on prior
 years of adopting FAS 109 --- ---
 Litigation settlement 1.40 ---
 Net income per share $ 2.00 $ .48
 Weighted average shares
 outstanding (A) 2,181,879 2,076,473
 (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.
 Six Months Ended
 March 31,
 1993 1992
 Interest income $28,400 $34,804
 Interest expense 14,842 22,465
 Net interest income before
 provision for loan losses 13,558 12,339
 Provision for loan losses and
 investment losses 1,100 1,469
 Net interest income 12,458 10,870
 Gain on sale of investments,
 mortgage-backed securities
 and loans 125 118
 Litigation settlement 4,900
 Other income 1,107 1,355
 Other expenses (9,115) (8,955)
 Income before income taxes 9,475 3,388
 Provision for income taxes 3,758 1,737
 Net income before cumulative
 effect of a change in accounting
 principle 5,717 1,651
 Cumulative effect on prior years
 of adopting FAS 109 1,872
 Net income $ 5,717 $3,523
 Earnings per share:
 Net income before cumulative
 effect of a change in accounting
 principle and litigation
 settlement $1.24 $.81
 Cumulative effect on prior
 years of adopting FAS 109
 Litigation settlement .90
 Net income per share $ 1.64 1.71
 Weighted average shares
 outstanding (A) 2,168,221 2,056,812
 MID-STATE FEDERAL CONSOLIDATED
 FINANCIAL STATISTICS
 SECOND QUARTER OF FISCAL YEAR 1993
 (Dollar amounts in thousands except for per share amounts)
 (Unaudited)
 Three Months Ended
 March 31,
 1993 1992
 Net Interest Rate
 Spread During:
 Weighted average yield on:
 Loans 8.55(pct.) 9.62(pct.)
 Mortgage-backed
 securities 7.65 8.38
 Investments 5.42 5.77
 Combined 8.01 9.01
 Weighted average rates paid on:
 Deposits 4.13 5.49
 Borrowings 9.15 9.20
 Combined 4.31 5.64
 Net interest rate spread 3.70(pct.) 3.37(pct.)
 Six Months Ended
 March 31,
 1993 1992
 Net Interest Rate
 Spread During:
 Weighted average yield on:
 Loans 8.67(pct.) 9.66(pct.)
 Mortgage-backed
 securities 7.63 8.52
 Investments 5.41 5.93
 Combined 8.13 9.05
 Weighted average rates paid on:
 Deposits 4.21 5.82
 Borrowings 9.17 9.21
 Combined 4.40 5.95
 Net interest rate spread 3.73(pct.) 3.10(pct.)
 -0- 4/13/93
 /CONTACT: James L. Goehler, EVP & CFO of Mid-State Federal Savings Bank, 904-854-4100/
 (MSSB)


CO: Mid-State Federal Savings Bank ST: Florida IN: FIN SU: ERN

AW -- FL009 -- 5341 04/13/93 15:52 EDT
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