MULTIBANK REPORTS FOURTH QUARTER PROFIT, ANNUAL LOSS
MULTIBANK REPORTS FOURTH QUARTER PROFIT, ANNUAL LOSS DEDHAM, Mass., Jan. 17 /PRNewswire/ -- Multibank Financial Corp.
(NASDAQ: MLTF) reported fourth quarter net income of $3,114,000, or 34 cents per share, compared to a loss of $8,665,000, or 95 cents per share, in the fourth quarter of 1990.
During the fourth quarter, the sale of certain credit card related assets resulted in after tax gains of $1,350,000. In addition, the company recognized after tax gains of $1,817,000 from the sale of investment securities. These factors along with a lower provision for possible credit losses contributed to the improved quarterly results. For the year, the company recorded a net loss of $15,241,000, or $1.66 per share, compared to a net loss of $21,301,000, or $2.32 per share last year. Multibank's annual loss resulted primarily from additions to the allowance for possible credit losses totalling $45,866,000 in 1991. In 1990, additions to the allowance were $71,669,000. At Dec. 31, 1991 non-performing assets were $176,943,000, down from $189,852,000 at Dec. 31, 1990. Non-performing loans at year-end 1991 were $101,884,000 down from $148,380,000 a year ago. At year-end the company's allowance for possible credit losses was $56,680,000 providing 55.6 percent coverage for non-performing loans. Commenting on the company's performance, Multibank Chairman and CEO, David B. Lynch said, "We are encouraged by our profit in the fourth quarter and by decreasing non-performing loans. We look forward to an improved performance in 1992." Multibank Financial Corp. is a registered bank holding company with five Massachusetts banks. The company's stock is traded on the over-the-counter market and is listed and quoted through the NASDAQ National Market System (NMS) under the symbol MLTF. MULTIBANK FINANCIAL CORPORATION Financial Summary Year Ended Three Months Ended 12/31/91 12/31/90 12/31/91 12/31/90 Net income (loss) $(15,241,000) $(21,301,000) $3,114,000 $(8,665,000) Per share earnings (loss) $(1.66) $(2.32) 34 cents (95 cents) Average number of shares outstanding 9,167,006 9,166,302 9,167,006 9,167,006 Per share book value $17.69 $19.16 Assets $2,631,829,000 $2,992,954,000 -0- 1/17/92 /CONTACT: Peter F. Russo, senior vice president, treasurer and chief financial officer of Multibank Financial Corp., 617-461-5590/ (MLTF) CO: Multibank Financial Corp. ST: Massachusetts IN: FIN SU: ERN
DD-SD -- NE006 -- 1044 01/17/92 14:08 EST
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|Date:||Jan 17, 1992|
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