Printer Friendly

NATIONAL COOPERATIVE BANK REPORTS DRAMATIC GROWTH IN EARNINGS AT END OF SECOND QUARTER OF 1993

 WASHINGTON, July 19 /PRNewswire/ -- The National Cooperative Bank (NCB) announced earnings of $4.1 million for the first six months ended June 30, 1993.
 "We are pleased with our strong performance for the first half of 1993," said NCB President Charles E. Snyder. "During the second quarter, the affordable housing loan sale of $26 million was completed. The most important aspect of the sale is its strategic importance in that this sale paves the way to create a new line of business for NCB."
 At June 30, 1993, non-performing assets decreased 54.46 percent to $4.6 million from $10.1 million at Dec. 31, 1992. The allowance for possible credit losses represented 239.6 percent of non-performing assets. The allowance as a percentage of loans outstanding increased from 1.99 percent and 2.30 percent at June 30, 1992, and Dec. 31, 1992, respectively, to 2.40 percent at June 30, 1993.
 Loans outstanding totaled $459.2 million at June 30, 1993, compared with $457.6 million at Dec. 31, 1992, and $514.9 million at June 30, 1992. Deposits increased to $53.1 million at June 30, 1993, from $52.2 million at Dec. 31, 1992, but were up 19.6 percent compared to $44.4 million at June 30, 1992.
 According to Charles H. Hackman, chief financial officer: "Despite modest asset growth, the bank's net income increased 30.7 percent compared to the same period last year. Profitability was driven by an increase in non-interest income such as fees and gains related to our mortgage banking activities. So far this year, NCB has sold 115.6 million in cooperative real estate loans."
 Profitability measurements reflect strong results. The return on assets (ROA) was 1.57 percent and 1.19 percent for the second quarters of 1993 and 1992, respectively, while return on average equity (ROE) was 7.81 percent and 6.07 percent for the same periods.
 National Cooperative Bank is a leading provider of financial services to cooperative enterprises in the United States. NCB and its subsidiaries provide mortgage banking, commercial lending, capital markets and depository services to cooperative enterprises. Headquartered in Washington, NCB also operates regional offices in Anchorage, Minneapolis, New York, San Francisco and Seattle, as well as a savings bank in Ohio.
 NATIONAL COOPERATIVE BANK
 Summary of Financial Performance
 Selected Items
 For the Six Months Ended June 30, 1993 and 1992
 1993 1992
 Balance Sheet Items
 Commercial loans and leases $217,486,375 $232,164,913
 Real estate loans 241,682,943 282,706,489
 Total loans and leases 459,169,318 514,871,402
 Total investments 50,438,972 56,670,742
 Total assets 536,174,976 587,119,816
 Deposits 53,096,015 44,395,836
 Notes payable 179,766,404 241,306,078
 Members' equity 106,774,898 104,432,035
 Income Statement Items
 Interest earned 19,527,430 22,611,355
 Interest expense 10,538,649 12,136,660
 Net-interest income 8,988,781 10,474,695
 Prov. for possible
 credit losses 614,528 1,236,543
 Non-interest income 4,491,338 2,021,516
 Total non-interest expenses 8,328,112 7,865,506
 Net income 4,124,959 3,155,250
 Operating Items to Total Avg. Assets
 Interest income 7.45 pct. 8.54 pct.
 Interest expense 4.02 pct. 4.58 pct.
 Net interest income 3.43 pct. 3.96 pct.
 Prov. for possible
 credit losses 0.23 pct. 0.47 pct.
 Non-interest income 1.71 pct. 0.76 pct.
 Non-interest expenses
 (with contribution) 3.18 pct. 2.97 pct.
 Non-interest expenses
 (without contributions) 2.83 pct. 2.84 pct.
 Net income-ROA (with contrib.) 1.57 pct. 1.19 pct.
 Net income-ROA (without
 contrib.) 1.92 pct. 1.32 pct.
 Selected Ratios
 Prov. for possible
 credit losses to avg.
 loans outstanding 0.27 pct. 0.53 pct.
 Avg. net loans to avg.
 assets 83.08 pct. 86.45 pct.
 Avg. members' equity to:
 Avg. assets 20.14 pct. 19.62 pct.
 Avg. loans 23.00 pct. 22.24 pct.
 Yield on commercial loans 7.76 pct. 8.46 pct.
 Yield on real estate loans 8.48 pct. 9.65 pct.
 Yield on investments 4.72 pct. 5.40 pct.
 Avg. allow. for possible
 losses to avg. loans
 outstanding 2.40 pct. 1.99 pct.
 Return on average equity 7.81 pct. 6.07 pct.
 Capital ratio - Tier I 20.20 pct. 19.56 pct.
 Total capital ratio 31.62 pct. 31.42 pct.
 -0- 7/19/93
 /CONTACT: Jane DeMarines, 202-336-7651, or Louise Grant, 202-336-7652, both of the National Cooperative Bank/


CO: National Cooperative Bank ST: District of Columbia IN: FIN SU: ERN

KD-IH -- DC025 -- 3146 07/19/93 14:21 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:Jul 19, 1993
Words:785
Previous Article:GENCORP ACQUIRES RENEER FILMS FROM GOODYEAR
Next Article:PERRIGO COMPANY ANNOUNCES EXECUTIVE APPOINTMENT
Topics:


Related Articles
FIRST SOUTHERN BANCORP'S EARNINGS INCREASE 55 PERCENT IN SECOND QUARTER
SOUTHWEST NATIONAL CORPORATION REPORTS EARNINGS
NATIONAL COMMUNITY BANKS, INC. REPORTS SECOND QUARTER RESULTS
FIRST NATIONWIDE REPORTS SECOND-QUARTER RESULTS
GRUPO FINANCIERO BANCOMER REPORTS 1993 SECOND QUARTER RESULTS
COLUMBIA BANKING SYSTEM INC. REPORTS 1993 SECOND QUARTER EARNINGS
SONOMA VALLEY BANK ANNOUNCES RECORD EARNINGS FOR THE THIRD QUARTER; TOTAL ASSETS $54,000,000.00
TRIANGLE BANCORP, INC. REPORTS RECORD EARNINGS
SOUTHWEST NATIONAL CORPORATION RELEASES FIRST QUARTER EARNINGS
FIRST STATE REPORTS RECORD SECOND QUARTER NET INCOME; EARNINGS INCREASE 48.2% TO $569,000 OR $.32 PER SHARE

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters