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NATIONAL COOPERATIVE BANK REPORTS FINANCIAL RESULTS FOR FIRST QUARTER ENDED MARCH 31, 1992

 NATIONAL COOPERATIVE BANK REPORTS FINANCIAL RESULTS
 FOR FIRST QUARTER ENDED MARCH 31, 1992
 WASHINGTON, April 23, /PRNewswire/ -- For the first quarter ended March 31, 1992, National Cooperative Bank (NCB) reported net income of $1.2 million compared with $1.3 million earned for the same period last year. The decrease resulted primarily from an increase in non- interest expenses and the recognition of realized and unrealized losses on its trading account portfolio which was not required in the first quarter of 1991.
 "The year started off slightly below last year; however, NCB is very strong financially and has the resources to meet our customers' financing needs," said Charles H. Hackman, chief financial officer.
 Interest income decreased $1.1 million to $11.1 million for the three months ended March 31, 1992, as average rates on interest- earning assets decreased with the decline in market rates. Interest expense decreased $1.2 million to $6.1 million due to declining interest rates. Net interest income increased $0.1 million to $5.0 million from the same period the prior year.
 Non-interest income increased 32.4 percent to $1.0 million for the three months ended March 31, 1992, from $0.8 million for the months ended March 31, 1991, due primarily to gains on loan sales which were offset by net realized and unrealized losses on the securities trading account portfolio.
 Non-interest expenses as a percentage of average assets increased to 3.2 percent at March 31, 1992, from 2.8 percent at March 31, 1991. This was largely due to higher salary and benefit expenses and expenses related to loan work outs.
 Total assets increased $7.1 million or 1.4 percent to $524.3 million at March 31, 1992, from year-end. The increase resulted from higher real estate loans outstanding. NCB has pursued strong real estate originations year-to-date for its planned $75 million public offering of investment grade rated cooperative mortgage loans later in the year. The gain on the sale of these real estate assets will occur much later in the year than is typical for NCB.
 The allowance for possible credit losses at March 31, 1992, increased 7.4 percent to $9.3 million from $8.7 million at year-end. The increase resulted from increased provisions for possible credit losses which was consistent with management's strategy of building reserves. Charge offs in the first quarter were nominal. In addition, non-performing assets declined during the quarter from 2.6 percent of loans and real estate owned to 2.4 percent.
 National Cooperative Bank, headquartered in Washington, has offices in New York, Seattle and Minneapolis.
 NATIONAL COOPERATIVE BANK
 Summary of Financial Performance
 Selected Items
 For the Three Months Ended March 31, 1992, and 1991
 1992 1991
 Balance Sheet Items
 Commercial loans and leases $228,319,345 $242,227,450
 Real estate loans 232,034,757 183,541,441
 Total loans and leases 460,354,102 425,768,891
 Total investments 57,054,451 51,500,544
 Total assets 524,302,243 486,513,850
 Deposits and notes payable 222,017,920 186,671,452
 Members equity 103,796,548 100,404,436
 Loans sold to investors 20,809,055 24,459,454
 Income Statement Items
 Interest earned 11,104,823 12,208,789
 Interest expense 6,077,147 7,299,322
 Prov. for possible
 credit losses 661,545 767,157
 Non-interest income 997,626 753,685
 Total non-interest expenses 4,088,092 3,456,135
 Net income 1,181,312 1,348,940
 Operating Items to
 Total Average Assets (in percent)
 Interest income 8.59 9.92
 Interest expense 4.70 5.93
 Net interest income 3.89 3.99
 Prov. for possible
 credit losses 0.51 0.62
 Non-interest income 0.77 0.61
 Non-interest expenses
 (with contribution) 3.16 2.81
 Non-interest expenses
 (without contribution) 3.06 2.69
 Net income-ROA (with contrib.) 0.91 1.10
 Net income-ROA (without contrib.) 1.02 1.22
 Selected Ratios (in percent)
 Prov. for possible credit losses
 to avg. loans outstanding 0.58 0.70
 Avg. net loans to avg. assets 86.40 86.79
 Avg. members' equity to:
 Avg. assets 20.05 20.28
 Avg. loans 22.75 22.92
 Yield on commercial loans 8.51 10.35
 Yield on real estate loans 9.76 10.88
 Yield on investments 5.37 7.31
 Avg. allow. for possible losses
 to avg. loans outstanding 1.97 1.91
 Return on average equity 4.56 5.41
 -0- 4/23/92
 /CONTACT: Louise Grant of National Cooperative Bank, 202-336-7652/ CO: National Cooperative Bank ST: District of Columbia IN: FIN SU:


DC-MH -- DC033 -- 2059 04/23/92 15:48 EDT
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Date:Apr 23, 1992
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