Printer Friendly

NFS FINANCIAL CORP. FIRST QUARTER RESULTS

 NFS FINANCIAL CORP. FIRST QUARTER RESULTS
 NASHUA, N.H., April 23 /PRNewswire/ -- NFS Financial Corp.


(NASDAQ: NFSF) reports earnings for the first quarter of 1992 of $541,000, or 20 cents per share, compared with a loss of $799,000, or 29 cents per share, for the first quarter of 1991.
 James H. Adams, president/CEO, said the company's operating results were impacted favorably by gains on mortgages and mortgage- backed securities. In addition, NFS was able to lower the quarterly addition to the provision for possible loan losses as the level of nonperforming assets continued a slow decline.
 "We have made progress in those areas within our control. While we still have significant concern about the near-term outlook, we hope the economic turnaround is finally here," Adams said.
 NFS realized a net investment gain on mortgages and mortgage-backed securities of $541,000 during the first quarter compared with $48,000 in the first quarter of 1991.
 The company added $1.1 million to its provision for loan losses during the first quarter of this year compared with $1.8 million during the first quarter of 1991. The addition kept the allowance for possible loan losses at 55.5 percent of nonperforming loans compared with 55.2 percent at the end of 1991.
 Nonperforming assets at NFS were $25.8 million at March 31, 1992, or 4.93 percent of total assets, down from $26.5 million, or 5.12 percent of total loans at Dec. 31, 1991.
 Nonperforming loans at NFS at the end of the first quarter of 1992 were $16.6 million, or 4.94 percent of total loans, down from $17.2 million, or 5.01 percent of total loans, at the end of 1991.
 NFS Financial Corp. -- Selected Financial Data
 3/31/92 12/31/91 3/31/91
 Financial Condition: ($ in 000s)
 Total assets $523,452 $517,032 $510,987
 Total loans 337,081 343,534 361,951
 Mortgage-backed
 securities 25,142 37,585 23,778
 Cash and
 investments 133,224 120,093 109,744
 Deposits 439,170 433,886 414,441
 Notes payable 37,219 40,161 51,162
 Stockholders'
 equity 39,348 38,807 40,610
 Loan originations
 & purchases (YTD) 32,556 69,942 10,247
 Nonperforming loans 16,640 17,215 20,066
 Allowance for
 possible loan losses 9,241 9,498 11,058
 Foreclosed real estate 9,191 9,249 10,035
 Total nonperforming
 assets 25,831 26,464 30,101
 Year-to-Date Ended
 Operating Results: 3/31/92 12/31/91 3/31/91
 ($ in 000s)
 Net interest income $3,871 $13,680 $3,519
 Provision for possible
 loan losses 1,050 5,960 1,830
 Loan servicing fees 123 517 125
 Gain (loss) on
 investments (15) 0 0
 Gain (loss) on MBS's
 & loans 541 238 48
 Other non-interest
 income 271 948 227
 Non-interest expenses 2,877 11,331 2,499
 Income (loss) before
 taxes 864 (1,908) (410)
 Income taxes 323 758 389
 Net income (loss) 541 (2,666) (799)
 Operating and Performance Ratios:
 Return on average assets (YTD) 0.42 pct. NA NA
 Return on average equity (YTD) 5.56 NA NA
 Yield on earning assets (YTD) 8.39 9.27 9.86
 Cost of deposits and
 borrowings (YTD) 5.29 6.52 7.02
 Net interest margin (YTD) 3.10 2.75 2.84
 Stockholders' equity/
 total assets 7.52 7.51 7.95
 Nonperforming loans/
 total loans 4.94 5.01 5.54
 Allowance for loan
 losses/nonperforming
 loans 55.53 55.17 55.11
 Net charge-offs/total
 loans 0.39 2.33 0.64
 Nonperforming assets/
 total assets 4.93 5.12 5.89
 Average earning assets/
 average interest
 bearing liabilities 106.87 107.75 108.54
 Stock Performance Indicators:
 Common shares outstanding 2,761,367 2,761,367 2,761,367
 Closing price $6.00 $3.75 $4.25
 Book value $14.25 $14.05 $14.71
 Price/book value 42.11 pct. 26.69 pct. 28.89 pct.
 Earnings (loss) per
 share (YTD) 20 cents (97 cents) (29 cents)
 Dividends per share
 (YTD) 0.00 0.00 0.00
 Dividend payout
 ratio (YTD) 0.00 pct. NA NA
 Price/earnings
 (annualized) 7.50 X NA NA
 -0- 4/23/92
 /CONTACT: David A. Sobe or Albert R. Rietheimer, of NFS Financial, 603-880-2011/
 (NFSF) CO: NFS Financial Corp. ST: New Hampshire IN: FIN SU: ERN


DD -- NE011 -- 1809 04/23/92 11:12 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 23, 1992
Words:740
Previous Article:GREATER CINCINNATI WORKING AND WALKING TOGETHER
Next Article:AT&T TO MANUFACTURE AND MARKET EQUIPMENT IN CANADA


Related Articles
NFS FINANCIAL CORPORATION SECOND QUARTER RESULTS
NFS FINANCIAL CORP. REPORTS THIRD QUARTER RESULTS
NFS FINANCIAL CORP. FIRST QUARTER EARNINGS
NFS FINANCIAL CORP. INCREASES DIVIDEND
NFS FINANCIAL CORP. SECOND QUARTER RESULTS
NFS FINANCIAL CORP. DIVIDEND
NFS FINANCIAL CORP. THIRD QUARTER RESULTS
NFS FINANCIAL CORP. SECOND QUARTER EARNINGS UP
NFS FINANCIAL CORP. THIRD QUARTER GAINS
NFS FINANCIAL CORP. FIRST QUARTER EARNINGS UP

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters