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NORTH SIDE SAVINGS BANK ANNOUNCES FIRST QUARTER RESULTS AND BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 FLORAL PARK, N.Y., Jan. 25 /PRNewswire/ -- North Side Savings Bank (NASDAQ: NSBK) today reported net income for the quarter ended Dec. 31, 1992, of $1.6 million or 40 cents per share compared to $1.0 million or 26 cents per share in the comparable period of 1991, an increase of 55 percent.
 Net interest income, before the provision for loan losses, increased $2.7 million or 24 percent between the periods as the bank's net interest margin increased to 3.74 percent for the current quarter. For the comparable period of fiscal 1991, the net interest margin was 2.80 percent. The increase in the net interest margin is the result of continued low interest rates and particularly of the fact that rates earned on interest earning assets have not decreased at the same speed as rates paid on interest bearing liabilities. For the quarter ended Dec. 31, 1992, the yield on average interest earning assets was 7.32 percent and the average cost of interest bearing liabilities was 3.62 percent, compared to 8.42 percent and 5.74 percent, respectively, for the quarter ended Dec. 31, 1991.
 The provision for loan losses was $3.9 million for the quarter ended Dec. 31, 1992, an increase of $1.9 million from the same respective period last year. The provision is based on management's view that there still has been no significant recovery in commercial real estate values in the bank's primary lending areas.
 At Dec. 31, 1992, non-performing loans amounted to $47.7 million compared to $52.8 million at Sept. 30, 1992, and $65.6 million at Dec. 31, 1991. Included in such amounts are $8.5 million, $8.8 million, and $6.8 million, respectively, of one- to four-family owner occupied non-performing loans.
 Other real estate owned increased $1.9 million during the same period to $19.5 million primarily due to the bank accepting deeds on three loans which were in foreclosure.
 Other operating expenses decreased $1.0 million or 13 percent to $6.7 million for the first quarter of fiscal 1993 compared to the first quarter of fiscal 1992 as a result of the economies achieved from branch consolidations and sales of branches acquired in fiscal 1991 and 1992, as previously reported. This decrease in expense consisted primarily of a decrease of $.2 million in compensation and benefits, $.1 million in occupancy expense, $.3 million in professional fees, $.2 million in computer expense and $.2 million in other expense.
 Other income increased $63,000 between the comparable quarters and the bank recorded a loss on the sale of a CMO residual of $122,000. Such CMO residual was the last to be held in the bank's portfolio.
 The provision for income taxes increased $.8 million for the quarter ended Dec. 31, 1992, compared to the prior year quarter, primarily due to the increase in income before taxes between the comparable quarters.
 Total assets of the bank decreased $30.5 million from Sept. 30, 1992, to Dec. 31, 1992, primarily as a result of a decrease of $31.6 million in loans, net. Deposits decreased by $32.1 million during this same period. One measure of North Side's strength is that total shareholders' equity surpassed $100 million for the first time in the bank's history, amounting to $101.0 million or 6.9 percent of assets at Dec. 31, 1992.
 At Dec. 31, 1992, the bank's book value per share was $24.91. The bank's leverage capital ratio was 5.93 percent compared to the minimum requirement of 3 percent. Total risk-based capital was 13.16 percent compared to the minimum requirement of 8 percent.
 At the regular board meeting held today, immediately following the bank's annual meeting of shareholders, the board of directors declared a $.10 per share regular quarterly dividend payable on March 5, 1993, to shareholders of record on Feb. 22, 1993. At the annual meeting, shareholders reelected Thomas M. O'Brien, Irving L. Cherashore and Greg L. Collins as directors of the bank for a three-year term expiring in 1996 and ratified the appointment of KPMG Peat Marwick as the bank's independent auditors for the year ending Sept. 30, 1993.
 NORTH SIDE SAVINGS BANK
 Consolidated Statements of Condition
 (Unaudited; dollars in thousands)
 12/31/92 9/30/92
 ASSETS
 Cash and due from banks $ 14,380 $ 9,302
 Money market investments 9,931 5,449
 Investment securities, net 76,991 75,614
 Mortgage-backed securities, net 707,182 720,494
 Loans, net of premium and discount:
 Mortgage loans 565,032 594,786
 Commercial loans 7,089 7,454
 Other loans 8,664 9,748
 Total 580,785 611,988
 Less allowance for loan losses 15,387 15,012
 Loans, net 565,398 596,976
 Accrued interest receivable 12,824 13,534
 Premises and equipment, net 16,643 16,893
 Other real estate owned 19,526 17,641
 Excess of cost over fair value of
 net assets acquired 9,962 10,192
 Other assets 23,841 21,123
 Total assets $1,456,678 $1,487,218
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Liabilities:
 Deposits $1,308,466 $1,340,584
 Mortgagors' escrow payments 6,648 8,102
 Borrowed funds 22,291 22,276
 Other liabilities 18,293 16,517
 Total liabilities 1,355,698 1,387,479
 Shareholders' equity:
 Preferred stock, par value $1.00 per share,
 5,000,000 shares authorized, none outstg. -- --
 Common stock, par value $1.00 per share,
 10,000,000 shares authorized, 4,053,951
 and 4,053,420 shares issued and outstg.
 at Dec. 31, 1992, and Sept. 30, 1992,
 respectively 4,054 4,053
 Paid-in capital 49,416 49,409
 Surplus fund 24,102 24,101
 Undivided profits 25,372 24,156
 Unrealized depreciation on certain
 marketable equity securities (107) (80)
 Unallocated shares in Management
 Development and Recognition Plan (1,587) (1,587)
 Unearned portion of incentive compensation (270) (313)
 Total shareholders' equity 100,980 99,739
 Total liabilities and shareholders' equity $1,456,678 $1,487,218
 NORTH SIDE SAVINGS BANK
 Consolidated Condensed Statements of Income
 (Unaudited; dollars in thousands, except per share amounts)
 Three months ended Dec. 31 1992 1991
 Interest income $26,330 $32,424
 Interest expense 12,787 21,567
 Net interest income 13,543 10,857
 Provision for loan losses 3,861 2,000
 Net interest income after prov. for loan losses 9,682 8,857
 Net gain on assets held for sale -- 260
 Net (loss) on sale of CMO residual (122) --
 Other income 835 772
 Other expenses 6,708 7,658
 Income before taxes 3,687 2,231
 Provision for income taxes 2,066 1,184
 Net income $ 1,621 $ 1,047
 Net income per share (A) $.40 $.26
 (A) -- Based on the average number of shares outstanding for each period of 4,053,582 and 4,050,944, respectively.
 -0- 1/25/93
 /CONTACT: John McDermott, senior vice president of North Side, 516-488-6900, ext. 221/
 (NSBK)


CO: North Side Savings Bank ST: New York IN: FIN SU: ERN DIV

GK-SH -- NY069 -- 8607 01/25/93 14:36 EST
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Date:Jan 25, 1993
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