OLYMPUS CAPITAL ANNOUNCES SECOND QUARTER RESULTS
OLYMPUS CAPITAL ANNOUNCES SECOND QUARTER RESULTS SALT LAKE CITY, July 30 /PRNewswire/ -- Olympus Capital Corp.
(NASDAQ-NMS: OLCC), parent company of Olympus Bank, a Federal Savings Bank, announced its unaudited consolidated financial results for the quarter and six months ended June 30, 1992.
The company reported second quarter income of $563,000 or 22 cents per share compared to net income of $368,000 or 14 cents per share for the second quarter of 1991. For the six month period ended June 30, 1992, net income was $1,250,000 or 49 cents per share compared to $613,000 or 24 cents per share for the like period in 1991. Provisions for possible investment loan and lease losses totaled $46,000 for the quarter and $310,000 for the six month period. This compares with $11,000 and $270,000 for the comparable periods in 1991. For the six month period ended June 30, 1992, the company's earnings were impacted by losses on interest-only strips of $855,000 as the carrying value of such securities, which totaled $6,722,000 at June 30, 1992, were adjusted as prepayments on these securities have accelerated, due in part to lower interest rates on new mortgage loans. These securities hedge interest rate risk on fixed rate mortgages. Total assets at June 30, 1992, were $397,307,000 compared to $403,693,000 at Dec. 31, 1991. Nonperforming assets as of June 30, 1992, were $13,775,000 compared to $14,062,000 at Dec. 31, 1991. At June 30, 1992 Olympus Bank's core capital was approximately 5.8 percent of tangible assets and risk-based capital was approximately 9.9 percent of risk weighted assets. Olympus Bank continues to exceed current regulatory capital requirements. Olympus Bank operates seven branches in Utah and Montana. Deposits are insured to $100,000 by the FDIC. -0- 7/30/92 /CONTACT: K. John Jones of Olympus Capital, 801-325-1000/ (OLCC) CO: Olympus Capital Corp.; Olympus Bank ST: Utah IN: FIN SU: ERN
BB -- DV005 -- 5282 07/30/92 16:37 EDT
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|Date:||Jul 30, 1992|
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