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POUGHKEEPSIE SAVINGS BANK REPORTS 1992 RESULTS

 POUGHKEEPSIE, N.Y., Jan. 26 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today reported net income of $3.1 million, or $0.84 per share, for the quarter ended Dec. 31, 1992, compared with a net loss of $7.2 million, or $1.99 per share, for the comparable period of 1991. For the full year 1992 a net loss of $5.4 million, or $1.49 per share, is reported compared with a net loss of $18.1 million, or $5.04 per share, for the full year 1991.
 Total assets at Dec. 31, 1992, were $727 million which is substantially lower than the $1.1 billion at Dec. 31, 1991. The "core" and "tangible" capital ratios were 3.21 percent at Dec. 31, 1992, and the "total risk-based" capital ratio was 6.05 percent on the same date. These ratios were higher than those reported at Sept. 30, 1992, and Dec. 31, 1991.
 The fourth quarter of 1992 included the previously reported gains on the sale of Market Street Mortgage Corporation, the bank's mortgage banking subsidiary, and of its South Carolina branches of $4.2 million and $2.3 million, respectively. In addition, a gain is included in the fourth quarter of 1992 (reflected as a reduction to employee benefit expense) from the "curtailment" of the retirement plan of $0.9 million which resulted from the termination of Market Street Mortgage's employees, the significant staff reductions over the last five quarters and the suspension of benefit accruals. These gains were partially offset by $4.0 million of write-downs on owned real estate. Total non- performing assets, before reserves, decreased $26.2 million in the fourth quarter, or 26 percent, and $31.5 million for the full year 1992.
 Commenting on the results for the fourth quarter and the full year 1992, Joseph B. Tockarshewsky, chairman, president and chief executive officer, said, "We are pleased to have made some real progress in the fourth quarter as evidenced by our results. Very important transactions were completed and non-performing assets were significantly reduced. While there is much more to do, we are cautiously optimistic that we can add to these accomplishments in 1993." He added, "While the full-year results were a net loss, the quarter-by-quarter trend is very encouraging."
 Non-performing assets at Dec. 31, 1992, which include loans delinquent 90 days or more, non-accrual loans, loans in foreclosure, other real estate owned and investments in joint ventures, were $55.9 million (net of $20.3 million of reserves), or 7.7 percent of total assets. This amount reflects a reduction from Sept. 30, 1992, of $25.2 million, of which $21.2 million was from the sale or return of specific assets to performing status. Since year end 1991, net non-performing assets declined $29.4 million, or 34%
 Net interest income was $4.3 million and $13.6 million for the fourth quarter and full year 1992, respectively, compared with $4.1 million and $19.9 million for the same respective periods of 1991. The net interest margins for the fourth quarter and full year 1992 were 2.35 percent and 1.61 percent, respectively. Net interest income and margins continued to be negatively affected primarily by the level of non- performing assets during the year. Margins in the fourth quarter were favorably affected by lower rates on borrowings caused by the payoff of high-cost term advances taken in prior years.
 Other income was $9.1 million for the 1992 fourth quarter and $24.2 million for the full year 1992, reflecting increases over prior-year periods of $4.4 million and $8.7 million, respectively. These increases primarily resulted from the gains on sale of the mortgage subsidiary and the South Carolina branches in the fourth quarter of 1992, the sale of mortgage-backed securities in the first quarter of 1992 and the improved revenues of Market Street Mortgage Corporation in 1992.
 Operating expenses were $10.1 million in the fourth quarter of 1992 and $39.2 million for the year ended Dec. 31, 1992. Both periods reflect improvements from 1991. The fourth quarter of 1992 included the previously described retirement plan "curtailment" gain of $0.9 million as well as lower staff-related costs at the bank and at Market Street Mortgage. Operating expenses for 1991 were higher because they included restructuring expenses of $0.8 million and $2.4 million in the fourth quarter and full year of 1991, respectively.
 Total assets were $726.6 million at Dec. 31, 1992, reflecting a reduction of $416.7 million from year-end 1991. The primary reasons for the reduction were the sale of Market Street Mortgage, the sale of mortgage-backed securities, the use of short-term investments to repay borrowings and loan amortization and satisfaction.
 The bank's "core" and "risk-based" capital ratios, while improved from last quarter and last year, are below current requirements. The Bank expects to file an amended capital restoration plan later this month demonstrating its plan to return to capital compliance.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates seven branches. The bank's deposits are insured to the full extent provided by law by the Federal Deposit Insurance Corporation.
 POUGHKEEPSIE SAVINGS BANK, FSB
 (Dollars in thousands, except per-share data)
 Condensed Consolidated Statement of Condition
 Dec. 31 1992 1991
 Assets
 Cash and investments $49,279 $78,072
 Total loans and mortgage-backed
 securities 624,598 958,541
 Less allowance for loan losses (20,293) (22,377)
 Net 604,305 936,164
 Other real estate & joint ventures 55,652 84,969
 Other assets 17,397 44,164
 Total assets 726,633 1,143,369
 Liabilities & stockholders' equity
 Savings accounts $152,475 $100,196
 Time deposits 214,998 436,634
 Money market deposits 57,880 80,770
 Demand deposits 32,002 44,092
 Total due depositors 457,355 661,692
 Borrowings 229,676 409,757
 Other liabilities 16,274 44,313
 Total liabilities 703,305 1,115,762
 Stockholders' equity 23,328 27,607
 Total liabilities and stockholders' equity 726,633 1,143,369
 Book value per share $6.36 $7.60
 Condensed Consolidated Statement of Operations
 Periods ended Three Months 12 Months
 Dec. 31 1992 1991 1992 1991
 (Unaudited)
 Interest income $14,479 $23,402 $66,387 $106,510
 Interest expense 10,165 19,297 52,830 86,653
 Net interest income 4,314 4,105 13,557 19,857
 Provision for loan losses 300 1,850 3,900 7,008
 Net interest income after
 provision 4,014 2,255 9,657 12,849
 Net gain (loss) on sale of
 mortgage loans/mortgage-backed
 securities (187) 622 3,862 379
 Prepayment penalty - FHLB
 advances -- -- (633) --
 Gain on sale of servicing 1,376 1,607 6,350 5,598
 Gain on sale of mortgage
 subsidiary 4,176 -- 4,176 --
 Gain on sale of South Carolina
 branches 2,309 -- 2,309 --
 Loan servicing income 765 1,366 4,573 5,524
 Other income 670 1,114 3,537 3,954
 Total other income 9,109 4,709 24,174 15,455
 Net cost of operation of other
 real estate & joint ventures 4,117 4,576 9,400 9,068
 Other operating expenses 5,953 9,573 29,849 37,385
 Total operating expenses 10,070 14,149 39,249 46,453
 Net income (loss) 3,053 (7,185) (5,418) (18,149)
 Net income (loss) per share $0.84 $(1.99) $(1.49) $(5.04)
 Interest rate spread (pct.) 2.60 1.58 1.98 1.89
 Interest rate margin (pct.) 2.35 1.52 1.61 1.70
 -0- 1/26/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president and CEO, 914-431-6211, or Robert J. Hughes, executive VP and CFO, 914-431-6386, both of Poughkeepsie Savings Bank/


CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU: ERN

CK-DO -- NY038 -- 9042 01/26/93 11:50 EST
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Date:Jan 26, 1993
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