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POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER 1993 RESULTS

 POUGHKEEPSIE, N.Y., April 26 /PRNewswire/ -- Poughkeepsie Savings Bank, FSB (NASDAQ: PKPS) today reported net income of $4.345 million, or $1.14 per share, for the quarter ended March 31, 1993 compared with a net loss of $3.522 million, or $0.97 per share, for the comparable period of 1992. The results for the first quarter of 1993 included the previously announced gain of $4.654 million from the restructuring of the mortgage-backed securities portfolio. Results for the first quarter of 1992 also included gains, net of borrowing prepayment fees, or approximately $2.7 million from the sale of $175 million of mortgage- backed securities.
 Commenting on the results for the first quarter of 1993, Joseph B. Tockarshewsky, chairman, president and chief executive officer, said, "The reported net income for the quarter along with the continuing resolution of non-performing assets is particularly gratifying. These improvements as well as the increasing levels of interest rate margins have added pace to the accomplishments of 1992."
 Total assets at March 31, 1993 were $711.2 million compared with $726.6 million at Dec. 31, 1992. The "core" and "tangible" regulatory capital ratios were 3.90 percent at March 31, 1993 and the "total risk- based" regulatory capital ratio was 7.02 percent on the same date. These ratios were higher than those reported at Dec. 31, 1992 and from levels reported during any time last year. Book value per share at March 31, 1993 was $7.24 compared with $6.14 at Dec. 31, 1992.
 Non-performing assets at March 31, 1993, which included loans delinquent 90 days or more as to interest, non-accrual loans, loans in foreclosure, other real estate owned and investments in joint ventures, were $44.7 million (net of $20.3 million of reserves), or 6.3 percent of total assets. This amount reflects a reduction from Dec. 31, 1992 of $11.2 million due to the sales of other real estate owned in the first quarter of 1993. Non-performing assets at March 31, 1992 were $83.7 million net of reserves. The continuing resolution of non-performing assets and the stable level of allowance for loan losses permitted a reduced level of provision for loan losses in the first quarter of 1993 of only $100,000 as compared with $2.3 million in 1992's first quarter.
 Net interest income was $4.0 million for the first quarter of 1993 compared with $3.5 million for the same period of 1992. The net interest margin for the first quarter of 1993 was 2.44 percent as compared with 1.47 percent in the year earlier quarter. Net interest income and margin have improved over the prior year due primarily to the return of certain non-performing assets to earnings status and to substantial reductions in deposit and borrowing costs.
 Other income was $5.0 million for the first quarter of 1993, including the $4.7 million gain from the restructuring of the mortgage- backed securities portfolio. Other income in the comparable period of 1992 was $6.4 million, which also included $2.7 million in net gains on sale of mortgage-backed securities. In addition, other income for 1992 included mortgage banking income from the bank's mortgage banking subsidiary, which was sold in December 1992.
 Total operating expenses were $4.6 million in the first quarter of 1993 reflecting a $6.7 million reduction from the first quarter of last year. The substantial reduction resulted from the sale of the bank's mortgage banking subsidiary and its South Carolina branches, a $2.6 million reduction in the net cost for operating other real estate owned, and generally lower levels of operating expenses at the bank.
 The bank's "core" and "risk-based" regulatory capital ratios, while improved from last quarter and last year, still remain below current regulatory requirements. However, as recently announced, the bank did receive final approval of its capital plan. That plan anticipates the recapitalization of the bank through a rights offering to its existing stockholders as well as to standby and certain other investors. On April 13, 1993, the bank filed a preliminary offering circular with respect to that offering. The bank is required by the Office of Thrift Supervision to increase its "core" and "risk-based" capital ratios to 5 percent and 8 percent, respectively, by June 30, 1993 and achieve further increases in its "risk-based" ratio thereafter.
 Poughkeepsie Savings Bank is a community banking institution whose principle 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
 Condensed Consolidated Statement of Condition
 (Dollars in thousands, except per share data)
 (unaudited)
 Assets March 1993 December 1992
 Cash & equivalent $15,710 $13,824
 Securities 194,660 173,490
 Total loans and
 mortgage-backed securities 469,391 486,563
 Less allowance for loan losses (20,319) (20,293)
 Net 449,072 466,270
 Other real estate and joint ventures 40,801 55,652
 Other assets 10,979 17,397
 Total assets 711,222 726,633
 Liabilities and stockholders' equity:
 Savings accounts 152,321 152,475
 Time deposits 213,837 214,998
 Money market deposits 53,309 57,880
 Demand deposits 29,952 32,002
 Total due depositors 449,419 457,355
 Borrowings 221,793 229,676
 Other liabilities 12,288 16,274
 Total liabilities 683,500 703,305
 Stockholders' equity 27,722 23,328
 Total liabilites and
 stock holders' equity 711,222 726,633
 Book value per share $7.24 $6.14
 Condensed Consolidated Statement of Operations
 (Unaudited)
 Three months ended March 31 1993 1992
 Interest income $ 12,005 $ 19,712
 Interest expense 8,038 16,165
 Net interest income 3,967 3,547
 Provision for loan losses 100 2,250
 Net interest income after provision 3,867 1,297
 Net securities gains (losses) 4,654 3,285
 Prepayment penalty - FHLB advances -- (633)
 Gain on sale of servicing 54 1,232
 Loan servicing income -- 1,339
 Other income 338 1,197
 Total other income 5,046 6,420
 Net cost of operation of other
 real estate and joint ventures 402 3,036
 Other operating expenses 4,166 8,203
 Total operating expenses 4,568 11,239
 Net income (loss) 4,345 (3,522)
 Net income (loss) per share $1.14 ($0.97)
 Interest rate spread 2.50 pct. 1.84 pct.
 Interest rate margin 2.44 pct. 1.47 pct.
 -0- 4/26/93
 /CONTACT: Joseph B. Tockarshewsky, chairman, president & CEO, 914-431-6211, or Robert J. Hughes, executive vice president & CFO, 914-431-6386, both of Poughkeepsie Savings Bank, FSB/
 (PKPS)


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

SM-WB -- NY102 -- 0905 04/26/93 16:03 EDT
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