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POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER RESULTS

 POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER RESULTS
 POUGHKEEPSIE, N.Y., April 24 /PRNewswire/ -- Poughkeepsie Savings


Bank, FSB (NASDAQ: PKPS), today reported a net loss of $3.5 million, or $0.97 per share, for the quarter ended March 31, 1992, compared with a net loss of $5.8 million, or $1.60 per share, for the comparable period of last year. Total assets were $996.5 million at March 31, 1992, reflecting a planned reduction both from year-end 1991 and from March 31, 1991. Total stockholders' equity at March 31, 1992, was $25.0 million.
 Commenting on the results for the first quarter of 1992, Christoph H. Schmidt, chairman and chief executive officer, said, "We are disappointed by the pace of resolution of non-performing assets and again find it necessary to record substantial costs related to this portfolio. On a positive note, we were able to take advantage of reducing levels of interest rates by recording net gains on the sales of mortgage-backed securities. Other previously announced initiatives involving expense reductions, balance sheet contraction and the reemphasis on the Mid-Hudson community bank are on schedule."
 Non-performing assets, net of reserves, at March 31, 1992, which includes loans delinquent 90 days or more, non-accrual loans, loans in foreclosure, other real estate owned and investments in joint ventures, totaled $83.7 million, or 8.40 percent of total assets, compared with $85.3 million, or 7.46 percent, at Dec. 31, 1991. While the amount of net non-performers generally remained level with year-end 1991, the percentage of total assets increased due to the reduced level of total assets at March 31, 1992. During the quarter, reductions to other real estate owned due to resolution or write-downs were substantially offset by the addition to non-performers of a multifamily real estate loan in Newark, Del.
 The provision for loan losses was $2.3 million in the first quarter of 1992 compared with $1.9 million in the fourth quarter of 1991 and $3.3 million in the first quarter of 1991. In addition, expenses related to the operation of other real estate owned as well as charges recorded to reflect reduced fair values of such assets aggregated $3.0 million in the quarter ended March 31, 1992 compared with $1.0 million in last year's first quarter.
 Net interest income was $3.5 million and $5.4 million for the first quarter of 1992 and 1991, respectively. Interest rate margins were 1.47 percent and 1.73 percent for the same periods, respectively. Non-performing assets continue to have adverse effects on net interest income.
 Other income for the March 1992 quarter was $6.4 million compared with $3.0 million in the comparable quarter of 1991. The increase over last year was due largely to the gains of $3.3 million realized on the sale of approximately $175 million of mortgage-backed securities. Partially offsetting these gains were prepayment fees of $0.6 million on the early payoff of advances from the Federal Home Loan Bank of New York. The first quarter of 1991 included a $0.9 million loss on the redemption of bonds payable.
 Operating expenses were $11.2 million and $10.9 million for the first quarter of 1992 and 1991, respectively; the increase was due solely to higher REO related expenses and write-downs. Excluding such costs, operating expenses were reduced by $1.7 million compared with 1991's first quarter.
 Total assets of $996.5 million were lower by $146.9 million from year-end 1991. This reduction resulted primarily from sales of mortgage-backed securities partially offset by increased loans held for sale at the bank's wholly-owned subsidiary, Market Street Mortgage Corporation. Total stockholders' equity was $25.0 million at March 31, 1992. While the net loss for the first quarter reduced stockholders' equity, an increase of $0.9 million was recorded directly to equity as a result of the forgiveness of a portion of the debt of the bank's Employee Stock Ownership Plan. The bank is a guarantor of such debt. The bank's tangible, core and risk-based capital ratios were 2.48 percent, 2.48 percent and 4.81 percent, respectively, at March 31, 1992. The bank's core and risk-based capital ratios are below requirements. The bank has filed a capital plan with its regulators and has responded to a request from them for additional information. Such plan has not yet been approved.
 Poughkeepsie Savings Bank is a community banking institution whose principal market is the Mid-Hudson Valley region of New York, where it operates eight branches. Market Street Mortgage Corporation, its Tampa-based mortgage banking subsidiary, has loan production offices in Florida, North Carolina, Georgia, Virginia and Maryland. The bank's deposits are insured by the Federal Deposit Insurance Corporation.
 POUGHKEEPSIE SAVINGS BANK, FSB
 (Dollars in thousands, except per share data)
 Condensed Consolidated Statement of Condition
 March December
 1992 1991
 (Unaudited)
 ASSETS
 Cash & investments $111,105 $ 78,072
 Total loans and mortgage-backed securities 765,564 958,541
 Less allowance for loan losses (20,676) (22,377)
 Net 744,888 936,164
 Other real estate and joint ventures 79,183 84,969
 Other assets 61,314 44,164
 Total assets $996,490 $1,143,369
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Savings accounts $133,628 $ 100,196
 Time deposits 371,853 436,634
 Money market deposits 75,487 80,770
 Demand deposits 43,294 44,092
 Total due depositors 624,262 661,692
 Borrowings 312,764 409,757
 Other liabilities 34,433 44,313
 Total liabilities 971,459 1,115,762
 Stockholders' equity 25,031 27,607
 Total liabilities and stockholders' equity $996,490 $1,143,369
 Book value per share $6.88 $7.60
 Condensed Consolidated Statement of Operations
 (Unaudited)
 Three months ended March 31 1992 1991
 Interest income $19,712 $29,158
 Interest expense 16,165 23,754
 Net interest income 3,547 5,404
 Provision for loan losses 2,250 3,310
 Net interest income after provision 1,297 2,094
 Loss on redemption of bonds payable -- (932)
 Net gain (loss) on sale of mortgage loans/
 mortgage-backed securities 3,490 (82)
 Prepayment penalty - FHLB advances (633) --
 Gain on sale of servicing 1,232 1,129
 Loan servicing income 1,339 1,383
 Other income 992 1,501
 Total other income 6,420 2,999
 Net cost of operation of other real
 estate and joint ventures 3,036 984
 Other operating expenses 8,203 9,885
 Total operating expenses 11,239 10,869
 Net loss $(3,522) $(5,776)
 Net loss per share $(0.97) $(1.60)
 Interest rate spread (pct) 1.84 1.71
 Interest rate margin (pct) 1.47 1.73
 -0- 4/24/92
 /CONTACT: Robert J. Hughes, executive vice president and chief financial officer, 914-431-6386, or Kevin T. Timmons, senior vice president and treasurer, 914-431-6291, both of Poughkeepsie Savings Bank/
 (PKPS) CO: Poughkeepsie Savings Bank, FSB ST: New York IN: FIN SU: ERN


GK-HM -- NY069 -- 2609 04/24/92 15:38 EDT
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Date:Apr 24, 1992
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