Printer Friendly

POUGHKEEPSIE SAVINGS BANK REPORTS SECOND QUARTER RESULTS

 POUGHKEEPSIE SAVINGS BANK REPORTS SECOND QUARTER RESULTS
 POUGHKEEPSIE, N.Y., July 28 /PRNewswire/ -- Poughkeepsie Savings


Bank, FSB (NASDAQ: PKPS) today reported a net loss of $2.4 million, or $.67 per share, for the quarter ended June 30, 1992, compared with a net loss of $2.2 million, or $.62 per share, for the same period last year. For the first six months of 1992, a net loss of $5.9 million, or $1.63 per share is reported, compared with $8.0 million, or $2.22 per share, for the first six months of 1991.
 Total assets at June 30, 1992, were $925.9 million reflecting managed reductions from the levels of $996.5 million at March 31, 1992, and $1.1 billion at Dec. 31, 1991. The "core" and "tangible" capital ratio at June 30, 1992, was 2.41 percent and the "total risk-based" capital ratio was 4.70 percent on the same date.
 Commenting on the results for the second quarter of 1992, Joseph B. Tockarshewsky, chairman, president and chief executive officer, said, "Results for the second quarter continue to be adversely affected by intolerably high levels of non-performing assets. While loss reserves stabilized this quarter, the resolution of non-performers is essential for the bank's return to profitability. Many of the initiatives, such as expense reduction and concentration on the mid-Hudson community bank, are overshadowed by the bank's lack of success at returning problem assets to earning status." He added, "We are committed to taking steps geared toward improving results in this area."
 Non-performing assets, net of reserves, at June 30, 1992, which include loans delinquent 90 days or more, non-accrual loans, loans in foreclosure, other real estate owned and investments in joint ventures, totaled $85.2 million, or 9.2 percent of total assets. The amounts reported at the prior quarter end (March 31, 1992) were $83.7 million, or 8.40 percent of total assets. The level of net non-performers increased from last quarter because new non-performers exceeded resolved assets by $1.5 million. The increase in the percentage of assets is due primarily to the lower level of total assets.
 The allowance for loan losses is determined based on an evaluation and classification of both performing and non-performing assets. The bank's analysis at June 30, 1992, determined that the allowance needed to be slightly increased and $0.7 million was provided in the second quarter of 1992. This provision is less than the $2.3 million provided in the first quarter of 1992 but compares with the $0.8 million provided in the second quarter of 1991.
 Net interest income was $3.0 million and $5.7 million for the second quarter of 1992 and 1991, respectively. Interest rate margins were 1.41 percent and 1.93 percent, respectively, for the same periods. Non- performing assets continue to have adverse effects on margins. In addition, the reducing level of interest rates on earning assets is outpacing the reduction in costs of deposits and borrowings.
 Other income for the second quarter of 1992 was $4.1 million compared with $3.8 million in the comparable quarter of 1991. This increase is attributable to improved revenues at Market Street Mortgage, Inc., the bank's wholly owned mortgage banking subsidiary.
 Operating expenses were $8.8 million for the quarter ended June 30, 1992, compared with $11.0 million in the second quarter of 1991. The reduction is due to expense reduction efforts at the bank and lower net costs related to other real estate owned. Excluding such costs for other real estate owned, operating expenses were reduced 12.9 percent from the level of last year's second quarter.
 The bank's "core" and "risk-based" capital ratios are below current requirements. The bank has filed a capital plan with its regulators and has responded to requests 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 seven 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
 Condensed Consolidated Statement of Condition
 (Dollars in thousands, except per share data)
 June 1992 December 1991
 Assets (Unaudited)
 Cash & investments $125,736 $ 78,072
 Total loans and mortgage-backed
 securities 715,258 958,541
 Less allowance for loan losses (21,059) (22,377)
 Net 694,199 936,164
 Other real estate & joint ventures 72,844 84,969
 Other assets 33,103 44,164
 Total assets 925,882 1,143,369
 Liabilities & stockholders' equity
 Savings accounts 150,819 100,196
 Time deposits 337,859 436,634
 Money market deposits 71,571 80,770
 Demand deposits 40,205 44,092
 Total due depositors 600,454 661,692
 Borrowings 268,894 409,757
 Other liabilities 33,865 44,313
 Total liabilities 903,213 1,115,762
 Stockholders' equity 22,669 27,607
 Total liabilities & stockholders' equity 925,882 1,143,369
 Book value per share $6.21 $7.60
 POUGHKEEPSIE SAVINGS BANK, FSB
 Condensed Consolidated Statement Of Operations
 (Unaudited -- Dollars in thousands, except per share data)
 Periods Ended Three Months Six Months
 June 30 1992 1991 1992 1991
 Interest income $16,778 $28,224 $36,490 $57,381
 Interest expense 13,784 22,494 29,949 46,248
 Net interest income 2,994 5,730 6,541 11,133
 Provision for loan losses 675 750 2,925 4,060
 Net int. inc. after provision 2,319 4,980 3,616 7,073
 Net securities gains (losses) -- -- -- 476
 Loss on redemption of bonds
 payable -- -- -- (932)
 Net gain (loss) on sale of
 mortgage loans/mortgage-
 backed securities 359 (180) 3,849 (262)
 Prepayment penalty - FHLB
 advances -- -- (633) --
 Gain on sale of servicing 1,731 1,405 2,963 2,534
 Loan servicing income 1,230 1,384 2,570 2,767
 Other income 820 1,162 1,812 2,188
 Total other income 4,140 3,771 10,561 6,771
 Net cost of oper. of other
 real estate & joint ventures 655 1,574 3,691 2,558
 Other operating expenses 8,185 9,393 16,388 19,278
 Total operating expenses 8,840 10,967 20,079 21,836
 Net loss (2,381) (2,216) (5,902) (7,992)
 Net loss per share $(0.67) $(0.62) $(1.63) $(2.22)
 Interest rate spread (pct.) 1.77 2.18 1.79 1.98
 Interest rate margin (pct.) 1.41 1.93 1.44 1.83
 -0- 7/28/92
 /CONTACT: Robert J. Hughes, executive vice president and chief financial officer of Poughkeepsie Savings Bank, 914-431-6386/
 (PKPS) CO: Poughkeepsie Savings Bank FSB ST: New York IN: FIN SU: ERN


SM-PS -- NY034 -- 4050 07/28/92 11:32 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 28, 1992
Words:1141
Previous Article:TENNECO REPORTS MAJOR IMPROVEMENT IN SECOND QUARTER RESULTS:
Next Article:REDWOOD EMPIRE BANCORP REPORTS 16 PERCENT INCREASE IN SECOND QUARTER: QUARTERLY RESULTS SET COMPANY RECORD
Topics:


Related Articles
POUGHKEEPSIE SAVINGS BANK REPORTS 1991 RESULTS; FILES CAPITAL PLAN WITH REGULATORS
POUGHKEEPSIE SAVINGS BANK REPORTS THIRD QUARTER RESULTS
POUGHKEEPSIE SAVINGS BANK ANNOUNCES SALE OF MORTGAGE-BACKED SECURITIES
POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER 1993 RESULTS
POUGHKEEPSIE SAVINGS BANK ANNOUNCES SECOND QUARTER EARNINGS AND THE TERMINATION OF REGULATORY DIRECTIVE
POUGHKEEPSIE SAVINGS BANK ANNOUNCES THIRD QUARTER EARNINGS
POUGHKEEPSIE SAVINGS BANK REPORTS FIRST QUARTER 1994 RESULTS
POUGHKEEPSIE SAVINGS BANK REPORTS SECOND QUARTER EARNINGS AND DECLARES DIVIDEND
POUGHKEEPSIE SAVINGS BANK REPORTS SECOND QUARTER RESULTS AND DECLARES DIVIDEND
Poughkeepsie Savings Bank Announces the Termination of Commercial Loan Bulk Sale

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters