Printer Friendly

PRIME BANCORP, INC. REPORTS THIRD QUARTER EARNINGS

 PHILADELPHIA, Oct. 21 /PRNewswire/ -- Prime Bancorp, Inc. (NASDAQ-NMS: PSAB) today reported strong earnings of $1.307 million for the third quarter of 1993.
 Year-to-date earnings now total $5.038 million compared with last year's $3.431 million -- an increase of 46.9 percent. The 1993 earnings include a one-time positive adjustment of $1.055 million caused by the adoption of new accounting rules for income taxes. Year-to-date earnings before this accounting change were $3.983 million, an increase of 16.1 above 1992's number for the comparable period.
 Earnings continue to be driven by good basic banking performance. Good loan and deposit growth continue to create stronger net interest income numbers. The 1993 net interest income is now $1.452 million above where it was during the same period last year. At the same time, non-interest expenses are up only $740,000. The difference between these two numbers, $712,000, represents the real improvement in core earnings that has taken place this year.
 On Sept. 16, 1993, Prime Bancorp announced that the board of directors had declared a regular cash dividend of 13 cents a share, along with a special cash dividend of 10 cents a share, both payable Nov. 1, 1993, to shareholders of record on Oct. 3.
 Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Bank is the corporation's primary subsidiary. The bank conducts business at 12 branch locations concentrated in Northeast Philadelphia, Lower Bucks County, and Eastern Montgomery County. Prime Bancorp, Inc. had total assets of $443.1 million, total deposits of $370.7 million, and total net loans of $301.1 million as of the close of business Sept. 30, 1993. These totals include $20.8 million in deposits from the bank's new Penn Treaty office acquired from the Resolution Trust Corporation on Aug. 30, 1993.
 PRIME BANCORP, INC.
 Financial Highlights (A)
 Periods ended Three Months Nine Months
 Sept. 30 1993 1992 1993 1992
 Dividends per common
 share $.23 $.13 $.49 $.36
 Interest rate spread
 (Pct.) 4.19 4.45 4.38 4.18
 Net yield on
 interest-earning
 assets (Pct.) 4.47 4.77 4.64 4.58
 Return on average assets
 (Pct.) 1.23(B) 1.36 1.27(B) 1.25
 Return on average equity
 (Pct.) 10.68(B) 11.41 11.24(B) 10.73
 Equity to assets (Pct.) 11.20 12.04 11.20 12.04
 Ratio of interest-
 bearing assets to
 interest-bearing
 liabilities 1.08x 1.08x 1.08x 1.08x
 Book value per share $16.60 $16.52 $16.60 $16.52
 Number of shares
 outstanding 2,990,368 2,660,844 2,990,368 2,660,844
 (A) Certain ratios have been annualized.
 (B) Ratios do not reflect the cumulative effect on prior years of change in tax accounting method.
 Consolidated Statements of Financial Condition
 (Unaudited)
 Sept. 30, 1993 Dec. 31, 1992
 Assets:
 Cash and due from banks $8,736,681 $9,229,332
 Interest-bearing deposits 8,639,344 19,778,767
 Cash and cash equivalents 17,376,025 29,008,099
 Investment securities 25,717,260 26,764,084
 Mortgage-backed securities 77,781,378 39,777,881
 Loans receivable, net 298,742,247 279,377,817
 Loans held for sale 2,419,592 1,622,450
 Accrued interest receivable:
 Loans 2,637,437 2,487,907
 Mortgage-backed securities 547,001 321,420
 Investments and other 113,805 254,036
 Real estate owned 867,531 478,803
 Land acquired for development and
 resale 1,117,968 1,000,246
 Property and equipment 8,491,313 8,189,490
 Other assets 7,299,691 4,042,499
 Total assets 443,111,248 393,324,732
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $370,724,932 $338,006,095
 Advances from Federal Home Loan
 Bank of Pittsburgh 13,000,000 5,900,000
 Other borrowed money 4,355,175 370,790
 Advance payments by borrowers for
 taxes and insurance 1,434,856 1,820,047
 Other liabilities 3,956,737 2,318,209
 Total liabilities 393,471,700 348,415,141
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 3,142,487 and 2,808,288
 shares issued, respectively 3,142,487 2,808,288
 Additional paid-in capital 18,247,170 13,119,137
 Retained earnings substantially
 restricted 29,314,137 29,907,972
 Treasury stock (152,119 shares
 at cost) (1,064,246) (815,324)
 Less unrealized loss on marketable
 equity securities --- (110,482)
 Total stockholders' equity 49,639,548 44,909,591
 Total liabilities and stockholders'
 equity 443,111,248 393,324,732
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended Sept. 30 1993 1992
 Interest income:
 Loans receivable $6,720,199 $6,502,455
 Mortgage-backed securities 786,614 649,354
 Investment securities 220,660 426,280
 Interest-bearing deposits 138,361 158,060
 Total interest income 7,865,834 7,736,149
 Interest expense:
 Deposits 3,156,455 3,495,499
 Short-term borrowings 186,473 38,402
 Long-term borrowings --- 91,636
 Total interest expense 3,342,928 3,625,537
 Net interest income 4,522,906 4,110,612
 Provision for loan losses 330,000 400,000
 Net interest income after
 provision for loan losses 4,192,906 3,710,612
 Other income (expenses):
 Fees and service charges 67,380 79,964
 Loss on sale of loans (23,640) (26,966)
 Gain on sale of investment securities --- 56,019
 Gain on sale of mortgage-backed
 securities --- 148,050
 Gain on sale of real estate owned --- 35,123
 Other 412,788 287,188
 Total other income 456,528 579,378
 Other expenses:
 Salaries and employee benefits 1,244,123 1,096,721
 Occupancy and equipment 449,124 356,176
 Data processing 15,999 60,824
 Federal insurance premiums 193,157 168,733
 Other 614,179 526,793
 Total other expenses 2,516,582 2,209,247
 Income before income taxes and
 effect of cumulative change in
 accounting principle 2,132,852 2,080,743
 Income taxes 825,435 839,958
 Income before effect of cumulative
 change in accounting principle 1,307,417 1,240,785
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income 1,307,417 1,240,785
 Consolidated Statements of Operations
 (Unaudited)
 Nine months ended Sept. 30 1993 1992
 Interest income:
 Loans receivable $20,097,365 $19,675,662
 Mortgage-backed securities 2,024,844 1,938,103
 Investment securities 710,293 1,348,393
 Interest-bearing deposits 371,187 558,199
 Total interest income 23,203,689 23,520,357
 Interest expense:
 Deposits 9,464,901 11,073,749
 Short-term borrowings 206,282 232,383
 Long-term borrowings 232,181 366,704
 Total interest expense 9,903,364 11,672,836
 Net interest income 13,300,325 11,847,521
 Provision for loan losses 956,000 900,000
 Net interest income after
 provision for loan losses 12,344,325 10,947,521
 Other income (expenses):
 Fees and service charges 245,853 398,276
 Loss on sale of loans (70,921) (66,194)
 Gain on sale of Mortgage-backed
 securities --- 148,050
 Gain on sale of investment securities 157,181 59,977
 Gain(loss) on sale of real estate owned 2,758 (62,976)
 Other 1,021,496 859,984
 Total other income 1,356,367 1,337,117
 Other expenses:
 Salaries and employee benefits 3,831,554 3,213,229
 Occupancy and equipment 1,215,645 975,351
 Data processing 23,718 318,964
 Federal insurance premiums 469,413 491,990
 Other 1,712,110 1,512,320
 Total other expenses 7,252,440 6,511,854
 Income before income taxes and
 effect of cumulative change in
 accounting principle 6,448,252 5,772,784
 Income taxes 2,464,860 2,342,013
 Income before effect of cumulative
 change in accounting principle 3,983,392 3,430,771
 Cumulative effect on prior years
 of change in tax accounting method 1,055,000 ---
 Net income 5,038,392 3,430,771
 Earnings Per Share Data
 Three months ended Sept. 30 1993 1992
 Earnings per share:
 Primary:
 Net income before effect of cumulative
 change in accounting principle $.44 $.47
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income .44 .47
 Fully diluted:
 Net income before effect of cumulative
 change in accounting principle $.43 $.44
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income .43 .44
 Weighted average number of
 shares outstanding:
 Primary 2,990,161 2,660,627
 Fully diluted 3,074,308 2,800,170
 Dividends declared per share $.23 $.13
 Nine months ended Sept. 30 1993 1992
 Earnings per share:
 Primary:
 Net income before effect of cumulative
 change in accounting principle $1.39 $1.30
 Cumulative effect on prior years
 of change in tax accounting method .37 ---
 Net income 1.76 1.30
 Fully diluted:
 Net income before effect of cumulative
 change in accounting principle $1.36 $1.23
 Cumulative effect on prior years
 of change in tax accounting method .36 ---
 Net income 1.72 1.23
 Weighted average number of
 shares outstanding:
 Primary 2,856,030 2,639,913
 Fully diluted 2,937,792 2,781,079
 Dividends declared per share $.49 $.36
 /delval/
 -0- 10/21/93
 /CONTACT: Erwin T. Straw, of Prime Bancorp, 215-742-5300/
 (PSAB)


CO: Prime Bancorp, Inc. ST: Pennsylvania IN: FIN SU: ERN

MK-MJ -- PH008 -- 5089 10/21/93 10:42 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 21, 1993
Words:1561
Previous Article:TUSCARORA INCORPORATED ANNOUNCES YEAR-END RESULTS
Next Article:AIR PRODUCTS REPORTS FOURTH QUARTER RESULTS
Topics:

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