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PRIME BANCORP, INC. REPORTS SECOND QUARTER EARNINGS

 PHILADELPHIA, July 15 /PRNewswire/ -- Prime Bancorp, Inc. (NASDAQ-NMS: PSAB) today reported earnings of $1.3 million for the second quarter of 1993.
 Earnings were 15.2 percent above the same quarter last year.
 President and CEO Erwin T. Straw commented: "This past quarter we added our 11th new office in Jenkintown. Our focus continues to be community banking. The bank's earnings are strong, growing, and indicative of the success of our community banking strategy.
 "Earnings continue to benefit from higher net interest income, which grew 9.7 percent from $3.9 million during second quarter 1992 to $4.3 million this quarter. These gains largely resulted from good loan growth."
 Expenses remain under good control. The bank's overhead ratio improved slightly from last year's 44.7 percent to 43.7 percent for the comparable second quarter this year.
 Prime's key performance statistics remain good. ROA increased from 1.25 percent second quarter 1992 to 1.30 percent during 1993. ROE increased from 10.63 percent to 10.93 percent for the comparable period. The bank's net yield in earning assets increased from 4.56 percent to 4.62 percent from second quarter last year to second quarter this year.
 On June 17, 1993, Prime declared a $.13 dividend payable on Aug. 1, 1993, to shareholders of record on July 5.
 Prime Bancorp, Inc. is headquartered in Philadelphia. Prime Bank is the corporation's primary subsidiary. The bank conducts business at 11 branch locations concentrated in Northeast Philadelphia, Lower Bucks County, and Eastern Montgomery County. Prime Bancorp, Inc. had total assets of $406.6 million, total deposits of $338.4 million, and total net loans of $292.8 million as of the close of business June 30, 1993.
 PRIME BANCORP, INC.
 Financial Highlights (A)
 Periods ended Three Months Six Months
 June 30 1993 1992 1993 1992
 Dividends per common
 share $.13 $.12 $.26 $.23
 Interest rate spread
 (Pct.) 4.38 4.15 4.48 4.03
 Net yield on
 interest-earning
 assets (Pct.) 4.62 4.56 4.74 4.48
 Return on average assets
 (Pct.) 1.30(B) 1.25 1.34(B) 1.20
 Return on average equity
 (Pct.) 10.93(B) 10.63 11.49(B) 10.39
 Equity to assets (Pct.) 11.89 11.73 11.89 11.73
 Ratio of interest-
 bearing assets to
 interest-bearing
 liabilities 1.07x 1.09x 1.07x 1.10x
 Book value per share $16.16 $16.24 $16.16 16.24
 Number of shares
 outstanding 2,990,038 2,650,844 2,990,038 2,650,844
 (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)
 June 30, 1993 Dec. 31, 1992
 Assets:
 Cash and due from banks $11,940,519 $9,229,332
 Interest-bearing deposits 11,527,298 19,778,767
 Cash and cash equivalents 23,467,817 29,008,099
 Investment securities 18,434,815 26,764,084
 Mortgage-backed securities 53,148,912 39,777,881
 Loans receivable, net 290,853,519 279,377,817
 Loans held for sale 1,981,650 1,622,450
 Accrued interest receivable:
 Loans 2,545,718 2,487,907
 Mortgage-backed securities 376,035 321,420
 Investments and other 128,701 254,036
 Real estate owned 580,118 478,803
 Land acquired for development and
 resale 1,109,933 1,000,246
 Property and equipment 8,587,488 8,189,490
 Other assets 5,403,512 4,042,499
 Total assets 406,618,218 393,324,732
 Liabilities and Stockholders' Equity:
 Liabilities:
 Deposits $338,384,828 $338,006,095
 Advances from Federal Home Loan
 Bank of Pittsburgh 14,000,000 5,900,000
 Other borrowed money 360,380 370,790
 Advance payments by borrowers for
 taxes and insurance 1,731,359 1,820,047
 Other liabilities 3,811,913 2,318,209
 Total liabilities 358,288,480 348,415,141
 Stockholders' equity:
 Serial preferred, $1 par value;
 5 million shares authorized and
 unissued --- ---
 Common stock, $1 par value;
 10 million shares authorized;
 3,128,328 and 2,808,288
 shares issued, respectively 3,128,328 2,808,288
 Additional paid-in capital 13,391,550 13,119,137
 Retained earnings substantially
 restricted 32,625,184 29,907,972
 Treasury stock (138,290 shares
 at cost) (815,324) (815,324)
 Less unrealized loss on marketable
 equity securities --- (110,482)
 Total stockholders' equity 48,329,738 44,909,591
 Total liabilities and stockholders'
 equity 406,618,218 393,324,732
 Consolidated Statements of Operations
 (Unaudited)
 Three months ended June 30 1993 1992
 Interest income:
 Loans receivable $6,656,754 $6,486,526
 Mortgage-backed securities 588,593 650,917
 Investment securities 176,920 453,143
 Interest-bearing deposits 124,530 152,889
 Total interest income 7,546,797 7,743,475
 Interest expense:
 Deposits 3,073,299 3,680,274
 Short-term borrowings 8,768 94,309
 Long-term borrowings 152,277 39,561
 Total interest expense 3,234,344 3,814,144
 Net interest income 4,312,453 3,929,331
 Provision for loan losses 317,000 300,000
 Net interest income after
 provision for loan losses 3,995,453 3,629,331
 Other income (expenses):
 Fees and service charges 78,106 150,466
 Loss on sale of loans (23,641) (23,640)
 Gain on sale of investment securities 109,111 3,958
 Other 344,387 297,673
 Total other income 507,963 428,457
 Other expenses:
 Salaries and employee benefits 1,260,998 1,059,263
 Occupancy and equipment 392,649 305,694
 Data processing 3,433 136,665
 Federal insurance premiums 138,128 161,628
 Other 595,786 500,206
 Total other expenses 2,390,994 2,163,456
 Income before income taxes and
 effect of cumulative change in
 accounting principle 2,112,422 1,894,332
 Income taxes 809,256 762,862
 Income before effect of cumulative
 change in accounting principle 1,303,166 1,131,470
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income 1,303,166 1,131,470
 Consolidated Statements of Operations
 (Unaudited)
 Six months ended June 30 1993 1992
 Interest income:
 Loans receivable $13,377,166 $13,173,207
 Mortgage-backed securities 1,238,230 1,288,749
 Investment securities 489,633 922,113
 Interest-bearing deposits 232,826 400,139
 Total interest income 15,337,855 15,784,208
 Interest expense:
 Deposits 6,308,446 7,578,250
 Short-term borrowings 19,809 193,981
 Long-term borrowings 232,181 275,068
 Total interest expense 6,560,436 8,047,299
 Net interest income 8,777,419 7,736,909
 Provision for loan losses 626,000 500,000
 Net interest income after
 provision for loan losses 8,151,419 7,236,909
 Other income (expenses):
 Fees and service charges 178,473 318,312
 Loss on sale of loans (47,281) (39,228)
 Gain on sale of investment securities 157,181 3,958
 Gain on sale of real estate owned 2,758 (98,099)
 Other 608,708 572,796
 Total other income 899,839 757,739
 Other expenses:
 Salaries and employee benefits 2,587,431 2,116,508
 Occupancy and equipment 766,521 619,175
 Data processing 7,719 258,140
 Federal insurance premiums 276,256 323,257
 Other 1,097,931 985,527
 Total other expenses 4,735,858 4,302,607
 Income before income taxes and
 effect of cumulative change in
 accounting principle 4,315,400 3,692,041
 Income taxes 1,639,425 1,502,055
 Income before effect of cumulative
 change in accounting principle 2,675,975 2,189,986
 Cumulative effect on prior years
 of change in tax accounting method 1,055,000 ---
 Net income 3,730,975 2,189,986
 Earnings Per Share Data
 Three months ended June 30 1993 1992
 Earnings per share:
 Primary:
 Net income before effect of cumulative
 change in accounting principle $.45 $.43
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income .45 .43
 Fully diluted:
 Net income before effect of cumulative
 change in accounting principle $.44 $.41
 Cumulative effect on prior years
 of change in tax accounting method --- ---
 Net income .44 .41
 Weighted average number of
 shares outstanding:
 Primary 2,899,930 2,631,348
 Fully diluted 2,981,572 2,771,078
 Dividends declared per share $.13 $.12
 Six months ended June 30 1993 1992
 Earnings per share:
 Primary:
 Net income before effect of cumulative
 change in accounting principle $.96 $.83
 Cumulative effect on prior years
 of change in tax accounting method .38 ---
 Net income 1.34 .83
 Fully diluted:
 Net income before effect of cumulative
 change in accounting principle $.93 $.79
 Cumulative effect on prior years
 of change in tax accounting method .37 ---
 Net income 1.30 .79
 /delval/
 -0- 7/15/93
 /CONTACT: Erwin T. Straw, president and CEO of Prime Bancorp,


215-742-5300/
 (PSAB)


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

JM-CC -- PH013 -- 1926 07/15/93 11:59 EDT
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Date:Jul 15, 1993
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