Printer Friendly

RS FINANCIAL CORP. ANNOUNCES INCREASE IN EARNINGS FOR SECOND QUARTER AND SIX MONTHS

 RS FINANCIAL CORP. ANNOUNCES INCREASE IN EARNINGS
 FOR SECOND QUARTER AND SIX MONTHS
 RALEIGH, N.C., July 15 /PRNewswire/ -- RS Financial Corp. (NASDAQ-NMS: RFBK), a holding company whose only subsidiary is Raleigh Federal Savings Bank, today announced that earnings for the second quarter and six months ended June 30, 1992 increased over the same periods in 1991. Net income for the second quarter increased 31.2 percent to $1,039,000 compared to $792,000 for the second quarter of 1991. Net income per share for the quarter was $0.33 versus $0.25 in 1991.
 For the first six months of 1992, net income increased 17 percent to $1,849,000, or $0.59 per share, versus $1,580,000, or $0.49 per share, in the first half of 1991.
 The increase in net income for the second quarter and six months is principally attributable to an increase in net interest income. For the quarter and six months ended June 30, 1992, net interest income was $6,546,000 and $12,716,000, respectively. This compares to $5,410,000 and $10,759,000 for the same periods in 1991.
 The provision for loan losses was $450,000 for the second quarter of 1992 and $1,106,000 for the first six months of 1992. In addition, Raleigh Federal added $475,000 in general reserves on real estate owned and real estate held for investment during the 1992 second quarter. With these additions, total general valuation allowances amounted to $5,205,000 as of June 30, 1992. Non-performing assets continued to decline during the second quarter and were $29.3 million at June 30, 1992, which is a 7 percent decrease from the $31.6 million reported as of March 31, 1992.
 Stanley E. Wright, President and Chief Executive Officer of RS Financial, commented, "We are extremely pleased with the continued improvement in earnings and are optimistic that this trend will continue. The continued downward trend in non-performing assets is also particularly pleasing."
 At June 30, 1992, RS Financial had total consolidated assets of $751 million, total deposits of $655 million and total shareholders' equity of $66.6 million, or 8.87 percent of assets. Through its subsidiary, Raleigh Federal Savings Bank, RS Financial operates 33 offices in 20 cities and towns. RS Financial Corp. common stock is traded on the NASDAQ National Market System and is listed under the symbol RFBK.
 -0- 7/15/92R
 /CONTACT: Stanley E. Wright, President and Chief Executive Officer, or Rex D. Williams, Executive Vice President and Chief Financial Officer, RS Financial Corp., 919-833-7511/
 (RFBK) CO: RS Financial Corp.; Raleigh Federal Savings Bank ST: North Carolina IN: FIN SU: ERN


JZ -- CH012R -- 9805 07/16/92 13:29 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 16, 1992
Words:457
Previous Article:RECENT EARTHQUAKES HEIGHTEN DEMAND FOR 'QUAKESAVER' AUTOMATIC GAS SHUT-OFF VALVE
Next Article:FIRST FEDERAL SAVINGS BANK OF COLORADO COMPLETES REORGANIZATION
Topics:


Related Articles
RS FINANCIAL CORP. RESTATES 1991'S THIRD QUARTER AND NINE MONTH RESULTS
RS FINANCIAL CORP. ANNOUNCES INCREASE IN EARNINGS FOR THIRD QUARTER AND NINE MONTHS
RS FINANCIAL CORP. REPORTS INCREASE IN EARNINGS FOR FIRST QUARTER
RS FINANCIAL CORP. REPORTS SECOND QUARTER EARNINGS AND ANNOUNCES INCREASE IN DIVIDEND
RS FINANCIAL CORP. REPORTS INCREASE IN EARNINGS AND ANNOUNCES QUARTERLY DIVIDEND
RS FINANCIAL CORP. REPORTS INCREASE IN FIRST QUARTER EARNINGS
RS FINANCIAL CORP. REPORTS THIRD QUARTER EARNINGS AND ANNOUNCES STOCK REPURCHASE PLAN AND CASH DIVIDEND
RS FINANCIAL CORP. REPORTS INCREASE IN FIRST QUARTER EARNINGS
RS FINANCIAL CORP. REPORTS INCREASE IN SECOND QUARTER EARNINGS AND ANNOUNCES QUARTERLY DIVIDEND
RS FINANCIAL CORP. REPORTS THIRD QUARTER EARNINGS AND ANNOUNCES QUARTERLY DIVIDEND

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