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SOCIETY FOR SAVINGS BANCORP ANNOUNCES FIRST QUARTER EARNINGS

 SOCIETY FOR SAVINGS BANCORP ANNOUNCES FIRST QUARTER EARNINGS
 HARTFORD, Conn., April 23 /PRNewswire/ -- Society for Savings Bancorp, Inc. (NASDAQ: SOCS) ("Society" or "Bancorp"), parent of Society for Savings ("the Bank") today announced earnings of $1.3 million for the first quarter ended March 31, 1992. In the first quarter of 1991, Society reported a loss of $8.0 million. On a per share basis, the results for the three months ended March 31, 1992 and 1991 were 11 cents and (67 cents), respectively. Included in the 1992 first quarter earnings is a $724,000 extraordinary item resulting from tax benefits attributable to the carryforward of net operating losses.
 Society's net interest margin for the first quarter of 1992 was 3.51 percent, compared to 2.99 percent for the same period in 1991. Balance sheet reductions continued, as total assets at March 31, 1992 were $2.79 billion, down approximately $882.7 million from March 31, 1991 total assets of $3.7 billion. The leverage capital ratios for the Bank and the holding company were 5.03 percent and 5.10 percent, respectively. The Bank has therefore reached the 5.00 percent leverage capital ratio targeted by the FDIC in the consent order entered into in January 1992. Risk-based capital ratios for Tier I and total capital at March 31, 1992 were 7.36 percent and 9.62 percent, respectively. Society remains cautiously optimistic that earnings, net interest margins and leverage capital ratios will improve modestly throughout the year, provided that no significant market declines occur in its real estate loan portfolios.
 Quarter-end non-performing assets ("NPAs") rose slightly, to $175.1 million from the Dec. 31, 1991 level of $173.8 million, but are down $28.7 million from the March 31, 1991 NPAs of $203.8 million. The foreclosed and repossessed assets portion of NPAs rose $7.4 million during the first quarter of 1992 and totalled $79.8 million at the quarter end, vs. $63.3 million at March 31, 1991. Nonaccrual loans declined $3.9 million during the quarter and were $73.3 million at March 31, 1992, down from the year-earlier balance of $119.2 million, primarily as a result of charge-offs.
 The total provision for loan losses for the first quarter of 1992 was $10.9 million. This compares to a first quarter provision of $25.2 million in 1991, which was the result of higher-than-expected declines in market prices for real estate in the first quarter of 1991 and the potential effect on future loan values. At March 31, 1992, Society's allowance for loan losses stood at $74.1 million, up from the allowance for loan losses of $54.9 million at March 31, 1991. Society's loan loss reserves equaled 77.8 percent of non-performing loans, exclusive of foreclosed and repossessed assets, at March 31, 1992, an increase from 70 percent coverage at Dec. 31, 1991. Foreclosed real estate assets, which are valued on a lower of cost or market basis, carry an additional valuation allowance of $6.6 million at March 31, 1992. No valuation allowance for foreclosed real estate was carried in the first quarter of 1991, as the Bank was then attempting to dispose of owned real estate under its restructuring plan.
 A core business activity of Society, residential lending, had much improvement in the first quarter of 1992 when the bank closed 535 mortgage loans for $75 million compared to the prior year's first quarter when the bank (and its former Society Mortgage Corporation subsidiary) closed 247 mortgage loans for $28.8 million. This is a result of efforts to expand market share in core business activities. Although much of this improvement results from refinancing activities, overall residential lending activity is increasing. Society will continue efforts to improve its market share of residential lending.
 Society's consumer finance subsidiary, Fidelity Acceptance Corporation, earned an after-tax profit of $5.8 million on assets of $480 million in the first quarter, compared to $4.6 million on assets of $417 million in the first quarter of 1991.
 At quarter end, Bancorp's book value was $12.75 per share, up slightly from the $12.61 Dec. 31, 1991 book value, but down from the March 31, 1991 book value of $17.30 per share.
 SOCIETY FOR SAVINGS BANCORP, INC.
 FINANCIAL HIGHLIGHTS
 (In thousands)
 Three Months Ended Year Ended
 March 31, Dec. 31,
 1992 1991 1991
 EARNINGS
 Net income (loss) $1,298 $(7,972) $(64,512)
 Tax-equivalent
 interest, fees
 and dividend income 72,135 97,607 350,046
 Interest expense 47,228 69,878 244,138
 Tax-equivalent
 net interest income 24,907 27,729 105,908
 Tax-equivalent
 adjustment 213 352 1,218
 Net interest income 24,694 27,377 104,690
 Provision for loan losses 10,916 25,168 91,190
 Net interest income after
 provision for loan losses 13,778 2,209 13,500
 NONINTEREST INCOME
 Gains on securities 7,106 4,340 8,372
 Other 5,279 6,579 26,674
 Gain on sale of mortgage
 servicing rights --- --- 18,881
 Total 12,385 10,919 53,927
 NONINTEREST EXPENSE
 Staff 9,292 11,193 39,019
 Occupancy 2,369 2,722 10,992
 Equipment 1,874 1,747 6,823
 Restructuring charge --- --- 7,000
 Other 7,405 7,895 34,772
 Foreclosed real estate 3,145 821 22,515
 Bank premises and
 computer charges --- --- 16,519
 Total 24,085 24,378 137,640
 Income (loss) before
 income taxes and
 extraordinary item 2,078 (11,250) (70,123)
 Income taxes (benefit) 1,504 (3,278) (5,701)
 Income (loss) before
 extraordinary item 574 (7,972) (64,512)
 Extraordinary item 724 --- ---
 Income (loss) after
 extraordinary item $1,298 $(7,792) $(64,512)
 PER COMMON SHARE DATA
 Earnings (loss) before
 extraordinary item $0.05 $0.67 $(5.42)
 Earnings (loss) after
 extraordinary item $0.11 $(0.67) $(5.42)
 Dividends declared $0.00 $0.075 $0.075
 Book value 12.75 17.30 12.61
 Avg. shares outstanding 11,854,000 11,916,000 11,909,000
 End of period shares
 outstanding 11,856,000 11,916,000 11,853,000
 SOCIETY FOR SAVINGS
 Financial Highlights
 (In thousands)
 Three Months Ended Year Ended
 March 31, Dec. 31
 1992 1991 1991
 AVERAGE BALANCES-(a)
 Loans, net $1,668,046 $2,640,745 $2,219,146
 Investments, net 1,089,085 984,991 1,054,836
 Earning assets, net 2,757,131 3,625,736 3,273,982
 Total assets, net 2,905,248 3,768,664 3,423,614
 Deposits 2,187,172 2,690,487 2,463,875
 Short-term debt 23,398 83,256 72,350
 Long-term debt and
 capital notes 488,375 720,215 605,571
 Interest bearing
 liabilities 2,664,554 3,442,432 3,141,796
 Shareholders' equity 151,501 213,009 204,577
 (a)-Includes assets held for sale
 END OF PERIOD BALANCES
 Loans, Gross
 Accruing-(b) 1,651,173 1,588,078 1,666,539
 Nonaccruing and
 restructured-(b) 78,941 49,346 82,856
 Total loans 1,730,114 1,637,424 1,749,395
 Allowance for
 loan losses (74,107) (54,942) (70,823)
 Foreclosed real estate 79,737 62,665 72,267
 Valuation allowance-FRE (6,560) -- (5,200)
 Assets held for sale --- 943,304 ---
 Valuation allowance-AHFS --- (40,372) ---
 Total assets 2,786,191 3,668,863 2,989,043
 Shareholders' equity 151,151 206,166 149,412
 Tier I capital 149,247 197,726 147,459
 Total risk-based capital 194,918 257,669 194,898
 (b)-Excludes assets held for sale
 RATIOS
 Leverage capital
 ratio-Bancorp 5.10 pct 5.28 pct 4.65 pct
 Leverage capital
 ratio-bank 5.03 pct 5.02 pct 4.21 pct
 Risk-adjusted capital
 ratios (Consolidated)
 (End of period)
 Tier I 7.36 pct 6.66 pct 6.87 pct
 Total capital 9.62 pct 8.68 pct 9.09 pct
 Net interest margin
 (tax-equivalent basis) 3.51 pct 2.99 pct 3.19 pct
 Net interest spread 3.09 pct 2.49 pct 2.78 pct
 SOCIETY FOR SAVINGS
 Financial Highlights
 (In thousands)
 Three Months Ended Year Ended
 March 31, Dec. 31
 1992 1991 1991
 ASSET QUALITY
 NONPERFORMING ASSETS:
 Nonaccrual loans 73,328 119,228 77,234
 Restructured loans --- 4,673 ---
 Foreclosed and
 repossessed assets 79,848 63,297 72,427
 Accruing loans past
 due 90 days or more 16,280 16,609 18,483
 Performing
 nonperforming loans 5,613 --- 5,622
 Total nonperforming assets $175,069 $203,807 $173,766
 OTHER FINANCIAL INFORMATION:
 Net charge-offs -- loans
 held for investment 7,632 5,569 55,751
 Net charge-offs to
 average loans held for
 investment (annualized) 1.75 pct 1.29 pct 3.29 pct
 Net charges to restructuring
 reserve--assets held for sale N/A 23,203 70,575
 Nonperforming loans +
 repossessed assets to loans
 + repossessed assets 9.67 pct 8.12 pct 9.54 pct
 Allowance for loan losses to
 loans outstanding-(c) 4.28 pct 3.25 pct 4.05 pct
 Allowance for loan losses to
 annualized net charge-offs 242.75 pct 246.64 pct 127.03 pct
 Allowance for loan losses
 to nonperforming loans 77.83 pct 39.10 pct 69.89 pct
 Allowance for loan losses
 and foreclosed real estate
 to nonperforming assets 46.08 pct 26.96 pct 43.75 pct
 (c)-Excludes assets held for sale during 1991 and their related Valuation Allowance.
 -0- 4/23/92
 /CONTACT: Albert A. Fiacre, Jr., executive vice president and chief financial officer, 203-727-5420/
 (SOCS) CO: Society for Savings Bancorp, Inc. ST: Connecticut IN: FIN SU: ERN


SH -- NE006 -- 1761 04/23/92 10:34 EDT
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