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SOCIETY REPORTS 1992 NET INCOME OF $9.7 MILLION

 HARTFORD, Conn., Jan. 28 /PRNewswire/ -- Society For Savings Bancorp., Inc., (NASDAQ: SOCS) ("Society" or "Bancorp") today announced net earnings in 1992 of $9.7 million or 82 cents per share after reporting a net loss in 1991 of $64.5 million or $5.42 loss per share and a $52.4 million net loss in 1990 or $4.40 loss per share. Bancorp attributes its improved 1992 operating results to: lowered interest rates, reduced operating expenses and decreased non-performing assets. Bancorp's 1991 net loss had resulted from increased loan loss provisions, the establishment of a foreclosed real estate reserve and a $16.5 million write-down related to 14 branch closings and the bank's expansion properties and the out-sourcing of the bank's computer-related operations. The 1990 results had been affected by a restructuring plan that focused on exiting commercial real estate lending and reducing the levels of higher risk assets.
 For the fourth quarter 1992 Bancorp earned $3.4 million or 28 cents per share vs. a fourth quarter 1991 net loss of $58.9 million or $4.95 loss per share.
 For the year ended Dec. 31, 1992, Bancorp's earnings before the gain on extraordinary item were $7.7 million or 65 cents per share. The extraordinary gain item of $2.0 million resulted from Bancorp's utilization of a book tax loss carry-forward. For the fourth quarter 1992, Bancorp's earnings before a gain on an extraordinary item were $3.1 million or 26 cents per share. The fourth quarter extraordinary gain was $245,000 of utilized book tax loss carry-forward.
 Society's consumer finance subsidiary, Fidelity Acceptance Corporation, earned $26.6 million, an increase of $5.0 million from the prior year's earnings. For the fourth, Fidelity earned $7.9 million vs. $6.5 million a year earlier.
 Bancorp's non-performing assets, including loans delinquent more than 90 days and still accruing, were $126.0 million at Dec. 31, 1992, which was a reduction of $47.8 million from Dec. 31, 1991 non-performing assets of $173.8 million. The reduction in non-performing assets in the fourth quarter was $5.8 million. Bancorp's non-accrual loans declined $37.6 million in 1992 to $45.3 million at Dec. 31, 1992. The total reserve coverage ratio was 54 percent at Dec. 31, 1992; however, when foreclosed real estate is excluded from the nonperforming asset total, the coverage ratio is 107 percent of loan loss reserves to non-performing loans, compared to last years 70 percent coverage ratio. Bancorp charged earnings with a provision for loan losses of $28.7 million in 1992 compared to a $91.2 million provision for loan losses in 1991. For the fourth quarter of 1992, the loan loss provision was $2.8 million vs. $35.2 million in the prior year's fourth quarter.
 At Dec. 31, 1992 non-performing assets included foreclosed real estate assets of $68.6 million compared to $72.4 million of foreclosed real estate at Dec. 31, 1991. In 1992, Bancorp added $10.4 million to reserves for losses on foreclosed real estate assets, while $10.0 million of foreclosed real estate assets were charged-off against this reserve. At Dec. 31, 1992, Bancorp's valuation allowance for foreclosed real estate is $6.0 million which represents the estimated loss on disposition of the foreclosed properties. The fourth quarter 1992 addition to the reserve was $6.4 million compared to $13.2 million a year earlier.
 Bancorp's allowance for loan losses at Dec. 31, 1992 is $61.7 million, which is $9.1 million less than the year ended 1991 loan loss reserves of $70.8 million. The reduction is due to net charge-offs of $37.8 million, partially offset by a provision for loan loss of $28.7 million.
 Bancorp's net interest spread rose to 4.44 percent for the fourth quarter of 1992, which is an improvement of 213 basis points from the fourth quarter of 1991. For the full year, Bancorp's interest rate spread improved 105 basis points in 1992 to 3.83 percent. These operating measurements of Bancorp were bolstered by declines in deposit rates and reduced non-performing assets. Society's core lending activity continued to be residential lending. The Bank closed 1,846 mortgages for $252.3 million in 1992 compared to 1,057 closed mortgages that amounted to $135.2 million in the prior year. For the fourth quarter 1992 the Bank closed 427 mortgages for $54.3 million compared to 271 mortgages for $35.8 million in the prior year's fourth quarter. Most notably, refinancings were the leading cause for this increase; however, overall residential lending activity has showed steady improvement.
 Bancorp's leverage capital ratio improved 165 basis points to 6.30 percent at Dec. 31, 1992, a result of improved earnings and a reduction in total assets. The total risk based capital ratio was 11.92 percent, up 283 basis points from the year ended 1991 risk based capital ratio of 9.09 percent. Total assets declined to $2.5 billion from $3.0 billion a year earlier. Total shareholders' equity was $161.0 million at Dec. 31, 1992, an increase of $11.6 million from the year earlier level of $149.4 million.
 Society also announced that a special stockholders meeting will be held at the Wadsworth Antheneum, 600 Main St., Hartford, Conn. on March 4, 1993 at 11 a.m., to consider the previously reported acquisition agreement with Bank of Boston Corporation. Stockholders of record at the close of business on Jan. 20, 1993 are entitled to vote at the meeting. The acquisition agreement, which was approved by the boards of directors of both companies is subject to approvals by regulators and Society's stockholders.
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (In thousands)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Earnings
 Net income (loss) $3,356 $(58,921) 9,711 $(64,512)
 Tax-Equivalent interest
 fees and dividend income $62,764 $77,117 $267,672 $350,046
 Interest expense 33,866 53,408 158,951 244,138
 Tax-equivalent
 net interest income 28,898 23,709 108,721 105,908
 Tax equivalent adjustment 290 208 974 1,218
 Net interest income 28,608 23,501 107,747 104,690
 Provision for loan losses 2,753 35,176 28,720 91,190
 Net interest income after
 provision for loan losses 25,855 (11,675) 79,027 13,500
 Non-interest Income
 Gains on securities 839 --- 8,836 8,372
 Other 6,172 4,853 24,416 26,674
 Gain on sale of mortgage
 servicing rights --- --- --- 18,881
 Totals 7,011 4,853 33,252 53,927
 Non-interest Expense
 Staff 9,290 9,165 36,541 39,019
 Occupancy 1,556 2,689 8,197 10,992
 Equipment 1,723 1,726 6,996 6,823
 Restructuring charge --- --- --- 7,000
 Other 8,621 8,328 33,424 34,772
 Bank premises and computer
 charges --- 16,519 --- 16,519
 Foreclosed real estate 7,614 18,359 14,673 22,515
 Totals 28,804 56,786 99,831 137,640
 Income (loss) before
 income taxes and
 extraordinary item 4,062 (63,608) 12,448 (70,213)
 Income taxes (benefit) 951 (4,687) 4,750 (5,701)
 Income (loss) before
 extraordinary item 3,111 (58,921) 7,698 (64,512)
 Extraordinary item 245 --- 2,013 ---
 Income (loss) after
 extraordinary item $3,356 $(58,921) $9,711 $(64,512)
 Per Common Share Data
 Earnings (loss) before
 extraordinary item 26 cents (4.95) 65 cents (5.42)
 Earnings (loss) after
 extraordinary item 28 cents (4.95) 82 cents (5.42)
 Dividends declared --- --- --- 0.075
 Book value 13.44 12.61 13.44 12.61
 Avg. shares
 outstanding 11,899,000 11,898,000 11,871,000 11,909,000
 End of period shares
 outstanding 11,976,000 11,853,000 11,976,000 11,853,000
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (In thousands)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Average Balances-(a)
 Loans, net $1,572,480 $1,793,113 $1,626,250 $2,219,146
 Investments, net 782,491 1,214,210 894,503 1,054,836
 Earning assets, net 2,354,971 3,007,323 2,520,753 3,273,982
 Total assets, net 2,517,907 3,158,707 2,676,759 3,423,614
 Deposits 1,635,004 2,288,505 1,871,666 2,463,875
 Short-term debt 14,751 44,514 20,528 72,350
 Long-term debt and
 capital notes 632,762 541,527 574,772 605,571
 Interest-bearing
 liabilities 2,282,556 2,874,546 2,443,923 3,141,796
 Shareholders' equity 159,875 193,158 155,244 204,577
 ----
 NOTE: (a)-Includes assets held for sale
 End of Period Balances
 Loans, gross
 Accruing-(b) 1,572,481 1,666,539
 Nonaccruing and
 restructured-(b) 45,321 82,856
 Total loans 1,617,802 1,749,395
 Allowance for
 loan losses (61,692) (70,823)
 Foreclosed real estate gross(b) 68,554 72,267
 Valuation allowance-FRE (6,038) (5,200)
 Total assets 2,483,952 2,989,043
 Shareholders' equity 160,968 149,412
 Tier I capital 159,210 147,459
 Total risk-based capital 195,478 194,898
 ----
 NOTE: (b)-Excludes restructuring assets held for sale
 Ratios
 Leverage capital ratio-
 Bancorp 6.30 pct 4.65 pct N/A N/A
 Leverage capital ratio-
 bank 6.17 pct 4.22 pct N/A N/A
 Risk-adjusted capital
 ratios (consolidated)
 (End of period)
 Tier I N/A N/A 9.71 pct 6.87 pct
 Total capital N/A N/A 11.92 pct 9.09 pct
 Net interest margin
 (tax equivalent
 basis) 4.78 pct 2.79 pct 4.20 pct 3.19 pct
 Net interest spread 4.44 pct 2.31 pct 3.83 pct 2.78 pct
 SOCIETY FOR SAVINGS BANCORP, INC.
 Financial Highlights
 (in Thousands)
 Three Months Ended Twelve Months Ended
 Dec. 31, Dec. 31,
 1992 1991 1992 1991
 Asset Quality
 Nonperforming assets:
 Nonaccrual loans $37,961 $77,234
 Restructured loans --- ---
 Foreclosed and
 repossessed assets 68,575 72,427
 Accruing loans past
 due 90 days or more 12,131 18,483
 Performing non-
 performing loans 7,360 5,622
 Total nonperforming
 assets 126,027 $173,766
 Other Financial
 Information:
 Net charge-offs:
 Loans held for
 investment 9,254 16,832 37,851 55,751
 Net-charge offs to
 average loans held
 for investment
 (annualized) 2.26 pct 4.01 pct 2.23 pct 3.29 pct
 Net charges to
 restructuring reserves
 -- assets held for sale N/A 21,230 N/A 70,575
 Nonperforming loans +
 repossessed assets to
 loans + repossessed assets 7.47 pct 9.54 pct
 Allowance for loan losses
 to loans outstanding(c) 3.81 pct 4.05 pct
 Allowance for loan
 losses to annualized
 net charge-offs 166.66 pct 105.19 pct 162.99 pct 127.03 pct
 Allowance for
 loan losses to
 non-performing loans 107.38 pct 69.89 pct
 Allowance for loan losses and
 foreclosed real estate to
 nonperforming assets 53.74 pct 43.75 pct
 ----
 NOTE: (c) Excludes assets held for sale during 1991 and their related valuation allowance.
 -0- 7/23/92
 /CONTACT: Albert E. Fiacre, Jr., executive vice president and chief financial officer of Society for Savings, 203-727-5420/
 (SOCS)


CO: Society for Savings ST: Connecticut IN: FIN SU: ERN

TM -- NE007 -- 0277 01/28/93 12:48 EST
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