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ST. PAUL BANCORP REPORTS RECORD EARNINGS; BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND

 CHICAGO, July 13 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank For Savings, today reported record earnings of $11.5 million, or $0.85 per primary share, for the three months ended June 30, 1993. These results represent an 18.20 percent increase over the $9.7 million, or $0.78 per primary share, earned in the second quarter of 1992.
 Net income for the first six months of 1993 was also a record $20.8 million, or $1.55 per share, an increase of 9.32 percent over 1992 first half earnings of $19.0 million, or $1.53 per share.
 Joseph C. Scully, chairman and chief executive officer, attributed the company's record performance to continued strength in the net interest margin and the core earnings capacity of the Bank's retail banking operations. He noted that the operations of Elm Financial Services, Inc., which was acquired in February 1993, are now fully absorbed and that the benefits of the acquisition are reflected in the quarterly results.
 In conjunction with these results, the board of directors of St. Paul Bancorp today declared the company's 25th consecutive regular quarterly cash dividend. The $0.10 per share dividend will be paid Aug. 12, 1993 to shareholders of record as of July 30, 1993.
 On an annualized basis, St. Paul Bancorp's returns on average assets and average equity for the quarter ended June 30, 1993 were 1.20 percent and 14.32 percent, respectively. At June 30, 1993, St. Paul Federal Bank continued to exceed all regulatory capital requirements by wide margins.
 Net interest income before the provision for loan losses was $32.9 million for the 1993 second quarter, a 16.10 percent increase over the $28.3 million recorded in the comparable 1992 period. For the first six months of 1993, net interest income before the provision for loan losses was up 14.63 percent to $63.6 million. The improvement in net interest income resulted from an increase in the Bank's net interest margin to 3.58 percent for the 1993 second quarter, from 3.27 percent in the year- ago period. The weighted average interest spread of 3.50 percent at June 30, 1993 marked the highest interest spread in the Bank's history.
 Other operating income in the 1993 second quarter was up 16.07 percent to $8.0 million, from $6.9 million reported in the year-ago period. For the first six months of 1993, other operating income rose 7.52 percent to $14.6 million, from $13.5 million in the year-ago six months. The primary contributors to increased other operating income, for both the second quarter and first six months of 1993, were increases in income from transaction fees, discount brokerage commissions and ATM operations.
 Non-interest expense was $20.8 million for the three months ended June 30, 1993, as compared with $17.5 million for the comparable period of 1992. The company's annualized ratio of general and administrative expense to average assets increased to 2.16 percent for the second quarter of 1993, from 1.94 percent in the comparable 1992 quarter. The company attributed increased expenses, in part, to the addition of 12 branch offices since the 1992 second quarter. Eight of these offices are as a result of the Elm Financial acquisition.
 The Bank's combined loan and real estate owned (REO) loss provision for the three months ended June 30, 1993 was $3.2 million, an $839,000 reduction from the first quarter 1993 provision of $4.0 million. By comparison, the combined loss provision for the 1992 second quarter was $2.7 million. Net charge-offs on loans and REO totaled $3.4 million during the 1993 second quarter, compared to $3.3 million in the 1993 first quarter and $2.7 million in the year-ago period.
 Non-performing assets, comprised of real estate owned (REO) and delinquent loans, declined 10.67 percent to $49.3 million or 1.30 percent of total assets at June 30, 1993, from $55.2 million or 1.43 percent of total assets at March 31, 1993. At the end of the 1993 second quarter, the accumulated provision for losses on loans was $50.5 million, or 2.05 percent of total loans, relatively unchanged from the end of the prior quarter.
 At June 30, 1993, total assets were $3.8 billion and loans, including mortgage-backed securities, stood at $3.1 billion. Deposits totaled $3.3 billion, while stockholders' equity grew to $323.9 million, equivalent to 8.55 percent of total assets or $24.76 per share.
 St. Paul Bancorp, Inc. is the holding company for St. Paul Federal Bank For Savings, the largest independent thrift based in Illinois. St. Paul Bancorp also, effective June 30, 1993, acquired St. Paul Financial Development Corporation from St. Paul Federal Bank. St. Paul Federal operates 49 retail banking offices throughout metropolitan Chicago. The Bank provides discount brokerage and insurance services through its subsidiaries.
 ST. PAUL BANCORP, INC.
 Dollars in Thousands Except Per Share Amounts
 Periods Ended Three Months Six Months
 June 30, 1993 1992 1993 1992
 Interest income $67,345 $71,138 $132,364 $145,745
 Interest expense 34,490 42,839 68,806 90,300
 Net interest income 32,855 28,299 63,558 55,445
 Provision for loan losses 2,750 2,175 6,750 3,875
 Net interest income after
 provision for loan losses 30,105 26,124 56,808 51,570
 Other operating income:
 Income from real estate
 operations 643 614 1,206 1,061
 Net gain on assets sold 745 482 910 1,637
 Net trading account gain
 (loss) 40 19 45 (29)
 Other non-interest income 6,591 5,794 12,401 10,874
 Total Other operating income 8,019 6,909 14,562 13,543
 Other operating expenses 20,790 17,484 39,870 34,425
 Loss from foreclosed real
 estate operations 344 682 671 1,541
 Income before taxes 16,990 14,867 30,829 29,147
 Provision for taxes 5,468 5,119 10,064 10,153
 Net income $11,522 $9,748 $20,765 $18,994
 Shares outstanding 13,083,350 12,095,705 13,083,350 12,095,750
 Earnings per share:
 Primary $0.85 $0.78 $1.55 $1.53
 Fully diluted 0.84 0.78 1.55 1.52
 ST. PAUL BANCORP, INC.
 Balance Sheet Highlights
 Periods ended 6/30/93 12/31/92
 Total assets 3,786,402 3,500,260
 Loans receivable(A) 2,460,359 2,318,879
 Mortgage-backed securities(A) 668,888 643,941
 Investment securities
 (including FHLB Stock)(A) 463,213 377,079
 Goodwill 1,902 2,377
 Deposits 3,277,182 2,985,124
 Borrowings 138,848 186,408
 Stockholders' equity 323,899 287,341
 Accumulated provision for loan
 and REO losses 52,400 51,085
 Nonperforming assets 49,270 48,408
 Book value per share $24.76 $23.61
 NOTE: (A) Excludes assets held for sale.
 -0- 7/13/93
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both of St. Paul Bancorp, Inc./
 (SPBC)


CO: St. Paul Bancorp ST: Illinois IN: FIN SU: ERN

TM-LD -- NY007 -- 0755 07/13/93 09:13 EDT
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