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

 ST. PAUL BANCORP REPORTS RECORD SECOND QUARTER EARNINGS;
 BOARD DECLARES REGULAR QUARTERLY CASH DIVIDEND
 CHICAGO, July 9 /PRNewswire/ -- St. Paul Bancorp, Inc. (NASDAQ: SPBC), the holding company for Chicago-based St. Paul Federal Bank For Savings, today reported record earnings of $9.7 million, or $0.78 per share, for the three months ended June 30, 1992. These results represent a 49.4 percent increase over the $6.5 million, or $0.53 per share, earned in the second quarter of 1991.
 Net income for the first six months of 1992 was also a record $19.0 million, or $1.53 per share, an increase of 37 percent over 1991 first half earnings of $13.9 million, or $1.14 per share.
 Joseph C. Scully, chairman and chief executive officer, attributed the company's record performance to continued expansion of interest spreads and margins, as well as significant increases in fee income.
 In conjunction with these results, the board of directors of St. Paul Bancorp today declared the company's 20th consecutive regular quarterly cash dividend. The $0.10 per share dividend will be paid Aug. 12, 1992, to shareholders of record as of July 31, 1992.
 On an annualized basis, St. Paul Bancorp's returns on average assets and average equity for the three months ended June 30, 1992, were 1.08 percent and 14.61 percent, respectively. At June 30, 1992, St. Paul Federal Bank continued to exceed all regulatory capital requirements by a wide margin.
 Net interest income before the provision for loan losses was $28.3 million for the 1992 second quarter, a 13.4 percent increase over the $25.0 million recorded in the comparable 1991 period. For the first six months of 1992, net interest income before the provision for loan losses was up 13.4 percent to $55.4 million. The improvement in net interest income resulted from an increase in the bank's net interest margin to 3.27 percent for the second quarter of 1992, from 2.87 percent in the year-ago period. The weighted average interest spread of 3.21 percent at June 30, 1992, marked the highest interest spread in the bank's history.
 Other operating income increased 21.8 percent to $6.9 million for the second quarter of 1992 from $5.7 million for the comparable 1991 quarter. For the first six months of 1992, other operating income rose 30.6 percent to $13.5 million, from $10.4 million in the year-ago six months. The major components of other operating income for both the second quarter and first half of 1992 were increases in income from transaction fees, annuity and discount brokerage commissions and ATM operations.
 The bank's combined loan and real estate (REO) loss provision was $2.66 million for the 1992 second quarter, versus $3.0 million for the three months ended June 30, 1991. During the first six months of 1992, the combined loan and REO loss provision totaled $5.41 million, as compared to $4.5 million for the first six months of 1991. Non- performing assets, excluding troubled debt restructurings (TDRs), declined to $57.9 million or 1.63 percent of total assets at June 30, 1992, from $73.5 million or 2.03 percent of total assets at March 31, 1992.
 At the end of the recent quarter, the bank's general valuation allowance for losses on loans and REO stood at $47.1 million, or 1.99 percent of total loans and REO and 81.41 percent of non-performing assets. This compares with $46.4 million, or 1.88 percent of total loans and REO and 63.14 percent of non-performing assets at March 31, 1992. Net charge-offs during the 1992 second quarter totaled $2.7 million, virtually level with net charge-offs during the 1992 first quarter.
 Non-interest expense was $17.5 million for the three months ended June 30, 1992, as compared with $16.7 million for the comparable 1991 period. The company's annualized ratio of general and administrative expense to average assets increased to 1.94 percent for the three months ended June 30, 1992, from 1.86 percent for the comparable 1991 period. This increase was due primarily to a reduction in assets between the periods.
 At June 30, 1992, total assets were $3.5 billion and loans, including mortgage-backed securities, totaled $3.0 billion. Deposits totaled $3.0 billion, while stockholders' equity grew to $269.4 million, equivalent to 7.60 percent of total assets or $22.27 per share.
 St. Paul Bancorp, Inc., is the holding company for St. Paul Federal Band For Savings, the largest independent thrift based in Illinois. St. Paul Federal operates 38 retail banking offices throughout metropolitan Chicago. The bank also provides discount brokerage, insurance and real estate development services through its subsidiaries.
 ST. PAUL BANCORP, INC.
 Operating Highlights
 (Dollars in thousands except per share amounts)
 Periods ended Three Months Six Months
 June 30 6/30/92 6/30/91 6/30/92 6/30/91
 Interest Income $71,138 $81,651 $145,745 $162,768
 Interest Expense 42,839 56,688 90,300 113,854
 Net Interest Income 28,299 24,963 55,445 48,914
 Provision for Loan
 Losses 2,175 3,000 3,875 4,500
 Net Interest Income
 after Provision for
 Loan Losses 26,124 21,963 51,570 44,414
 Other Operating Income:
 Income from Real Estate
 Operations 614 709 1,061 968
 Net Gain on Assets Sold 482 440 1,637 1,341
 Net Trading Account Gain
 (Loss) 19 10 (29) (178)
 Other Non-Interest Income 5,794 4,514 10,874 8,237
 Total Other Operating
 Income 6,909 5,673 13,543 10,368
 Other Operating Expenses 17,484 16,710 34,425 32,101
 Loss on Foreclosed
 Real Estate 682 113 1,541 230
 Income Before Taxes 14,867 10,813 29,147 22,451
 Provision for Taxes 5,119 4,290 10,153 8,596
 Net Income $ 9,748 $ 6,523 $ 18,994 $ 13,855
 Shares Outstanding 12,095,705 12,004,805 12,095,705 12,004,805
 Primary Earnings
 Per Share $0.78 $0.53 $1.53 $1.14
 Balance Sheet Highlights
 As of 6/30/92 As of 12/31/91
 Total Assets $3,546,431 $3,663,243
 Loans Receivable and
 Mortgage-Backed Securities (A) 2,999,374 3,179,058
 Investment Securities
 (Including FHLB Stock) (A) 391,796 324,948
 Goodwill 2,205 2,489
 Deposits 2,978,325 3,004,419
 FHL Bank Advances 155,863 155,924
 Other Borrowings 108,816 178,604
 Subordinated Capital Notes -- 12,176
 Stockholders' Equity 269,412 252,888
 General Valuation Allowance 47,119 46,642
 Non-performing Assets (excluding
 Trouble-Debt Restructurings) $ 57,879 $ 79,532
 Book Value Per Share $22.27 $21.01
 (A) -- Excludes Assets Held for Sale.
 -0- 7/9/92
 /CONTACT: Robert N. Parke, 312-804-2360, or Susan H. Fisher, 312-804-2284, both for St. Paul Bancorp/
 (SPBC) CO: St. Paul Bancorp, Inc. ST: Illinois IN: FIN SU: ERN DIV


GK -- NY003 -- 7738 07/09/92 09:19 EDT
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