Printer Friendly

STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS

 TROY, Mich., March 10 /PRNewswire/ -- Today, Standard Federal Bank (NYSE: SFB) reported the following selected financial data on its operations for the month ended Feb. 28, 1993:
 At
 Feb. 28, Dec. 31, Feb. 29,
 1993 1992 1992
 (In thousands)
 SELECTED FINANCIAL DATA:
 Total assets $9,804,536 $9,544,731 $9,416,508
 Investment securities 639,886 543,149 849,906
 Mortgage-backed securities 3,249,686 3,175,781 3,840,620
 Loans receivable 5,338,803 5,235,399 4,118,677
 Deposits 6,638,764 6,527,603 6,169,219
 Borrowings 2,244,837 2,081,312 2,238,009
 Weighted average rate on
 deposit portfolio(1) (pct) 4.00 4.11 5.17
 Ratio of nonperforming assets
 to total assets (pct) 0.81 0.75 0.98
 Ratio of nonperforming assets
 (net of reserves)
 to total assets (pct) 0.51 0.46 0.71
 One-year repricing gap as a
 percentage of total
 assets(2) (pct) -1.00 +5.58 -1.15
 (1) These rates represent the actual weighted average contractual rates paid to the bank's deposit customers, and exclude the impact of purchase accounting adjustments and interest rate exchange agreements.
 (2) The percentage reported as of Feb. 28, 1993, is a reasonable estimate of the bank's actual repricing position and may be subject to further revision.
 For the Month Year-to-Date
 of February Through February
 1993 1992 1993 1992
 (In thousands)
 DEPOSIT ACTIVITY:
 Net increase
 (decrease) in
 deposit portfolio $137,344 $23,578 $111,161 ($19,331)
 Total increase
 (decrease) as
 a percentage of beginning
 deposits (pct) 2.11 0.38 1.70 -0.31
 Interest credited,
 included above $10,241 $11,703 $20,060 $22,580
 For the Month Year-to-Date
 of February Through February
 1993 1992 1993 1992
 (In thousands)
 MORTGAGE LOAN ACTIVITY:
 Dollar volume of residential
 loan closings $132,247 $286,296 $272,089 $485,353
 Dollar volume of
 apartment loan closings 200 --- $200 ---
 Dollar volume of
 commercial loan closings --- --- --- ---
 Total loan closings $132,447 $286,296 $272,289 $485,353
 30-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 37.00 34.50 35.20 36.10
 15-year fixed-rate
 loans closed as a
 percentage of total
 loans closed (pct) 34.30 47.90 34.60 47.80
 Balloon loans closed
 as a percentage of total
 loans closed (pct) 10.50 9.10 11.90 8.50
 Adjustable-rate loans closed
 as a percentage of total
 loans closed (pct) 18.20 8.50 18.30 7.60
 Average yield on
 30-year fixed-rate
 loans closed (pct) 8.09 8.87 8.20 8.84
 Average yield on
 15-year fixed-rate
 loans closed (pct) 7.69 8.58 7.85 8.56
 Average yield on balloon
 loans closed (pct) 7.60 8.66 7.71 8.66
 Average yield on
 adjustable-rate
 loans closed (pct) 6.50 7.25 6.50 7.25
 Securitized and sold ($1,049) ($83,968) ($38,167) ($177,753)
 Repaid, net ($62,867) ($150,205) ($126,602) ($216,971)
 For the Month Year-to-Date
 of February Through February
 1993 1992 1993 1992
 WEIGHTED AVERAGE
 RATES:
 Yield on earning
 assets (pct) 7.93 8.73 7.96 8.74
 Cost of interest-bearing
 liabilities (pct) 5.10 6.29 5.14 6.31
 Interest rate spread
 (pct) 2.83 2.44 2.82 2.43
 Net interest margin
 on average earning
 assets (pct) 2.98 2.60 2.92 2.56
 The information presented herein reflects current operating statistics but does not necessarily constitute all factors affecting the quarterly or annual financial results of Standard Federal. This interim financial information is unaudited and may be adjusted in subsequent financial statements provided by the bank on a quarterly basis. Standard Federal makes no commitment to revise this information for changes in circumstances or events which may occur subsequent to the date of this release.
 -0- 3/10/93
 /CONTACT: Joseph Krul, senior vice president and chief financial officer, stockholder relations, Standard Federal Bank, 800-643-9600/
 (SFB)


CO: Standard Federal Bank ST: Michigan IN: FIN SU:

JG-DD -- DE007 -- 4655 03/10/93 11:46 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 10, 1993
Words:677
Previous Article:CFOs EXPECT 2ND-QUARTER FINANCIAL HIRING TO REPEAT PROMISING 1ST- QUARTER; RESPONDENTS BULLISH ON SOUTH ATLANTIC, MIDWEST, SOUTHWEST
Next Article:ATLAS REPORTS PROGRESS IN DEALING WITH LIQUIDITY NEEDS
Topics:


Related Articles
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS
STANDARD FEDERAL BANK REPORTS MONTHLY FINANCIAL HIGHLIGHTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters