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SUNCOAST SAVINGS AND LOAN REPORTS 1992 FISCAL YEAR EARNINGS OF $1.2 MILLION AND RISK-BASED CAPITAL IN EXCESS OF 10 PERCENT

 SUNCOAST SAVINGS AND LOAN REPORTS 1992 FISCAL YEAR EARNINGS OF
 $1.2 MILLION AND RISK-BASED CAPITAL IN EXCESS OF 10 PERCENT
 HOLLYWOOD, Fla., Aug. 6 /PRNewswire/ -- Suncoast Savings and Loan Association (NASDAQ: SCSL) today announced net income for the fiscal year ended June 30, 1992, of $1.2 million, or 66 cents per share, compared with a net loss of $3.4 million, or $1.83 per share, in the prior fiscal year.
 Net income for the fourth quarter ended June 30, 1992, was $486,000, or 26 cents per share, compared with a net loss of $3.9 million, or $2.10 per share, for the year-ago quarter. Fourth quarter 1992 results were 122 percent over the $219,000, or 12 cents per share, reported for the third quarter of 1992.
 Albert J. Finch, chairman and chief executive officer, noted, "We met or exceeded all the goals we established in the beginning of our fiscal year and accomplished a dramatic rebound of the company. Our performance this year is particularly gratifying in three important areas, risk-based capital compliance, reduction of risk in our mortgage servicing assets, and expansion of our mortgage origination network."
 Suncoast increased its risk-based capital from 5.41 percent at June 30, 1991, to 10.18 percent at June 30, 1992, which significantly exceeds the current requirement of 7.2 percent. The association's core and tangible capital ratio at June 30, 1992, was 4.04 percent, exceeding the requirements of 3 percent and 1.5 percent, respectively.
 Mortgage servicing assets decreased from $55.3 million at June 30, 1991, to $30.4 million at June 30, 1992, while increasing the balance of loans serviced to $2.4 billion at June 30, 1992, compared with $2.3 billion at June 30, 1991. Finch said, "The reduction of our investment in these assets directly translates into reduced risk which is an especially rewarding accomplishment."
 Total mortgage originations and purchases for fiscal 1992 were a record $1.66 billion, a 150 percent increase over the $666 million for fiscal 1991. In fiscal 1992 loans sold in the secondary market amounted to $1.7 billion compared to $648.8 million last fiscal year. Finch stated, "Suncoast's origination network quickly adjusted to the higher volumes caused by the refinancing marketplace this year and increased its market penetration in all of its geographic regions. At the same time, the supporting secondary sales management continued to demonstrate its efficient handling of the volumes and maximized profit margins."
 Total assets were $187 million and deposits totaled $173 million at June 30, 1992. Shareholders' equity was $8.5 million, or $4.57 per share, at June 30, 1992.
 Finch also announced that in its July meeting the board of directors authorized the open market purchase of $150,000 of association stock to be contributed to Suncoast's employee stock bonus/401(K) plan for the 1993 plan year.
 Suncoast Savings and Loan Association and its subsidiaries are engaged in originating and purchasing mortgage loans for resale in the secondary market. Suncoast services mortgage loans nationally and is one of the largest mortgage services in the Southeast. Suncoast operates four full-service savings branches in Florida and operates wholesale mortgage production offices in Florida, California and North Carolina.
 SUNCOAST SAVINGS AND LOAN ASSOCIATION
 (Unaudited; dollars in thousands)
 Periods ended June 30 Fourth Quarter Year
 1992 1991 1992 1991
 Loan activity:
 Originations $500,734 $244,126 $1,659,336 $563,436
 Purchases -- -- 2,922 102,596
 Total 500,734 244,126 1,662,258 666,032
 Sales 549,555 239,632 1,709,870 648,814
 Earnings information:
 Net interest income before
 loan loss provision 938 939 4,291 3,425
 Provision for loan losses (17) (56) (55) (110)
 Net interest income after
 loan loss provision 921 883 4,236 3,315
 Gains on the sale of loans 2,531 481 6,113 1,574
 Loan servicing income:
 Gains on the sale of loan
 servicing assets, net 4,141 1,122 9,018 3,758
 Loan servicing fees 2,847 3,278 10,873 13,497
 Amortization and valuation
 adjustments of loan
 servicing assets (5,614) (6,423) (11,875) (11,792)
 Provision for losses on
 servicing assets 388 -- (1,002) --
 Loan servicing income, net 1,762 (2,023) 7,014 5,463
 Other income 1,336 520 3,416 1,414
 Provision for losses on
 real estate (220) (269) (331) (847)
 Non-interest expenses (5,854) (4,218) (19,077) (14,714)
 Inc. (loss) bef. inc. taxes 476 (4,626) 1,371 (3,795)
 Provision for (benefit from)
 income taxes (10) (733) 140 (401)
 Net income (loss) 486 (3,893) 1,231 (3,394)
 Earnings per share $0.26 ($2.10) $0.66 ($1.83)
 Weighted average shares 1,853 1,853 1,853 1,853
 Periods ended June 30 1992 1991 1990
 Other information:
 Assets $187,459 $234,014 $265,503
 Loans 79,227 109,873 103,345
 Deposits 173,296 211,944 243,435
 Borrowings 626 10,536 4,136
 Equity 8,473 7,241 10,629
 Servicing rights 2,402,915 2,277,237 2,830,558
 Book value per share 4.57 3.91 5.74
 -0- 8/6/92
 /CONTACT: Richard L. Browdy, CFO of Suncoast Savings and Loan, 305-981-6400, or Edmund R. Belak Jr. of Georgeson & Company, 212-440-9801, for Suncoast Savings and Loan/
 (SCSL) CO: Suncoast Savings and Loan Association ST: Florida IN: FIN SU: ERN


TS-CK -- NY055 -- 7587 08/06/92 12:15 EDT
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Date:Aug 6, 1992
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