Printer Friendly

VIRGINIA FIRST SAVINGS BANK ANNOUNCES EARNINGS

 VIRGINIA FIRST SAVINGS BANK ANNOUNCES EARNINGS
 PETERSBURG, Va., Aug. 12 /PRNewswire/ -- Virgina First Savings Bank,


F.S.B. (NASDAQ-NMS: VFSB) Chairman and CEO, William A. Patton, today released the June 30, 1992 fiscal year operating results for the 104-year-old savings bank. On assets of $518,020,000 at June 30, 1992, the savings bank earned $2,009,000 or $0.77 per share, compared to a loss of $492,584 or $0.19 per share for the previous year. Despite the improved financial performance Patton stated "earnings were depressed by an effective tax rate which approached one-half of the firm's $3,736,000 in pre-tax earnings." The savings bank added over $2.5 million to loss reserves during the fiscal year, most of which is not currently deductible for income tax purposes.
 Patton said, "The year was highlighted by two major events which should favorably impact long term operations. In the Fall of 1991, we acquired Southern Atlantic Mortgage, ("SAM"), a mortgage banking organization which operates primarily in northern Virginia and southern Maryland. The addition of SAM will solidify the firm's position as a regional mortgage banker." In the spring of 1992, the savings bank was the successful bidder for five RTC owned CorEast retail offices and a TrustBank retail office. Patton said, "These new offices have greatly enhanced the bank's retail franchise in the Richmond and Roanoke markets, while creating a new presence in Lynchburg and Appomattox." The Deposits gained in this acquisition had an immediate impact on the operations of Virginia First. Approximately $100 million of wholesale funding sources were curtailed in lieu of the more reliable "core deposits." Patton stated, "the opportunity to sell additional products and services to the expanded customer base should have positive implications for the bank's long term profitability." The acquisition also introduced Automated Teller Machines to the Virginia First portfolio of customer services.
 Patton concluded that earnings for the firm's first fiscal quarter will be enhanced by the sale of approximately $50 million in mortgage servicing rights which will yield a pre-tax profit of approximately $650,000. Although it is management's intention to increase the mortgage servicing portfolio, Patton stated "capacity constraints experienced with recent refinance activity made the sale a practical course of action."
 The bank currently operates twenty-two full service retail offices and eleven mortgage loan production centers. As of June 30, 1992, Virginia First exceeds all regulatory capital requirements.
 -0- 8/12/92
 /CONTACT: Paul W. Walk, Jr., Senior Vice President, Virginia First Savings Bank, F.S.B., 804-733-0333 or 804-748-5847/
 (VFSB) CO: Virginia First Savings Bank ST: Virginia IN: FIN SU: ERN


CM -- CH003 -- 9346 08/12/92 11:22 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Aug 12, 1992
Words:443
Previous Article:JACOR COMMUNICATIONS, INC. ANNOUNCES EXTENSION OF DEBT MATURITIES
Next Article:CLINICAL HOMECARE SECOND-QUARTER EPS DOUBLES; CLIMBS TO $.09 FROM YEAR-EARLIER $.04
Topics:


Related Articles
CHARTER FEDERAL ANNOUNCES RESULTS OF FISCAL YEAR ENDED JUNE 30, 1992
CHARTER FEDERAL ANNOUNCES FIRST QUARTER FISCAL 1993 PROFIT
VIRGINIA FIRST SAVINGS BANK ANNOUNCES RECORD EARNINGS
COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR THE QUARTER AND FISCAL YEAR ENDED SEPT. 30, 1992
COLUMBIA FIRST BANK ANNOUNCES RESULTS FOR THE QUARTER ENDED DEC. 31, 1992
VIRGINIA FIRST SAVINGS BANK, F.S.B. ANNOUNCES EARNINGS
VIRGINIA FIRST SAVINGS BANK ANNOUNCES EARNINGS
CHARTER FEDERAL ANNOUNCES SECOND QUARTER FISCAL 1994 PROFIT
CHARTER FEDERAL ANNOUNCES THIRD QUARTER FISCAL 1994 PROFIT
VIRGINIA BEACH FEDERAL FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters