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WESTERN CAPITAL INVESTMENT CORP. POSTS $5.9 MILLION PROFIT FOR 1991

 WESTERN CAPITAL INVESTMENT CORP. POSTS
 $5.9 MILLION PROFIT FOR 1991
 DENVER, Jan. 30 /PRNewswire/ -- Western Capital Investment Corp. (WCIC) (NASDAQ: WECA) reported net income of $5.9 million, or $.61 per share, for the year ended Dec. 31, 1991. The company earned $627,000, or $.06 per share, for the fourth quarter of 1991.
 "Financial results improved dramatically in 1991 compared to 1990. We enjoyed tremendous growth in mortgage lending, we reduced problem assets for the fifth consecutive quarter, and we decreased operating expenses," said WCIC Chairman/CEO Bob Malone. Particulars include:
 -- A record year in loan production. The company recognized outstanding opportunity in the Colorado real estate market and geared up to take advantage of it. As a result, Bank Western, WCIC's largest subsidiary, remained the number-one mortgage lender in the five-county Denver Metro area. Last year, the bank originated $326.7 million in first mortgage loans -- an increase of 52.3 percent over 1990.
 At Dec. 31, Bank Western's loan servicing portfolio totaled over $2.23 billion -- a 15.8 percent increase over 1990's total. This growth creates a steady source of income to the bank and offers a valuable benefit to Bank Western customers, who recognize the advantages of quality local servicing.
 Besides enjoying the benefits of a strong mortgage market, the bank built a thriving consumer loan business in 1991, introducing innovative, practical programs, such as variable-rate auto loans and auto buying centers.
 -- A significant decline in problem assets. In this area, the company's strategic measures produced some notable results. Problem assets have declined for five consecutive quarters, and last year they fell nearly 15 percent -- from $193.6 million at Dec. 31, 1990, to $165.1 million at Dec. 31, 1991. Included in this amount are $75.4 million of in-substance foreclosures and loans to facilitate the sale of property acquired in settlement of loans, of which 33.6 percent are current as to principal and interest.
 In the fourth quarter of 1991, Bank Western recorded $2.3 million in provisions for losses on loans and property acquired in settlement of loans. Allowances for losses at Dec. 31, 1991, totaled over $61.7 million.
 -- Continuing expense reductions. Operating expenses totaled $71.7 million for 1991, down $1.4 million compared to 1990. Additionally in the fourth quarter of 1991 expenses were $17.1 million, a decrease of $2.1 million from the third quarter of 1991. The bank achieved this reduction despite the need for staff additions to meet increased demands in loan production and loan servicing.
 Assets totaled $2.5 billion at Dec. 31, 1991, compared to $2.7 billion one year ago. This decrease was partly due to the third- quarter sale of $446.0 million in fixed-rate mortgage-backed securities. Reinvestment of the proceeds into adjustable rate loans and securities is progressing as planned. Bank Western remains in compliance with all current regulatory capital requirements.
 WESTERN CAPITAL INVESTMENT CORP.
 Consolidated Statements of Financial Condition
 Dec. 31, Dec. 31,
 1991 1990
 (in thousands)
 ASSETS
 Cash $85,079 $44,504
 Federal funds sold 50,000 ---
 Interest and service fees receivable 19,347 23,623
 Investment securities 169,351 218,343
 Mortgage-backed securities 486,586 735,545
 Loans receivable 1,190,444 1,200,668
 Loans held for sale 293,520 270,300
 Real estate held for sale 22,942 24,978
 Property acquired in settlement
 of loans 107,735 124,164
 Office properties and equipment 53,419 55,276
 Other assets 45,293 25,531
 TOTAL $2,523,716 $2,722,932
 LIABILITIES & STOCKHOLDERS' EQUITY
 Deposits $2,079,739 $2,221,835
 Federal Home Loan Bank advances 167,500 257,900
 Other borrowings 100,655 67,023
 Deferred income taxes 501 1,599
 Advance payments by borrowers
 for taxes and insurance 17,301 17,276
 Accounts payable and other
 liabilities 37,120 42,301
 Total liabilities 2,402,816 2,607,934
 Total stockholders' equity 120,900 114,998
 TOTAL $2,523,716 $2,722,932
 ADDITIONAL INFORMATION
 (Dollars in thousands,
 except per share amounts)
 1991 1990
 AT DEC. 31:
 Loans serviced for others $1,451,830 $935,317
 Book value per share 12.93 12.30
 FOR THE YEARS ENDED DEC. 31: 1991 1990
 Loans originated and purchased $568,925 $572,559
 Mortgage-backed securities purchaed 284,890 35,874
 Loans and mortgage-backed securities
 sold 643,029 588,003
 Return on average assets, annualized 0.23pct. -2.54pct.
 Return on average equity, annualized 5.08pct. -49.77pct.
 Average equity/average assets 4.47pct. 5.11pct.
 Average yield on interest-earning
 assets 9.13pct. 9.56pct.
 Average cost of interest-bearing
 liabilities 6.66pct. 7.32pct.
 Interest rate spread 2.47pct. 2.24pct.
 Operating expenses/average assets 2.76pct. 2.44pct.
 Operating expenses/gross income 27.95pct. 25.62pct.
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 12 Months Ended
 Dec. 31, Percent
 1991 1990 Change
 (in thousands, except
 per share amounts)
 Interest income $215,711 $276,573 (22.01)
 Interest expense 163,082 221,211 (26.28)
 Net interest income 52,629 55,362 (4.94)
 Provision for losses on loans 6,230 35,166 (82.28)
 Net interest income after
 provision for losses on loans 46,399 20,196 129.74
 Non-interest income
 Loan servicing fees 4,998 3,224 55.02
 Other loan fees 2,629 2,637 (0.30)
 Gain (loss) on assets 7,301 (6,491)(a) (212.48)
 Other income 25,841 9,289 178.19
 Total non-interest income 40,769 8,659 370.83
 Operating expenses 71,695 73,066 (1.88)
 Provision for losses on property
 acquired in settlement of loans 14,026 33,089 (57.61)
 Net income (loss) before income
 taxes 1,447 (77,300) (101.87)
 Income tax provision (benefit) (4,455) (2,306) 93.19
 Income (loss) from continuing
 operations 5,902 (74,994) (107.87)
 Loss from discontinued operations,
 net of income taxes --- (1,200) (100.00)
 Net income (loss) $5,902 $(76,194) (107.75)
 Income (loss) from continuing
 operations per share $0.61 $(8.02) (107.61)
 Net income (loss) per share $0.61 $(8.15) (107.54)
 Three Months Ended
 Dec. 31, Percent
 1991 1990 Change
 (in thousands, except
 per share amounts)
 Interest income $48,272 $67,095 (28.05)
 Interest expense 35,992 53,806 (33.11)
 Net interest income 12,280 13,289 (7.59)
 Provision for losses on loans 1,741 4,340 (59.88)
 Net interest income after
 provision for losses on loans 10,539 8,949 17.77
 Non-interest income
 Loan servicing fees 1,362 969 40.56
 Other loan fees 654 678 (3.54)
 Gain (loss) on assets 1,430 3,756 (61.93)
 Other income 4,280 3,325 28.72
 Total non-interest income 7,726 8,728 (11.48)
 Operating expenses 17,116 18,570 (7.83)
 Provision for losses on property
 acquired in settlement of loans 522 2,001 (73.91)
 Net income (loss) before income
 taxes 627 (2,894) (121.67)
 Income tax provision (benefit) --- 162 (100.00)
 Income (loss) from continuing
 operations 627 (3,056) (120.52)
 Loss from discontinued operations,
 net of income taxes --- (1,200) (100.00)
 Net income (loss) $627 $(4,256) (114.73)
 Income (loss) from continuing
 operations per share $0.06 $(0.33) (118.18)
 Net income (loss) per share $0.06 $(0.46) (114.09)
 (a) Includes $10.9 million of provisions to facilitate disposal
 of assets previously held for investment.
 -0- 1/30/92
 /CONTACT: Scott Crosby, 303-623-5577, of Western Capital Investment/
 (WECA) CO: Western Capital Investment Corp. ST: Colorado IN: FIN SU: ERN


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