John Hanson Savings Bank FSB
This Beltsville-based thrift blamed continued problems in its real estate loan portfolio and a weakened overall economy for a fourth-quarter loss of nearly $8.2 million, or $1.42 a share, as it added more than $5 million to its reserves for possible losses related to those loans. That marked a slight improvement over its year-ago loss of $9 million, or $1.56 a share.
However, John Hanson said that two of the three capital levels at the thrift remained below those set by federal regulators. The company said it would continue working to raise about $10 million in capital, reduce its level of non-performing assets and lower its expenses under the terms of a plan approved by the federal Office of Thrift Supervision.
For the 12-month period ended June 30, John Hanson reported a loss of $7.9 million, or $1.37 a share, compared with a loss of $8.35 million, or $1.45 a share, in fiscal 1989.
This year's results were hit particularly hard by the weakening real estate market that is taking its toll on a number of banks and thrifts in the region.
John Hanson, which has 14 Maryland branches, most in the Washington area, and one branch in Delaware, said it added more than $5.4 million to its reserves for possible losses related to those loans. The foreclosed real estate held by the thrift cost the company nearly $3.8 million during the latest 12-month period because of a combination of lower real estate values and expenses related to managing the property, the company said.
Dart Group Corp.
This Landover-based retail and financial holding company reported higher revenue for the three months and six months ended July 31. Net income was 23.1 percent higher for the last three months compared with last year's first quarter, but net income for the six-month period was up only 7.6 percent over the same period last year, even with a $223,000 extraordinary loss during the first six months of 1989. Dart Group subsidiaries own or operate Trak Auto stores, Crown Book stores and Jumbo Food Stores, as well as the Dart Group Financial Corp.