Loyola 4th quarter profits drop

January 23, 1991

Loyola Capital Corp., the holding company for Loyola Federal Savings and Loan, reports that its profit dropped by half in the fourth quarter.

The Baltimore-based company reports earnings of $1.2 million, or 26 cents a share, compared with $2.6 million, or 52 cents a share, during the fourth quarter of 1989.

Net income for 1990 was $8.6 million, or $1.82 a share, compared with $10.5 million, or $2.08 a share, in 1989.

A $3 million gain on the sale of investment securities partially offset a higher loan-loss provision, the company reports.

Loyola says it added $7.1 million to its allowance for losses on loans and investments in real estate during the fourth quarter, up from $1.7 million in 1989.

The higher provision for losses reflects a conservative move to allow for possible future losses, as well as recognition of the potential effects of the slowdown in the mid-Atlantic economy, the company says.

The decision to increase the allowance for losses did not result from regulatory examinations, the company says.

During 1990, total assets declined by 2 percent to $2.1 billion and total deposits increased by 2.9 percent to $1.6 billion, Loyola says. Stockholders' equity of $135.9 million at year-end represented 6.5 percent of assets.

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