Grace & Co.This Boca Raton, Fla., company, whose...

W. R.

October 31, 1991

W. R. Grace & Co.

This Boca Raton, Fla., company, whose Davison Chemical Division is based in Baltimore, attributed its 3 percent decline in revenues to weakness in its energy division and the sale of certain units since last year.

After-tax operating income from Grace's energy business fell 77 percent to $1.6 million in the quarter.

But overall earnings were up by 9.6 percent in the third quarter and 6 percent for the first nine months of the year.

The higher quarterly earnings were driven by a 26 percent increase in sales by the health care operations, and an 8 percent rise in the earnings of the specialty chemicals division, the largest contributor to revenues and profits.

Three months ended 9/30/91

Revenue ... ... ... ... ... ... Net ... ... ... ... ... ... Share

'91 1,621,610,000 .. .. ... .. 49,609,000 ... ... ... ... 0.57

'90 1,671,640,000 .. .. ... .. 45,150,000 ... ... ... ... 0.52

% change ... -3.0 ... .. ... .. +9.9 ... ... .. ... ... ... +9.6

Nine months ended 9/30/91

Revenue ... ... ... ... ... ... Net ... ... ... ... ... ... Share

'91 4,971,914,000 .. .. .. ... 138,015,000 .. ... ... ... 1.59

'90 4,807,451,000 .. .. .. ... 129,051,000 ... .. ... ... 1.50

% change ... +3.4 ... .. ... .. +6.9 ... ... .. ... ... ... +6.0

Home Federal Corp.

The Hagerstown-based holding company for Home Federal Savings Bank reported continuing net losses for the September quarter.

Due to the weakened real estate market, some of the bank's borrowers have experienced severe cash flow problems, according to Richard W. Phoebus, president of the holding company and the bank. So Home Federal Savings Bank boosted its loan loss reserves to "provide for possible further deterioration in the financial condition of its borrowers and the real estate securing the outstanding loans."

The bank also announced that the Office of Thrift Supervision has accepted the bank's capital plan for meeting all the capital requirements imposed by the federal government.

Three months ended 9/30/91

Income ... ... ... ... ... ... ... ... ... Share

'91 (1,000,000) ... ... ... ... ... ... .. (0.76)

'90 (98,000) ... ... ... ... ... ... ... .. (0.07)

% change --- ... ... ... ... ... ... ... .. ---

Assets ... ... ... ... ... ... ... ... ... ... Deposits

'91 269,043,000 .. .. ... ... ... ... ... ... 202,713,000

'90 316,635,000 ... .. ... ... ... ... ... ... 237,206,000

% change -15.0 .. .. ... .. ... ... ... ... .. -14.5

Nine months ended 9/30/91

Income ... ... ... ... ... ... ... ... ... ... Share

'91 (5,900,000) ... .. .. ... ... ... ... ... (4.37)

'90 304,000 ... ... ... .. ... ... ... ... ... 0.23

% change --- .. ... ... .. ... ... ... ... ... ---

Loan portfolio

Three months ended 9/30/91

Loans outstanding ... ... ... ... ... ... ... ... Net charge-offs

'91 218,642,000 .. .. .. ... ... ... ... ... ... 5,236,000

'90 259,819,000 ... .. ... .. ... ... ... ... ... 320,000

% change -15.8 .. .. ... ... .. ... ... ... ... .. +1,536.3

Addition to allowance ... ... ... ... ... ... ... ... Allowance

for loan losses ... ... ... ... .. ... ... ... ... ... for loan losses

'91 5,886,000 .. ... ... ... ... ... ... ... ... ... ... 6,650,000

'90 1,031,000 .. ... ... ... ... ... ... ... ... ... ... 2,383,000

% change +470.9 .. .. ... ... ... ... ... ... ... ... ... +179.1

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