Loyola Capital reports sluggish fourth quarter

January 20, 1993|By David Conn | David Conn,Staff Writer

Loyola Capital Corp. reported yesterday that fourth-quarter earnings fell nearly 18 percent from a year ago as fee-based income dropped and expenses, especially money spent on advertising, climbed.

The company, parent of Loyola Federal Savings Bank, earned $2.4 million, or 27 cents a share, in the quarter ended Dec. 31, compared with $2.9 million, or 33 cents a share, a year earlier.

Earnings for 1992, which included a $2.7 million gain from an accounting change, hit a record $14.1 million, or $1.60 a share, up about one-third from 1991 earnings of $10.6 million, or $1.18 a share.

Still, fourth-quarter earnings came in below analysts' expectations, and profitability during the quarter was down from last year. The company's stock fell to $15.25 a share yesterday, down 25 cents, in trading on the New York Stock Exchange.

Also, Loyola's board authorized yesterday a stock repurchase program to buy back up to 400,000 shares, or 5 percent, of

outstanding common stock. The board also declared a regular quarterly dividend of 6 cents a share, to be paid March 31 to shareholders of record March 15.

Three months ended 12/31

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

'92.. .. .. 2,397,000.. .. .. .. ..0.27

'91.. .. .. 2,920,000.. .. .. .. ..0.33

% change .. .. -17.9 .. .. .. .. ..-18.2

Annualized return on assets '92.. .. .. .. 0.54%

'91.. .. .. .. 0.58%

Addition to allowance .. .. .. .. .. Net

for loan losses .. .. .. .. .. charge-offs

'92.. .. .. (1,760,000)*.. .. .. ..NA

'91.. .. .. 2,561,000.. .. .. .. ..NA

% change .. .. NA .. .. .. .. .. ..NA

Twelve months ended 12/31

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

'92.. .. .. 14,113,000.. .. .. .. 1.60

'91.. .. .. 10,638,000.. .. .. .. 1.18

% change .. .. +32.7.. .. .. .. ..+35.6

Balances as of 12/31/92

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

'92.. .. .. .. 1,784,946,000.. .. 1,465,585,000

'91.. .. .. .. 2,001,665,000.. .. 1,861,107,000

% change .. .. ... -10.8.. .. .. .. -21.3

.. .. .. .. .. Loans .. .. .. .. .. Allowance

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

'92.. .. .. .. 1,390,087.. .. .. .. .. NA

'91.. .. .. .. 1,667,070.. .. .. .. .. NA

% change .. .. .. -16.6 .. .. .. .. .. NA

* Reflects difference between $2.8 million added to the loan loss reserve and $4.6 million moved from the loan loss reserve and placed into a reserve for real estate.

Baltimore Sun Articles
|
|
|
Please note the green-lined linked article text has been applied commercially without any involvement from our newsroom editors, reporters or any other editorial staff.