Loyola Capital reports 25% rise in net for quarter to $3.8 million

October 19, 1994|By a Sun Staff Writer

Loyola Capital Corp. yesterday said its net income jumped 25 percent during the three months that ended Sept. 30, as the parent company of Loyola Federal Savings Bank joined other financial institutions in benefiting from higher interest rates.

The Baltimore S&L said it earned $3.8 million, or 43 cents a share, for the quarter. Loyola made $3 million, or 35 cents a share, in the same period of 1993.

Loyola executives said their higher earnings came from the same basic forces that other local banks have cited for what was a very strong quarter for local banks overall: higher interest rates that allowed a bigger spread between the rates Loyola pays for funds and the rates it can command on loans and other investments.

Also, Loyola got a $545,000 boost from making a smaller provision for loan losses than during the third quarter last year.

The company said it has now earned $10.9 million for the first three quarters of the year, up from $9.2 million for the same period of 1993.

Loyola Capital

Corp. ... ... ... ... Ticker .. .. .. .. .. .. Yesterday's

Baltimore .. .. .. .. Symbol .. .. .. .. .. .. Cls. ... ... Chg.

.. .. .. .. .. ... .. LOYC .. .. .. .. ... ... 21 3/8 .. .. .. - 3/8

Period ended

09/30/94 .. .. .. ... 3rd qtr. .. .. .. .. ... Year ago ... ... Chg.

Net Income .. ... ... $3,756 .. .. .. .. .. .. $3,009 .. .. ... +24.8%

Primary EPS .. .. ... $0.43 ... .. .. .. .. .. $0.35 ... .. ... +22.9%

Annualized return

on assets .. .. .. .. 0.64% .. .. .. .. .. ... 0.54%

Add. to allowance

for loan losses .. .. 150 .. .. .. .. .. .. .. 695 .. .. .. ... -78.4%

.. .. .. .. .. .. .. .. 9 mos. .. .. .. .. .. Year ago .. .. .. .. Chg.

Net Income .. .. .. .. $10,887 .. ... .. ... $9,181 .. ... ... .. +18.6%

Primary EPS .. .. .. .. $1.25 .. .. .. .. ... $1.06 ... .. ... ... +17.9%

Annualized

return on assets .. ... 0.62% .. .. .. .. ... 0.55%

Add. to allowance

for loan losses ... ... 510 .. .. ... ... ... 2,430 .. ... ... ... -79.0%

.. .. .. .. .. .. .. .. Balances as of

.. .. .. .. .. .. .. .. 9/30/94 .. .. .. .. .. 9/30/93 .. .. .. ..

Assets .. .. .. ... ... $2,340,252 .. .. .. .. $2,212,846 .. .. .. +5.8%

Deposits .. .. .. .. .. $1,430,790 .. .. .. .. $1,426,176 .. .. .. +0.3%

Loans outst. .. ... ... $1,796,704 .. .. .. .. $1,519,325 .. .. .. +18.3%

Loan loss

reserve .. .. .. .. ... Not announced

Figures in thousands (except per share data)

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