EXHIBIT 28.1 (4 PAGES)
PRESS RELEASE DATED OCTOBER 15, 1997 ANNOUNCING
EARNINGS FOR THE QUARTER ENDED SEPTEMBER 30, 1997
PMFI PERPETUAL MIDWEST FINANCIAL, INC.
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FOR IMMEDIATE RELEASE
DATE: October 15, 1997
CONTACT: Rick L. Brown, CFO
(319) 366-1851
PERPETUAL MIDWEST FINANCIAL, INC. ANNOUNCES
RECORD QUARTER OPERATING PROFITS
CEDAR RAPIDS, IOWA------
Perpetual Midwest Financial, Inc., parent of Perpetual Savings Bank,
FSB, announced that the Company had record operating profits of $554,000 or
$0.29 per common share for the three months ended September 30, 1997. This
compares to a net loss of $553,000 or minus $0.29 per common share for the
three months ended September 30, 1996 or net income of $346,000 or $0.19 per
common share before a $1.5 million SAIF recapitalization assessment.
Net interest income, before provision for loan losses, for the three
months ended September 30, 1997 increased $305,000 to $2.9 million as compared
to the same period last year. Interest income increased $358,000 to $7.7
million while interest expense increased $53,000 to $4.8 million for the three
months ended September 30, 1997, as compared to the three months ended
September 30, 1996. Interest income increased primarily due to a $5.0 million
increase in average earning financial assets and a 29 basis-point increase in
the average yield on these assets. The increase in interest expense was
primarily due to a $6.8 million increase in the average balance of financial
liabilities, offset by a 7 basis-point decrease in the average cost of
financial liabilities. The provision for loan loss was unchanged at $225,000
for this quarter as compared to the same quarter for last year.
The $1.5 million decrease in other expenses is primarily a result of
a $1.5 million or minus $0.48 per common share cost for a special assessment
in the quarter ended September 30, 1996 on SAIF-insured institutions in order
to recapitalize the SAIF insurance fund.
700 First Avenue NE, Cedar Rapids, Iowa 52401
P.O. Box 1302, Cedar Rapids, Iowa 52406-1302
Phone: (319) 366-1851; Fax: (319) 369-5653
PMFI PERPETUAL MIDWEST FINANCIAL, INC.
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Perpetual Midwest Financial, Inc. Press Release
October 15, 1997
Page 2 of 4
Total consolidated assets at September 30, 1997 were $401.7 million
as compared to $397.2 million at June 30, 1997. At September 30, 1997,
allowances and reserves for loan losses totaled $2.9 million or 0.88% of total
net loans receivable as compared to $2.9 or 0.95% of total net loans
receivable at June 30, 1997. The Company's non-performing assets (loans 90
days or more delinquent and foreclosed assets) were $1.2 million or 0.29% of
total assets at September 30, 1997, compared with $1.2 million or 0.31% of
total assets at June 30, 1997.
The number of shares outstanding at September 30, 1997 was 1,873,075.
Book value per share at that date was $18.24 compared to $18.00 at June 30,
1997.
Perpetual Savings Bank, FSB, headquartered in downtown Cedar Rapids,
Iowa, has four full service branch offices including; Cedar Rapids West, Cedar
Rapids East, Cedar Rapids Northeast, and Iowa City, Iowa.
Perpetual Midwest Financial, Inc.'s common stock is traded on the
NASDAQ National Market under the symbol "PMFI".
A consolidated financial summary follows (2 pages).
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700 First Avenue NE, Cedar Rapids, Iowa 52401
P.O. Box 1302, Cedar Rapids, Iowa 52406-1302
Phone: (319) 366-1851; Fax: (319) 369-5653
PMFI PERPETUAL MIDWEST FINANCIAL, INC.
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Summary of Financial Highlights
-Consolidated Statements of Income-
For the 3 mos. ended September 30,
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1997 1996
(Dollars in Thousands except Per Share Data) (unaudited) (unaudited)
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Interest Income $ 7,700 $ 7,342
Interest Expense 4,811 4,758
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Net Interest Income 2,889 2,584
Provision for loan losses 225 225
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Net Interest Income after
Provision for Loan Losses 2,664 2,359
Other Income 460 418
Other Expenses 2,220 3,690
Income Before Income Taxes 904 (913)
Income tax provision 350 (360)
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Net Income $ 554 $ (553)
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Earnings per share subsequent to
conversion
Net Income $ 0.29 ($ 0.29)
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Earnings per share assuming
full dilution
Net Income $ 0.29 ($ 0.29)
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700 First Avenue NE, Cedar Rapids, Iowa 52401
P.O. Box 1302, Cedar Rapids, Iowa 52406-1302
Phone: (319) 366-1851; Fax: (319) 369-5653
PMFI PERPETUAL MIDWEST FINANCIAL, INC.
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Summary of Financial Highlights
- Consolidated Balance Sheets -
September 30, June 30,
1997 1997
(unaudited) (audited)
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Assets
Cash and due from financial institutions $ 7,116,490 $ 6,066,803
Interest-bearing balances in financial inst. 12,905,476 20,933,322
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Cash and cash equivalents 20,021,966 27,000,125
Securities:
Trading portfolio 617,050 756,625
Available-for-sale 33,482,920 41,143,033
Held-to-maturity -- --
FHLB stock 4,640,900 4,640,900
Loans held for sale 512,487 889,367
Loans receivable, net 330,608,876 310,522,161
Accrued interest and dividend receivable 2,644,926 2,589,365
Premises and equipment, net 7,148,315 7,203,686
Other assets 1,987,133 2,484,211
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Total Assets $ 401,664,573 $ 397,229,473
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Liabilities
Deposits $ 310,139,889 $ 305,165,267
Borrowed funds 51,202,151 52,203,351
Advances from borrowers for taxes & ins. 306,500 828,198
Accrued interest payable 3,511,399 3,021,590
Other liabilities 2,342,798 2,121,405
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Total Liabilities $ 367,502,737 $ 363,339,811
Stockholders' Equity
Common stock (2,123,984 shares) $ 21,240 $ 21,240
Additional paid in capital 20,636,833 20,712,302
Retained earnings-substantially restricted 18,780,424 18,367,609
Unrealized holding gains/losses-available-for-sale (36,449) (129,204)
Less: Common stock acquired (4,257,781) (4,039,766)
Employee stock ownership plan (597,684) (610,542)
Unearned compensation (384,747) (431,977)
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Total Stockholders' Equity $ 34,161,836 $ 33,889,662
Total Liabilities and
Stockholders' Equity $ 401,664,573 $ 397,229,473
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700 First Avenue NE, Cedar Rapids, Iowa 52401
P.O. Box 1302, Cedar Rapids, Iowa 52406-1302
Phone: (319) 366-1851; Fax: (319) 369-5653