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EXHIBIT 28.1
[PMFI LETTERHEAD]
FOR IMMEDIATE RELEASE
DATE: July 16, 1997
CONTACT: Rick L. Brown, CFO
(319) 366-1851
PERPETUAL MIDWEST FINANCIAL, INC. ANNOUNCES
RECORD FOURTH 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 $505,000 or
$0.26 per common share for the three months ended June 30, 1997. This compares
to net income of $375,000 or $0.18 per common share for the three months ended
June 30, 1996.
Net interest income, before provision for loan losses, for the three
months ended June 30, 1997 increased $293,000 to $2.8 million as compared to
the same period last year. Interest income increased $545,000 to $7.7 million
while interest expense increased $252,000 to $4.9 million for the three months
ended June 30, 1997, as compared to the three months ended June 30, 1996. The
provision for loan loss increased to $368,000 for this quarter from $145,000 in
the fourth quarter last year.
For the year ended June 30, 1997 earnings were $467,000 or $0.24 per
share of common stock compared to $1.5 million or $0.74 per share of common
stock last year.
The decrease in earnings for fiscal 1997 compared to last year was
predominantly due to a $1.2 million increase for provision for loan losses and
a $1.5 million expense for a special assessment on SAIF-insured institutions in
order to recapitalize the SAIF insurance fund.
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Perpetual Midwest Financial, Inc. Press Release
July 16, 1997
Page 2 of 5
Net interest income, before provision for loans losses, for the year
ended June 30, 1997 increased $1.6 million to $10.7 million as compared to $9.0
million for last year. Interest income increased $2.6 million to $29.6 million
while interest expense increased $913,000 to $19.0 million for fiscal 1997 as
compared to last year's $27.1 interest income and $18.1 interest expense.
Total consolidated assets at June 30, 1997 were $397.2 million as
compared to $383.3 million at June 30, 1996. At June 30, 1997, allowances and
reserves for loan losses totaled $2.9 million or 0.95% of total net loans
receivable as compared to $2.7 or 0.89% of total net loans receivable at June
30, 1996. The Company's non-performing assets (loans 90 days or more delinquent
and foreclosed assets) were $1.5 million or 0.37% of total assets at June 30,
1997, compared with $1.4 million or 0.37% of total assets at June 30, 1996.
The number of shares outstanding at June 30, 1997 was 1,882,575. Book
value per share at that date was $18.00 compared to $17.90 at June 30, 1996.
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 (3 pages).
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[PMFI LETTERHEAD]
Summary of Financial Highlights
- Consolidated Statements of Income-
For the 3 mos. ended June 30,
-----------------------------------
1997 1996
(Dollars in Thousands except Per Share Data) (unaudited) (unaudited)
- ------------------------------------------------------------------------------------------------------------
Interest Income $ 7,675 $ 7,130
Interest Expense 4,869 4,617
------------ -------------
Net Interest Income 2,806 2,513
Provision for loan losses 368 145
------------ -------------
Net Interest Income after
Provision for Loan Losses 2,438 2,368
Other Income 483 463
Other Expenses 2,090 2,260
Income Before Income Taxes 831 571
Income tax provision 326 196
------------ -------------
Net Income $ 505 $ 375
============ =============
Earnings per share subsequent to
conversion
Net Income $0.26 $0.18
============ =============
Earnings per share assuming
full dilution
Net Income $0.26 $0.18
============ =============
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[PMFI LETTERHEAD]
Summary of Financial Highlights
- Consolidated Statements of Income-
For the 12 mos. ended June 30,
------------------------------
1997 1996
(Dollars in Thousands except Per Share Data) (unaudited) (audited)
- ------------------------------------------------------------------------------------------------------
Interest Income $ 29,629 $ 27,074
Interest Expense 18,979 18,066
----------- -------------
Net Interest Income 10,650 9,008
Provision for loan losses 1,416 210
----------- -------------
Net Interest Income after
Provision for loan losses 9,234 8,798
Other Income 1,858 1,352
Other Expenses 8,821 7,747
Special SAIF assessment 1,485 --
----------- -------------
Total Other Expenses 10,306 7,747
Income Before Income Taxes 786 2,403
Income tax provision 319 909
----------- -------------
Net Income $ 467 $ 1,494
=========== =============
Earnings per share subsequent to
conversion
Net Income $0.24 $0.74
=========== =============
Earnings per share fully diluted
subsequent to conversion
Net Income $0.24 $0.74
=========== =============
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[PMFI LETTERHEAD]
Summary of Financial Highlights
- Consolidated Balance Sheets -
June 30, June 30,
1997 1996
(unaudited) (audited)
- --------------------------------------------------------- ---------------- ----------------
Assets
Cash and due from financial institutions $ 6,066,803 $ 2,968,278
Interest-bearing balances in financial inst. 20,933,322 7,956,221
---------------- ----------------
Cash and cash equivalents 27,000,125 10,924,499
Securities:
Trading portfolio 756,625 989,800
Available-for-sale 41,143,033 56,401,791
Held-to-maturity -- --
FHLB stock 4,640,900 4,640,900
Loans held for sale 889,367 1,870,570
Loans receivable, net 310,522,161 296,080,410
Accrued interest and dividend receivable 2,589,365 2,678,024
Premises and equipment, net 7,203,686 7,307,659
Other assets 2,484,211 2,379,202
---------------- ----------------
Total Assets $ 397,229,473 $ 383,272,855
================ ================
Liabilities
Deposits $ 305,165,267 $ 261,497,110
Borrowed funds 52,203,351 80,723,708
Advances from borrowers for taxes & ins. 828,198 818,524
Accrued interest payable 3,021,590 2,343,611
Other liabilities 2,121,405 2,301,985
---------------- ----------------
Total Liabilities $ 363,339,811 $ 347,684,938
Stockholders' Equity
Common stock (2,123,984 shares) $ 21,240 $ 21,240
Additional paid in capital 20,712,302 20,546,070
Retained earnings-substantially restricted 18,367,609 18,481,335
Unrealized holding gains/losses-available-for-sale (129,204) (486,626)
Less: Common stock acquired (4,039,766) (2,152,190)
Employee stock ownership plan (610,542) (776,032)
Unearned compensation (431,977) (45,880)
---------------- ----------------
Total Stockholders' Equity $ 33,889,662 $ 35,587,917
Total Liabilities and
Stockholders' Equity $ 397,229,473 $ 383,272,855
================ ================