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Banking industry

Emerald Financial Corp. Reports Record Earnings for 1998

Strategic Insights

— 1 min read

Emerald Financial Corp., a Unitary Thrift Holding Company, announced its fourth quarter and year-end results for 1998, demonstrating significant growth in key areas. The company reported a 35.38% increase in net income for the fourth quarter of 1998, with diluted earnings per share reaching $0.20. For the year ended December 31, 1998, net income reached a record $7.8 million, a 26.31% increase from the previous year.

Key Takeaways:

  • Net income for the fourth quarter of 1998 increased by 35.38% to $2.2 million, or $0.20 diluted earnings per share.
  • For the year ended December 31, 1998, net income reached a record $7.8 million, a 26.31% increase from the previous year.
  • Total assets grew by 10.65% to $668.5 million at year-end.
  • Deposits increased to $559.2 million, while FHLB advances grew to $48.2 million.
  • Loan originations reached an all-time high in 1998, with 2,682 loans closed in the amount of $350.4 million.
  • Loan sales surpassed those of previous years, with 892 mortgage loans sold totaling $94.9 million.
  • Gain on sale of loans increased to $1.0 million for the year 1998 from the previous year's $0.4 million.
  • The Strongsville Savings Bank, a subsidiary of Emerald Financial Corp., is scheduled to open its fifteenth office in Avon Lake, Ohio on February 18, 1999.
  • The company will change its name to Emerald Savings Bank effective April 1, 1999, as previously announced.
  • The Board of Directors increased dividends from $0.04 per share per quarter to $0.05 per share per quarter for the year 1999.

Statistics:

  • Net income for the fourth quarter of 1998: $2.2 million
  • Diluted earnings per share for the fourth quarter of 1998: $0.20
  • Net income for the year ended December 31, 1998: $7.8 million
  • Increase in net income for the year ended December 31, 1998: 26.31%
  • Total assets at year-end: $668.5 million
  • Growth in total assets: 10.65%
  • Deposits: $559.2 million
  • FHLB advances: $48.2 million
  • Loan originations: 2,682 loans, $350.4 million
  • Loan sales: 892 mortgage loans, $94.9 million
  • Gain on sale of loans: $1.0 million

Sources:

  • PRNewswire, "Emerald Financial Corp. Reports Fourth Quarter and Year-End Results for 1998"
  • Emerald Financial Corp., "Emerald Financial Corp. Selected Consolidated Financial Data (Unaudited)"
  • Emerald Financial Corp., "Emerald Financial Corp. Consolidated Statements of Income (Unaudited)"

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