Olympus Capital Corp., parent company of Olympus Bank, a federal savings bank, reported fourth-quarter net income of $116,000 or 5 cents per share, up from a loss of $1.65 million or 65 cents per share for the same period in 1989.
Net income for the full year totaled $858,000 or 34 cents per share, compared with a loss of $14.41 million or $5.65 loss per share in 1989.Results include $2.1 million in net interest income, before provisions for losses, for the quarter and $8.3 million for the year, a 6.8 percent increase for the quarter and a 44.2 percent increase for the year, compared to the same periods in 1989.
Olympus Capital Chairman Blaine Huntsman said the improvement in net interest income is due to several factors, including progress in converting non-earning assets to earning status.
Provisions for losses taken against income were down from $15.73 million in 1989 to $3.32 million in 1990.
Risk based capital for Olympus Bank was 8.3 percent of risk weighted assets, compared with 6.7 percent a year earlier. The corporation's assets were $450 million as of Dec. 31, 1990, compared with $590 million at the end of 1989. Shareholders' equity to assets stood at 4.8 percent as of Dec. 31, 1990, compared with 3.5 percent at the end of 1989.