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FINANCIAL CONDITION (MARCH 31, 1998 COMPARED TO DECEMBER 31, 1997) With the anticipated consummation of the Direct Financial Corporation acquisition and a corresponding increase in assets of approximately $320 million, management maintained assets at TELEBANC FINANCIAL CORPORATION relatively stable levels in the first quarter of 1998. As of March 31, 1998, assets totaled $1.0 billion, a $52.2 million decline, as compared to $1.1 billion as of December 31, 1997. While the Company's corresponding liability levels also remained stable, deposits increased $38.3 million, or 7.3%, to $560.5 million at March 31, 1998 from $522.2 million at December 31, 1997 and retail customer accounts grew 4.6% from the prior quarter to approximately 22,000 at March 31, 1998. Cash and cash equivalents declined by $60.6 million to $31.6 million at March 31, 1998, from $92.2 million at December 31, 1997, a decrease of 65.7%. Trading securities, investment securities available for sale and mortgage-backed securities available for sale decreased by $5.4 million to $426.2 million at March 31, 1998 from $431.6 million at December 31, 1997. Loans receivable, net increased $27.1 million to $418.7 million at March 31, 1998 from $391.6 million at December 31, 1997, an increase of 6.9%. Loans receivable held for sale decreased $10.7 million to $138.4 million at March 31, 1998 from $149.1 million at December 31, 1997. The Company continued to experience growth in overall retail deposit balances. Savings and certificates of deposit increased $38.4 million to $560.6 million at March 31, 1998 from $522.2 million at December 31, 1997, an increase of 7.3%. In the first quarter of 1998, the Company also sold brokered callable certificates of deposit, which totaled $42.3 million at March 31, 1998. FHLB advances and other borrowings declined by $133.5 million to $389.2 million at March 31, 1998 from $522.7 at December 31, 1997. Stockholders' equity increased $700,000 from $45.8 million at December 31, 1997 to $46.5 million at March 31, 1998. The increase reflects the exercise of $180,000 in options, net income of $436,000 and an unrealized gain on securities of $262,000 offset by $162,000 in preferred dividends. | ||||||||||||||
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