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PARENT COMPANY OF OLYMPUS BANK REPORTS IMPROVEMENT IN NET INCOME

SHARE PARENT COMPANY OF OLYMPUS BANK REPORTS IMPROVEMENT IN NET INCOME

Olympus Capital Corp., parent company of Olympus Bank, a federal savings bank, had net income of $116,000 or five cents per share in the fourth quarter of 1990 compared to a net loss of $1.6 million or 65 cents per share loss in the same period a year ago.

For the entire year, the company reported net income of $858,000 or 34 cents per share compared to a loss of $14.4 million or $5.65 loss per share in 1989.The results include $2.1 million in net interest income, before provisions for losses, for the quarter and $8.3 million for the year. This represents a 6.8 percent increase for the quarter and a 44.2 percent increase for the year, when compared to the same periods a year ago.

Blaine Huntsman, company chairman, 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 $15.7 million in 1989 to $3.3 million in 1990. The corporation's assets were $450 million on Dec. 31, compared to $590 million on Dec. 31, 1989.

Huntsman said the bank intends to continue increasing consumer services and adding more convenient branches.