Northern Savings & Loan Announces First Quarter Financials

Apr 13, 2001, 01:00 ET from Northern Savings and Loan Company

    ELYRIA, Ohio, April 13 /PRNewswire/ -- The Northern Savings and Loan
 Company (Pink Sheets:   NLVS) has announced an increase in first quarter after-
 tax earnings of $159,350, or nearly 24% over the first quarter of 2000.  Net
 interest income for the quarter is at $2.383 million, which is up 7.5% from
 the first quarter last year and 6.8% from the last quarter of 2000.  This is a
 significant increase over the past several years.  The increase is due in part
 to income received on investments and the reinvestment of funds received from
 the sale of the FHLMC stock in December 2000.
     Neal Hubbard, President, is also pleased to report a deposit growth of
 $4.2 million in the first quarter of 2001, compared to $1.4 million during the
 first three months of 2000.  The loan application count for the first quarter
 was nearly double the volume received for the same period in 2000.  Loan
 applications processed during the first quarter were not fully disbursed as of
 March 31 and existing loan payoffs have also increased.  As a result, mortgage
 loans were down $2.6 million from December 31, 2000.
     Northern Savings and Loan is a locally owned savings institution with six
 offices located in Elyria, North Ridgeville and Amherst.  Administrative
 offices are headquartered in downtown Elyria.  The Company is predominately a
 savings institution and home mortgage lender serving the Lorain County area.
 
 

SOURCE Northern Savings and Loan Company
    ELYRIA, Ohio, April 13 /PRNewswire/ -- The Northern Savings and Loan
 Company (Pink Sheets:   NLVS) has announced an increase in first quarter after-
 tax earnings of $159,350, or nearly 24% over the first quarter of 2000.  Net
 interest income for the quarter is at $2.383 million, which is up 7.5% from
 the first quarter last year and 6.8% from the last quarter of 2000.  This is a
 significant increase over the past several years.  The increase is due in part
 to income received on investments and the reinvestment of funds received from
 the sale of the FHLMC stock in December 2000.
     Neal Hubbard, President, is also pleased to report a deposit growth of
 $4.2 million in the first quarter of 2001, compared to $1.4 million during the
 first three months of 2000.  The loan application count for the first quarter
 was nearly double the volume received for the same period in 2000.  Loan
 applications processed during the first quarter were not fully disbursed as of
 March 31 and existing loan payoffs have also increased.  As a result, mortgage
 loans were down $2.6 million from December 31, 2000.
     Northern Savings and Loan is a locally owned savings institution with six
 offices located in Elyria, North Ridgeville and Amherst.  Administrative
 offices are headquartered in downtown Elyria.  The Company is predominately a
 savings institution and home mortgage lender serving the Lorain County area.
 
 SOURCE  Northern Savings and Loan Company