Beltsville-based John Hanson Savings Bank, citing continued real estate market weakness, yesterday reported a $7.9 million loss for the fiscal year ended June 30, slightly better than the 1989 loss of $8.3 million.
In the fourth quarter, the thrift said, it lost $8.2 million, compared with a $9 million loss for the year-ago quarter.
At year's end, nonperforming loans -- those loans that are in default or are no longer paying interest -- totaled $23.6 million, and real estate owned by the thrift because of foreclosures totaled $20.4 million.
To bolster its protection against the deteriorating real estate market, John Hanson said, it added $5.4 million to its provision for loan losses, the cushion that protects against future defaults.
John Hanson said it meets current federal requirements for capital, the amount of money that a thrift's owners must provide to protect against losses. However, it remains short of the 1995 capital guidelines.
To raise additional capital, John Hanson said it would reduce the amount of troubled loans on its books and improve operating efficiency. Microlog Corp., the Germantown-based company that makes voice-mail equipment and other voice-processing systems, said its earnings fell 99 percent in the fiscal third quarter ended July 31. For the first nine months, its profit fell more than 35 percent.
Microlog earned $4,366 (zero cents a share) in the third quarter, compared with $475,150 (20 cents) in the fiscal 1989 third quarter. Revenue fell about 16 percent, to $3.8 million from $4.5 million.
Its profit totaled $88,768 (3 cents) in the first nine months, compared with $137,741 (6 cents) in the same period a year earlier. Revenue rose almost 16 percent, to $11.3 million from $9.8 million.