1997 first quarter earnings announcement.WASHINGTON--(BUSINESS WIRE)--April 11, 1997--Franklin Bancorporation Inc. is pleased to announce record earnings for the quarter ended March 31, 1997 of $1,383,000 (20 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. ). This compares to net income of $964,000 (15 cents per share) earned through the same period a year ago, representing a growth in net earnings of 43%. Robert Pincus Pin·cus , Gregory Goodwin 1903-1967. American physiologist. Through his studies of natural hormones that inhibit ovulation in mammals, he developed the first effective oral contraceptive, which was first tested in 1954. , president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , stated that the growth in earnings can be primarily attributed to an overall increase in net interest income which increased 26% to $5,071,000 from $4,033,000 for the same period a year ago, and a 49% increase in non-interest income from $354,000 to $526,000. Outstanding loan volume grew to $235,428,000 from $185,235,000 a year ago representing growth of 27%. On March 31, 1997, total assets reached $484,963,000 compared to $356,167,000 on March 31, 1996, an increase of 36%. Deposits and customer repurchase agreements Repurchase agreement An agreement with a commitment by the seller (dealer) to buy a security back from the purchaser (customer) at a specified price at a designated future date. grew to $448,480,000 on March 31, 1997 from $325,940,000 at March 31, 1996, an increase of 38%. CONTACT: Franklin National Bank Franklin National Bank, based in Franklin Square in Long Island, New York was once the United States' 20th largest bank. On October 8, 1974, it collapsed in obscure circumstances, involving Michele Sindona, renowned Mafia-banker and member of the irregular freemasonic lodge, Diane Begg, 202/429-9888 |
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