1ST BANCORP reports 77% increase in third quarter earnings.VINCENNES Vincennes, town, France Vincennes (văNsĕn`), town (1990 pop. 42,651), Val-de-Marne dept., N central France, an industrial and residential suburb E of Paris. , Ind IND Investigational new drug Therapeutics A status assigned by the FDA to a drug before allowing its use in humans, exempting it from premarketing approval requirements so that experimental clinical trials may be conducted. See Phase 1.2, 3 studies, Sponsorship. .--(BUSINESS WIRE)--April 18, 1996--1ST BANCORP today announced earnings of $345,000 for the quarter ended March 31, 1996, a 77% increase over earnings of $195,000 during the same quarter of the previous fiscal year. Earnings for the nine months ended March 31, 1996 aggregate $5,415,000, a 313% increase over earnings of $1,310,000 during the same period a year ago. The record year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. earnings resulted from the previously reported sale of two branch offices during the second quarter of the year. Earnings per share were $.52 and $8.10 for the three and nine month periods ended March 31, 1996. This compares to $.30 and $2.03 for the three and nine month periods ended March 31, 1995. "We are particularly pleased to report this earnings increase during the quarter following the sale of the branch offices," stated C. James McCormick, Chairman of 1ST BANCORP. "Operating overhead was reduced dramatically during the quarter due to the branch sales. At the same time, loan production at the mortgage origination Origination The process through which a mortgage lender creates a mortgage secured by some amount of the mortgagor's real property. Notes: Also known as loan origination, everyone must go through the origination process when securing a mortgage for a piece of real offices increased to offset the lost production from the branch offices that were sold." "With the decreased expenses and the maturity of the mortgage origination office network, efforts are now being directed toward increasing the net interest margin," added Chairman McCormick. The annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. interest rate margin of 2.42% during the quarter was an increase over the annualized margin of 2.13% during the same quarter of the prior year. However, the 2.33% annualized interest rate margin for the nine months ended March 31, 1996 remains lower than the annualized interest rate margin of 2.45% during the same nine month period of fiscal year 1995. The origination of nonconforming mortgage loans at rates above those generated by conforming loans Conforming loans Mortgage loans that meet the qualifications of Freddie Mac or Fannie Mae, which are bought from lenders and issued as pass-through securities. allows the opportunity to place such product in portfolio. This increases asset yield and thus, increases the interest rate margin. Current plans are to replace a portion of the current portfolio with nonconforming mortgage loan product. "We have always been very proud of our strong asset quality," stated Chairman McCormick. "We continue to monitor delinquencies, and have put in place a more rigid collection policy in order to minimize nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. and maintain the high asset quality of the Corporation." At March 31, 1996, nonperforming assets totalled only $.7 million, or .3% of total assets. At March 31, 1996 assets were $273.1 million as compared to $312.8 million at June 30, 1995. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. rose to $21.5 million at March 31, 1996 as compared to $16.3 million at fiscal 1995 year end. 1ST BANCORP (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on - FBCV FBCV Federação Brasileira de Carro à Vela ) is a holding company whose subsidiaries include First Federal Bank, A Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , First Financial Insurance Agency, Inc., and First Title Company. First Federal operates a retail banking office in Vincennes, Indiana This article is about the United States city, Vincennes. For other uses, see Vincennes %28disambiguation%29. The city of Vincennes is the county seat of Knox County, Indiana. It is located on the Wabash River in the southwestern part of the state. and operates loan origination The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. offices in Indianapolis, Evansville, and New Albany, Indiana New Albany (IPA: [nu ˈɑl.bə.ni]) is a city in Floyd County, Indiana, situated along the Ohio River opposite Louisville, Ky. and suburbs of Cincinnati, Dayton, and Cleveland, Ohio "Cleveland" redirects here. For the Cleveland metropolitan area, see . For other uses, see Cleveland (disambiguation). Cleveland is a city in the U.S. state of Ohio and the county seat of Cuyahoga County, the most populous county in the state. . -0-
1ST BANCORP
Consolidated Financial Highlights
(Dollars in Thousands, Except Per Share Data)
FOR THE QUARTER ENDED MARCH 31: 1996 1995
__________ __________
Total Interest Income $4,763 $5,113 Total Interest Expense 3,248 3,583 Net Interest Income 1,515 1,530 Provision for Loan Losses 15 10 Other Income 727 768 Other Expenses 1,664 1,998 Income Tax 218 95 Net Earnings 345 195 Earnings Per Share $0.52 $0.30 Interest Rate Margin 2.42% 2.13% Return on Average Equity 6.43% 5.29% Return on Average Assets 0.53% 0.26%
FOR THE NINE MONTHS ENDED MARCH 31: 1996 1995
__________ __________
Total Interest Income $15,834 $14,533 Total Interest Expense 11,050 9,572 Net Interest Income 4,784 4,961 Provision for Loan Losses 60 60 Other Income 9,689 3,048 Other Expenses 5,750 5,912 Income Tax 3,248 727 Net Earnings 5,415 1,310 Earnings Per Share $8.10 $2.03 Interest Rate Margin 2.33% 2.45% Return on Average Equity 37.95% 12.31% Return on Average Assets 2.52% 0.61%
AT MARCH 31: 1996 1995
__________ __________
Total Assets $273,122 $308,076 Investment Securities 55,414 91,949 Loans Receivable 192,639 202,156 Savings Deposits 139,237 198,612 Borrowings 107,841 85,008 Common Stock 666 574 Additional Paid-In Capital 2,734 2,522 Retained Earnings 18,135 11,771 Stockholders' Equity 21,535 14,867 Stockholders' Equity Per Share $32.33 $24.65 CONTACT: 1ST BANCORP, Vincennes Lynn Stenftenagel, 812/885-2255 |
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