1ST BANCORP reports record second quarter earnings due to sale of branch offices.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)--Jan. 26, 1996--1ST BANCORP today announced record earnings for the second quarter of fiscal year 1996 due to the previously announced sale of two branch offices. Net income was $4,582,000 during the three months ended December December: see month. 31, 1995 as compared with $922,000 for the three months ended December 31, 1994. 1ST BANCORP's six month earnings increased to $5,070,000 during the six months ended December 31, 1995 as compared with $1,115,000 for the same period of 1994. "We are very pleased to report $7.18 earnings per share for the quarter and $7.94 for the six months ended December 31, 1995," stated C. James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. McCormick, Chairman of 1ST BANCORP. This compares to $1.50 and $1.81 per share for the three month and six month periods ended December 31, 1994. "Our book value per share has increased to $33.70 as compared to $25.75 at the end of fiscal year 1995." Pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta gain on the sale of the branches was $7,274,000. Because the deposits assumed by the new owner exceeded the assets transferred, the sale of securities was necessary in order to fund the branch sales. During December 1995, $26.0 million investment securities were sold at a loss of $235,000 and $12.9 million investment securities were sold at a gain of $112,000. "This branch sale gain also availed the Corporation the opportunity to restructure and absorb substantial start up costs associated with the expansion of the mortgage loan offices during the quarter ended December 31, 1995," added Chairman McCormick. This accounted for the majority of the $226,000 increase in total non-interest expenses from $1,970,000 for the quarter ended December 31, 1994 to $2,196,000 for the quarter ended December 31, 1995. Net interest income decreased to $1,601,000 during the quarter ended December 31, 1995 from $1,770,000 during the same quarter last year. Similarly, net interest income decreased to $3,269,000 during the first six months of fiscal 1996 as compared to $3,431,000 during the same time period of fiscal 1995. Decreased net interest income was realized primarily because of a narrowed interest rate margin. The interest rate margin dropped to 2.24% for the three and six month periods in fiscal 1996 as compared to 2.59% and 2.61% for the three and six month periods ended December 31, 1994. Shrinking margins have been seen throughout the industry. However, this was exacerbated by the accumulation of cash throughout the quarter necessary to fund the branch sales on December 15, 1995. These funds were invested at overnight funds rates and therefore decreased the yield which could have been realized through alternative investments. At December 31, 1995 assets were $248.5 million as compared to $312.8 million at June June: see month. 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 $21.4 million at December 31, 1995 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 Indianapolis (ĭn'dēənă`pəlĭs), city (1990 pop. 731,327), state capital and seat of Marion co., central Ind., on the White River; selected 1820 as the site of the state capital (which was moved there in 1825), inc. 1847. , Evansville Evansville, city (1990 pop. 126,272), seat of Vanderburgh co., extreme SW Ind., a port on the Ohio River; inc. 1819. It is a rail and river shipping and commercial center for a coal, oil, and farm region. , 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 SIX MONTHS ENDED DECEMBER 31: 1995 1994
________ ________
Total Interest Income $11,071 $9,420 Total Interest Expense 7,802 5,989 Net Interest Income 3,269 3,431 Provision for Loan Losses 45 50 Other Income 8,962 2,280 Other Expenses 4,086 3,914 Income Tax 3,030 632 Net Earnings 5,070 1,115 Earnings Per Share $7.94 $1.81 Interest Rate Margin 2.24% 2.61% Return on Average Equity 58.71% 15.97% Return on Average Assets 3.33% 0.81%
FOR THE QUARTER ENDED DECEMBER 31: 1995 1994
________ ________
Total Interest Income $5,444 $4,992 Total Interest Expense 3,843 3,222 Net Interest Income 1,601 1,770 Provision for Loan Losses 20 35 Other Income 7,932 1,684 Other Expenses 2,196 1,970 Income Tax 2,735 527 Net Earnings 4,582 922 Earnings Per Share $7.18 $1.50 Interest Rate Margin 2.24% 2.59% Return on Average Equity 102.20% 26.01% Return on Average Assets 6.18% 1.28%
AT DECEMBER 31: 1995 1994
________ ________
Total Assets $248,537 $299,214 Investment Securities 38,745 73,804 Loans Receivable 181,794 195,160 Savings Deposits 125,350 184,916 Borrowings 94,902 91,617 Common Stock 634 571 Additional Paid-In Capital 2,752 2,494 Retained Earnings 17,982 11,582 Stockholders' Equity 21,368 14,647 Stockholders' Equity Per Share $33.70 $25.65 CONTACT: 1ST BANCORP, Vincennes Frank Baracani, 812/882-4528 |
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