Ahmanson reports fourth-quarter net income of 74 cents per share.IRWINDALE, Calif.--(BUSINESS WIRE)--Jan. 15, 1997-- 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. decline $51 million to lowest level since Dec. 31, 1994 H.F. Ahmanson & Co. (NYSE NYSE See: New York Stock Exchange :AHM AHM Automated Hacking Machines AHM All Hands Meeting AHM Academy for Healthcare Management AHM Atom Heart Mother (Pink Floyd album) AHM Airport Handling Manual AHM Acutely Hazardous Material AHM Anti-Helicopter Mine ), parent company of Home Savings of America America [for Amerigo Vespucci], the lands of the Western Hemisphere—North America, Central (or Middle) America, and South America. The world map published in 1507 by Martin Waldseemüller is the first known cartographic use of the name. , Wednesday Wednesday: see week. reported fourth-quarter earnings per fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. common share of $0.74, up 85% from the $0.40 earned in the same 1995 period. Net income in the fourth quarter of 1996 was $91.2 million, a 50% increase compared with $60.7 million in the fourth quarter of 1995. The 1996 fourth-quarter results include a gain on the sale of the company's San Antonio San Antonio (săn ăntō`nēō, əntōn`), city (1990 pop. 935,933), seat of Bexar co., S central Tex., at the source of the San Antonio River; inc. 1837. branches and other branch consolidation activities, as well as a refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insurance assessments. Net income for 1996 was $145.3 million or $0.91 per fully diluted common share, compared with $216.2 million, or $1.40 per fully diluted common share in 1995. The 1996 results include an aftertax charge of $144.4 million related to a special assessment to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF). The 1995 results included an aftertax charge of $234.7 million related to an accounting change which eliminated certain goodwill, and an aftertax gain of $252.7 million in connection with the sale of the company's retail branch system in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of . Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by R. Rinehart Rine·hart , Mary Roberts 1876-1958. American writer known for her mysteries, including The Circular Staircase (1908) and The Door (1930). , chairman and chief executive officer of Ahmanson and Home Savings, said: "We are delighted with the performance of the Home Savings and Ahmanson team in 1996. The company had a very productive year, completing the acquisition of 61 former First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. branches, building infrastructure and income, and expanding our product lines as we progressed in becoming a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. consumer and small business bank. "We also believe progress in capital management, credit, expense management, and other initiatives were significant contributors to our performance. Return on average equity reached 14.7% for the fourth quarter." RESULTS OF OPERATIONS Net Interest Income Net interest income totaled $317.7 million for the fourth quarter of 1996, compared with $306.9 million in the fourth quarter of 1995. Net interest income for 1996 totaled $1.25 billion, compared with $1.23 billion in 1995. For the fourth quarter and the year 1996, the average net interest margins were 2.65% and 2.63%, respectively, compared with 2.52% and 2.39% for the 1995 periods. The increase in the net interest margins is due in part to the acquisition of 61 former First Interstate Bank (FIB fib n. An insignificant or childish lie. intr.v. fibbed, fib·bing, fibs To tell a fib. See Synonyms at lie2. ) branches in September September: see month. 1996. At Dec. 31, 1996, the net interest margin was 2.66%, compared with 2.70% at Dec. 31, 1995. Other Income In the fourth quarter of 1996, other income was $78.0 million, compared with $48.2 million in the fourth quarter of 1995. Other income totaled $251.8 million in 1996, up 37% from $183.7 million (excluding the gain from the sale of the New York branch system) in 1995. Other fee income, at $44.2 million, continued to increase and was $17.5 million or 66% higher than the $26.7 million reported for the 1995 fourth quarter. "The increase in other fee income reflects our emphasis on building fee-based services throughout the company, particularly in the Personal Financial Services 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. Division (PFSD) and Griffin Financial Services unit," Rinehart said. "In 1996, PFSD made tremendous strides in integrating a sales culture to complement its long-established service orientation orientation, in architecture, the disposition of the parts of a building with reference to the points of the compass. From remote antiquity the traditional belief in the efficacy of religious ceremonials performed at dawn toward the rising sun has influenced the . Fee income from PFSD grew 40% to $83.4 million in 1996 from $59.7 million in 1995, while Griffin increased its revenue by 39% to $16.8 million in 1996 from $12.1 million in 1995." In the fourth quarter of 1996, the company recorded a pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $6.9 million from the sale of the company's San Antonio branches and other branch consolidation activities. Real Estate Held for Investment (REI) During the fourth quarter of 1996 the company sold a large commercial property located in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, . REI assets totaled $147.9 million, net of the allowance, at Dec. 31, 1996, declining 23% and 37% during the fourth quarter and full year of 1996, respectively. REI operations reported a loss of $1.4 million for the fourth quarter of 1996, compared with $3.6 million in the fourth quarter of 1995. For the year, REI operations reported a loss of $35.0 million, compared with $49.5 million in 1995. General and Administrative Expenses General and administrative expenses (G&A) totaled $188.2 million in the fourth quarter of 1996, compared with $199.2 million in the fourth quarter of 1995. In the fourth quarter of 1996, the company had no deposit insurance expense due to a refund from the FDIC of the entire $18 million premium assessed for the quarter. In the first quarter of 1997, the FDIC assessment will be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $5 million, a $13 million decrease from the quarterly assessment rate prior to the SAIF recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. . G&A would have been $775.3 million in 1996, excluding the SAIF recapitalization of $243.9 million, compared with $818.6 million in 1995. The company's efficiency ratio was 49.5% in the fourth quarter of 1996, compared with 57.0% in the same 1995 period. Credit Costs/Asset Quality During the fourth quarter of 1996, the company provided $29.3 million for loan losses, compared with $37.9 million in the fourth quarter of 1995. The 1996 fourth quarter provision reflects both lower net charge-offs and nonperforming asset levels compared with the year ago quarter. For the full year 1996, the company provided $144.9 million for loan losses, compared with $119.1 million in 1995. Expenses for the operations of foreclosed real estate amounted to $27.7 million in the fourth quarter of 1996, compared with $25.1 million in the fourth quarter of 1995. During 1996, these expenses amounted to $105.9 million, compared with $86.8 million in 1995. During the fourth quarter of 1996, nonperforming assets (NPAs) decreased by $51.4 million, reaching their lowest level in two years and totaled $846.2 million, or 1.70% of total assets at Dec. 31, 1996, compared with $949.4 million, or 1.88% of total assets at Dec. 31, 1995. NPAs decreased $103.2 million, or 11% from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995 totals and declined $178.9 million, or 18% from their recent peak in February February: see month. of 1996. Troubled debt restructurings troubled debt restructuring See debt restructuring. totaled $185.6 million at Dec. 31, 1996. NPAs declined throughout most of 1996, reflecting the company's aggressive efforts in dealing with problem assets and a more broadly based strengthening in the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). economy. Net loan charge-offs for the fourth quarter of 1996 totaled $38.5 million, compared with $42.3 million in the fourth quarter of 1995. In 1996, net charge-offs totaled $151.4 million, compared with $138.5 million in 1995. Included in net loan charge-offs were recoveries of $8.8 million in the fourth quarter of 1996, compared with $5.7 million in the fourth quarter of 1995. Recoveries for 1996 totaled $39.2 million, compared with $24.2 million in 1995. LOAN ORIGINATIONS 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. Home Savings funded $1.2 billion of residential mortgages in the fourth quarter of 1996, compared with $1.6 billion in the fourth quarter of 1995. In 1996 the company originated $5.2 billion in residential mortgages, compared with $6.4 billion in 1995. Consumer loan production totaled $131.0 million during the quarter, compared with $18.6 million in the fourth quarter of 1995. In December December: see month. 1996 the company originated $51.8 million in consumer loans, achieving its goal of finishing 1996 at a run rate that would generate more than $500 million in new consumer loans annually. The consumer loan portfolio totaled $698.6 million at year-end 1996, including those loans acquired with the FIB branches. At year-end 1996, business loans totaled $49.7 million, reflecting the company's program to provide lending and cash management services to small businesses. DEPOSITS Deposit balances at Dec. 31, 1996, totaled $34.8 billion, compared with $34.2 billion at Dec. 31, 1995. Checking and savings deposit balances increased $1.5 billion or 16% during 1996, while term deposits decreased $1.0 billion or 4% during the same period. Transaction accounts comprised 32% of the deposit base at Dec. 31, 1996, compared with 28% at Dec. 31, 1995. The change in deposit mix is primarily due to the acquisition of the former FIB branches that resulted in the replacement of higher-cost term deposits with a greater percentage of lower-cost checking and savings deposits Savings deposits Accounts that pay interest, typically at below-market interest rates, that do not have a specific maturity, and that usually can be withdrawn upon demand. . CAPITAL At Dec. 31, 1996, Home Savings of America's capital ratios exceeded the regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. levels for the bank to be rated "well-capitalized," a designation DESIGNATION, wills. The expression used by a testator, instead of the name of the person or the thing he is desirous to name; for example, a legacy to. the eldest son of such a person, would be a designation of the legatee. Vide 1 Rop. Leg. ch. 2. 2. meaning that the bank meets the highest regulatory capital standard. STOCK PURCHASE PROGRAMS In the fourth quarter of 1996, the company completed its second stock purchase program and began its third program, which was approved by the board on Nov. 3, 1996. In the second program the company purchased 5.2 million shares of its outstanding common stock at an average price per share of $28.61. During the fourth quarter the company purchased a total of 4 million shares, investing $126.6 million at an average price per share of $31.86. Of the $250 million authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: for the company's third round of purchase activity, $205 million remains. At Dec. 31, 1996, the parent company had $219 million in cash. Since initiating the first stock purchase program in October October: see month. 1995, the company has purchased 17 million common shares, or 14% of the then outstanding shares, at an average price of $26.11. In addition, in September of 1996 the company redeemed re·deem tr.v. re·deemed, re·deem·ing, re·deems 1. To recover ownership of by paying a specified sum. 2. To pay off (a promissory note, for example). 3. its 9.60% Preferred Stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. , Series B, and in December 1996 issued $150 million of 8.36% Capital Securities, Series A. H.F. Ahmanson & Co., with $49.9 billion in assets, is the parent company of Home Savings of America. Home Savings' deposit base is $34.8 billion. It operates 391 personal financial service centers in four states and 125 mortgage lending offices in nine states. Additional information, including monthly financial data, about H.F. Ahmanson & Co. and Home Savings of America can be retrieved by using the following service: Corporate News on the Net: http://www.businesswire.com/cnn/ahm.htm For information regarding PC Banking, Home Loans, Investments, Insurance, Business Banking and Consumer Loans, contact: Home Savings Web site: http://www.homesavings.com -0-
H.F. AHMANSON & CO. AND SUBSIDIARIES
CONSOLIDATED FINANCIAL HIGHLIGHTS (Unaudited)
(dollars in thousands except per-share data)
At End of Period 12/31/96 9/30/96 12/31/95
---------------- ------------ ------------ ------------
Total assets $ 49,902,044 $ 50,588,224 $ 50,529,586
Investment portfolio $ 1,184,857 $ 1,063,932 $ 892,572
Loans receivable and
mortgage-backed
securities (MBS) $ 46,085,670 $ 46,717,332 $ 47,407,521
ARMs included in loans
receivable and MBS $ 44,070,098 $ 44,797,610 $ 45,895,028
Allowance for loan losses $ 389,135 $ 398,290 $ 380,886
Deposits $ 34,773,945 $ 35,399,443 $ 34,244,481
Borrowings and Capital
securities of
subsidiary trust $ 11,728,934 $ 11,255,882 $ 12,236,428
Stockholders' equity $ 2,433,049 $ 2,472,634 $ 3,056,922
Book value per common
share $ 19.09 $ 18.86 $ 20.75
Tangible book value per
common share $ 17.31 $ 17.06 $ 20.00
Total common shares
outstanding 102,153,052 105,496,154 115,610,077
For the Three Months Ended:
--------------------------
Net interest income $ 317,722 $ 306,236 $ 306,892
Provision for loan losses $ 29,298 $ 35,783 $ 37,927
Net income (loss) $ 91,247 $ (79,478)/a $ 60,709
Net income (loss) per
fully diluted common
share $ 0.74 $ (0.85)/a $ 0.40
Dividends per common
share $ 0.22 $ 0.22 $ 0.22
Loans originated and
purchased $ 1,415,515 $ 2,489,651/b $ 1,647,308
Average Interest Rates:
Yield on loans and MBS 7.39% 7.33% 7.47%
Yield on investment
portfolio 7.17% 8.25% 5.38%
Yield on interest-earning
assets 7.39% 7.35% 7.43%
Cost of deposits 4.41% 4.48% 4.73%
Cost of borrowings 6.37% 6.39% 6.42%
Cost of interest-costing
liabilities 4.89% 4.97% 5.17%
Interest rate spread 2.50% 2.38% 2.26%
Net interest margin 2.65% 2.59% 2.52%
For the Years Ended:
--------------------
Net interest income $ 1,252,514 $ 1,226,755
Provision for loan
losses $ 144,924 $ 119,111
Income before cumulative
effect of accounting
change $ 145,258 $ 450,946
Net income $ 145,258/a $ 216,204
Net income per fully
diluted common share $ 0.91/a $ 1.40
Dividends per common
share $ 0.88 $ 0.88
Loans originated
and purchased $ 6,683,886/b $ 6,483,069
Average Interest Rates:
Yield on loans and MBS 7.38% 7.26%
Yield on investment
portfolio 6.87% 6.09%
Yield on interest-earning
assets 7.37% 7.21%
Cost of deposits 4.48% 4.59%
Cost of borrowings 6.31% 6.64%
Cost of interest-costing
liabilities 4.94% 4.99%
Interest rate spread 2.43% 2.22%
Net interest margin 2.63% 2.39%
/a: Net income excluding the SAIF assessment and FIB acquisition
charges would have been $73.2 million or $0.56 per share for
the third quarter of 1996 and $298.1 or $2.21 per share for
the year 1996.
/b: Includes FIB loans acquired of $1.1 billion.
-0-
H. F. AHMANSON & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION (Unaudited)
(in thousands)
Assets 12/31/96 9/30/96 12/31/95
------ ----------- ----------- -----------
Cash and amounts due from
banks $ 691,578 $ 758,312 $ 752,878
Securities purchased under
agreements to resell 737,500 623,000 381,000
Other short-term investments 14,782 14,517 13,278
----------- ----------- -----------
Total cash and cash
equivalents 1,443,860 1,395,829 1,147,156
Other investment securities 11,597 11,514 12,356
Investment in stock of
Federal Home Loan Bank
(FHLB) 420,978 414,901 485,938
Mortgage-backed
securities (MBS) 14,296,512 14,863,228 16,152,142
Loans receivable
less allowance for losses of
$389,135 (12/31/96),
$398,290 (9/30/96) and
$380,886 (12/31/95) 31,789,158 31,854,104 31,255,379
Accrued interest receivable 209,839 215,238 228,111
Real estate held for
development and investment
(REI) less allowance
for losses of
$132,432 (12/31/96),
$164,298 (9/30/96) and
$283,748 (12/31/95) 147,851 192,846 234,855
Real estate owned held
for sale (REO)less
allowance for losses of
$32,137 (12/31/96),
$36,126 (9/30/96) and
$38,080 (12/31/95) 247,577 277,594 225,566
Premises and equipment 424,567 437,886 410,947
Goodwill and other
intangible assets 308,083 321,088 147,974
Other assets 602,022 591,292 229,162
Income taxes -- 12,704 --
----------- ----------- -----------
$49,902,044 $50,588,224 $50,529,586
=========== =========== ===========
-0-
Liabilities, Capital Securities of Subsidiary
Trust and Stockholders' Equity
-----------------------------------------------
Deposits $34,773,945 $35,399,443 $34,244,481
Securities sold under
agreements to repurchase 1,820,000 1,705,000 3,519,311
Other short-term borrowings 210,529 50,000 --
FHLB and other borrowings 9,549,992 9,500,882 8,717,117
Other liabilities 917,198 1,460,265 873,313
Income taxes 48,918 -- 118,442
----------- ----------- -----------
Total liabilities 47,320,582 48,115,590 47,472,664
Capital securities of
subsidiary trust 148,413 -- --
Stockholders' equity 2,433,049 2,472,634 3,056,922
----------- ----------- -----------
$49,902,044 $50,588,224 $50,529,586
=========== =========== ===========
-0-
H. F. AHMANSON & CO. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(dollars in thousands except per-share data)
For the Three Months Ended
----------------------------------------
12/31/96 9/30/96 12/31/95
------------ ----------- ------------
Interest income:
Interest on loans $ 595,852 $ 567,001 $ 583,543
Interest on MBS 272,638 283,568 309,629
Interest and dividends
on investments 16,224 17,406 13,205
----------- ----------- -----------
Total interest
income 884,714 867,975 906,377
----------- ----------- -----------
Interest expense:
Deposits 386,692 377,011 407,113
Short-term borrowings 29,583 32,035 65,107
FHLB and other
borrowings 150,717 152,693 127,265
----------- ----------- -----------
Total interest
expense 566,992 561,739 599,485
----------- ----------- -----------
Net interest income 317,722 306,236 306,892
Provision for loan
losses 29,298 35,783 37,927
----------- ----------- -----------
Net interest income
after provision
for loan losses 288,424 270,453 268,965
----------- ----------- -----------
Other income:
Gain on sales of MBS 3,103 -- 53
Gain on sales
of loans 3,845 3,307 4,375
Servicing income 18,449 18,114 15,940
Other fee income 44,243 34,386 26,730
Gain on sales of retail
deposit branch systems 6,861 -- --
Gain on sales of
investment securities -- 313 (67)
Other operating income 1,507 1,140 1,189
----------- ----------- -----------
78,008 57,260 48,220
----------- ----------- -----------
Other expenses:
SAIF recapitalization
assessment -- 243,862 --
Other general and
administrative
expenses 188,185 204,400 199,217
General and ----------- ---------- ------------
administrative
expenses (G&A) 188,185 448,262 199,217
Operations of REI 1,388 19,295 3,625
Operations of REO 27,664 25,225 25,123
Amortization of goodwill and
other intangible assets 6,935 3,955 4,611
----------- ----------- -----------
224,172 496,737 232,576
----------- ----------- -----------
Income (loss) before provision
for income taxes and
cumulative effect of
accounting change 142,260 (169,024) 84,609
Provision for income
taxes (benefit) 51,013 (89,546) 23,900
----------- ----------- -----------
Income (loss) before
cumulative effect of
accounting change 91,247 (79,478) 60,709
Cumulative effect of change
in accounting for goodwill -- -- --
----------- ----------- -----------
Net income (loss) $ 91,247 $ (79,478) $ 60,709
=========== =========== ===========
Income (loss) per common
share -- primary:
Income (loss) before
cumulative effect of
accounting change $ 0.78 $ (0.85) $ 0.41
Cumulative effect of
change in accounting
for goodwill -- -- --
----------- ----------- -----------
Net income (loss) $ 0.78 $ (0.85) $ 0.41
=========== =========== ===========
Income (loss) per common
share -- fully diluted:
Income (loss) before
cumulative effect of
accounting change $ 0.74 $ (0.85) $ 0.40
Cumulative effect of
change in accounting
for goodwill -- -- --
----------- ----------- -----------
Net income (loss) $ 0.74 $ (0.85) $ 0.40
=========== =========== ===========
Common shares outstanding,
weighted average:
Primary 106,159,514 106,282,651 117,922,440
Fully diluted 118,052,254 106,282,651 129,738,144
Return on average assets (1) 0.73% 0.60% 0.48%
Return on average equity (1) 14.71% 10.86% 7.93%
Return on average
tangible equity (1), (2) 16.64% 11.56% 8.53%
Efficiency ratio (1) 49.47% 53.08% 56.99%
(1) Excludes the effect of the SAIF recapitalization of $243.9
million and FIB acquisition charges of $14.0 million which are
included in G&A for the third quarter and year of 1996.
(2) Net income excluding amortization of goodwill and other
intangible assets, and cumulative effect of change in accounting
for goodwill, as a percentage of average equity excluding
goodwill and other intangible assets.
-0-
For the Years Ended
--------------------------
12/31/96 12/31/95
------------ -----------
Interest income:
Interest on loans $ 2,296,786 $ 2,405,820
Interest on MBS 1,161,487 1,158,077
Interest and dividends
on investments 56,522 135,194
----------- -----------
Total interest
income 3,514,795 3,699,091
----------- -----------
Interest expense:
Deposits 1,523,873 1,835,590
Short-term borrowings 138,182 197,437
FHLB and other
borrowings 600,226 439,309
----------- -----------
Total interest
expense 2,262,281 2,472,336
----------- -----------
Net interest income 1,252,514 1,226,755
Provision for loan
losses 144,924 119,111
----------- -----------
Net interest income
after provision
for loan losses 1,107,590 1,107,644
----------- -----------
Other income:
Gain (loss) on sales of MBS 3,074 11,919
Gain (loss) on sales
of loans 28,346 5,364
Servicing income 68,365 60,490
Other fee income 136,739 103,626
Gain on sales of retail
deposit branch system 6,861 514,671
Gain on sales of
investment securities 313 187
Other operating income 8,100 2,152
----------- -----------
251,798 698,409
----------- -----------
Other expenses:
SAIF recapitalization
assessment 243,862 --
Other general and
administrative
expenses 775,285 818,579
General and ------------ -----------
administrative
expenses (G&A) 1,019,147 818,579
Operations of REI 34,961 49,481
Operations of REO 105,880 86,788
Amortization of goodwill and
other intangible assets 18,842 26,559
----------- -----------
1,178,830 981,407
----------- -----------
Income (loss) before provision
for income taxes and
cumulative effect of
accounting change 180,558 824,646
Provision for income
taxes 35,300 373,700
----------- -----------
Income (loss) before
cumulative effect of
accounting change 145,258 450,946
Cumulative effect of change
in accounting for goodwill -- (234,742)
----------- -----------
Net income (loss) $ 145,258 $ 216,204
=========== ===========
Income (loss) per common
share -- primary:
Income (loss) before
cumulative effect of
accounting change $ 0.91 $ 3.39
Cumulative effect of
change in accounting
for goodwill -- (1.99)
----------- -----------
Net income (loss) $ 0.91 $ 1.40
=========== ===========
Income (loss) per common
share - fully diluted:
Income (loss) before
cumulative effect of
accounting change $ 0.91 $ 3.20
Cumulative effect of
change in accounting
for goodwill -- (1.80)
----------- -----------
Net income (loss) $ 0.91 $ 1.40
=========== ===========
Common shares outstanding,
weighted average:
Primary 109,748,923 118,074,091
Fully diluted 109,748,923 130,378,061
Return on average assets (1) 0.60% 0.41%
Return on average equity (1) 10.80% 7.47%
Return on average
tangible equity (1), (2) 11.68% 17.00%
Efficiency ratio (1) 53.19% 58.85%
(1) Excludes the effect of the SAIF recapitalization of $243.9
million and FIB acquisition charges of $14.0 million which are
included in G&A for the third quarter and year of 1996.
(2) Net income excluding amortization of goodwill and other
intangible assets, and cumulative effect of change in
accounting for goodwill, as a percentage of average equity
excluding goodwill and other intangible assets.
CONTACT: H.F. Ahmanson & Co., Irwindale Mary Mary, the mother of Jesus Mary, in the Bible, mother of Jesus. Christian tradition reckons her the principal saint, naming her variously the Blessed Virgin Mary, Our Lady, and Mother of God (Gr., theotokos). Her name is the Hebrew Miriam. Trigg Trigg is the name of a number of places and people. It may refer to: Places
Steve v. t. 1. To pack or stow, as cargo in a ship's hold. See Steeve. Swartz Swartz is a surname, and may refer to:
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