Allfirst Financial Reports First Half Net Income of $92 Million.Business Editors DUBLIN Dublin, city, Republic of Ireland Dublin, Irish Baile Átha Cliath, county borough (1991 pop. 915,516), Leinster, capital of the Republic of Ireland, on Dublin Bay at the mouth of the Liffey River. , Ireland--(BUSINESS WIRE)--Aug. 2, 2000 Allied Irish Banks Allied Irish Banks, p.l.c. (AIB) (Irish: Bainc-Aontas Éireann),ISEQ: ALBK, LSE: ALBK, NYSE: AIB, FWB: AIB is a commercial bank based in Ireland not to be mistaken for Anglo Irish Bank. AIB is one of the so called Big Four commercial banks in Ireland. , p.l.c. (NYSE NYSE See: New York Stock Exchange :AIB AIB n abbr (BRIT) (= Accident Investigation Bureau) → oficina de investigación de accidentes AIB n abbr (Brit) (= Accident Investigation Bureau) → ;AIBPR;FMBPR) today announced that its wholly owned U.S. subsidiary Allfirst Financial Inc. (Allfirst) has reported net income to common shareholders of $92.0 million for the six months ended June June: see month. 30, 2000, representing a 24% increase over net income to common shareholders of $74.4 million for the first half of 1999. Adjusting for name change costs of $6.1 million which were incurred in the half year ended June 30, 1999, net income to common shareholders increased by 14% over the same period last year. This double digit Noun 1. double digit - a two-digit integer; from 10 to 99 integer, whole number - any of the natural numbers (positive or negative) or zero; "an integer is a number that is not a fraction" earnings growth was supported by increases in fee income from all traditional core businesses and by good performance in funds managed by the investment advisory subsidiaries. Corporate deposit fees, driven primarily by the cash management businesses, grew 10%. Trust and investment advisory fees grew 10%, while the company's retail electronic banking related income grew 16% driven by growth in net new customers and increased penetration The successful unauthorized breach of a security perimeter. See penetration test. of our existing customer base. Non-interest expenses (excluding name change costs) declined by 5% over the same period last year, due to lower maritime collection costs and efficiencies achieved throughout the company. Modest loan growth was achieved in core business (excluding residential mortgages and foreign loans) since December December: see month. 31, 1999, which included an increase of 7% in the company's commercial loan portfolio and a modest decline in retail loans. Net interest income was adversely affected by a decline of 22 basis points in the net interest margin for the half year ended June 30, 2000 mainly reflecting a higher interest rate environment and increased competition. Asset quality remains sound. 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. at June 30, 2000 were $95.5 million, or 0.87% of loans, other real estate and other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. owned, a $15 million increase over the December 31, 1999 level of $80.5 million. The allowance for credit losses of $157 million at June 30, 2000 was unchanged from the June 30, 1999 level and represented 248% of nonperforming loans. This equates to 1.43% of actual loans at June 30, 2000, in line with current industry norms. The decrease in the provision for loan and lease losses is primarily attributable attributable emanating from or pertaining to attribute. attributable proportion see attributable risk (below). attributable risk to improved performance within the foreign maritime portfolio. "In a very challenging interest rate environment, where competition is increasing, I am delighted with our double digit growth in net income," said Susan SUSAN Smallest Univalue Segment Assimilating Nucleus SUSAN Sub Saharan African Network SUSAN Smart Ultrasonic System for Aircraft NDE C. Keating Keating may refer refer to the following: People For people with the surname Keating, see Keating (surname) Places Several places in the US:
Allied Irish Banks, p.l.c. ("AIB"), parent company of Allfirst Financial Inc., today also announced its interim results for the half year ended June 30, 2000. AIB reported profit before taxation of E609 million, representing a 12% increase over the corresponding period in 1999. Tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. earnings per share increased by 16% and a return on equity of 22% was achieved. An increase in the interim dividend of 14%, on the half year ended June 30, 1999, to E13.5c, has been declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. . Total assets of the group increased to E75bn, up 10% from December 31, 1999. Allfirst Financial Inc. is a regional, diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company headquartered in Baltimore Baltimore, city (1990 pop. 736,014), N central Md., surrounded by but politically independent of Baltimore co., on the Patapsco River estuary, an arm of Chesapeake Bay; inc. 1745. , MD, offering a full range of 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. including banking, trust, investment and insurance to retail, business and commercial customers. Its banking subsidiary, Allfirst Bank, operates over 250 bank branches and more than 550 ATMs throughout Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). , Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York , Washington Washington, town, England Washington, town (1991 pop. 48,856), Sunderland metropolitan district, NE England. Washington was designated one of the new towns in 1964 to alleviate overpopulation in the Tyneside-Wearside area. D.C., northern Virginia Northern Virginia (NoVA) consists of Arlington, Fairfax, Loudoun, and Prince William counties and the independent cities of Alexandria, Falls Church, Fairfax, Manassas, and Manassas Park. and Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). . Allfirst Financial Inc.'s assets were $18 billion as of June 30, 2000. Information about Allfirst Financial is available at www.allfirst.com.
Allfirst Financial Inc. and Subsidiaries
Consolidated Statements of Income
(Unaudited)
Six Months Ended
June 30,
2000 1999
---- ----
(in thousands)
Interest Income
Interest and fees on loans and leases $419,751 $388,873
Interest and dividends on investment securities:
Taxable 111,327 120,035
Tax-exempt 10,887 10,301
Dividends 5,302 4,110
Interest on loans held-for-sale 730 997
Other interest income 1,799 1,382
Total interest and dividend income 549,796 525,698
Interest Expense
Interest on deposits 192,028 180,541
Interest on Federal funds purchased and
other short-term borrowings 66,160 51,854
Interest on long-term debt 41,986 27,313
Total interest expense 300,174 259,708
Net Interest Income 249,622 265,990
Provision for loan and lease losses 16,875 20,979
Net Interest Income After Provision for Loan and
Lease Losses 232,747 245,011
Noninterest Income
Service charges on deposit accounts 48,588 47,858
Trust and investment advisory income 43,827 39,894
Electronic banking income 13,341 11,467
Other income 56,756 54,586
Securities gains, net 175 4,991
Total noninterest income 162,687 158,796
Noninterest Expense
Salaries and other personnel costs 135,681 137,244
Equipment costs 22,932 24,534
Occupancy costs 18,550 18,253
Postage and communications 10,059 10,590
Advertising and public relations 6,958 10,551
Lending and collection 3,361 10,086
Other operating expenses 33,366 40,411
Intangible assets amortization expense 23,836 25,514
Total noninterest expenses 254,743 277,183
Income before income taxes 140,691 126,624
Income tax expense 48,530 46,655
Net Income 92,161 79,969
Dividends on preferred stock 203 5,558
Net Income to Common Shareholders $91,958 $74,411
Allfirst Financial Inc. and Subsidiaries
Consolidated Statements of Financial Condition
(Unaudited)
June 30, December 31,
2000 1999
---- ----
(in thousands)
Assets
Cash and due from banks $ 871,982 $ 798,389
Interest bearing deposits in other banks 1,274 1,339
Trading account securities 2,918 1,716
Federal funds sold and securities
purchased under resale agreements 184,810 147,225
Investment securities available-for-sale 4,200,337 4,287,343
Loans held-for-sale 47,841 4,808
Loans, net of unearned income of
$223,566 and $217,146:
Commercial 3,790,831 3,542,014
Commercial real estate 2,352,725 2,329,886
Residential mortgage 675,330 686,780
Retail 2,896,219 2,945,593
Commercial leases receivable 632,675 615,670
Retail leases receivable 385,188 383,880
Foreign 246,307 276,807
Total loans, net of unearned income 10,979,275 10,780,630
Allowance for loan and lease losses (157,351) (157,351)
Loans, net 10,821,924 10,623,279
Premises and equipment 199,688 203,425
Due from customers on acceptances 10,635 4,601
Intangible assets 816,730 841,161
Other assets 883,639 593,964
Total assets $18,041,778 $17,507,250
Liabilities and Stockholders' Equity
Domestic deposits:
Noninterest bearing deposits $2,826,114 $2,735,959
Interest bearing deposits 8,792,682 9,074,884
Interest bearing deposits in
foreign banking office 242,637 331,744
Total deposits 11,861,433 12,142,587
Federal funds purchased and securities sold 1,956,059 921,274
under repurchase agreements
Other borrowed funds, short-term 551,437 709,762
Bank acceptances outstanding 10,635 4,602
Accrued taxes and other liabilities 639,317 702,150
Long-term debt 1,195,702 1,195,394
Total liabilities 16,214,583 15,675,769
Redeemable Preferred Stock 8,463 8,341
Minority interest 114 120
Common stockholders' equity 1,818,618 1,823,020
Total liabilities, redeemable preferred
stock, minority interest
and stockholders' equity $18,041,778 $17,507,250
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