Anchor Financial Corp. Reports Record Year Strong Balance Sheet Growth Fuels Performance.MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Jan. 14, 1997--Anchor Financial Corp. (NASDAQ/NMS: AFSC AFSC American Friends Service Committee AFSC Alaska Fisheries Science Center AFSC Air Force Systems Command AFSC Air Force Specialty Code AFSC Air Force Space Command AFSC Armed Forces Services Corporation AFSC Army Field Support Command ) today announced net income for the year ended December December: see month. 31, 1996, of $4,769,003, or $1.81 per share, compared to $3,538,900, or $1.39 per share reported for the year ended December 31, 1995. These figures represent a 34.8% increase in net income and a 30.5% increase in earnings per share. The increase in net income was primarily attributed to an 18.5% increase in net interest income and a 26.3% increase in noninterest income, along with controlled growth of noninterest expense. Net income for the fourth quarter of 1996 was $1,329,753, or $0.50 per share, compared to $905,143, or $0.35 per share reported for the same period a year ago. These figures represent a 46.9% increase in net income and a 41.8% increase in earnings per share, and mark the third consecutive quarter that the Corporation reported net income of more than $1 million. Dynamic growth and consistent gains in efficiency continue to highlight the Corporation's record performance. Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and L. Chryst, president and chief executive officer of Anchor Financial Corporation and The Anchor Bank, said, "In 1996, we recorded our best single year performance in the Corporation's history, continuing our trend of increased earnings while approaching the $500 million mark in asset size. This strong performance was fueled by loan growth of more than 21%, deposit growth of nearly 19%, excellent credit quality, and good economic conditions in the markets we serve," Chryst stated. "Substantial growth of bank offices in Myrtle Beach, Hilton Head Island Hilton Head Island An island off the southern coast of South Carolina in the Sea Islands of the Atlantic Ocean. It is a popular tourist resort. The town of Hilton Head Island, on the northeast coast, has a population of 35,200. , Mt. Pleasant, and southeastern North Carolina North Carolina, state in the SE United States. It is bordered by the Atlantic Ocean (E), South Carolina and Georgia (S), Tennessee (W), and Virginia (N). Facts and Figures Area, 52,586 sq mi (136,198 sq km). Pop. played a major role in our success in 1996. From this strong base, we will continue to invest in the technology and infrastructure needed for future growth," Chryst said. Total assets for the year ended December 31, 1996, were $493.6 million, an increase of 21.1% from $407.5 million reported at December 31, 1995. Total deposits increased 18.7%, from $353.9 million reported at December 31, 1995, to $420.2 million reported at December 31, 1996. Total loans increased 21.2%, from $285.1 million reported at December 31, 1995, to $345.4 million reported at December 31, 1996. 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. net loan losses for the year ended December 31, 1996, were 0.03% of average total loans. Non-performing assets represented only 0.05% of loans outstanding at 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. . These ratios indicate that the Corporation's credit quality is excellent and leads its peers in the banking industry. For the year ended December 31, 1996, the Corporation's return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). was 1.04% and return on equity was 15.4%. Book value per share rose to $12.94 at December 31, 1996. Anchor Financial Corporation, with assets of $493.6 million, is the parent of The Anchor Bank which operates eighteen banking offices along the Carolina Carolina (kärōlē`nä), city (1990 pop. 177,806), Puerto Rico. Located 7 mi (11 km) SE of San Juan, it is a residential suburb of the capital, as well as a commercial and industrial center. coast. The Anchor Bank offers a full line of banking products and services. Anchor Financial Corporation's common stock trades on the Nasdaq National Market under the symbol AFSC. Market makers include J.C. Bradford Bradford, city, England Bradford, city (1991 pop. 293,336) and metropolitan district, N central England, on a small tributary of the Aire River. It is a center of the worsted industry, which dates from the Middle Ages. , 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. Johnson/Lane, Monroe Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as Securities, Robinson-Humphrey, Sterne, Agee A·gee , James 1909-1955. American writer and critic whose works include Let Us Now Praise Famous Men (1941) and A Death in the Family, for which he won a 1958 Pulitzer Prize. Noun 1. , & Leach, and Wheat First Securities. -0-
ANCHOR FINANCIAL CORP.
Financial Highlights
Selected Financial Data
at Period-End
(In thousands) December 31, Percent
1996 1995 Change
Total assets $493,636 $407,506 21.1 %
Interest-earning assets 445,953 368,649 21.0
Loans-net of unearned income 345,405 285,103 21.2
Allowance for loan losses 3,801 3,046 24.8
Investment securities 100,231 83,447 20.1
Deposits 420,212 353,876 18.7
Stockholders' equity 32,975 28,542 15.5
Average stockholders' equity to
average assets 6.75% 7.32% (7.8)%
Tier 1 capital to average assets
(Leverage ratio) 6.79 6.76 0.4
Risk-based capital ratios:
Tier 1 capital 9.13 9.37 (2.6)
Total capital 13.32 12.18 9.4
Book value per common share $ 12.94 $11.45 13.0
Tangible book value per
common share $ 12.47 $10.88 14.6
Total common shares
outstanding 2,559,340 2,540,985 0.7
Credit Quality Data
Nonperforming assets $179,261 $182,801 (1.9)%
Nonperforming loans 53,016 182,801 (71.0)
Net loan losses 94,455 346,286 (72.7)
Nonperforming assets to total
loans and foreclosed property 0.05 % 0.06 % (13.5)
Annualized net loan losses to
average total loans (YTD) 0.03 0.13 (77.0)
Allowance for loan losses to
total loans 1.10 1.07 2.8
Allowance for loan losses to:
Nonperforming assets 2,120.37 1,666.29 27.3
Nonperforming loans 7,169.53 1,666.29 330.3
Anchor Financial Corporation
Financial Summary
Income Statement Data
Three Months Ended Twelve Months Ended
December 31, Pct. December 31, Pct.
1996 1995 Change 1996 1995 Change
Interest
income $9,323,962 $7,969,032 17.0% $35,880,068 $30,269,788 18.5%
Interest
expense 4,175,561 3,660,281 14.1 16,096,201 13,598,500 18.4
Net interest
income 5,148,401 4,308,751 19.5 19,783,867 16,671,288 18.7
Provision for loan
losses 260,000 140,500 85.1 850,000 596,000 42.6
Net interest income after
provision for
loan losses 4,888,401 4,168,251 17.3 18,933,867 16,075,288 17.8
Gains (losses) on sale of
investment securities
net 0 50,608(100.0) (14,523) 87,492(116.6)
Noninterest
income 1,005,901 750,476 34.0 3,774,280 2,889,028 30.6
Noninterest
expense 3,838,692 3,542,503 8.4 15,330,535 13,559,558 13.1
Income before income
taxes 2,055,610 1,426,832 44.1 7,363,089 5,492,250 34.1
Applicable income tax
expense 725,857 521,689 39.1 2,594,086 1,953,350 32.8
Net income $1,329,753 $905,143 46.9% $4,769,003 $3,538,900 34.8%
Net income
per share $ 0.50 $ 0.35 41.8% $ 1.81 $ 1.39 30.5%
Cash dividends paid
per share $ 0.105 $ 0.09 16.7 $ 0.42 $ 0.36 16.7
Weighted average shares
outstanding 2,679,855 2,588,308 3.5 2,631,458 2,548,671 3.2
Selected Average Balances
(In thousands)
Total assets $ 474,472 $398,416 19.1% $ 459,252 $ 378,998 21.2%
Interest-earning
assets 435,446 364,930 19.3 419,287 346,558 21.0
Loans-net of unearned
income 333,505 275,872 20.9 315,471 260,757 21.0
Investment
securities 101,383 84,776 19.6 98,603 78,712 25.3
Deposits 407,664 348,095 17.1 397,934 332,884 19.5
Noninterest-bearing
deposits 74,146 60,843 21.9 72,806 60,320 20.7
Interest-bearing
deposits 333,518 287,252 16.1 325,128 272,564 19.3
Interest-bearing
liabilities 364,706 306,048 19.2 352,787 288,727 22.2
Stockholders'
equity 32,513 28,880 12.6 30,914 27,642 11.8
Performance Ratios
(Annualized)
Return on average
assets 1.11% 0.90% 23.8% 1.04% 0.93% 11.6%
Return on average
stockholders'
equity 16.18 12.50 29.5 15.38 12.75 20.7
Net yield on average interest-earning
assets (tax
equivalent) 4.79 4.80 (0.2) 4.76 4.86 (2.1)
CONTACT: Anchor Financial Corp. Barbara Barbara maid exemplifying personal and domestic neatness. [Br. Lit.: Old Curiosity Shop] See : Orderliness W. Marshall Marshall. 1 City (1990 pop. 12,711), seat of Saline co., N central Mo.; inc. 1839. In a large farm area, it is a processing center for grain, eggs, meat, and dairy products. Marshall is the seat of Missouri Valley College. , 803/626-5611 KEYWORDS Keywords are the words that are used to reveal the internal structure of an author's reasoning. While they are used primarily for rhetoric, they are also used in a strictly grammatical sense for structural composition, reasoning, and comprehension. : SOUTH CAROLINA South Carolina, state of the SE United States. It is bordered by North Carolina (N), the Atlantic Ocean (SE), and Georgia (SW). Facts and Figures Area, 31,055 sq mi (80,432 sq km). Pop. (2000) 4,012,012, a 15. NORTH CAROLINA INDUSTRY KEYWORD (1) A word used in a text search. (2) A word in a text document that is used in an index to best describe the contents of the document. (3) A reserved word in a programming or command language. 1. : BANKING EARNINGS REPEATS: 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 212-752-9600 or 800-221-2462; Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. 617-236-4266 or |
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