Anchor Financial Corp. announces second quarter earnings.MYRTLE BEACH, S.C.--(BUSINESS WIRE)--July 13, 1995--Anchor Financial Corp. today announced second quarter net income of $843,654, or $0.66 per share, compared to the $784,267, or $0.62 per share reported for the same period a year ago. These figures represent a 7.6% increase in net income and earnings per share. The increase in net income was primarily attributed to a 19.5% increase in net interest income, as the corporation continues to benefit from an improved net interest margin and strong economic conditions. The increase in net income is even more significant because last year's second quarter performance included a non-recurring gain on the sale of investment securities due to the recovery of a debt charged off in 1990. Excluding securities gains, core earnings for the second quarter increased more than 34%. Net income for the six months ended June June: see month. 30, 1995 was $1,687,404, or $1.33 per share, compared to the $1,420,218, or $1.12 per share reported for the same period a year ago. The increase in net income was primarily attributed to strong growth in net interest income, fueled by growth in earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. interest rate environment, and by improved operating efficiency. 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 said: "The Corporation's strong performance during the first half of 1995 is the direct result of continued growth in all aspects of our banking operations. Better utilization utilization, n 1. the extent to which a given group uses a particular service in a specified period. Although usually expressed as the number of services used per year per 100 or per 1000 persons eligible for the service, utilization rates may be of overhead and improved productivity are combining with expansion decisions made in recent years to make the company's performance very good right now. A continuation of these trends along with a strong, steady economy in the markets we serve will continue to fuel earnings streams for the remainder of the year and into 1996." Total assets at June 30, 1995 were $386.4 million, an increase of 14.1% when compared to the $338.5 million reported on the same date a year ago. Total deposits at June 30, 1995 were $338.9 million, up 11.5% from the $304 million reported on the same date a year ago. Total loans at June 30, 1995, were $264.4 million, an increase of 20% when compared to the $220.4 million reported on the same date a year ago. For the six months ended June 30, 1995, the Corporation's return on average assets was 0.94% and return on average 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. was 12.5%. Book value per share rose to $21.77 at June 30, 1995. Anchor anchor, device cast overboard to secure a ship, boat, or other floating object by means of weight, friction, or hooks called flukes. In ancient times an anchor was often merely a large stone, a bag or basket of stones, a bag of sand, or, as with the Egyptians, a Financial Corporation, with assets of $386.4 million, is the parent of The Anchor Bank and The Anchor Bank of 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. . The 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. bank operates branches in Myrtle Beach, Little River, North Myrtle Beach, Surfside Beach Surfside Beach may refer to:
pelvic inlet the upper limit of the pelvic cavity. thoracic inlet the elliptical opening at the summit of the thorax. , Conway Conway, city, United States Conway, city (1990 pop. 26,481), seat of Faulkner co., central Ark., in a farm and cotton area; inc. 1873. It is a trade and industrial center. Conway was settled (c.1865) near the site of a French trading post (c.1770). , Georgetown Georgetown, city, Guyana Georgetown, city (1985 est. pop. 75,000), capital and largest city of Guyana, on the Atlantic Ocean at the mouth of the Demerara River. , and 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. , and plans to open a branch in Mount Pleasant in late August. The North Carolina bank operates branches in Wilmington Wilmington. 1 City (1990 pop. 71,529), seat of New Castle co., NE Del., on the Delaware River and tributary streams, the Christina and the Brandywine; settled 1638, inc. as a city 1832. , Hampstead Hampstead, England: see Camden. , and Jacksonville Jacksonville. 1 City (1990 pop. 29,101), Pulaski co., central Ark., inc. 1941. The city has varied industries, including printing and publishing and the manufacture of electronic equipment, ordnance, and plastic and metal products. . Both banks offer a full line of financial products and services. -0-
ANCHOR FINANCIAL CORP.
Financial Summary
Three Months Ended
Income Statement Data June 30 Percent
1995 1994 Change
Interest income $ 7,458,462 $ 5,536,179 34.7% Interest expense 3,352,898 2,101,727 59.5 Net interest income 4,105,564 3,434,452 19.5 Provision for loan losses 115,000 180,000 (36.1) Net interest income after provision for loan losses 3,990,564 3,254,452 22.6 Gain (loss) on sale of investment securities 36,884 272,384 (86.5) Noninterest income 711,594 726,826 (2.1) Noninterest expense 3,443,861 3,048,320 13.0 Income before income taxes 1,295,181 1,205,342 7.5 Applicable income tax expense 451,527 421,075 7.2 Net income $ 843,654 $ 784,267 7.6% Net income per share $ 0.66 $ 0.62 7.6% Cash dividends paid per share 0.18 0.16 12.5 Weighted average shares outstanding 1,270,210 1,270,210 0.0 Selected Average Balances (In thousands) Total assets $ 369,282 $ 321,141 15.0% Interest-earning assets 336,166 289,874 16.0 Loans-net of unearned income 259,800 220,807 17.7 Investment securities 72,999 62,150 17.5 Deposits 324,995 287,274 13.1 Noninterest-bearing deposits 60,813 53,585 13.5 Interest-bearing deposits 264,182 233,689 13.0 Interest-bearing liabilities 278,936 241,352 15.6 Stockholders' equity 27,194 24,386 11.5 Performance Ratios (Annualized) Return on average assets 0.92% 0.98% (6.5)% Return on average stockholders' equity 12.35 12.86 (4.0) Net yield on average interest- earning assets (tax equivalent) 4.92 4.78 3.0
Six Months Ended
Income Statement Data June 30, Percent
1995 1994 Change
Interest income $14,356,000 $10,508,352 36.6% Interest expense 6,333,997 3,998,999 58.4 Net interest income 8,022,003 6,509,353 23.2 Provision for loan losses 249,500 230,000 8.5 Net interest income after provision for loan losses 7,772,503 6,279,353 23.8 Gain (loss) on sale of investment securities 36,884 272,384 (86.5) Noninterest income 1,383,338 1,495,433 (7.5) Noninterest expense 6,592,326 5,908,708 11.6 Income before income taxes 2,600,399 2,138,462 21.6 Applicable income tax expense 912,995 718,144 27.1 Net income $ 1,687,404 $ 1,420,318 18.8% Net income per share $ 1.33 $ 1.12 18.7 Cash dividends paid per share 0.36 0.31 16.1 Weighted average shares outstanding 1,270,210 1,268,735 0.1 Selected Average Balances (In thousands) Total assets $ 360,213 $ 311,353 15.7% Interest-earning assets 328,813 280,739 17.1 Loans-net of unearned income 251,277 215,788 16.4 Investment securities 74,923 60,171 24.5 Deposits 317,283 276,202 14.9 Noninterest-bearing deposits 56,089 48,826 14.9 Interest-bearing deposits 261,194 227,376 14.9 Interest-bearing liabilities 275,317 236,510 16.4 Stockholders' equity 26,712 24,227 10.3 Performance Ratios (Annualized) Return on average assets 0.94% 0.92% 2.6 % Return on average stockholders' equity 12.54 11.81 6.2 Net yield on average interest- earning assets (tax equivalent) 4.94 4.71 4.9 Selected Financial Data at Period End (In Thousands)
June 30, Percent
1995 1994 Change
Total assets $ 386,370 $ 338,535 14.1% Interest-earning assets 338,391 307,910 9.9 Loans-net of unearned income 264,409 220,406 20.0 Allowance for loan losses 2,889 2,432 18.8 Investment securities 72,883 71,978 1.3 Deposits 338,885 303,952 11.5 Stockholders' equity 26,881 24,553 9.5 Average stockholders' equity to average assets 7.52% 7.79% (3.4)% Tier 1 capital to average assets (Leverage ratio) 6.83 6.92 (1.3) Risk-based capital ratios: Tier 1 capital 9.57 10.23 (6.5) Total capital 12.57 13.67 (8.0) Book value per common share $ 21.77 $ 19.30 12.8 Tangible book value per common share $ 20.45 17.89 14.3 Total common shares outstanding 1,270,210 1,270,210 0.0 Credit Quality Data Nonperforming assets $1,469,098 $ 515,381 185.1% Nonperforming loans 1,419,098 488,514 190.5 Net loan losses 156,278 159,895 (2.3) Nonperforming assets to total loans and foreclosed property 0.55% 0.23% 139.1 Annualized net loan losses to average total loans (YTD) 0.13 0.15 (16.1) Allowance for loan losses to total loans 1.09 1.10 (1.0) Allowance for loan losses to: Nonperforming assets 196.65 471.88 (58.3) Nonperforming loans 203.58 497.84 (59.1) CONTACT: Anchor Financial Corporation, Myrtle Beach 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. , 803/946-3107 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 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 212-575-8822 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. 617-330-5311 or 80 |
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