Anchor Financial Corp. reports 40% increase in second quarter earnings.MYRTLE BEACH, S.C.--(BUSINESS WIRE)--July 9, 1996--Anchor Financial Corp. today announced net income for the second quarter of 1996 of $1,182,306, or $0.45 per share, compared to the $843,654, or $0.33 per share reported for the same period a year ago. These figures represent a 40.1% increase in net income and a 35.9% increase in earnings per share. The increase in net income was primarily attributed to an 18.9% increase in net interest income and a 44.4% increase in noninterest income, excluding investment securities transactions. These increases are directly related to the Corporation's continued strong growth. Net income for the six months ended June June: see month. 30, 1996, was $2,114,198, or $0.81 per share, compared to the $1,687,404, or $0.67 per share reported for the same period a year ago. These figures represent a 25.3% increase in net income and a 21.5% increase in earnings per share. The increase in net income during the first half of the year was again primarily attributed to strong growth in net interest income and noninterest income. 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, "Our record earnings during the second quarter of 1996 represent the best second quarter performance in the Corporation's history. This strong performance was fueled by the Corporation's growth and expansion in recent years, and continues the trend of increased earnings that began in 1991. Strong growth in the balance sheet, excellent credit quality, and good economic conditions in the markets the Corporation serves, all contributed to the progress made thus far in 1996." Total assets at June 30, 1996, were $470.0 million, an increase of 21.7% from the $386.4 million reported for the same period a year ago. Total deposits increased 18.9%, from the $338.9 million reported at June 30, 1995, to the $402.9 million reported at June 30, 1996. Total loans increased 21.4%, from the $264.4 million reported at June 30, 1995, to the $320.9 million reported at June 30, 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 recoveries for the six months ended June 30, 1996, were 0.004% of average total loans. Non-performing assets represented only 0.07% of loans outstanding at June 30, 1996. These ratios indicate that the Corporation's credit quality is excellent and leads its peers in the banking industry. At June 30, 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 0.96% and return on equity was 14.2%. Book value per share rose to $12.05 at June 30, 1996. 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 Corp., with assets of $470.0 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 thirteen 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. , Mt. Pleasant, 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. . The North Carolina bank operates five 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 complete line of banking products and services. -0-
ANCHOR FINANCIAL CORP.
Financial Summary
Three Months Ended
Income Statement Data June 30 Percent
1996 1995 Change
Interest income $ 8,898,570 $ 7,458,462 19.3% Interest expense 4,017,650 3,352,898 19.8% Net interest income 4,880,920 4,105,564 18.9 Provision for loan losses 230,000 115,000 100.0 Net interest income after provision for loan losses 4,650,920 3,990,564 16.5 Gains (losses) on sale of investment securities net (10,663) 36,884 (128.9) Noninterest income 1,027,673 711,594 44.4 Noninterest expense 3,906,585 3,443,861 13.4% Income before income taxes 1,761,345 1,295,181 36.0 Applicable income tax expense 579,039 451,527 28.2 Net income $1,182,306 $ 843,654 40.1 Net income per share $ .45 $ .33 35.9 Cash dividends paid per share $ 0.105 $ 0.09 16.7 Weighted average shares outstanding 2,609,180 2,529,224 3.2 Selected Average Balances (In thousands) Total assets $ 459,212 $ 369,282 24.4% Interest-earning assets 419,649 336,166 24.8 Loans-net of unearned income 313,048 259,800 20.5 Investment securities 102,189 72,999 40.0 Deposits 399,113 324,995 22.8 Noninterest-bearing deposits 71,372 60,813 17.4 Interest-bearing deposits 327,741 264,182 24.1 Interest-bearing liabilities 354,668 278,936 27.2 Stockholders' equity 30,332 27,194 11.5 Performance Ratios (Annualized) Return on average assets 1.04% 0.92% 13.1% Return on average stockholders' equity 15.69% 12.35% 27.0% Net yield on average interest- earning assets (tax equivalent) 4.70% 4.92% (4.4)%
Six Months Ended
Income Statement Data June 30 Percent
1996 1995 Change
Interest income $17,303,099 $14,356,000 20.5% Interest expense 7,856,623 6,333,997 24.0 Net interest income 9,446,476 8,022,003 17.8 Provision for loan losses 390,000 249,500 56.3 Net interest income after provision for loan losses 9,058,476 7,772,503 16.5 Gains (losses) on sale of investment securities net (10,663) 36,884 (128.9) Noninterest income 1,808,303 1 383,338 30.7 Noninterest expense 7,637,266 6,592,326 15.9 Income before income taxes 3,216,848 2,600,399 23.7 Applicable income tax expense 1,102,650 912,995 20.8 Net income $2,114,198 $1,687,404 25.3 Net income per share $ 0.81 $ 0.67 21.5 Cash dividends paid per share $ 0.21 $ 0.18 16.7 Weighted average shares outstanding 2,607,391 2,528,201 3.1 Selected Average Balances (In thousands) Total assets $ 443,585 $ 360,213 23.1% Interest-earning assets 405,576 328,813 23.3 Loans-net of unearned income 303,907 251,277 20.9 Investment securities 93,129 74,923 24.3 Deposits 385,138 317,283 21.4 Noninterest-bearing deposits 66,684 56,089 18.9 Interest-bearing deposits 318,454 261,194 21.9 Interest-bearing liabilities 344,123 275,317 25.0 Stockholders' equity 30,097 26,712 12.7 Performance Ratios (Annualized) Return on average assets 0.96% 0.94% 1.6% Return on average stockholders' equity 14.20% 12.54% 13.2% Net yield on average interest- earning assets (tax equivalent) 4.71% 4.94% (4.6)
Selected Financial Data at
Period End (In Thousands) June 30, Percent
1996 1995 Change
Total assets $ 470,045 $ 386,370 21.7% Interest-earning assets 427,382 351,041 21.7 Loans-net of unearned income 320,889 264,409 21.4 Allowance for loan losses 3,442 2,889 19.1 Investment securities 105,895 72,883 45.3 Deposits 402,940 338,885 18.9 Stockholders' equity 29,505 26,881 9.8 Average stockholders' equity to average assets 6.75% 7.52% (10.2)% Tier 1 capital to average assets (Leverage ratio) 6.26 6.83 (8.3) Risk-based capital ratios: Tier 1 capital 8.63 9.57 (9.8) Total capital 11.17 12.57 (11.1) Book value per common share $ 12.05 $ 10.88 10.8 Tangible book value per common share 11.53 10.27 12.3 Total common shares outstanding 2,551,595 2,540,420 0.4 Credit Quality Data Nonperforming assets $ 221,906 $1,469,098 (84.9)% Nonperforming loans 221,906 1,419,098 (84.4) Net loan losses (6,718) 156,278 (104.3) Nonperforming assets to total loans and foreclosed property 0.07% 0.55% (87.4) Annualized net loan losses to average total loans (YTD) (0.004) 0.13 (103.5) Allowance for loan losses to total loans 1.07 1.09 (1.8) Allowance for loan losses to: Nonperforming assets 1,551.11 196.65 688.8 Nonperforming loans 1,551.11 203.58 661.9 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. , 803/626-5611 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 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 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion