Anchor Financial Corporation reports increased fourth quarter earnings.MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Jan. 22, 1996--Anchor Financial Corporation today announced net income for the fourth quarter of 1995 of $905,143, or $0.35 per share, compared to the $558,082, or $0.22 per share reported for the same period a year ago. These figures represent a 62.2% increase in net income and a 59.2% increase in earnings per share. The financial information included with this news release reflects the two-for-one stock split paid by the Corporation on Sept. 29, 1995. Core earnings for the Corporation continued to show strong growth. Core earnings for the year ended Dec. 31, 1995, were $3.483 million, an increase of 35.7% when compared to core earnings of $2.566 million reported for the year ended Dec. 31, 1994. Core earnings exclude the non-recurring securities gains made by the Corporation during each period. Net income for the year ended Dec. 31, 1995 was $3.54 million, or $1.39 per share, compared to the $3.50 million, or $1.38 per share reported for the year ended Dec. 31, 1994. The increase in fourth quarter earnings was attributed to strong growth in net interest income and noninterest income along with controlled growth in noninterest expense. 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 increase in fourth quarter and core earnings for 1995 is indicative indicative: see mood. of the solid performance and strong growth of the Corporation during the past five years. While 1994 was a record year, the performance in 1995 is even more impressive because it took the Corporation just one year to match the significant non-recurring gain experienced in 1994. "The Corporation accomplished the outstanding financial performance in a year where it added offices in Mount Pleasant, S.C., and 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. , N.C., and established a subsidiary to offer non-banking investment products to our customers," Chryst stated. Total assets for the year ended Dec. 31, 1995, were $407.5 million, an increase of 15.8% from the $351.9 million reported for the same period a year ago. Total deposits increased 14.8%, from the $308.2 million reported at Dec. 31, 1994, to the $353.9 million reported at Dec. 31, 1995. Total loans increased 20.4%, from the $236.8 million reported at Dec. 31, 1995, to the $285.1 million reported at Dec. 31, 1995. Net loan losses for the year were 0.13% of average total loans. Non-performing assets represented only 0.06% of loans outstanding at year end. For the year ended Dec. 31, 1995, 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 0.93% and return on equity was 12.75% Book value per share rose to $11.45 at Dec. 31, 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 $407.5 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. , 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 branches in Wilmington, Ogden Ogden, city, United States Ogden, city (1990 pop. 63,909), seat of Weber co., N Utah, at the confluence of the Ogden and Weber rivers; inc. 1851. Aerospace industries and Hill Air Force Base are the major employers. , 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. . A second Wilmington office, at 3212 Oleander oleander: see dogbane. oleander Any of the ornamental evergreen shrubs of the genus Nerium (dogbane family), which have poisonous milky juice. Numerous varieties of flower colour in the common oleander, or rosebay (N. Drive, will open on Feb. 14, 1996. Both banks offer a complete line of banking products and services. -0-
ANCHOR FINANCIAL CORP.
Financial Summary
Three Months Ended
Income Statement Data Dec. 31, Percent
1995 1994 Change
Interest income $ 7,969,032 $ 6,638,106 20.0% Interest expense 3,660,281 2,637,047 38.8 Net interest income 4,308,751 4,001,059 7.7 Provision for loan losses 140,500 250,117 (43.8) Net interest income after provision for loan losses 4,168,251 3,750,942 11.1 Gain (loss) on sale of investment securities 50,608 (210,578) (124.0) Noninterest income 750,476 686,493 9.3 Noninterest expense 3,542,503 3,359,085 5.5 Income before income taxes 1,426,832 867,772 64.4 Applicable income tax expense 521,689 309,690 68.5 Net income $ 905,143 $ 558,082 62.2% Net income per share $ 0.35 $ 0.22 59.2% Cash dividends paid per share 0.09 0.08 12.5 Weighted average shares outstanding 2,588,308 2,540,420 1.9
12 Months Ended
Income Statement Data Dec. 31, Percent
1995 1994 Change
Interest income $30,269,788 $23,391,823 29.4% Interest expense 13,598,500 9,132,518 48.9 Net interest income 16,671,288 14,259,305 16.9 Provision for loan losses 596,000 940,117 (36.6) Net interest income after provision for loan losses 16,075,288 13,319,188 20.7 Gain (loss) on sale of investment securities 87,492 1,466,266 (94.0) Noninterest income 2,889,028 2,966,501 (2.6) Noninterest expense 13,559,558 12,367,737 9.6 Income before income taxes 5,492,250 5,384,218 2.0 Applicable income tax expense 1,953,350 1,879,616 3.9 Net income $ 3,538,900 $ 3,504,602 1.0% Net income per share $ 1.39 $ 1.38 0.6% Cash dividends paid per share 0.36 0.32 14.3 Weighted average shares outstanding 2,548,671 2,538,956 0.4
Selected Average Balances
(In thousands) Three Months Ended Dec. 31,
1995 1994 Pct.
Change
Total assets $ 398,416 $ 347,679 14.6% Interest-earning assets 364,930 319,433 14.2 Loans-net of unearned income 275,872 233,194 18.3 Investment securities 84,776 81,378 4.2 Deposits 348,095 310,770 12.0 Noninterest-bearing deposits 60,843 53,310 14.1 Interest-bearing deposits 287,252 257,460 11.6 Interest-bearing liabilities 306,048 265,870 15.1 Stockholders' equity 28,880 26,044 10.9 Performance Ratios (Annualized) Return on average assets 0.90% 0.64% 40.9% Return on average stockholders' equity 12.50 8.39 49.0 Net yield on average interest- earning assets (tax equivalent) 4.80 4.99 (3.9)
Selected Average Balances
(In thousands) 12 Months Ended Dec. 31,
1995 1994 Pct.
Change
Total assets $ 378,998 $ 330,699 14.6% Interest-earning assets 346,558 300,607 15.3 Loans-net of unearned income 260,757 221,388 17.8 Investment securities 78,895 70,731 11.5 Deposits 332,884 295,204 12.8 Noninterest-bearing deposits 60,320 52,750 14.4 Interest-bearing deposits 272,564 242,454 12.4 Interest-bearing liabilities 288,727 250,915 15.1 Stockholders' equity 27,642 25,008 10.5 Performance Ratios (Annualized) Return on average assets 0.93% 1.06% (11.9)% Return on average stockholders' equity 12.75 13.94 (8.6) Net yield on average interest- earning assets (tax equivalent) 4.86 4.77 1.9
Selected Financial Data at Period-End
(in thousands)
December 31, Percent
1995 1994 Change
Total assets $407,506 $351,867 15.8 % Interest-earning assets 369,149 316,949 16.5 Loans-net of unearned income 285,103 236,771 20.4 Allowance for loan losses 3,046 2,796 8.9 Investment securities 83,947 79,079 6.2 Deposits 353,876 308,208 14.8 Stockholders' equity 28,542 24,775 15.2 Average stockholders' equity to average assets 7.32 % 7.60 % (3.6)% Tier 1 capital to average assets (Leverage ratio) 6.76 6.85 (1.3) Risk-based capital ratios: Tier 1 capital 9.37 10.19 (8.0) Total capital 12.18 13.53 (10.0) Book value per common share $ 11.45 $ 10.40 10.1 Tangible book value per common share $ 10.88 $ 9.74 11.7 Total common shares outstanding 2,540,985 2,540,420 0.0 Credit Quality Data Nonperforming assets $182,801 $438,052 (58.3)% Nonperforming loans 182,801 438,052 (58.3) Net loan losses 346,286 505,832 (31.5) Nonperforming assets to total loans and foreclosed property 0.06 % 0.19 % (65.3) Annualized net loan losses to average total loans (YTD) 0.13 0.23 (42.3) Allowance for loan losses to total loans 1.07 1.18 (9.5) Allowance for loan losses to: Nonperforming assets 1,666.29 638.28 161.1 Nonperforming loans 1,666.29 638.28 161.1 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. , 803/626-5611 |
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