Anchor Financial announces third quarter net income; core earnings continue strong growth.MYRTLE BEACH, S.C.--(BUSINESS WIRE)--Oct. 11, 1995--Anchor Financial Corp. today announced third quarter net income of $946,353, or 37 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , compared to the $1,526,202, or 60 cents per share reported for the same period a year ago. Net income for the nine months ended Sept. 30, 1995, was $2,633,757, or $1.04 per share, compared to the $2,946,520, or $1.16 per share reported for the same period a year ago. When excluding non-recurring securities gains made during the third quarter of 1994, core earnings performed well both year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. and for the third quarter, showing increases of 39% and 46%, respectively. The financial information for each period presented with this news release reflects the 2-for-1 stock split paid by the corporation on Sept. 29, 1995. 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 continued improvement of core earnings indicates that the Corporation remains strong. During the third quarter, the Corporation reached the $400 million mark in assets for the first time, while opening a banking location in Mount Pleasant, planning for two new offices 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. , and forming an investment subsidiary to provide our customers with convenient access to investment services. These actions, combined with a steady economy in our markets, will help future financial performance." The solid performance reflected in core earnings can be attributed to strong growth in net interest income, while controlling the growth of noninterest expense. Two events greatly influenced net income during the third quarter. First, the Federal Deposit Insurance Corp. reduced the insurance premium for most commercial banks from 23 cents per $100 of deposits to 4 cents per $100 of deposits. In September September: see month. , the Corporation received a refund TO REFUND. To pay back by the party who has received it, to the party who has paid it, money which ought not to have been paid. 2. On a deficiency of assets, executors and administrators cum testamento annexo, are entitled to have refunded to them legacies of approximately $195,000 for premiums it had paid in 1995. In addition, last year's third quarter earnings included part of a non-recurring gain on the sale of investment securities due to the recovery of a debt charged off in 1990, totaling $1,404,460 before taxes. Total assets grew 13% from $351.8 million at Sept. 30, 1994, to $398.5 million at Sept. 30, 1995. Total deposits increased 10.6% from the $316.6 million reported at Sept. 30, 1994, to the $350.1 million reported at Sept. 30, 1995. Total loans also increased 16.6%, from the $226.2 million reported at Sept. 30, 1994, to the $263.7 million reported at Sept. 30, 1995. For the nine months ended Sept. 30, 1995, the Corporation's return on average assets was 0.94% and return on average stockholder's equity Stockholder's equity The residual claims that stockholders have against a firm's assets, calculated by subtracting all current liabilities and debt liabilities from total assets. was 12.83%. Book value per share rose to $11.16 at Sept. 30, 1995. Anchor Financial Corp., with assets of $398.5 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 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. , and expects to open a new office at 802 South College Road in Wilmington in December December: see month. . 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. Dr., will open during the first quarter of 1996. -0-
ANCHOR FINANCIAL CORP.
Financial Summary
Three Months Ended
Income Statement Data Sept. 30 Percent
1995 1994 Change
Interest income $ 7,944,756 $ 6,245,365 27.2% Interest expense 3,604,222 2,496,472 44.4% Net interest income 4,340,534 3,748,893 15.8 Provision for loan losses 206,000 460,000 (55.2) Net interest income after provision for loan losses 4,134,534 3,288,893 25.7 Gain (Loss) on sale of investment securities 0 1,404,460 (100.0) Noninterest income 755,214 784,575 (3.7) Noninterest expense 3,424,729 3,099,944 10.5% Income before income taxes 1,465,019 2,377,984 (38.4) Applicable income tax expense 518,666 851,782 (39.1) Net income $ 946,353 $ 1,526,202 (38.0) Net income per share $ 0.37 $ 0.60 (38.0) Cash dividends paid per share $ 0.09 $ 0.08 12.5 Weighted average shares outstanding 2,540,420 2,540,420 0.0 Selected Average Balances (In thousands) Total assets $ 396,610 $ 352,076 12.6% Interest-earning assets 362,138 320,222 13.1 Loans-net of unearned income 264,293 220,640 19.8 Investment securities 79,864 80,128 (0.3) Deposits 348,368 317,200 9.8 Noninterest-bearing deposits 68,123 59,954 13.6 Interest-bearing deposits 280,245 257,246 8.9 Interest-bearing liabilities 297,794 264,427 12.6 Stockholders' equity 28,227 25,521 10.6 Performance Ratios (Annualized) Return on average assets 0.95% 1.72% (44.9)% Return on average stockholders' equity 13.38 23.73 (43.6) Net yield on average interest- earning assets (tax equivalent) 4.79 4.67 2.5
Nine Months Ended
Income Statement Data Sept. 30 Percent
1995 1994 Change
Interest income $22,300,756 $16,753,717 33.1% Interest expense 9,938,219 6,495,471 53.0% Net interest income 12,362,537 10,258,246 20.5 Provision for loan losses 455,500 690,000 (34.0) Net interest income after provision for loan losses 11,907,037 9,568,246 24.4 Gain (Loss) on sale of investment securities 36,884 1,676,844 (97.8) Noninterest income 2,138,552 2,280,008 (6.2) Noninterest expense 10,017,055 9,008,652 11.2% Income before income taxes 4,065,418 4,516,446 (10.0) Applicable income tax expense 1,431,661 1,569,926 (8.8) Net income $2,633,757 $ 2,946,520 (10.6) Net income per share $ 1.04 $ 1.16 (10.7) Cash dividends paid per share $ 0.27 $ 0.24 14.9 Weighted average shares outstanding 2,540,420 2,538,464 0.1 Selected Average Balances (In thousands) Total assets $ 372,452 $ 325,006 14.6% Interest-earning assets 340,037 294,016 15.7 Loans-net of unearned income 255,663 217,420 17.6 Investment securities 76,586 66,876 14.5 Deposits 327,758 289,973 13.0 Noninterest-bearing deposits 60,144 52,562 14.4 Interest-bearing deposits 287,614 237,411 12.7 Interest-bearing liabilities 282,889 245,901 15.0 Stockholders' equity 27,222 24,661 10.4 Performance Ratios (Annualized) Return on average assets 0.94% 1.21% (21.9)% Return on average stockholders' equity 12.83 15.93 (19.5) Net yield on average interest- earning assets (tax equivalent) 4.88 4.69 4.2
Sept. 30, Percent
1995 1994 Change
Selected Financial Data At Period End (In thousands) Total assets $ 398,468 $ 351,801 13.3% Interest-earning assets 363,774 322,059 13.0 Loans-net of unearned income 263,688 226,169 16.6 Allowance for loan losses 2,916 2,704 7.8 Investment securities 85,562 87,849 (2.6) Deposits 350,122 316,580 10.6 Stockholders' equity 27,613 24,742 11.6 Average stockholders' equity to average assets 7.36% 7.59% (3.0)% Tier 1 capital to average assets (leverage ratio) 6.57 6.66 (1.4) Risk-based capital ratios: Tier 1 capital 9.86 10.63 (7.2) Total capital 12.86 14.14 (9.1) Book value per common share $ 11.16 $ 10.10 10.5 Tangible book value per common share $ 10.57 $ 9.44 12.0 Total common shares outstanding 2,540,420 2,540,420 0.0 Credit Quality Data Nonperforming assets $ 453,417 $ 834,093 (45.6)% Nonperforming loans 446,918 682,055 (34.5) Net loan losses 338,768 347,732 (2.6) Nonperforming assets to total loans and foreclosed property 0.17% 0.37% (54.1) Annualized net loan losses to average total loans (YTD) 0.18 0.21 (17.2) Allowance for loan losses to total loans 1.11 1.20 (7.5) Allowance for loan losses to: Nonperforming assets 643.12 324.18 98.4 Nonperforming loans 652.47 396.45 64.6 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: 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. 617-236-4266 or |
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