Arizona Bank announces financial results.TUCSON Tucson (t  `sŏn'), city (1990 pop. 405,390), seat of Pima co., SE Ariz.; inc. 1877. , Ariz.--(BUSINESS WIRE)--Jan. 16, 1997--Arizona Bank, the largest locally owned and managed and the sixth largest bank out of 27 banks in the state, Thursday reported record earnings for the year and the fourth quarter ended Dec. 31, 1996. Net income for the fourth quarter was $1.4 million, compared to $1.3 million during the same quarter in 1995, an increase of 6.9 percent. For the entire year of 1996, the bank earned $5.8 million compared with $4.8 million for 1995, an increase of 21.3 percent. Net interest income for 1996 was $27.4 million compared to $22.8 million reported during 1995, an increase of $4.6 million or 20.1 percent. The net interest margin for 1996 was 4.73 percent, unchanged from 1995. 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). for 1996 was 1.01 percent. Total assets increased to $625.6 million at Dec. 31, 1996, compared to $535.2 million at Dec. 31, 1995, an increase of $90.4 million or 16.9 percent. Loans, net of unearned income Unearned Income Any income that comes from investments and other sources unrelated to employment services. Notes: Examples of unearned income include interest from a savings account, bond interest, tips, alimony, and dividends from stock. , increased to $478.9 million at Dec. 31, 1996, compared to $377.6 million at Dec. 31, 1995, an increase of $101.3 million, or 26.8 percent. Total deposits grew $99.6 million or 22.5 percent to $542.1 million at Dec. 31, 1996, compared to $442.5 million at Dec. 31, 1995. As of Dec. 31, 1996, the bank has opened five new supermarket "Kachina kachina (kəchē`nə), spirit of the invisible life forces of the Pueblo of North America. The kachinas, or kachinam, are impersonated by elaborately costumed masked male members of the tribes who visit Pueblo villages the first half of the Banking Centers" in the Albertson's stores located throughout Tucson. CONTACT: Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). Bank, Tucson Florence Nanez, 520/620-3268 |
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