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BANKERS FIRST ANNOUNCES FIRST QUARTER EARNINGS

 BANKERS FIRST ANNOUNCES FIRST QUARTER EARNINGS
 AUGUSTA, Ga., April 21 /PRNewswire/ -- Bankers First Corporation


(NASDAQ-NMS: BNKF) today announced first quarter 1992 net income per share of $0.11 vs. a loss of $0.35 per share in the previous quarter and net income of $0.33 per share for the 1991 first quarter.
 Net income totaled $482,000 in the 1992 first quarter compared to $1,439,000 for the same period last year.
 The decrease in earnings from the prior year is attributable to a lower level of earning assets and increased loan loss provision, according to H.M. Osteen Jr., chairman and chief executive officer.
 The provision for loan losses was $704,000 in 1992 compared to $420,000 in 1991, an increase of 67.6 percent. The increased provision was related to a change in the non-accrual policy -- eliminating interest accrual on loans over 90 days delinquent and charging off previously accrued interest on these delinquent loans, except in unusual circumstances. Non-performing assets plus performing loans 90 days past due were $46.1 million at March 31, compared to $48.1 million at March 31, 1991. Delinquencies over 90 days were $5.3 million at March 31, vs. $8.1 million at Dec. 31, 1991, down 68.3 percent from the peak of $16.7 million at June 30, 1991.
 Tangible equity capital to total assets at quarter end was $60.7 million or 6.8 percent of total assets compared to $59.4 million or 4.1 percent of total


assets a year earlier. The company's thrift subsidiaries exceed the current total regulatory capital requirements with consolidated tangible capital of $33.0 million or 3.8 percent of adjusted total assets, core capital of $36.4 million or 4.2 percent of adjusted total assets, and risk-based capital of $48.9 million or 8.6 percent of risk-weighted assets. The company anticipates substantial increases in regulatory capital requirements during 1992 and 1993. In order to ensure that its banks exceed the new requirements prior to their imposition, Bankers First will temporarily cease paying its regular dividend.
 Bankers First Corporation is a financial services company principally serving the Augusta, Rossville (Chattanooga, Tenn.), and Savannah, Ga., markets with 25 banking offices and 27 automated teller machines. The company's common stock is traded on the NASDAQ National Market System using the symbol BNKF. The abbreviation found in most newspaper listings is "Bankers First."
 BANKERS FIRST CORPORATION AND SUBSIDIARIES
 Consolidated Statements of Financial Condition (Unaudited)
 ($ in thousands)
 At March 31 1992 1991
 ASSETS
 Cash and amounts due from depository
 institutions $ 18,683 $ 36,920
 Interest bearing deposits 69,461 108,523
 Federal funds sold 75 75
 Investment securities, at amortized cost 21,413 49,481
 Federal Home Loan Bank stock, at cost 8,565 11,391
 Mortgage-backed securities, at amortized
 cost 149,083 182,372
 Loans receivable, net 555,152 962,398
 Premises and equipment, net 17,404 26,589
 Investment properties 14,513 14,829
 Repossessed assets 20,689 25,285
 Accrued interest receivable 6,954 13,897
 Cost in excess of net assets acquired 3,427 4,123
 Other assets 7,086 14,180
 Total assets $ 892,505 $1,450,063
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $ 725,475 $1,191,421
 Retail repurchase agreements 16,686 14,401
 Advance payments by borrowers for taxes
 and insurance 2,180 4,624
 Other borrowings 74,222 158,068
 Other liabilities 9,832 18,072
 Total liabilities 828,395 1,386,586
 Stockholders' equity:
 Common stock, $.01 par value; authorized
 12,500,000 shares; issued and outstanding
 4,382,375 shares in 1992 and 4,357,108
 shares in 1991 44 44
 Serial preferred stock, $.01 par value;
 authorized 7,500,000 shares; none
 outstanding --- ---
 Additional paid-in capital 54,382 54,266
 Retained earnings (substantially
 restricted) 12,377 11,767
 Loans to and guarantees of indebtedness
 of Employee Stock Ownership Plan
 and others (2,693) (2,600)
 Total stockholders' equity 64,110 63,477
 Total liabilities and stockholders'
 equity $ 895,505 $1,450,063
 Book value per share $14.63 $14.57
 Consolidated Statements of Operations (Unaudited)
 ($ in thousands)
 3 mos. ended 3/31/92 3/31/91
 Interest income:
 Interest on loans and mortgage-backed
 securities $ 16,717 $ 31,114
 Dividends on Federal Home Loan Bank stock 149 214
 Other interest income 1,056 2,294
 Total interest income 17,922 33,622
 Interest expense:
 Interest on deposits 10,735 21,055
 Interest on retail repurchase agreements 125 156
 Interest on other borrowings 1,728 3,807
 Total interest expense 12,588 25,018
 Net interest income 5,334 8,604
 Provision for loan losses 704 420
 Net interest income (expense) after
 provision for loan losses 4,630 8,184
 Other income:
 Loan servicing fees 114 177
 Loan fees & service charges 244 381
 Service charges on deposit accounts 1,137 1,436
 Gain on sale of loans and MBS's 251 509
 Gain on sale of investments 272 5
 Real estate operations (141) (305)
 Other 167 150
 Total other income 2,044 2,353
 Operating expense:
 Salaries and employee benefits 2,516 3,726
 Net occupancy expense 1,419 1,808
 Advertising and promotion 116 154
 FDIC insurance expense 420 658
 Amortization of costs in excess of net assets
 acquired 167 167
 Other 1,256 1,958
 Total operating expense 5,894 8,471
 Net non-interest expense 3,850 6,118
 Income before income taxes 780 2,066
 Income tax expense 298 627
 Net income $ 482 $ 1,439
 Net income per share $ 0.11 $ 0.33
 Wtd. avg. shares outstanding (000s) 4,381 4,357
 Financial Highlights
 (Unaudited)
 ($ in thousands, except per share amounts)
 3 mos. ended March 31 1992 1991 Pct. chg.
 FOR THE PERIOD:
 Net interest income $ 5,334 $ 8,604 (38.0)
 Provision for loan losses 704 420 67.6
 Non-interest income 2,044 2,353 (13.1)
 Operating expense 5,894 8,471 (30.4)
 Net income 482 1,439 (66.5)
 PER SHARE
 Earnings $ 0.11 $ 0.33 (66.5)
 Dividends paid 0.07 0.00 NA
 Tangible book value 13.85 13.62 1.7
 ASSET YIELDS/FUNDS COST (percents)
 Yield on earning assets 8.86 10.25 (13.6)
 Cost of funds 6.17 7.48 (17.5)
 Interest spread 2.70 2.77 (2.5)
 PERFORMANCE MEASURES (percents)
 Return on average assets 0.21 0.40 (47.5)
 Return on average equity 3.02 9.17 (67.1)
 Net yield on average earning
 assets 2.61 2.53 3.2
 G & A expenses/average assets 2.55 2.31 10.4
 Non-performing assets/
 total assets 4.56 2.22 105.4
 AT PERIOD END:
 Assets $ 892,505 $1,450,063 (38.5)
 Deposit 725,475 1,191,421 (39.1)
 Loans receivable and MBS's 704,235 1,144,770 (38.5)
 Earning assets 703,749 1,314,240 (46.5)
 Non-performing assets 40,714 32,136 26.7
 Tangible shareholder's equity 60,683 59,354 2.2
 Tangible equity/assets 6.80 pct. 4.09 pct. 66.3
 Shares outstanding (in 000s) 4,382 4,357 0.6
 AVERAGE BALANCES:
 Assets $ 899,810 $1,436,088 (37.3)
 Deposits and repurchase
 agreements 746,762 1,190,711 (37.3)
 Loans receivable and MBS's 706,362 1,173,309 (39.8)
 Earning assets 809,415 1,314,415 (38.4)
 Shares outstanding during
 period (in 000s) 4,381 4,357 0.6
 -0- 4/21/92 R
 /CONTACT: Glenn W. Peters, corporate vice president and chief financial officer of Bankers First Corp., 404-849-3235/
 (BNKF) CO: Bankers First Corporation ST: Georgia IN: FIN SU: ERN DIV


BR-BN -- AT004 -- 0572 04/21/92 11:19 EDT
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