BankFirst Corp. Reports 1999 Earnings.Business Editors KNOXVILLE Knoxville, city (1990 pop. 165,121), seat of Knox co., E Tenn., on the Tennessee River; inc. 1876. A port of entry, it is a trade and shipping center for a farm, bituminous-coal, and marble area. , Tenn.--(BUSINESS WIRE)--Jan. 14, 2000 BankFirst Corporation (Nasdaq: BKFR) (www.bankfirst.net) today reported record results for 1999. Fourth quarter net income was $2.32 million, compared to 1998 fourth quarter earnings of $1.95 million. Net income for the year increased 31 percent to $8.89 million versus $6.81 million in 1998. Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of for the period ending December December: see month. 31, 1999 grew nineteen percent to 19 cents, compared to 16 cents for the same quarter last year. At December 31, 1999, total consolidated assets were $813 million, compared to $748 million at December 31, 1998, an increase of nine percent. Total deposits reached $630 million, up two percent from $618 million one year ago. Net loans increased to $586 million, fifteen percent above December 1998 totals of $509 million. Total stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. at December 31, 1999 was $87 million compared to $83 million one year ago, an increase of four percent. BankFirst Corporation is a financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. holding company headquartered in Knoxville, Tennessee “Knoxville” redirects here. For other uses, see Knoxville (disambiguation). Founded in 1786, Knoxville is the third-largest city in the state of Tennessee, behind Memphis and Nashville, and is the county seat of Knox CountyGR6. . Its affiliate banks, BankFirst and First National Bank and Trust Company, provide full service financial services through offices in six East Tennessee East Tennessee is a name given to approximately the eastern third of the state of Tennessee. Unlike the names given to regions or portions of many of U.S. states, the term East Tennessee can be precisely defined. counties. Knoxville-based BankFirst has 25 offices and 45 ATMs in Knox, Blount Blount may refer to: People Blount (or Blunt) is a common surname of English derivation, meaning "blonde, fair" (Old French blund), or dull (Middle English blunt, blont)
Athens (ăth`ĭnz), Gr. Athínai, city (1991 pop. 2,907,179; 1991 urban agglomeration pop. 3,072,922), capital of Greece, E central Greece, on the plain of Attica, between the Kifisós and , has six offices and eight ATMs in McMinn County. The Company provides trust and brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. services through BankFirst Trust Company, with mortgage services provided through Curtis Mortgage Company.
BANKFIRST CORPORATION
Financial Summary (Unaudited)
(In thousands except share data)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended % Ended Ended %
12/31/99 12/31/98 Change 12/31/99 12/31/98 Change
------------------------------------------------------
Basic earnings
per share $ 0.20 $ 0.17 18% $ 0.77 $ 0.64 20%
Diluted earnings
per share 0.19 0.16 19% 0.73 0.59 24%
Net interest
income 8,408 8,029 5% 33,472 30,988 8%
Provision for
credit losses 594 322 84% 1,996 1,706 17%
Net securities
gains (losses) 0 66 -100% 40 124 -68%
Total noninterest
income 2,734 2,449 12% 10,737 9,303 15%
Total noninterest
expense 7,089 7,391 -4% 28,821 28,218 2%
Provision for
income taxes 1,138 813 40% 4,506 3,558 27%
Net income 2,321 1,952 19% 8,886 6,809 31%
Average balances:
Earning assets 730,393 663,866 10% 709,198 642,233 10%
Total assets 804,640 736,474 9% 782,302 703,826 11%
Stockholders'
equity 86,381 82,250 5% 85,249 69,099 23%
Common shares
outstanding 11,300,658 11,375,600 -1% 11,352,739 10,446,779 9%
Preferred shares
outstanding 558,992 558,992 0% 558,992 635,516 -12%
Performance ratios:
Return on
average assets 1.15% 1.06% 9% 1.14% 0.97% 17%
Return on
average equity 10.75% 9.49% 13% 10.42% 9.85% 6%
Efficiency ratio 63.62% 70.99% -10% 65.25% 70.25% -7%
End of Period balances:
Loans, net of
unearned income $ 585,616 $ 508,552 15%
Allowance for
credit losses 7,400 6,602 12%
Earning assets 737,949 677,397 9%
Total assets 812,899 748,301 9%
Total deposits 630,379 617,966 2%
Total liabilities 726,373 665,460 9%
Stockholders'
equity 86,526 82,841 4%
Mortgage loan
servicing portfolio 612,162 542,417 13%
Common shares
outstanding 11,275,600 11,375,600 -1%
Preferred shares
outstanding 181,050 181,050 0%
Book value
per share 7.31 6.94 5%
Credit quality
(end of period):
Nonperforming loans $ 6,242 $ 2,508 149%
Other real estate 1,893 1,290 47%
Net charge-offs 1,199 1,202 0%
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion