BankFirst Corporation Reports Record 1998 Earnings.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. 21, 1999--BankFirst Corporation (Nasdaq:BKFR) today reported record results for 1998. Fourth quarter net income was $1.94 million, compared to 1997 fourth quarter earnings of $1.36 million. Net income for the year increased three percent to $6.81 million versus $6.63 million in 1997. 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, 1998 grew fourteen percent to 16 cents, compared to 14 cents for the same quarter last year. At December 31, 1998, total consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: assets were $747 million, compared to $651 million at December 31, 1997, an increase of fifteen percent. Total deposits reached $617 million, up twelve percent from $550 million one year ago. Net loans increased to $509 million, nine percent above December 1997 totals of $465 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, 1998 was $83 million compared to $61 million one year ago, an increase of 36 percent. BankFirst Corporation is a multi-bank 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 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. 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 24 offices and 40 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 six 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. -0-
BANKFIRST CORPORATION
Financial Summary (Unaudited)
December 31, 1998
(In thousands except share data)
Three Three Twelve Twelve
Months Months Months Months
Ended Ended Ended Ended
12/31/98 12/31/97 12/31/98 12/31/97
---------------------------------------------------
Interest
Income-
tax
equivalent (1) 15,082 13,137 58,492 51,893
Interest
Expense 6,315 5,752 24,931 22,652
Net interest
income 8,767 7,385 33,561 29,241
Provision for
credit losses 322 1,839 1,706 2,935
Net securities
gains 65 177 114 309
Mortgage
servicing gains 478 (41) 1,615 284
Service charges
and fees 1,153 724 4,334 3,811
Trust revenue 235 227 903 704
Other
noninterest
income 36 632 614 549
Total
noninterest
income 1,967 1,719 7,580 5,657
Salaries and
employee
benefits 4,020 2,728 15,054 11,110
Occupancy and
equipment 1,147 1,684 4,775 4,253
Other
noninterest
expense 2,273 859 8,403 5,960
Total
noninterest
expense 7,440 5,271 28,232 21,323
Income before
income taxes 2,972 1,994 11,203 10,640
Interest Income
TEQ adjustment 215 202 836 606
Provision for
income taxes 813 432 3,558 3,406
Net income 1,944 1,360 6,809 6,628
Average common
shares o\s 11,375,600 9,961,524 10,446,779 9,876,755
Basic EPS 0.17 0.14 0.64 0.66
Diluted EPS 0.16 0.12 0.59 0.61
Average balances:
Loans, net of
unearned income 524,692 460,827 487,492 442,296
Total deposits 614,063 541,071 590,120 529,820
Total assets 732,007 638,765 725,710 621,719
Total Liabilities 650,629 578,746 653,255 566,173
Stockholders'
equity 81,378 60,019 72,455 55,546
Performance
ratios:
Return on
average assets 1.06% 0.85% 0.94% 1.07%
Return on
average equity 9.56% 9.06% 9.40% 11.75%
Efficiency ratio 74.61% 59.05% 68.81% 61.10%
End of Period
balances:
Loans, net of
unearned income 508,552 464,967
Allowance for
credit losses 6,602 6,098
Total deposits 616,952 549,769
Total assets 747,293 650,717
Total Liabilities 664,452 589,285
Stockholders'
equity 82,841 61,432(2)
(1) Tax equivalent basis was calculated using a 34% tax rate for
all periods presented.
(2) Includes $1,539 in equity components previously classified as
Employee Stock Ownership Plan.
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