Benson Financial Corp. reports increased earnings for quarter.SAN ANTONIO--(BUSINESS WIRE)--April 18, 1995--Benson Financial Corporation (NASDAQ/NM:BFCX), holding company for San Antonio's Groos Bank and Kelly Kel·ly , Ellsworth Born 1923. American abstract painter and sculptor whose works are characterized by flat color areas with sharply defined edges. Kelly, Emmett 1898-1979. Field National Bank, today announced net earnings of $2.516 million or 62 cents per common share (based on 3,779,819 weighted average shares outstanding) for the quarter ending March 31, 1995, an increase of 138 percent from the same quarter last year. The announcement was made by R. Tom Roddy Rod´dy a. 1. Full of rods or twigs. 1. Ruddy. , president and chief executive officer. Earnings for the first quarter included $1.55 million of income resulting from a discount related to the redemption The liberation of an estate in real property from a mortgage. Redemption is the process by which land that has been mortgaged or pledged is bought back or reclaimed. It is accomplished through a payment of the debt owed or a fulfillment of the other conditions. of certain preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. . Without the non-recurring income, Benson Benson may mean: Places in England:
"Our first quarter was quite profitable," said Roddy. "Excluding the extraordinary income, BFC's increased earnings reflected both the management efficiencies we have been implementing and improving economic conditions. Both of our banks have continued to participate in the energetic regional business environment, yet our controls have enabled us to reduce our provision for loan losses." The company's book value rose from $7.44 per share on March 31, 1994 to $10.39 per share on March 31, 1995, an increase of 39.65 percent. 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. was $47.421 million at the end of the quarter, compared with $19.628 million on the same date last year, up 141.6 percent. The company's return on average-total-assets was 2.19 percent, up from 0.91 percent, while its return on average-stockholders'-equity was 21.86 percent, up from 21.35 percent on March 31, 1994. The leveraged capital ratio was 10.40 percent compared with 4.31 percent the comparable period last year. Benson Financial Corporation member banks include the three-branch Groos Bank, N.A., the oldest financial institution in Texas, and Kelly Field National Bank, with two branches. -0-
BENSON FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands)
March 31,
1995 1994
-------- --------
ASSETS
Cash and due from banks $ 23,825 $ 34,740
Interest-bearing deposits 449 456
Federal funds sold 16,950 9,525
-------- --------
CASH AND CASH EQUIVALENTS 41,224 44,721
Investment securities:
Available-for-sale 37,778 72,483
Held-to-maturity 60,528 29,227
Loans 283,602 265,059
Less allowance for loan losses (3,623) (4,266)
-------- --------
NET LOANS 279,979 260,793
Premises and equipment 29,639 30,526
Other real estate owned 3,808 5,070
Accrued interest receivable 2,551 2,242
Deferred income taxes 1,855 3,300
Other assets 2,056 2,222
-------- --------
TOTAL ASSETS $459,418 $450,584
======== ========
LIABILITIES
Deposits:
Noninterest-bearing $ 97,455 $ 89,217
Interest-bearing 309,185 311,473
-------- --------
406,640 400,690
Notes payable 2,250 19,100
Subordinated debt 6,000
Other borrowed funds 619 1,249
Accrued interest payable 645 2,065
Other liabilities 1,843 1,852
-------- --------
TOTAL LIABILITIES 411,997 430,956
STOCKHOLDERS' EQUITY
Preferred Stock 8,717 4,740
Common Stock 372 200
Surplus 37,658 20,306
Accumulated earnings (deficit) 1,169 (5,661)
Unrealized appreciation (depreciation) on
investment securities available-for-sale (495) 43
-------- --------
TOTAL STOCKHOLDERS' EQUITY 47,421 19,628
-------- --------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $459,418 $450,584
======== ========
BENSON FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF EARNINGS
Three Months Ended
March 31,
(Dollars in thousands, except per
share data) 1995 1994
--------- ---------
Interest income $ 7,746 $ 7,197
Interest expense 2,579 2,503
--------- ---------
Net interest income 5,167 4,694
Provision for loan losses 150 230
--------- ---------
Net interest income after provision
for loan losses 5,017 4,464
Noninterest income
Service charges on deposit accounts 1,071 1,085
Trust fees 244 288
Investment securities gains 64 285
Other operating income 541 449
--------- ---------
Total noninterest income 1,920 2,107
Noninterest expenses
Salaries, wages, and benefits 2,276 2,236
Occupancy expenses 236 370
Equipment expenses 296 267
Credit card processing 82 79
Data processing expense 357 396
FDIC and Comptroller's assessments 258 275
Legal and professional fees 235 257
Office expenses 364 384
Other real estate operations, net 261 207
Other expenses 683 816
--------- ---------
Total noninterest expenses 5,048 5,287
--------- ---------
Earnings before income taxes
and extraordinary item 1,889 1,284
Income taxes (credits) 528 228
--------- ---------
Income before extraordinary item 1,361 1,056
Discount on redemption of preferred
stock, net 1,155 0
--------- ---------
Net Earnings $ 2,516 $ 1,056
========= =========
Earnings per common share:
Before extraordinary item $ 0.32 $ 0.53
Extraordinary item 0.30 0.00
--------- ---------
Earnings per share $ 0.62 $ 0.53
========= =========
Weighted average number of common
and common equivalent shares outstanding 3,779,819 1,998,262
========= =========
BENSON FINANCIAL CORPORATION
FINANCIAL HIGHLIGHTS
Three months ended March 31,
(Dollars in thousands, except 1995 1994 %Change
per share data) ---------- ---------- -------
Operating Results
Net interest income $ 5,167 $ 4,694 10.08 %
Provision for loan losses 150 230 (34.78)
Noninterest income 1,920 2,107 (8.88)
Noninterest expenses 5,048 5,287 (4.52)
Income tax expense 528 228 131.58
Income before extraordinary
item 1,361 1,056 28.88
Discount on redemption
of preferred stock 1,155 0 100.00
Net income 2,516 1,056 138.26
Common Share Data
Shares used in E.P.S
computation 3,779,819 1,998,262
Net income before
extraordinary item $ 0.32 $ 0.53 (39.62)%
Net income 0.62 0.53 16.98
Book value 10.39 7.44 39.65
End of Period Balances
Loans $ 279,979 $ 260,792 7.36 %
Deposits 406,640 400,690 1.48
Stockholders' equity 47,421 19,628 141.60
Total assets 459,418 450,584 1.96
Nonperforming assets 6,524 8,363 (21.99)
Average Balances
Loans $ 282,343 $ 257,684 9.57 %
Deposits 402,381 411,839 (2.30)
Stockholders' equity 46,028 19,778 132.72
Total assets 458,919 462,713 (0.82)
Total earning assets 390,624 380,454 2.67
Financial Ratios
Return on average
total assets 2.19% 0.91%
Return on average
stockholders' equity 21.86 21.35
Net interest margin 5.29 4.94
Stockholders' equity to
total assets 10.32 4.36
Leverage capital ratio 10.40 4.31
-0- CONTACT: Benson Financial Corp. Shirley Shir·ley , William 1694-1771. British colonial administrator who was governor of Massachusetts (1741-1749 and 1753-1756) and commanded British forces in the French and Indian War. Yoakum, 210/681-5100 Ron Noun 1. Ron - a Chadic language spoken in northern Nigeria Bokkos, Daffo West Chadic - a group of Chadic languages spoken in northern Nigeria; Hausa in the most important member Gossen, 210/340-5000 |
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