Big state banks post upbeat results; SecPac's last quarter a major loser.With the exception of Security Pacific which reported a $486 million loss for its last quarter of independent existence, first-quarter earnings for large California banks, such as Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. , were higher than predicted, analysts said. "The ones we have seen so far have been getting better than expected earnings," said Campbell Chaney, a bank analyst at Sutro & Co. in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . He placed Bank of America, Wells Fargo Wells Fargo armored carriers of bullion. [Am. Hist.: Brewer Dictionary, 1147] See : Protectiveness Wells Fargo company that handled express service to western states; often robbed. [Am. Hist. and City National in the "better than expected" category, noting that non-performing assets were down at City National. Chaney said the first-quarter results are "encouraging." But he added, "I wouldn't call it positive" because banks are still battling real estate loan problems. First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the , which lost $288 million last year, reported earnings of $60.6 million or 73 cents a share for first-quarter 1992. A year earlier, the Los Angeles-based banking firm reported earning $59.6 million or 81 cents a share. First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. Chairman and Chief Executive Officer Edward M. Carson said non-performing assets were reduced by $100 million and operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. were down $85 million in the latest quarter compared to fourth-quarter 1991. In its last-ever quarterly statement before merging with BankAmerica Corp., Los Angeles-based Security Pacific Bancorp posted a loss of $486 million or $3.93 a share compared to a year-earlier profit of $96.5 million or 71 cents a share. Security Pacific Chairman Robert Smith Robert Smith, Bob Smith or Bobby Smith may refer to: Business
BankAmerica, meanwhile, reported first-quarter earnings of $303 million or $1.22 a share, compared to $282 million or $1.25 a share in the same 1991 period. Per-share earnings dipped as net rose because of a 3 percent increase in the number of shares outstanding since last year. Ted Paluszek, an analyst with New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of investment firm Kidder Peabody, noted Bank of America "came through with a surprisingly good quarter," and said that total problem assets for the bank were up just marginally. Wells Fargo & Co. reported first-quarter earnings of $119 million or $2.09 a share, down 21.7 percent from the previous year's $152 million or $2.86 a share. Carl E. Reichardt, chairman and chief executive officer, attributed the decline to the fact that the San Francisco-based bank took a loan-loss provision of $215 million, as compared to $85 million a year earlier. But the company noted that Wells had performed better than some Wall Street analysts had predicted, and obviously better compared to fourth-quarter 1991's loss of $231 million. Beverly Hills-based City National Corp. reported first-quarter earnings of $4.7 million or 14 cents a share, compared to $5 million or 15 cents a share the year before. Bram Goldsmith, chairman and chief executive officer, noted that loan-loss provisions were down "significantly" to $4.5 million in the latest quarter from $16 million a year earlier. Savings and loans savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. also reported mixed results. Giant thrifts Great Western Corp. and H.F. Ahmanson & Co. both reported improved earnings, but in both cases, the increases were partially attributable to accounting changes, the companies reported. Irwindale-based Ahmanson, parent company of Home Savings of America, reported first-quarter earnings of $70.7 million or 57 cents a share, compared to $55.8 million or 48 cents a share the year before. However, real earnings before the cumulative effect of the accounting change were $22.9 million, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. the company statement. Beverly Hills-based Great Western reported earnings of $81.6 million or 60 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. in the first quarter, compared with $69.2 million or 54 cents a share a year earlier. However, earnings before accounting changes amounted to $50.5 million, the company reported. Los Angeles-based Coast Savings Financial Inc. reported first-quarter net earnings of $13.8 million or 84 cents a share, compared to $2.9 million or 19 cents a share a year earlier. Glendale-based Glenfed Inc. reported a loss of $106.7 million for its fiscal third quarter ended March 31, compared to earnings of $1.4 million or 4 cents a share a year earlier. |
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