Printer Friendly

CENTRAL FIDELITY REPORTS 19TH CONSECUTIVE YEAR OF INCREASED EARNINGS

 RICHMOND, Va., Jan. 18 /PRNewswire/ -- Central Fidelity Banks, Inc. (NASDAQ-NMS: CFBS) reported record earnings for 1993, its nineteenth consecutive year of increased earnings.
 Net income for 1993 was $102,917,000, an increase of 31.1% over earnings of $78,516,000 in the prior year. Net income per share grew to $2.66 from $2.25 in 1992, representing an increase of 18.2% on a higher number of average shares outstanding.
 For the fourth quarter of 1993, net income rose 15.9% to $25,732,000 compared with earnings of $22,204,000 for the same 1992 period. Net income per share for the quarter was $.66, an increase of 13.8% versus $.58 in 1992.
 Total assets as of December 31, 1993 were $9,662,284,000, having grown 10.9% over the prior year-end level. Total loans increased 21.7% to $4,812,509,000 with first mortgage real estate loans, other consumer loans, and commercial loan growth accounting for the strong loan volume gains. Total deposits were virtually unchanged due to a substantially lower growth in retail certificates of deposit and lower levels of certificates of deposit in excess of $100,000. Shareholders' equity at December 31, 1993 was $680,284,000 excluding the addition of $45,853,000 representing the unrealized gains on securities available for sale subject to FAS 115. The book value per share of common stock was $17.43 versus $15.66 at the end of 1992.
 Central Fidelity's return on average total assets of 1.16% in 1993 increased from 1.06% for the prior year while the return on average shareholders' equity of 15.91% was up from 15.60% the previous year.
 On a tax-equivalent basis, net interest income increased 9.3% for the year to $333,914,000. The net interest margin for 1993 decreased to 3.98%, compared with 4.40% for 1992.
 Excluding securities trading transactions, noninterest income for 1993 increased 14.1% to $71,428,000. Noninterest expenses for 1993 increased 11.2%, primarily reflecting higher personnel, FDIC and other real estate expense. Included in the fourth quarter 1993 personnel cost was a $4 million non recurring charge relating to certain post employment benefits.
 Net loan charge-offs for the year were $76,309,000 or 1.80% of average loans outstanding compared with $58,957,000 or 1.58% of average loans for 1992.
 Nonperforming assets as of December 31, 1993 were $132,095,000 or 1.37% of total assets compared to $135,194,000 or 1.48% at the end of third quarter and $112,302,000 or 1.29% a year ago.
 Commenting on the bank's performance, Carroll L. Saine, Chairman of the Board, said, "Our primary business strategy for the fourth quarter 1993, and all of 1994, was and continues to be a strong emphasis on total loan portfolio growth. We are very pleased with our results to date, and while we do not anticipate loan growth to continue at its current pace, we are confident that the momentum is in place for continued strong loan growth for 1994 in all sectors of the loan portfolio."
 Central Fidelity Banks, Inc. is a Richmond, Virginia based bank holding company with 230 branch offices throughout the state.
 -0- 1/18/94
 /CONTACT: Lewis N. Miller Jr., president, 804-697-6742, or Charles W. Tysinger, chief financial officer, 804-697-7038, both of Central Fidelity Banks/
 (CFBS)


CO: Central Fidelity Banks, Inc. ST: Virginia IN: FIN SU: ERN

DC-KW -- DC007 -- 2666 01/18/94 10:53 EST
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 18, 1994
Words:590
Previous Article:NOSTALGIA ANNOUNCES NEW PRESIDENT, $8.3 MILLION LONG TERM DEBT REDUCTION AND ISSUANCE OF 4.6 MILLION COMMON SHARES
Next Article:POLYDEX REPORTS IMPROVED SALES PERFORMANCE FOR FISCAL THIRD QUARTER AND FIRST NINE MONTHS
Topics:

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters