Printer Friendly

CORRECTION TO SHAWMUT NATIONAL REPORTS SECOND QUARTER EARNINGS

 /C O R R E C T I O N -- SHAWMUT NATIONAL/
 In NE008, Shawmut National Reports Second Quarter Earnings,


we are advised by the company that all financial table information was incorrectly reported, as it was from the previous quarter ended March 1992. Following are the corrected tables for the quarter ended June 30, 1992.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions, except per share data)
 QUARTER ENDED
 JUN 92 MAR 92 DEC 91 SEP 91 JUN 91
 EARNINGS
 Net income (loss) $8.6 $43.3 $2.4 $2.3 $(58.7)
 Preferred dividend .6 .5 .6 .6 .6
 Net income (loss)
 applicable to
 common shares $8.0 $42.8 $1.8 $1.7 $(59.3)
 COMMON SHARE DATA
 Earnings (loss)
 per share $.09 $.58 $.02 $.02 $(.81)
 Book value per share 13.90 14.26 13.62 13.62 13.54
 Average shares 88.8 73.9 73.8 73.7 73.7
 End of period shares 91.3 74.0 73.8 73.8 73.7
 AVERAGE BALANCES
 Loans $13,595 $13,830 $13,863 $13,928 $14,261
 Interest-earning
 assets 19,944 19,715 19,921 19,893 20,340
 Total assets 22,035 21,736 21,968 22,072 22,610
 Core deposits 15,241 14,985 15,167 15,496 15,857
 Interest-bearing
 liabilities 16,696 16,760 17,084 17,111 17,432
 Common equity 1,221 1,071 1,017 1,013 1,042
 Total equity 1,256 1,106 1,052 1,048 1,077
 END OF PERIOD BALANCES
 Total asset $22,639 $22,692 $22,816 $22,846 $22,766
 Core deposits 15,352 15,172 15,735 15,707 15,983
 Common equity 1,269 1,055 1,005 1,005 998
 Total equity 1,304 1,090 1,040 1,040 1,033
 Tier 1 capital-(a) 1,190 974 923 921 913
 Total capital-(a) 1,836 1,659 1,646 1,668 1,593
 RATIOS
 Net income (loss) to:
 Avg. total assets .16pct .80pct .04pct .04pct (1.04)pct
 Average total share-
 holders' equity 2.75 15.76 .92 .88 (21.87)
 Net income (loss)
 applicable to common
 stock to average common
 shareholders' equity 2.65 16.08 .74 .68 (22.82)
 Average total share-
 holders' equity to
 avg. total assets 5.71 5.09 4.79 4.75 4.77
 Risk-based capital ratios:
 Tier 1-(a) 7.26 5.72 5.49 5.49 5.36
 Total capital-(a) 11.19 9.74 9.79 9.94 9.34
 Leverage ratio 5.43 4.50 4.22 4.19 4.06
 Net interest margin
 (tax-equivalent basis) 4.10 4.02 3.89 3.86 3.71
 NOTE: (a)-Based on 1992 rules and June 1992 data are preliminary.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions, except per share data)
 Six Months Ended
 JUN 92 JUN 91
 EARNINGS
 Net income (loss) $51.9 $(175.4)
 Preferred dividend 1.1 1.2
 Net income (loss)
 applicable to
 common shares $50.8 $(176.6)
 COMMON SHARE DATA
 Earnings (loss) per share 63 cents $(2.40)
 Book value perare 13.90 13.54
 Average shares 81.4 73.7
 End of period shares 91.3 73.7
 AVERAGE BALANCES
 Loans $ 13,713 $14,536
 Interest-earning
 assets 19,830 20,434
 Total assets 21,880 22,762
 Core deposits 15,113 16,097
 Interest-bearing
 liabilities 16,728 17,492
 Common equity 1,140 1,100
 Total equity 1,175 1,135
 END OF PERIOD BALANCES
 Total assets $ 22,639 $22,766
 Core deposits 15,352 15,983
 Common equity 1,269 998
 Total equity 1,304 1,033
 Tier 1 capital-(a) 1,190 913
 Total capital-(a) 1,836 1,593
 RATIOS
 Net income (loss) to:
 Average total assets .48 pct (1.55) pct
 Average total share-
 holders' equity 8.88 (31.16)
 Net income (loss)
 applicable to common
 stock to average common
 shareholders' equity 8.97 (32.36)
 Average total share-
 holders' equity to
 average total assets 5.37 4.99
 Risk-based capital ratios:
 Tier 1-(a) 7.26 5.36
 Total capital-(a) 11.19 9.34
 Leverage ratio 5.43 4.06
 Net interest margin
 (tax-equivalent basis) 4.06 3.66
 NOTE: (a)-Based on 1992 rules and June 1992 data are preliminary.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions)
 QUARTER ENDED
 JUN 92 MAR 92 DEC 91 SEP 91 JUN 91
 INTEREST INCOME
 AND EXPENSES
 Tax-equivalent
 interest and
 dividend income $388.1 $400.3 $432.6 $456.8 $466.4
 Interest expense 184.9 203.3 237.4 263.3 278.2
 Tax-equivalent net
 interest income 203.2 197.0 195.2 193.5 188.2
 Tax-equivalent
 adjustment 3.9 4.2 5.0 5.4 5.9
 Net interest income 199.3 192.8 190.2 188.1 182.3
 Provision for
 loan losses 48.7 68.5 73.8 57.0 101.6
 Net interest income
 after provision
 for loan losses 150.6 124.3 116.4 131.1 80.7
 NONINTEREST INCOME
 Customer service
 fees 38.6 39.1 36.0 37.4 38.8
 Trust and agency fees 30.5 29.5 29.1 29.9 30.6
 Investment securities
 gains 68.4 58.0 15.7 2.5
 Loan servicing 7.5 4.2 6.4 7.0 10.8
 Trading account
 profits 1.9 1.4 1.8 2.2 1.6
 Other 30.6 27.8 17.7 15.2 14.4
 Total 109.1 170.4 149.0 107.4 98.7
 NONINTEREST EXPENSES
 Compensation 91.2 89.3 90.8 91.4 89.4
 Employee benefits 16.8 16.9 14.6 15.3 16.4
 Occupancy 24.6 25.7 18.7 23.4 25.5
 Equipment 15.2 14.9 17.2 14.6 15.5
 Communication 10.2 11.0 10.4 10.5 11.3
 Foreclosed properties:
 Provision 26.2 30.8 36.6 15.0 13.3
 Expenses 7.7 7.2 9.1 7.1 7.7
 Other 55.9 54.5 65.1 58.4 58.7
 Total 250.8 250.3 262.5 235.7 237.8
 Income taxes 2.5 11.1 .5 .5 .3
 Extraordinary credit 2.2 10.0
 Net income (loss) $8.6 $43.3 $2.4 $2.3 $(58.7)
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions)
 Six Months Ended
 JUN 92 JUN 91
 INTEREST INCOME AND EXPENSES
 Tax-equivalent
 interest and
 dividend income $ 788.5 $ 947.2
 Interest expense 388.2 575.9
 Tax-equivalent net
 interest income 400.3 371.3
 Tax-equivalent
 adjustment 8.2 12.3
 Net interest income 392.1 359.0
 Provision for
 loan losses 117.2 335.6
 Net interest income
 after provision
 for loan losses 274.9 23.4
 NONINTEREST INCOME
 Customer service fees 77.7 78.2
 Trust and agency fees 60.1 61.6
 Investment securities
 gains 68.4 4.4
 Loan servicing 11.7 20.4
 Trading account profits 3.3 3.0
 Other 58.3 105.6
 Total 279.5 273.2
 NONINTEREST EXPENSES
 Compensation 180.6 182.1
 Employee benefits 33.7 32.1
 Occupancy 50.3 52.0
 Equipment 30.1 31.1
 Communication 21.3 22.7
 Foreclosed properties:
 Provision 60.0 25.5
 Expenses 14.9 16.7
 Other 110.2 109.3
 Total 501.1 471.5
 Income taxes 13.6 .5
 Extraordinary credit 12.2
 Net income (loss) $51.9 $(175.4)
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions)
 QUARTER ENDED
 MAR 92 DEC 91 SEP 91 JUN 91 MAR 91
 LOANS BY TYPE
 Commercial/
 industrial $5,131.6 $5,226.6 $4,890.8 $4,692.0 $4,955.7
 Owner-occupied
 commercial real
 estate 1,671.6 1,730.8 1,794.1 1,854.2 1,861.2
 Real estate investor/
 developer:
 Construction/ other 497.4 555.9 593.1 694.1 745.0
 Commercial mortgage 1,427.4 1,467.0 1,563.5 1,599.3 1,723.8
 Consumer:
 Residential
 mortgage 3,154.6 2,998.6 3,104.0 2,794.2 2,810.9
 Home equity 1,110.6 1,069.1 1,203.7 1,212.6 1,184.2
 Installment/other 573.2 958.6 1,142.3 1,150.0 1,163.9
 Foreign 8.4 8.5 9.2 9.9 10.7
 Total $13,574.8 $14,015.1 $14,300.7 $14,006.3 $14,455.4
 NONACCRUING LOANS
 BY TYPE -(a)
 Commercial/industrial $220.1 $222.3 $222.3 $245.9 $307.6
 Owner-occupied commercial
 real estate 169.2 166.0 182.2 182.6 191.5
 Real estate/investor
 developer:
 Construction and other 128.1 164.2 159.6 231.6 257.9
 Commercial mortgage 239.6 245.5 281.3 276.4 304.3
 Consumer:
 Residential mortgage 144.3 145.5 141.9 144.8 144.8
 Home equity 8.9 11.3 13.4 13.3 13.6
 Installment/other 13.5 19.7 34.1 32.0 36.4
 Foreign 2.5 2.7 2.7 3.3 3.4
 Total $ 926.2 $977.2 $1,037.5 $1,129.9 $1,259.5
 FORECLOSED PROPERTIES
 BY TYPE-(a)
 Real estate investor/
 developer $360.3 $345.5 $315.6 $305.2 $299.1
 Residential mortgage 40.5 45.5 45.3 49.1 47.1
 Total $400.8 $391.0 $360.9 $354.3 $346.2
 NOTE: (a)-June 1992 data are preliminary.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (In millions)
 QUARTER ENDED
 JUN 92 MAR 92 DEC 91 SEP 91 JUN 91
 ASSET QUALITY -(a)
 Nonaccruing loans:
 Less than 90 days
 past due $381.6 $325.2 $261.9 $295.5 $340.1
 More than 90 days
 past due 544.6 652.0 775.6 834.4 919.4
 Total nonaccruing
 loans 926.2 977.2 1,037.5 1,129.9 1,259.5
 Foreclosed
 properties 400.8 391.0 360.9 354.3 346.2
 Total nonaccruing
 loans and foreclosed
 properties $1,327.0 $1,368.2 $1,398.4 $1,484.2 $1,605.7
 Restructured loans $118.9 $107.5 $98.5 $79.2 $49.4
 Accruing loans past
 due 90 days or more 59.8 65.8 82.5 74.4 67.7
 RESERVE FOR LOAN LOSSES
 Beginning balance $985.0 $1,000.0 $1,007.0 $1,035.1 $1,035.1
 Provision 48.7 68.5 73.8 57.0 101.6
 Loan charge-offs (89.9) (93.3) (98.2) (94.0) (108.9)
 Recoveries 11.2 9.8 17.4 8.9 7.3
 Net charge-offs (78.7) (83.5) (80.8) (85.1) (101.6)
 Ending balance $ 955.0 $ 985.0 $1,000.0 $1,007.0 $1,035.1
 Net charge-offs to
 avg. loans outstanding
 (annualized) 2.32pct 2.42pct 2.33pct 2.44pct 2.85pct
 Reserve for loan losses
 to loans
 outstanding 7.04 7.03 6.99 7.19 7.16
 Reserve for loan losses
 to annualized net
 charge-offs 3.03X 2.95X 3.09X 2.96X 2.55X
 NOTE (a)-June 1992 data are prelminary.
 ---
 CONTACT: Robert L. Guenther (press contact), 203-240-1267, or Thomas Theurkauf (investor contact), 203-728-4872, of Shawmut.
 -0- 7/16/92 C NE008


CO: Shawmut National Corporation ST: Connecticut, Massachusetts IN: FIN SU: ERN

SH -- NE008A -- 9746 07/16/92 12:31 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1992
Words:1899
Previous Article:NEWLY PUBLIC VALENCE TECHNOLOGY ANNOUNCES FIRST SHIPMENTS OF LITHIUM POLYMER BATTERY TO DELCO REMY
Next Article:CATERPILLAR REPORTS SECOND QUARTER 1992 FINANCIAL RESULTS
Topics:


Related Articles
SHAWMUT NATIONAL REPORTS SECOND QUARTER EARNINGS OF $8.6 MILLION, OR 9 CENTS PER COMMON SHARE; CORE EARNINGS ROSE, ASSET QUALITY IMPROVED
SHAWMUT NATIONAL CORPORATION REPORTS PROBLEM ASSETS FELL $259 MILLION, OR 20 PERCENT, IN THIRD QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS SECOND QUARTER NET INCOME OF $56.3 MILLION, OR $.56 PER COMMON SHARE
SHAWMUT NATIONAL SENIOR DEBT RAISED TO 'BBB-', OFF FITCHALERT -- FITCH FINANCIAL WIRE --
SHAWMUT NATIONAL CORPORATION EXPECTED TO REPORT NET INCOME OF APPROXIMATELY $70 MILLION IN THE THIRD QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS RECORD QUARTERLY EARNINGS OF $71.1 MILLION OF NET INCOME, OR 72 CENTS PER COMMON SHARE
SHAWMUT NATIONAL CORPORATION REPORTS FIRST QUARTER NET INCOME OF $66.8 MILLION, OR $.66 PER COMMON SHARE; MORE THAN DOUBLE 1993 FIRST QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS THIRD QUARTER NET INCOME OF $85.3 MILLION, OR $.68 PER COMMON SHARE
NORTHEAST FEDERAL CORP. REPORTS YEAR-END RESULTS; UPDATES STATUS OF ITS ACQUISITION BY SHAWMUT NATIONAL CORP.
FIRST AND FINAL ADD -- SHAWMUT

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