Citizens Banking Corp. reports first quarter 1996 earnings.FLINT flint, mineral flint, variety of quartz that commonly occurs in rounded nodules and whose crystal structure is not visible to the naked eye. Flint is dark gray, smoky brown, or black in color; pale gray flint is called chert. , Mich.--(BUSINESS WIRE)--April 11, 1996--Citizens Banking Corp. earned net income of $8,741,000 for the three months ended March 31, 1996, up 18.4 percent from the first quarter of 1995. Fully 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 amounted to 60 cents, up 17.6 percent from the first quarter of 1995. Returns on average equity and average assets during the first quarter of 1996 were 11.78 percent and 1.02 percent, respectively, compared with 11.40 percent and 1.03 percent, respectively, in the first quarter of 1995. Citizens completed its acquisition of the four Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). banking subsidiaries of Banc One Corp. on Feb. 28, 1995. The transaction was accounted for as a purchase and, accordingly, Citizens' financial statements include the results of operations for those banks only since the date of acquisition. 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 at March 31, 1996 amounted to $3.508 billion, an increase of 1.3 percent from Dec. 31, 1995. Total loans were $2.487 billion at March 31, 1996, up 2.4 percent from year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995. Total deposits stood at $2.916 billion as of March 31, 1996, an increase of 1.8 percent from the end of 1995. Total shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. was $300.1 million, compared with $297.2 million as of year-end 1995. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. amounted to 0.58 percent of total assets at March 31, 1996, down from 0.61 percent at year-end 1995. Net loans charged-off as a percentage of average loans were 0.28 percent during the first quarter of 1996, compared with 0.18 percent in the fourth quarter of 1995. Citizens Banking Corp. is a diversified financial The diversified financial services segment includes a range of consumer and commercially-oriented companies offering a wide variety of products and services, including various lending products (such as home equity loans and credit cards), insurance, and securities and investment services company providing a full range of commercial, consumer, mortgage banking, trust and financial planning Financial planning Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against services to a broad customer base. With a long-standing long-stand·ing adj. Of long duration or existence: a long-standing friendship. long-standing Adjective existing for a long time tradition of community banking, Citizens serves markets throughout Michigan and suburban Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. through 92 offices. Citizens' common stock trades on the Nasdaq National Market tier of The Nasdaq Stock Market Nasdaq stock market The first electronic stock market listing over 5000 companies. The Nasdaq stock market comprises two separate markets, namely the Nasdaq National Market, which trades large, active securities and the Nasdaq Smallcap Market that trades emerging growth companies. under the symbol: CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility (newspaper symbol CitzBkg). -0- Financial Summary and Comparison Citizens Banking Corp. and Subsidiaries
Three Months Ended
March 31,
______________________________
1996 1995 % Change
___________________________________________________________________
Summary of Operations
(thousands)
Interest income $62,969 $51,821 21.5%
Interest expense 27,724 20,268 36.8
Net interest income 35,245 31,553 11.7
Provision for loan losses 1,771 1,420 24.7
Net interest income after
provision for loan losses 33,474 30,133 11.1
Investment securities gains 52 91 (42.9)
Noninterest income 9,488 7,971 19.0
Noninterest expense 30,824 28,080 9.8
Income taxes 3,449 2,731 26.3
Net income 8,741 7,384 18.4
____________________________________________________________________
At Period End (millions)
Total assets $3,508 $3,385 3.6%
Total earning assets 3,209 3,092 3.8
Total loans 2,487 2,348 5.9
Total deposits 2,916 2,807 3.9
Total shareholders' equity 300 270 11.1
____________________________________________________________________
Average Balances (millions)
Total assets $3,447 $2,914 18.3%
Total earning assets 3,168 2,669 18.7
Total loans 2,448 1,998 22.5
Total deposits 2,848 2,424 17.5
Total shareholders' equity 298 263 13.3
Shareholders' equity/assets 8.66% 9.03% (4.1)
____________________________________________________________________
Per Common Share Data
Net Income:
Primary $0.60 $0.51 17.6%
Fully diluted 0.60 0.51 17.6
Dividends 0.23 0.21 9.5
Market value: High $31.50 $27.00 16.7 Low 28.50 24.94 14.3 Close 30.50 26.50 15.1 Book value 20.85 19.06 9.4 Shares outstanding, end of period (000) 14,395 14,146 1.8 ____________________________________________________________________ Performance Ratios (annualized) Net interest margin (FTE) 4.65% 4.95% (6.1)% Return on average assets 1.02 1.03 (1.0) Return on average shareholders' equity 11.78 11.40 3.3 Net loans charged off as a percent of average loans 0.28 0.09 211.1 ____________________________________________________________________ Selected Quarterly Information Citizens Banking Corp. and Subsidiaries ____________________________________________________________________
1st Qtr 4th Qtr 3rd Qtr 2nd Qtr 1st Qtr
1996 1995 1995 1995 1995
____________________________________________________________________
Summary of Operations
(thousands)
Interest income $62,969 $63,752 $62,779 $62,248 $51,821
Interest expense 27,724 28,216 27,734 26,887 20,268
Net interest income 35,245 35,536 35,045 35,361 31,553
Provision for loan
losses 1,771 1,937 1,504 1,580 1,420
Net interest income
after provision for
loan losses 33,474 33,599 33,541 33,781 30,133
Investment securities
gains 52 79 15 13 91
Noninterest income 9,488 9,790 9,586 8,889 7,971
Noninterest expense 30,824 29,952 30,587 32,468 28,080
Income taxes 3,449 3,757 3,571 2,746 2,731
Net income 8,741 9,759 8,984 7,469 7,384
____________________________________________________________________
At Period End (millions)
Total assets $3,508 $3,464 $3,402 $3,436 $3,385
Total earning assets 3,209 3,149 3,116 3,093 3,092
Total loans 2,487 2,429 2,424 2,386 2,348
Total deposits 2,916 2,865 2,771 2,816 2,807
Total shareholders' equity 300 297 287 279 270
____________________________________________________________________
Average Balances (millions)
Total assets $3,447 $3,428 $3,392 $3,378 $2,914
Total earning assets 3,168 3,142 3,103 3,091 2,669
Total loans 2,448 2,431 2,409 2,365 1,998
Total deposits 2,848 2,812 2,780 2,788 2,424
Total shareholders'
equity 298 291 282 275 263
Shareholders' equity/
assets 8.66% 8.48% 8.31% 8.14% 9.03%
____________________________________________________________________
Credit Quality Statistics
(thousands)
Nonaccrual loans $17,791 $18,624 $22,450 $21,057 $18,676
Loans 90 or more days
past due and still
accruing 517 432 109 479 1,354
Restructured loans 502 494 527 560 394
_______ _______ _______ _______ _______
Total nonperforming
loans 18,810 19,550 23,086 22,096 20,424
Other real estate owned 1,532 1,568 1,980 1,890 3,175
_______ _______ _______ _______ _______
Total nonperforming
assets $20,342 $21,118 $25,066 $23,986 $23,599
_______ _______ _______ _______ _______
_______ _______ _______ _______ _______
Allowance for loan losses ratio 1.40% 1.43% 1.40% 1.42% 1.40% Allowance for loan losses as a percent of nonperforming assets 171.27 164.65 135.24 141.30 139.48 Allowance for loan losses as a percent of nonperforming loans 185.23 177.86 146.84 153.39 161.16 Nonperforming assets as a percent of total loans plus OREO 0.82 0.87 1.03 1.00 1.00 Nonperforming assets as a percent of total assets 0.58 0.61 0.74 0.70 0.70 Net loans charged off as a percent of average loans (annualized) 0.28 0.18 0.25 0.10 0.09 ____________________________________________________________________ Per Common Share Data Net Income: Primary $0.60 $0.67 $0.62 $0.51 $0.51 Fully diluted 0.60 0.67 0.61 0.51 0.51 Dividends 0.23 0.23 0.23 0.23 0.21 Market value: High $31.50 $32.50 $33.25 $31.00 $27.00 Low 28.50 29.00 29.25 25.25 24.94 Close 30.50 29.75 30.38 29.75 26.50 Book value 20.85 20.73 20.08 19.69 19.06 Shares outstanding, end of period (000) 14,395 14,334 14,276 14,189 14,146 ____________________________________________________________________ Performance Ratios (annualized) Net interest margin (FTE) 4.65% 4.70% 4.70% 4.77% 4.95% Return on average assets 1.02 1.13 1.05 0.89 1.03 Return on average shareholders' equity 11.78 13.32 12.66 10.89 11.40 ____________________________________________________________________ CONTACT: Citizens Banking Corp., Flint John W. Ennest, 810/257-2557 |
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