Citizens Banking Corp. reports fourth quarter and full year 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)--Jan. 13, 1995--Citizens Banking Corp. earned net income of $8,234,000 for the quarter ended Dec. 31, 1994 compared with $7,185,000 in the fourth quarter of 1993, an increase of $1,049,000 or 14.6 percent. Fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. net income per share was 56 cents compared with 49 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. for the fourth quarter of 1993, an increase of 14.3 percent. For the year 1994, net income was $29,414,000 or $2.03 per fully diluted share compared with $25,770,000 or $1.87 per fully diluted share for 1993. Return on average assets was 1.09 percent compared with 1.02 percent a year ago. Return on equity was 11.46 percent up from 11.15 percent. Charles Charles, archduke of Austria Charles, 1771–1847, archduke of Austria; brother of Holy Roman Emperor Francis II. Despite his epilepsy, he was the ablest Austrian commander in the French Revolutionary and Napoleonic wars; however, he was handicapped by R. Weeks, chairman and chief executive officer, stated that the increase in net income for the year reflects increases in net interest income and noninterest income, and a reduction in the provision for loan losses that were offset, in part, by higher noninterest expense. Net interest income was $14,066,000 higher than last year due to higher levels of earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and a higher net interest margin. Net interest margin was 4.99 percent, up from 4.74 percent in 1993. Noninterest income was $33,697,000, up $3,245,000 or 10.7 percent from 1993. Noninterest expense was $107,245,000 up $9,977,000 or 10.3 percent from 1993. The ratio of net loans charged off to average loans was 0.17 percent, down from 0.25 percent in 1993. 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. were 1.16 percent of total loans and other real estate owned Real Estate Owned Property owned by a lender - usually a bank - after an unsuccessful sale at a foreclosure auction. This is common because most of the properties up for sale at these auctions are worth less than the total amount owed to the bank: the minimum bid in most , down from 1.33 percent a year ago. Both of these ratios are well below industry averages and indicative indicative: see mood. of the quality of Citizens' loan portfolio. The provision for loan losses was $5,303,000, down $294,000 from $5,597,000 a year ago and the allowance for loan losses was 1.36 percent of total loans, up from 1.27 percent in 1993. At Dec. 31, 1994, total assets were $2,703,823,000, down 0.4 percent from $2,714,112,000 at Dec. 31, 1993. Total loans and leases increased 2.0 percent to $1,816,221,000 from $1,780,180,000 while deposits increased 0.2 percent to $2,252,318,000 from $2,246,750,000. 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. totaled $258,730,000 or $18.31 per share compared with $255,163,000 or $18.08 per share a year ago. On Sept. 8, 1994, Citizens announced an agreement to acquire the stock of the four affiliate Affiliate Relationship between two companies when one company owns substantial interest, but less than a majority of the voting stock of another company, or when two companies are both subsidiaries of a third company. See: Subsidiaries, parent company. banks of Banc One Corp. in East Lansing East Lansing, city (1990 pop. 50,677), Ingham co., S central Mich., a suburb of Lansing, on the Red Cedar River; inc. 1907. The city was first known as College Park, but was renamed when it was incorporated. , Fenton Placenames Fenton is the name of the following places: England
Ypsilanti or Hypsilanti (both: ĭp'sĭlăn`tē), prominent Greek family of Phanariots (see under Phanar). An early distinguished member, Alexander Ypsilanti, c. , Mich., in a cash transaction for $115 million. The four banks have a combined asset base of $670 million and operate 20 branches. The transaction, which is subject to approval by regulatory authorities Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities , is expected to be completed in the first quarter of 1995. Citizens Banking Corp. is the sixth largest commercial bank holding company headquartered in 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). and is the parent of seven commercial banks. They are: Citizens Commercial & Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. of Flint, Second National Bank of Saginaw Saginaw, city, United States Saginaw (săg`ĭnô), city (1990 pop. 69,512), seat of Saginaw co., S Mich., on the Saginaw River, 15 mi (24 km) from its mouth on Saginaw Bay (an inlet of Lake Huron); settled 1816, inc. 1857. , National Bank of Royal Oak, Second National Bank of Bay City, State Bank of Standish, Grayling grayling, common name for a brilliantly colored fish belonging to the genus Thymallus, of the family Salmonidae (salmon family), and closely allied to the smelt. Graylings are found chiefly in clear, cold, fresh waters of the Northern Hemisphere. State Bank and Commercial National Bank of Berwyn Berwyn (bûr`wĭn), city (1990 pop. 45,426), Cook co., NE Ill., a residential suburb of Chicago, on the Chicago Sanitary and Ship Canal; inc. 1891. It has varied light industry and manufactures. , Ill. The corporation's common stock is traded in the over-the-counter market over-the-counter market Trading in stocks and bonds that does not take place on stock exchanges. Such trading occurs most often in the U.S., where requirements for listing stocks on the exchanges are strict. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CBCF CBCF Canadian Breast Cancer Foundation CBCF Congressional Black Caucus Foundation CBCF Community Based Corrections Facilities CBCF Commander, Base Communications Facility ). Operating results for the quarter follow. -0-
Citizens Banking Corp. and Subsidiaries
Financial Summary
Three Months Ended Twelve Months Ended
Dec. 31, Dec. 31,
1994 1993 1994 1993
Summary of Operations (000)
Interest income $46,836 $43,504 $179,989 $166,452
Net income income 30,531 28,099 118,400 104,334
Provision for loan losses 1,532 1,295 5,303 5,597
Investment security gains 4 320 157 763
Noninterest income 8,564 9,021 33,697 30,452
Noninterest expense 26,328 26,596 107,245 97,268
Income taxes 3,005 2,364 10,292 6,914
Net income 8,234 7,185 29,414 25,770
____________________________________________________________________
Per Common Share Data
Net income - Primary $ 0.56 $ 0.50 $ 2.03 $ 1.88
- Fully diluted 0.56 0.49 2.03 1.87
Dividends 0.21 0.19 0.82 0.745
Book value 18.31 18.08
Shares outstanding - end of
period (000) 14,128 14,115
____________________________________________________________________
Performance Ratios (Annualized)
Net interest margin 5.12% 4.77% 4.99% 4.74%
Return on average assets 1.21 1.06 1.09 1.02
Return on average
shareholders' equity 12.71 11.26 11.46 11.15
____________________________________________________________________
-0-
Year Ended
Selected Balance Sheet Data 12 Months Ended Dec. 31, Dec. 31,
1994 1993 % Change 1992
_______ ________ __________ _________
At Period End (000)
Total assets $2,703,823 $2,714,112 (0.4) $2,498,834
Total loans and leases 1,816,221 1,780,180 2.0 1,557,423
Total deposits 2,252,318 2,246,750 0.2 2,086,144
Total shareholders'
equity 258,730 255,163 1.4 219,276
____________________________________________________________________
Average Balances (000)
Total assets $2,710,747 $2,535,068 6.9 $2,472,245
Total loans and leases 1,797,153 1,643,327 9.4 1,539,332
Total deposits 2,262,182 2,109,269 7.2 2,061,613
Total shareholders'
equity 256,607 231,160 11.0 210,193
____________________________________________________________________
Nonperforming Assets (000)
Nonaccrual loans $ 18,549 $ 21,271 (12.8) $ 20,759
Restructured loans 299 238 25.6 382
Other real estate owned 2,230 2,185 2.1 4,333
Total 21,078 23,694 (11.0) 25,474
____________________________________________________________________
Statistics
Allowance for loan losses/
loans 1.36% 1.27% 7.1 1.25%
Nonperforming assets/loans
& OREO 1.16 1.33 (12.8) 1.63
Nonperforming assets/assets 0.78 0.87 (10.3) 1.02
Net loans charged off/average
loans 0.17 0.25 (32.0) 0.43
Shareholders' equity/assets 9.57 9.40 1.8 8.78
____________________________________________________________________
The year 1993 reflects the acquisition of National Bank of Royal Oak
(``NBRO''), accounted for as a purchase, and includes NBRO's results
of operations and financial results subsequent to its Oct. 1, 1993
acquisition date.
Selected Quarterly 1994 Information Fourth Third Second First -------------------------------------------------------------------- Summary of Operations (000) Interest income $46,836 $45,849 $44,529 $42,775 Net interest income 30,531 30,315 29,559 27,995 Provision for loan losses 1,532 1,355 1,358 1,058 Investment security gains (losses) 4 (35) 9 179 Noninterest income 8,564 8,450 8,369 8,314 Noninterest expense 26,328 26,759 26,701 27,457 Income taxes 3,005 2,871 2,652 1,764 Net income 8,234 7,745 7,226 6,209 -------------------------------------------------------------------- Per Common Share Data (Adj. for May-93, 2 for 1 split) Net income: Primary $0.56 $0.54 $0.50 $0.43 Fully diluted 0.56 0.54 0.50 0.43 Dividends 0.21 0.21 0.21 0.19 Book value 18.31 18.28 18.08 18.06 Market value: High 29.00 26.75 26.00 26.00 Low 25.25 22.00 22.75 22.75 Close 27.75 25.50 24.50 22.75 -------------------------------------------------------------------- Shares outstanding end of period (000) 14,128 14,105 14,061 14,063 -------------------------------------------------------------------- Performance Ratios (Annualized) Net interest margin 5.12% 5.08% 4.97% 4.78% Return on average assets 1.21 1.13 1.06 0.93 Return on avg shareholders' equity 12.71 11.97 11.44 9.71 -------------------------------------------------------------------- At Period End (millions) Total assets $2,704 $2,723 $2,739 $2,761 Total loans and leases 1,816 1,800 1,826 1,799 Total deposits 2,252 2,272 2,279 2,288 Total shareholders' equity 259 258 254 254 -------------------------------------------------------------------- Average Balances (millions) Total assets $2,693 $2,715 $2,732 $2,703 Total loans and leases 1,801 1,809 1,804 1,774 Total deposits 2,251 2,269 2,282 2,247 Total shareholders' equity 257 257 253 259 -------------------------------------------------------------------- Nonperforming Assets (000) Nonaccrual loans $18,549 $17,776 $17,283 $21,790 Restructured loans 299 100 151 158 Other real estate owned 2,230 2,612 2,878 1,768 Total 21,078 20,488 20,312 23,716 -------------------------------------------------------------------- Statistics Allowance for loan losses/loans 1.36% 1.35% 1.29% 1.29% Nonperforming assets/loans & OREO 1.16 1.14 1.11 1.32 Nonperforming assets/assets 0.78 0.75 0.74 0.86 Net ins chrgd off/avg ins (Annualized) 0.23 0.15 0.23 0.09 Shareholders' equity/assets 9.57 9.47 9.28 9.20 -------------------------------------------------------------------- Selected Quarterly 1993 Information Fourth Third Second First -------------------------------------------------------------------- Summary of Operations (000) Interest income $43,504 $40,752 $41,079 $41,117 Net interest income 28,099 25,589 25,633 25,013 Provision for loan losses 1,295 1,366 1,475 1,461 Investment security gains (losses) 320 421 13 9 Noninterest income 9,021 7,103 7,394 6,934 Noninterest expense 26,596 23,981 23,637 23,054 Income taxes 2,364 1,547 1,612 1,391 Net income 7,185 6,219 6,316 6,050 -------------------------------------------------------------------- Per Common Share Data (Adj. for May-93, 2 for 1 split) Net income: Primary $0.50 $0.46 $0.47 $0.45 Fully diluted 0.49 0.46 0.47 0.45 Dividends 0.19 0.19 0.19 0.175 Book value 18.08 17.56 17.29 17.01 Market value: High 25.75 28.50 22.25 20.50 Low 23.25 21.00 20.00 18.50 Close 25.00 25.00 21.75 20.00 -------------------------------------------------------------------- Shares outstanding end of period (000) 14,115 13,102 13,072 13,085 -------------------------------------------------------------------- Performance Ratios (Annualized) Net interest margin 4.77% 4.69% 4.79% 4.77% Return on average assets 1.06 0.99 1.02 1.00 Return on avg shareholders' equity 11.26 10.86 11.32 11.14 -------------------------------------------------------------------- At Period End (millions) Total assets $2,714 $2,501 $2,530 $2,439 Total loans and leases 1,780 1,659 1,625 1,580 Total deposits 2,247 2,060 2,091 2,025 Total shareholders' equity 255 230 226 223 -------------------------------------------------------------------- Average Balances (millions) Total assets $2,702 $2,502 $2,478 $2,455 Total loans and leases 1,767 1,636 1,607 1,560 Total deposits 2,251 2,074 2,066 2,043 Total shareholders' equity 253 227 224 220 -------------------------------------------------------------------- Nonperforming Assets (000) Nonaccrual loans $21,271 $21,997 $22,944 $22,363 Restructured loans 238 172 208 175 Other real estate owned 2,185 2,447 2,331 3,507 Total 23,694 24,616 25,483 26,045 -------------------------------------------------------------------- Statistics Allowance for loan losses/loans 1.27% 1.23% 1.21% 1.26% Nonperforming assets/loans & OREO 1.33 1.49 1.57 1.64 Nonperforming assets/assets 0.87 0.98 1.01 1.07 Net ins chrgd off/avg ins (Annualized) 0.19 0.15 0.41 0.26 Shareholders' equity/assets 9.40 9.20 8.93 9.13 CONTACT: Citizens Banking Corp., Flint John W. Ennest, 810/257-2557 |
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