Colonial BancGroup announces record earnings for 1995 and increases dividend.MONTGOMERY Montgomery, city, United States Montgomery, city (1990 pop. 187,106), state capital and seat of Montgomery co., E central Ala., near the head of navigation on the Alabama River just below the confluence of the Coosa and Tallapoosa rivers, and in the rich , Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--Jan. 17, 1996--Colonial BancGroup (NYSE NYSE See: New York Stock Exchange :CNB CNB Czech National Bank CNB Centro Nacional de Biotecnologia CNB City National Bank CNB Citizens National Bank CNB Croatian National Bank CNB Chloronitrobenzene CNB Corresponsales No Bancarios (Spanish, Colombia) ) Chairman of the Board, Chief Executive Officer and President Robert E. Lowder announced record earnings for the year ended Dec. 31, 1995. Net income for the Montgomery based holding company was $38,794,000 compared to $27,310,000 for the previous year, a 42% increase. Earnings per share for the year were $3.02 on a 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. basis, also a record and a 35% increase over 1994. (All amounts for 1994 have been restated to reflect the Feb. 17, 1995 combination with Colonial Mortgage Company.) The company's return on average equity was 17.94% compared to 14.94% in 1994. Return on average assets was 1.20% compared to 1.00% in 1994. Robert E. Lowder announced today that the company has raised its quarterly dividend to shareholders for the sixth consecutive year. Colonial BancGroup's board of directors voted to increase its quarterly dividends from $.22-1/2 per share of common stock to $.27 per share, a 20% increase. The board of directors approved payment of the new dividend to be payable on Feb. 13, 1996 to holders of record at the close of business on Feb. 6, 1996. The company also announced its twenty-fourth consecutive increase in quarterly earnings per share as compared to the same quarter the previous year. Earnings per share for the fourth quarter were $.75 compared to $.54 for the same quarter of 1994, a 39% increase. Net income for the quarter was $10,041,000 compared to $6,644,000 in 1994, a 51% increase. The company's internal loan growth of 25% has been a major factor in its increased earnings. Loans at Dec. 31, 1995 were $2.876 billion compared to $2.094 billion at Dec. 31, 1994. Loans increased $781.6 million or 37% over 1994. Loan growth was the primary factor that enabled net interest income to increase from the third quarter to the fourth quarter of 1995. For the year ended Dec. 31, 1995, net charge-offs were $3.1 million, or 0.13% of average loans, compared to $1.7 million, or 0.09% in 1994. The provision for loan losses was $5.480 million for 1995 versus $6.481 million for 1994. 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. at year-end were $22.4 million, .78% of loans and other real estate compared to .90% at year-end 1994. The total reserve for loan losses at year end was $36.9 million or a 1.28% of loans. This represents a 271% coverage of nonperforming loans. The previously announced plans to acquire Dothan Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks in Dothan, Ala. and Commercial Bank of Georgia Bank of Georgia (Georgian: საქართველოს ბანკი, transliterated as 'sakartvelos banki') is a leading universal Georgian bank with operations in Georgia (country) and Ukraine. will help to expand Colonial's newly established offices in the Wiregrass wire·grass n. Any of various grasses, such as Bermuda grass, having tough wiry roots or rootstocks. area of Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). and the Atlanta area. The company also recently announced that it will enter Florida with the purchase of Southern Bank of Central Florida
Central Florida is the central region of the United States state of Florida, on the East Coast. in Orlando. The institution currently has assets of $225 million and operates seven offices in the Orlando area. All of these acquisitions should be completed in 1996. Lowder said, "1995 was a year of solid accomplishments for Colonial. Strong loan growth in our Alabama marketplaces coupled with loan growth from strategic acquisitions resulted in record profits. In 1996, I see a continuation of these trends, emphasized by greater penetration into Atlanta and new operations in Orlando, the two finest growth markets in the Southeast. As pressures on loan quality increase nationally Colonial will increase its emphasis on maintaining a high level of asset quality. Colonial BancGroup is a multi-bank holding company headquartered in Montgomery with assets of $3.7 billion and 102 full service offices in Alabama, Tennessee Tennessee, state, United States Tennessee (tĕn`əsē', tĕn'əsē`), state in the south-central United States. and Georgia Georgia, country, Asia Georgia (jôr`jə), Georgian Sakartvelo, Rus. Gruziya, officially Republic of Georgia, republic (2005 est. pop. 4,677,000), c.26,900 sq mi (69,700 sq km), in W Transcaucasia. . It is traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CNB. -0-
THE COLONIAL BANCGROUP, INC.
SELECTED FINANCIAL DATA
(Unaudited)
% Change
(Dollars in thousands, December 31 Dec. 31
except per share) 1995 1994(a) 1995 to 1994
Statement of Condition
Summary
Total assets $3,741,217 $2,838,343 32%
Loans, net of unearned
income 2,875,581 2,094,028 37%
Total earnings assets 3,420,807 2,561,705 34%
Deposits 2,785,958 2,171,464 28%
Shareholders' equity 253,148 191,551 32%
Book value per share $19.35 $16.08 20%
Year Ended Three Months Ended
December 31 December 31
% Change % Change
1995 1994(a) 95 to 94 1995 1994(a) 95 to 94
Earnings Summary
Net interest
income (taxable
equivalent) $120,968 $106,915 13% $32,889 $28,122 17%
Provision for
Loan losses 5,480 6,481 -15% 2,050 1,767 16%
Noninterest income 50,175 44,243 13% 13,633 11,428 19%
Noninterest expense 103,230 100,791 2% 28,420 27,004 5%
Net income 38,794 27,310 42% 10,041 6,644 51%
Average
primary shares
outstanding 12,418 11,996 12,948 12,029
Average fully
diluted shares
outstanding 13,181 12,762 13,705 12,795
Earnings per
common share:
Primary $3.12 $2.28 37% $0.78 $0.55 42%
Fully-diluted 3.02 2.23 35% 0.75 0.54 39%
Dividends:
Common Stock 0.90 N/A 0.225 N/A
Class A N/A 0.80 N/A 0.20
Class B N/A 0.40 N/A 0.10
Selected Ratios Return on average assets 1.20% 1.00% 1.10% 0.95% Return on average equity 17.94% 14.94% 16.49% 13.89% Efficiency ratio 60.32% 66.68% 61.09% 68.28% Equity to assets 6.77% 6.75% Total capital 8.13% 8.44% Tier one leverage 6.19% 6.34%
(a) as restated
CONTACT: Colonial BancGroup, Inc., Montgomery W. Flake flake an epidermal scale. flake Cocaine, see there Oakley, 334/240-6035 |
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