Colonial BancGroup announces record earnings.MONTGOMERY, Ala ALA aminolevulinic acid. Ala alanine. ala (a´lah) pl. a´lae [L.] a winglike process. .--(BUSINESS WIRE)--April 15, 1997--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 today announced record earnings for the quarter ended March 31, 1997. Net income for the Montgomery based bank holding company was $16,723,000 compared to $13,623,000 for the previous year, a 23% increase. Earnings per share for the quarter were $.42 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, a 20% increase over 1996. For the first quarter, the company's return on average equity was 16.72% compared to 15.69% for the same period in 1996 and return on average assets was 1.20% compared to 1.14% the previous year. "The first quarter results represent a continuation of the company's record performance as we continue to strive to become a high performance bank as measured by earnings per share growth, return on equity and return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). ," Lowder said. Loan growth remains solid with loans increasing 21% from $3.588 billion at March 31, 1996 to $4.339 billion at March 31, 1997. This loan growth has resulted in an 19% increase in net interest income over the first quarter of 1996. As of March 31, 1997, 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. totaled $34,684,000 or .80% of net loans and other real estate compared to $32,161,000 or .89% at March 31, 1996. Net charge-offs for the quarter were $2.162 million or .20% of average net loans on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis while the provision for loan losses was $2,854,000. The reserve for loan losses totaled $54,310,000 or 1.25% of net loans and represents a 216% coverage of nonperforming loans. Shareholder equity increased from $354 million at March 31, 1996 to $410 million at March 31, 1997, a 16% increase. During the quarter, Colonial completed three acquisitions in Florida, one in North Georgia North Georgia is the mountainous northern region of the U.S. state of Georgia. At the time of the arrival of settlers from Europe, it was inhabited largely by the Cherokee. The counties of North Georgia were often scenes of important events in the history of Georgia. and one in South Alabama South Alabama is a term used to describe various parts of southern Alabama. Its usage does not however reflect a strictly defined geographic region. The most general description of the area would be all Alabama counties south of the Black Belt. . The company now has assets of $4.1 billion in 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). , $1.0 billion in Florida, $600 million in 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. and $100 million in Tennessee. The completion of three pending acquisitions in Florida will result in total assets company-wide in excess of $6.2 billion. Colonial BancGroup currently operates 163 full-service offices in Alabama, Florida, Georgia and Tennessee and 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. In most newspapers the stock is listed as ColBgp. -0-
The Colonial BancGroup, Inc.
Selected Financial Data (Unaudited)
(Dollars in thousands, except per share amounts)
% Change
March 31, Dec. 31, March 31, March 31,
1997 1996 1996 97 to 96
Statement of Condition Summary
Total assets $5,797,328 $5,466,851 $4,933,532 18%
Loans, net of unearned
income 4,338,994 4,074,633 3,587,951 21%
Total earnings assets 5,318,917 4,975,957 4,488,267 19%
Deposits 4,525,183 4,113,934 3,747,987 21%
Shareholders' equity 410,130 386,996 353,532 16%
Book value per share $10.49 $10.31 $ 9.76 8%
Three Months Ended March 31,
% Change
1997 1996 97 to 96
Earnings Summary
Net interest income
(taxable equivalent) $53,983 $45,769 18%
Provision for loan losses 2,854 1,750 63%
Noninterest income 18,401 17,640 4%
Noninterest expense 42,662 39,812 7%
Net income 16,723 13,623 23%
Average primary shares
outstanding 39,679 37,158
Average fully diluted
shares outstanding 40,279 37,908
Earnings per share:
Primary $0.42 $0.36 17%
Fully diluted 0.42 0.35 20%
Selected Ratios:
Return on average assets 1.20% 1.14%
Return on average equity 16.72% 15.69%
Efficiency ratio 58.94% 62.79%
Equity to assets 7.07% 7.17%
Total capital 8.07% 8.26%
Tier one leverage 7.85% 6.85%
March 31, Dec. 31, March 31,
Nonperforming Assets 1997 1996 1996
Total non-performing
assets ratio 0.80% 0.81% 0.89%
Loan loss reserve ratio 1.25% 1.25% 1.31%
Allowance as a percent
of nonperforming loans 216% 215% 241%
Net charge-offs (recoveries)
ratio (annualized) 0.20% 0.18% -0.01%
NOTE: Restated financial results above reflect the January
1997 mergers of Colonial BancGroup with Jefferson Bancorp and D/W
Bankshares. These mergers were accounted for as poolings of
interests and the financial results restated accordingly.
CONTACT: Colonial BancGroup W. Flake flake an epidermal scale. flake Cocaine, see there Oakley, 334/240-5060 |
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