Correcting MFC announces earnings; assets 3/31/96 table $776,766 sted $776,768.--(BUSINESS WIRE)--April 11, 1996 In BW1153 (MICHIGAN-FINANCIAL-CORP) MFC (Microsoft Foundation Class) An application framework for writing Microsoft C/C++ and Visual C++ applications. See application framework. MFC - Microsoft Foundation Class announces earnings, in the 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: Financial Highlights table, the Assets entry under Balance Sheet Data for 3/31/96 should read xxx $776,766 (sted $776,768). A corrected table follows: -0-
MFC
Consolidated Financial Highlights
March 31, 1996
(in thousands, except percentages and per share data)
1996 1995 Change
____ ____ ______
Summary of Operations Net interest income $9,535 $9,490 + .5% Provision for loan losses 200 220 - 9.1 Noninterest income 2,180 1,831 +19.1 Noninterest expense 8,250 8,373 - 1.5 Income tax expense 929 746 +24.5 Net income 2,336 1,982 +17.9 Per Share Data Net income .42 .35 +20.0 Cash dividends .165 .145 +13.8 Stockholders' equity 14.62 13.45 + 8.7 Average shares outstanding 5,598 5,598 Performance Ratios (annualized) Net interest margin 5.43% 5.55% Return on average assets 1.21 1.05 Return on average equity 11.55 10.94
3/31/96 3/31/95
_______ _______
Balance Sheet Data
Assets $776,766 $768,984 + 1.0
Deposits 683,734 681,792 + .3
Loans 559,083 537,917 + 3.9
Stockholders' equity 81,857 75,308 + 8.7
Nonperforming Assets Nonaccrual loans 2,224 2,754 -19.2 Loans past due 90 days or more 1,252 610 +105.2 Restructured loans 685 590 +16.1 Other real estate owned 2,030 1,349 +50.5 Other Ratios Nonperforming loans/loans .74% .74% Loan loss allowance/loans 1.37 1.26 Net loan charge-offs/average loans .09 .12 CONTACT: 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). Financial Corp., Marquette Marquette, city (1990 pop. 21,977), seat of Marquette co., N Mich., Upper Peninsula, on Lake Superior; settled 1849, inc. as a city 1871. It is a shipping center for a lumber, farm, and resort region. Chemicals, wood products, and mining machinery are manufactured. Kenneth F. Beck This article is about the musician. For other uses, see Beck (disambiguation). Beck Hansen (born Bek David Campbell, July 8, 1970) is a Grammy Award-winning American musician, singer-songwriter, and multi-instrumentalist, known by his simple stage name of , 906/228-1355 |
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