Printer Friendly

EQUIMARK ANNOUNCES SECOND QUARTER AND SIX MONTH 1992 EARNINGS

 EQUIMARK ANNOUNCES SECOND QUARTER AND SIX MONTH 1992 EARNINGS
 PITTSBURGH, July 16 /PRNewswire/ -- Equimark Corp. (NYSE: EQK) today announced second quarter 1992 net income of $4.3 million, or $.10 per share, as compared to net income of $396,000 for the second quarter of 1991.
 For the six months ended June 30, 1992, the corporation reported net income of $7.2 million, or $.19 per share, as compared to net income of $658,000 for the first half of 1991.
 Asset quality and capital ratios also showed significant improvement during the second quarter. For the fifth consecutive quarter, nonperforming assets continued a downward trend, decreasing 8 percent. The coverage of nonperforming loans by the allowance for possible credit losses increased to 85 percent at quarter-end. Based on period-end assets, the leverage capital ratios for Equimark and Equibank increased to 4.3 percent and 5.0 percent, respectively.
 "These results demonstrate the company's ability to sustain core earnings," according to Gary W. Fiedler, chairman and chief executive officer. "Our second quarter net income shows an almost 50 percent improvement over the previous quarter," he said. "This most recent performance and the continued improvement in our capital ratios and asset quality are on track with our strategic plan."
 During the quarter, the company completed two significant transactions. Equimark sold its Philadelphia branches for a net gain of $1.8 million. The purchaser assumed deposits totaling $293 million and loans totaling $32 million were sold. Equimark also sold its 25 percent interest in the MAC/TRINET local automated teller machines network for a net gain of $5.4 million. The sale will have no effect on customer service provided by Equibank's automated teller machines.
 The gains from these two transactions were substantially offset by a net charge of $6.4 million due to management's decision to set aside a reserve for excess space, based on a recently completed independent study of Equimark's current and future occupancy requirements.
 The continued reduction of Equimark's non-interest expenses, excluding expenses of a special nature, reflects the company's adherence to the ongoing cost reduction and containment measures begun in early 1991, as well as reduced expenses of nonperforming real estate. The decline in net interest income from the second quarter of 1991 to the second quarter of 1992 is principally attributable to the planned reduction in the balance sheet of $180 million, in line with refocusing the company's business lines in western Pennsylvania.
 Equimark is a Pittsburgh-based holding company with $2.9 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 branches in western Pennsylvania.
 EQUIMARK CORP. CONSOLIDATED FINANCIAL SUMMARY
 (In thousands, except Three Months Ended
 per share amounts) June 30, March 31, June 30,
 1992 1992 1991
 Net interest income $34,253 $34,609 $36,363
 Provision for possible credit
 losses (8,423) (8,215) (7,518)
 Non-interest income 13,592 8,597 6,651
 Non-interest expenses (35,025) (31,819) (34,900)
 Provision for income taxes (88) (264) (200)
 NET INCOME 4,309 2,908 396
 Less preferred dividend
 requirements (631) (641) (723)
 Net income (loss) applicable
 to common shareholders $3,678 $2,267 $(327)
 Average common shares and common
 share equivalents outstanding 37,908 25,686 12,083
 Earnings (loss) per common share $0.10 $0.09 $(0.03)
 Financial Ratios:
 Return on average assets (pct.) 0.56 0.38 0.05
 Return on avg. common equity (pct.) 14.84 13.05 (2.80)
 Net interest margin
 (taxable-equivalent) (pct.) 4.65 4.71 4.67
 Percentage of net loan chargeoffs
 to avg. loans outstanding (pct.) 1.84 1.51 2.72
 (In thousands, except Six Months Ended
 per share amounts) June 30, June 30,
 1992 1991
 Net interest income $68,862 $73,833
 Provision for possible credit losses (16,638) (16,741)
 Non-interest income 22,189 19,608
 Non-interest expenses (66,844) (75,617)
 Provision for income taxes (352) (425)
 NET INCOME 7,217 658
 Less preferred dividend requirements (1,272) (1,467)
 Net income (loss) applicable
 to common shareholders 5,945 (809)
 Average common shares and common
 share equivalents outstanding 31,804 11,961
 Earnings (loss) per common share $0.19 $(0.07)
 Financial Ratios:
 Return on average assets (pct.) 0.47 0.04
 Return on average common equity (pct.) 14.10 (3.50)
 Net int. margin (taxable-equivalent)(pct.) 4.68 4.67
 Percentage of net loan chargeoffs
 to average loans outstanding (pct.) 1.67 2.68
 (In millions,
 except per share amounts)
 June 30, March 31, Dec. 31,
 At Period-end: 1992 1992 1991
 Assets $2,867.8 $3,046.3 $3,151.7
 Deposits 2,545.7 2,795.8 2,905.9
 Loans, net of unearned income 1,959.4 2,064.4 2,134.5
 Nonperforming assets 137.0 149.6 155.9
 Allowance for possible credit
 losses 85.7 86.6 86.3
 Percentage of allowance to loans
 outstanding (pct.) 4.37 4.20 4.04
 Percentage of allowance to
 nonperforming loans (pct.) 84.8 71.3 67.6
 Shareholders' equity $138.0 $133.5 $76.2
 Book value per common share $2.57 $2.47 $2.98
 Regulatory Capital Ratios:
 Equimark Corp.:
 Total risk-based capital
 to risk-adjusted assets (pct.) 8.23 7.65 3.73
 Leverage capital ratio:
 Based on average assets (pct.) 4.03 3.84 1.31
 Based on period-end assets(pct.)4.32 3.88 1.33
 Equibank:
 Total risk-based capital
 to risk-adjusted assets (pct.) 8.07 7.51 6.42
 Leverage capital ratio:
 Based on average assets (pct.) 4.67 4.54 3.62
 Based on period-end assets(pct.) 5.01 4.58 3.67
 /delval/
 -0- 7/16/92
 /CONTACT: Joseph J. Whiteside, executive v-p & chief financial officer of Equimark, 412-288-5801/
 (EQK) CO: Equimark Corp.; Equibank ST: Pennsylvania IN: FIN SU: ERN


DM -- PG003 -- 9921 07/16/92 10:09 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1992
Words:970
Previous Article:MUNSINGWEAR'S SECOND QUARTER REVENUES UP 40 PERCENT
Next Article:FARMSTEAD TELEPHONE GROUP ANNOUNCES FIRST SHIPMENT TO CHINA TOWARD $30 MILLION ORDER FOR REFURBISHED AT&T SYSTEMS
Topics:


Related Articles
EQUIMARK ANNOUNCES PROJECTED EARNINGS
EQUIMARK ANNOUNCES FOURTH QUARTER AND FULL YEAR 1991 RESULTS
EQUIMARK SETTLES PREVIOUSLY ANNOUNCED FDIC CLAIM
OLD KENT REPORTS 24-PERCENT INCREASE IN QUARTERLY EARNINGS
RS FINANCIAL CORP. ANNOUNCES INCREASE IN EARNINGS FOR SECOND QUARTER AND SIX MONTHS
CHARTER BANCSHARES REPORTS A 70 PERCENT RISE IN 1992 SECOND QUARTER EARNINGS; ANNOUNCES 5 PERCENT COMMON STOCK DIVIDEND
CITY HOLDING CO. ANNOUNCES SECOND QUARTER EARNINGS
EQUIMARK ANNOUNCES THIRD QUARTER AND NINE MONTH 1992 EARNINGS
INTEGRA ANNOUNCES 1992 EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters