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FIRST FLORIDA BANKS, INC. REPORTS THIRD QUARTER RESULTS UP $4.4 MILLION; ASSET QUALITY CONTINUES TO IMPROVE

FIRST FLORIDA BANKS, INC. REPORTS THIRD QUARTER RESULTS UP $4.4 MILLION;
 ASSET QUALITY CONTINUES TO IMPROVE
 TAMPA, Fla., Oct. 13 /PRNewswire/ -- First Florida Banks, Inc. (NASDAQ-NMS: FFBK) today reported net earnings of $13.5 million or $.85 per share for the third quarter of 1992, compared with a loss of $30.2 million, or $1.91 per share, for the year-earlier quarter.
 For the nine-month period ended Sept. 30, 1992, the company reported net earnings of $47.9 million or $3.02 per share, compared with a net loss of $47.1 million, or $2.98 per share for the comparable period of 1991. The 1992 year-to-date results include non-recurring gains on securities transactions of $18.2 million, net of a tax provision of $6.1 million on such gains.
 The improvement in earnings to $13.5 million in the third quarter over the earnings of $9.1 million reported for the second quarter is primarily attributable to a $3.2 million decrease in non-interest expenses, including expenses related to real estate and other assets acquired through actual or in-substance foreclosure ("other real estate"), $2.9 million in non-recurring gains on the sale of certain real estate mortgage loans, and a $1.5 million decrease in the provision for credit losses resulting from continued improvement in asset quality. These positive factors were partially offset by a higher provision for income taxes during the third quarter.
 "This is our fourth quarter of steadily improved operating results. A combination of an effective restructuring and an improving economy have resulted in better asset quality, capital strength and strong earnings," said Paul M. Homan, First Florida's president and chief executive officer.
 Net interest income, on a taxable equivalent basis, totaled $52.3 million for the third quarter, producing a net interest margin of 4.60 percent, compared with a margin of 4.64 percent for the previous quarter. During the year-earlier quarter, net interest income totaled $50.8 million, producing a net interest margin of 4.04 percent.
 Non-interest income, net of income from other real estate and gains on asset sales, totaled $25.0 million in the third quarter of 1992, compared with $25.9 million in the previous quarter and $25.3 million in the year-earlier quarter. Non-interest expense, excluding expenses related to other real estate totaled $55.5 million for the quarter ended Sept. 30, 1992, compared with $59.0 million in the previous quarter of 1992, and $58.9 million in the year-earlier quarter. The year-to-date 1992 results included $2.0 million in charges related to the company's pending merger with Barnett Banks, Inc. (NYSE: BBI).
 Total non-performing assets decreased during the third quarter to $108.2 million, from $120.4 million a quarter earlier. The other real estate owned component of non-performing assets decreased to $52.8 million from $65.4 million a quarter earlier. The company's ratio of non-performing assets to total assets declined to 1.98 percent at Sept. 30, 1992, from 2.25 percent at June 30, 1992.
 Non-performing loans totaled $55.4 million at Sept. 30, 1992, compared with $55.0 million at June 30, 1992. The company's allowance for credit losses totaled $100.3 million at Sept. 30, 1992, or 3.83 percent of loans, compared with $99.9 million at June 30, 1992, or 3.69 percent of loans.
 The company's provision for credit losses totaled $2.0 million for the third quarter of 1992, compared with $3.5 million for the preceding quarter. Net charge-offs decreased to $1.6 million during the third quarter of 1992, from $7.4 million during the second quarter.
 Return on average assets and average equity were 1.01 percent and 14.29 percent, respectively in the third quarter of 1992, compared with 0.69 percent and 10.05 percent, respectively in the second quarter. The company's ratio of shareholders' equity to total assets was 7.08 percent at Sept. 30, 1992, compared with 6.98 percent at June 30, 1992. Also, the company had Tier I and total capital ratios of 13.95 percent and 14.06 percent, respectively, and a Tier I leverage ratio of 7.04 percent at Sept. 30, 1992.
 During the third quarter, shareholders of both First Florida Banks, Inc. and Barnett Banks, Inc. voted to approve the merger of the two financial institutions. Both companies are awaiting regulatory approval and plan to consummate the merger by year-end 1992.
 First Florida Banks, Inc. is a Tampa, Fla.-based bank holding company with $5.5 billion in assets at Sept. 30, 1992. First Florida operates 144 banking offices along Florida's West Coast from Pensacola to Naples/Marco Island, and throughout the Central Florida area to the Atlantic Coast.
 FIRST FLORIDA BANKS, INC.
 Sept. 30 Three months Nine Months
 Ended Ended
 1992 1991 1992 1991
 For the period (in thousands):
 Net interest income (T/E) 52,339 50,785 157,281 153,660
 Non-interest income
 (excluding ORE income) 25,003 25,267 78,284 75,725
 Non-interest expense
 (excluding ORE expense) 55,488 58,905 173,366 175,988
 Core earnings 21,854 17,147 62,199 53,397
 Gains on asset sales 2,924 863 27,114 3,586
 Provision for credit losses 2,000 35,000 11,500 94,327
 ORE expense, net 1,540 26,396 6,147 31,501
 Income tax benefit (expense) (7,712) 13,198 (23,788) 21,719
 Net income (loss) 13,526 (30,188) 47,878 (47,126)
 Per Share Data:
 Net income (loss):
 Primary 0.85 (1.91) 3.02 (2.98)
 Fully diluted 0.85 (1.91) 3.02 (2.98)
 Book value at period-end 24.40 21.08
 Averages (in millions):
 Loans, net of unearned income 2,617 3,246 2,708 3,499
 Total earning assets 4,527 4,990 4,513 5,066
 Total assets 5,322 5,718 5,357 5,802
 Total deposits 4,439 4,946 4,581 4,980
 Shareholders' equity 377 364 363 370
 End of period (in millions):
 Loans, net of unearned income 2,620 3,059
 Total earning assets 4,507 4,871
 Total assets 5,458 5,704
 Total deposits 4,430 4,979
 Allowance for credit losses 100 105
 Shareholders' equity 387 334
 Non-performing loans 55 90
 Other real estate 53 64
 Non-performing assets 108 154
 Loans past due 90 days or more 9 25
 Ratios:
 Return on average assets 1.01 -2.09 1.19 -1.09
 Return on average equity 14.29 -32.92 17.61 -17.03
 Net interest margin (T/E) 4.60 4.04 4.65 4.06
 Capital ratios:
 Tier I capital ratio 13.95 9.76
 Total capital ratio 14.06 10.22
 Tier I leverage ratio 7.04 5.19
 Shareholders' equity to assets 7.08 5.85
 Allowance for loan losses to:
 Net loans at period-end 3.83 3.44
 Non-performing loans 181 117
 Non-performing assets 93 68
 Non-performing assets to net
 loans and ORE 4.05 4.92
 Non-performing assets to
 total assets 1.98 2.69
 -0- 10/13/92
 /CONTACT: Jerri Franz, vice president of corporate communications of First Florida Banks, Inc., 813-224-1972/
 (FFBK BBI) CO: First Florida Banks; ST: Florida IN: FIN SU: ERN


JB-AW -- FL002 -- 9187 10/13/92 09:52 EDT
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Date:Oct 13, 1992
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