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FIRST NATIONAL BANCORP THIRD QUARTER 1993 EARNINGS INCREASE

 GAINESVILLE, Ga., Oct. 15 /PRNewswire/ -- First National Bancorp, Gainesville, (NASDAQ-NMS: FBAC) today announced preliminary third quarter 1993 results.
 Earnings continued to strengthen during the year and for the quarter totaled $6.626 million or $.43 per share, up 18.6 percent over second quarter 1993 results.
 Third quarter 1993 earnings increased 9.8 percent over the $5.936 million or $.39 per share for the third quarter 1992. For the first nine months of 1993, the company earned $18.213 million or $1.19 per share compared to $17.095 million or $1.13 per share in 1992, an increase of 5.1 percent on a per share basis.
 Period-end assets increased 9.3 percent to a record $2.064 billion at Sept. 30 compared to the previous year. The return on average assets for the quarter and first nine months was 1.29 percent and 1.22 percent, respectively, while the third quarter net interest margin of 4.78 percent was down from the 4.85 percent in the third quarter of 1992. The company ended the quarter with a strong primary capital to adjusted assets ratio of 10.78 percent, substantially above the industry norm.
 For the quarter, net charge-offs of $1.364 million represented .44 percent of average loans. With the quarterly provision of $503,000, the allowance for loan losses as a percent of loans remained strong at 1.94 percent (excluding mortgage loans held for sale). Loans 30 days or more past due totaled a modest 1.07 percent of total loans. Non- performing assets decreased $3.2 million from June 30 and as a percent of loans plus other real estate equaled 2.80 percent, down from 3.11 percent at June 30 and at the lowest level in 10 quarters.
 Richard McNeece, chairman and CEO, said: "We are pleased with the improvement in quarterly earnings and asset quality. It is important to recognize that even with the lower provision expense for the quarter, the company's loan loss reserve coverage to non-performing loans of 99.7 percent compares favorably with the previous quarter, the direct result of continued progress in problem asset remediation plans.
 "It was especially satisfying to complete the merger with The Community Bank of Carrollton (August 31)," McNeece added. "Carroll County is one of the most rapidly growing and dynamic markets in the state, and we welcome the officers, employees and new shareholders to First National Bancorp."
 First National Bancorp is a 15-bank holding company with 42 banking facilities throughout north Georgia. In October, the company entered into a definitive agreement with Metro Bancorp, Inc., the parent company of Commercial Bank of Douglasville with $137 million in assets. Pending shareholder and regulatory approval, Commercial will become the company's 16th affiliate. The transaction, to be accounted for as a "purchase," is anticipated to close in February 1994.
 All previously reported data has been restated for the mergers with Villa Rica Bancorp, Inc., and The Community Bank of Carrollton, both of which were accounted for as poolings-of-interests.
 FINANCIAL HIGHLIGHTS
 FIRST NATIONAL BANCORP AND SUBSIDIARIES
 (In thousands, except per share data)
 Quarter ended Sept. 30 1993 1992(b) Change Percent
 Net income $ 6,626 $ 5,936 $ 690 11.6
 Net interest income 21,615 20,196 1,419 7.0
 Net interest income (FTE) 22,802 21,327 1,475 6.9
 Non interest income 8,149 8,591 (442) (5.1)
 Non interest expense 19,835 17,481 2,354 13.5
 Provision for loan losses 503 3,008 (2,505) (83.3)
 Per share data:
 Net income $ .43 $ .39 $ .04 9.8
 Dividends declared .1775 .1633 .0142 8.7
 Book value 13.13 12.20 .93 7.7
 Tangible book value 12.28 11.07 1.21 10.9
 Weighted avg. shares
 outstanding 15,371,844 15,123,181
 Shares outstanding at
 quarter-end 15,382,485 15,129,250
 Financial ratios:
 Return on average assets 1.29 pct. 1.25 pct.
 Return on avg.
 shareholders' equity 13.31 pct. 12.93 pct.
 Net interest margin 4.78 pct. 4.85 pct
 Primary capital to adjusted assets:
 Including intangibles 10.78 pct. 10.74 pct.
 Excluding intangibles 10.46 pct. 10.37 pct.
 Allowance for loan losses to loans,
 net of unearned income:
 Including mortgage loans
 held for sale 1.78 pct. 1.73 pct.
 Excluding mortgage loans
 held for sale 1.94 pct. 1.90 pct.
 Selected Balances as of Sept. 30:
 Total assets $2,063,701 $1,888,557 $175,144 9.3
 Earning assets $1,905,044 $1,753,615 $151,429 8.6
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,292,824 $1,204,235 $ 88,589 7.4
 Excluding mortgage loans
 held for sale $1,187,824 $1,095,407 $ 92,417 8.4
 Allowance for
 loan losses $ 23,044 $ 20,820 $ 2,224 10.7
 Securities $ 538,081 $ 435,597 $102,484 23.5
 Deposits $1,703,740 $1,609,512 $ 94,228 5.9
 Other interest bearing
 funds $ 137,980 $ 83,223 $ 54,757 65.8
 Shareholders' equity $ 201,992 $ 184,519 $ 17,473 9.5
 Average balances for quarter:
 Total assets $2,036,037 $1,890,693 $145,344 7.7
 Earning assets $1,891,178 $1,750,599 $140,579 8.0
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,269,236 $1,202,359 $ 66,877 5.6
 Excluding mortgage loans
 held for sale $1,175,645 $1,090,023 $ 85,622 7.9
 Allowance for
 loan losses $ 23,559 $ 21,141 $ 2,418 11.4
 Securities $ 529,074 $ 459,367 $ 69,707 15.2
 Deposits $1,672,844 $1,612,630 $ 60,214 3.7
 Other interest bearing
 funds $ 150,237 $ 81,878 $ 68,359 83.5
 Shareholders' equity $ 197,552 $ 182,621 $ 14,931 8.2
 Nine month period ended Sept. 30:
 Net income $ 18,213 $ 17,095 $ 1,118 6.5
 Earnings per share $ 1.19 $ 1.13 $ .06 5.1
 Dividends declared
 per share $ .5250 $ .4700 $ .0550 11.7
 Weighted avg. shares
 outstanding 15,337,221 15,123,181
 Return on avg. assets 1.22 pct. 1.22 pct.
 Return on avg. equity 12.71 pct. 13.39 pct.
 Net interest margin 4.85 pct. 4.81 pct.
 1993 Pct. of 1992 Pct. of
 loans outst.(a) loans outst.(a)
 Asset quality:
 Non performing loans:
 Non accrual loans $22,705 1.76 $28,143 2.34
 Renegotiated loans 404 0.03 2,787 0.23
 Total non performing
 loans $23,109 1.79 $30,930 2.57
 Other real estate $10,393 0.84 $ 9,170 0.74
 Total non performing
 assets $33,502 2.57 $40,100 3.30
 Loans past due 90
 days or more $ 647 0.05 $ 406 0.03
 FTE -- Fully Taxable Equivalent
 (a) Loans, net of unearned income plus ORE, where applicable.
 (b) All previously reported figures have been restated for a pooling-of-interests.
 -0- 10/15/93
 /CONTACT: Corporate: Peter D. Miller, president and chief financial officer, 404-503-2101, or Media: Ronda Rich, communications officer, 404-503-2306, both of First National Bancorp/
 (FBAC)


CO: First National Bancorp ST: Georgia IN: FIN SU: ERN

RA-BN -- AT010 -- 2930 10/15/93 17:03 EDT
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