First Interstate tops other local banks for 4th quarter earnings.First Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. tops other local banks for 4th quarter earnings First Interstate Bancorp's results were the brightest of the large financial institutions which released their fourth quarter earnings this month, many of which increased their reserves against loan losses. Downtown Los Angeles-based First Interstate Bancorp First Interstate Bancorp was a bank based in the United States that was taken over in 1996 by Wells Fargo. It was headquartered in Los Angeles. The name has continued to be used in the banking world by used after the merger by First Interstate Bank who had been using the , the second-largest bank headquartered in Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. County, continued to rebound rebound (rē´bownd), n/v 1. a recovery from illness. n 2. an outbreak of fresh reflex activity after withdrawal of a stimulus rebound adjective from 1989 losses, posting fourth quarter profits of $91.0 million compared to a net loss of $344.3 million in the fourth quarter of 1989. That brought 1990 full-year net earnings to $468.7 million, compared to a net loss of $124.5 million in 1989, largely caused by real estate losses at the bank's Texas and Arizona subsidiaries and on overseas loans. Security Pacific Corp.'s fourth quarter loss of $357.6 million, compared to earnings of $191.7 million in fourth-quarter 1989, were in synch with the company's early December announcement that fourth quarter earnings would be hit by a large increase in loan loss reserves and by costs of phasing out its merchant bank operations. Security Pacific's full-year earnings fell from $740.6 million in 1989, to $161.3 million in 1990. Glenfed Inc., the fourth-largest savings and loan savings and loan n. a banking and lending institution, chartered either by a state or the Federal government. Savings and loans only make loans secured by real property from deposits, upon which they pay interest slightly higher than that paid by most banks. in Los Angeles County and the country, announced a $140.8 million net loss for its latest quarter, its quarterly loss since going public in 1983. The loss resulted from setting aside $141.8 million against possible loan losses, adjusting downward the carrying value Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of various loan and real estate assets by $55.1 million and establishing additional reserves of $16.2 million to fund restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and other expenses. Net earnings at Los Angeles-based Imperial Bancorp, the county's fourth-largest bank, fell 20.4 percent to $4.5 million in fourth quarter 1990 from the year-earlier total. That brought net earnings for the full year to $23.63 million, up slightly from $23.40 million in 1989. Imperial said that fourth quarter earnings were affected by a narrowing in the interest margin, the difference between interest earned on loans and paid on deposits. The margin in the latest period amounted to 5.4 percent, compared with 6.8 percent a year earlier. |
|
||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion