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INB FINANCIAL CORPORATION ANNOUNCES INCREASED QUARTER AND ANNUAL RESULTS AND DECLARES QUARTERLY DIVIDEND

 INB FINANCIAL CORPORATION ANNOUNCES INCREASED QUARTER AND
 ANNUAL RESULTS AND DECLARES QUARTERLY DIVIDEND
 INDIANAPOLIS, Jan. 14 /PRNewswire/ -- INB Financial Corporation (NASDAQ: INBF) today reported fourth quarter net income increased 26.8 percent and totaled $12,441,000 or 67 cents per share compared to $9,814,000 or 54 cents per share for the fourth quarter of 1990. Net income for 1991 increased to $48,128,000 or $2.61 per share compared to $40,627,000 or $2.24 per share for 1990. Thomas M. Miller, chairman of INB Financial Corporation, noted that the current quarter and year benefited from a strong net interest margin and continued growth in noninterest income.
 The board of directors of the corporation declared its reqular quarterly dividend of 30 cents per share payable March 27, 1992 to shareholders of record March 6, 1992.
 Net interest income (FTE) increased 6.9 percent and totaled $62.7 million for the 1991 fourth quarter. Net interest margin increased for the sixth consecutive quarter and was 4.55 percent for the 1991 fourth quarter. This compared to 4.48 percent for the 1991 third quarter and 4.32 percent for the fourth quarter of 1990. Net interest income (FTE) totaled a record $245.9 million for 1991, an increase of 8.8 percent over 1990. Net interest margin was 4.44 percent for 1991 compared to 4.25 percent for 1990. The major reasons for the improved net interest margin for the quarter and year were the continued growth in core deposits, improved market spreads and a favorable change in the mix of earning assets.
 Noninterest income, excluding investment securities transactions, increased 9.2 percent totaling $110.3 million for 1991 versus $101.1 million for 1990. Income from service charges on business and personal deposit accounts increased 19.1 percent while trust fee and commission income increased 10.1 percent. Investment securities gains were $1.2 million for 1991 and $118,000 for 1990. Noninterest income, excluding investment securities transactions, totaled $28.4 million for the 1991 fourth quarter, an increase of 10.3 percent over the 1990 comparable quarter.
 Noninterest expense for 1991 was $225.3 million and included a third quarter nonrecurring item of $2.1 million. Noninterest expense totaled $196.7 million for 1990. Also in 1991, the FDIC assessment was higher by $4.8 million and other real estate-owned expense increased $2.7 million. Noninterest expense for the 1991 fourth quarter totaled $57.3 million, up only one percent over the 1991 third quarter when excluding the third quarter nonrecurring item. It should also be noted that expenses related to other real estate owned were $1.1 million higher in the fourth quarter of 1991 than the 1991 third quarter. Noninterest expense totaled $51.2 million for the 1990 fourth quarter.
 Nonperforming assets decreased $13.5 million to total $125.9 million on Dec. 31, 1991 versus $139.4 million on Sept. 30, 1991 and $103.0 million at year-end 1990. Nonperforming assets as a percent of loans and other real estate owned were 2.88 percent on Dec. 31, 1991, 3.23 percent on Sept. 30, 1991 and 2.46 percent on Dec. 31, 1990. At year-end 1991 nonperforming loans totaled $93.6 million, of which $58.0 million were construction and commercial mortgage loans. On Sept. 30, 1991, nonperforming loans were $105.4 million, of which $63.7 million were construction and commercial mortgage loans.
 Other real estate owned totaled $32.4 million on Dec. 31, 1991, which included $30.7 million of construction and commerical mortgage properties. On Sept. 30, 1991 other real estate owned totaled $34.0 million, of which $33.1 million resulted from construction and commercial mortgage properties. Accruing loans past due 90 days or more totaled $21.3 million on Dec. 31, 1991 and included $15.9 million of U.S. government-guaranteed student loans. On Sept. 30, 1991 accruing loans past due 90 days or more totaled $24.0 million including U.S. government-guaranteed student loans of $17.9 million.
 The allowance for credit losses totaled $85.7 million or 1.97 percent of loans on Dec. 31, 1991 compared to $87.1 million or 2.03 percent of loans on Sept. 30, 1991 and $77.1 million or 1.85 percent of loans on Dec. 31, 1990. The allowance for credit losses as a percent of nonpeforming loans was 91.6 percent on Dec. 31, 1991, 82.7 percent on Sept. 30, 1991 and 88.9 percent one year ago. Net charge-offs totaled $14.1 million for the 1991 fourth quarter compared to $18.5 million for the same quarter of 1990. Net charge-offs for 1991 were $43.2 million compared to $47.4 million for 1990. The provision for credit losses totaled $12.7 million for the 1991 fourth quarter and $50.3 million for the full year of 1991. The provision for credit losses was $17.0 million and $62.1 million for the fourth quarter and twelve months of 1990, respectively.
 Total assets on Dec. 31, 1991 were $6.56 billion compared to $6.26 billion at year-end 1990.
 Loans totaled $4.35 billion on Dec. 31, 1991 compared to $4.17 billion on Dec. 31, 1990.
 Deposits totaled $5.15 billion on Dec. 31, 1991 compared to $4.98 billion at year-end 1990.
 Shareholders' equity totaled $462.3 million on Dec. 31, 1991 compared to $424.1 million on Dec. 31, 1990.
 INB Financial Corporation is a multi-bank holding company based in Indianapolis. The corporation's bank affiliates provide a full range of banking and trust services to individuals, businesses, other institutions and government agencies located primarily in Indiana and the central Midwest. Through its bank-related affiliates, the corporation also provides a diverse portfolio of financial services, including mortgage banking, insurance and brokerage services.
 INB Financial Corporation
 Three Months
 Ended December 31
 Financial Highlights 1991 1990
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $62,693 $58,661
 Less tax equivalent
 adjustment 2,120 2,625
 Net interest income 60,573 56,036
 Provision for credit
 losses 12,690 17,046
 Noninterest income 28,419 25,865
 Noninterest expense 57,337 51,156
 Income before income tax
 expense 18,965 13,699
 Income tax expense 6,524 3,885
 Net income $12,441 $9,814
 Per Share
 Earnings $.67 $.54
 Cash dividends paid .30 .30
 Performance Ratios
 Return on average assets .80 pct .65 pct
 Return on average equity 10.71 9.11
 Net interest margin 4.55 4.32
 Average Balances
 Assets $6,140,710 $6,034,730
 Earning assets 5,495,318 5,426,254
 Loans 4,264,604 4,117,490
 Deposits 4,973,209 4,767,817
 Shareholders' equity 460,800 427,186
 Shares outstanding 18,456,724 18,066,271
 Twelve Months
 Ended December 31
 Financial Highlights 1991 1990
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $245,941 $226,087
 Less tax equivalent
 adjustment 9,278 11,248
 Net interest income 236,663 214,839
 Provision for credit
 losses 50,341 62,116
 Noninterest income 111,530 101,172
 Noninterest expense 225,344 196,693
 Income before income tax
 expense 72,508 57,202
 Income tax expense 24,380 16,575
 Net income $48,128 $40,627
 Per Share
 Earnings $2.61 $2.24
 Fully diluted $1.20 $1.45(A)
 Performance Ratios
 Return on average assets .78 pct .69 pct
 Return on average equity 10.71 9.39
 Net interest margin 4.44 4.25
 Average Balances
 Assets $6,150,173 $5,915,440
 Earning assets 5,535,425 5,320,171
 Loans 4,214,411 3,997,708
 Deposits 4,907,417 4,597,831
 Shareholders' equity 449,542 432,734
 Shares outstanding 18,423,364 18,187,962
 On December 31:
 Assets $6,555,764 $6,263,450
 Loans 4,345,849 4,165,317
 Deposits 5,154,740 4,979,104
 Shareholders' equity 462,253 424,077
 Allowance for credit losses 85,701 77,088
 Book value per share 25.04 23.64
 Shares outstanding 18,462,370 17,940,891
 (A) -- Includes a one-time extra cash dividend of 25 cents per share.
 -0- 1/14/92
 /CONTACT: Jean M. Smith (media), 317-266-5271, or Frank A. Shackelford (investor relations), 317-266-6824, both of INB Financial Corporation/
 (INBF) CO: INB Financial Corporation ST: Indiana IN: FIN SU: ERN


KK -- CL011 -- 9532 01/14/92 11:56 EST
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