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INB FINANCIAL CORPORATION ANNOUNCES RECORD FIRST QUARTER; DECLARES QUARTERLY DIVIDEND

 INB FINANCIAL CORPORATION ANNOUNCES RECORD FIRST QUARTER;
 DECLARES QUARTERLY DIVIDEND
 INDIANAPOLIS, April 14 /PRNewswire/ -- INB Financial Corporation (NASDAQ: INBF) today reported a first quarter net income of 19.7 percent. Record first quarter net income totaled $14,910,000, or 81 cents per share, compared to $12,455,000, or 68 cents per share, for the first quarter of 1991. Thomas M. Miller, chairman of INB Financial Corporation, said that the current quarter continued to benefit from a very strong net interest margin coupled with excellent growth in noninterest income.
 The board of directors of the corporation declared a regular quarterly dividend of 30 cents per share, payable June 26, 1992, to shareholders of record June 5, 1992.
 Net interest income (FTE) increased 8.4 percent and totaled $64.7 million for the 1992 first quarter. Net interest margin increased for the seventh consecutive quarter and was 4.77 percent for the 1992 first quarter. This compared to 4.55 percent for the 1991 fourth quarter and 4.35 percent for the first quarter of 1991. The major reasons for the improved net interest margin were continued growth in core deposits, a favorable change in the mix of earning assets and additional fees from prepayment of loans.
 Noninterest income, excluding investment securities transactions, increased 10.9 percent, totaling $29.4 million for 1992 versus $26.5 million for the first quarter of 1991. Income from service charges on business and personal deposit accounts increased 18.9 percent while growth in fees related to general banking, mortgage banking and brokerage services contributed to a 20.7 percent increase in other noninterest income. There were no investment securities gains for 1992 versus a net gain of $133,000 for the 1991 first quarter.
 Noninterest expense for 1992 was $57.9 million compared to $53.7 million for the 1991 first quarter. In 1992 the FDIC assessment was higher by $506,000 and expenses related to other real estate owned increased $314,000.
 Nonperforming assets were $136.2 million on March 31, 1992 versus $125.9 million on Dec. 31, 1991 and $121.3 million on March 31, 1991. The increase from year-end 1991 was primarily attributable to a long- standing commercial loan customer who was impacted by the economy. Nonperforming assets as a percent of loans and other real estate owned were 3.18 percent on March 31, 1992, 2.88 percent on Dec. 31, 1991 and 2.87 percent on March 31, 1991. On March 31, 1992 nonperforming loans totaled $95.4 million, of which $53.4 million were construction and commercial mortgage loans. On Dec. 31, 1991 nonperforming loans were $93.6 million, of which $58.0 million were construction and commercial mortgage loans. Other real estate owned totaled $40.8 million on March 31, 1992, which included $38.8 million of construction and commercial mortgage properties. On Dec. 31, 1991 other real estate owned totaled $32.4 million, of which $30.7 million resulted from construction and commercial mortgage properties. Accruing loans past due 90 days or more totaled $20.0 million on March 31, 1992 and included $14.7 million of U.S. government-guaranteed student loans. On Dec. 31, 1991 accruing loans past due 90 days or more totaled $21.3 million including U.S. government-guaranteed student loans of $15.9 million.
 The allowance for credit losses increased to $88.5 million or 2.09 percent of loans on March 31, 1992 compared to $85.7 million or 1.97 percent of loans on Dec. 31, 1991 and $82.6 million or 1.96 percent of loans on March 31, 1991. The allowance for credit losses as a percent of nonperforming loans was 92.8 percent on March 31, 1992, 91.6 percent on Dec. 31, 1991 and 87.3 percent one year ago. Net charge- offs totaled $8.1 million for the 1992 first quarter compared to $7.3 million for the same quarter of 1991. The provision for credit losses totaled $10.9 million for 1992 and $11.3 million for the first quarter of 1991.
 Total assets on March 31, 1992 were $6.23 billion compared to $6.56 billion at year-end 1991 and $6.38 billion a year ago.
 Loans totaled $4.24 billion on March 31, 1992 compared to $4.35 billion on Dec. 31, 1991 and $4.20 billion on March 31, 1991.
 Deposits totaled $5.03 billion on March 31, 1992 compared to $5.15 billion at year-end 1991 and $4.86 billion a year ago.
 Shareholders' equity totaled $473.3 million on March 31, 1992 compared to $462.3 million on Dec. 31, 1991 and $438.9 million on March 31, 1991.
 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.
 Three Months
 Ended March 31
 Financial Highlights 1992 1991
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $64,713 $59,705
 Less tax equivalent
 adjustment 1,910 2,451
 Net interest income 62,803 57,254
 Provision for credit
 losses 10,907 11,333
 Noninterest income 29,367 26,603
 Noninterest expense 57,929 53,724
 Income before income tax
 expense 23,334 18,800
 Income tax expense 8,424 6,345
 Net income $14,910 $12,455
 Per Share
 Earnings $.81 $.68
 Cash dividends paid .30 .30
 Performance Ratios
 Return on average assets .99 pct. .83 pct.
 Return on average equity 12.71 11.52
 Net interest margin 4.77 4.35
 Average Balances
 Assets $6,084,140 $6,106,655
 Earning assets 5,435,085 5,512,965
 Loans 4,245,774 4,156,092
 Deposits 4,944,604 4,803,602
 Shareholders' equity 471,660 438,493
 Shares Outstanding 18,479,275 18,379,820
 On March 31
 Assets $6,234,612 $6,378,132
 Loans 4,238,648 4,203,562
 Deposits 5,031,755 4,864,324
 Shareholders' equity 473,328 438,931
 Allowance for credit losses 88,483 82,585
 Book value per share 25.60 23.83
 Shares Outstanding 18,489,822 18,417,509
 -0- 4/14/92
 /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 -- CL010 -- 8316 04/14/92 13:19 EDT
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