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INB FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS/ DECLARES QUARTERLY DIVIDEND

 INB FINANCIAL CORPORATION ANNOUNCES SECOND QUARTER RESULTS/
 DECLARES QUARTERLY DIVIDEND
 INDIANAPOLIS, July 14 /PRNewswire/ -- INB Financial Corporation (NASDAQ: INBF) today reported second quarter net income increased 16.3 percent of total $13,931,000 or 75 cents per share compared to $11,975,000 or 65 cents per share for the second quarter of 1991. Thomas M. Miller, chairman of INB Financial Corporation, said that the current quarter benefited from continued growth in net interest income and a lower provision for credit losses. Miller also noted that nonperforming assets totaled $119.6 million on June 30, 1992, a decrease of $16.6 million from the March 31, 1992 figure and a decrease of $3.7 million from the total at June 30, 1991. Net income for the first six months of 1992 increased to $28,841,000 or $1.56 per share compared to $24,430,000 or $1.33 per share for the comparable period of 1991.
 The board of directors of the corporation declared a regular quarterly dividend of 30 cents per share payable September 25, 1992 to shareholders of record September 4, 1992.
 Net interest income (FTE) increased 5.8 percent and totaled a record $65.0 million for the 1992 second quarter. Net interest margin was 4.76 percent for the 1992 second quarter and 4.39 percent for the second quarter of 1991. The major reason for the improved net interest margin was an improved interest spread due to continued growth in core deposits and a change in the mix of earning assets. For the first six months of 1992, net interest income (FTE) totaled $129.7 million compared to $121.1 million for the same period of 1991. Net interest margin was 4.76 percent and 4.37 percent for the first six months of 1992 and 1991, respectively.
 Noninterest income totaled $27.9 million for both the second quarter of 1992 and the second quarter of 1991. An increase of 10.9 percent in income from service charges on business and personal deposit accounts was offset by a decrease in credit card fee income. The decrease in credit card fees was primarily attributable to the return to the loan portfolio of credit card receivables previously securitized. Income from trust fees and commissions totaled $6.3 million for the 1992 second quarter, relatively unchanged from the 1991 second quarter. Net investment securities losses were $1,000 for the 1992 second quarter compared to a net loss of $6,000 for the same quarter of 1991. For the first six months of 1992, noninterest income totaled $57.2 million compared to $54.5 million for the same period of 1991. Net investment securities losses were $1,000 in 1992 versus a net gain of $127,000 for the first six months of 1991.
 Noninterest expense totaled $58.3 million for the second quarter of 1992, an increase of less than one percent over the 1992 first quarter total of $57.9 million. Noninterest expense was $55.4 million for the 1991 second quarter. Expenses related to other real estate owned increased $739,000 and the FDIC assessment was higher by $478,000 in the second quarter of 1992 compared to the same quarter last year. The 1992 second quarter also included a fraud loss of $665,000. Expenses related to other real estate owned were $1.2 million higher in the second quarter of 1992 compared to the first quarter of 1992. Noninterest expense was $116.2 million for the first six months of 1992 compared to $109.1 million for the 1991 comparable period.
 Nonperforming assets decreased to $119.6 million on June 30, 1992 versus $136.2 million on March 31, 1992 and $123.3 million on June 30, 1991. Nonperforming assets as a percent of loans and other real estate owned were 2.72 percent on June 30, 1992, 3.18 percent on March 31, 1992 and 2.88 percent on June 30, 1991. On June 30, 1992 nonperforming loans totaled $78.1 million, of which $46.6 million were construction and commercial mortgage loans. On March 31, 1992 nonperforming loans were $95.4 million, of which $53.4 million were construction and commercial mortgage loans. Other real estate owned totaled $41.4 million on June 30, 1992, which included $39.8 million of construction and commercial mortgage properties. On March 31, 1992 other real estate owned totaled $40.8 million, of which $38.8 million resulted from construction and commercial mortgage properties. Accruing loans past due 90 days or more totaled $19.4 million on June 30, 1992 and included $15.6 million of U.S. government-guaranteed student loans. On March 31, 1992 accruing loans past due 90 days or more totaled $20.0 million including U.S. government-guaranteed student loans of $14.7 million.
 The allowance for credit losses increased to $89.4 million on June 30, 1992 compared to $88.5 million on March 31, 1992 and $86.5 million on June 30, 1991. As a percent of loans, the allowance for credit losses was 2.05 percent on June 30, 1992, 2.09 percent on March 31, 1992 and 2.03 percent on June 30, 1991. The allowance for credit losses as a percent of nonperforming loans improved to 114.5 percent on June 30, 1992 compared to 92.8 percent on March 31, 1992 and 88.5 percent one year ago. Net charge-offs totaled $10.0 million for the 1992 second quarter compared to $9.6 million for the same quarter of 1991. The provision for credit losses totaled $11.0 million for the second quarter of 1992 compared to $13.5 million for the second quarter of 1991.
 Total assets on June 30, 1992 were $6.50 billion compared to $6.56 billion at year-end 1991 and $6.31 billion a year ago.
 Loans totaled $4.36 billion on June 30, 1992 compared to $4.35 billion on December 31, 1991 and $4.25 billion on June 30, 1991.
 Deposits totaled $5.15 billion on June 30, 1992 compared to $5.15 billion at year-end 1991 and $5.04 billion a year ago.
 Shareholders' equity totaled $484.3 million on June 30, 1992 compared to $462.3 million on December 31, 1991 and $446.7 million on June 30, 1991.
 On June 30, 1992 the corporation called the $50,000,000 of 11-1/2 percent notes due August 1, 1995. The call at par is effective August 1, 1992. The proceeds from a loan with NBD Bancorp, Inc. will be used to redeem these notes.
 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 June 30
 Financial Highlights 1992 1991
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $64,966 $61,386
 Less tax equivalent
 adjustment 1,957 2,419
 Net interest income 63,009 58,967
 Provision for credit
 losses 10,957 13,453
 Noninterest income 27,856 27,933
 Noninterest expense 58,308 55,418
 Income before income tax
 expense 21,600 18,029
 Income tax expense 7,669 6,054
 Net income $13,931 $11,975
 Per Share
 Earnings $.75 $.65
 Cash dividends paid .30 .30
 Performance Ratios
 Return on average assets .91 percent .77 percent
 Return on average equity 11.64 10.76
 Net interest margin 4.76 4.39
 Average Balances
 Assets $6,129,909 $6,212,404
 Earning assets 5,471,167 5,596,670
 Loans 4,233,908 4,206,067
 Deposits 4,947,185 4,979,815
 Shareholders' equity 481,262 446,440
 Shares outstanding 18,516,137 18,419,635
 Six Months
 Ended June 30
 Financial Highlights 1992 1991
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $129,679 $121,091
 Less tax equivalent
 adjustment 3,867 4,870
 Net interest income 125,812 116,221
 Provision for credit
 losses 21,864 24,786
 Noninterest income 57,223 54,536
 Noninterest expense 116,237 109,142
 Income before income tax
 expense 44,934 36,829
 Income tax expense 16,093 12,399
 Net income $28,841 $24,430
 Per Share
 Earnings $1.56 $1.33
 Cash dividends paid .60 .60
 Performance Ratios
 Return on average assets .95 percent .80 percent
 Return on average equity 12.17 11.13
 Net interest margin 4.76 4.37
 Average Balances
 Assets $6,107,024 $6,159,822
 Earning assets 5,453,126 5,555,049
 Loans 4,239,841 4,181,218
 Deposits 4,945,894 4,892,195
 Shareholders' equity 476,461 442,488
 Shares outstanding 18,497,706 18,399,837
 On June 30:
 Assets $6,497,814 $6,309,845
 Loans 4,360,565 4,252,922
 Deposits 5,154,770 5,040,100
 Shareholders' equity 484,330 446,713
 Allowance for credit losses 89,433 86,457
 Book value per share 26.11 24.24
 Shares Outstanding 18,552,597 18,426,317
 -0- 7/14/92
 /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


BM -- CL015 -- 9130 07/14/92 13:00 EDT
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