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INDEPENDENCE REPORTS FIRST QUARTER NET INCOME OF $5 MILLION

 INDEPENDENCE REPORTS FIRST QUARTER NET INCOME OF $5 MILLION
 PERKASIE, Pa., April 22 /PRNewswire/ -- Independence Bancorp (NASDAQ: INBC) today reported a 5.5 percent increase in net income to $5.0 million for the three months ended March 31, 1992, compared with $4.8 million reported a year ago.
 Primary and fully diluted earnings per share were $0.45, compared with $0.43 a year ago.
 John D. Harding, president and chief executive officer, commented, "Our earnings improvement was primarily driven by a lower loan loss provision, and we continue to be encouraged by the trend in nonperforming loans."
 The provision for loan losses was $3.8 million compared with $7.2 million for the fourth quarter of 1991, and $4.4 million a year ago. Nonaccrual loans and other real estate owned were $42.9 million or 2.53 percent of total loans and other real estate owned, compared with $44.3 million or 2.65 percent at year-end 1991, and $28.5 million or 1.72 percent a year ago. Net charge-offs were $2.7 million for the 1992 quarter, compared with $5.1 million for the fourth quarter of 1991, and $3.1 million a year ago.
 At March 31, 1992, Independence's loan loss allowance was $28.1 million, or 1.67 percent of total loans, compared with 1.63 percent at Dec. 31, 1991 and 1.51 percent a year ago. Independence's Tier 1 capital ratio was 9.6 percent, compared with the 1992 minimum regulatory requirement of 4 percent.
 Tax-equivalent net interest income grew 4.1 percent to $27.0 million compared with $26.0 million a year ago. The net interest margin improved to 4.52 percent for the 1992 quarter from 4.34 percent a year ago. Total loans grew 1.9 percent to $1.68 billion, while total deposits were $2.20 billion at March 31, 1992.
 Non-interest income was $6.0 million for the 1992 quarter, compared with $7.5 million a year ago when Independence reported a gain of $2.5 million from the sale of its $18.5 million credit card portfolio. The first quarter 1992 non-interest income included a $478,000 increase in gains from the sale of mortgages, reflecting the heavy volume of refinancing activity. Non-interest expense increased 2.0 percent to $22.6 million.
 The board of directors of Independence Bancorp on April 21, 1992, declared a quarterly cash dividend of 29 cents per share, payable on May 8 to shareholders of record on April 30. The dividend, unchanged from the previous quarter, pays an annual rate of $1.16. Independence has approximately 11 million shares outstanding.
 Independence Bancorp is a $2.6 billion bank holding company for four community banks in eastern Pennsylvania: Bucks County Bank and Trust Company, Cheltenham Bank, Lehigh Valley Bank and Third National Bank and Trust Company of Scranton.
 INDEPENDENCE BANCORP
 Financial Highlights
 (Dollars in thousands, except per-share data)
 Three months ended March 31 Dec. 31 March 31
 1992 1991 1991
 Income:
 Net income $5,023 $4,383 $4,759
 Per share:
 Primary $0.45 $0.40 $0.43
 Fully diluted 0.45 0.40 0.43
 Cash dividends paid 0.29 0.29 0.29
 Book value 18.62 18.43 18.05
 Net interest income 26,596 26,128 25,332
 Tax-equivalent net
 interest income 27,015 26,656 25,956
 Non-interest income 6,044 10,056 7,484
 Non-interest expense 22,639 23,479 22,185
 Loan loss provision 3,817 7,182 4,422
 Net charge-offs 2,711 5,133 3,064
 Period-end Balances:
 Total assets 2,633,526 2,602,875 2,616,014
 Total loans 1,676,266 1,655,893 1,645,651
 Allowance for
 loan losses 28,075 26,969 24,928
 Total deposits 2,199,204 2,184,281 2,185,019
 Shareholders' equity 207,279 203,891 198,249
 Nonaccrual loans 28,266 27,717 21,798
 Other real estate
 owned 14,584 16,539 6,673
 Average Balances:
 Average assets 2,582,017 2,609,466 2,601,883
 Average earning
 assets 2,401,634 2,428,120 2,426,993
 Average loans 1,662,291 1,664,227 1,650,623
 Average deposits 2,168,098 2,203,318 2,187,538
 Shares Outstanding (in millions):
 Total shares
 outstanding 11.132 11.061 10.983
 Average primary
 shares 11.151 11.087 10.973
 Average fully
 diluted shares 12.325 12.257 12.162
 Selected Ratios (pct.):
 Net interest margin 4.52 4.36 4.34
 Allowance for loan
 losses/loans 1.67 1.63 1.51
 Average equity/
 average assets 7.84 7.82 7.47
 Net charge-offs to
 average loans 0.66 1.22 0.75
 Nonaccrual loans and
 other real estate
 owned to loans and
 other real estate owned 2.53 2.65 1.72
 Allowance for possible
 loan losses to
 nonaccrual loans 99.32 97.30 114.36
 /delval/
 -0- 4/22/92
 /CONTACT: Gary A. Kimball, 215-453-3094, or Philip H. Rinnander, CFO, 215-453-3030, both of Independence Bancorp/
 (INBC) CO: Independence Bancorp ST: Pennsylvania IN: FIN SU: ERN


MP -- PH007 -- 1057 04/22/92 08:51 EDT
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