Printer Friendly

KEY CENTURION ANNOUNCES RECORD 1991 EARNINGS; NEW BUYBACK PROGRAM

KEY CENTURION ANNOUNCES RECORD 1991 EARNINGS; NEW BUYBACK PROGRAM
 CHARLESTON, W.Va., Jan. 29 /PRNewswire/ -- Key Centurion Bancshares, Inc., (NASDAQ: KEYC), West Virginia's largest bank holding company, today announced record financial results for both 1991 and the year's fourth quarter.
 The board of directors of the multi-bank holding company, which has $3 billion in assets, also has announced a stock buyback program.
 In its financial announcement, net income for the last quarter was $9.3 million, a 24 percent increase over the last quarter of 1990 when earnings had been $7.5 million. The full year produced record earnings of $32.4 million compared to $29.8 million in 1990, an increase of 8.7 percent.
 Key Centurion thus produced fourth quarter earnings of 38 cents per share, a 22.6 percent increase over the previous year's fourth quarter total of 31 cents. For the year, earnings per share rose 9 percent to $1.33, compared with $1.22 for 1990.
 Shareholder equity also rose during 1991. At year end, the figure was $297 million compared with $284 million the previous year. Return on equity equaled 11.13 percent in 1991, which compares with 10.72 percent in 1990. Return on assets remained essentially the same; 1.12 percent in 1991 and 1.13 in 1990.
 All results have been restated to account for the addition of Spectrum Financial Corporation in a merger completed Jan. 31, 1991, and accounted for as a pooling of interests transaction. The results also include the addition of Southern Bankshares, Inc., in a merger completed April 30, 1991. The Southern merger was accounted for as a purchase transaction, and accordingly was included in Key Centurion's results from that date.
 "We are particularly proud of producing record numbers in such a troubled year for both the economy and the banking industry," Marshall T. Reynolds, chairman of Key Centurion said. "Our policy of growth through mergers and acquisitions has given us the solid base which produces results for our shareholders," Reynolds said. "We hope to increase that further on completion of a pending acquisition (subject to execution of a definitive agreement and shareholder and regulatory approval) which will position us in the fast-growing eastern panhandle of West Virginia near Washington, D.C.," he said.
 A. Michael Perry, president and chief executive officer, pointed to Key Centurion's net interest income as a source of strength. "We appear to be holding very firm in that area, despite the dramatic drop in interest rates," Perry said. Net interest income increased 10.5 percent for the year. "Not only did that help us produce 1991's records, but it also gives us great hope for 1992." Meanwhile, Perry noted, other non-interest income rose 22 percent for the year in a broad based gain.
 "These growth areas combined to give us a 15.2 percent increase in pre-tax income," Perry said. "That is particularly significant when you see that last year -- a very good year for Key Centurion -- our pre-tax income increase was just 2.8 percent."
 The stock repurchase program announced today is designed to give the company the option to buy back up to an additional $12 million in stock over the course of 1992. It follows a repurchase program, undertaken in February of 1990, which has resulted in the purchase to date of $11 million of a contemplated $12 million in market value of the company's common stock.
 Chairman Reynolds called this a "particularly good time" for the buyback, since the company has maintained its remarkably strong financial condition despite a troubled economy. "Our superior earnings performance and high equity-to-asset ratio mean that a share repurchase program brings significant potential financial benefits to our company and its shareholders," Reynolds said. "Choose any national comparative equity-to-asset scale you like. You'll find Key Centurion outperforms most bank holding companies. In fact, throughout the prior buyback program, we maintained a fortress balance sheet, and our equity-to-asset ratio actually increased," he said.
 Key Centurion President Perry added that "the last repurchase program generated such solid financial benefits for the company and its shareholders that we feel extremely confident about undertaking this new action. We saw distinct gains last time," Perry said, "in an improved return on equity (ROE) and increased earnings per share."
 Key Centurion's financial strength again has been noted nationally, Perry said. An article in American Banker (1/16/92) placed the company on a list of "100 banks that Wall Street valued mergers and acquisitions program historically has provided external growth in shareholder equity," Perry emphasized, "while our balance sheet has always provided an abundance of liquidity."
 The stock repurchases, which may commence immediately, may be made in the open market or in negotiated transactions. Timing, price, quantity, and manner of purchase(s) will be at the sole discretion of Key Centurion corporate officers. The program may be discontinued or suspended at any time. The actual number of shares, if any, that will be purchased will depend upon market conditions and prices.
 Key Centurion currently has bank subsidiaries with 54 offices in West Virginia and Kentucky, operating as Beckley National Bank, Beckley and Oak Hill; The Central National Bank of Buckhannon, Buckhannon; Charleston National Bank, Charleston; Union National Bank of West Virginia, Clarksburg; The First Huntington National Bank, Huntington; The Lincoln National Bank of Hamlin, Hamlin; The National Bank of Logan, Logan; Boone National Bank, Madison; The First National Bank of New Martinsville, New Martinsville; First National Bank in Philippi, Philippi; Citizens National of Point Pleasant, Point Pleasant; Citizens National Bank of St. Albans, St. Albans; Nicholas County Bank, Summersville; Wayne County Bank, Wayne; Security National Bank & Trust, Wheeling; The National Bank of Commerce of Williamson, Williamson, all in West Virginia, and First National Bank of Pikeville, Pikeville, Ky.
 KEY CENTURION BANCSHARES, INC., AND SUBSIDIARIES
 Financial Highlights
 ($ thousands, except per share data)
 Period Three Months 12 Months
 Ended Pct. Pct.
 Dec. 31 1991 1990 Change 1991 1990 Change
 Earnings & dividends:
 Net income $9,301 $7,545 23.3 $32,407 $29,785 8.8
 Net int. inc. 31,044 27,291 13.8 119,545 108,230 10.5
 Cash divs. on
 common stock 4,100 3,805 7.8 15,825 14,605 8.4
 Per common shares:
 Net income $0.38 $0.31 22.6 $1.33 $1.22 9.0
 Cash dividends
 (excluding pooled
 affiliates) $0.17 $0.16 6.3 $0.65 $0.61 6.6
 Shareholders'
 equity $12.34 $11.66 5.8 $12.34 $11.66 5.8
 Financial ratios:
 Return on average
 assets (pct.) 1.22 1.12 - 1.12 1.13 -
 Return on average
 equity (pct.) 12.54 10.61 - 11.13 10.72 -
 Net interest
 margin (pct.) 4.76 4.71 - 4.76 4.76 -
 Common stock
 outstndg. 24,044,628 24,350,194 - 24,044,628 24,350,194 -
 Weighted avg.
 shares
 outstndg. 24,251,929 24,355,773 - 24,361,477 24,493,504 -
 At Dec. 31
 Balance Sheet Data:
 Assets $3,049,354 $2,716,017 12.3
 Loans 1,416,486 1,360,016 4.2
 Deposits 2,451,696 2,178,780 12.5
 Shareholders'
 equity 296,814 284,045 4.5
 -0- 1/29/92
 /CONTACT: Larry A. Stark of Key Centurion Bancshares, 304-526-4337, or at home, 304-529-3624/
 (KEYC) CO: Key Centurion Bancshares, Inc. ST: West Virginia IN: FIN SU: ERN


DM -- PG003 -- 4647 01/29/92 10:34 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 29, 1992
Words:1234
Previous Article:DU PONT REPORTS EARNINGS
Next Article:MOSCOW, AMERICAN COMPANIES SIGN AGREEMENT FOR LICENSING AND MARKETING OIL REFINING PROCESS TECHNOLOGIES
Topics:


Related Articles
KEY CENTURION ANNOUNCES THIRD QUARTER EARNINGS FOR 1991
KEY CENTURION ANNOUNCES JANUARY DIVIDEND INCREASE
THE TRUSTCOMPANY BANCORPORATION REPORTS RECORD EARNINGS
KEY CENTURION ANNOUNCES APRIL DIVIDEND
KEY CENTURION TO JOIN BANC ONE
BANC ONE REPORTS RECORD SECOND QUARTER AND YEAR-TO-DATE RESULTS
KEY CENTURION CONTINUES EARNINGS INCREASE MOMENTUM IN SECOND QUARTER
KEY CENTURION ANNOUNCES OCTOBER DIVIDEND
KEY CENTURION EARNINGS INCREASE 26 PERCENT IN THIRD QUARTER
KEY CENTURION NET INCOME FOR 1992 UP FROM PREVIOUS YEAR

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters