Printer Friendly

MANUFACTURERS NATIONAL REPORTS FOURTH-QUARTER EARNINGS

 MANUFACTURERS NATIONAL REPORTS FOURTH-QUARTER EARNINGS
 DETROIT, Jan. 15 /PRNewswire/ -- Manufacturers National Corporation


(NASDAQ-NMS: MNTL) announced fourth-quarter, 1991 net income of $32.2 million, up 7.4 percent from fourth-quarter, 1990 net income of $30.0 million. On a per-share basis, net income for the quarter was $1.01, or 4.1 percent higher than the $.97 reported in the same period last year.
 Net income for the year ended Dec. 31, 1991, was $120.2 million, 11.1 percent above net income of $108.2 million for 1990. On a per- share basis, net income for 1991 was $3.81 compared to $3.55 in 1990, an increase of 7.3 percent.
 "Manufacturers' positive earnings momentum continues with record quarterly and annual earnings," said Chairman Gerald V. MacDonald. "Although commercial loan growth remains constrained by the national and local economy, strong growth in non-interest income and slowing growth in non-interest expense provided the foundation for the record earnings."
 "Our merger with Comerica, announced on Oct. 28, 1991, is proceeding as expected toward a second-quarter merger date. The new management team has been appointed and consolidation efforts are under way. Although we are devoting much energy to ensuring that the merger process proceeds as planned, our record quarterly earnings show that management remains focused on the business at hand.
 Net Interest Income
 Net interest income improved 6.7 percent in the fourth quarter of 1991 compared to the similar period in 1990 due to the 6.9-percent growth in average earning assets.
 Non-interest Income
 Non-interest income increased 11.2 percent in the fourth quarter of 1991 compared to the fourth quarter of 1990.
 Fourth-quarter, 1991 income from fiduciary activities and service charges was up 8.7 percent and 16.4 percent, respectively, from the fourth quarter of 1990. Customhouse broker fees increased 5.7 percent in the fourth quarter of 1991 from the same period in 1990, indicating increased customs clearings from earlier in 1991.
 Other non-interest income growth of 18.6 percent was attributable to a variety of fee-based services.
 Non-interest Expenses
 Non-interest expenses increased 6.7 percent in the fourth quarter of 1991 compared to the fourth quarter of 1990. Excluding the increase in FDIC insurance, non-interest expenses would have increased 5.1 percent.
 The provision for loan losses was $11.0 million in the fourth quarter of 1991, compared to $10.5 million in the fourth quarter of 1990 and $11.2 million in the third quarter of 1991.
 The allowance for loan losses was $143.5 million, or 1.87 percent of total loans, at Dec. 31, 1991, compared to $137.2 million at Dec. 31, 1990, and $140.9 million at Sept. 30, 1991. Net charge-offs for the fourth quarter of 1991 were $8.4 million, compared to $8.1 million in the fourth quarter of 1990, and $9.3 million in the third quarter of 1991.
 Non-performing assets were as follows:
 Dec. 31, Sept. 30, Dec. 31,
 1991 1991 1990
 (in millions)
 Nonaccrual loans $101.8 $103.1 $71.7
 Reduced-rate loans .1 .1 9.9
 Other real estate 18.5 18.7 18.4
 Total non-performing assets $120.4 $121.9 $100.0
 As a percent of loans 1.56 pct. 1.61 pct. 1.35 pct.
 Manufacturers National Corporation is a bank holding company headquartered in Detroit. It operates in Michigan, principally through Manufacturers Bank, N.A., and in the metropolitan Chicago area through Affiliated Bank. The corporation also operates other financial subsidiaries in Delaware, Florida and Illinois.
 An earnings summary follows:
 MANUFACTURERS NATIONAL CORPORATION AND SUBSIDIARIES
 EARNINGS SUMMARY
 Three Months Ended Dec. 31 Percent
 1991 1990 Change
 In thousands, except
 per share data
 Net income $32,194 $29,988 7.4
 Net income per share of
 common stock:
 Primary $1.01 $.97 4.1
 Fully diluted 1.00 .97 3.1
 Dividends per share .33 .29 13.8
 Average primary shares 31,915 30,760
 Return on equity 15.67 pct. 16.54 pct.
 Return on assets 1.07 1.06
 Year Ended Dec. 31 Percent
 1991 1990 Change
 In thousands, except
 per share data
 Net income $120,216 $108,221 11.1
 Net income per share of
 common stock:
 Primary $3.81 $3.55 7.3
 Fully diluted 3.76 3.52 6.8
 Dividends per share 1.24 1.12 10.7
 Average primary shares 31,538 30,482
 Return on equity 15.31 pct. 15.68 pct.
 Return on assets 1.02 1.00
 BALANCE SHEET COMPARISONS
 Dec. 31 Percent
 1991 1990 Change
 In millions, except
 per share data
 Total assets $13,544 $12,078 12.1
 Total deposits 8,854 8,722 1.5
 Total loans 7,696 7,397 4.0
 Total investment securities 2,160 2,308 (6.4)
 Shareholders' equity 833 737 13.0
 Book value per share $26.62 $23.94 11.2
 Shareholders' equity to
 assets-average year-to-date 6.68 pct. 6.39 pct.
 -0- 1/15/92
 /CONTACT: Sharon R. McMurray, 313-222-4881, or Michael T. Maurer, 313-222-4732, both of Manufacturers National Corporation/
 (MNTL) CO: Manufacturers National Corporation ST: Michigan IN: FIN SU: ERN


JG-SM -- DE001 -- 9973 01/15/92 12:00 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 15, 1992
Words:859
Previous Article:NOVA CORPORATION OF ALBERTA ANNOUNCES RECORD VOLUMES OF NATURAL GAS
Next Article:GERIATRIC & MEDICAL CENTERS REPORTS SIX MONTHS RESULTS, RECORD REVENUES AND A 57.6 PERCENT INCREASE IN NET INCOME
Topics:


Related Articles
MANUFACTURERS NATIONAL REPORTS FOURTH-QUARTER EARNINGS
NATIONAL CITY BANCORPORATION REPORTS INCREASED EARNINGS
FIRST NATIONAL BANK CORP. REPORTS INCREASED EARNINGS IN FOURTH QUARTER, 1991
FOURTH-QUARTER MICHIGAN CORPORATE PROFITS: BACK IN THE BLACK
MANUFACTURERS NATIONAL CORPORATION REPORTS FIRST-QUARTER EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES EARNINGS
CULP PROJECTS HIGHER FOURTH QUARTER EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES 1994 EARNINGS
NATIONAL PENN BANCSHARES, INC., ANNOUNCES RECORD EARNINGS
PNC to post fourth quarter results.

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