Printer Friendly

MID AM, INC. EARNINGS CONTINUE TO EXCEED EXPECTATIONS

 MID AM, INC. EARNINGS CONTINUE TO EXCEED EXPECTATIONS
 BOWLING GREEN, Ohio, July 9 /PRNewswire/ -- Mid Am, Inc. (NASDAQ: MIAM,MIAMP) today announced net income for the second quarter of 1992 of $3.2 million, up 12 percent from the $2.8 million earned in the second quarter of last year. Earnings year-to-date are $6.4 million, up 18 percent from the $5.4 million earned at June 30, 1991. Fully diluted earnings per share were $1.06, up from $.92 for the same period of 1991.
 Asset quality ratios continue to be strong. The ratio of non- accrual loans to total loans continued to decrease to .38 percent, down from the 1.32 percent posted June 30, 1991. The ratio of non- performing loans to total loans also decreased to .50 percent, from 1.64 percent at the same time last year. The loan loss reserve was 297 percent of non-performing loans as of June 30, 1992. Non- performing assets were .95 percent of total assets as of June 30, 1992, as compared to 1.54 percent at June 30, 1991.
 Second quarter earnings represented an annualized return on average assets of 1.02 percent and a return on shareholders' equity of 16.11 percent. Profitability was enhanced by an increase in the net interest margin to a 4.56 percent annualized rate in the second quarter compared to 4.18 percent one year ago.
 Edward J. Reiter, chairman and chief executive officer, commented that, "We are extremely pleased with our earnings and asset quality. Prospects for continued strong performance are good."
 In June, Mid-Am completed a successful public offering of 1,400,000 shares of $1.8125 Cumulative Convertible Preferred Stock, Series A. The underwriters exercised in full their overallotment option to purchase an additional 210,000 shares, bringing the net proceeds of the offering to a total of $38 million. Proceeds of the offering will be used for general corporate purposes including possible future acquisitions.
 Mid Am has also signed definitive agreements to acquire Ultra Bancorp, Xenia, Ohio, a $200 million thrift holding company that owns Home Federal Savings Bank, as well as certain assets and liabilities of four offices of Society Bank and Trust in Montpelier, Liberty Center, and Napoleon, and the Marysville, Ohio branch of Savings of America. Upon completion of these acquisitions, Mid Am will have 67 offices in 17 counties in Northwest, West Central, and Southwest Ohio.
 Mid Am, Inc. is a financial institution holding company that owns Mid American National Bank & Trust Company, Bowling Green; First National Bank Northwest Ohio, Bryan; The Farmers Banking Company, N.A., Lakeview; The Citizens Loan & Building Company, Lima; and Mid Am Information Services, Inc., the company's data processing affiliate.
 MID AM, INC.
 Three Months Ended June 30,
 Dollars in thousands,
 except per share data
 Pct.
 1992 1991 Change
 STATEMENT OF EARNINGS
 Taxable equivalent interest
 income $25,441 $28,454 (10.6)
 Interest income 24,973 27,938 (10.6)
 Interest expense 12,217 16,672 (26.7)
 Net interest income 12,756 11,266 13.2
 Provision for credit losses 962 1,299 (25.9)
 Non-interest income 2,455 2,316 6.0
 Non-interest expense 9,668 8,523 13.4
 Income before income taxes
 and extraordinary item 4,581 3,760 21.8
 Income Taxes 1,293 989 30.7
 Income before
 extraordinary item 3,288 2,771 18.7
 Realization of operating
 loss carryforward 27 65 (58.5)
 Net income 3,315 2,836 16.9
 Dividends on preferred stock 144 0 N/A
 Net Income Applicable to
 Common Stock 3,171 2,836 11.8
 PER COMMON SHARE DATA
 Earnings per share before
 extraordinary item $0.52 $0.47 11.1
 Primary earnings per share 0.53 0.48 9.7
 Fully diluted earnings per
 share 0.52 0.48 8.3
 Dividend declared 0.24 0.24 0.0
 KEY RATIOS
 Return on:
 Average total assets 1.02 pct 0.94 pct
 Average shareholders' equity 16.11 14.75
 Average equity/Average assets 6.93 6.38
 Net interest margin -- tax
 equivalent basis 4.56 4.18
 STATEMENT OF CONDITION DATA
 Average for the quarter ended June 30 percent
 Total assets $1,238,836 $1,206,053 2.7
 Loans and leases 819,672 799,337 2.5
 Deposits 1,123,161 1,100,289 2.1
 Total shareholders' Equity 85,867 76,915 11.6
 Six Months Ended June 30,
 Dollars in thousands,
 except per share data
 Pct.
 1992 1991 Change
 STATEMENT OF EARNINGS
 Taxable equivalent interest
 income $52,027 $56,826 (8.4)
 Interest income 51,092 55,834 (8.5)
 Interest expense 25,667 33,655 (23.7)
 Net interest income 25,425 22,179 14.6
 Provision for credit losses 1,940 2,611 (25.7)
 Non-interest income 4,036 4,436 (9.0)
 Non-interest expense 18,592 17,048 9.1
 Income before income taxes
 and extraordinary item 8,929 6,956 28.4
 Income Taxes 2,507 1,804 39.0
 Income before
 extraordinary item 6,422 5,152 24.7
 Realization of operating
 loss carryforward 136 281 (51.6)
 Net income 6,558 5,433 20.7
 Dividends on preferred stock 144 0 N/A
 Net Income Applicable to
 Common Stock 6,414 5,433 18.1
 PER COMMON SHARE DATA
 Earnings per share before
 extraordinary item $1.04 $0.87 20.1
 Primary earnings per share 1.07 0.92 16.0
 Fully diluted earnings per
 share 1.06 0.92 15.3
 Common dividend declared 0.48 0.48 0.0
 Book value per common share $12.79 $12.98 (1.5)
 KEY RATIOS
 Return on:
 Average total assets 1.04 pct 0.91 pct
 Average shareholders' equity 16.57 14.29
 Average equity/Average assets 6.56 6.39
 Net interest margin -- tax
 equivalent basis 4.55 4.17
 STATEMENT OF CONDITION DATA
 Average for the period ended June 30 percent
 Total assets $1,240,810 $1,189,584 4.3
 Loans and leases 824,621 792,276 4.1
 Deposits 1,126,030 1,084,372 3.8
 Total shareholders' Equity 81,395 76,027 7.1
 Dollars in Thousands
 STATEMENT OF CONDITION DATA
 1992 1991 Pct. Chg
 At June 30:
 Total Assets $1,252,594 $1,222,641 2.4
 Loans and leases 820,541 814,293 0.8
 Deposits 1,108,833 1,115,608 (0.6)
 Total Shareholders' equity 117,421 77,116 52.3
 ASSET QUALITY 6/30/92 6/30/91 12/31/91
 Non-accrual loans and leases $3,148 $10,743 $4,937
 Non-performing loans & leases 4,137 13,378 7,286
 Other real estate owned (OREO) 7,807 5,491 8,492
 Non-accrual loans and leases as
 a percentage of total loans
 and leases 0.38 pct. 1.32 pct. 0.62 pct.
 Non-performing loans and leases
 as a percentage of total loans
 and leases 0.50 pct. 1.64 pct. 0.92 pct.
 Allowance for credit losses
 as a percentage of non-performing
 loans and leases 297.70 pct. 62.75 pct. 154.06 pct.
 Allowance for credit losses
 as a percentage of total loans
 and leases 1.50 pct. 1.03 pct. 1.41 pct.
 Non-performing loans and leases
 and OREO as a percentage of
 total assets 0.95 pct. 1.54 pct. 1.28 pct.
 -0- 7/9/92
 /CONTACT: Dennis L. Nemec, executive vice president, or Patricia W. Spengler, senior vice president/corporate development, both of Mid Am, Inc., 419-352-5271/
 (MIAM) CO: Mid Am, Inc. ST: Ohio IN: FIN SU: ERN


BM -- CL012 -- 7833 07/09/92 12:11 EDT
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:Jul 9, 1992
Words:1268
Previous Article:KODAK EXTENDS CANON ALLIANCE IN OFFICE IMAGING; SOME PERIPHERAL UNITS WILL BE SOLD
Next Article:SUBARU PRESIDENT ANNOUNCES RESIGNATION
Topics:


Related Articles
MID AM, INC., DECLARES DIVIDEND
MID AM, INC. POSTS ANOTHER RECORD QUARTER
MID AM, INC. POSTS RECORD YEAR AGAIN
MID AM, INC. ANNOUNCES 1994 EARNINGS
MID AM, INC.'S FIRST QUARTER INCOME RESULTS
MID AM, INC. REPORTS $6.09 MILLION SECOND QUARTER NET INCOME
MID AM, INC. ANNOUNCES 1995 RECORD EARNINGS
MID AM, INC.'S FIRST QUARTER INCOME RESULTS
MID AM, INC. REPORTS $6.11 MILLION SECOND QUARTER NET INCOME
Mid Am, Inc. Reports First Quarter Earnings of $9.6 Million

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