Printer Friendly

NATIONAL CITY BANCORPORATION REPORTS EARNINGS

 MINNEAPOLIS, April 19 /PRNewswire/ -- National City Bancorporation (NASDAQ-NMS: NCBM) reported net earnings of $1,828,000 for the first quarter of 1993, equaling $.34 per share, compared with $2,096,000 and $.39 per share in 1992. Included in net earnings for the first quarter of 1993, is the cumulative effect of a change in accounting principle resulting in an increase of $204,000 in reported net earnings. The company adopted SFAS 109, Accounting for Income Taxes, in the first quarter and chose to show the cumulative effect of adoption rather than restatement of prior periods. The first quarter net earnings also includes an after-tax charge of $357,000 for the write-down of an investment security. After-tax gains on the sale of securities were $115,000 in the first quarter compared to $512,000 in the same period last year.
 Net interest income was $6,382,000 for the first quarter and tax equivalent net interest margin was 5.2 percent, compared to $5,946,000 and 5.2 percent for the same period last year.
 First quarter net loan recoveries were $118,000 compared with recoveries of $65,000 in the first quarter of 1992. The loan loss provision for the first quarter was $75,000 compared to $516,000 for the same period last year. The reserve for loan losses was $7,850,000 at March 31, 1993 or 2.14 percent of loans outstanding compared to $7,657,000 and 2.12 percent at Dec. 31, 1992.
 Nonaccrual loans, renegotiated loans and other real estate acquired in foreclosure were $4.2 million at March 31, 1993, up from $3.2 million at Dec. 31, 1992 and down from $7 million at Sept. 30, 1992.
 NATIONAL CITY BANCORPORATION
 (In thousands, except per share data)
 (Unaudited)
 First Quarter Ended
 3/31/93 3/31/92
 Gross revenues $12,565 $13,752
 Net interest income 6,382 5,946
 Noninterest income 3,090 3,804
 Provision for loan losses 75 516
 Noninterest expense 6,866 5,964
 Earnings before cumulative effect
 of change in accounting principle 1,624 2,096
 Cumulative effect of change
 in accounting principle 204 --
 Net earnings $1,828 $2,096
 Earnings per common share:
 Before cumulative effect of
 change in accounting principle $.30 $.39
 Cumulative effect of change in
 accounting principle .04 --
 Net earnings $.34 $.39
 At the annual meeting of shareholders of National City Bancorporation held today, Wendell R. Anderson, John H. Daniels, Jr. and Walter E. Meadley, Jr. were re-elected to the board of directors. Frederick L. Deming retired after 22 years as a director of the company, he served as president of the company from 1971 to 1982.
 National City Bancorporation is a bank holding company which owns National City Bank of Minneapolis, and Diversified Business Credit, Inc. The company's stock is traded on the over-the-counter market in the NASDAQ National Market System under the symbol NCBM.
 -0- 4/19/93
 /CONTACT: David H. North of National City Bancorporation, 612-340-3185/
 (NCBM)


CO: National City Bancorporation ST: Minnesota IN: FIN SU: ERN

KH -- MN007 -- 7530 04/19/93 15:23 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 19, 1993
Words:517
Previous Article:TOTAL CANADA OIL & GAS LTD. ANNOUNCES PROPOSED CHANGE OF CORPORATE NAME
Next Article:NATIONAL CITY BANCORPORATION ANNOUNCES DIVIDEND
Topics:


Related Articles
NATIONAL CITY BANCORPORATION REPORTS INCREASED EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES THIRD QUARTER EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES RESULTS
NATIONAL CITY BANCORPORATION REPORTS 1993 EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES FIRST QUARTER EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES 1994 EARNINGS
NATIONAL CITY BANCORPORATION ANNOUNCES FIRST QUARTER EARNINGS
NATIONAL CITY BANCORPORATION REPORTS FIRST QUARTER EARNINGS

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