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NBD ANNOUNCES THIRD-QUARTER EARNINGS AND COMPLETION OF INB

 NBD ANNOUNCES THIRD-QUARTER EARNINGS AND COMPLETION OF INB
 DETROIT, Oct. 15 /PRNewswire/ -- NBD Bancorp, Inc. (NYSE: NBD) today reported Net Income of $81,941,000, or $.63 per share ($.61 fully diluted), for the quarter ended September 30, 1992. Results for the quarter are after $17,809,000 ($13,034,000 after-tax) of charges taken by NBD in contemplation of its merger with the $6.2 billion INB Financial Corporation of Indianapolis, Indiana, which was completed today. Excluding these charges, Net Income for the quarter would have been $94,975,000, or $.73 per share ($.71 fully diluted), an increase of 22 percent from the $77,901,000, or $.60 per share ($.58 fully diluted), earned in the third quarter of 1991.
 Net Income for the nine months ended September 30, 1992, totaled a record $244,266,000, or $1.87 per share ($1.82 fully diluted), as compared with $232,649,000, or $1.79 per share ($1.75 fully diluted), in the prior year. In addition to the INB merger related charges taken by NBD in the third quarter, results for 1992 are after charges taken in the second quarter by Summcorp of Fort Wayne, Indiana, in contemplation of its July 1, 1992, merger with NBD. These charges totaling $18,680,000 ($12,219,000 after-tax) were to conform Summcorp's valuation and credit policies with those of NBD, to write-down the carrying amount of intangible assets and to record other merger-related expenses. Excluding both merger related charges totaling $36,489,000 ($25,253,000 after-tax), Net Income for the nine months would have been $269,519,000, or $2.06 per share ($2.0l fully diluted), an increase of 16 percent versus the prior year.
 Financial data has been restated for the merger with Summcorp on July 1, 1992, which was accounted for as a pooling of interests; and 1991 per share amounts have been adjusted for the three-for-two stock split distributed on January 6, 1992, to shareholders of record December 27, 1991.
 Chairman and President Charles T. Fisher III said Net Interest Income for the quarter was up 16 percent, or $43.8 million, versus a year earlier. The increase reflects 8 percent growth in earning assets and an increase in net interest margin to 4.43 percent from 4.20 percent. In addition, Non-Interest Income was up 19 percent, or $16.8 million; and Non-Interest Expenses were up $41.9 million, or
18 percent. Without the third quarter merger related expenses of $17.8 million, the rate of increase in Non-Interest Expenses versus the third quarter of 1991 would have been 10 percent.
 For the nine months ended September 30, 1992, Net Interest Income grew at a rate of 13 percent, or $108.7 million. The increase reflects 8 percent growth in earning assets and an increase in net interest margin to 4.29 percent from 4.16 percent in 1991. In addition, Non- Interest Income was up 15 percent, or $39.1 million; and Non-Interest Expenses were up $92.7 million, or an increase of 13 percent. Without merger-related expenses of $23.8 million, the rate of increase in Non- Interest Expenses would have been 10 percent.
 The Provision for Possible Credit Losses in the third quarter of 1992 was $32.4 million while net loan charge-offs were $29.2 million, or 0.57 percent (annualized) of average loan and lease balances. In the third quarter 1991, the Provision was $28.6 million and net charge-offs were $27.4 million, or 0.58 percent of balances.
 The Provision for the nine months ended September 30, 1992, was $97.1 million (which included a merger-related Provision of $9.8 million by Summcorp) while net charge-offs were $85.9 million, or 0.56 percent (annualized) of average loan and lease balances. In the comparable nine months of 1991 the Provision was $76.3 million and net charge-offs were $68.9 million, or 0.49 percent.
 The Allowance For Possible Credit Losses at September 30, 1992, was $315.0 million, or 1.51 percent of total loans and leases. The Allowance was $312.0 million, or 1.52 percent, at June 30, 1992, and $291.0 million or 1.51 percent at September 30, 1991. The Allowance at September 30 was equal to 98 percent of nonperforming loans and leases versus 96 percent at June 30, 1992, and also 96 percent at September 30, 1991.
 Nonperforming loans and leases at September 30, 1992, totaled $320.9 million, or 1.54 percent of period-end loans and leases. Comparable amounts were $326.2 million, or 1.59 percent, at June 30, 1992, and $302.8 million, or 1.58 percent, at September 30, 1991. Other real estate and property acquired in connection with loan work-outs and foreclosures, valued at the lower of cost or appraised value, totaled $49.4 million at September 30, 1992, $41.9 million at June 30, 1992, and $28.9 million at September 30, 1991. Nonperforming loan balances exclude $88.9 million of below-market-rate United Mexican States obligations secured by zero coupon U.S. Treasury Securities with comparable maturities.
 NBD Bancorp total assets at September 30, 1992, were $34.0 billion compared with $31.7 billion at September 30, 1991. In the past twelve months total loans and leases increased $1.6 billion to $20.9 billion and deposits increased $506 million to $25.1 billion at September 30, 1992. Shareholders' Equity at September 30, 1992, was $2.5 billion, up $189 million, or 8 percent, in the past twelve months. The Tier 1 capital ratio was 8.32 percent while the Tier 2 capital ratio was 12.27 percent at September 30, 1992.
 Period-to-period changes include the purchase on January 23, 1992, of the $1.5 billion Gainer Corporation. Additionally, data for 1991 have been restated to reflect the merger with FNW Bancorp, Inc. on October 1, 1991.
 Today's acquisition of INB Financial adds $6.2 billion in assets and 124 offices to NBD's presence in Indiana, making NBD Bancorp the largest in the state of Indiana based on total assets. The definitive agreement, announced on March 18, 1992, set a fixed exchange ratio of 1.6 shares of NBD common stock for each share of INB. Approximately 29,900,000 shares of NBD common stock will be issued with a market value of nearly $845 million. The transaction will be accounted for as a pooling of interests.
 In contemplation of the merger, INB recorded $93.9 million ($60.1 million after-tax) of merger-related charges in its third quarter resulting in losses of $45.5 million for the quarter and $16.6 million for the nine months ending September 30, 1992. The merger charges included a Provision for Credit Losses of $41.6 million to conform valuation and credit policies with those of NBD, a $7.8 million write- down of Other Real Estate Owned, $15.4 million of early retirement, severance and other compensation-related costs, $10.6 million for probable losses on disposal of duplicate facilities and equipment, $5.5 million for revaluation of intangible assets and $13.0 million of other merger-related expenses.
 NBD's Net Income for the nine months ended September 30, 1992, when restated to include INB Financial, will be $227,624,000, or $1.42 per share ($1.40 fully diluted). Excluding the $85,322,000 of after-tax merger-related charges associated with Summcorp and INB, Net Income for the nine months would have been $312,946,000, or $1.95 per share ($1.90 fully diluted). At September 30, restated assets will total $40.2 billion, Shareholders' Equity will be $2.9 billion and the consolidated risk-based capital ratios will be 8.37 and 12.11 percent.
 The restated Allowance for Possible Credit Losses at September 30, 1992, will be $412.5 million, or 1.64 percent of total loan and leases and 104 percent of nonperforming loans and leases. Nonperforming loans and leases will total $397.7 million, or 1.58 percent of period-end loans and leases. Other real estate and property owned (ORE0) will be $64.8 million.
 In 1992, NBD will adopt Statement of Financial Accounting Standards No. 106, Employers' Accounting for Postretirement Benefits Other Than Pensions, and to immediately recognize the total transition obligation as a charge against income. Including INB, the transition obligation is expected to be in the range of $65 to $75 million ($42 to $48 million after-tax). In accordance with applicable accounting principles, the obligation will be recorded as if it occurred in the first quarter of 1992. In addition to recognizing the transition obligation, postretirement benefit expense will increase by approximately $3.5 million in 1992 reflecting the difference between the current method of recognizing expense as paid versus the accrual method required by FAS 106.
 In anticipation of continuing improvement in earnings from the timely recognition of merger related charges, from recognizing the postretirement transition obligation and from consolidated cost reductions to be realized from the merger with INB, NBD Bancorp, Inc. raised the November 1992 dividend by 8 percent to $.27 per share.
 NBD Bancorp, Inc.
 Financial Highlights
 Quarter Ended September 30
 Pct.
 1992 1991 Change
 Net Income(in thousands).......$ 81,941 $ 77,901 5.2
 Per Share:
 Net Income -Primary...........$ 0.63 $ 0.60 5.0
 -Fully Diluted.....$ 0.61 $ 0.58 5.2
 Cash Dividends Paid..........$ 0.25 $ 0.23 8.7
 Book Value...................$ 18.98 $ 17.52 8.3
 Return on Average Common
 Shareholders' Equity......pct 13.32 13.80
 Return on Average Assets....pct 0.98 1.01
 Net Interest Margin.........pct 4.43 4.20
 Nine Months Ended September 30
 Pct.
 1992 1991 Change
 Net Income(in thousands).......$ 244,266 $ 232,649 5.0
 Per Share:
 Net Income -Primary...........$ 1.87 $ 1.79 4.5
 -Fully Diluted.....$ 1.82 $ 1.75 4.0
 Cash Dividends Paid..........$ 0.75 $ 0.70 7.1
 Book Value...................$ 18.98 $ 17.52 8.3
 Return on Average Common
 Shareholders' Equity......pct 13.36 14.05
 Return on Average Assets....pct 0.98 1.01
 Net Interest Margin.........pct 4.29 4.16
 Balance Sheet Data:
 September 30
 Pct.
 1992 1991 Change
 (in thousands)
 Total Assets...................$33,974,740 $31,681,647 7.2
 Total Earning Assets...........$31,232,191 $28,871,058 8.2
 Total Loans and Leases.........$20,870,455 $19,222,739 8.6
 Total Deposits.................$25,124,245 $24,618,276 2.1
 Total Common Shareholders'
 Equity.......................$ 2,456,395 $ 2,267,712 8.3
 Risk-Based Capital Ratios:
 Core Capital.................$ 2,172,399 $ 1,988,822
 Ratio...................pct 8.32 8.21
 Total Capital................$ 3,205,169 $ 2,613,909
 Ratio...................pct 12.27 10.79
 Leverage Ratio..............pct 6.45 6.33
 NBD Bancorp Common Stock:
 Quarter Ended
 9-30-92 6-30-92 3-31-92 12-31-91 9-30-91
 Market Value:
 End of Period.......$29 3/8 $28 5/8 $28 3/4 $29 3/4 $28 1/4
 High................$30 1/2 $29 5/8 $31 5/8 $30 1/8 $29
 Low.................$28 1/4 $26 3/4 $28 1/8 $26 1/8 $23 1/4
 (a)Price/Earnings
 Ratio........... 12.1 11.2 11.5 12.2 11.8
 (a) Based on most recent twelve-month Net Income per share (fully
 diluted) and end-of-period stock prices. All of the above data have
 been restated for the effects of the October 1, 1991, merger with
 FNW Bancorp and the July 1, 1992, merger with Summcorp which were
 accounted as a pooling of interests and the three-for-two stock
 split for which the shareholders' record date was December 27, 1991.
 NBD Bancorp, Inc.
 Pro Forma Post INB Merger
 Selected Financial Information
 (dollars in thousands)
 Summary of Operations
 Merger Excluding
 NBD INB Combined Charges Charges
 Three Months Ended 9-30-92:
 Net Int. In. $322,317 $ 63,972 $ 386,289 $ - $386,289
 Prov. Losses 32,428 52,328 84,756 41,610 43,146
 Non Int. Inc. 105,905 28,142 134,047 - 134,047
 Non Int. Exp. 278,724 110,540 389,264 70,109 319,155
 Income Before
 Taxes 117,070 (70,754) 46,316 111,719 158,035
 Income Taxes 35,129 (25,271) 9,858 38,616 48,474
 Net Income $ 81,941 $(45,483) $ 36,458 $ 73,103 $109,561
 Net Int.
 Margin pct 4.43 4.76 4.48 - 4.48
 Return on Avg
 Assets pct 0.98 (2.94) 0.37 - 1.11
 Return on Avg
 Equity pct 13.32 (36.79) 4.94 - 14.85
 Income Per Share
 -Fully Diluted $ 0.61 $ (1.50)(1) $ 0.24 $ 0.43 $0.67
 Nine Months Ended 9-30-92:
 Net Int. Inc. $926,566 $189,785 $1,116,351 $ 342 $1,116,693
 Prov for Losses 97,120 74,192 171,312 51,444 119,868
 Non Int. Income 301,029 85,365 386,394 2,542 388,936
 Non Int. Expense 791,724 226,778 1,018,502 76,071 942,431
 Income Before
 Taxes 338,751 (25,820) 312,931 130,399 443,330
 Income Taxes 94,485 (9,178) 85,307 45,077 130,384
 Net Income $244,266 $(16,642) $ 227,624 $ 85,322 $312,946
 Net Int.
 Margin pct 4.29 4.76 4.36 - 4.36
 Return on
 Avg Assets pct 0.98 (0.36) 0.77 - 1.06
 Return on
 Avg Equity pct 13.36 (4.62) 10.40 - 14.30
 Income Per Share
 -Fully Diluted $ 1.82 $ (0.55)(1) $ 1.40 $ 0.50 $1.90
 NBD and INB
 Combined Average Balances
 Ended September 30, 1992
 Three Nine
 Months Months
 Total Assets $39,530,567 $39,386,286
 Earning Assets 36,224,910 36,039,624
 Loans and Leases 24,773,758 24,610,012
 Deposits 30,083,429 30,451,913
 Shareholders' Equity 2,952,104 2,918,918
 Net Loan Losses 73,463 148,284
 Annualized Net Loan
 Losses to Avg. Loans pct 1.19 0.80
 NBD and INB
 September 30, 1992 Balances
 NBD INB Combined
 Assets $33,974,740 $ 6,219,193 $40,193,933
 Earning Assets 31,232,191 5,617,938 36,850,129
 Loans and Leases 20,870,455 4,287,420 25,157,875
 Deposits 25,124,245 4,902,442 30,026,687
 Shareholders' Equity 2,456,395 437,258 2,893,653
 Nonperforming Loans 320,890 76,840 397,730
 Other Real Estate 49,375 15,422 64,797
 Allowance for Credit
 Losses 314,963 97,490 412,453
 Allowance as Percent of
 Total Loans & Lease pct 1.51 2.27 1.64
 Nonperforming Loans pct 98.15 126.87 103.70
 Shares Outstanding 129,439,046 30,042,660(1) 159,481,706
 (1) Expressed in equivalent NBD shares.
 -0- 10/15/92
 /NOTE: ILLINOIS EDITORS - NBD Bancorp is the parent company of 18 Metropolitan Chicago Banks with total assets of over $5 billion. OHIO EDITORS - NBD Bancorp is the parent company of NBD Bank with 21 branches in Columbus and Dayton, Ohio. INDIANA EDITORS - NBD Bancorp is the parent company of Midwest Commerce Banking Company of Elkhart, Ind., NBD Gainer Bank of Merrillville, Ind., and Summcorp of Fort Wayne, Ind. NBD has 109 offices in Indiana and $4.8 billion in assets. FLORIDA EDITORS - NBD Bancorp is the parent company of NBD Trust Company of Florida with offices in North Palm Beach, Sarasota, Boca Raton and Naples, and NBD Bank FSB with offices in Venice, Sarasota, North Palm Beach and Boca Raton.
 CONTACT: J. Richard Johnson, 313-225-2591, or Renee M. Ahee, 313-225-2596, both of NBD/
 (NBD) CO: NBD Bancorp ST: Michigan IN: FIN SU: ERN


DH-ML -- DE003 -- 0259 10/15/92 09:29 EDT
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