Printer Friendly

SHAWMUT NATIONAL CORPORATION REPORTS SECOND QUARTER NET INCOME OF $56.3 MILLION, OR $.56 PER COMMON SHARE

          Problem Assets Decline by $264 million, or 34 Percent
                           EARNINGS SUMMARY
    _________________________________________________________________
                              1993                1992
                          2Q      1Q        4Q     3Q     2Q
    Net Income ($mm)    $56.3   $36.3     $10.3  $13.0   $8.6
    Earnings Per
     Common Share ($)     .56     .35       .08    .14    .09
    Return on Average
     Common Equity (pct)15.36    9.62      2.18   3.88   2.65
    Return on Average
     Assets (pct)         .89     .62       .17    .23    .16
    HARTFORD, Conn., and BOSTON, July 14 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) reported net income for the second quarter of 1993 of $56.3 million, or $.56 per common share, an increase of $20.0 million, or 55 percent, from the $36.3 million reported in 1993's first quarter, and an increase of $47.7 million from the $8.6 million of net income reported in the second quarter of last year.  Net income for the second quarter of 1992 included a $12.6 million gain from the sale of automobile loan pass-through certificates and an extraordinary credit of $2.2 million from the realization of net operating loss carryforwards.  There were no significant securities gains included in net income during the 1993 second quarter.
    "With problem assets down by 34 percent in the second quarter to 3.38 percent of total loans plus foreclosed properties, Shawmut is putting its asset quality problems behind it in a conclusive manner," observed Joel B. Alvord, chairman and chief executive officer.  "But the emerging story at Shawmut is one of growing earnings power.  Core earnings exceeded $94 million as Shawmut demonstrated sustained profitability for the eighth consecutive quarter."  Core earnings are defined as earnings before credit costs, taxes and special items. Core earnings were $94.4 million in the second quarter of 1993, compared with $77.7 million in the first quarter of 1993, an increase of 21 percent, and $74.2 million during the second quarter of 1992, an increase of 27 percent.
    Shawmut announced the closing of two bulk sales of real estate assets with a carrying value of $309.8 million in the second quarter which contributed $181.0 million to the total $264.0 million decline in problem assets achieved during the quarter.  Problem assets, defined as nonaccruing loans plus foreclosed properties, declined to $513.1 million at June 30, 1993 from $777.1 million at March 31, 1993. Nonaccruing loans plus foreclosed properties were $1.327 billion at June 30, 1992, $813.9 million, or 159 percent, higher than the June
30, 1993 level.   Twenty-nine percent of nonaccruing loans were less than 30 days past due and 39 percent were less than 90 days past due at June 30, 1993.
    The ratio of problem assets to loans plus foreclosed properties was 3.38 percent at June 30, 1993, down from 5.12 percent on March 31, 1993 and 9.50 percent on June 30, 1992.  The reserve for loan losses was 171 percent of nonaccruing loans at June 30, 1993, compared with 139 percent at the end of the first quarter of 1993 and 103 percent at the end of the second quarter of 1992.
                      INCOME STATEMENT HIGHLIGHTS
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:Jul 14, 1993
Words:516
Previous Article:AIR INDIA SELECTS WICAT TO PROVIDE FLIGHT TRAINING
Next Article:VIDEO DISPLAY CORPORATION REPORTS FIRST QUARTER EARNINGS
Topics:


Related Articles
CORRECTION TO SHAWMUT NATIONAL REPORTS SECOND QUARTER EARNINGS
SHAWMUT NATIONAL REPORTS SECOND QUARTER EARNINGS OF $8.6 MILLION, OR 9 CENTS PER COMMON SHARE; CORE EARNINGS ROSE, ASSET QUALITY IMPROVED
SHAWMUT NATIONAL CORPORATION REPORTS PROBLEM ASSETS FELL $259 MILLION, OR 20 PERCENT, IN THIRD QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS NET INCOME OF $75 MILLION, OR $.81 A SHARE, FOR 1992
SHAWMUT NATIONAL CORPORATION REPORTS FIRST QUARTER NET INCOME OF $36 MILLION, OR $.35 PER COMMON SHARE
SHAWMUT NATIONAL CORPORATION EXPECTED TO REPORT NET INCOME OF APPROXIMATELY $70 MILLION IN THE THIRD QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS RECORD QUARTERLY EARNINGS OF $71.1 MILLION OF NET INCOME, OR 72 CENTS PER COMMON SHARE
SHAWMUT NATIONAL CORPORATION REPORTS FIRST QUARTER NET INCOME OF $66.8 MILLION, OR $.66 PER COMMON SHARE; MORE THAN DOUBLE 1993 FIRST QUARTER
SHAWMUT NATIONAL CORPORATION REPORTS THIRD QUARTER NET INCOME OF $85.3 MILLION, OR $.68 PER COMMON SHARE
NORTHEAST FEDERAL CORP. REPORTS YEAR-END RESULTS; UPDATES STATUS OF ITS ACQUISITION BY SHAWMUT NATIONAL CORP.

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