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TRANS FINANCIAL ANNOUNCES THIRD QUARTER AND NINE MONTHS EARNINGS

 BOWLING GREEN, Ky., Oct. 21 /PRNewswire/ -- Trans Financial Bancorp, Inc. (NASDAQ: TRFI), today announced earnings of $2.2 million, or $0.30 per common share, on a fully diluted basis for the quarter ended Sept. 30, 1993. This represents an 11 percent decline in net income from the $2.5 million earned in the third quarter of 1992 and a 12 percent decline in fully diluted earnings per share from the $0.34 earned In the third quarter last year.
 For the first nine months of 1993, Trans Financial's net income was $6.8 million, or $0.91 per common share, on a fully diluted basis. This represents a $147,000, or a 2 percent increase in net income and $0.07 decline in earnings per share from the first nine months of 1992 due in part to the number of additional shares resulting from the acquisitions completed during 1992.
 The results for the third quarter produced an annualized return on average assets of 0.78 percent and a return on average equity of 12.09 percent compared with the 1.10 percent return on average assets and 14.37 percent return on average equity achieved during the third quarter of 1992.
 The results for the first nine months produced a return on average assets of 0.91 percent and a return on average equity of 12.79 percent compared with the 1.13 percent return on average assets and 14.30 percent return on average equity achieved during the first nine months of 1992.
 Douglas M. Lester, Trans Financial's chairman and chief executive officer, stated, "Results reflected a higher level of non-interest expenses which lessened in the latter part of the quarter. Asset quality remained strong, while net interest income, as well as fee income, continued to increase. Loan growth was very strong, and prospects for this trend to continue are excellent."
 Non-interest expenses were $10.8 million during the third quarter, a $3.3 million, or 45 percent, increase above the third quarter of 1992 primarily due to the full impact of the acquisitions that occurred during 1992 and 1993. Non-interest expenses also increased $1.9 million over the second quarter of 1993. This increase resulted primarily from a $1.5 million increase in non-interest expenses associated with the newly acquired Trans Financial Bank, Pikeville, operations and costs associated with staff and facilities increases and elimination of FDIC insurance premium rebates from the savings bank operations.
 The net interest margin increased to 4.21 percent during the 1993 third quarter, 35 basis points above the similar quarter last year. Excluding the impact due to the Trans Financial Bank, Pikeville, margin and the funding costs associated with the transaction, the net interest margin was 4.35 percent. Trans Financial Bank percent, Pikeville's, net interest margin was reduced due to the purchase accounting impact of the write-up of fixed-rate mortgages and the investment portfolio as a result of the significant decline in interest rates from date of announcement to the closing date on July 6, 1993.
 Loans, net of unearned income, were $752 million at Sept. 30, 1993, compared with $603 million at June 30, 1993, and $540 million at Sept. 30, 1992. Excluding the $108 million in loans acquired through Trans Financial Bank, Pikeville, loans increased $41 million, or 27 percent annualized increase during the third quarter. The company continues to generate strong loan growth throughout its market area with particular strength in the middle market commercial lending products.
 Credit quality remained strong as reflected by a net charge-off ratio of 27 basis points during the third quarter and a year-to-date ratio of 21 basis points.
 Trans Financial Bancorp, Inc., serves Kentucky and Tennessee through 37 branches. Its stock is traded in the NASDAQ National Market System under the symbol TRFI.
 -0- 10/21/93
 /CONTACT: Douglas M. Lester, 502-745-7550, or Vince Berta, 502-745-7504, both of Trans Financial Bancorp/
 /FIRST AND FINAL ADD -- TABULAR MATERIAL TO FOLLOW/
 (TRFI)


CO: Trans Financial Bancorp, Inc. ST: Kentucky IN: FIN SU: ERN

MP-PS -- NY017 -- 5007 10/21/93 09:12 EDT
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Publication:PR Newswire
Date:Oct 21, 1993
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