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AMERITRUST-EARNS CL00 /From PR Newswire in Cleveland at 216-566-7777/

AMERITRUST-EARNS CL00 /From PR Newswire in Cleveland at 216-566-7777/
 AMERITRUST ANNOUNCES 1991 FOURTH QUARTER AND FULL-YEAR RESULTS
 INCLUDING MERGER-RELATED CHARGES
 CLEVELAND, Feb. 20 /PRNewswire/ -- Primarily as a consequence of merger-related charges, Ameritrust Corporation (NASDAQ: AMTR) today reported a fourth quarter 1991 net loss of $127.9 million, or $3.46 per common share, compared with a net loss of $77.2 million, or $2.11 per common share, in the fourth quarter of 1990. For all of 1991, the net loss was $86.5 million, or $2.48 per common share, compared with a net loss of $96.4 million, or $2.71 per common share, in 1990.
 In connection with the pending merger with Society Corporation, results for the fourth quarter included additional provisions for loan and other real estate losses of $93.9 million and $5.2 million, respectively, and pretax restructuring charges of $86.7 million. The additional loan loss provision reflected actions taken by Ameritrust to conform its approach for determining the level of the allowance for loan losses to that used by Society. Other charges included the recognition of accounting adjustments taking into consideration Society's business plan following the merger, and certain merger-related expenses. The merger is expected to occur before the end of March.
 Craig R. Smith, chairman and chief executive officer, said, "In terms of core performance and excluding merger-related charges, we expected to be profitable in the fourth quarter and for the year in total, and we were."
 Ameritrust has emphasized improving asset quality, and the results for the quarter reflect actions taken over recent months. Nonperforming assets at Dec. 31, 1991, totaled $438.1 million, down from $476.5 million at the end of the third quarter of 1991. During the fourth quarter, nonperforming loans decreased $44.5 million to $347.7 million at Dec. 31, 1991. The allowance for loan losses as a percentage of nonperforming loans was 103 percent at year end, up from 70 percent at the end of the prior quarter. The allowance for loan losses rose to $358.6 million, up $82.4 million from the third quarter level due primarily to the additional provision recorded in connection with the merger.
 Net interest income on a fully taxable equivalent basis in the fourth quarter was $94.9 million and $387.2 million for the year as a whole. Noninterest income totaled $56.2 million for the quarter and $229.8 million for the year.
 AMERITRUST CORPORATION AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Unaudited)
 (Dollars in millions, except share data)
 THREE MONTHS ENDED DECEMBER 31, 1991 1990 Pct. Change
 Summary of Earnings
 Net income (loss) $ (127.9) $ (77.2) NM
 Net income (loss) applicable (129.5) (78.8) NM
 to common stock
 Net interest income 90.9 101.7 (11)
 Net interest income (FTE) 94.9 108.4 (12)
 Provision for loan losses 118.9 147.4 (19)
 Noninterest income 56.2 56.8 (1)
 Noninterest expense 203.3 133.6 52
 Cash dividends on common stock 6.0 5.9 1
 Common Share Data
 Net income (loss) per share $ (3.46) $ (2.11) NM
 Cash dividends per share .16 .16
 Book value per share at
 period end 12.59 15.54 (19)
 Stock price per share at
 period end 30.75 8.13 278
 Weighted-average shares
 outstanding (000) 37,626.6 37,369.8 1
 Daily Averages
 Total assets $ 10,238.0 $ 11,275.2 (9)
 Earning assets 9,368.0 10,357.0 (10)
 Loans, net of unearned
 income 7,688.2 8,333.4 (8)
 Deposits 8,328.3 9,072.9 (8)
 Common stockholders'
 equity 607.1 670.0 (9)
 Total stockholders'
 equity 667.1 730.0 (9)
 Financial Ratios
 Return on average common
 stockholders' equity (pct.) (84.61) (46.65)
 Return on average total assets (4.96) (2.72)
 Average common stockholders'
 equity as a percentage of:
 Average total assets 5.93 5.94
 Average loans 7.90 8.04
 Net interest margin (FTE) 4.08 4.21
 Asset Quality
 Net loan charge-offs $ 36.5 $ 93.0 (61)
 Net loan charge-offs as an
 annualized percentage of
 average loans (pct.) 1.88 4.43
 Allowance for loan losses $ 358.6 $ 282.3 27
 Allowance for loan losses as
 a percentage of period-end
 loans (pct.) 4.73 3.43
 Allowance for loan losses as
 a percentage of nonperforming
 loans 103.14 68.82
 Nonperforming assets
 at period end $ 438.1 $ 459.3 (5)
 Nonperforming assets
 as a percentage of period-end loans plus
 other real estate (pct.) 5.71 5.55
 YEAR ENDED DECEMBER 31, 1991 1990 Pct. Change
 Summary of Earnings
 Net income (loss) $ (86.5) $ (96.4) NM
 Net income (loss)
 applicable to common stock (92.8) (101.2) NM
 Net interest income 370.0 409.6 (10)
 Net interest income (FTE) 387.2 434.5 (11)
 Provision for loan losses 200.2 325.2 (38)
 Noninterest income 229.8 234.9 (2)
 Noninterest expense 523.7 481.4 9
 Cash dividends on
 common stock 24.0 41.8 (43)
 Common Share Data
 Net income (loss) per
 share $ (2.48) $ (2.71) NM
 Cash dividends per
 share .64 1.12 (43)
 Book value per share
 at period end 12.59 15.54 (19)
 Stock price per share
 at period end 30.75 8.13 278
 Weighted-average shares
 outstanding (000) 37,460.1 37,363.0
 Daily Averages
 Total assets $10,500.8 $11,137.9 (6)
 Earning assets 9,680.1 10,176.6 (5)
 Loans, net of unearned
 income 8,026.0 8,334.7 (4)
 Deposits 8,605.6 8,827.8 (3)
 Common stockholders'
 equity 594.1 687.9 (14)
 Total stockholders'
 equity 654.1 734.0 (11)
 Financial Ratios
 Return on average common
 stockholders' equity (pct.) (15.62) (14.71)
 Return on average total
 assets (0.82) (0.87)
 Average common stockholders'
 equity as a percentage of:
 Average total assets 5.66 6.18
 Average loans 7.40 8.25
 Net interest margin (FTE) 4.05 4.32
 Asset Quality
 Net loan charge-offs $124.0 $153.6 (19)
 Net loan charge-offs
 as an annualized
 percentage of average
 loans (pct.) 1.54 1.84
 Allowance for loan losses $358.6 $282.3 27
 Allowance for loan losses
 as a percentage of
 period-end loans (pct.) 4.73 3.43
 Allowance for loan losses
 as a percentage of
 nonperforming loans 103.14 68.82
 Nonperforming assets at
 period end $438.1 $459.3 (5)
 Nonperforming assets
 as a percentage of
 period-end loans plus other
 real estate (pct.) 5.71 5.55
 NM - Not Meaningful
 FTE - Fully Taxable Equivalent
 -0- 2/20/92
 /CONTACT: Martin Pollock (media), 216-737-5307, or Terry Taylor (investor), 216-737-5414, both of Ameritrust Corporation/
 (AMTR) CO: Ameritrust Corporation ST: Ohio IN: FIN SU: ERN


LC -- CL015 -- 1088 02/20/92 16:09 EST
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Date:Feb 20, 1992
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