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AMSOUTH BANCORPORATION REPORTS EARNINGS

     BIRMINGHAM, Ala., April 13 /PRNewswire/ -- The first quarter of 1993 was by far the most outstanding quarter in AmSouth Bancorporation's (NYSE: ASO) 21-year history, according to John W. Woods, AmSouth's chairman and chief executive officer.
     "This quarter ranks at the top in terms of earnings performance, overall productivity, the potential for increased shareholder value through smart acquisitions, and a number of other factors vital to continued success in today's highly competitive banking industry," Woods said.
     AmSouth Bancorporation recorded its fifth consecutive quarter of record earnings with net income of $33.6 million, or $.79 per common share, for the first quarter of 1993.
     These earnings compare to $27.0 million, or $.67 per common share, in the fourth quarter of 1992, and to $24.0 million, or $.60 per common share, in last year's first quarter.
     The corporation's return on average assets for the first quarter 1993 improved to 1.32 percent from 1.15 percent in the fourth quarter 1992, while return on average equity increased to 15.80 percent from 13.86 percent.
     Woods attributes AmSouth's earnings momentum to several factors. "AmSouth continues to maintain a strong gross interest margin that is competitive within our industry, and we have achieved significant reductions in credit costs through our long-term emphasis on quality within AmSouth's loan portfolios," Woods said.
     "In addition, we are maintaining firm control over noninterest expenses while continuing to nurture a corporate culture that stresses service, sales and quality in every area of our operations.
     "We believe that we have the people, products, operational capacity and motivation to sustain this higher level of performance," Woods added.
     Other first quarter highlights cited by Woods were the consummation of an important acquisition in Tennessee and the announced agreements to purchase three banking institutions in central Florida and one in northwest Georgia.
     First Chattanooga Financial Corporation, parent company of First Federal Bank, FSB, affiliated with AmSouth on February 1 and was merged into AmSouth Bank of Tennessee, a full-service commercial bank. AmSouth Bank of Tennessee reported assets of $1.2 billion at March 31, 1993.
     "As we anticipated when we first announced our agreement to acquire First Chattanooga, this acquisition has contributed immediately to increased earnings per share and to increased shareholder value," Woods said.  He added that AmSouth also believes the pending acquisitions will have no dilutive effect on AmSouth earnings per share and also will add to shareholder value.
     Pending acquisitions include a definitive agreement to acquire three central Florida banks:  The First National Bank of Clearwater, First Gulf Bank in St. Petersburg, and Orange Bank in Orlando.  AmSouth also has signed a letter of intent to acquire the Georgia State Bank of Rome, Georgia.
     AmSouth anticipates completing the pending acquisitions - which combined represent approximately $1.0 billion in assets and 39 banking offices, 35 of which are in the rapidly growing central Florida area - by year-end, assuming approval by regulatory authorities and respective shareholders as well as the successful completion of other closing conditions.
     AmSouth Bancorporation, headquartered in Birmingham, operates banking offices in four states and mortgage banking offices in eight southeastern states.  The company's assets at March 31, 1993, totaled $10.9 billion.
     The corporation's lead bank, AmSouth Bank N.A., operates 154 banking offices throughout Alabama.  Other bank affiliates include AmSouth Bank of Florida with 24 banking offices in Northwest Florida, AmSouth Bank of Tennessee with 20 offices, AmSouth Bank of Georgia, and AmSouth Bank of Walker County, Alabama.  Bank-related affiliates include AmSouth Mortgage Company, Inc., with 15 offices in eight states, AmSouth Investment Services, Inc., and AmSouth Leasing Corporation.
     Performance Analysis
     AmSouth's gross interest margin for the first quarter of 1993 improved $6.2 million, or 6.2 percent, compared to the fourth quarter of 1992.  The gross interest spread for the first quarter decreased 14 basis points to 4.73 percent compared to the prior quarter.
     At March 31, 1993, the allowance for loan losses totaled $103.9 million and equaled 1.56 percent of loans net of unearned income.  The allowance for loan losses increased $14.4 million compared to the fourth quarter level.  Approximately $12.4 million of the increase was due to the acquisition of First Chattanooga.  Nonperforming assets increased $7.3 million compared to the fourth quarter also due to the First Chattanooga acquisition.  At March 31, 1993, nonperforming assets were 1.40 percent of loans net of unearned income plus foreclosed properties and repossessions compared to 1.43 percent at December 31, 1992.
     Noninterest revenues for the first quarter remained  essentially flat compared to the prior quarter.  Noninterest expenses for the first quarter decreased $2.6 million, which included a $4.2 million decrease in other operating expenses offset by a $2.1 million increase in salaries and employee benefits.
                     AMSOUTH BANCORPORATION
                           (Unaudited)
              (In thousands except per share data)
                                   Three Months
                                   Ended March 31
    EARNINGS SUMMARY                    1993        1992    Pct. chg.
    Gross interest margin          $   106,039      88,349     20.0
    Provision for loan losses            6,884       6,853      0.5
    Net interest margin                 99,155      81,496     21.7
    Noninterest revenues                43,857      36,997     18.5
    Noninterest expenses                93,407      85,448      9.3
    Income before income taxes          49,605      33,045     50.1
    Applicable income taxes             16,042       9,056     77.1
    Net income                          33,563      23,989     39.9
    Primary earnings per share            0.79        0.60     31.7
    Avg. primary shares outstanding     42,500      39,812
    End of period shares outstanding    43,721      39,911
                                   Average for
                                   Three Months
                                   Ended March 31
    BALANCE SHEET SUMMARY               1993        1992     Pct. chg.
    Loans net of unearned income     6,417,231   5,433,394     18.1
    Investment securities            2,210,923   2,356,036     (6.2)
    Earning assets                   9,469,257   8,270,861     14.5
    Total assets                    10,334,126   9,118,980     13.3
    Noninterest-bearing deposits     1,335,062   1,097,471     21.6
    Interest-bearing deposits        6,499,560   6,198,693      4.9
    Total deposits                   7,834,622   7,296,164      7.4
    Shareholders' equity               861,269     724,872     18.8
                                     Ending
                                     Balance
                                     March 31
                                      1993        1992       Pct. chg.
    Loans net of unearned income     6,672,134   5,468,736     22.0
    Investment securities            2,397,477   2,357,966      1.7
    Earning assets                   9,911,236   8,395,845     18.0
    Total assets                    10,904,289   9,246,127     17.9
    Noninterest-bearing deposits     1,363,080   1,128,987     20.7
    Interest-bearing deposits        6,791,399   6,204,539      9.5
    Total deposits                   8,154,479   7,333,526     11.2
    Shareholders' equity               907,074     733,020     23.7
                                   1993        1992         1992
    SELECTED RATIOS               1st Qtr     4th Qtr      3rd Qtr
    Avg. shareholders' equity
     to avg. total assets          8.33 pct.   8.32 pct.    8.30 pct.
    End of period shareholders' equity
     to end of period total assets 8.32        8.03         8.13
    Tier 1 capital to
     risk-adjusted assets
     (first quarter estimate)      9.68        9.07         9.40
    Total capital to
     risk-adjusted assets
     (first quarter estimate)     12.14       11.54        11.99
    Loans net of unearned income
     to total deposits            81.82       80.67        79.35
    Net income (annualized) to
     avg. total assets             1.32        1.15         1.14
    Net income (annualized) to
     avg. shareholders' equity    15.80       13.86        13.79
    Book value per common share   20.75       19.48        19.10
    Efficiency ratio              60.54       65.09        61.20
                                                1992          1992
        SELECTED RATIOS                        2nd Qtr       1st Qtr
    Avg. shareholders' equity
     to avg. total assets                      8.18 pct.      7.95 pct.
    End of period shareholders' equity
     to end of period total assets             8.08           7.93
    Tier 1 capital to
     risk-adjusted assets                      9.43           9.02
    Total capital to
     risk-adjusted assets                     12.05          11.58
    Loans net of unearned income
     to total deposits                        77.39          74.57
    Net income (annualized) to
     avg. total assets                         1.10           1.06
    Net income (annualized) to
     avg. shareholders' equity                13.42          13.31
    Book value per common share               18.70          18.37
    Efficiency ratio                          64.71          65.53
                                     3/31/93     3/31/92     Pct. chg.
    LOANS
    Commercial                       2,223,486   2,153,798      3.2
      Commercial real estate:
    Commercial real estate
     mortgages                         941,890     751,122     25.4
    Real estate construction           278,244     230,800     20.6
    Total commercial real estate     1,220,134     981,922     24.3
      Consumer:
    Residential first mortgages      1,562,739     889,937     75.6
    Other residential mortgages        449,620     437,855      2.7
    Dealer indirect                    517,917     490,076      5.7
    Other consumer                     766,042     589,731     29.9
    Total consumer                   3,296,318   2,407,599     36.9
    Total loans                      6,739,938   5,543,319     21.6
                                         1993        1992      1992
                                       March 31    Dec. 31   Sept. 30
       NONPERFORMING ASSETS
    Nonaccrual loans                    52,635      49,123   41,029
    Restructured loans                   1,186         149      149
    Total nonperforming loans           53,821      49,272   41,178
    Foreclosed properties               38,766      35,947   53,576
    Repossessions                        1,177       1,196    1,383
    Total nonperforming assets          93,764      86,415   96,137
    Nonperforming assets to loans
     net of unearned income,
     foreclosed properties, and
     repossessions                        1.40 pct.   1.43 pct 1.66 pct.
    Accruing loans 90 days
     past due                           17,857      16,938   17,905
                                         1992        1992
                                       June 30     March 31
       NONPERFORMING ASSETS
    Nonaccrual loans                    47,894      49,345
    Restructured loans                     151         152
    Total nonperforming loans           48,045      49,497
    Foreclosed properties               59,876      75,710
    Repossessions                        3,254       1,402
    Total nonperforming assets         111,175     126,609
    Nonperforming assets to loans
     net of unearned income,
     foreclosed properties,
     and repossessions                    1.97 pct.   2.28 pct.
    Accruing loans 90 days
     past due                           19,317      27,481
                                      1993        1992       1992
    ALLOWANCE FOR LOAN LOSSES        1st Qtr     4th Qtr    3rd Qtr
    Balance at beginning of period    89,495      87,002     83,487
    Loans charged off                  7,448      9,515      14,323
    Recoveries of loans previously
     charged off                       2,526      2,151       5,308
    Net charge-offs                    4,922      7,364       9,015
    Addition to allowance charged
     to expense                        6,884      9,857      12,530
    First Chattanooga allowance
     at date of purchase              12,458          0           0
    Balance at end of period         103,915     89,495      87,002
    Allowance for loan losses to loans
     net of unearned income           1.56 pct. 1.49 pct.    1.51 pct.
    Net charge-offs to average loans
     net of unearned income           0.31 pct. 0.50 pct.    0.63 pct.
    Allowance for loan losses to
     nonperforming loans            193.08 pct. 181.63 pct. 211.28 pct.
    Allowance for loan losses to
     nonperforming assets           110.83 pct. 103.56 pct.  90.50 pct.
                                        1992                 1992
    ALLOWANCE FOR LOAN LOSSES          2nd Qtr              1st Qtr
    Balance at beginning of period      83,139               83,190
    Loans charged off                    8,492                8,875
    Recoveries of loans previously
     charged off                         1,525                1,971
    Net charge-offs                      6,967                6,904
    Addition to allowance charged
     to expense                          7,315                6,853
    First Chattanooga allowance
     at date of purchase                     0                    0
    Balance at end of period            83,487               83,139
    Allowance for loan losses to loans
     net of unearned income               1.50 pct.            1.52 pct.
    Net charge-offs to average loans
     net of unearned income               0.51 pct.            0.51 pct.
    Allowance for loan losses to
     nonperforming loans                173.77 pct.          167.97 pct.
    Allowance for loan losses to
     nonperforming assets                75.10 pct.           65.67 pct.
          CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
        EXPENSE SUMMARY, YIELDS AND RATES-BY QUARTER AND YTD
                      AMSOUTH BANCORPORATION
                           (Unaudited)
                                    First Quarter Ended March 31
                                               1993
    (Taxable Equivalent Basis -     Average     Revenue/    Yield/
    Dollars in Thousands)           Balance     Expense     Rate Pct.
      ASSETS
      Earning assets:
    Loans net of unearned inc.       6,417,231     129,560     8.19
       Investment securities
    Taxable securities               1,825,076      30,970     6.88
    Tax-free securities                385,847      10,321    10.85
    Total investment securities      2,210,923      41,291     7.57
    Other earning assets               841,103      12,220     5.89
    Total earning assets             9,469,257     183,071     7.84
    Cash and other assets              963,551
    Less allowance for loan
     losses                             98,682
    Total                           10,334,126
       LIABILITIES AND SHAREHOLDERS' EQUITY
       Interest-bearing liabilities:
    Interest-bearing demand
      deposits                       2,717,802      18,738     2.80
    Savings deposits                   633,931       4,395     2.81
    Time deposits                    2,606,071      30,647     4.77
    Certificates of deposit
     of $100,000 or more               541,756       5,727     4.29
    Federal funds purchased
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Date:Apr 13, 1993
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