Printer Friendly

AMSOUTH BANCORPORATION REPORTS FIRST QUARTER EARNINGS

 AMSOUTH BANCORPORATION REPORTS FIRST QUARTER EARNINGS
 BIRMINGHAM, Ala., April 13 /PRNewswire/ -- As previously reported


in a preliminary earnings release, AmSouth Bancorporation earned $24.0 million in the first quarter of 1992, an increase of 28 percent over first quarter 1991 income of $18.7 million.
 Earnings per common share increased 13.2 percent to $.60 from $.53 for the first quarter of 1991.
 "We are very pleased with the performance AmSouth demonstrated during the first quarter, and the potential of our company during an especially challenging economic period," said John W. Woods, AmSouth Bancorporation's chairman and chief executive officer. A discussion of the company's first quarter performance compared to the fourth quarter of 1991 follows.
 AmSouth's gross interest margin for the first quarter of 1992 improved $5.1 million, or 6.1 percent, compared to the fourth quarter of 1991. The gross interest spread for the first quarter increased 31 basis points to 4.54 percent compared to the prior quarter.
 At March 31, the allowance for loan losses totalled $83.1 million, remaining essentially flat with the end of the prior quarter, and equalled 1.52 percent of net loans. The provision for loan losses for the first quarter reflected net charge-offs of $6.9 million, a $5.7 million decrease from the fourth quarter. Asset quality continued to improve as nonperforming assets declined $15.2 million compared to the prior quarter-end. Over the past year, the company has decreased nonperforming assets by 30.6 percent from a high point of $182.5 million.
 Noninterest revenues for the first quarter decreased $12.1 million compared to the fourth quarter primarily due to an $11.7 million decline in securities gains and related market valuations.
 Noninterest expenses decreased $4.4 million for the first quarter compared to the fourth quarter. Foreclosed properties expense decreased $8.2 million reflecting both a lower level of foreclosed properties expenses and a decrease in write-downs of foreclosed properties of $7.6 million. These expense reductions were partially offset by increases in normal operating expenses.
 AmSouth Bancorporation is headquartered in Birmingham, Ala. and has consolidated assets of $9.2 billion. The corporation operates more than 154 banking offices in Alabama, 23 in northwest Florida, three in the Nashville area of Tennessee, and 15 mortgage banking offices in eight southeastern states.
 AMSOUTH BANCORPORATION
 (Unaudited)
 (In thousands except per share data)
 EARNINGS SUMMARY
 3 mos. ended March 31 1992 1991 Pct. chg.
 Gross interest margin $ 88,349 $ 75,455 17.1
 Provision for loan losses 6,853 11,927 (42.5)
 Net interest margin 81,496 63,528 28.3
 Noninterest revenues 36,997 33,413 10.7
 Noninterest expenses 85,448 72,407 18.0
 Income before income taxes 33,045 24,534 34.7
 Applicable income taxes 9,056 5,796 56.2
 Net income $ 23,989 $ 18,738 28.0
 Primary earnings per share $0.60 $0.53 13.2
 Avg. primary shares outst. 39,812 35,136 13.3
 BALANCE SHEET SUMMARY
 Avg. for 3 mos. ended March 31 1992 1991 Pct. chg.
 Loans net of unearned income $ 5,433,394 $ 5,541,837 (2.0)
 Investment securities 2,356,036 2,135,812 10.3
 Earning assets 8,187,923 7,719,012 6.1
 Total assets 9,118,980 8,602,280 6.0
 Noninterest-bearing deposits 1,097,471 983,554 11.6
 Interest-bearing deposits 6,198,693 5,938,848 4.4
 Total deposits 7,296,164 6,922,402 5.4
 Shareholders' equity 724,872 594,395 22.0
 Ending balance March 31 1992 1991 Pct. chg.
 Loans net of unearned income $ 5,468,736 $ 5,497,060 (0.5)
 Investment securities 2,357,966 2,148,377 9.8
 Earning assets 8,312,706 7,658,611 8.5
 Total assets 9,246,127 8,558,061 8.0
 Noninterest-bearing deposits 1,128,987 984,853 14.6
 Interest-bearing deposits 6,204,539 6,015,219 3.1
 Total deposits 7,333,526 7,000,072 4.8
 Shareholders' equity 733,020 599,155 22.3
 1992 1991 1991
 SELECTED RATIOS 1st qtr. 4th qtr. 3rd qtr.
 Avg. shareholders' equity
 to avg. total assets 7.95 pct. 7.78 pct. 7.48 pct.
 Loans net of unearned income
 to total deposits 74.57 75.44 74.27
 Net income (annualized) to
 avg. total assets 1.06 0.93 0.91
 Net income (annualized) to
 avg. shareholders' equity 13.31 11.97 12.09
 Capital formation rate
 (annualized) 7.57 6.17 6.44
 Book value per common share 18.37 18.02 17.74
 1991 1991
 SELECTED RATIOS 2nd qtr. 1st qtr.
 Avg. shareholders' equity
 to avg. total assets 6.96 pct. 6.91 pct.
 Loans net of unearned income
 to total deposits 77.34 78.53
 Net income (annualized) to
 avg. total assets 0.92 0.88
 Net income (annualized) to
 avg. shareholders' equity 13.24 12.78
 Capital formation rate
 (annualized) 7.63 7.03
 Book value per common share 17.33 17.05
 AMSOUTH BANCORPORATION
 (In thousands)
 (Unaudited)
 3/31/92 3/31/91 Pct.
 LOANS Chg.
 Commercial $ 2,153,798 $ 2,208,038 (2.5)
 Commercial real estate:
 Commercial real estate
 mortgages 751,122 820,324 (8.4)
 Real estate construction 230,799 223,958 3.1
 Total commercial real estate 981,921 1,044,282 (6.0)
 Consumer:
 Residential first mortgages 889,937 879,071 1.2
 Other residential mortgages 437,855 337,065 29.9
 Dealer indirect 490,076 557,695 (12.1)
 Other consumer 589,732 565,875 4.2
 Total consumer 2,407,600 2,339,706 2.9
 Total loans $ 5,543,319 $ 5,592,026 (0.9)
 3/31/92 12/31/91 9/30/91
 NONPERFORMING ASSETS
 Nonaccrual loans $ 49,345 $ 54,043 $ 69,125
 Restructured loans 152 154 156
 Foreclosed properties 75,710 85,644 88,362
 Repossessions 1,402 1,919 1,533
 Total nonperforming assets $126,609 $141,760 $159,176
 Nonperforming assets to loans
 net of unearned income 2.32 pct. 2.55 pct. 2.96 pct.
 Accruing loans 90 days
 past due $ 27,481 $ 19,337 $ 27,184
 6/30/91 3/31/91
 NONPERFORMING ASSETS
 Nonaccrual loans $ 67,893 $ 71,448
 Restructured loans 81 81
 Foreclosed properties 98,015 107,667
 Repossessions 2,119 3,307
 Total nonperforming assets $168,108 $182,503
 Nonperforming assets to loans
 net of unearned income 3.08 pct. 3.32 pct.
 Accruing loans 90 days
 past due $ 18,072 $ 16,958
 1992 1991 1991
 ALLOWANCE FOR LOAN LOSSES 1st qtr. 4th qtr. 3rd qtr.
 Balance at beginning of period $83,190 $81,873 $83,091
 Loans charged off 8,875 13,959 16,261
 Recoveries of loans previously
 charged off 1,971 1,322 1,248
 Net charge-offs 6,904 12,637 15,013
 Addition to allowance charged
 to expense 6,853 13,954 13,795
 Balance at end of period $83,139 $83,190 $81,873
 Allowance for loan losses to loans
 net of unearned income 1.52 pct. 1.50 pct. 1.52 pct.
 Net charge-offs to average loans
 net of unearned income 0.51 pct. 0.92 pct. 1.10 pct.
 1991 1991
 ALLOWANCE FOR LOAN LOSSES - 2nd qtr. 1st qtr.
 Balance at beginning of period $82,302 $79,860
 Loans charged off 10,497 11,720
 Recoveries of loans previously
 charged off 9,418 2,235
 Net charge-offs 1,079 9,485
 Addition to allowance charged
 to expense 1,868 11,927
 Balance at end of period $83,091 $82,302
 Allowance for loan losses to loans
 net of unearned income 1.52 pct. 1.50 pct.
 Net charge-offs to average loans
 net of unearned income 0.08 pct. 0.69 pct.
 CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
 EXPENSE SUMMARY, YIELDS AND RATES BY QUARTER
 AMSOUTH BANCORPORATION
 (Unaudited)
 1st quarter ended 3/31/92
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,433,394 $120,713 8.94
 Less allowance for loan
 losses 82,938
 Net loans 5,350,456
 Investment securities
 Taxable securities 1,905,885 37,845 7.99
 Tax-free securities 450,151 11,913 10.64
 Total investment securities 2,356,036 49,758 8.49
 Other earning assets 481,431 7,104 5.93
 Total earning assets 8,187,923 177,575 8.64
 Cash and other assets 931,057
 Total $9,118,980
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,707,333 24,231 3.60
 Savings deposits 453,404 4,033 3.58
 Time deposits 2,462,165 35,681 5.83
 Certificates of deposit
 of $100,000 or more 575,791 8,762 6.12
 Federal funds purchased
 and securities sold under
 agreements to repurchase 686,653 7,045 4.13
 Other interest-bearing
 liabilities 291,704 4,430 6.11
 Total interest-bearing
 liabilities 7,177,050 84,182 4.72
 Incremental interest
 spread 3.92
 Noninterest-bearing demand
 deposits 1,097,471
 Other liabilities 119,587
 Shareholders' equity 724,872
 Total $9,118,980
 Gross int. margin/spread
 on a taxable equiv. basis 93,393 4.54
 Taxable equiv. adjustment:
 Loans 1,220
 Investment securities 3,799
 Other earning assets 25
 Total taxable equiv. adjustment 5,044
 Gross interest margin $ 88,349
 1st quarter ended 3/31/91
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,541,837 $141,996 10.39
 Less allowance for loan
 losses 80,176
 Net loans 5,461,661
 Investment securities
 Taxable securities 1,658,832 36,490 8.92
 Tax-free securities 476,980 12,865 10.94
 Total investment securities 2,135,812 49,355 9.37
 Other earning assets 121,539 2,289 7.64
 Total earning assets 7,719,012 193,640 10.07
 Cash and other assets 883,268
 Total $8,602,280
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,472,342 34,987 5.74
 Savings deposits 387,861 4,648 4.86
 Time deposits 2,508,982 45,907 7.42
 Certificates of deposit
 of $100,000 or more 569,663 10,683 7.61
 Federal funds purchased
 and securities sold under
 agreements to repurchase 835,981 12,836 6.23
 Other interest-bearing
 liabilities 151,717 3,304 8.83
 Total interest-bearing
 liabilities 6,926,546 112,365 6.58
 Incremental interest
 spread 3.49
 Noninterest-bearing demand
 deposits 983,554
 Other liabilities 97,785
 Shareholders' equity 594,395
 Total $8,602,280
 Gross int. margin/spread
 on a taxable equiv. basis 81,275 4.23
 Taxable equiv. adjustment:
 Loans 1,786
 Investment securities 4,015
 Other earning assets 19
 Total taxable equiv. adjustment 5,820
 Gross interest margin $ 75,455
 AMSOUTH BANCORPORATION
 (Unaudited)
 (Dollars in thousands)
 3 mos. ended 3/31/92 3/31/91 Pct. chg.
 NONINTEREST REVENUES
 Trust Department income $ 8,216 $ 7,791 5.5
 Service charges on deposit accounts 11,648 10,798 7.9
 Securities gains 4,510 470 859.6
 Mortgage administration fees 4,338 3,966 9.4
 Other operating revenues 8,285 10,388 (20.2)
 Total $36,997 $33,413 10.7
 NONINTEREST EXPENSES
 Salaries and employee benefits $38,119 $34,670 9.9
 Net occupancy expense 6,409 5,744 11.6
 Equipment expense 7,262 6,553 10.8
 FDIC premiums 4,090 3,289 24.4
 Foreclosed properties expense 5,370 3,079 74.4
 Other operating expenses 24,198 19,072 26.9
 Total $85,448 $72,407 18.0
 -0- 4/13/92
 /CONTACT: Jim Underwood of AmSouth Bancorporation, 205-326-5184/
 (ASO) CO: AmSouth Bancorporation ST: Alabama IN: FIN SU: ERN


EA-BR -- AT001 -- 7546 04/13/92 08:11 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1992
Words:1963
Previous Article:TELXON ACQUIRES TELESYSTEMS SLW INC., CANADA, A LEADING SUPPLIER OF SPREAD SPECTRUM RADIOS
Next Article:CATHAY PACIFIC CHOOSES ROLLS-ROYCE TRENT FOR BOEING 777


Related Articles
AMSOUTH BANCORPORATION REPORTS PRELIMINARY FIRST QUARTER EARNINGS
AMSOUTH BANCORPORATION TO INCREASE QUARTERLY DIVIDEND 11.5 PERCENT TO $.29
AMSOUTH ENTERS INTO LETTER OF INTENT TO ACQUIRE FIRST SUNBELT BANKSHARES
AMSOUTH BANCORPORATION REPORTS EARNINGS
AMSOUTH SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FIRST SUNBELT BANKSHARES
AMSOUTH SIGNS DEFINITIVE AGREEMENT TO ACQUIRE FLORIDABANK
AMSOUTH BANCORPORATION ANNOUNCES RECORD INCREASE IN QUARTERLY DIVIDEND
AMSOUTH BANCORPORATION DECLARES $.35 QUARTERLY DIVIDEND
AMSOUTH BANCORPORATION ANNOUNCES INCREASE IN QUARTERLY DIVIDEND
AMSOUTH ANNOUNCES QUARTERLY DIVIDEND OF $.38 PER SHARE

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters