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AMSOUTH BANCORPORATION REPORTS RESULTS

 AMSOUTH BANCORPORATION REPORTS RESULTS
 BIRMINGHAM, Ala., Jan. 13 /PRNewswire/ -- AmSouth Bancorporation


(NYSE: ASO) reported unaudited net income of $80.4 million, or $3.26 per common share, for 1991.
 Restated to reflect the three-for-two stock split, earnings were $2.17 per common share. The company's earnings represent an increase of 4.8 percent over the $76.7 million earned in 1990.
 The 1991 results represent a return on average equity of 12.47 percent and a return on average assets of .91 percent. The corporation's year-end 1991 assets stood at $9.5 billion compared to $8.7 billion at year-end 1990, an increase of 8.7 percent.
 In commenting on the company's 1991 performance, AmSouth Chairman and Chief Executive Officer John W. Woods said: "Earnings are very acceptable considering the progress we made in dealing with credit quality issues created by the deteriorating economy. From the end of the first quarter to year-end 1991, we decreased nonperforming assets by $40.7 million, a 22.3 percent improvement."
 Woods added that the company achieved an increase in net income even though credit-related expenses doubled in 1991 compared to 1990.
 "Looking ahead into 1992, we expect some improvement in the sluggish economy, which should improve loan growth somewhat," Woods said. "We are optimistic about the new year in light of the significant progress in terms of our improved interest margin and credit quality," he added.
 Woods also noted that Feb. 3 will mark AmSouth Bancorporation's 20th anniversary. "We began the holding company in 1972 with one bank operating 37 offices in Birmingham. Our assets then totaled approximately $800 million. Today, our assets are $9.5 billion and we now operate 180 banking offices in three states," Woods said.
 For the fourth quarter of 1991, AmSouth recorded unaudited net income of $21.4 million, or $.81 per common share, compared to $18.0 million of net income and $.77 per common share earned in the fourth quarter of 1990 ($.54 and $.51 per common share restated, respectively).
 Among the major events announced by AmSouth during the fourth quarter, Woods cited the three-for-two stock split and an 8.3 percent increase in the corporation's quarterly cash dividend as "especially rewarding." "These achievements are consistent with our goal of increasing the long-term value of our company for stockholders while providing them with a competitive return on their investment," Woods said.
 AmSouth has been recognized by Moody's Investor Service as a dividend achiever for consistently increasing dividends paid to shareholders.
 Performance Analysis
 AmSouth's gross interest margin for the fourth quarter improved $2.4 million, or 2.9 percent, compared to the third quarter of 1991. The gross interest spread for the fourth quarter remained essentially flat with the prior quarter at 4.23 percent.
 At year-end the allowance for loan losses totaled $83.2 million, an increase of $1.3 million over the end of the third quarter, and equaled 1.50 percent of net loans. The provision for loan losses for the fourth quarter reflected net charge-offs of $12.6 million, a $2.4 million decrease from the third quarter, and the impact of a $176.0 million increase in net loans. Nonperforming assets declined $17.4 million compared to the prior quarter-end.
 Noninterest revenues for the fourth quarter rose $10.7 million compared to the third quarter primarily due to a $3.7 million increase in securities gains and $4.1 million in other gains recognized on securities held for sale. The securities gains reflected a continuation of a restructuring of the investment securities portfolio.
 Noninterest expenses increased $11.4 million for the fourth quarter with foreclosed properties expenses accounting for $8.2 million of the increase. This increase reflected management's continued conservative approach to valuing its foreclosed properties in the present economic environment.
 For the year the gross interest margin improved $37.5 million, or 13.3 percent, over 1990. The gross interest spread was 4.26 percent compared to 3.96 percent for the prior year. The provision for loan losses increased $10.5 million to $41.5 million compared to the prior year.
 Noninterest revenues for 1991 rose $32.0 million, or 26.2 percent, with securities gains contributing $11.8 million of the increase, service charges increasing $8.7 million and gains on securities held for sale contributing $4.1 million.
 Noninterest expenses for the year increased $52.1 million, or 19.1 percent, with foreclosed properties expense accounting for $28.9 million of the increase and higher FDIC premiums accounting for $6.8 million of the increase.
 AMSOUTH BANCORPORATION
 (Unaudited)
 (In thousands except per share data)
 EARNINGS SUMMARY
 3 mos. ended Dec. 31 1991 1990 Pct. chg.
 Gross interest margin $ 83,275 $ 73,544 13.2
 Provision for loan losses 13,954 12,486 11.8
 Net interest margin 69,321 61,058 13.5
 Noninterest revenues 49,129 32,117 53.0
 Noninterest expenses 89,837 70,002 28.3
 Income before income taxes 28,613 23,173 23.5
 Applicable income taxes 7,189 5,210 38.0
 Net income $ 21,424 $ 17,963 19.3
 Primary earnings per share $0.81 $0.77 5.2
 Avg. primary shares outst. 26,461 23,416
 Restated for three-for-two stock split:
 Primary earnings per share $0.54 $0.51 5.9
 Avg. primary shares outst. 39,692 35,124
 12 mos. ended Dec. 31 1991 1990 Pct. chg.
 Gross interest margin $318,863 $281,393 13.3
 Provision for loan losses 41,544 31,072 33.7
 Net interest margin 277,319 250,321 10.8
 Noninterest revenues 154,338 122,325 26.2
 Noninterest expenses 324,458 272,343 19.1
 Income before income taxes 107,199 100,303 6.9
 Applicable income taxes 26,829 23,604 13.7
 Net income $ 80,370 $ 76,699 4.8
 Primary earnings per share $3.26 $3.26 0.0
 Avg. primary shares outst. 24,647 23,516
 Restated for three-for-two stock split:
 Primary earnings per share $2.17 $2.17 0.0
 Avg. primary shares outst. 36,970 35,274
 BALANCE SHEET SUMMARY
 Avg. for 3 mos. ended Dec. 31 1991 1990 Pct. chg.
 Loans net of unearned income $ 5,435,006 $ 5,532,266 (1.8)
 Investment securities 2,370,173 1,971,410 20.2
 Earning assets 8,208,781 7,618,789 7.7
 Total assets 9,126,520 8,531,159 7.0
 Noninterest-bearing deposits 1,060,898 1,045,092 1.5
 Interest-bearing deposits 6,151,501 5,790,699 6.2
 Total deposits 7,212,399 6,835,791 5.5
 Shareholders' equity 710,344 583,561 21.7
 Avg. for 12 mos. ended Dec. 31 1991 1990 Pct. chg.
 Loans net of unearned income $ 5,453,551 $ 5,528,956 (1.4)
 Investment securities 2,287,993 2,003,473 14.2
 Earning assets 7,920,945 7,606,884 4.1
 Total assets 8,822,848 8,498,269 3.8
 Noninterest-bearing deposits 1,010,599 1,062,980 (4.9)
 Interest-bearing deposits 6,049,688 5,649,140 7.1
 Total deposits 7,060,287 6,712,120 5.2
 Shareholders' equity 644,629 568,751 13.3
 Ending balance Dec. 31 1991 1990 Pct. chg.
 Loans net of unearned income $ 5,561,897 $ 5,641,797 (1.4)
 Investment securities 2,475,220 1,973,958 25.4
 Earning assets 8,494,401 7,661,564 10.9
 Total assets 9,459,269 8,706,106 8.7
 Noninterest-bearing deposits 1,168,671 1,196,298 (2.3)
 Interest-bearing deposits 6,204,020 5,870,646 5.7
 Total deposits 7,372,691 7,066,944 4.3
 Shareholders' equity 715,721 588,536 21.6
 SELECTED RATIOS - 1991 4th qtr. 3rd qtr. 2nd qtr.
 Avg. shareholders' equity
 to avg. total assets 7.78 pct. 7.48 pct. 6.96 pct.
 Loans net of unearned income
 to total deposits 75.44 74.27 77.34
 Net income (annualized) to
 avg. total assets 0.93 0.91 0.92
 Net income (annualized) to
 avg. shareholders' equity 11.97 12.09 13.24
 Capital formation rate
 (annualized) 6.17 6.44 7.63
 Book value per common share 27.03 26.61 26.00
 Book value per common share
 restated for three-for-two
 stock split 18.02 17.74 17.33
 SELECTED RATIOS 1991-1st qtr. 1990-4th qtr.
 Avg. shareholders' equity
 to avg. total assets 6.91 pct. 6.84 pct.
 Loans net of unearned income
 to total deposits 78.53 79.83
 Net income (annualized) to
 avg. total assets 0.88 0.84
 Net income (annualized) to
 avg. shareholders' equity 12.78 12.21
 Capital formation rate
 (annualized) 7.03 6.48
 Book value per common share 25.57 25.13
 Book value per common share
 restated for three-for-two
 stock split 17.05 16.75
 AMSOUTH BANCORPORATION
 (In thousands)
 (Unaudited)
 12/31/91 12/31/90 Pct.
 LOANS Chg.
 Commercial $ 2,260,039 $ 2,274,715 (0.6)
 Commercial real estate:
 Commercial real estate
 mortgages 748,478 845,509 (11.5)
 Real estate construction 237,503 232,299 2.2
 Total commercial real estate 985,981 1,077,808 (8.5)
 Consumer:
 Residential first mortgages 893,328 885,395 0.9
 Other residential mortgages 401,920 333,838 20.4
 Dealer indirect 505,848 589,351 (14.2)
 Other consumer 594,665 585,390 1.6
 Total consumer 2,395,761 2,393,974 0.1
 Total loans $ 5,641,781 $ 5,746,497 (1.8)
 12/31/91 9/30/91 6/30/91
 NONPERFORMING ASSETS
 Nonaccrual loans $ 54,043 $ 69,125 $ 67,893
 Restructured loans 154 156 81
 Foreclosed properties 85,644 88,362 98,015
 Repossessions 1,919 1,533 2,119
 Total nonperforming assets $141,760 $159,176 $168,108
 Nonperforming assets to loans
 net of unearned income 2.55 pct. 2.96 pct. 3.08 pct.
 Accruing loans 90 days
 past due $ 19,337 $ 27,184 $ 18,072
 3/31/91 12/31/90
 NONPERFORMING ASSETS
 Nonaccrual loans $ 71,448 $ 71,530
 Restructured loans 81 86
 Foreclosed properties 107,667 77,423
 Repossessions 3,307 4,152
 Total nonperforming assets $182,503 $153,191
 Nonperforming assets to loans
 net of unearned income 3.32 pct. 2.72 pct.
 Accruing loans 90 days
 past due $ 16,958 $ 21,574
 ALLOWANCE FOR LOAN LOSSES - 1991 4th qtr. 3rd qtr. 2nd qtr.
 Balance at beginning of period $81,873 $83,091 $82,302
 Loans charged off 13,959 16,261 10,497
 Recoveries of loans previously
 charged off 1,322 1,248 9,418
 Net charge-offs 12,637 15,013 1,079
 Addition to allowance charged
 to expense 13,954 13,795 1,868
 Balance at end of period $83,190 $81,873 $83,091
 Allowance for loan losses to loans
 net of unearned income 1.50 pct. 1.52 pct. 1.52 pct.
 Net charge-offs to average loans
 net of unearned income 0.92 pct. 1.10 pct. 0.08 pct.
 ALLOWANCE FOR LOAN LOSSES - 1991-1st qtr. 1990-4th qtr.
 Balance at beginning of period $79,860 $82,676
 Loans charged off 11,720 17,426
 Recoveries of loans previously
 charged off 2,235 2,124
 Net charge-offs 9,485 15,302
 Addition to allowance charged
 to expense 11,927 12,486
 Balance at end of period $82,302 $79,860
 Allowance for loan losses to loans
 net of unearned income 1.50 pct. 1.42 pct.
 Net charge-offs to average loans
 net of unearned income 0.69 pct. 1.10 pct.
 CONSOLIDATED AVERAGE DAILY BALANCES, REVENUE AND
 EXPENSE SUMMARY, YIELDS AND RATES BY QUARTER AND YTD
 AMSOUTH BANCORPORATION
 (Unaudited)
 4th quarter ended 12/31/91
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,435,006 $129,499 9.45
 Less allowance for loan
 losses 81,570
 Net loans 5,353,436
 Investment securities
 Taxable securities 1,917,275 40,008 8.28
 Tax-free securities 452,898 12,064 10.57
 Total investment securities 2,370,173 52,072 8.72
 Other earning assets 485,172 7,228 5.91
 Total earning assets 8,208,781 188,799 9.04
 Cash and other assets 917,739
 Total $9,126,520
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,584,600 29,254 4.49
 Savings deposits 427,602 4,664 4.33
 Time deposits 2,562,690 42,271 6.54
 Certificates of deposit
 of $100,000 or more 576,609 9,129 6.28
 Federal funds purchased
 and securities sold under
 agreements to repurchase 819,649 10,574 5.12
 Other interest-bearing
 liabilities 259,253 4,425 6.77
 Total interest-bearing
 liabilities 7,230,403 100,317 5.50
 Incremental interest
 spread 3.54
 Noninterest-bearing demand
 deposits 1,060,898
 Other liabilities 124,875
 Shareholders' equity 710,344
 Total $9,126,520
 Gross int. margin/spread
 on a taxable equiv. basis 88,482 4.23
 Taxable equiv. adjustment:
 Loans 1,399
 Investment securities 3,798
 Other earning assets 10
 Total taxable equiv. adjustment 5,207
 Gross interest margin $ 83,275
 4th quarter ended 12/31/90
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,532,266 $151,223 10.84
 Less allowance for loan
 losses 81,935
 Net loans 5,450,331
 Investment securities
 Taxable securities 1,503,319 33,019 8.71
 Tax-free securities 468,091 12,339 10.46
 Total investment securities 1,971,410 45,358 9.13
 Other earning assets 197,048 4,378 8.81
 Total earning assets 7,618,789 200,959 10.35
 Cash and other assets 912,370
 Total $8,531,159
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,348,347 38,357 6.48
 Savings deposits 384,672 4,712 4.86
 Time deposits 2,512,262 47,645 7.52
 Certificates of deposit
 of $100,000 or more 545,418 11,011 8.01
 Federal funds purchased
 and securities sold under
 agreements to repurchase 875,154 16,450 7.46
 Other interest-bearing
 liabilities 151,386 3,459 9.07
 Total interest-bearing
 liabilities 6,817,239 121,634 7.08
 Incremental interest
 spread 3.27
 Noninterest-bearing demand
 deposits 1,045,092
 Other liabilities 85,267
 Shareholders' equity 583,561
 Total $8,531,159
 Gross int. margin/spread
 on a taxable equiv. basis 79,325 4.09
 Taxable equiv. adjustment:
 Loans 1,947
 Investment securities 3,813
 Other earning assets 21
 Total taxable equiv. adjustment 5,781
 Gross interest margin $ 73,544
 12 mos. ended 12/31/91
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,453,551 $545,146 10.00
 Less allowance for loan
 losses 82,684
 Net loans 5,370,867
 Investment securities
 Taxable securities 1,823,366 155,238 8.51
 Tax-free securities 464,627 49,546 10.66
 Total investment securities 2,287,993 204,784 8.95
 Other earning assets 262,085 17,271 6.59
 Total earning assets 7,920,945 767,201 9.59
 Cash and other assets 901,903
 Total $8,822,848
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,516,450 128,825 5.12
 Savings deposits 409,206 19,257 4.71
 Time deposits 2,553,291 177,904 6.97
 Certificates of deposit
 of $100,000 or more 570,741 39,559 6.93
 Federal funds purchased
 and securities sold under
 agreements to repurchase 821,411 46,159 5.62
 Other interest-bearing
 liabilities 186,963 14,750 7.89
 Total interest-bearing
 liabilities 7,058,062 426,454 6.04
 Incremental interest
 spread 3.55
 Noninterest-bearing demand
 deposits 1,010,599
 Other liabilities 109,558
 Shareholders' equity 644,629
 Total $8,822,848
 Gross int. margin/spread
 on a taxable equiv. basis 340,747 4.26
 Taxable equiv. adjustment:
 Loans 6,313
 Investment securities 15,504
 Other earning assets 67
 Total taxable equiv. adjustment 21,884
 Gross interest margin $318,863
 12 mos. ended 12/31/90
 (Taxable equiv. basis - Average Revenue/ Yield/
 dollars in thousands) Balance Expense Rate Pct.
 ASSETS
 Earning assets:
 Loans net of unearned inc. $5,528,956 $600,519 10.86
 Less allowance for loan
 losses 83,181
 Net loans 5,445,775
 Investment securities
 Taxable securities 1,538,199 133,263 8.66
 Tax-free securities 465,274 48,761 10.48
 Total investment securities 2,003,473 182,024 9.09
 Other earning assets 157,636 14,055 8.92
 Total earning assets 7,606,884 796,598 10.36
 Cash and other assets 891,385
 Total $8,498,269
 LIABILITIES AND SHAREHOLDERS' EQUITY
 Interest-bearing liabilities:
 Interest-bearing demand
 deposits $2,207,675 144,775 6.56
 Savings deposits 388,271 18,847 4.85
 Time deposits 2,479,062 189,957 7.66
 Certificates of deposit
 of $100,000 or more 574,132 46,845 8.16
 Federal funds purchased
 and securities sold under
 agreements to repurchase 982,629 77,735 7.91
 Other interest-bearing
 liabilities 151,923 13,753 9.05
 Total interest-bearing
 liabilities 6,783,692 491,912 7.25
 Incremental interest
 spread 3.11
 Noninterest-bearing demand
 deposits 1,062,980
 Other liabilities 82,846
 Shareholders' equity 568,751
 Total $8,498,269
 Gross int. margin/spread
 on a taxable equiv. basis 304,686 3.96
 Taxable equiv. adjustment:
 Loans 8,155
 Investment securities 15,082
 Other earning assets 56
 Total taxable equiv. adjustment 23,293
 Gross interest margin $281,393
 AMSOUTH BANCORPORATION
 (Unaudited)
 (Dollars in thousands)
 3 mos. ended 12/31/91 12/31/90 Pct. chg.
 NONINTEREST REVENUES
 Trust Department income $ 8,016 $ 8,021 (0.1)
 Service charges on deposit accounts 11,565 9,833 17.6
 Securities gains 17,571 10,164 72.9
 Total $49,129 $32,117 53.0
 NONINTEREST EXPENSES
 Salaries and employee benefits $34,641 $32,868 5.4
 Net occupancy expense 6,178 5,612 10.1
 Equipment expense 6,780 6,785 (0.1)
 FDIC premiums 4,065 1,960 107.4
 Foreclosed properties expense 13,525 1,541 777.7
 Other operating expenses 24,648 21,236 16.1
 Total $89,837 $70,002 28.3
 12 mos. ended 12/31/91 12/31/90 Pct. chg.
 NONINTEREST REVENUES
 Trust Department income $ 31,620 $ 30,166 4.8
 Service charges on deposit accounts 45,487 36,753 23.8
 Securities gains 12,256 426 ---
 Mortgage administration fees 16,222 15,684 3.4
 Other operating revenues 48,753 39,296 24.1
 Total $154,338 $122,325 26.2
 NONINTEREST EXPENSES
 Salaries and employee benefits $139,202 $132,332 5.2
 Net occupancy expense 23,665 22,107 7.0
 Equipment expense 27,010 26,182 3.2
 FDIC premiums 14,486 7,735 87.3
 Foreclosed properties expense 34,539 5,636 512.8
 Other operating expenses 85,556 78,351 9.2
 Total $324,458 $272,343 19.1
 -0- 1/13/92
 /CONTACT: Wilbert W. Brown of AmSouth Bancorporation, 205-583-4419/
 (ASO) CO: AmSouth Bancorporation ST: Alabama IN: FIN SU: ERN


BN-BR -- AT006 -- 9197 01/13/92 16:13 EST
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