Printer Friendly

BANCFLORIDA REPORTS FIRST QUARTER EARNINGS

 NAPLES, Fla., Jan. 15 /PRNewswire/ -- BancFlorida Financial Corporation (NYSE: BFL) ("the company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank ("the Bank"), today reported net income of $842,000 or primary earnings per share of $.15 for the first quarter of fiscal 1993, which ended Dec. 31, 1992. This compares to net income of $5.8 million or primary earnings per share of $1.57 and fully diluted earnings per share of $.98 for the same period a year ago.
 Earnings for the first quarter of the prior year included gains of $5.6 million, net of applicable income taxes, which resulted from the sale of $211 million of U.S. Treasury and mortgage-backed securities. Earnings for the current first quarter included net gains of $470,000, net of applicable income taxes, which resulted from the sale of $295 million of mortgage-backed securities held for sale. These net gains were partially offset by a writedown of $300,000, net of applicable income taxes, due to accelerated prepayment experience on loans serviced for others.
 For the quarter ended Dec. 31, 1992, provisions for losses relating to loans and assets classified as investments in real estate totaled $4.7 million compared to $2.9 million for the same period a year ago. The increase in provisions for the current quarter was due to additional writedowns on assets classified as investments in real estate and an increase in the general allowance for loan losses. Provisions for the quarter ended Dec. 31, 1992 were partially offset by a $3.0 million gain recognized from the sale of a motel owned by a subsidiary of the Bank.
 Classified assets totaled $176.2 million or 11.7 percent of total assets at Dec. 31, 1992 compared to $186.2 million or 12.5 percent of total assets at Sept. 30, 1992. The decrease in classified assets of $10.0 million is due primarily to the sale of the $5.5 million motel previously mentioned for $8.5 million, $7.2 million of which was financed by the Bank, and writedowns of $2.8 million on certain other non-performing assets. Non-performing assets declined by $11.4 million during the first quarter of fiscal 1993 to $123.5 million, net, at Dec. 31, 1992. During the quarter, the Bank received its final report from the Office of Thrift Supervision ("OTS") regarding its examination of the Bank. The results for the quarter reflect all recommendations made by the OTS with respect to the asset classifications and levels of loss reserves.
 General and administrative expenses, exclusive of real estate operations, net, increased $1.8 million for the three months ended Dec. 31, 1992 compared to the same period a year ago. A portion of the increase in the current quarter is due to the operations of six additional foreclosed properties which are owned by Bank subsidiaries that were not in existence in the prior year. In addition, the quarter ended Dec. 31, 1991 contained a one-time expense recovery of $927,000 due to the renegotiation of deferred compensation agreements with certain directors of the Bank and company.
 At Dec. 31, 1992, the Bank's tangible, core and risk-based capital ratios were 4.49 percent, 4.68 percent and 9.48 percent, respectively, which exceeded the currently applicable minimum regulatory requirements by $45.0 million, $25.4 million and $13.2 million, respectively.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $12.71 at Dec. 31, 1992. Dividends in arrears on the outstanding cumulative convertible stock totaled $3.8 million as of Dec. 31, 1992. The company had outstanding 3,536,265 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 BANCFLORIDA FINANCIAL CORPORATION
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended
 Dec. 31,
 1992 1991
 Total interest income $ 25,142 $ 29,118
 Total interest expense 17,179 21,316
 Net interest income 7,963 7,802
 Provision for loan losses 1,572 1,901
 Net interest income after
 provision for loan losses 6,391 5,901
 Other income
 Gain on sale of loans,
 mortgage-backed securities
 and investments 365 8,979
 Fees and other 2,845 3,116
 Total other income 3,210 12,095
 Real estate operations,
 net (A) (2,189) 23
 General & administrative
 expenses 10,424 8,664
 Total other expenses 8,235 8,687
 Income before income tax
 expense and extraordinary
 item 1,366 9,309
 Income tax expense 524 3,655
 Income before
 extraordinary item 842 5,654
 Extraordinary item, net (B) --- 194
 Net income $ 842 $ 5,848
 Primary earnings per share:
 Income before
 extraordinary item $ 0.15 $ 1.52
 Extraordinary item, net --- 0.05
 Net income $ 0.15 $ 1.57
 Average common
 and common equivalent
 shares outstanding 3,608,745 3,533,765
 (A) -- Includes provisions for losses on assets classified as investment in real estate of $3.1 million and $1.0 million, respectively. Three months ended Dec. 31, 1992 includes a $3.0 million gain from the sale of a motel owned by a subsidiary of the bank.
 (B) -- Represents gain on acquisition of convertible subordinated debentures, net of applicable income tax.
 Three Months Ended
 Dec. 31,
 1992 1991
 Return on average
 assets 0.22 pct. 1.60 pct.
 Return on average
 equity 5.29 pct. 43.18 pct.
 General and administrative expenses
 to average assets 2.78 pct. 2.38 pct.
 Yield on earning
 assets 7.34 pct. 8.85 pct.
 Cost of funds 4.87 pct. 6.05 pct.
 Net interest spread 2.47 pct. 2.80 pct.
 Dec. 31, Sept. 30,
 AT THE PERIOD ENDED 1992 1992
 Loans receivable, net $ 731,481 $ 743,493
 Allowance for loan losses 27,007 26,948
 Non-performing assets, net 123,475 134,876
 Classified assets 176,229 186,155
 Total assets 1,510,627 1,492,597
 Deposit accounts 1,174,280 1,136,770
 Federal Home Loan Bank advances 221,000 231,000
 Other borrowings 22,831 22,718
 Total stockholders' equity 63,830 63,406
 Cumulative dividends in arrears 3,815 3,512
 Book value per common share 12.71 12.68
 Stockholders' equity to total assets 4.23 pct. 4.25 pct.
 Bank capital requirements (A)
 Tangible capital 4.49 pct. 4.50 pct.
 Core capital 4.68 pct. 4.70 pct.
 Risk-based capital (B) 9.48 pct. 8.65 pct.
 (A) -- Minimum regulatory capital requirements applicable at Dec. 31, 1992 are as follows:
 Tangible capital 1.50 pct.
 Core capital 3.00 pct.
 Risk-based capital 8.00 pct.
 (B) -- Effective Dec. 31, 1992, the OTS amended its capital regulations to place all assets previously assigned to the 200 percent risk-weight category to the 100 percent risk-weight category.
 -0- 1/15/93
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL)


CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: ERN

JJ-AW-JB -- FL009 -- 5497 01/15/93 16:11 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 15, 1993
Words:1157
Previous Article:LIBERTY BANCORP, INC. FOURTH QUARTER EARNINGS $1.8 MILLION
Next Article:NEVADA POWER CO. NAMES NEW VICE PRESIDENT
Topics:


Related Articles
BANCFLORIDA REPORTS FIRST QUARTER EARNINGS AND CAPITAL COMPLIANCE
BANCFLORIDA REPORTS THIRD QUARTER EARNINGS
BANCFLORIDA REPORTS FOURTH QUARTER AND FISCAL YEAR END EARNINGS
BANCFLORIDA REPORTS FISCAL 1993 SECOND QUARTER EARNINGS
GRUPO FINANCIERO BANCOMER REPORTS GAINS IN FIRST QUARTER
BANCFLORIDA REPORTS FISCAL 1993 THIRD QUARTER EARNINGS
BANCFLORIDA REPORTS FOURTH QUARTER AND FISCAL YEAR END EARNINGS
FIRST UNION AND BANCFLORIDA ANNOUNCE MERGER
BANCFLORIDA REPORTS FIRST QUARTER EARNINGS
BANCFLORIDA REPORTS SECOND QUARTER EARNINGS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters