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BANCFLORIDA REPORTS FISCAL 1993 SECOND QUARTER EARNINGS

 NAPLES, Fla., April 19 /PRNewswire/ -- BancFlorida Financial Corporation (NYSE: BFL) (the "company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank (the "bank"), today reported net income of $2.7 million or primary earnings per common share of $.66 and fully diluted earnings per share of $.51 for the second quarter of fiscal 1993. This compares to net income of $1.6 million or primary earnings per share of $.36 and fully diluted earnings per share of $.28 for the same period a year ago. For the six months ended March 31, 1993, the company's net income was $10.5 million or primary earnings per share of $2.72 and fully diluted earnings per share of $1.81 compared to net income of $7.4 million or primary earnings per share of $1.93 and fully diluted earnings per share of $1.26 for the comparable period a year ago.
 During the quarter ended March 31, 1993, the company adopted Statement of Financial Accounting Standards No. 109 which changed the method of accounting for income taxes. However, in accordance with applicable accounting guidelines the adoption of this standard must be reflected in the first quarter. The cumulative impact of this change in accounting method was to increase fiscal 1993 first quarter and year-to- date net income by $7.5 million, or primary earnings per share by $2.06 and fully diluted earnings per share by $1.27. In addition, the company has restated its earnings for the first quarter of fiscal 1993 to reflect a $927,000 unrealized loss on it mortgage-backed securities held for sale. The after-tax effect of this restatement was to decrease first quarter net income by $584,000 or primary earnings per share by $.16 and fully diluted earnings by share by $.10. The company had previously reported a reduction to stockholders' equity of $399,000 as of Dec. 31, 1992, which represented a portion of the unrealized loss on these securities. As a result of the two restatements, net income, primary earnings per share and fully diluted earnings per share for the quarter ended Dec. 31, 1992 were $7.8 million, $2.06 and $1.36, respectively, vs. $842,000, $.15 and $.15 as previously reported.
 For the quarter ended March 31, 1993, provisions for losses relating to loans and assets classified as investments in real estate totaled $2.2 million comapared to $4.6 million for the same period a year ago. For the six months ended March 31, 1993, these same provisions totaled $6.9 million compared to $7.6 million for the comparable period a year ago. Classified assets totaled $165.9 million or 10.7 percent of total assets at March 31, 1993 compared to $176.2 million or 11.7 percent of total assets at Dec. 31, 1992. Total non-performing assets declined by $4.1 million during the quarter to $119.4 million.
 Earnings for the six months ended March 31, 1993 and 1992 included gains from the sale of loans, morns were offset by writedowns of $315,000 and $420,000, respectively, net of applicable income taxes due to accelerated prepayment expenses on loans which were sold on a servicing retained basis in prior years.
 At March 31, 1993, the bank's tangible, core, and risk-based capital ratios were 5.12 percent, 5.31 percent, and 10.50 percent, respectively, which exceeded the currently applicable minimum regulatory requirements by $54.7 million, $34.8 million and $22.4 million, respectively. Under the prompt corrective action regulation adopted by the Office of Thrift Supervision effective Dec. 19, 1992, an institution generally is considered "well-capitalized" if the institution has a total risk-based capital ratio of 10 percent or greater, a Tier 1 or core capital to risk-weighted assets ratio of 6 percent of greater, and a leverage ratio of 5 percent or greater. At March 31, 1993, the bank's total risk-based capital, Tier 1 risk-based capital, and leverage ratios were 10.50 percent, 8.95 percent, and 5.31 percent, respectively, which exceed the well-capitalized criteria.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $15.47 at March 31, 1993. The company had outstanding 3,537,265 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock. Dividends in arrears on the outstanding cumulative preferred stock totaled $4.1 million at March 31, 1993.
 BANCFLORIDA FINANCIAL CORPORATION
 Financial Highlights
 (Dollars in thousands, except share data)
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Total interest income $ 25,864 $ 29,786 $ 51,006 $ 58,904
 Total interest expense 16,481 19,751 33,660 41,067
 Net interest income 9,383 10,035 17,346 17,837
 Provision for loan losses 1,598 4,562 3,170 6,463
 Net interest income after
 provision for loan losses 7,785 5,473 14,176 11,374
 Other income
 Gain on sale of loans,
 mortgage-backed securities
 & investments 1,865 1,995 1,303 10,974
 Fees and other 2,796 2,567 5,641 5,683
 Total other income 4,661 4,562 6,944 16,657
 Real estate operations,
 net (A) (2,172) (1,207) (4,361) (1,184)
 General and administrative
 expenses 10,308 9,777 20,732 18,441
 Total other expenses 8,136 8,570 16,371 17,257
 Income before income
 tax expense (benefit),
 extraordinary item and
 cumulative effect of
 accounting change 4,310 1,465 4,749 10,774
 Income tax
 expense (benefit)(B) 1,569 (110) 1,750 3,545
 Income before extraordinary
 item and cumulative
 effect of
 accounting change 2,741 1,575 2,999 7,229
 Extraordinary item,
 net of taxes (C) --- --- --- 194
 Cumulative effect of
 accounting change (D) --- --- 7,534 ---
 Net income $ 2,741 $1,575 $10,533 $ 7,423
 Primary earnings per share:
 Income before extraordinary
 item and cumulative
 effect of
 accounting change $ 0.66 $ 0.36 $ 0.66 $ 1.88
 Extraordinary item,
 net of taxes (C) --- --- --- 0.05
 Cumulative effect of
 accounting change (D) --- --- 2.06 ---
 Net income $ 0.66 $ 0.36 $ 2.72 $ 1.93
 Average common
 and common equivalent
 shares outstanding 3,675,332 3,533,765 3,650,632 3,533,765
 Fully diluted earnings per share:
 Income before extraordinary
 item and cumulative
 effect of
 accounting change $ 0.51 $ 0.28 $ 0.54 $ 1.23
 Extraordinary item,
 net of taxes (C) --- --- --- 0.03
 Cumulative effect of
 accounting change (D) --- --- 1.27 ---
 Net income $ 0.51 $ 0.28 $ 1.81 $ 1.26
 Average shares
 outstanding 5,841,253 6,376,152 5,936,686 6,220,632
 (A) -- Includes provisions for losses on assets classified as investment in real estate of $600,000, $75,000, $3.7 million and $1.1 million, respectively. Six months ended March 31, 1993 includes a $3.0 million gain from the sale of a motel owned by a subsidiary of the bank.
 (B) -- Income taxes do not bear the customary relationship to income before taxes due to the bank's utilization of the experience method for the bad debt deduction for tax purposes.
 (C) -- Represents gain on acquisition of convertible subordinated debentures, net of applicable income tax.
 (D) -- Due to adoption of FAS 109 as of Oct. 1, 1992
 Three Months Ended Six Months Ended
 March 31, March 31,
 1993 1992 1993 1992
 Return on average
 assets 0.72 pct. 0.43 pct. 1.39 pct. 1.02 pct.
 Return on average
 equity 15.92 pct. 10.89 pct. 31.42 pct. 26.68 pct.
 General and administrative expenses
 to average assets 2.69 pct. 2.67 pct. 2.73 pct. 2.52 pct.
 Yield on earning
 assets 7.47 pct. 8.66 pct. 7.41 pct. 8.70 pct.
 Cost of funds 4.68 pct. 5.64 pct. 4.78 pct. 5.90 pct.
 Net interest spread 2.79 pct. 3.02 pct. 2.63 pct. 2.80 pct.
 March 31, Sept. 30,
 AT THE PERIOD ENDED 1993 1992
 Loans receivable, net $ 765,320 $ 743,493
 Allowance for loan losses 28,905 26,948
 Non-performing assets, net 119,362 134,876
 Classified assets, net 165,887 186,155
 Total assets 1,549,986 1,492,597
 Deposit accounts 1,179,486 1,136,770
 Federal Home Loan Bank advances 204,000 231,000
 Other borrowings 24,761 22,718
 Total stockholders' equity 73,900 63,406
 Cumulative dividends in arrears 4,112 3,512
 Book value per common share 15.47 12.68
 Stockholders' equity to total assets 4.77 pct. 4.25 pct.
 Bank capital requirements:
 Tangible capital 5.12 pct. 4.50 pct.
 Core capital 5.31 pct. 4.70 pct.
 Risk-based capital 10.50 pct. 8.65 pct.
 -0- 4/19/93
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL)


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

JB-AW -- FL018 -- 7587 04/19/93 16:25 EDT
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Date:Apr 19, 1993
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