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BANCFLORIDA REPORTS FISCAL 1993 THIRD QUARTER EARNINGS

 NAPLES, Fla., July 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 $3.7 million or primary earnings per share of $0.92 and fully diluted earnings per share of $0.67 for the third quarter of fiscal 1993. This compares to net income of $1.0 million or primary and fully diluted earnings per share of $0.21 for the same period a year ago.
 For the nine months ended June 30, 1993, the company's net income was $14.2 million or primary earnings per share of $3.64 and fully diluted earnings per share of $2.52 compared to net income of $8.5 million or primary earnings per share of $2.14 and fully diluted earnings per share of $1.47 for the comparable period a year ago. Included in the company's net income for the nine months ended June 30, 1993 was $7.5 million which resulted from the company's adoption of Statement of Financial Accounting Standards No. 109 which changed the method of accounting for income taxes as of Oct. 1, 1992.
 For the quarter ended June 30, 1993, provisions for losses relating to loans and assets classified as investments in real estate totaled $2.1 million compared to $3.0 million for the same period a year ago. For the nine months ended June 30, 1993, loss provisions totaled $9.0 million compared to $10.6 million for the comparable period a year ago. Classified assets totaled $158.2 million or 10.4 percent of total assets at June 30, 1993 compared to $165.9 million or 10.9 percent of total assets at March 31, 1993. Total non-performing assets declined by $3.8 million during the quarter to $115.6 million.
 Earnings for the three months ended June 30, 1993 included gains from the sale of mortgage-backed securities of $3.4 million, net of applicable income taxes compared to gains of $100,000, net of applicable income taxes during the same quarter a year ago. Earnings for the nine months ended June 30, 1993 and 1992 included gains from the sales of loans, mortgage-backed securities and U.S. Treasuries of $4.7 million and $8.2 million, respectively, net of applicable income taxes. These gains were offset by writedowns of $360,000 and $563,000, respectively, net of applicable income taxes, due to accelerated prepayment expenses on loans which were sold on a servicing retained basis in prior years.
 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 or greater, and a leverage ratio of 5 percent or greater. At June 30, 1993, the bank's total risk- based capital, Tier 1 risk-based capital, and leverage ratios were 11.14 percent, 9.59 percent, and 5.52 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 $16.42 at June 30, 1993. At that date, the company had outstanding 3,539,265 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 Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Total interest income $ 23,684 $ 27,512 $ 74,690 $ 86,416
 Total interest expense 16,098 18,415 49,758 59,482
 Net interest income 7,586 9,097 24,932 26,934
 Provision for loan losses 1,296 100 4,466 6,563
 Net interest income after
 provision for loan losses 6,290 8,997 20,466 20,371
 Other income
 Gain on sale of loans,
 mortgage-backed securities
 & investments 5,817 126 7,120 11,100
 Fees and other 3,128 2,595 8,769 8,278
 Total other income 8,945 2,721 15,889 19,378
 Real estate operations,
 net (A) (1,256) 2,077 (5,617) 893
 General and administrative
 expenses 10,149 8,451 30,881 26,892
 Total other expenses 8,893 10,528 25,264 27,785
 Income before income tax
 expense, extraordinary item
 and cumulative effect of
 accounting change 6,342 1,190 11,091 11,964
 Income tax expense (B) 2,637 151 4,387 3,696
 Income before extraordinary
 item and cumulative effect
 of accounting change 3,705 1,039 6,704 8,268
 Extraordinary item, net
 of taxes (C) --- --- --- 194
 Cumulative effect of
 accounting change (D) --- --- 7,534 ---
 Net income $ 3,705 $ 1,039 $ 14,238 $ 8,462
 Primary earnings per share:
 Income before extraordinary
 item and cumulative effect
 of accounting change $ 0.92 $ 0.21 $ 1.58 $ 2.09
 Extraordinary item, net
 of taxes (C) --- --- --- 0.05
 Cumulative effect of
 accounting change (D) --- --- 2.06 ---
 Net income $ 0.92 $ 0.21 $ 3.64 $ 2.14
 Average common and common
 equivalent shares
 outstanding 3,704,659 3,590,406 3,670,854 3,550,806
 Fully diluted earnings
 per share:
 Income before extraordinary
 item and cumulative effect
 of accounting change $ 0.67 $ 0.21 $ 1.25 $ 1.44
 Extraordinary item, net
 of taxes (C) --- --- --- 0.03
 Cumulative effect of
 accounting change (D) --- --- 1.27 ---
 Net income $ 0.67 $ 0.21 $ 2.52 $ 1.47
 Average shares
 outstanding 5,729,965 5,885,484 5,927,118 6,277,009
 (A) -- Includes provisions for losses on assets classified as investment in real estate of $770,000, $2.9 million, $4.5 million and $4.1 million, respectively. Nine months ended June 30, 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 Nine Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Return on average
 assets 0.97 pct. 0.28 pct. 1.25 pct. 0.77 pct.
 Return on average
 equity 20.15 pct. 7.03 pct. 26.96 pct. 19.92 pct.
 General and adminis-
 trative expenses to
 average assets 2.67 pct. 2.30 pct. 2.72 pct. 2.45 pct.
 Yield on earning
 assets 6.83 pct. 7.98 pct. 7.21 pct. 8.46 pct.
 Cost of funds 4.53 pct. 5.34 pct. 4.70 pct. 5.75 pct.
 Net interest spread 2.30 pct. 2.64 pct. 2.51 pct. 2.71 pct.
 June 30, Sept. 30,
 AT THE PERIOD ENDED 1993 1992
 Assets held for sale $ 538,500 $ 343,506
 Loans receivable, net 707,513 743,493
 Allowance for loan losses 27,036 26,948
 Non-performing assets, net 115,558 134,876
 Classified assets, net 158,233 186,155
 Total assets 1,527,198 1,492,597
 Deposit accounts 1,163,141 1,136,770
 Federal Home Loan Bank advances 239,000 231,000
 Other borrowings 23,564 22,718
 Total stockholders' equity 73,185 63,406
 Cumulative dividends in arrears --- 3,512
 Book value per common share 16.42 12.68
 Stockholders' equity to total assets 4.79 pct. 4.25 pct.
 Bank capital requirements:
 Tangible capital 5.35 pct. 4.50 pct.
 Core capital 5.52 pct. 4.70 pct.
 Risk-based capital 11.14 pct. 8.65 pct.
 -0- 7/19/93
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL)


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

RC-AW -- FL008 -- 3193 07/19/93 15:39 EDT
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Date:Jul 19, 1993
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