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BANCFLORIDA REPORTS FOURTH QUARTER AND FISCAL YEAR END EARNINGS

 BANCFLORIDA REPORTS FOURTH QUARTER AND FISCAL YEAR END EARNINGS
 NAPLES, Fla., Oct. 21 /PRNewswire/ -- BancFlorida Financial Corporation (NYSE: BFL) (the "company"), whose primary subsidiary is BancFlorida, a Federal Savings Bank (the "bank"), today reported net income of $11.9 million or primary earnings per share of $2.99 and fully diluted earnings per share of $2.02 for the fiscal year ended Sept. 30, 1992, compared to a net loss of $16.3 million or $4.98 per share for the same period a year ago. The net income for the fourth quarter of fiscal 1992 was $3.4 million or primary earnings per share of $.85 and fully diluted earnings per share of $.55 compared to a net loss of $9.1 million or $2.67 per share for the fourth quarter of fiscal 1991.
 Earnings for fiscal 1992 and the current quarter were favorably impacted by the sales of loans, mortgage-backed securities, and U.S. Treasuries which resulted in total gains of $10.8 million, net of applicable income taxes, for the fiscal year and $3.1 million, net of applicable income taxes, for the quarter. Earnings for the current quarter and fiscal year also continued to be favorably affected by the reduction in net interest expense due to the low interest rate environment and the bank's continued emphasis on obtaining lower-cost transaction accounts.
 Classified assets totaled $186 million or 12.5 percent of total assets at Sept. 30, 1992 compared to $178 million or 12.3 percent of total assets at Sept. 30, 1991. However, classified assets have decreased for the second consecutive quarter, down $18 million from $205 million at March 31, 1992. Total non-performing assets declined by $10 million during the fiscal year to $135 million.
 Provisions for losses on loans and assets classified as investments in real estate totaled $13.1 million for fiscal 1992 compared to $28.4 million for the same period a year ago. For the quarters ended Sept. 30, 1992 and 1991 these same provisions totaled $2.5 million and $12.6 million, respectively.
 General and administrative expenses, exclusive of real estate operations, net, decreased $5.1 million in fiscal 1992 compared to fiscal 1991. These decreases were primarily due to a concerted effort on the part of the company to reduce expenses.
 At Sept. 30, 1992, the bank's tangible, core and risk-based capital ratios were 4.50 percent, 4.71 percent and 8.65 percent, respectively, which exceeded currently applicable minimum regulatory requirements by $44.6 million, $25.3 million and $14.8 million, respectively. Effective Dec. 31, 1992, the risk-based capital requirement will increase from its current level of 7.2 percent to 8.0 percent. At Sept. 30, 1992, the bank's risk-based capital ratio exceeded by $6.7 million the 8.0 percent requirement that will become effective on Dec. 31, 1992.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $12.68 at Sept. 30, 1992. Dividends in arrears on the outstanding cumulative convertible preferred stock totaled $3.5 million as of Sept. 30, 1992. The company had outstanding 3,533,765 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 12 Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Total interest income $ 26,576 $ 30,629 $112,992 $139,621
 Total interest expense 17,766 22,870 77,248 106,419
 Net interest income 8,810 7,759 35,744 33,202
 Provision for loan losses 693 7,426 7,256 10,300
 Net interest income after
 provision for loan losses 8,117 333 28,488 22,902
 Other Income
 Gain (loss) on sale of
 investments and loans 4,497 (191) 15,597 1,009
 Fees and other 3,265 2,534 11,543 9,365
 Total other income 7,762 2,343 27,140 10,374
 Real estate operations,
 net (A) 26 4,844 919 12,076
 General & administrative
 expenses 8,816 55,109
 Income (loss) before
 income tax expense
 (credit) and
 extraordinary items 4,848 (13,023) 16,812 (21,833)
 Income tax expense
 (credit)(C) 1,442 (3,899) 5,138 (5,506)
 Income (loss) before
 extraordinary items 3,406 (9,124) 11,674 (16,327)
 Extraordinary items, net (14)(D) -- 180 (E) --
 Net income (loss) $ 3,392 $(9,124) $11,854 $(16,327)
 Primary earnings (loss)
 per share:
 Income (loss) before
 extraordinary items $ 0.85 $ (2.67) $ 2.94 $ (4.98)
 Extraordinary items, net -- -- 0.05 --
 Net income (loss) $ 0.85 $ (2.67) $ 2.99 $ (4.98)
 Average common and
 common equivalent
 shares outstanding 3,605,515 3,533,765 3,566,479 3,533,765
 Fully diluted earnings
 per share:
 Income before
 extraordinary items $ 0.55 $ -- $ 1.99 $ --
 Extraordinary items, net -- -- 0.03 --
 Net income $ 0.55 $ -- $ 2.02 $ --
 Average
 shares outstanding 5,882,190 -- 6,323,046 --
 (A) -- Includes provisions for losses on assets classified as investment in real estate of $1.8 million, $5.2 million, $5.9 million and $18.1 million, respectively.
 (B) -- Includes $1.3 million relating to the early retirement and employment agreement termination of the company's past chairman of the board, president and CEO.
 (C) -- Income taxes do not bear the customary relationship to income (loss) before taxes due to the bank's utilization of the experience method for the bad debt deduction for tax purposes.
 (D) -- Represents prepayment penalty on early repayment of FHLB advances, net of applicable income tax.
 (E) -- Represents gain on acquisition of convertible subordinated debentures, net of applicable income tax, less item in (D) above.
 Three Months Ended 12 Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Return on average
 assets 0.92 pct. -2.48 pct. 0.81 pct. -1.03 pct.
 Return on average
 equity 22.06 pct. -65.69 pct. 20.44 pct.-26.56 pct.
 General and
 administrative
 expenses
 to average assets 2.97 pct. 2.95 pct. 2.58 pct. 2.70 pct.
 Yield on earning
 assets 7.72 pct. 8.97 pct. 8.27 pct. 9.42 pct.
 Cost of funds 5.06 pct. 6.63 pct. 5.58 pct. 7.11 pct.
 Net spread 2.66 pct. 2.34 pct. 2.69 pct. 2.31 pct.
 Sept. 30, Sept. 30,
 AT THE PERIOD ENDED 1992 1991
 Loans receivable, net $ 741,482 $ 969,612
 General allowance for loan losses 17,104 17,410
 Non-performing loans and REO, net 134,876 145,296
 Total assets 1,490,586 1,448,985
 Deposit accounts 1,136,770 1,184,377
 Federal Home Loan Bank advances 231,000 122,800
 Other borrowings 22,718 54,860
 Total stockholders' equity 63,406 51,271
 Cumulative dividends in arrears 3,512 2,304
 Book value per common share 12.68 9.59
 Stockholders' equity to:
 Total assets 4.25 pct. 3.54 pct.
 Total liabilities 4.44 pct. 3.67 pct.
 Tangible capital (A) 4.50 pct. 3.38 pct.
 Core capital (A) 4.71 pct. 3.67 pct.
 Risk-based capital (A) 8.65 pct. 6.80 pct.
 (A) -- Minimum regulatory capital requirements applicable at Sept. 30, 1992 are as follows:
 Tangible capital 1.50 pct.
 Core capital 3.00 pct.
 Risk-based capital 7.20 pct.
 The risk-based capital requirement will increase to 8.0 percent on Dec. 31, 1992.
 -0- 10/21/92
 /CONTACT: J. Michael Holmes of BancFlorida Financial Corporation, 813-597-1611/
 (BFL) CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: ERN


JB-JJ-AW -- FL007 -- 3042 10/21/92 15:43 EDT
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Date:Oct 21, 1992
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