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BANCFLORIDA REPORTS SECOND QUARTER EARNINGS

 BANCFLORIDA REPORTS SECOND QUARTER EARNINGS
 NAPLES, Fla., April 21 /PRNewswire/ -- BancFlorida Financial


Corporation, (NYSE: BFL) (the "company"), whose primary sibsidiary is BancFlorida, a Federal Savings Bank (the "bank"), today reported net income of $1.6 million or primary earnings per common share of $.36 for the second quarter of fiscal 1992 compared to a net loss of $1.6 million or $.56 per common share for the same period a year ago. For the six months ended March 31, 1992, the company's net imcome was $7.4 million or $1.93 per common share compared to a net loss of $3.1 million or $1.06 per common share for the comparable period a year ago.
 Earnings for the fiscal 1992 second quarter were favorably impacted by the bank's sale of $54 million of home equity lines of credit with servicing retained, which resulted in a non-recurring gain of $1.7 million, net of applicable income tax. This gain on sale of loans was partially offset by a writedown of $420,000, net of applicable income taxes, due to an accelerated prepayment expense on loans which were sold on a servicing retained basis in prior periods. Earnings for the second quarter were also favorably affected by the reduction in net interest expense due to the current low interest rate environment and the bank's continued emphasis on obtaining lower-cost transaction accounts.
 Provisions for losses relating to loans and assets classified as investment in real estate totaled $4.6 million for the quarters ended Match 31, 1992 and 1991. For the six months ended March 31, 1992, these same provisions totaled $7.5 million compared to $8.4 million for the comparable period a year ago. During the quarter, the bank received final reports from its regulators, the Office of Thrift Supervision and Federal Deposit Insurance Corporation regarding their separate examinations of the bank, which were completed in late 1991. The results for the quarter reflect the asset classifications and levels of loss reserves recommended by both regulatory agencies in such examination reports.
 Classified assets increased $10 million from $195 million at Dec. 31, 1991 to $205 million at March 31, 1992. The increase during the quarter is primarily attributable to downgrades of commercial loans to six borrowers which aggregate $32 million. This increase was partially offset by the sale of Burnt Store Marina, a bank-owned property, for $10 million, $7.3 million of which was financed by the bank; workout of a $7 million non-performing commercial real estate loan and the collection of $8 million in principal on certain other non-performing assets. Total non-preforming assets declined by $18 million during the quarter to $140 million.
 Earnings for the fiscal year-to-date were favorable impacted by transactions which occurred during the first quarter. These included a non-recurring gain of $5.6 million, net of applicable income taxes, from the sale of U.S. Treasuries and mortgage-backed securities; the recognition of extraordinary income of $194,000, net of applicable income taxes, relating to the gain on the acquisition of $633,000 of the company's convertible subordinated debentures; and the renegotiation of the deferred compensation agreements previously entered into with certain directors, resulting in a one-time expense recovery of $584,000, net of applicable income taxes.
 At March 31, 1992, the bank continued to exceed all of its applicable regulatory capital requirements. At that date, the bank's tangible capital ratio, core capital ratio, and risk-based capital ratio improved to 3.89 percent, 4.12 percent and 7.89 percent respectively, which exceeded the currently applicable minimum regulatory requirements by $35 million, $16 million and $8 million, respectively. At March 31, 1992, the bank's risk-based capital was $1 million below the 8.0 percent risk-based capital requirement that will become effective Dec. 31, 1992.
 BancFlorida Financial Corporation had total assets of $1.5 billion and a book value per common share of $11.50 at March 31, 1992. Dividends in arrears on the outstanding cumulative convertible preferred stock totaled $2.9 million as of March 31, 1992. The company has outstanding 3,533,765 shares of common stock and 1,138,000 shares of cumulative convertible preferred stock.
 -0- 4/21/92
 /CONTACT: J. Michael Holmes of BancFlorida, 813-597-1611/
 (BFL)
 /FIRST ADD -- BANCFLORIDA TABULAR MATERIAL -- TO FOLLOW/ CO: BancFlorida Financial Corporation ST: Florida IN: FIN SU: ERN


JB-AW-JJ -- FL017 -- 0859 04/21/92 16:28 EDT
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Publication:PR Newswire
Date:Apr 21, 1992
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