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BANKERS FIRST ANNOUNCES SECOND QUARTER EARNINGS

 BANKERS FIRST ANNOUNCES SECOND QUARTER EARNINGS
 AUGUSTA, Ga., July 21 /PRNewswire/ -- Bankers First Corporation


(NASDAQ-NMS: BNKF) today announced earnings per share of $.19 for the second quarter of 1992 compared to $.11 per share in the previous quarter and $.26 per share for the 1991 second quarter.
 Net income was $818,000 in the quarter ended June 30 vs. $1,133,000 for the same period a year ago.
 The decline in earnings from the year-ago period was due to lower levels of earning assets and higher than normal quarterly expenses, according to H.M. Osteen Jr., chairman and chief executive. "Our earning asset levels are now beginning to show increases. This, coupled with a significantly improved net interest margin, 2.86 percent in the second quarter versus 2.64 percent in the 1991 quarter, will provide earnings momentum in future periods. Also, our expense ratios will decline to lower levels in coming quarters," he said.
 The company also announced that it had accomplished the merger of its banking subsidiaries into a single savings bank effective as of June 30. The resulting bank, Bankers First Savings Bank, FSB, had the following capital ratios at June 30:
 Bankers First Current
 Savings Bank Requirement
 Tangible Capital/Assets 4.06 pct. 1.5 pct.
 Core Capital/Assets 4.43 pct. 3.0 pct.
 Risk-Based Capital/Ratio 8.84 pct. 7.2 pct.
 "As indicated previously, we expect that required capital levels will be significantly increased in the future and we intend to do those things necessary to exceed these new requirements as well," explained Osteen.
 Non-performing assets plus performing loans 90 days past due stood at $42.5 million on June 30, down $3.6 million, or 7.8 percent from the first quarter and down $8.9 million, or 17.3 percent, from a year earlier. Non-performing assets fell from $40.7 million at the end of the first quarter to $39.1 million at the end of the second quarter.
 The company further announced that during the second quarter it had successfully transferred all investment real estate property previously held by its bank into its separately owned real estate management company, Bankers First Community Development Corporation.
 Bankers First Corporation is a financial services company principally serving the Augusta, Rossville (Chattanooga, Tenn.) and Savannah, Ga., markets with 25 banking offices and 27 automated teller machines. The company's common stock is traded on the NASDAQ National Market System using the symbol BNKF. The abbreviation found in most newspaper listings is "Bankers First."
 BANKERS FIRST CORP. AND SUBSIDIARIES
 Consolidated Statements of Financial Condition (Unaudited)
 ($ in thousands)
 At June 30 1992 1991
 ASSETS
 Cash and amounts due from depository
 institutions $ 18,239 $ 31,463
 Interest bearing deposits 22,235 41,608
 Federal funds sold 75 75
 Investment securities, at amortized cost 34,797 51,808
 Federal Home Loan Bank stock, at cost 8,714 11,602
 Mortgage-backed securities, at amortized
 cost 182,279 211,360
 Loans receivable, net 567,468 949,710
 Premises and equipment, net 15,783 26,217
 Investment properties 18,707 15,002
 Repossessed assets 19,493 23,425
 Accrued interest receivable 7,036 14,143
 Cost in excess of net assets acquired 3,260 3,955
 Other assets 8,132 10,950
 Total assets $ 906,218 $1,391,318
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Deposits $ 708,999 $1,146,107
 Retail repurchase agreements 18,803 15,604
 Advance payments by borrowers for taxes
 and insurance 2,709 5,536
 Other borrowings 99,080 143,410
 Other liabilities 11,647 15,918
 Total liabilities 841,238 1,326,575
 Stockholders' equity:
 Common stock, $.01 par value; authorized
 12,500,000 shares; issued and outstanding
 4,382,728 shares in 1992 and 4,357,108
 shares in 1991 44 44
 Serial preferred stock, $.01 par value;
 authorized 7,500,000 shares; none
 outstanding --- ---
 Additional paid-in capital 54,384 54,267
 Retained earnings (substantially
 restricted) 13,195 12,900
 Loans to and guarantees of indebtedness
 of Employee Stock Ownership Plan
 and others (2,643) (2,468)
 Total stockholders' equity 64,980 64,743
 Total liabs. and stockholders' equity $ 906,218 $1,391,318
 Book value per share $14.83 $14.86
 Consolidated Statements of Financial Operations (Unaudited)
 ($ in thousands, except per-share amounts)
 3 mos. ended 6/30/92 6/30/91
 Interest income:
 Interest on loans and mortgage-backed
 securities $ 16,410 $ 30,055
 Dividends on Federal Home Loan Bank stock 141 209
 Other interest income 974 2,269
 Total interest income 17,525 32,533
 Interest expense:
 Interest on deposits 9,724 20,356
 Interest on retail repurchase agreements 135 176
 Interest on Federal Home Loan Bank
 advances and other borrowings 1,875 3,405
 Total interest expense 11,734 23,937
 Net interest income 5,791 8,596
 Provision for loan losses 357 460
 Net interest income after provision
 for loan losses 5,434 8,136
 Other income:
 Loan servicing fees 76 188
 Loan fees & service charges 229 344
 Service charges on deposit accounts 1,129 1,521
 Gain on sale of loans and MBS's 232 640
 Real estate operations (154) (587)
 Other 200 142
 Other income 1,712 2,248
 Operating expense:
 Salaries and employee benefits 2,579 3,951
 Net occupancy expense 1,373 1,755
 Advertising and promotion 187 216
 FDIC insurance expense 420 658
 Amortization of costs in excess of net assets
 acquired 167 167
 Other 1,217 1,768
 Operating expense 5,943 8,515
 Write down of investment in thrift
 subsidiary --- 171
 Net non-interest expense 4,231 6,438
 Income before income taxes 1,203 1,698
 Income tax expense 385 565
 Net income $ 818 $ 1,133
 Net income per share $ 0.19 $ 0.26
 Wtd. avg. shares outstanding (000s) 4,383 4,357
 6 mos. ended 6/30/92 6/30/91
 Interest income:
 Interest on loans and mortgage-backed
 securities $ 33,127 $ 61,169
 Dividends on Federal Home Loan Bank stock 290 423
 Other interest income 2,030 4,563
 Total interest income 35,447 66,155
 Interest expense:
 Interest on deposits 20,459 41,411
 Interest on retail repurchase agreements 260 332
 Interest on Federal Home Loan Bank
 advances and other borrowings 3,603 7,212
 Total interest expense 24,322 48,955
 Net interest income 11,125 17,200
 Provision for loan losses 1,061 880
 Net interest income after provision
 for loan losses 10,064 16,320
 Other income:
 Loan servicing fees 190 365
 Loan fees & service charges 473 725
 Service charges on deposit accounts 2,266 2,957
 Gain on sale of loans and MBS's 755 1,149
 Real estate operations (295) (892)
 Other 367 297
 Other income 3,756 4,601
 Operating expense:
 Salaries and employee benefits 5,095 7,677
 Net occupancy expense 2,792 3,563
 Advertising and promotion 303 370
 FDIC insurance expense 840 1,316
 Amortization of costs in excess of net assets
 acquired 334 334
 Other 2,473 3,726
 Operating expense 11,837 16,986
 Write-down of investment in thrift
 subsidiary --- 171
 Net non-interest expense 8,081 12,556
 Income before income taxes 1,983 3,764
 Income tax expense 683 1,192
 Net income $ 1,300 $ 2,572
 Net income per share $ 0.30 $ 0.59
 Wtd. avg. shares outstanding (000s) 4,383 4,357
 Financial Highlights
 (Unaudited)
 ($ in thousands except per share amounts)
 3 mos. ended June 30 1992 1991 Pct. chg.
 FOR THE PERIOD:
 Net interest income $ 5,791 $ 8,596 (32.6)
 Provision for loan losses 357 460 (22.4)
 Other income 1,712 2,248 (23.8)
 Operating expense 5,943 8,686 (31.6)
 Net income 818 1,133 (27.8)
 PER SHARE:
 Net income $ 0.19 $ 0.26 (26.9)
 Tangible book value 14.08 13.95 0.9
 ASSET YIELDS/FUNDS COST
 Yield on earning assets 8.73 pct. 10.08 pct.(13.4)
 Cost of funds 5.77 7.21 (20.0)
 Interest spread 2.96 2.87 3.1
 PERFORMANCE MEASURES
 Return on average assets 0.37 pct. 0.32 pct. 15.6
 Return on average equity 5.08 7.07 (28.1)
 Net yield on average earning
 assets 2.86 2.64 8.3
 G & A expenses/average assets 2.58 2.36 9.3
 Non-performing assets/
 total assets 4.31 2.79 54.5
 AT PERIOD END:
 Assets $ 906,218 $1,391,318 (34.9)
 Deposit 708,999 1,146,107 (38.1)
 Loans receivable and MBS's 749,747 1,161,070 (35.4)
 Earning assets 815,568 1,266,163 (35.6)
 Non-performing assets 39,068 34,680 12.7
 Tangible shareholder's equity 61,720 60,788 1.5
 Shares outstanding (in 000s) 4,383 4,357 0.6
 AVERAGE BALANCES:
 Assets $ 894,613 $1,416,928 (36.9)
 Deposits and repurchase
 agreements 734,807 1,190,335 (38.3)
 Loans receivable and MBS's 718,454 1,152,155 (37.6)
 Earning assets 803,394 1,292,009 (37.8)
 6 mos. ended June 30 1992 1991 Pct. chg.
 FOR THE PERIOD:
 Net interest income $11,125 $17,200 (35.3)
 Provision for loan losses 1,061 880 (20.6)
 Other income 3,756 4,601 (18.4)
 Operating expense 11,837 16,986 (30.3)
 Net income 1,300 2,572 (49.5)
 PER SHARE:
 Net income $ 0.30 $ 0.59 (49.2)
 Tangible book value 14.08 13.95 0.9
 ASSET YIELDS/FUNDS COST
 Yield on earning assets 8.80 pct. 10.16 pct.(13.4)
 Cost of funds 5.97 7.34 (18.7)
 Interest spread 2.83 2.82 0.4
 PERFORMANCE MEASURES
 Return on average assets 0.29 pct. 0.36 pct.(19.4) ? Return
 o average equity 4.04 8.11 (50.2)
 Net yield on average earning
 assets 2.73 2.59 5.4
 G & A expenses/average assets 2.56 2.33 9.9
 Non-performing assets/
 total assets 4.31 2.49 73.1
 AT PERIOD END:
 Assets $ 906,218 $1,391,318 (34.9)
 Deposit 708,999 1,146,107 (38.1)
 Loans receivable and MBS's 749,747 1,161,070 (35.4)
 Earning assets 815,568 1,266,163 (35.6)
 Non-performing assets 39,068 34,680 12.7
 Tangible shareholder's equity 61,720 60,788 1.5
 Shares outstanding (in 000s) 4,383 4,357 0.6
 AVERAGE BALANCES:
 Assets $ 897,212 $1,530,081 (41.4)
 Deposits and repurchase
 agreements 740,785 1,216,821 (39.1)
 Loans receivable and MBS's 712,408 1,289,496 (44.8)
 Earning assets 806,404 1,390,355 (42.0)
 -0- 7/21/92
 /CONTACT: Glenn W. Peters, corporate vice president and chief financial officer of Bankers First Corp., 706-823-3235/
 (BNKF) CO: Bankers First Corporation ST: Georgia IN: FIN SU: ERN


BN-BR -- AT009 -- 1190 07/21/92 10:06 EDT
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