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BMR FINANCIAL GROUP, INC. REPORTS NET INCOME

 ATLANTA, Aug. 13 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) today reported net income of $197,000, or $.08 per share, for the second quarter ended June 30, compared with a net loss applicable to common stock of $53,000, or $.02 per common share, for the second quarter ended June 30, 1992.
 For the six months ended June 30, the company reported net income of $431,000, or $.17 per share, compared to net income applicable to common stock of $21,000, or $.01 per common share, for the six months ended June 30, 1992. The company's results of operations for 1993 and 1992 include only its two Florida bank subsidiaries and the holding company.
 As compared to a year ago, the company's earnings for both the second quarter and the first six months of 1993 benefited from increased net interest income, a lower provision for loan losses, lower non- interest expenses and the elimination of preferred stock dividends. These improvements were partially offset by the absence of management fees paid in 1992 by the Georgia and Tennessee banks which were disposed of during 1992, nonrecurring personnel costs and an increase in the provision for income taxes attributable to the higher level of income.
 At June 30, the company's non-performing assets totaled $2,842,000 compared to $2,482,000 at Dec. 31, 1992. The allowance for loan losses at June 30, 1993 was $1,468,000, or 2.92 percent of total loans, compared to $1,402,000 or 2.71 percent of total loans at Dec. 31, 1992.
 As previously reported on June 25, the company and SouthTrust Corporation (NASDAQ-NMS: SOTR) of Birmingham, Ala., executed a definitive merger agreement which calls for the acquisition of the company by SouthTrust. Each outstanding share of company stock would be purchased by SouthTrust for $6.30 in cash. At June 30, there were 2,538,644 shares of the company's common stock outstanding. Consummation of the transaction is subject to approval by the company's shareholders and by various regulatory authorities, compliance by the parties with various covenants, and satisfaction of a number of other conditions, including such matters as the absence of any material adverse developments relating to the company's business. The parties anticipate that the transaction will be consummated on or before Dec. 31, 1993.
 BMR FINANCIAL GROUP INC.
 Selected Consolidated Financial Data
 (In thousands, except per share amounts) Pct.
 3 mos. ended June 30 1993 1992 chg.(a)
 Income Statement Data:
 Interest income $ 1,552 $ 1,705 (8.97)
 Interest expense 441 776 (43.17)
 Net interest income 1,111 929 19.59
 Provision for loan losses 20 85 (76.47)
 Net interest income after provision
 for loan losses 1,091 844 29.27
 Non-interest income 432 508 (14.96)
 Non-interest expense 1,204 1,226 (1.79)
 Provision for income taxes 122 58 110.34
 Net income 197 68 189.71
 Preferred stock dividends --- 121 (100.00)
 Net inc. applicable to com. stock $ 197 $ (53) (471.70)
 Per common share data:
 Average common shares outst. 2,539 2,887 (12.05)
 Net income per common share $ 0.08 $ (0.02) (500.00)
 At end of period 6/30/93 12/31/92 Pct. chg.
 Total assets $ 95,982 $ 97,209 (1.26)
 Total earning assets 86,419 86,205 0.25
 Loans, net of unearned income 49,943 51,532 (3.08)
 Allowance for loan losses (1,468) (1,402) 4.71
 Total deposits 80,477 82,315 (2.23)
 Other borrowings --- --- ---
 Preferred stock --- --- ---
 Common shareholders' equity 14,694 14,251 3.11
 Market capitalization 15,232 7,596 100.53
 Book value per common share(b) $ 5.79 $ 5.63 2.84
 Market value per common share 6.00 3.00 100.00
 Ratios:
 At end of period:
 Common shareholders' equity
 to assets 15.31 pct. 14.66 pct.
 Pct.
 6 mos. ended June 30 1993 1992 chg.(a)
 Income Statement Data:
 Interest income $ 3,134 $ 3,437 (8.82)
 Interest expense 914 1,653 (44.71)
 Net interest income 2,220 1,784 24.44
 Provision for loan losses 60 218 (72.48)
 Net interest income after provision
 for loan losses 2,160 1,566 37.93
 Non-interest income 864 1,344 (35.71)
 Non-interest expense 2,330 2,581 (9.72)
 Provision for income taxes 263 67 292.54
 Net income 431 262 64.50
 Preferred stock dividends --- 241 (100.00)
 Net inc. applicable to com. stock $ 431 $ 21 1,952.38
 Per common share data:
 Average common shares outst. 2,535 2,892 (12.34)
 Net income per common share $ 0.17 $ 0.01 1,600.00
 At end of period 6/30/93 6/30/92 Pct. chg.
 Total assets $ 95,982 $ 245,004 (60.82)
 Total earning assets 86,419 80,617 7.20
 Loans, net of unearned income 49,943 50,003 (0.12)
 Allowance for loan losses (1,468) (1,408) 4.26
 Total deposits 80,477 81,973 (1.82)
 Other borrowings --- 6,204 (100.00)
 Preferred stock --- 4,398 (100.00)
 Common shareholders' equity 14,694 12,760 15.16
 Market capitalization 15,232 7,596 100.53
 Book value per common share(b) $ 5.79 $ 5.04 14.88
 Market value per common share 6.00 3.00 100.00
 Ratios:
 At end of period:
 Common shareholders' equity
 to assets 15.31 pct. 5.21 pct.
 During the period 1993--6 mos. 1992--12 mos.
 (annualized)
 Net income applicable to common stock to:
 Average total assets .90 pct. .67 pct.
 Average common shareholders' equity 5.98 9.20
 Average common shareholders' equity
 to average assets 14.98 7.23
 (a) Subsequent to Dec. 31, 1991, the company entered into agreements to dispose of its Georgia and Tennessee banks. The results of their operations are not included in income statement data for 1992.
Meigs County Bank, Decatur, Tenn., was sold on June 30, 1992. Brice


Banking Company, Vidalia, Ga., Citizens Bank of Swainsboro, Swainsboro, Ga., and Citizens Bank of Americus, Ga., were sold on July 2, July 9, and July 20, 1992, respectively
 (b) In connection with the Meigs County Bank disposition, the company received 354,537 shares of its common stock which were cancelled upon receipt. As a result of this transaction, the number of shares outstanding subsequent to the Meigs County Bank disposition was significantly lower than previous quarters. The effect of these shares being outstanding was dilutive for all periods prior to the disposition.
 -0- 8/13/93
 /CONTACT: Michael J. Williams, chief financial officer of BMR Financial Group, 404-938-8050/
 (BMRG SOTR)


CO: BMR Financial Group, Inc.; SouthTrust Corporation ST: Georgia IN: FIN SU: ERN

RA-BR -- AT006 -- 2692 08/13/93 16:39 EDT
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Date:Aug 13, 1993
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