BMR FINANCIAL GROUP REPORTS QUARTERLY EARNINGS
BMR FINANCIAL GROUP REPORTS QUARTERLY EARNINGS ATLANTA, April 16 /PRNewswire/ -- BMR Financial Group, Inc.
(NASDAQ: BMRG) today reported net income of $74,000, or $.03 per share, for the first quarter ended March 31.
Included in the company's net income for the quarter is a gain of $177,000 which resulted from an increase in the estimated value of the total proceeds on disposition of the Meigs County Bank. The company will receive 354,537 shares of its common stock in the transaction. At Dec. 31, 1991, the company recorded an estimated loss based on the market price of $2.50 per share. At March 31, 1992, the market value of the stock was $3.00 per share. The ultimate value of consideration to be received will depend upon the market price of the shares at the transaction closing date. The company's results of operations include only its two subsidiary banks in Florida and the holding company. The company has agreed to sell its other four banking subsidiaries; the assets of these banks are included as assets held for disposition on the company's financial statements, and the results of operations of these banks are not consolidated with the company's. Pursuant to these disposition agreements, the company will receive in connection with the Georgia banks, cash totaling $15,520,000 and in connection with Meigs County Bank, cash totaling $1,204,000 and certificates representing 354,537 shares of the company's common stock which will be cancelled upon receipt. Completion of these transactions is subject to the receipt of regulatory approvals, the approval of the company's common and preferred shareholders, the consent of the company's lenders, and the satisfaction of other conditions as provided in the purchase agreements. During the quarter, the company set aside $133,000 as provision for possible loan losses. For the same period in 1991, the company provided $198,000 in its Florida banks for possible loan losses. Non- performing assets at March 31 were $4.379 million, compared with $4.218 million at Dec. 31, 1991. BMR FINANCIAL GROUP INC. Selected Consolidated Financial Data (In thousands, except per share amounts) 3 mos. ended March 31 1992 1991 Pct. chg.(a) Income Statement Data: Continuing operations: Net int. inc. after provision for loan losses $ 722 $ 2,648 (72.73) Non-interest income 670 1,097 (38.92) Non-interest expense 1,189 3,056 (61.09) Provision for income taxes 9 271 (96.68) Net income 194 418 (53.59) Preferred stock dividends 120 120 0.00 Net inc. applicable to com. stock $ 74 $ 298 (75.17) Per common share data: Average common shares outst. 2,892 2,888 0.14 pct. Net income per common share $ 0.03 $ 0.10 (70.00) At end of period 3/31/92 12/31/91 Pct. chg. Total assets $ 289,100 $ 294,953 (1.98) Total earning assets 80,605 81,953 (1.64) Loans, net of unearned income 50,382 52,550 (4.13) Allowance for loan losses (1,464) (1,406) 4.13 Total deposits 81,954 85,283 (3.90) Other borrowings 6,806 7,806 (12.81) Preferred stock 5,000 5,000 0.00 Common shareholders' equity 13,876 13,803 0.53 Market capitalization 8,660 7,216 20.00 Book value per common share(b) 4.81 4.78 0.63 Tangible book value per common share 4.81 4.78 0.63 Market value per common share 3.00 2.50 20.00 Ratios: At end of period: Common shareholders' equity to assets 4.80 pct. 4.69 pct. During the period 1992--3 mos. 1991--12 mos. (annualized) Net income applicable to common stock to: Average total assets 0.10 pct. (2.19) pct. Average common shareholders' equity 2.14 (32.65) Average common shareholders' equity to average assets 4.79 6.71 (a) Subsequent to Dec. 31, 1991, the company entered into agreements to dispose of its Georgia and Tennessee banks ("Banks Held for Disposition"). The results of their operations are not included in income statement data for 1992, and these pending sales have been reflected in the company's consolidated balance sheet by separately classifying the assets and liabilities of Banks Held for Disposition beginning at Dec. 31, 1991, as held for disposition. (b) Amounts computed based upon the number of outstanding shares of common stock. No adjustments have been made for the effect of the disposition of Meigs County Bank and the effect of outstanding common stock equivalents. -0- 4/16/92 /CONTACT: Douglas G. Greene, chief financial officer of BMR Financial Group, 404-938-7962/ (BMRG) CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: ERN
EA-BN -- AT023 -- 9401 04/16/92 14:56 EDT
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|Date:||Apr 16, 1992|
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