BMR FINANCIAL GROUP REPORTS RESULTS
BMR FINANCIAL GROUP REPORTS RESULTS ATLANTA, July 28 /PRNewswire/ -- BMR Financial Group, Inc.
(NASDAQ: BMRG) today reported a net loss of $53,000, or $.02 per common share, for the quarter ended June 30.
For the six months ended June 30, the company has reported net income of $21,000, or $.01 per common share. Included in the company's net income for the first quarter is a gain of $177,000 which resulted from an increase in the estimated value of the total proceeds on disposition of Meigs County Bank. The company's results of operations include only its two subsidiary banks in Florida and the holding company. During the quarter, the company set aside $85,000 as a provision for possible loan losses. For the same period in 1991, the company provided $228,000 in its Florida banks for possible loan losses. Non-performing assets at June 30 were $3.246 million, compared with $4.379 million, at March 31, 1992, and $4.218 million at Dec. 31, 1991. The company has completed the disposition of its Georgia and Tennessee bank subsidiaries which were approved by the company's common and preferred shareholders at its Annual Shareholder's Meeting in June. The Tennessee bank subsidiary, Meigs County Bank, was sold on June 30; Brice Banking Company, Vidalia, Ga., Citizens Bank of Swainsboro, Swainsboro, Ga., and Citizens Bank of Americus, Americus, Ga., were sold on July 2, July 9 and July 20, respectively. The assets of these banks have been included as assets held for disposition on the company's financial statements through the date of disposition, and the results of operations of these banks are not consolidated with the company's during 1992. In each case, the purchaser is a new bank holding company formed by local investors in these banking communities. Each of the transactions to dispose of the subsidiary banks is pursuant to a disposition agreement reached during the first quarter of 1992. The company received in connection with the Georgia banks, cash totaling $15,520,000, and in connection with the Meigs County Bank, cash totaling $1,204,000 and certificates representing 354,537 shares of the company's common stock, which were canceled upon receipt. The total purchase price for the Georgia banks exceeded the total carrying value of these banks on the books of the company by approximately $900,000, which will be recognized in the third quarter. The consideration received for Meigs County Bank equaled the amount recorded on the company's books. The company used the proceeds from these sales to repay its total long-term debt of $6.8 million and to redeem its $5 million in preferred stock. The after-tax cost of servicing the debt and paying dividends on the preferred stock was approximately $396,000 during the six months ended June 30. The board of directors will continue to investigate ways to enhance value of the company to its shareholders including the possible sale of the company or one or both of the company's remaining Florida bank subsidiaries. The company is not able at this time to predict either the result or timing of these efforts. BMR FINANCIAL GROUP, INC. Selected Consolidated Financial Data (In thousands, except per share amounts) Pct. 3 mos. ended June 30 1992 1991 Chg.(a) Income Statement Data: Interest income $ 1,705 $ 6,680 (74.48) Interest expense 776 3,676 (78.89) Provision for loan losses 85 437 (80.55) Net interest income after provision for loan losses 844 2,567 (67.12) Non-interest income 537 934 (42.51) Non-interest expense 1,255 3,073 (59.16) Provision for income taxes 58 181 (67.96) Net income 68 247 (72.47) Preferred stock dividends 121 120 0.83 Net inc. applicable to com. stock $ (53) $ 127 (141.73) Per common share data: Average common shares outst. 2,887 2,893 (0.21) Net income per common share $ (0.02) $ 0.05 (140.00) (In thousands, except per share amounts) Pct. 6 mos. ended June 30 1992 1991 Chg.(a) Income Statement Data: Interest income $ 3,437 $ 13,515 (74.57) Interest expense 1,653 7,470 (77.87) Provision for loan losses 218 830 (73.73) Net interest income after provision for loan losses 1,566 5,215 (69.97) Non-interest income 1,207 2,031 (40.57) Non-interest expense 2,444 6,129 (60.12) Provision for income taxes 67 452 (85.18) Net income 262 665 (60.60) Preferred stock dividends 241 240 0.42 Net inc. applicable to com. stock $ 21 $ 425 (95.06) Per common share data: Average common shares outst. 2,892 2,892 0.00 Net income per common share $ 0.01 $ 0.15 (93.33) At end of period 6/30/92 12/31/91 Pct. chg. Total assets $ 245,004 $ 294,953 (16.93) Total earning assets 80,617 81,953 (1.63) Loans, net of unearned income 50,003 52,550 (4.85) Allowance for loan losses (1,408) (1,406) 0.14 Total deposits 81,973 85,283 (3.88) Other borrowings 6,204 7,806 (20.52) Preferred stock 4,398 5,000 (12.04) Common shareholders' equity 12,760 13,803 (7.56) Market capitalization 7,596 7,216 5.27 Book value per common share(b) 5.04 4.78 5.44 Tangible book value per common share 5.04 4.78 5.44 Market value per common share 3.00 2.50 20.00 Ratios: At end of period: Common shareholders' equity to assets 5.21 pct. 4.69 pct. At end of period 6/30/92 6/30/91 Pct. chg. Total assets $ 245,004 $ 298,141 (17.82) Total earning assets 80,617 259,454 (68.93) Loans, net of unearned income 50,003 166,496 (69.97) Allowance for loan losses (1,408) (2,453) (42.60) Total deposits 81,973 259,565 (68.42) Other borrowings 6,204 8,493 (26.95) Preferred stock 4,398 5,000 (12.04) Common shareholders' equity 12,760 20,671 (38.27) Market capitalization 7,596 11,526 (34.10) Book value per common share(b) 5.04 7.17 (29.71) Tangible book value per common share 5.04 4.95 1.82 Market value per common share 3.00 4.00 (25.00) Ratios: At end of period: Common shareholders' equity to assets 5.21 pct. 6.93 pct. During the period: 1992--6 mos. 1991--12 mos. (annualized) Net income applicable to common stock to: Average total assets 0.01 pct. (2.19) pct. Average common shareholders' equity 0.15 (32.65) Average common shareholders' equity to average assets 4.83 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. The 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. Meigs County Bank was disposed on June 30, 1992, and, accordingly, is not included in Banks Held for Disposition at June 30, 1992. (b) Amounts computed based upon the number of outstanding shares of common stock. No adjustments have been made to 1991 amounts for the effect of the June 30, 1992, disposition of Meigs County Bank and the effect of outstanding common stock equivalents. -0- 7/28/92 /CONTACT: Doug Greene or Mike Williams of BMR Financial Group, 404-938-8050/ (BMRG) CO: BMR Financial Group, Inc. ST: Georgia IN: FIN SU: ERN
BN-BR -- AT005 -- 3999 07/28/92 10:49 EDT
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|Date:||Jul 28, 1992|
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