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BMR FINANCIAL GROUP REPORTS RESULTS

 ATLANTA, Feb. 12 /PRNewswire/ -- BMR Financial Group, Inc. (NASDAQ: BMRG) today reported net income of $1,512,000 or $.56 per common share for the year ended Dec. 31, 1992, compared with a net loss of $6,516,000 or $2.26 per share for 1991.
 The company's results of operations for 1992 include only its two Florida bank subsidiaries and the holding company. The company's results of operations for 1991 include its six bank subsidiaries located in Georgia, Florida and Tennessee and the holding company. The Georgia and Tennessee bank subsidiaries were disposed of during 1992. The earnings per share for the year ended Dec. 31, 1992, are diluted by 354,537 shares of the company's common stock which were received and canceled in connection with the disposition of the Decatur, Tenn., bank on June 30, 1992. Included in the company's net income for 1992 is a gain of $976,000, or $917,000 after taxes, which resulted from the disposition of the company's Georgia banks. The net loss in 1991 related largely to restructuring charges.
 The company reported net income from its Florida banking operations of $1,059,000 for 1992, compared to a net loss from the Florida banking operations of $196,400 in the prior year. During the fourth quarter, net income from the Florida banking operations of $222,400 resulted, compared to a loss of $43,600 from the Florida banking operations in the fourth quarter of 1991.
 The allowance for possible loan losses was $1,402,000, or 2.71 percent of total loans at Dec. 31, 1992, compared with $1,406,000, or 2.66 percent of total loans in the Florida bank subsidiaries at the end of 1991. Non-performing assets at Dec. 31, 1992, were $2.5 million, compared to $2.3 million at Sept. 30, 1992, and $4.2 million at Dec. 31, 1991, all related only to the Florida bank subsidiaries.
 The board of directors continues 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)
 3 mos. ended Dec. 31 1992 1991 Pct. chg.(a)
 Income statement data:
 Interest income $ 1,619 $ 6,142 (73.64)
 Interest expense 529 3,188 (83.41)
 Provision for loan losses --- 697 (100.00)
 Net interest income after
 provision for loan losses 1,090 2,257 (51.71)
 Non-interest income 280 1,224 (77.12)
 Non-interest expense 946 9,388 (89.92)
 Provision (benefit) for
 income taxes (147) (181) (18.78)
 Net income (loss) 571 (5,726) (109.97)
 Preferred stock dividends --- 121 (100.00)
 Net income (loss) applicable
 to common stock $ 571 $(5,847) (109.77)
 Per common share data:
 Avg. common shares outstdg. 2,538 2,880 (11.88)
 Net income (loss) per common
 share(b) $ 0.22 $ (2.03) (110.84)
 (In thousands, except per share amounts)
 Years ended Dec. 31 1992 1991 Pct. chg.(a)
 Income statement data:
 Interest income $ 6,719 $26,072 (74.23)
 Interest expense 2,808 14,134 (80.13)
 Provision for loan losses 278 3,049 (90.88)
 Net interest income after
 provision for loan losses 3,633 8,889 (59.13)
 Non-interest income 3,307 4,380 (24.50)
 Non-interest expense 4,673 19,552 (76.10)
 Provision (benefit) for
 income taxes 497 (249) (299.60)
 Net income (loss) 1,770 (6,034) (129.33)
 Preferred stock dividends 258 482 (46.47)
 Net income (loss) applicable
 to common stock $ 1,512 $(6,516) (123.20)
 Per common share data:
 Avg. common shares outstdg. 2,714 2,883 (5.86)
 Net income (loss) per common
 share(b) $ 0.56 $ (2.26) (124.78)
 12/31/92 12/31/91(d) Pct. chg.
 At end of period:
 Total assets $ 97,209 $294,953 (67.04)
 Total earning assets 86,205 81,953 5.19
 Loans, net of unearned income 51,532 52,550 (1.94)
 Allowance for loan losses (1,402) (1,406) (0.28)
 Total deposits 82,315 85,283 (3.48)
 Other borrowings --- 7,806 (100.00)
 Preferred stock --- 5,000 (100.00)
 Common shareholders' equity 14,251 13,803 3.25
 Market capitalization 7,596 7,216 5.27
 Book value per common share(c) 5.63 4.78 17.78
 Tangible book value per common
 share 5.63 4.78 17.78
 Market value per common share 3.00 2.50 20.00
 Ratios:
 At end of period:
 Common shareholders' equity to
 assets 14.66 pct. 4.68 pct.
 12 months 1992 1991
 During the period:
 Net income (loss) applicable to common stock to:
 Average total assets .67 pct. (2.18) pct.
 Average common shareholders' equity 9.20 (32.65)
 Average common shareholders' equity
 to average assets 7.23 6.75
 (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, Americus, Ga., were sold on July 2, July 9 and July 20, respectively.
 (b) In connection with the Meigs County Bank disposition, the company received 354,537 shares of its common stock which were canceled upon receipt. As a result of this transaction, the number of shares outstanding for the third and fourth quarter of 1992 was significantly lower than previous quarters. The effect of these shares being outstanding for the six months ended June 30, 1992, is to dilute earnings per share for the year ended Dec. 31, 1992.
 (c) 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.
 (d) Total assets at Dec. 31, 1991, include approximately $198 million classified as assets of banks held for disposition, which were subsequently disposed of during 1992. Total earnings assets, loans, allowance for loan losses and total deposits at Dec. 31, 1992, include only the Florida bank subsidiaries and the holding company.
 -0- 2/12/93
 /CONTACT: Michael J. Williams, chief financial officer of BMR Financial Group, 404-938-8050/
 (BMRG)


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

BN-BR -- AT001 -- 6053 02/12/93 09:18 EST
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Date:Feb 12, 1993
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