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CCB FINANCIAL CORPORATION ANNOUNCES EARNINGS

 DURHAM, N.C., April 13 /PRNewswire/ -- CCB Financial Corporation (NASDAQ-NMS: CCBF) today announced the following earnings:
 For the quarter ended March 31, 1993, income before cumulative changes in accounting principles amounted to $6,351,000 an increase of $1,346,000 or 26.9 percent over the first quarter of 1992. On a per share basis, primary and fully diluted income per share were $.81 and $.77, respectively, compared to $.65 and $.62, respectively, in 1992. As a result of the adoption of FASB 106, Post Retirement Benefits, and FASB 109, Accounting for Income Taxes, net income was reduced to $4,980,000 a .5 percent decrease from $5,005,000 in 1992. On a per share basis, primary and fully diluted income per share were $.64 and $.61, respectively, in 1993, compared to $.65 and $.62, respectively, in 1992.
 Based on income before cumulative changes in accounting principles, return on assets and return on equity were 1.14 percent and 13.47 percent, respectively, in 1993, compared to .94 percent and 11.77 percent, respectively, in 1992.
 E.C. Roessler, president of CCB Financial Corporation, commented: "We are pleased with our results based on income before cumulative changes in accounting principles which is really our operating performance. We chose to recognize the entire Accumulated Post Retirement Benefit Obligation under FASB 106 to date, so that past obligations will not be a drain on future earnings."
 Roessler further commented: "We are excited about our announced pending acquisitions in Shelby, Graham, Greensboro and a second acquisition in Lenoir. On April 1, 1993, we completed our initial acquisition, Mutual Savings in Lenoir, which is now being operated as CCB Savings Bank of Lenoir, Inc., SSB. We should complete the remaining acquisitions by early in the fourth quarter of 1993."
 CCB Financial Corporation is the bank holding company for Central Carolina Bank and Trust Company and CCB Savings Bank of Lenoir, Inc., SSB which operates 100 offices located primarily in the Piedmont section of North Carolina.
 CCB FINANCIAL CORPORATION
 Financial Summary
 Unaudited
 (In Thousands Except Per Share Data)
 Three Months Ended
 Income Statement 3/31/93 12/31/92 9/30/92 6/30/92 3/31/92
 Loan and lease
 income (TE) 33,007 34,703 34,627 35,116 34,483
 Securities
 income (TE) 7,885 7,903 7,778 8,045 8,372
 Other interest
 income 569 722 884 664 827
 Total interest
 income 41,461 43,328 43,289 43,825 43,682
 Interest on
 deposits 14,939 15,599 16,340 16,959 18,334
 Other interest
 expense 777 789 834 834 948
 Total interest
 expense 15,716 16,388 17,174 17,793 19,282
 Net interest
 income 25,745 26,940 26,115 26,032 24,400
 Provision for
 losses 1,000 1,010 1,805 1,373 1,795
 Net interest income
 after provision 24,745 25,930 24,310 24,659 22,605
 Service charges on
 deposits 4,112 4,178 4,149 4,222 4,076
 Trust income 1,513 1,325 1,513 1,512 1,512
 Other 2,304 2,078 2,286 1,881 1,898
 Securities gains
 (losses) 39 (2) 6 2,081 (20)
 Total other income 7,968 7,579 7,954 9,696 7,466
 Personnel expense 11,980 11,434 11,329 11,605 11,737
 Occupancy and
 equipment 3,633 3,904 4,056 3,707 4,004
 Other 6,621 7,722 6,196 6,742 6,138
 Total other
 expenses 22,234 23,060 21,581 22,054 21,879
 Income before
 income taxes (TE) 10,479 10,449 10,683 12,301 8,192
 Tax equivalent
 adjustment 1,037 1,061 1,087 1,111 1,129
 Income before
 income taxes 9,442 9,388 9,596 11,190 7,063
 Income taxes 3,091 3,032 3,174 3,651 2,058
 Income before
 cumulative changes
 in accounting
 principles 6,351 6,356 6,422 7,539 5,005
 Cumulative changes
 in accounting
 principles(B) (1,371) -- -- -- --
 Net income 4,980 6,356 6,422 7,539 5,005
 Per Share Data(A)(B)
 Income before cumulative
 changes in accounting
 principles:
 Primary .81 .82 .84 .99 .65
 Fully diluted .77 .77 .79 .92 .62
 Net income:
 Primary .64 .82 .84 .99 .65
 Fully diluted .61 .77 .79 .92 .62
 Cash dividends .30 .30 .30 .27 .27
 Book value 24.78 24.40 23.88 23.31 22.57
 Ratios
 Income before cumulative
 changes in accounting
 principles:
 Return on average
 assets 1.14pct. 1.12 1.17 1.42 .94
 Return on average
 equity 13.47pct. 13.75 14.37 17.36 11.77
 Net income:
 Return on average
 assets .90pct. 1.12 1.17 1.42 .94
 Return on average
 equity 10.56pct. 13.75 14.37 17.36 11.77
 Net interest margin 5.02pct. 5.1 ? 5.31 5.03
 Average equity to
 average assets 8.48pct. 8.16 8.12 8.15 8.02
 Average Balances
 Assets 2,254,434 2,264,289 2,202,019 2,130,733 2,120,767
 Loans and lease
 financing 1,509,686 1,525,022 1,501,632 1,483,917 1,449,201
 Earning assets 2,078,840 2,083,117 2,032,019 1,959,723 1,940,731
 Deposits 1,967,402 1,989,537 1,929,749 1,872,649 1,857,513
 Interest bearing
 liabilities 1,730,086 1,735,774 1,704,596 1,644,654 1,648,684
 Shareholders'
 equity 191,203 184,843 178,801 173,758 170,074
 Financial Summary
 Unaudited
 (In Thousands Except Per Share Data)
 Three Months Increase
 Ended March 31, (Decrease)
 1993 1992 Amount Percent
 Income Statement
 Loan and lease
 income (TE) 33,007 34,483 (1,476) (4.3)
 Securities income (TE) 7,885 8,372 (487) (5.8)
 Other interest
 income 569 827 (258) (31.2)
 Total interest income 41,461 43,682 (2,221) (5.1)
 Interest on deposits 14,939 18,334 (3,395) (18.5)
 Other interest expense 777 948 (171) (18.0)
 Total interest
 expense 15,716 19,282 (3,566) (18.5)
 Net interest income 25,745 24,400 1,345 5.5
 Provision for losses 1,000 1,795 (795) (44.3)
 Net interest income
 after provision 24,745 22,605 2,140 9.5
 Service charges on
 deposits 4,112 4,076 36 .9
 Trust income 1,513 1,512 1 .1
 Other 2,304 1,898 406 21.4
 Securities gains
 (losses) 39 (20) 59 -
 Total other income 7,968 7,466 502 6.7
 Personnel expense 11,980 11,737 243 2.1
 Occupancy and
 equipment 3,633 4,004 (371) (9.3)
 Other 6,621 6,138 483 7.9
 Total other expenses 22,234 21,879 355 1.6
 Income before income
 taxes (TE) 10,479 8,192 2,287 27.9
 Tax equivalent
 adjustment 1,037 1,129 (92) (8.1)
 Income before income
 taxes 9,442 7,063 2,379 33.7
 Income taxes 3,091 2,058 1,033 50.2
 Income before cumulative
 changes in accounting
 principles 6,351 5,005 1,346 26.9
 Cumulative changes
 in accounting
 principles(B) (1,371) -- 1,371 -
 Net income 4,980 5,005 (25) (.5)
 Per Share Data(A)(B)
 Income before cumulative
 changes in accounting
 principles:
 Primary .81 .65 .16 24.6
 Fully diluted .77 .62 .15 24.2
 Net income:
 Primary .64 .65 (.01) (1.5)
 Fully diluted .61 .62 (.01) (1.6)
 Cash dividends .30 .27 .03 11.1
 Book value 24.78 22.57 2.21 9.8
 Ratios
 Income before cumulative
 changes in accounting
 principles:
 Return on average
 assets 1.14pct .94 -- --
 Return on average
 equity 13.47pct 11.77 -- --
 Net income:
 Return on average assets .90pct .94 -- --
 Return on average
 equity 10.56pct 11.77 -- --
 Net interest margin 5.02 pct 5.03 -- --
 Average equity to average
 assets 8.48pct 8.02 -- --
 March 31, YTD Averages
 Balance Sheet Data 1993 1992 1993 1992
 Assets 2,276,349 2,158,134 2,254,434 2,120,767
 Loans and lease
 financing 1,515,128 1,464,623 1,509,686 1,449,201
 Earning assets 2,019,364 1,958,336 2,078,840 1,940,731
 Deposits 1,990,029 1,901,953 1,967,402 1,857,513
 Interest bearing
 liabilities 1,723,947 1,654,938 1,730,086 1,648,684
 Shareholders' equity 193,684 172,449 191,203 170,074
 Financial Summary
 Unaudited
 (In Thousands Except Per Share Data)
 As Of Or For The Three Months Ended
 Reserve For
 Loan Losses 3/31/93 12/31/92 9/30/93 6/30/92 3/31/92
 Beginning
 balance 19,027 18,940 18,432 18,145 17,742
 Provision for
 losses 1,000 1,010 1,805 1,373 1,795
 Recoveries 349 405 309 379 405
 Charge Offs (1,448) (1,328) (1,606) (1,465) (1,797)
 Ending balance 18,928 19,027 18,940 18,432 18,145
 Non-Performing Assets
 Nonaccrual loans
 and leases 10,700 11,059 11,185 14,160 18,412
 Restructured
 loans and leases 71 86 100 114 129
 Foreclosed real
 estate 9,168 9,296 9,795 9,571 10,650
 Ninety day past
 due and accruing 3,189 2,871 2,562 2,242 2,533
 Total 23,128 23,312 23,642 26,087 31,724
 Asset Quality Ratios
 Non-performing assets
 to:
 Total loans 1.53pct 1.53 1.55 1.75 2.17
 Total assets 1.02pct 1.01 1.04 1.21 1.47
 Loan loss reserve
 to non-performing
 assets .82x .82 .80 .71 .57
 Net charge-offs to
 average loans .29pct .24 .35 .29 .38
 Loan loss reserve
 to total loans 1.25pct 1.25 1.24 1.24 1.24
 (A) Restated for the three for two stock split effected in the form of a 50 percent stock dividend paid Oct. 1, 1992.
 (B) The cumulative changes in accounting principles reflect the adoption of FASB 106, Post Retirement Benefits, which resulted in a one time net charge of $2,271 ($3,736 pre tax) in recognition of the entire Accumulated Post Retirement Benefit Obligation and adoption of FASB 109, Accounting for Income Taxes, which resulted in a one time benefit of $900.
 -0- 4/13/93
 /CONTACT: W. Harold Parker, Jr., CCB Financial Corporation, 919-683-7631/
 (CCBF)


CO: CCB Financial Corporation ST: North Carolina IN: FIN SU: ERN

MM -- CH011 -- 0612 04/13/93 16:56 EDT
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