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CENTURA BANKS, INC. REPORTS HIGHER THIRD QUARTER EARNINGS

 ROCKY MOUNT, N.C., Oct. 7 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) today reported earnings for the third quarter of 1993 increased 49 percent to $10.6 million, or $.59 per fully diluted share, compared to $7.1 million, or $.44 per fully diluted share, during the third quarter of 1992.
 For the nine months ended Sept. 30, net income increased to $26.9 million, or $1.58 per fully diluted share, compared to $20.0 million, or $1.24 per fully diluted share, for the comparable period of 1992.
 Financial ratios also improved for Centura. The return on average assets for the third quarter increased to 1.24 percent from .96 percent the previous year, while the return on average shareholders equity improved to 16.83 percent from 13.88 percent during the third quarter of 1992. For the nine months ended Sept. 30, the return on average assets was 1.14 percent compared to .93 percent the previous year. For the same period, return on equity improved to 15.70 percent from 13.39 percent the previous year.
 The primary factors contributing to higher earnings included greater volumes of earning assets obtained through acquisitions, lower levels of problem assets, and more diversified sources of income, particularly from mortgage loans, insurance and brokerage-related services.
 "We are extremely pleased with our recent financial performance," said Robert R. Mauldin, chairman and president of Centura Banks Inc. "This earnings momentum provides the foundation for continued financial success as we expand our services to new markets throughout the state."
 Centura continues to pursue additional acquisitions as a proven method to improve financial performance. Previously announced acquisitions with First Savings Bank of Forest City, Canton Savings Bank in Canton, Robeson Savings Bank in Lumberton, and First Charlotte Financial Corporation in Charlotte, are expected to close during the fourth quarter of 1993. In addition, as announced Sept. 29, Centura has been notified by the Resolution Trust Corporation that it will assume all of the deposits of First American Federal Savings Bank at some later date.
 With assets of $3.4 billion, Centura Banks Inc., offers a broad range of financial services through its subsidiaries, Centura Bank and Mid-South Bank. It operates 136 branches in 79 communities throughout North Carolina.
 Financial Highlights
 CENTURA BANKS, INC. AND SUBSIDIARIES
 Three Months Ended Nine Months Ended
 September 30, September 30,
 Pct. Pct.
 1993 1992 Change 1993 1992 Change
 (In thousands, except
 per share data)
 EARNINGS
 Interest income $59,439 $55,545 7.0 $170,495 $169,305 0.7
 Interest expense 22,625 24,347 (7.1) 65,982 77,037 (14.4)
 Net interest income 36,814 31,198 18.0 104,513 92,268 13.3
 Provision for loan
 losses 1,950 3,060 (36.3) 6,050 11,582 (47.8)
 Noninterest income 12,262 10,164 20.6 32,470 28,745 13.0
 Noninterest expense 31,140 27,286 14.1 89,246 79,480 12.3
 Income taxes 5,379 3,896 38.1 14,739 9,923 48.5
 Net income $10,607 $ 7,120 49.0 $26,948 $20,028 34.6
 Net interest income,
 taxable equivalent $38,332 $32,687 17.3 $108,925 $96,912 12.4
 AVERAGE BALANCES
 Assets $3,392,880 $2,945,881 15.2 $3,172,511 $2,874,466 10.4
 Earning assets 3,142,395 2,701,101 16.3 2,923,247 2,631,376 11.1
 Loans 2,325,785 2,075,598 12.1 2,237,462 2,006,041 11.5
 Investment
 securities 727,468 573,767 26.8 638,109 559,300 14.1
 Core deposits 2,678,650 2,365,697 13.2 2,498,028 2,295,572 8.8
 Noninterest-bearing
 deposits 416,309 355,348 17.2 384,283 333,042 15.4
 Total deposits 2,946,114 2,580,084 14.2 2,753,216 2,520,454 9.2
 Interest-bearing
 liabilities 2,695,175 2,361,829 14.1 2,531,443 2,314,181 9.4
 Shareholders'
 equity 250,027 204,100 22.5 229,456 199,805 14.8
 PERIOD END BALANCES
 Assets $3,442,465 $2,962,475 16.2 $3,442,465 $2,962,475 16.2
 Earning assets 3,196,424 2,745,504 16.4 3,196,424 2,745,504 16.4
 Loans 2,339,035 2,113,544 10.7 2,339,035 2,113,544 10.7
 Investment
 securities 840,505 589,544 42.6 840,505 589,544 42.6
 Core deposits 2,739,124 2,362,960 15.9 2,739,124 2,362,960 15.9
 Noninterest-bearing
 deposits 453,052 363,899 24.5 453,052 363,899 24.5
 Total deposits 2,991,731 2,577,720 16.1 2,991,731 2,577,720 16.1
 Shareholders'
 equity 266,100 203,806 30.6 266,100 203,806 30.6
 PER COMMON SHARE
 Net income -
 primary $ 0.61 $ 0.45 35.6pct $ 1.62 $ 1.27 27.6pct
 Net income -
 fully diluted 0.59 0.44 34.1 1.58 1.24 27.4
 Cash dividends
 paid 0.18 0.155 16.1 0.51 0.465 9.7
 Book value 14.80 12.93 14.5 14.80 12.93 14.5
 Closing market
 price 20.875 17.375 20.1 20.875 17.375 20.1
 FINANCIAL RATIOS
 Return on average
 assets 1.24pct 0.96pct 28bp 1.14pct 0.93pct 21bp
 Return on average
 shareholders'
 equity 16.83 13.88 295 15.70 13.39 231
 Equity to assets
 (period end) 7.73 6.88 85 7.73 6.88 85
 Equity to assets
 (average) 7.37 6.93 44 7.23 6.95 28
 Risk-based capital
 ratios:
 Tier I capital 10.90 9.58 132 10.90 9.58 132
 Total capital 12.10 11.53 57 12.10 11.53 57
 Tier I leverage
 ratio 7.61 6.76 85 7.61 6.76 85
 bp Change is measured as difference in basis points.
 Other Financial Data
 Three Months Ended Sept. 30,
 (In thousands, except share data) 1993 1992 Change
 AVERAGE SHARES OUTSTANDING
 Primary 17,439,402 15,890,317 9.7pct
 Fully diluted 17,874,547 16,734,004 6.8
 COMPOSITION RATIOS(A)
 Earning assets to assets 92.62pct 91.69pct 93bp
 Loans to earning assets 74.01 76.84 (283)
 Interest-bearing liabilities to
 earning assets 85.77 87.44 (167)
 Loans to total deposits 78.94 80.45 (151)
 Noninterest-bearing deposits
 to total deposits 14.13 13.77 36
 ALLOWANCE FOR LOAN LOSSES
 Beginning balance $ 35,009 $ 31,025 12.8pct
 Provision 1,950 3,060 (36.3)
 Allowance for merged financial
 institutions 825 -- 100.0
 Charge-offs (952) (3,274) (70.9)
 Recoveries 528 890 (40.7)
 Net charge-offs (424) (2,384) (82.2)
 Ending balance $ 37,360 $ 31,701 17.9pct
 Nine Months Ended September 30,
 (In thousands, except share data) 1993 1992 Change
 AVERAGE SHARES OUTSTANDING
 Primary 16,662,128 15,829,095 5.3pct
 Fully diluted 17,334,589 16,695,169 3.8
 COMPOSITION RATIOS(A)
 Earning assets to assets 92.14pct 91.54pct 60bp
 Loans to earning assets 76.54 76.24 30
 Interest-bearing liabilities to
 earning assets 86.6 87.95 (135)
 Loans to total deposits 81.27 79.59 168
 Noninterest-bearing deposits
 to total deposits 13.96 13.21 75
 ALLOWANCE FOR LOAN LOSSES
 Beginning balance $ 30,994 $ 26,930 15.1pct
 Provision 6,050 11,582 (47.8)
 Allowance for merged financial
 institutions 3,556 -- 100.0
 Charge-offs (4,899) (8,900) (45.0)
 Recoveries 1,659 2,089 (20.6)
 Net charge-offs (3,240) (6,811) (52.4)
 Ending balance $ 37,360 $ 31,701 17.9pct
 Nine Months Ended September 30,
 (In thousands, except share data) 1993 1992 Change
 COMPOSITION OF RISK ASSETS
 Nonaccrual Loans $ 17,710 $ 22,055 (19.7)pct
 Restructured Loans 1,105 319 246.4
 Nonperforming loans 18,815 22,374 (15.9)
 Insubstance foreclosed property 2,806 4,887 (57.3)
 Foreclosed property 8,181 11,565 (29.3)
 Total foreclosed property 10,267 16,452 (37.6)
 Nonperforming assets $ 29,082 $ 38,826 (25.1)pct
 Accruing loans past
 due 90 days $ 4,746 $ 5,359 (11.4)pct
 ASSET QUALITY RATIOS(B)
 Net charge-offs to average loans 0.19pct 0.45pct (26)bp
 Nonaccrual loans to total loans 0.76 1.04 (28)
 Nonperforming loans to total loans 0.80 1.06 (26)
 Nonperforming assets to:
 Loans and total foreclosed
 property 1.24 1.82 (58)
 Total assets 0.84 1.31 (47)
 Allowance for loan losses
 to total loans 1.60 1.50 10
 Allowance for loan losses to
 nonperforming assets (x) 1.28x 0.82x 46
 Allowance for loan losses to
 nonperforming loans (x) 1.99x 1.42x 57
 (A) Balance sheet amounts used in calculations are based on average balances unless otherwise noted.
 (B) Balance sheet amounts used in calculations are based on period end balances unless otherwise noted.
 (C) Noninterest expense dividend by sum of noninterest income plus net interest income, taxable equivalent basis.
 bp Change is measured as difference in basis points.
 Three Months Ended Sept. 30,
 As a Percent of
 Average Assets
 (Dollars in thousands) 1993 1992 Change 1993 1992
 NONINTEREST INCOME
 Service charges on
 deposit accounts $5,647 $5,074 11.3pct 0.66pct 0.69pct
 Credit card and
 related fees 868 778 11.6 0.10 0.11
 Insurance and brokerage
 commissions 923 628 47.0 0.11 0.08
 Other service charges
 and fees 538 472 14.0 0.06 0.06
 Fees for trust services 1,291 1,125 14.8 0.15 0.15
 Mortgage income 2,260 1,316 71.7 0.26 0.18
 Negative goodwill
 amortization 252 214 17.8 0.03 0.03
 Other noninterest income 366 134 173.1 0.05 0.02
 Noninterest income,
 excluding securities
 transactions 12,145 9,741 24.7 1.42 1.32
 Securities gains, net 117 423 (72.3) 0.01 0.05
 Total noninterest
 income $12,262 $10,164 20.6pct 1.43pct 1.37pct
 NONINTEREST EXPENSE
 Salaries and overtime $12,720 $10,741 18.4pct 1.49pct 1.45pct
 Fringe benefits and
 other personnel costs 3,167 2,983 6.2 0.37 0.40
 Occupancy 1,994 1,876 6.3 0.23 0.25
 Equipment 2,039 1,895 7.6 0.24 0.26
 Foreclosed real estate
 losses and related
 operating expense 279 430 (35.1) 0.03 0.06
 Marketing 1,147 1,154 (0.6) 0.13 0.16
 Professional fees 1,060 650 63.1 0.12 0.09
 Other administrative 1,194 1,023 16.7 0.14 0.14
 FDIC insurance 1,583 1,424 11.2 0.19 0.19
 Deposit intangible
 and goodwill
 amortization 138 784 (82.4) 0.02 0.11
 Office supplies, postage
 and telephone 1,912 1,734 10.3 0.22 0.23
 Other operating 3,907 2,592 50.7 0.46 0.34
 Total noninterest
 expense $31,140 $27,286 14.1pct 3.64pct 3.68pct
 OTHER PERFORMANCE RATIOS(A)
 Efficiency Ratio(C) 61.55pct 63.68pct (213)bp
 Net interest income
 analysis - taxable
 equivalent:
 Selected average
 yields/rates:
 Loans 8.07 8.57 (50)
 Taxable securities 6.63 7.81 (118)
 Tax-exempt securities 10.86 10.59 27
 Earning assets 7.67 8.36 (69)
 Interest checking 2.15 2.64 (49)
 Money market 2.47 3.01 (54)
 Savings 2.55 3.07 (52)
 Time 4.15 4.93 (78)
 Total interest-bearing
 deposits 3.34 4.10 (76)
 Total interest-bearing
 liabilities 3.33 4.10 (77)
 Interest rate spread 4.34 4.26 8
 Net interest margin 4.82 4.77 5
 Nine Months Ended Sept. 30,
 As a Percent of
 Average Assets
 (Dollars in thousands) 1993 1992 Change 1993 1992
 NONINTEREST INCOME
 Service charges on
 deposit accounts $15,872 $14,069 12.8pct 0.67pct 0.65pct
 Credit card and
 related fees 2,048 1,910 7.2 0.09 0.09
 Insurance and brokerage
 commissions 2,388 1,870 27.7 0.10 0.09
 Other service charges
 and fees 1,343 1,263 6.3 0.06 0.06
 Fees for trust services 3,872 3,375 14.7 0.16 0.16
 Mortgage income 5,247 2,789 88.1 0.22 0.13
 Negative goodwill
 amortization 680 642 5.9 0.03 0.03
 Other noninterest income 609 165 269.1 0.02 --
 Noninterest income,
 excluding securities
 transactions 32,059 26,083 22.9 1.35 1.21
 Securities gains, net 411 2,662 (84.6) 0.02 0.13
 Total noninterest income $32,470 $28,745 13.0pct 1.37pct 1.34pct
 NONINTEREST EXPENSE
 Salaries and overtime $36,424 $31,090 17.2pct 1.54pct 1.44pct
 Fringe benefits and
 other personnel costs 9,227 8,573 7.6 0.39 0.40
 Occupancy 5,757 5,393 6.7 0.24 0.25
 Equipment 6,165 5,894 4.6 0.26 0.27
 Foreclosed real estate
 losses and related
 operating expense 1,050 1,218 (13.8) 0.04 0.06
 Marketing 3,531 3,206 10.1 0.15 0.15
 Professional fees 3,278 2,107 55.6 0.14 0.10
 Other administrative 3,363 3,075 9.4 0.14 0.14
 FDIC insurance 4,438 4,135 7.3 0.19 0.19
 Deposit intangible
 and goodwill
 amortization 1,334 2,096 (36.4) 0.06 0.10
 Office supplies, postage
 and telephone 6,164 5,103 20.8 0.26 0.24
 Other operating 8,515 7,590 12.2 0.35 0.35
 Total noninterest
 expense $89,246 $79,480 12.3pct 3.76pct 3.69pct
 OTHER PERFORMANCE RATIOS(A)
 Efficiency Ratio(C) 63.12pct 63.25pct (13)bp
 Net interest income
 analysis - taxable
 equivalent:
 Selected average
 yields/rates:
 Loans 8.19 8.99 (80)
 Taxable securities 7.12 8.04 (92)
 Tax-exempt securities 10.53 10.60 (7)
 Earning assets 7.95 8.76 (81)
 Interest checking 2.23 2.94 (71)
 Money market 2.59 3.36 (77)
 Savings 2.65 3.39 (74)
 Time 4.27 5.25 (98)
 Total interest-bearing
 deposits 3.48 4.45 (97)
 Total interest-bearing
 liabilities 3.48 4.45 (97)
 Interest rate spread 4.47 4.31 16
 Net interest margin 4.93 4.85 8
 QUARTERLY FINANCIAL TRENDS
 1993
 Third Second First
 (Dollars in thousands) Quarter Quarter Quarter
 FINANCIAL SUMMARY(A)
 Assets $3,392,880 $3,152,966 $2,967,006
 Earning assets 3,142,395 2,897,252 2,725,514
 Loans 2,325,785 2,266,969 2,117,342
 Investment securities 727,468 611,683 573,488
 Interest checking 446,541 430,943 417,170
 Money market 446,200 331,573 322,745
 Savings 255,270 235,289 214,199
 Time 1,381,794 1,341,254 1,280,580
 Core deposits 2,678,650 2,459,014 2,352,842
 Noninterest-bearing
 deposits 416,309 385,283 350,535
 Total deposits 2,946,114 2,724,342 2,585,229
 Interest-bearing
 liabilities 2,695,175 2,515,895 2,379,794
 Stockholders' equity 250,027 225,302 212,628
 Net income 10,607 8,658 7,683
 Total market capitalization
 (period end) 375,247 339,490 375,253
 1992
 Fourth Third 3rd Qtr. '93
 Quarter Quarter vs.
 2nd Qtr. '93
 FINANCIAL SUMMARY(A)
 Assets $2,988,180 $2,945,881 7.6pct
 Earning assets 2,737,674 2,701,101 8.5
 Loans 2,119,541 2,075,598 2.6
 Investment securities 575,808 573,767 18.9
 Interest checking 405,436 375,168 3.6
 Money market 323,364 319,489 34.6
 Savings 207,958 203,028 8.5
 Time 1,307,737 1,327,051 3.0
 Core deposits 2,391,885 2,365,697 8.9
 Noninterest-bearing
 deposits 366,376 355,348 8.1
 Total deposits 2,610,871 2,580,084 8.1
 Interest-bearing
 liabilities 2,387,098 2,361,829 7.1
 Stockholders' equity 208,720 204,100 11.0
 Net income 6,892 7,120 22.5
 Total market capitalization
 (period end) 319,591 273,913 10.5
 1993 1992 3rd Qtr. '93
 Third Second First Fourth Third vs.
 Quarter Quarter Quarter Quarter Quarter 2nd Qtr. '93
 PROFITABILITY/
 PERFORMANCE
 SUMMARY(A)
 Efficiency
 ratio(C) 61.55pct 63.63pct 64.38pct 66.47pct 63.68pct (208)bp
 Net interest
 margin 4.82 4.94 5.06 4.92 4.77 (12)
 Return on
 average assets 1.24 1.10 1.05 0.92 0.96 14
 Return on
 average equity 16.83 15.41 14.65 13.14 13.88 142
 Equity to
 assets (at
 period end) 7.73 7.13 7.09 6.96 6.88 60
 Equity to assets
 (average) 7.37 7.15 7.17 6.98 6.93 22
 PER SHARE SUMMARY
 Earnings per
 share -
 primary $ 0.61 $ 0.53 $ 0.48 $ 0.43 $ 0.45 15.1pct
 Earnings per
 share - fully
 diluted 0.59 0.51 0.47 0.42 0.44 15.7
 Cash dividends
 paid 0.18 0.165 0.165 0.165 0.155 9.1
 Book value per
 share 14.80 14.06 13.55 13.36 12.93 5.3
 Closing market
 price 20.875 20.875 23.625 20.25 17.375 --
 KEY INTANGIBLE ASSETS(B)
 Goodwill $ 6,271 $ 5,391 $ 5,503 $ 5,614 $ 5,726 16.3pct
 Deposit base
 premium 3,502 4,521 4,898 5,493 6,166 (22.5)
 Capitalized
 excess
 servicing 2,366 1,815 1,341 1,057 408 30.4
 ASSET QUALITY
 SUMMARY(B)
 Nonperforming
 assets $29,082 $32,009 $30,184 $31,923 $38,826 (9.1)pct
 Allowance
 for loan
 losses 37,360 35,009 32,576 30,994 31,701 6.7
 Nonperforming
 assets to
 total assets 0.84pct 1.00pct 1.00pct 1.05pct 1.31pct (16)bp
 Allowance for
 loan losses
 to loans 1.60 1.52 1.52 1.46 1.50 8
 Net charge-
 offs to
 average loans 0.07 0.18 0.34 0.78 0.45 (11)
 (A) Balance sheet amounts used in calculations are based on average balances unless otherwise noted.
 (B) Balance sheet amounts used in calculations are based on period end balances unless otherwise noted.
 (C) Noninterest expense divided by sum of noninterest income plus net interest income, taxable equivalent basis.
 bp Change is measured as difference in basis points.
 -0- 10/7/93
 /CONTACT: Frank L. Pattillo, chief financial officer, of Centura Banks, 919-977-8341/
 (CBC)


CO: Centura Banks, Inc. ST: North Carolina IN: FIN SU: ERN

SB-CM -- CH006 -- 9848 10/07/93 15:40 EDT
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