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CENTURA BANKS INC. ANNOUNCES HIGHER EARNINGS FOR 1992

 ROCKY MOUNT, N.C., Jan. 13 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) announced today significantly higher earnings for the year ended Dec. 31, 1992. Net income increased to $26.9 million, or $1.66 per share on a fully diluted basis, versus $9.5 million, or $0.64 per share for the same period in 1991. Return on average assets increased to 0.93 percent and return on average equity improved to 13.32 percent. Included in this financial data are the results of the operations of Orange Federal Savings and Loan Association and First Carolina Bank and Trust Company, which merged with Centura subsidiary banks and were accounted for as poolings of interest. Combination of the two new institutions reduced 1992 earnings by approximately $.04 per share due to one-time conversion costs.
 The increase in profitability was primarily attributable to higher net interest margins and an improvement in asset quality. Net interest margins increased throughout the year, resulting from a significant decline in the bank's cost of funds. Reflecting the higher margins, net interest income increased 14.7 percent in the year to $124.9 million, versus $109.0 million in 1991. Earnings also benefitted from a reduction in nonperforming assets, which decreased from the third quarter as well as from year-ago levels. Based on this improvement and the bank's strong reserve position, the provision for loan losses was substantially reduced in 1992. Net interest income after the provision for loan losses increased 25.1 percent to $109.8 million.
 Growth in noninterest income continued to outpace the increase in noninterest expense. Noninterest income increased $9.8 million, or 33.4 percent, to $39.0 million in 1992. Strong growth was realized in all major categories of fees and service charges. Excluding securities gains in both periods, noninterest income increased $6.9 million, or 23.3 percent, from the level in 1991. Noninterest expense increased $4.5 million, or 4.3 percent in 1992. The modest increase in noninterest expense was attributable to cost containment efforts and a reduction in losses and expenses associated with foreclosed real estate.
 Assets grew 10.1 percent and exceeded the $3 billion milestone. Deposits likewise reflected strong growth, benefitting from mergers but also from internal growth. Most of this growth occurred in core deposits. Loans increased 10.6 percent and were particularly strong in commercial and home equity lines. Stockholders' equity increased 9.5 percent during the year and equalled $13.36 per share. Average equity to average assets in 1992 was 6.96 percent. This strong capital position will qualify Centura as a highly capitalized financial institution for purposes of FDIC insurance in 1993. As a result, it will be assessed at the lowest premium rate available for financial institutions.
 Nonperforming assets continued to show improvement in 1992 and were $31.9 million, or 1.05 percent of total assets, at Dec. 31, 1992, down from $38.8 million at Sept. 30, 1992 and $43.5 million at the end of 1991. The allowance for loan losses strengthened to $31.0 million, or 1.46 percent of total loans, an increase from 1.41 percent as of Dec. 31, 1991.
 Also during the year, Centura consummated several transactions with financial institutions as part of an ongoing acquisition program. Transactions were completed with Orange Federal Savings and Loan Association in Chapel Hill, First Carolina Bank and Trust Company in Sanford and the New Bern branch of Peoples Federal Savings Bank which is headquartered in Wilmington. Additionally, transactions are pending with Brevard Federal Savings and Loan Association in Brevard and Granite Savings Bank in Granite Falls and are expected to close by mid-1993.
 "We realized the benefits of many of our past year's efforts in 1992," said Robert R. Mauldin, Centura president. "We achieved an excellent level of profitability, significantly expanded our market position through internal growth as well as through a carefully executed acquisition strategy, and significantly enhanced asset quality. We are gratified that the financial markets share our confidence, as evidenced by our stock's strong performance during the year."
 With more than $3 billion in assets, Centura Banks Inc. offers a broad range of personal, business and trust services its two subsidiaries, Centura Bank and Mid-South Bank and Trust Company. It operates 130 branches in 71 communities located throughout North Carolina.
 CENTURA BANKS INC.
 FINANCIAL SUMMARY
 3 Months Ended Year Ended
 Dec. 31, Dec. 31,
 Pct. Pct.
 1992 1991 Change 1992 1991 Change
 (Dollars in thousands,
 except per share)
 EARNINGS SUMMARY
 Interest income,
 taxable
 equivalent $ 56,898 $ 58,337 (2.5) $ 230,847 $247,292 (6.7)
 Interest
 expense 22,768 29,622 (23.1) 99,805 131,690 (24.2)
 Net interest
 income, taxable
 equivalent 34,130 28,715 18.9 nterest
 income 32,655 27,028 20.8 124,923 108,957 14.7
 Provision for
 loan losses 3,495 8,288 (57.8) 15,077 21,164 (28.8)
 Securities
 transactions 61 (195) 131.3 2,723 (193) 1,510.9
 Noninterest
 income 10,304 6,950 48.3 39,049 29,278 33.4
 Noninterest
 expense 29,537 26,817 10.1 109,018 104,501 4.3
 Net income 6,892 (424) 1,725.5 26,919 9,535 182.3
 Cash dividends
 paid 2,480 2,208 12.3 9,474 8,602 10.1
 PER COMMON SHARE
 Net income:
 Primary $ 0.43 $ (0.03) 1,533.3 $ 1.70 $ 0.64 165.6
 Fully diluted 0.42 (0.03) 1,500.0 1.66 0.64 159.4
 Cash dividends
 paid
 (historical) 0.165 0.155 6.5 0.63 0.605 4.1
 Book value 13.36 12.26 9.0 13.36 12.26 9.0
 Closing market
 price 20.25 12.75 58.8 20.25 12.75 58.8
 AVERAGE BALANCES
 Assets $2,988,180 $2,644,956 13.0 $2,903,052 $2,662,662 9.0
 Earning
 assets 2,737,674 2,415,620 13.3 2,658,097 2,424,143 9.7
 Loans 2,119,541 1,861,009 13.9 2,034,571 1,891,729 7.6
 Investment
 securities 575,808 520,586 10.6 563,450 513,513 9.7
 Core
 deposits 2,391,885 2,122,822 12.7 2,319,784 2,086,932 11.2
 Total
 deposits 2,610,871 2,354,964 10.9 2,543,184 2,344,683 8.5
 Shareholders'
 equity $ 208,720 $ 185,036 12.8 $ 202,046 $ 186,720 8.2
 Common shares
 outstanding:
 Primary 15,908,584 14,964,670 6.2 15,853,219 14,977,501 5.8
 Fully
 diluted 16,787,749 14,984,670 12.0 16,771,450 14,977,501 12.0
 PERIOD END BALANCES
 Assets $3,028,807 $2,749,777 10.1 $3,028,807 $2,749,777 10.1
 Earning
 assets 2,745,395 2,486,470 10.4 2,745,395 2,486,470 10.4
 Loans 2,115,829 1,912,506 10.6 2,115,829 1,912,506 10.6
 Investment
 securities 566,442 541,416 4.6 566,442 541,416 4.6
 Core
 deposits 2,427,769 2,209,988 9.9 2,427,769 2,209,988 9.9
 Total
 deposits 2,655,392 2,442,134 8.7 2,655,392 2,442,134 8.7
 Shareholders'
 equity $ 210,875 $ 192,565 9.5 $ 210,875 $ 192,565 9.5
 Common shares
 out-
 standing 15,782,510 15,712,846 0.4 15,782,510 15,712,846 0.4
 ASSET QUALITY
 Net charge-
 offs $ 4,182 $ 7,790 (46.3) $ 11,013 $ 16,251 (32.2)
 Loans 90 days
 past due 4,882 5,936 (17.8) 4,882 5,936 (17.8)
 Allowance for
 loan losses 30,994 26,930 15.1 30,994 26,930 15.1
 Nonperforming
 assets 31,923 43,537 (26.7) 31,923 43,537 (26.7)
 Net charge-offs
 to average
 loans
 outstanding 0.78pct 1.66pct 0.54pct 0.86pct
 Allowance for
 loan losses
 to loans
 outstanding at
 end of period 1.46 1.41 1.46 1.41
 Nonperforming
 assets to:
 Loans and
 foreclosed
 property 1.50 2.25 1.50 2.25
 Total assets 1.05 1.58 1.05 1.58
 FINANCIAL RATIOS
 Return on average
 assets 0.92pct (0.06)pct 0.93pct 0.36pct
 Return on average
 shareholders'
 equity 13.14 (0.91) 13.32 5.11
 Average equity
 to average
 assets 6.98 7.00 6.96 7.01
 Net interest
 margin 4.92 4.68 4.93 4.77
 -0- 1/13/93
 /CONTACT: Frank L. Pattillo, Chief Financial Officer, Centura Banks, 919-977-8341/
 (CBC)


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

CM-SB -- CH003 -- 4429 01/13/93 11:12 EST
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