Printer Friendly

CENTURA BANKS INC. REPORTS SECOND QUARTER EARNINGS

 CENTURA BANKS INC. REPORTS SECOND QUARTER EARNINGS
 ROCKY MOUNT, N.C., July 9 /PRNewswire/ -- Centura Banks Inc.


(NYSE: CBC) today reported second quarter net income of $6.2 million, an increase of 199 percent from the same period of 1991. Fully-diluted earnings per share were 41 cents compared to 15 cents one year ago.
 Earnings for the six months ending June 30 are $12.2 million, or 80 cents per share, an increase of 48 percent from the same period in 1991.
 "We are very pleased with the improvement in our financial performance," said J. Richard Futrell Jr., chairman of Centura Banks Inc. "Earnings have increased significantly and we continue to see meaningful increases in loans and deposits. All indicators are positive, which shows that Centura is returning to its tradition of consistent earoninterest expenses were up slightly from the second quarter of 1991 because of the settlement of an outstanding tax court case and the addition of seven office of First Federal Savings Association of Raleigh.
 Deposits increased 8.8 percent to $2.4 billion from the same time last year, and loans increased 7.7 percent to $1.9 billion. Shareholders' equity increased 7.4 percent to $190 million. Nonperforming assets have decreased 10 percent to $38.9 million since the end of the year.
 "Our allowance for loan losses has increased to more than $30 million and nonperforming assets have been declining for the last two quarters," said Robert R. Mauldin, Centura's president.
 On June 6, Centura Banks Inc. announced it has reached an agreement to merge with Orange Federal Savings Association in Chapel Hill, N.C. Orange Federal is a well-capitalized, highly profitable thrift with assets of $95 million, and is ranked number three in deposits in Orange County, with a market share of 12 percent.
 On May 26, Centura announced it will merge with First Carolina Bank and Trust Co. in Sanford, N.C. First Carolina will be merged with Mid-South Bank, a wholly-owned subsidiary of Centura Banks Inc. The merger will give Centura the number one deposit market share in Lee County.
 Centura Banks Inc. with its subsidiaries Centura Bank and Mid-South Bank in Sanford, had total assets on June 30, 1992 or $2.8 billion.
 CENTURA BANKS INC.
 FINANCIAL SUMMARY
 Three Months Ended Six Months Ended
 June 30, June 30,
 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 (Dollars in thousands)
 except per share)
 EARNINGS SUMMARY
 Interest income,
 taxable
 equivalent $ 55,982 $59,897 (6.5) $110,729 $121,216 (8.7)
 Interest
 expense 24,316 31,784 (23.5) 49,216 65,731 (25.1)
 Net interest
 income, taxable
 equivalent 31,666 28,113 12.6 61,513 55,485 10.9
 Taxable
 equivalent
 adjustment 1,566 1,668 (6.1) 3,155 3,309 (4.7)
 Net interest
 income 30,100 26,445 13.8 58,358 52,176 11.8
 Provision for
 loan losses 3,150 4,840 (34.9) 8,400 6,752 24.4
 Securities
 transactions 1 (49) 102.0 2,148 7 --
 Noninterest
 income 8,676 6,662 30.2 18,394 14,866 23.7
 Noninterest
 expense 26,570 25,853 2.8 50,532 49,940 1.2
 Net income 6,219 2,079 199.1 12,210 7,661 59.4
 Cash dividends
 paid 2,300 2,100 9.5 4,599 4,198 9.6
 PER COMMON SHARE
 Net income:
 Primary $ 0.42 $ 0.15 180.0pct $ 0.82 $ 0.55 49.1pct
 Fully
 diluted 0.41 0.15 173.3 0.80 0.54 48.1
 Book value 12.81 12.62 1.5 12.81 12.62 1.5
 Closing market
 price 18.00 14.875 21.0 18.00 14.875 21.0
 AVERAGE BALANCES
 Assets $2,775,355 $2,546,219 9.0pct $2,699,699 $2,541,587 6.2pct
 Earning
 Assets 2,540,245 2,307,697 10.1 2,465,121 2,305,835 6.9
 Loans 1,893,740 1,801,065 5.1 1,855,533 1,797,996 3.2
 Investment
 securities 548,418 505,724 8.4 542,731 506,714 7.1
 Core
 deposits 2,200,365 1,959,757 12.3 2,144,346 1,953,019 9.8
 Total
 deposits 2,425,848 2,209,382 9.8 2,366,783 2,207,987 7.2
 Shareholders'
 equity $ 189,369 $ 178,055 6.4 $ 186,763 $ 177,252 5.4
 Common shares
 outstanding:
 Primary 14,926,801 14,010,313 6.5 14,901,111 14,009,510 6.4
 Fully
 Diluted 15,809,807 14,903,583 6.1 15,807,290 14,902,780 6.1
 PERIOD END BALANCES
 Assets $2,781,851 $2,539,760 9.5 $2,781,851 $2,539,760 9.5
 Earning
 assets 2,547,657 2,298,880 10.8 2,547,657 2,298,880 10.8
 Loans 1,937,729 1,798,769 7.7 1,937,729 1,798,769 7.7
 Investment
 securities 542,338 499,994 8.5 542,338 499,994 8.5
 Core
 deposits 2,226,313 1,974,592 12.7 2,226,313 1,974,592 12.7
 Total
 deposits 2,443,343 2,246,099 8.8 2,443,343 2,246,099 8.8
 Shareholders'
 equity $190,027 $176,860 7.4 $190,027 $176,860 7.4
 Common
 shares
 outstand-
 ing 14,838,818 14,011,439 5.9 14,838,818 14,011,439 5.9
 ASSET
 QUALITY
 Net
 charge-offs $2,176 $2,706 (19.6)pct $4,418 $4,581 (3.6)pct
 Loans 90 days
 past due 4,493 14,020 (68.0) 4,493 14,020 (68.0)
 Allowance for
 loan losses 30,387 22,247 36.6 30,387 22,247 36.6
 Nonperforming
 assets 38,903 24,943 56.0 38,903 24,943 56.0
 Net charge-offs
 to average
 loans out-
 standing (pct) 0.46 0.60 0.48 0.51
 Allowance for
 loan losses
 to loans
 outstanding
 at end of
 period 1.57 1.24 1.57 1.24
 Nonperforming
 assets to:
 Loans and
 foreclosed
 property 1.99 1.38 1.99 1.38
 Total assets 1.40 0.98 1.40 0.98
 FINANCIAL RATIOS
 Return on
 average
 assets (pct) 0.90 0.33 0.91 0.61
 Return on
 average
 shareholders'
 equity 13.21 4.68 13.15 8.72
 Average
 equity to
 average
 assets 6.82 6.99 6.92 6.97
 Net interest
 margin 4.93 4.81 4.94 4.76
 -0- 7/9/92
 /CONTACT: Frank L. Pattillo, Chief Financial Officer, Centura Banks, Inc., 919-977-8341/
 (CBC) CO: Centura Banks, Inc. ST: North Carolina IN: FIN SU: ERN


DF-CM -- CH009 -- 8138 07/09/92 12:03 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 9, 1992
Words:1131
Previous Article:FORD CAR AND TRUCK SALES INCREASE AGAIN IN DETROIT AREA
Next Article:GOVERNOR REACTIVATES APPELLATE COURT NOMINATING COMMISSION
Topics:


Related Articles
CENTURA BANKS, INC. ANNOUNCES HIGHER THIRD QUARTER EARNINGS
CENTURA BANKS INC. ANNOUNCES HIGHER EARNINGS FOR 1992
CENTURA BANKS INC. ANNOUNCES HIGHER FIRST QUARTER EARNINGS
CENTURA BANKS INC. DECLARES SECOND QUARTER CASH DIVIDEND
CENTURA BANKS, INC. REPORTS HIGHER THIRD QUARTER EARNINGS
CENTURA BANKS INC. ANNOUNCES HIGHER EARNINGS FOR 1994
FIRST SOUTHERN BANCORP, INC. EARNINGS INCREASE 27% IN FIRST QUARTER
CENTURA BANKS INC. REPORTS FIRST QUARTER EARNINGS INCREASE
Centura Banks Announces Higher Earnings For 1996
Centura Banks Inc. Reports Higher First Quarter Earnings

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters