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CENTURA REPORTS 42 PERCENT INCREASE IN EARNINGS FOR 1993

 ROCKY MOUNT, N.C., Jan. 10 /PRNewswire/ -- Centura Banks Inc. (NYSE: CBC) today reported net income for 1993 increased 42% to $41.1 million compared to $29 million in 1992. Fully-diluted earnings per share rose 33% to $2.11 compared to $1.59 the prior year.
 "We had an excellent year, and are very pleased with our results," said Robert R. Mauldin, Centura's chairman and chief executive officer. "With the momentum we are building through reengineering, organizational changes, acquisitions, expense control and noninterest income growth, we are confident we will be able to sustain significant earnings growth in 1994."
 For the year, return on average equity rose to 15.63% from 13.18%, and return on average assets increased to 1.15% from .92%. The efficiency ratio -- a measure of overhead expenses to operating income -- improved to 63.49% from 64.33% the prior year.
 A major factor in earnings growth was the acquisitions of seven institutions during the year, which added almost $1 billion in assets and allowed earning assets to grow significantly faster than interest- bearing liabilities. As a result, net interest income increased 14% to $153.1 million.
 The net interest margin declined to 4.81% from 4.87% in 1992. This is a result of a more liquid balance sheet, which is due to the number of acquisitions -- in particular the funds received from the purchase of $289 million in deposits from the Resolution Trust Corp. The margin also has been influenced by a change in the composition of earning assets. Loans declined from 75 to 73% of average earning assets, while the percentage of lower-yielding investment securities and liquid investments increased.
 Improved asset quality also contributed to earnings. Nonperforming assets were down 25% from 1992, ending at .63% of total assets. Net charge-offs decreased to .23% of average loans. The allowance for loan losses increased to 1.57% of outstanding loans at year-end, which is more than twice the amount of nonperforming loans.
 Noninterest income increased 19% to $51 million as a result of strong growth in mortgage income, service charges and fees from selling financial services such as mutual funds, annuities and stocks. As evidence of Centura's mortgage growth, the company surpassed $1 billion in mortgage loan servicing in 1993.
 Loans grew 15% to $2.6 billion, and deposits grew 25% to $3.6 billion. Shareholders' equity increased 35% to $311 million.
 As a result of acquisitions and internal growth, Centura Banks Inc. offers a broad range of financial services to individuals and businesses through 156 offices in 91 communities throughout North Carolina.
 CENTURA BANKS, INC. AND SUBSIDIARIES
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands) 1993 1992 Change
 FOR THE YEAR
 Interest income $252,792 244,923 3.2%
 Interest expense 99,666 110,388 (9.7)
 Net interest income 153,126 134,535 13.8
 Provision for loan losses 8,457 16,158 (47.7)
 Noninterest income 51,070 42,802 19.3
 Noninterest expense 133,519 118,119 13.0
 Income taxes 21,154 14,061 50.4
 Net income $41,066 28,999 41.6%
 Net interest income,
 taxable equivalent $159,223 140,808 13.1%
 Cash dividends paid $12,452 9,762 27.6%
 AVERAGE BALANCES
 Assets $3,580,020 3,152,677 13.6%
 Earning assets 3,308,666 2,892,157 14.4
 Loans 2,409,869 2,165,795 11.3
 Investment securities 848,724 659,319 28.7
 Core deposits 2,852,133 2,526,850 12.9
 Total deposits 3,117,466 2,768,392 12.6
 Shareholders' equity 262,762 220,019 19.4
 YEAR END BALANCES
 Assets $4,139,365 3,300,148 25.4%
 Earning assets 3,777,501 2,993,662 26.2
 Loans 2,579,479 2,243,897 15.0
 Investment securities 1,146,952 678,624 69.0
 Core deposits 3,338,596 2,645,793 26.2
 Total deposits 3,610,411 2,892,205 24.8
 Shareholders' equity 311,334 229,881 35.4
 PER COMMON SHARE
 Net income-primary $2.14 1.62 32.1%
 Net income-fully diluted 2.11 1.59 32.7
 Cash dividends 0.69 0.63 9.5
 Book value 14.98 12.98 15.4
 Closing market price 20.125 20.25 (0.6)
 FINANCIAL RATIOS
 Return on average assets 1.15% 0.92% 23bp
 Return on average shareholders'
 equity 15.63% 13.18% 245
 Average equity to average assets 7.34% 6.98% 36
 NONFINANCIAL
 Shareholders 13,602 12,315
 Employees 1,870 1,804
 Banking offices 156 141
 Communities served 91 77
 Number of ATMs 99 95
 bp Change is measured as difference in basis points.
 SELECTED FINANCIAL DATA
 (In thousands, except Change
 per share data) 1993 1992
 1993 1992 1991 vs 1992 vs 1991
 AVERAGE SHARES
 OUTSTANDING
 Primary 19,173,102 17,898,853 16,996,518 7.1% 5.3%
 Fully diluted 19,680,195 18,817,084 16,996,518 4.6 10.7
 COMPOSITION RATIOS
 (based on average
 balances)
 Earning assets
 to assets 92.42% 91.74% 91.33% 68bp 41bp
 Loans to earning
 assets 72.84 74.89 76.80 (205) (191)
 Interest-bearing
 liabilities to
 earning assets 86.41 87.96 89.03 (155) (107)
 Loans to total
 deposits 77.30 78.23 79.50 (93) (127)
 Noninterest-bearing
 deposits to total
 deposits 13.59 12.92 12.16 67 76
 ALLOWANCE FOR LOAN LOSSES
 Beginning balance $32,973 $28,964 $22,780 13.8% 27.1%
 Provision for loan
 losses 8,457 16,158 21,841 (47.7) (26.0)
 Allowance for
 merged financial
 institutions 4,670 -- 1,616 100.0 (100.0)
 Charge-offs (7,746) (14,844) (19,057) (47.8) (22.1)
 Recoveries 2,186 2,695 1,784 (18.9) 51.1
 Net charge-offs (5,560) (12,149) (17,273) (54.2) (29.7)
 Ending balance $40,540 $32,973 $28,964 22.9% 13.8%
 COMPOSITION OF
 RISK ASSETS
 Nonaccrual loans $17,821 $19,803 $17,822 (10.0)% 11.1%
 Restructured loans 745 195 2,197 282.1 (91.1)
 Nonperforming loans 18,566 19,998 20,019 (7.2) (0.1)
 In-substance
 foreclosed property 2,127 2,326 14,409 (8.6) (83.9)
 Foreclosed property 5,488 12,593 13,058 (56.4) (3.6)
 Total foreclosed
 property 7,615 14,919 27,467 (49.0) (45.7)
 Nonperforming assets $26,181 $34,917 $47,486 (25.0)% (26.5)%
 Accruing loans
 past due 90 days $4,181 $5,475 $6,269 (23.6)% (12.7)%
 ASSET QUALITY RATIOS(A)
 Net charge-offs to
 average loans 0.23% 0.56% 0.85% (33)bp (29)bp
 Nonaccrual loans
 to total loans 0.69 0.88 0.87 (19) 1
 Nonperforming loans
 to total loans 0.72 0.89 0.98 (17) (9)
 Nonperforming
 assets to:
 Loans and total
 foreclosed
 property 1.01 1.55 2.29 (54) (74)
 Total assets 0.63 1.06 1.58 (43) (52)
 Allowance for loan
 losses to total
 loans 1.57 1.47 1.42 10 5
 Allowance for loan
 losses to
 nonperforming
 loans(x) 2.18x 1.65x 1.45x 53 20
 (A) Balance sheet amounts used in calculations are based on period end balances unless otherwise noted.
 bp Change is measured as difference in basis points.
 Change
 1993 1992 As a % of
 vs. vs. Average Assets
 1993 1992 1991 1992 1991 1993 1992 1991
 (Dollars in thousands)
 NONINTEREST
 INCOME
 Service charges
 on deposit
 accounts $22,256 $19,938 $16,924 11.6% 17.8% 0.62% 0.63% 0.59%
 Credit card
 and related
 fees 2,870 2,607 2,304 10.1 13.2 0.08 0.08 0.08
 Insurance and
 brokerage
 commissions 3,103 2,457 2,119 26.0 16.0 0.09 0.08 0.07
 Other service
 charges and
 fees 1,947 1,612 1,468 20.8 9.8 0.05 0.05 0.05
 Fees for trust
 charges and
 fees 4,940 4,516 4,364 9.4 3.5 0.14 0.14 0.15
 Mortgage
 Income 10,771 6,161 3,151 74.8 95.5 0.30 0.20 0.11
 Negative
 goodwill
 amorti-
 zation 1,044 855 --- 22.1 100.0 0.03 0.03 ---
 Other noninterest
 income 1,505 1,614 1,300 (6.8) 24.2 0.05 0.05 0.04
 Noninterest
 income,
 excluding
 securities
 trans-
 actions 48,436 39,760 31,630 21.8 25.7 1.35 1.26 1.09
 Securities
 gains,
 net 2,634 3,042 22 (13.0) 13,727.0 0.07 0.10 ---
 Total noninterest
 income $51,070 $42,802 $31,652 19.3% 35.2% 1.42% 1.36% 1.09%
 NONINTEREST
 EXPENSE
 Salaries and
 overtime $54,165 $46,353 $43,801 16.9% 5.8% 1.51% 1.47% 1.52%
 Fringe benefits
 and other
 personnel
 costs 13,627 12,483 10,000 9.2 24.8 0.38 0.40 0.35
 Occupancy 8,657 8,287 8,332 4.5 (0.5) 0.24 0.26 0.29
 Equipment 8,726 8,384 8,121 4.1 3.2 0.24 0.27 0.28
 Foreclosed real
 estate losses
 and related
 operating
 expense 1,914 1,588 4,139 20.5 (61.6) 0.05 0.05 0.14
 Marketing 4,935 4,514 3,314 9.3 36.2 0.14 0.14 0.11
 Professional
 fees 5,463 3,670 4,718 48.9 (22.2) 0.15 0.12 0.16
 Other admin-
 istrative 5,339 4,423 3,771 20.7 17.3 0.15 0.14 0.13
 FDIC
 insurance 6,647 6,116 5,545 8.7 10.3 0.19 0.19 0.19
 Deposit
 intangible
 and goodwill
 amort-
 ization 1,817 2,938 1,754 (38.2) 67.5 0.05 0.09 0.06
 Office
 supplies,
 postage and
 telephone 9,277 7,688 7,717 20.7 (0.4) 0.26 0.24 0.27
 Other
 operating 12,952 11,675 11,604 10.9 0.6 0.37 0.38 0.40
 Total noninterest
 expense $133,519 $118,119 $112,816 13.0% 4.7% 3.73% 3.75% 3.90%
 OTHER PERFORMANCE
 RATIOS
 Pretax operating
 profit
 margin 32.49% 26.87% 13.61% 562bp 1,326bp
 Efficiency
 ratio 63.49% 64.33% 72.37% (84) (804)
 Net interest
 income analysis-
 taxable
 equivalent
 basis:
 Loans 8.23% 8.94% 10.51% (71) (157)
 Taxable
 securities 6.68% 7.94% 8.78% (126) (84)
 Tax-exempt
 securities 10.28% 10.51% 11.33% (23) (82)
 Short-term
 investments 2.96% 4.71% 6.02% (175) (131)
 Interest-
 earning
 assets 7.82% 8.69% 10.17% (87) (148)
 Total interst-
 bearing
 deposits 3.48% 4.34% 6.11% (86) (177)
 Borrowed
 funds 2.74% 3.50% 5.87% (76) (237)
 Long-term
 debt 5.47% 6.59% 9.77% (112) (318)
 Total interest-
 bearing
 liabil-
 ities 3.49% 4.34% 6.14% (85) (180)
 Interest rate
 spread 4.33% 4.35% 4.03% (2) 32
 Net interest
 margin 4.81% 4.87% 4.71% (6) 16
 bp = Change is measured as difference in basis points.
 QUARTERLY FINANCIAL TRENDS
 4th Qtr
 1993 1992 '93 vs.
 Fourth Third Second First Fourth 4th Qtr
 Quarter Quarter Quarter Quarter Quarter '92
 (Dollars in
 thousands)
 SUMMARY OF
 OPERATIONS
 Interest
 income $67,302 $64,571 $61,633 $59,286 $60,236 11.7%
 Interest
 expense 26,679 24,927 24,336 23,724 25,217 5.8
 Net interest
 income 40,623 39,644 37,297 35,562 35,019 16.0
 Provision for
 loan losses 1,980 1,975 2,128 2,374 3,700 (46.5)
 Noninterest
 income 15,833 13,254 11,659 10,324 11,094 42.7
 Noninterest
 expense 37,310 33,666 31,988 30,555 31,602 18.1
 Income taxes 5,397 5,734 5,415 4,608 3,392 59.1
 Net income $11,679 $11,523 $9,425 $8,349 $7,419 58.6
 SELECTED AVERAGE BALANCES
 Assets $4,009,952 $3,659,398 $3,415,564 $3,225,675 $3,245,028 23.6%
 Earning
 assets 3,714,814 3,394,694 3,145,995 2,970,031 2,982,697 24.5
 Loans 2,524,553 2,466,689 2,401,791 2,242,722 2,245,661 12.4
 Investment
 Securit-
 ies 1,144,100 835,547 722,397 687,985 682,079 67.7
 Noninterest-
 bearing
 deposits 470,743 441,477 409,314 372,326 384,795 22.3
 Core
 depos-
 its 3,242,814 2,902,461 2,681,764 2,573,586 2,605,605 24.5
 Total
 depos-
 its 3,504,610 3,180,015 2,959,030 2,817,977 2,843,720 23.2
 Stockholders'
 equity 301,157 271,449 245,595 231,992 227,431 32.4
 PER SHARE SUMMARY
 Earnings
 per share-
 primary $0.57 $0.59 $0.51 $0.47 $0.41 39.0%
 Earnings
 per share-
 fully
 diluted 0.57 0.58 0.50 0.46 0.41 39.0
 Cash
 dividends
 paid 0.18 0.18 0.165 0.165 0.165 9.1
 Book value 14.98 14.53 13.75 13.25 12.98 15.4
 Closing
 market
 price 20.125 20.875 20.875 23.625 20.25 (0.6)
 PROFITABILITY/
 PERFORMANCE
 SUMMARY
 Pretax
 operating
 profit
 margin 32.42% 34.50% 32.30% 30.44% 25.82% 660bp
 Net interest
 margin 4.51% 4.79% 4.89% 4.97% 4.83% (32)
 Return on
 average
 assets 1.16% 1.25% 1.11% 1.05% 0.91% 25
 Return on
 average
 shareholders'
 equity 15.50% 16.84% 15.39% 14.60% 12.98% 252
 Average
 equity to
 average
 assets 7.51% 7.42% 7.19% 7.19% 7.01% 50
 INTANGIBLE
 ASSETS(A)
 Goodwill $32,413 $6,541 $5,661 $5,773 $5,884 450.9%
 Deposit base
 premium 3,684 3,502 4,521 4,898 5,493 (32.9)
 Capitalized
 excess
 servicing 3,443 2,366 1,815 1,341 1,057 225.7
 ASSET QUALITY
 SUMMARY(A)
 Nonperforming
 assets $26,181 $31,314 $34,281 $32,574 $34,917 (25.0)%
 Allowance
 for loan
 losses 40,540 39,619 37,298 34,644 32,973 22.9
 Nonperforming
 assets
 to total
 assets 0.63% 0.84% 0.99% 0.99% 1.06% (43)bp
 Allowance
 for loan
 losses
 to loans 1.57% 1.60% 1.52% 1.52% 1.47% 10
 Net charge-offs
 to average
 loans 0.34% 0.08% 0.18% 0.33% 0.76% (42)
 (A) Balance sheet amounts used in calculations are based on period end balances unless otherwise noted.
 bp Change is measured as difference in basis points.
 -0- 1/10/94
 /CONTACT: Frank L. Pattillo, chief financial officer, Centura Banks, 919-977-8341/
 (CBC)


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

DF -- CH008 -- 0748 01/10/94 17:46 EST
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