Printer Friendly

CITIZENS BANKING CORPORATION REPORTS THIRD-QUARTER EARNINGS

 CITIZENS BANKING CORPORATION REPORTS THIRD-QUARTER EARNINGS
 FLINT, Mich., Oct. 13 /PRNewswire/ -- Citizens Banking Corporation (NASDAQ-NMS: CBCF) earned net income of $5,474,000 for the quarter ended Sept. 30, 1992, compared with $5,133,000 in the third quarter of 1991, an increase of $341,000 or 6.6 percent. Per-share net income was $0.84, an increase of 6.3 percent compared with $0.79 per share for the third quarter of 1991. For the first nine months of 1992, net income was $16,427,000 or $2.51 per share compared with $15,445,000 or $2.36 per share for the first nine months of 1991. Return on average assets for the first nine months improved to 0.89 percent from 0.85 percent a year ago.
 Charles R. Weeks, president and chief executive officer, stated that the increase for the nine-month period reflects higher net interest income, noninterest income and a reduction in income taxes offset, in part, by an increase in FDIC deposit insurance premiums and a higher provision for loan losses. The improvement in net interest income can be attributed to a slightly higher volume of earning assets, principally an increase in mortgage loans, leases and government securities, and slightly higher net interest margin.
 Net interest income for the first nine months of 1992 was $610,000 higher than last year. Investment brokerage fees were up $557,000 or 93.6 percent from first-nine-month 1991 levels and Trust fees were $446,000 or 7.4 percent higher than a year ago. Noninterest expenses, net of a 13.6-percent or $415,000 increase in FDIC insurance premiums, were up only 0.14 percent or $94,000 from first-nine-month 1991 levels. The provision for loan losses for the first nine months of 1992 was $4,744,000, an increase of $676,000 when compared with the same period of 1991. The ratio of net loans charged off to average loans was 0.41 percent, well below industry averages and reflecting the quality of Citizens' loan portfolio. Nonperforming assets were 1.75 percent of total loans and other real estate owned, down from 1.80 percent at Sept. 30, 1991. The allowance for loan losses was 1.28 percent of total loans up from 1.27 percent a year ago.
 At Sept. 30, 1992, total assets were $2,460,502,000, down 0.77 percent from $2,479,600,000, at Sept. 30, 1991. Total loans and leases increased 0.64 percent to $1,547,342,000 from $1,537,554,000, while deposits decreased 0.18 percent to $2,041,323,000, from $2,045,103,000. Shareholders' equity totaled $227,017,000 or $34.78 per share compared with $214,430,000 or $32.86 per share a year ago.
 Citizens Banking Corporation is the sixth-largest commercial bank holding company headquartered in Michigan and is the parent of Citizens Commercial & Savings Bank of Flint, Second National Bank of Saginaw, Second National Bank of Bay City, State Bank of Standish, Grayling State Bank, Century Life Insurance Company of Michigan, a credit life reinsurance company, and Commercial National Bank of Berwyn, Ill. The corporation's common stock is traded in the over-the-counter market.
 CITIZENS BANKING CORPORATION AND SUBSIDIARIES
 FINANCIAL SUMMARY
 (dollars in thousands except per-share data)
 Nine Months Ended Three Months Ended
 Sept. 30, Sept. 30,
 1992 1991 1992 1991
 Summary of Operations
 Interest income $136,347 $159,828 $43,471 $52,524
 Net interest income 74,878 74,268 24,798 24,783
 Provision for loan losses 4,744 4,068 1,568 1,442
 Investment security
 gains (losses) (13) 18 --- 2
 Noninterest income 20,199 19,421 6,882 6,555
 Noninterest expenses 70,677 70,168 23,603 23,490
 Income taxes 3,216 4,026 1,035 1,275
 Net income 16,427 15,445 5,474 5,133
 Cash dividends 6,735 6,273 2,289 2,153
 Per Common Share Data
 Net income $2.51 $2.36 $0.84 $0.79
 Cash dividends 1.03 0.96 0.35 0.33
 Book value 34.78 32.86 --- ---
 Avg. shares outstanding
 (000) 6,536 6,531 6,532 6,525
 Performance Ratios (pct.)
 Net interest margin 4.70 4.66 4.64 4.63
 Return on avg. assets 0.89 0.85 0.88 0.83
 Return on avg.
 shareholders' equity 9.90 9.87 9.75 9.62
 SELECTED BALANCE SHEET DATA
 Sept. 30 Percent
 1992 1991 Change
 At Period End
 Total assets $2,460,502 $2,479,600 (1)
 Total loans and leases 1,547,342 1,537,554 1
 Total deposits 2,041,323 2,045,103 ---
 Total shareholders' equity 227,017 214,430 6
 Average Balances
 Total assets $2,463,775 $2,441,363 1
 Total loans and leases 1,531,415 1,549,722 (1)
 Total deposits 2,058,592 2,028,395 1
 Total shareholders' equity 221,616 209,311 6
 Statistics (pct.)
 Allowance for loan losses/loans 1.28 1.27
 Nonperforming assets/loans & OREO 1.75 1.80
 Nonperforming assets/assets 1.11 1.12
 Net loans charged off/avg. loans 0.41 0.35
 Shareholders' equity/assets 9.23 8.65
 -0- 10/13/92
 /CONTACT: Wayne G. Schaeffer, senior vice president, treasurer and chief financial officer, of Citizens Banking Corporation, 313-766-7978/
 (CBCF) CO: Citizens Banking Corporation ST: Michigan IN: FIN SU: ERN


JG-KS -- DE010 -- 9297 10/13/92 11:57 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:Oct 13, 1992
Words:908
Previous Article:ITT DIRECTORS DECLARE DIVIDEND ON PREFERRED ISSUE
Next Article:NATURAL MINERAL ADSORBS STINKY ODORS AND TOXIC GASES!
Topics:


Related Articles
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS
EARNINGS, DIVIDENDS INCREASE AT HARLEYSVILLE NATIONAL CORPORATION
CITIZENS BANKING CORPORATION REPORTS FIRST-QUARTER EARNINGS
CITIZENS NATIONAL CORPORATION REPORTS RESULTS
HARLEYSVILLE NATIONAL CORPORATION POSTS PROFITS FOR THIRD QUARTER
CITIZENS NATIONAL CORPORATION REPORTS RESULTS
FIRST CITIZENS REPORTS EARNINGS
CITIZENS BANCSHARES, INC., ANNOUNCES THIRD QUARTER 1995 EARNINGS
HARLEYSVILLE NATIONAL CORP. HAS RECORD PROFITS IN THIRD QUARTER

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters