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CITIZENS FINANCIAL GROUP REPORTS IMPROVED SECOND QUARTER AND FIRST HALF RESULTS

 CITIZENS FINANCIAL GROUP REPORTS IMPROVED SECOND QUARTER AND
 FIRST HALF RESULTS
 PROVIDENCE, R.I., May 7 /PRNewswire/ -- Citizens Financial Group, Inc. ("Citizens") reported net income of $3.1 million for the quarter ended March 31, 1992, $1.0 million higher than the prior-year comparable quarter. George Graboys, chairman and chief executive officer, noted, "A modest improvement in the company's earnings was achieved despite the continuing difficult operating environment."
 For the six months ended March 31, 1992, Citizens generated net income of $7.6 million, as compared to $6.7 million in the prior comparable half year. This $0.9 million or 13 percent increase resulted from balance sheet growth and increased non-interest income.
 Consolidated assets equalled $4.1 billion at March 31, 1992, as compared to $3.8 billion 12 months previously. Deposits of $3.3 billion were 7 percent higher than one year ago. Citizens' portfolio of short-term investments and investment securities increased by 45 percent to $1.1 billion, representing 27 percent of total assets at March 31, 1992, compared to 21 percent 12 months prior. This significant increase in liquid assets resulted from strong core deposit growth.
 At March 31, 1992, Citizens' consolidated non-performing loans and leases totaled $78.6 million or 3.1 percent of loans and leases, down from the Sept. 30, 1991 level of $81.5 million or 3.2 percent. At statement date, Citizens' consolidated reserve for possible losses of $40.7 million provided 51.8 percent coverage of these non-performing loans and leases. Commenting on non-performing loans, Graboys said, "Relative to the start of our fiscal year, the level of non-performers appears to have been stabilized." At the half-year mark, total non-performing assets of $98.2 million were essentially unchanged from the Sept. 30, 1991 level.
 At March 31, 1992, total stockholders' equity of $324 million represented 7.9 percent of consolidated assets. At statement date the risk adjusted capital ratio was 13.6 percent, well above the current regulatory guideline level of 7.25 percent.
 Citizens Financial Group, Inc. became a wholly owned subsidiary of The Royal Bank of Scotland Group plc in December 1988. At that time, Citizens changed its fiscal year to that of its parent (Sept. 30).
 Citizens Financial Group, Inc. is comprised of Citizens Savings Bank and Citizens Trust Company, which operate jointly as Citizens Bank through 48 branch offices in Rhode Island; Citizens Bank of Massachusetts (formerly Fairhaven Savings Bank) which has four branches in southeastern Massachusetts; and Gulf States Mortgage Co., Inc., which is a Georgia corporation based in Atlanta with 11 offices in the southeastern United States.
 CITIZENS FINANCIAL GROUP, INC.
 (a wholly owned subsidiary of The Royal Bank of Scotland plc)
 Consolidated Statements of Income
 (000s omitted)
 3 Months ended 6 Months Ended
 March 31, March 31,
 1992 1991 1992 1991
 Interest income:
 Loans and leases $58,557 $70,990 $121,627 $131,633
 Investments 15,551 15,233 32,548 28,267
 Total interest income 74,108 86,223 154,175 159,900
 Interest expense 40,565 53,959 86,672 100,397
 Net interest income 33,543 32,264 67,503 59,503
 Provision for losses 7,000 3,944 14,714 7,594
 Net interest income
 after provision
 for losses 26,543 28,320 52,789 51,909
 Non-Interest Income:
 Mortgage banking 4,211 2,977 8,329 6,263
 Gains (losses) on
 portfolio securities 1,810 (1,963) 5,156 (2,055)
 All other non-interest
 income 7,467 6,189 14,426 10,924
 Total non-interest income 13,488 7,203 27,911 15,132
 Non-interest expense 34,773 33,023 68,253 56,985
 Income (loss) before taxes 5,258 2,500 12,447 10,056
 Applicable income taxes 2,148 347 4,884 3,362
 Net income (loss) $3,110 $2,153 $7,563 $6,694
 Post-tax return on
 average assets 0.31 pct 0.23 0.38 0.39
 Post-tax return on
 average equity 3.88 pct 2.75 4.72 4.22
 Interest rate spread-(a) 3.00 pct 2.81 3.05 2.84
 Interest rate margin-(a) 3.62 pct 3.71 3.70 3.78
 (a)-Fully taxable equivalent basis.
 ---
 NOTE: The financial information contained herein has been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP).
 Consolidated Balance Sheets
 March 31,
 Percent
 (000s omitted) 1992 1991 Inc./(Dec.)
 Assets
 Cash and due from banks $148,424 $113,632 30.6
 Interest-bearing deposits 42,361 141,426 (70.0)
 Federal funds sold 157,500 88,336 78.3
 Investment securities 928,353 548,186 69.4
 Loans and leases:
 Mortgage
 Consumer 1,064,174 979,264 8.7
 Commercial 391,785 434,044 (9.7)
 Commercial 412,590 484,736 (14.9)
 Consumer 619,025 685,177 (9.7)
 Other 18,761 24,468 (23.3)
 Lease financing 32,529 26,203 24.1
 Total loans and leases 2,538,864 2,633,892 (3.6)
 Less: reserve for
 possible losses 40,693 41,346 (1.6)
 Net loans and leases 2,498,171 2,592,546 (3.6)
 Mortgages held for sale 99,486 37,272 166.9
 Premises and equipment 85,877 91,002 (5.6)
 Accrued interest receivable 26,657 35,098 (24.0)
 Other assets 121,878 104,679 16.4
 $4,108,707 $3,752,177 9.5
 Liabilities and Stockholder's
 Equity
 Deposits:
 Demand $388,231 $326,967 18.7
 Savings 2,784,603 2,588,101 7.6
 Other time 84,029 130,560 (35.6)
 Total deposits 3,256,863 3,045,628 6.9
 Short-term borrowings 418,319 233,815 78.9
 Long-term borrowings 47,757 102,453 (53.4)
 Other liabilities 61,486 54,447 12.9
 Total liabilities 3,784,425 3,436,343 10.1
 Stockholders' Equity:
 Common stock $.01 par
 value, 1,000 shares
 authorized, issued
 and outstanding --- --- ---
 Capital surplus 156,404 156,404 ---
 Retained earnings 167,878 161,134 4.2
 Net unrealized loss on
 marketable equity
 securities --- (1,704) 100.0
 Total stockholders' equity 324,282 315,834 2.7
 Total $4,108,707 3,752,177 9.5
 -0- 5/7/92
 /CONTACT: Kenneth E. Hogberg, 491-456-7570, or Robert C. Sanderson, Jr., 401-456-7447/ CO: Citizens Financial Group, Inc.; Royal Bank of Scotland plc ST: Rhode Island IN: FIN SU: ERN


SH -- NE010 -- 7758 05/07/92 15:33 EDT
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Date:May 7, 1992
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