Printer Friendly

CITIZENS REPORTS IMPROVED EARNINGS FOR THIRD QUARTER

 CITIZENS REPORTS IMPROVED EARNINGS FOR THIRD QUARTER
 PROVIDENCE, R.I., July 30 /PRNewswire/ -- Citizens Financial Group,


Inc. ("Citizens") reported a profit of $6.2 million for the quarter ended June 30, 1992, a 67 percent or $2.5 million improvement over the same period last year. George Graboys, chairman and chief executive officer, noted, "Citizens continues to show steady progress in earnings." He added, "We are encouraged by the improvement in our net interest income and mortgage banking revenues as well as the performance of our securities portfolio which permitted us to record gains during the quarter." Citizens' net interest income increased by 10 percent to $36.2 million in the quarter just completed, compared to $33.0 million recorded in the prior comparable quarter. Mortgage Banking income increased 23 percent over the prior comparable period to $4.6 million. Securities gains amounted to $4.4 million for the quarter.
 For the nine months ended June 30, 1992, Citizens generated profits of $13.8 million, up 32 percent or $3.4 million over the prior-year comparable period.
 On June 30, 1992, total deposits of $3.4 billion were 11 percent higher than one year ago, and up $171.1 million in the last three months. This recent growth is largely attributable to Citizens' role as the paying agent for the state of Rhode Island in the Final Four DEPCO Payout. Commenting on the DEPCO payout, Graboys said, "Citizens was pleased to serve as the state's paying agent and was able to retain a significant amount of the deposit payout. Further, Citizens' recent branch opening in the former Marquette Tower demonstrates our ongoing commitment to providing economic stimulus in our marketplace."
 As of June 30, 1992, Citizens had a tangible capital ratio of 7.06 percent, more than double the federal standard of 3 percent. Moreover, Citizens' core capital ratio of 12.3 percent and risk-based capital ratio of 13.56 percent both greatly exceeded the federal standards of 3.25 percent and 7.25 percent, respectively. Commenting on Citizens' strong capital ratios and deposit growth, Graboys said, "Citizens is well-prepared and eager to meet the future borrowing needs of consumers and businesses alike."
 At June 30, 1992, Citizens' consolidated non-performing loans and leases totaled $72.9 million, or 2.8 percent of loans and leases, down from the Sept. 30, 1991, level of $81.5 million. Citizens' consolidated reserve for possible losses of $41.3 million provided 56.7 percent coverage of these non-performing loans and leases, up from coverage of 52.6 percent at Sept. 30, 1991, the start of the fiscal year. At June 30, 1992, total non-performing assets of $94.2 million or 2.1 percent of total assets were down $3.6 million from Sept. 30, 1991.
 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 end 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, Rhode Island's second-largest bank, through 49 branch offices in Rhode Island; Citizens Bank of Massachusetts, 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
 3 Months Ended 9 Months Ended
 June 30, June 30,
 1992 1991 1992 1991
 (000 Omitted)
 Interest Income:
 Loans and leases $57,972 $68,203 $179,599 $199,835
 Investments 15,966 14,653 48,514 42,921
 Total interest
 income 73,938 82,856 228,113 242,756
 Interest expense 37,733 49,884 124,405 150,281
 Net interest income 36,205 32,972 103,708 92,475
 Provision for losses 6,500 5,700 21,214 13,294
 Net interest income
 after provision for
 losses 29,705 27,272 82,494 79,181
 Non-interest income 4,646 3,791 12,975 10,087
 Gains (losses) on
 portfolio securities 4,363 (57) 9,519 (2,112)
 All other non-interest
 income 7,449 6,316 21,875 17,203
 Total non-interest
 income 16,458 10,050 44,369 25,178
 Non-interest expense 35,714 31,104 103,967 88,085
 Income (loss) before
 taxes 10,449 6,218 22,896 16,274
 Applicable income
 taxes 4,236 2,495 9,120 5,857
 Net income (loss) 6,213 3,723 13,776 10,417
 Post-tax return on
 average assets 61 pct 40 pct 46 pct 39 pct
 Post-tax return on
 average equity 7.74 pct 4.66 pct 5.72 pct 4.37 pct
 Interest rate
 spread (a) 3.25 pct 3.01 pct 3.11 pct 2.90 pct
 Interest Rate
 Margin (a) 3.86 pct 3.84 pct 3.76 pct 3.80 pct
 CITIZENS FINANCIAL GROUP, INC.
 (a wholly owned subsidiary of The Royal Bank of Scotland plc)
 Consolidated Balance Sheets
 (000 Omitted) June 30, Percent
 1992 1991 Increase/(Decrease)
 Assets
 Cash and due from banks $229,414 131,188 74.9
 Interest bearing
 deposits 95,584 84,876 12.6
 Federal funds sold 339,800 125,059 171.7
 Investment securities 867,086 590,491 46.8
 Loans and leases:
 Mortgage
 Consumer 1,096,945 969,699 13.1
 Commercial 383,192 420,165 (8.8)
 Commercial 401,291 467,308 (14.1)
 Consumer 620,664 667,341 (7.0)
 Lease financing 38,201 25,148 51.9
 Other 25,058 24,024 4.3
 Total loans and
 leases 2,565,351 2,573,685 (0.3)
 Less reserve for
 possible losses 41,326 39,036 5.9
 Net loans and
 leases 2,524,025 2,534,649 (0.4)
 Mortgages held for
 sale 85,359 65,428 30.5
 Premises and equip. 85,010 89,287 (4.8)
 Accrued interest
 receivable 23,767 33,576 (29.2)
 Other assets 205,231 108,949 88.4
 Total $4,455,276 3,763,503 18.4
 Liabilities and Stockholder's Equity
 Deposits:
 Demand $471,597 358,904 31.4
 Savings 2,886,323 2,648,533 9.0
 Other time 70,006 90,826 (22.9)
 Total deposits 3,427,926 3,098,263 10.6
 Short-term borrowings 583,335 204,134 185.8
 Long-term borrowings 44,140 80,836 (45.4)
 Other liabilities 74,380 61,197 21.5
 Total liabilities 4,129,781 3,444,430 19.9
 Stockholder's Equity:
 Common stock 1 cent
 par value, 1,000 shs.
 authorized, issued
 and outstanding -- -- --
 Capital surplus 156,404 156,404 --
 Retained earnings 169,091 164,857 2.6
 Net unrealized loss on
 marketable equity
 securities -- (2,188) 100.0
 Total stockholder's
 equity 325,495 319,073 2.0
 Total 4,455,276 3,763,503 18.4
 (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).
 -0- 7/30/92
 /CONTACT: Kenneth E. Hogberg, 410-456-7570, or Robert C. Sanderson, Jr. 401-456-7447, of Citizens Financial Group, Inc./ CO: Citizens Financial Group ST: Massachusetts IN: FIN SU: ERN


CN-DD -- NE018 -- 5131 07/30/92 13:19 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 30, 1992
Words:1218
Previous Article:RALPHS GROCERY ACCEPTS TENDERED DEBENTURES
Next Article:LABOR LEADERS CALL ON PRESIDENTIAL NOMINEE CLINTON TO CONVENE PACIFIC NORTHWEST FOREST SUMMIT, IF ELECTED, TO RESOLVE TIMBER SUPPLY CRISIS
Topics:


Related Articles
FIRST CITIZENS BANCSHARES REPORTS INCREASED EARNINGS FOR YEAR
CITIZENS FIRST BANCORP REPORTS INCREASED PROFITABILITY
FIRST CITIZENS REPORTS INCREASED THIRD QUARTER EARNINGS
CITIZENS FIRST BANCORP, INC. REPORTS DRAMATIC INCREASE IN EARNINGS
CSF HOLDINGS THIRD QUARTER NET EARNINGS TRIPLE TO $11.2 MILLION; NINE MONTH NET EARNINGS REACH RECORD HIGH OF $40.3 MILLION
FIRST CITIZENS REPORTS EARNINGS
CITIZENS FIRST BANCORP, INC. REPORTS 111 PERCENT INCREASE IN THIRD QUARTER EARNINGS; FIVE-FOLD IMPROVEMENT FOR NINE MONTHS
FIRST CITIZENS REPORTS INCREASED EARNINGS FOR THIRD QUARTER
HARLEYSVILLE NATIONAL CORP. HAS RECORD PROFITS IN THIRD QUARTER
First Citizens Reports Earnings For Third Quarter

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