Printer Friendly

DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1992

 HARRISBURG, Pa., Jan. 19 /PRNewswire/ -- Dauphin Deposit Corporation (NASDAQ: DAPN) today reported net income of $57,223,000 for the year ended Dec. 31, 1992, compared with $53,137,000 in 1991.
 Earnings per share for 1992 were $1.93, compared with $1.84 in 1991, an increase of 4.9 percent.
 Net income for the fourth quarter ended Dec. 31, 1992, amounted to $14,287,000 compared with $13,999,000 for the same period in 1991. Fourth quarter earnings per share were $.48 in both 1992 and 1991.
 Net income for the fourth quarter and the year 1992 has been reduced by $.01 per share and $.03 per share, respectively, due to Dauphin's decision to adopt the provisions of Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions."
 Financial data has been restated for prior years to reflect the acquisition of FB&T Corporation which was accounted for as a pooling-of- interests, to reflect the 2-for-1 stock split paid Dec. 4, 1992, and to reflect the adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 Commenting on Dauphin's 1992 performance, William J. King, chairman and chief executive officer, said, "We are pleased with the results achieved during another challenging year for the banking industry. Dauphin continued with the successful execution of its plan for conservative, steady growth. This has resulted in increased earnings per share in each of the last 21 years and has enabled us to increase the dividend to stockholders for the last 17 years. Our traditional philosophy has allowed us to prosper in good, as well as in difficult, economic times and has left the corporation extremely sound financially and well positioned to capitalize on banking opportunities in our trading area."
 Total assets at Dec. 31, 1992, were $4,572,586,000, up 7.3 percent from $4,260,692,000 at year-end 1991. Total deposits were $3,401,110,000 at Dec. 31, 1992, compared with $3,331,231,000 at year- end 1991. Total loans at Dec. 31, 1992, were $2,195,335,000 compared with $2,199,781,000 at year-end 1991.
 Dauphin's return on average assets for the year 1992 was 1.31 percent while its return on average equity was 14.07 percent. This is expected to compare favorably with Federal Reserve Peer Group II, the most comparable national group of banking companies in relation to Dauphin.
 Dauphin Deposit Corporation, headquartered in Harrisburg, is the leading independent bank holding company in central Pennsylvania and is the parent company of Dauphin Deposit Bank and Trust Company, which includes the Bank of Pennsylvania Division, and Farmers Bank and Trust Company of Hanover. Other subsidiaries of Dauphin are: Farmers Bank, a Federal Savings Bank; Hopper Soliday & Co., Inc.; Dauphin Life Insurance Company; Dauphin Investment Company; Farmers Mortgage Corporation; Financial Realty, Inc.; and FARMCO Realty, Inc.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited; in thousands)
 At Dec. 31 1992 1991
 Assets:
 Cash and due from banks $204,857 $176,191
 Short-term investments 91,950 23,406
 Investment securities 1,961,328 1,738,154
 Assets held for sale 8,503 5,867
 Loans 2,195,335 2,199,781
 Allowance for loan losses (33,624) (29,920)
 Other assets 144,237 147,213
 Total assets 4,572,586 4,360,692
 Liabilities and Stockholders' Equity:
 Deposits $3,401,110 $3,331,231
 Short-term borrowings 602,085 444,044
 Long-term debt 92,863 44,183
 Accrued expenses and taxes 45,997 60,684
 Total liabilities 4,142,055 3,880,142
 Stockholders' equity:
 Common stock 150,116 74,816
 Surplus 17,918 90,063
 Retained earnings 266,318 232,196
 Treasury stock, at cost (3,821) (16,525)
 Total stockholders' equity 430,531 380,550
 Total liabilities and
 stockholders' equity 4,572,586 4,360,692
 Condensed Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Year
 Dec. 31 1992 1991 1992 1991
 Interest income $77,185 $87,209 $321,439 $350,394
 Interest expense 37,995 50,034 168,012 209,776
 Net interest income 39,190 37,175 153,427 140,618
 Provision for loan losses 3,478 2,510 10,944 10,463
 Net interest income after
 provision for loan losses 35,712 34,665 142,483 130,155
 Non-interest income 12,927 12,209 53,986 44,015
 Non-interest expense 30,277 29,192 122,092 107,703
 Income before income taxes 18,362 17,682 74,377 66,467
 Provision for income taxes 4,075 3,683 17,154 13,330
 Net income 14,287 13,999 57,223 53,137
 Net income per share $.48 $.48 $1.93 $1.84
 Weighted average number of
 shares outstanding 29,897,729 28,890,056 29,639,940 28,830,038
 /delval/
 -0- 1/19/93
 /CONTACT: N. Bruce Pinto, vp of Dauphin Deposit, 717-255-2066/
 (DAPN)


CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN

MK-MP -- PH013 -- 6348 01/19/93 12:24 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 19, 1993
Words:842
Previous Article:LOYOLA CAPITAL POSTS RECORD EARNINGS FOR 1992; DECLARES DIVIDEND AND ANNOUNCES NEW STOCK REPURCHASE PROGRAM
Next Article:MNC FINANCIAL, INC. REPORTS FURTHER IMPROVEMENT IN NONPERFORMING ASSETS AND INCREASING PROFITABILITY FOR FINAL QUARTER OF 1992
Topics:


Related Articles
DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1991
DAUPHIN DEPOSIT CORPORATION REPORTS THIRD QUARTER, NINE MONTH EARNINGS
CITIZENS BANKING CORPORATION REPORTS FOURTH QUARTER EARNINGS, FULL YEAR EARNINGS AND FIRST QUARTER DIVIDEND
CAPITAL HOLDING REPORTS FULL YEAR OPERATING EARNINGS AT $6.35, UP 10.1 PERCENT; FOURTH QUARTER OPERATING EARNINGS OF $1.76 PER SHARE
TCF REPORTS FIRST QUARTER INCOME UP 16 PERCENT; RECORD NET INTEREST MARGIN AND FEE INCOME
DAUPHIN DEPOSIT CORPORATION REPORTS FIRST QUARTER EARNINGS
VIRGINIA BEACH FEDERAL ANNOUNCES CONSOLIDATED EARNINGS FOR FIRST QUARTER 1993
DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED EARNINGS
IRWIN FINANCIAL CORPORATION ANNOUNCES RECORD SECOND QUARTER RESULTS
DAUPHIN DEPOSIT CORPORATION REPORTS SECOND QUARTER RESULTS

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