Printer Friendly

DAUPHIN DEPOSIT CORPORATION REPORTS THIRD QUARTER, NINE MONTH EARNINGS

DAUPHIN DEPOSIT CORPORATION REPORTS THIRD QUARTER, NINE MONTH EARNINGS
 HARRISBURG, Pa., Oct. 15 /PRNewswire/ -- Dauphin Deposit Corporation (NASDAQ: DAPN) today announced net income of $14,329,000 for the third quarter ended Sept. 30, 1992, compared with $12,884,000 in 1991.
 Net income per share for the third quarter of 1992 amounted to $.96 compared with $.90 per share for that period in 1991, an increase of 6.7 percent.
 Net income for the nine months ended Sept. 30, 1992, was $43,232,000, up from $38,268,000 for the comparable period of 1991. Net income per share increased 10.2 percent for the nine months to $2.93 from $2.66 in 1991.
 The corporation's total assets at Sept. 30, 1992, were $4,403,555,000, compared with $4,249,270,000 at that time in 1991. Deposits totalled $3,336,947,000, compared with $3,322,385,000 at Sept. 30, 1991. Total loans at Sept. 30, 1992, were $2,209,390,000, compared with $2,190,092,000 at Sept. 30, 1991.
 During the quarter, the corporation completed its acquisition of FB&T Corporation, which was accounted for as a pooling-of-interests. Accordingly, all prior year financial data has been restated.
 Commenting on the quarter, William J. King, chairman of the board and chief executive officer, said, "We are pleased with our strong performance. In this very challenging market environment the corporation's steady, profitable growth is the result of careful planning and the dedication and hard work of all our employees."
 Dauphin Deposit Corporation, headquartered in Harrisburg, is the parent company of Dauphin Deposit Bank and Trust Company, which includes the Bank of Pennsylvania Division, and Farmers Bank and Trust Company. Other subsidiaries of the corporation are: Farmers Bank, a Federal Savings Bank; Hopper Soliday & Co., Inc.; Dauphin Life Insurance Company; Center Square Life Insurance Company; Dauphin Investment Company; Farmers Mortgage Corporation; Financial Realty, Inc.; FARMCO Realty, Inc.; and Reliance Consumer Discount Company.
 DAUPHIN DEPOSIT CORPORATION AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 (Unaudited; in thousands)
 At Sept. 30 1992 1991
 Assets:
 Cash and due from banks $135,180 $195,254
 Short-term investments 7,033 25,446
 Investment securities 1,929,577 1,717,965
 Assets held for sale 6,751 3,002
 Loans 2,209,390 2,190,092
 Allowance for loan losses (32,204) (29,508)
 Other assets 147,828 147,019
 Total assets 4,403,555 4,249,270
 Liabilities and Stockholders' Equity:
 Deposits $3,336,947 $3,322,385
 Short-term borrowings 495,120 453,886
 Long-term debt 93,311 44,731
 Accrued expenses and taxes 54,890 57,458
 Total liabilities 3,980,268 3,878,460
 Stockholders' equity:
 Common stock 74,991 74,803
 Surplus 94,659 90,016
 Retained earnings 257,725 222,516
 Treasury stock, at cost (4,088) (16,525)
 Total stockholders' equity 423,287 370,810
 Total liabilities and
 stockholders' equity 4,403,555 4,249,270
 Condensed Consolidated Statements of Income
 (Unaudited; dollars in thousands, except per-share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Interest income $79,310 $87,501 $243,760 $262,691
 Interest expense 41,490 52,428 130,017 159,742
 Net interest income 37,820 35,073 113,743 102,949
 Provision for loan losses 3,088 2,734 7,466 7,953
 Net interest income after
 provision for loan losses 34,732 32,339 106,277 94,996
 Non-interest income 13,310 11,980 41,059 31,806
 Non-interest expense 29,522 27,912 90,871 78,535
 Income before income taxes 18,520 16,407 56,465 48,267
 Provision for income taxes 4,191 3,523 13,233 9,999
 Net income 14,329 12,884 43,232 38,268
 Net income per share $.96 $.90 $2.93 $2.66
 Weighted average number of
 shares outstanding 14,930,123 14,436,382 14,776,692 14,402,965
 /delval/
 -0- 10/15/92
 /CONTACT: N. Bruce Pinto, vice president of Dauphin Deposit, 717-255-2066/
 (DAPN) CO: Dauphin Deposit Corporation ST: Pennsylvania IN: FIN SU: ERN


MP-MK -- PH005 -- 0308 10/15/92 10:14 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 15, 1992
Words:689
Previous Article:CFSB BANCORP, INC. ANNOUNCES THIRD-QUARTER EARNINGS INCREASE
Next Article:CYBERTEK RESULTS IMPROVE FROM FIRST QUARTER
Topics:


Related Articles
DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1991
DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED NET INCOME FOR 1992
DAUPHIN DEPOSIT CORPORATION REPORTS FIRST QUARTER EARNINGS
DAUPHIN DEPOSIT CORPORATION REPORTS INCREASED EARNINGS
CAPITAL HOLDING REPORTS THIRD QUARTER OPERATING EARNINGS OF $.75 PER SHARE; FOR NINE MONTHS, $2.42 PER SHARE, UP 5.2 PERCENT
PROVIDIAN CORPORATION REPORTS THIRD QUARTER OPERATING EARNINGS OF $1.05 PER SHARE, UP 10.5 PERCENT
DAUPHIN DEPOSIT CORPORATION REPORTS SECOND QUARTER RESULTS
Great Western Reports Third Quarter Loss Due to Resolution of Deposit Insurance Fund Issue
Winton Financial Corporation Reports Third Quarter Earnings
Fidelity National Corporation Reports Third Quarter Earnings Increase.

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