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DOMINION BANKSHARES ANNOUNCES 1992 FINANCIAL RESULTS

 ROANOKE, Va., Feb. 18 /PRNewswire/ -- Dominion Bankshares Corporation (NASDAQ-NMS: DMBK) today reported a net loss for the year ended Dec. 31, 1992, of $103.3 million which includes a pre-tax restructuring charge, recorded under the terms of the Merger Agreement, of $65.7 million related to the pending merger of Dominion with First Union Corporation of Virginia (NYSE: FTU). The company showed net income of $20.6 million for 1991. The fourth quarter 1992 net loss was $67.5 million, including the pre-tax restructuring charge, recorded under the terms of the Merger Agreement, compared to net income of $4.7 million in the same quarter of 1991.
 The corporation also reported that year-end 1992 non-accruing loans plus foreclosed properties were $270 million, down $33 million or 11 percent from Sept. 30, 1992, and $93 million or 26 percent below the year-end 1991 total. The allowance for credit losses totaled $219 million on Dec. 31, 1992, which equaled 117 percent of non-accruing loans. Net charge-offs for the fourth quarter were $33 million and for the full-year of 1992 totaled $132 million, or 2.28 percent of average loans, net of unearned income.
 For the fourth quarter of 1992, net interest income totaled $84.8 million (on a fully taxable equivalent basis) producing a net interest margin for the quarter of 4.24 percent. Non-interest income in the fourth quarter of 1992 totaled $34.9 million compared to $47.5 million in the fourth quarter of 1991. Non-interest expense for the fourth quarter of 1992 totaled $179.3 million. Excluding the merger- related restructuring charges of $65.7 million, non-interest expense in the fourth quarter of 1992 rose 23 percent from the same quarter of 1991 due primarily to write-downs and losses on foreclosed properties.
 Dominion's consolidated assets totaled $8.8 billion on Dec. 31, 1992, down 9 percent from the $9.7 billion one year earlier. Loans, net of unearned income, were $5.3 billion at the close of 1992, a 16 percent decline from year-end 1991. Total deposits amounted to $7.2 billion on Dec. 31, 1992, reflecting a 9 percent decrease from the $7.9 billion on the same date in 1991. Stockholders' equity at year-end 1992 totaled $473 million, compared to $566 million one year earlier. Book value per share was $11.71 at Dec. 31, 1992.
 Warner N. Dalhouse, Dominion's chairman and chief executive officer, commented: "We are optimistic as we now prepare to join with First Union Corporation. Our priorities will continue to be improving profitability, cost control, credit quality and capital." Subject to satisfaction of the conditions of closing, it is currently anticipated that the merger will be consummated on March 1, 1993.
 Dominion Bankshares is a multistate bank holding company with offices located throughout Virginia and in Tennessee, Maryland and Washington, D.C.
 DOMINION BANKSHARES CORPORATION AND SUBSIDIARIES
 Financial Highlights
 (In Thousands of Dollars, Except Per Share Data)
 12 Months Ended 4th Qtr. 3rd Qtr.
 12/31/92 12/31/91 1992 1992
 Earnings
 Net interest
 margin 4.03 pct. 3.77 pct. 4.24 pct. 3.96 pct.
 Net interest
 income (FTE) $334,733 $344,832 $84,776 $79,241
 Net interest
 income 327,537 331,297 83,524 77,912
 Provision for
 credit losses 151,180 142,624 22,134 30,000
 Noninterest
 income before
 unrealized gains
 (losses) on
 securities held
 for sale 170,697 166,576 35,022 41,468
 Unrealized gains
 (losses) on
 securities
 held for
 sale (84) -- (84) 30
 Noninterest
 income 170,613 166,576 34,938 41,498
 Noninterest
 expense 472,093 346,703 179,252 87,142
 Net income
 (loss) (103,265) 20,618 (67,537) 2,427
 Per share (2.70) .50 (1.75) .05
 Dividends
 per share .11 .44 -- --
 Average Balances
 Assets $9,054,930 $ 9,905,543 $8,722,025 $8,719,131
 Earning
 assets 8,300,954 9,135,790 7,984,954 7,996,827
 Loans, net
 of unearned
 income 5,778,338 6,669,152 5,389,253 5,588,994
 Deposits 7,511,696 7,829,312 7,204,000 7,430,295
 Stockholders'
 equity 539,731 563,563 534,424 531,896
 Period-End Balances
 Assets $8,810,605 $9,710,955 $8,810,605 $8,936,696
 Earning assets 8,035,606 8,699,991 8,035,606 8,164,984
 Loans, net of
 unearned income 5,294,247 6,324,321 5,294,247 5,477,182
 Deposits 7,198,092 7,871,049 7,198,092 7,329,710
 Stockholders'
 equity 472,662 566,384 472,662 531,705
 Capital
 Average primary
 shares
 (year-to-date) 38,701,709 38,363,735 38,701,709 38,658,987
 Tier I capital
 ratio 6.80 pct. 6.75 pct. 6.80 pct. 7.35 pct.
 Total risk-based
 capital ratio 9.70 9.46 9.70 10.18
 Leverage ratio 4.93 5.30 4.93 5.60
 Equity to assets 5.36 5.83 5.36 5.95
 Book value
 per share $11.71 $14.34 $11.71 $13.39
 Credit Quality
 Allowance for
 credit losses $219,126 $199,654 $219,126 $230,172
 As a percent of
 period end loans 4.14 pct. 3.16 pct. 4.14 pct. 4.20 pct.
 As a percent of
 nonaccruing
 loans 117 73 117 112
 As a percent of
 nonaccruing
 loans plus
 foreclosed
 properties 81 55 81 76
 Net charge-offs
 (year-to-date) $131,708 $176,461 $131,708 $98,529
 As a percent of
 average loans(A) 2.28 pct. 2.65 pct. 2.28 pct. 2.22 pct.
 90 days past due
 and still accruing $11,719 $46,113 $11,719 $22,643
 As a percent of
 period-end loans .22 pct. .73 pct. .22 pct. .41 pct.
 Nonaccruing loans $186,647 $257,076 $186,647 $205,154
 Foreclosed
 properties (lower
 of cost or fair
 value) 83,693 106,451 83,693 98,050
 Nonaccruing loans
 plus foreclosed
 properties $270,340 $363,527 $270,340 $303,204
 As a percent of
 loans plus
 foreclosed
 properties 5.03 pct. 5.65 pct. 5.03 pct. 5.44 pct.
 Restructured loans $34,490 $43,822 $34,490 $27,834
 Selected Ratios(A)
 Return on average
 assets (1.14) pct. .21 pct. (3.08) pct. .11 pct.
 Return on average
 common equity (19.87) 3.50 (51.55) 1.61
 Return on average
 total equity (19.13) 3.66 (50.27) 1.82
 Dividends declared
 to net income:
 On common stock N/M 82 N/M N/M
 On common and
 preferred stock N/M 88 N/M 14
 Internal capital
 generation rate N/M .4 N/M 1.6
 Net overhead ratio 3.33 1.82 6.74 2.08
 DOMINION BANKSHARES CORPORATION AND SUBSIDIARIES
 Financial Highlights
 (In Thousands of Dollars, Except Per Share Data)
 (Continued)
 2nd Qtr. 1st Qtr. 4th Qtr.
 1992 1992 1991
 Earnings
 Net Interest
 margin 4.02 pct. 3.91 pct. 3.64 pct.
 Net interest
 income (FTE) $86,341 $84,375 $80,175
 Net interest
 income 84,409 81,692 77,234
 Provision for
 credit losses 48,740 50,307 32,000
 Noninterest
 income before
 unrealized gains
 (losses on
 securities held
 for sale) 50,488 43,719 47,460
 Unrealized gains
 (losses) on
 securities
 held for
 sale 15,510 (15,540) --
 Noninterest
 income 65,998 28,179 47,460
 Noninterest
 expense 97,779 107,920 92,135
 Net income
 (loss) 3,166 (41,321) 4,739
 Per share .08 (1.08) .11
 Dividends
 per share -- .11 .11
 Average Balances
 Assets $9,360,089 $9,425,823 $ 9,597,436
 Earning
 assets 8,604,760 8,624,120 8,819,715
 Loans, net
 of unearned
 income 5,943,925 6,197,536 6,400,203
 Deposits 7,685,148 7,731,617 7,724,885
 Stockholders'
 equity 525,213 567,536 566,341
 Period-End Balances
 Assets $8,911,041 $9,402,485 $9,710,955
 Earning assets 7,955,575 8,656,589 8,699,991
 Loans, net of
 unearned income 5,669,912 6,081,980 6,324,321
 Deposits 7,566,596 7,810,088 7,871,049
 Stockholders'
 equity 528,360 522,258 566,384
 Capital
 Average primary
 shares
 (year-to-date) 38,635,028 38,601,585 38,363,735
 Tier I capital
 ratio 7.08 pct. 6.46 pct. 6.75 pct.
 Total risk-based
 capital ratio 9.87 9.23 9.46
 Leverage ratio 5.16 5.04 5.30
 Equity to assets 5.93 5.55 5.83
 Book value
 per share $13.31 $13.17 $14.34
 Credit Quality
 Allowance for
 credit losses $230,000 $229,120 $199,654
 As a percent of
 period-end loans 4.06 pct. 3.77 pct. 3.16 pct.
 As a percent of
 nonaccruing
 loans 98 82 78
 As a percent of
 nonaccruing
 loans plus
 foreclosed
 properties 68 64 55
 Net charge-offs
 (year-to-date) $68,701 $ 20,841 $176,461
 As a percent of
 average loans(A) 2.26 pct. 1.35 pct. 2.65 pct.
 90 days past due
 and still accruing $19,739 $32,174 $46,113
 As a percent of
 period-end loans .35 pct. .53 pct. .73 pct.
 Nonaccruing loans $235,094 $280,258 $257,076
 Foreclosed
 properties (lower
 of cost or fair
 value) 105,195 80,145 106,451
 Nonaccruing loans
 plus foreclosed
 properties $340,289 $360,403 $363,527
 As a percent of
 loans plus
 foreclosed
 properties 5.89 pct. 5.85 pct. 5.65 pct.
 Restructured loans $6,791 $ 9,774 $43,822
 Selected Ratios(A)
 Return on average
 assets .14 pct. (1.76) pct. .20 pct.
 Return on average
 common equity 2.23 (30.23) 3.16
 Return on average
 total equity 2.42 (29.28) 3.32
 Dividends declared
 to net income:
 On common stock N/M N/M 89
 On common and
 preferred stock 10 N/M 96
 Internal capital
 generation rate 2.2 N/M .1
 Net overhead ratio 1.37 3.40 1.85
 N/M -- Not Meaningful
 (A) -- Annualized
 -0- 2/18/93
 /CONTACT: Dominion Bankshares, Investor Relations, 703-563-7718/
 (DMBK FTU)


CO: Dominion Bankshares Corporation ST: Virginia IN: FIN SU: ERN

MH -- DC034 -- 8046 02/18/93 15:58 EST
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