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EQUIMARK ANNOUNCES FIRST QUARTER 1992 EARNINGS

 EQUIMARK ANNOUNCES FIRST QUARTER 1992 EARNINGS
 PITTSBURGH, April 16 /PRNewswire/ --Equimark Corporation


(NYSE: EQK) today announced consolidated net income of $2.9 million for the first quarter of 1992, nearly double the $1.5 million reported for the fourth quarter of 1991. Earnings per common share were $0.09 in the first quarter of 1992, marking the second consecutive quarter of positive per share results. For comparison, Equimark reported net income of $262,000 in the first quarter of 1991.
 Gary W. Fiedler, Equimark's chairman and chief executive officer, said "1992 is the year to concentrate on rebuilding our franchise. We began 1992 with a very successful rights offering that raised $53.6 million of new capital and continued to increase capital by posting positive earnings for the first quarter of 1992. While we have much more to accomplish, results from basic operations have exceeded our expectations."
 Factors leading to the improvement in Equimark's quarterly earnings from the first quarter of 1991 to the first quarter of 1992 include reductions in the provision for possible credit losses and non-interest expenses. Equimark's provision for possible credit losses was $8.2 million in the first quarter of 1992, a reduction of $1.0 million or 10.9 percent from the first quarter of 1991. Net loan chargeoffs for the first quarter of 1992 were $7.9 million, down from $16.0 million in the 1991 first quarter, principally attributable to a lower level of chargeoffs taken in Equimark's commercial real estate loan portfolios. Equimark's nonperforming assets decreased $6.3 million or 4.0 percent to $149.6 million at March 31, 1992 from $155.9 million at Dec. 31, 1991. This marks the fourth consecutive quarterly reduction in Equimark's nonperforming assets since their peak of $169.3 million at March 31, 1991.
 Non-interest expenses of $31.8 million in the first quarter of 1992 were reduced by $8.9 million, or 21.9 percent, from the first quarter of 1991. This is the result of the ongoing cost reduction efforts which began in early 1991. Included in non-interest expenses in the first quarter of 1992 is $3.0 million of expenses principally related to vacated administrative office space.
 Net interest income totaled $34.6 million in the first quarter of 1992 compared to $37.5 million in the first quarter of 1991. This decline of $2.9 million or 7.6 percent was due to a reduction in the level of earning assets from $3.21 billion in the first quarter of 1991 to $2.94 billion in the 1992 first quarter. The reduction in earning assets reflects the sale of $109 million of consumer loans in September 1991 and the sale of an Idaho bank in May 1991. Equimark's net interest margin on a taxable equivalent basis increased to 4.71 percent in the first quarter of 1992 from 4.68 percent in the first quarter of 1991.
 Non-interest income totaled $8.6 million in the first quarter of 1992, down from $13.0 million in the first quarter of 1991. The first quarter of 1992 amount included gains totaling $2.2 million on the sale of second mortgage loans and on the completion of the 1991 sale of certain trust businesses. Included in non-interest income in the 1991 first quarter was a net gain of $4.7 million on the final settlement of a 1990 sale of credit card loans.
 Equimark is a Pittsburgh-based bank holding company with $3.0 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 offices in Western Pennsylvania.
 EQUIMARK CORPORATION CONSOLIDATED FINANCIAL SUMMARY
 Three Months Ended
 (In thousands, except March 31, Dec. 31, March 31,
 per share amounts) 1992 1991 1991
 Net interest income $ 34,609 $ 34,045 $ 37,470
 Provision for possible
 credit losses (8,215) (7,782) (9,223)
 Non-interest income 8,597 5,885 12,957
 Non-interest expenses (31,819) (30,455) (40,717)
 Provision for income
 taxes (264) (215) (225)
 Net income $ 2,908 $ 1,478 $ 262
 Earnings (loss) per
 common share, after
 cumulative preferred
 dividend requirements $ 0.09 $ 0.07 $ (0.04)
 Average common shares
 and common share
 equivalents outstanding 25,686 12,067 11,861
 Financial Ratios:
 Return on average
 assets 0.38 pct. 0.18 pct. 0.03 pct.
 Return on average common
 equity 13.05 pct. 8.08 pct. -- pct.
 Net interest margin
 (taxable-equivalent) 4.71 pct. 4.47 pct. 4.68 pct.
 Percentage of net loan
 chargeoffs to average
 loans outstanding 1.51 pct. 1.86 pct. 2.64 pct.
 (In millions,
 except per share amounts)
 March 31, Dec. 31,
 AT PERIOD-END: 1992 1991
 Assets $3,046.3 $3,151.7
 Deposits 2,795.8 2,905.9
 Loans, net of unearned income 2,064.4 2,134.5
 Nonperforming assets 149.6 155.9
 Allowance for possible credit losses 86.6 86.3
 Percentage of allowance to loans
 outstanding 4.20 pct. 4.04 pct.
 Percentage of allowance to
 nonperforming loans 71.3 pct. 67.6 pct.
 Shareholders' equity $ 133.5 $ 76.2
 Book value per common share $ 2.47 $ 2.98
 Regulatory Capital Ratios:
 Equimark Corporation:
 Total risk-based capital
 to risk-adjusted assets 7.65 pct. 3.73 pct.
 Leverage capital ratio 3.84 pct. 1.31 pct.
 Equibank:
 Total risk-based capital
 to risk-adjusted assets 7.51 pct. 6.42 pct.
 Leverage capital ratio 4.54 pct. 3.62 pct.
 -0- 4/16/92
 /CONTACT: Joseph J. Whiteside, executive vice president & chief financial officer of Equimark, 412-288-5801/
 (EQK) CO: Equimark Corporation ST: Pennsylvania IN: FIN SU: ERN


CD -- PG022 -- 9391 04/16/92 14:44 EDT
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Date:Apr 16, 1992
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