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EQUIMARK ANNOUNCES FOURTH QUARTER AND FULL YEAR 1991 RESULTS

 EQUIMARK ANNOUNCES FOURTH QUARTER AND FULL YEAR 1991 RESULTS
 PITTSBURGH, Jan. 13 /PRNewswire/ -- Equimark Corporation (NYSE: EQK) today announced consolidated net income of $1.5 million for the fourth quarter of 1991, which was within the range of earnings projected by Equimark on January 6, 1992. Earnings on a per common share basis were $0.07 in the fourth quarter of 1991, and represents the first positive per share results since the fourth quarter of 1989. Equimark reported a consolidated net loss of $90.5 million in the fourth quarter of 1990.
 Also as previously announced, Equimark's common stockholders approved two proposals which permit Equimark to continue with its shareholder rights offering. A successful rights offering, along with standby purchase arrangements, would increase Equimark's capital.
 Gary W. Fiedler, Chairman and Chief Executive Officer, said, "We are encouraged that the common stockholders have approved the rights offering and believe that, due to the success to date of our strategic plan, Equimark is well positioned to continue building upon our strengths in 1992."
 Equimark recorded a consolidated net loss of $7.9 million for the year ended December 31, 1991. The consolidated net loss includes a writeoff taken in the third quarter of 1991 of $10.4 million of intangible assets, namely purchased mortgage servicing rights. Excluding this one-time writeoff, net income for Equimark would have been $2.5 million in 1991. For comparison, Equimark reported a net loss of $140.3 million for the year 1990.
 During 1991, significant progress was achieved in implementing Equimark's strategic plan, designed to improve the credit quality of the loan portfolio, reduce costs, reposition the company in it Western Pennsylvania market, enhance the Corporation's capital position and return Equimark to long-term profitability.
 The improvement of $132.4 million in Equimark's results of operations from 1990 to 1991 was due primarily to a $94.2 million decrease in the provision for possible credit losses and a $73.7 million reduction in non-interest expenses, both integral components of Equimark's strategic recovery plan. Partially offsetting the above were lower 1991 levels of net interest income and non-interest income.
 Equimark's nonperforming assets decreased $9.4 million or 5.7 percent to $155.9 million at December 31, 1991 from $165.3 million at September 30, 1991. Equimark's allowance for possible credit losses totaled $86.3 million or 4.0 percent of loans outstanding at December 31, 1991. At year-end 1991, the coverage of nonperforming loans provided by the allowance for possible credit losses was 68 percent. Net loan chargeoffs declined from $63.3 million in 1990 to $58.4 million in 1991.
 The provision totaled $7.8 million in the fourth quarter of 1991, down from $11.9 million in the 1991 third quarter and $57.5 million in the fourth quarter of 1990. Net loan chargeoffs of $10.2 million for the fourth quarter of 1991 were $5.8 million or 36 percent lower than in the 1991 third quarter.
 Equimark's non-interest expenses were reduced by $73.7 million from 1990 to 1991, as a result of management's cost reduction and containment efforts. Employment costs have been reduced by 25 percent during 1991, following staff reductions and resulting from the sale or discontinuance of non-strategic businesses and operations. Expenses of nonperforming real estate have declined 39 percent year-to-year. Management has also significantly reduced legal and professional fees, travel costs and various administrative and operating expenses.
 At December 31, 1991, Equimark's shareholders' equity was $76.2 million. The book value per common share was $2.98 at that date.
 Equimark is a Pittsburgh-based bank holding company with $3.2 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 offices in Western Pennsylvania and 9 offices in the Philadelphia area.
 EQUIMARK CORPORATION CONSOLIDATED FINANCIAL SUMMARY
 (In thousands, except per share amounts)
 Year Ended Dec. 31 1991 1990
 Net interest income $144,444 $160,847
 Provision for possible credit losses (36,442) (130,580)
 Non-interest income 35,174 53,378
 Writeoff of mortgage servicing rights (10,383) --
 Writeoff of Liberty intangible assets -- (23,946)
 Non-interest expenses (139,800) (199,978)
 Provision for income taxes (856) (59)
 Net income (loss) (7,863) (140,338)
 Earnings (loss) per common share,
 after cumulative preferred dividend
 requirements $(0.89) $(11.96)
 Average common shares and common share
 equivalents outstanding 12,018 12,011
 Net interest margin 4.63 pct. 4.93 pct.
 Three Months Ended Dec. 31 1991 1990
 Net interest income $34,045 $37,298
 Provision for possible credit losses (7,782) (57,523)
 Non-interest income 5,885 8,407
 Writeoff of Liberty intangible assets -- (23,946)
 Non-interest expenses (30,455) (54,802)
 Provision for income taxes (215) 38
 Net income (loss) 1,478 (90,528)
 Earnings (loss) per common share,
 after cumulative preferred
 dividend requirements $0.07 $(7.71)
 Average common shares and common
 share equivalents outstanding 12,067 11,853
 Net interest margin 4.43 pct. 4.61 pct.
 EQUIMARK CORPORATION CONSOLIDATED FINANCIAL SUMMARY
 (In millions, except per share amounts)
 At period-end: Dec. 31, 1991 Dec. 31, 1990
 Assets $3,151.7 $3,417.2
 Deposits 2,905.9 3,124.2
 Loans, net of unearned income 2,134.5 2,456.2
 Nonperforming assets 155.9 153.0
 Allowance for possible credit losses 86.3 109.3
 Percentage of allowance to loans
 outstanding 4.0 pct. 4.4 pct.
 Allowance for possible credit losses
 to nonperforming loans 67.6 pct. 89.1 pct.
 Shareholders' equity $76.2 $83.9
 Book value per common share $2.98 $3.90
 Regulatory capital ratios:
 Equimark Corporation:
 Total risk-based capital
 to risk-adjusted assets 4.2 pct. 5.5 pct.
 Leverage capital ratio 1.3 pct. 1.8 pct.
 Equibank:
 Total risk-based capital
 to risk-adjusted assets 6.6 pct. 6.7 pct.
 Leverage capital ratio 3.6 pct. 3.8 pct.
 /delval/
 -0- 1/13/92
 /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


DM -- PG002 -- 9012 01/13/92 10:30 EST
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