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EQUIMARK ANNOUNCES THIRD QUARTER AND NINE MONTH 1992 EARNINGS

 EQUIMARK ANNOUNCES THIRD QUARTER AND NINE MONTH 1992 EARNINGS
 PITTSBURGH, Oct. 20 /PRNewswire/ -- Equimark Corporation (NYSE: EQK) today announced third quarter 1992 net income of $5.3 million, or $0.12 per share, as compared to a net loss of $10.0 million in the third quarter of 1991.
 This represents a 22 percent increase over $4.3 million, or $0.10 per share, earned in the 1992 second quarter. For the nine months ended Sept. 30, 1992, net income totals $12.5 million, or $0.31 per share, as compared to a net loss of $9.3 million in the first nine months of 1991.
 Gary W. Fiedler, Equimark's chairman and chief executive officer, said, "Equimark's profitability has shown steady quarterly improvement, and the 0.74 percent return on assets earned in the quarter continues to demonstrate the capabilities of this Pittsburgh banking franchise."
 Equimark's nonperforming assets continued their downward trend for the sixth consecutive quarter, decreasing $7 million or 5 percent during the third quarter to $130 million at Sept. 30, 1992. The coverage of nonperforming loans provided by the allowance for possible credit losses increased to 93 percent at quarter-end from 85 percent at June 30, 1992. All regulatory capital ratios of Equimark and its Equibank subsidiary improved significantly. At Sept. 30, 1992, leverage capital ratios stood at 4.7 percent for Equimark and 5.3 percent for Equibank.
 The improvement in quarterly earnings from last year is due to reductions in the provision for possible credit losses and in non-interest expenses. Equimark's provision for possible credit losses was $8.5 million in the third quarter of 1992, a reduction of 29 percent from the third quarter of 1991. Net loan chargeoffs for the third quarter of 1992 were $8.0 million, down 50 percent from the 1991 third quarter.
 Non-interest expenses of $26.7 million in the third quarter of 1992 were $7.1 million, or 21 percent, lower than in the third quarter of 1991, excluding the writeoff of $10.4 million of purchased mortgage servicing rights taken in the 1991 third quarter. This reduction is principally due to the sale of Equibank's Philadelphia branches in June 1992, and savings from the fourth quarter 1991 outsourcing of Equimark's data processing operations.
 Equimark's net interest margin on a taxable equivalent basis increased to 5.07 percent in the third quarter of 1992 from 4.71 percent in the 1991 third quarter, principally caused by the disposition of the higher cost Philadelphia deposits. Net interest income declined $2.4 million, quarter-to-quarter, as average earning assets declined by $415 million due principally to the disposition of the non-strategic Philadelphia operations.
 On July 29, 1992, Equimark and Integra Financial Corporation (NASDAQ: ITGR) jointly announced the signing of a definitive agreement for the acquisition of Equimark by Integra. The merger will be accomplished through a pooling of interests in which each share of Equimark common stock will be exchanged for 0.20 new shares of Integra common stock on a tax-free basis. The merger is subject to a number of conditions including regulatory and shareholder approvals and is expected to close in late 1992 or early 1993.
 Equimark is a Pittsburgh-based holding company with $2.8 billion in assets. Equimark's banking subsidiary is Equibank, which operates 53 branches in western Pennsylvania.
 EQUIMARK CORPORATION CONSOLIDATED FINANCIAL SUMMARY
 (In thousands, except Three Months Ended
 per share amounts) Sept. 30, June 30, Sept. 30,
 1992 1992 1991
 Net interest income $34,171 $34,253 $ 36,566
 Provision for possible credit
 losses (8,462) (8,423) (11,919)
 Non-interest income 6,329 13,592 9,681
 Writeoff of mortgage servicing
 rights --- --- (10,383)
 Non-interest expenses (26,677) (35,025) (33,728)
 Provision for income taxes (107) (88) (216)
 NET INCOME (LOSS) 5,254 4,309 (9,999)
 Less preferred dividend
 requirements (604) (631) (715)
 Net income (loss) applicable
 to common shareholders $ 4,650 $ 3,678 $(10,714)
 Average common shares and common
 share equivalents outstanding 38,281 37,908 12,068
 Earnings (loss) per common share $ 0.12 $ 0.10 $ (0.89)
 Financial Ratios:
 Return on average assets (pct.) 0.74 0.56 ---
 Return on average common
 equity (pct.) 17.58 14.84 ---
 Net interest margin
 (taxable-equivalent) (pct.) 5.07 4.65 4.71
 Percentage of net loan chargeoffs
 to average loans
 outstanding (pct.) 1.62 1.84 2.74
 (In thousands, except Nine Months Ended
 per share amounts) September 30, September 30,
 1992 1991
 Net interest income $103,033 $110,399
 Provision for possible credit losses (25,100) (28,660)
 Non-interest income 28,518 29,289
 Writeoff of mortgage servicing rights --- (10,383)
 Non-interest expenses (93,521) (109,345)
 Provision for income taxes (459) (641)
 NET INCOME (LOSS) 12,471 (9,341)
 Less preferred dividend requirements (1,876) (2,182)
 Net income (loss) applicable
 to common shareholders $ 10,595 $(11,523)
 Average common shares and common
 share equivalents outstanding 34,003 11,997
 Earnings (loss) per common share $ 0.31 $ (0.96)
 Financial Ratios:
 Return on average assets (pct.) 0.56 ---
 Return on average common equity (pct.) 15.44 ---
 Net interest margin
 (taxable-equivalent) (pct.) 4.80 4.68
 Percentage of net loan chargeoffs
 to average loans outstanding (pct.) 1.65 2.70
 (In millions,
 except per share amounts)
 September 30, June 30, December 31,
 AT PERIOD-END: 1992 1992 1991
 Assets $2,801.0 $2,867.8 $3,151.7
 Deposits 2,492.8 2,545.7 2,905.9
 Loans, net of unearned income 1,958.6 1,959.4 2,134.5
 Nonperforming assets 129.8 137.0 155.9
 Allowance for possible credit
 losses 86.2 85.7 86.3
 Percentage of allowance to loans
 outstanding (pct.) 4.40 4.37 4.04
 Percentage of allowance to
 nonperforming loans (pct.) 92.8 84.8 67.6
 Shareholders' equity $ 143.6 $ 138.0 $ 76.2
 Book value per common share $ 2.70 $ 2.57 $ 2.98
 Regulatory Capital Ratios:
 Equimark Corporation:
 Total risk-based capital
 to risk-adjusted assets (pct.) 8.69 8.29 3.73
 Leverage capital ratio (pct.) 4.65 4.03 1.31
 Equibank:
 Total risk-based capital
 to risk-adjusted assets (pct.) 8.52 8.13 6.42
 Leverage capital ratio (pct.) 5.29 4.67 3.62
 /delval/
 -0- 10/20/92
 /CONTACT: Joseph J. Whiteside, executive vice president & chief financial officer of Equimark, 412-288-5801/
 (EQK ITGR) CO: Equimark Corporation; Integra Financial Corporation; Equibank ST: Pennsylvania IN: FIN SU: ERN


DM -- PG017 -- 2050 10/20/92 09:26 EDT
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Date:Oct 20, 1992
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