Printer Friendly

FIRST AMERICAN EARNINGS UP FOR SIXTH CONSECUTIVE QUARTER

 FIRST AMERICAN EARNINGS UP FOR SIXTH CONSECUTIVE QUARTER
 NASHVILLE, Tenn., July 16 /PRNewswire/ -- Nashville-based First American Corporation (NASDAQ-NMS: FATN), the parent of Tennessee's First American National Bank, today reported for the sixth consecutive quarter improved earnings and higher net income.
 Net income for the second quarter of 1992 reached $9.8 million or $.42 per share. For the 1991 second quarter, net income was $2.4 million or $.10 per share. As of June 30, 1992, the first six months' net income equaled $18.3 million or $.78 per share. Comparable 1991 year-to-date net income was $3.8 million or $.16 per share.
 "We are greatly encourageed by our financial performance in recent quarters, including the one just ended. I'm especially pleased to note that soundness and profitability are at the forefront of our financial results," said Dennis C. Bottorff, president and CEO. "We will continue to focus on soundness and profitability and believe that further improvements will continue."
 "These improved results are significant not only for First American -- but also for Tennessee. Tennessee is where the vast majority of our customers and 80 percent of our individual shareholders live and work," he continued. "In the months ahead, these two very important groups can expect to see us become increasingly competitive as we work toward becoming the best bank there is in Tennessee."
 Nonperforming assets, which include nonperforming loans of $71.7 million and foreclosed properties of $44.4 million, amounted to $116.1 million at June 30, 1992, down 33 percent from $172.7 million a year ago. First American had slightly greater than 250 percent coverage of nonperforming loans by its allowance for possible loan losses at June 30, 1992, which is among the strongest coverage ratios in the industry. This coverage ratio compares with a 168 percent allowance coverage of nonperforming loans at June 30, 1991. The allowance for possible loan losses was $182.8 million at June 30, 1992, compared with $184.0 million one year earlier.
 Net loan charge-offs were $8.3 million for second quarter 1992 as compared with $12.7 million for second quarter 1991. For the six months ended June 30, 1992, net charge-offs equaled $18.8 million versus $37.3 million for the comparable period in 1991. The provision for loan losses totalled $8.5 million in the second quarter of 1992, down 36 percent from the $13.3 million in the second quarter of 1991. Year-to- date the provision for loan losses totaled $20.5 million, down 35 percent from the $31.3 million one year earlier.
 Second quarter 1992 return on average assets (ROA) equaled .61 percent and return on average equity (ROE) equaled 9.72 percent. ROA for the first six months of 1992 was .58 percent and ROE was 9.25 percent. Through June 30, 1991, ROA and ROE equaled .12 percent and 2.07 percent, respectively.
 At June 30, 1992, First American's total assets were $6.6 billion; loans, net of unearned discount, $3.7 billion; deposits, $5.4 billion; and shareholders' equity, $405.4 million. Total risk based capital and Tier I leverage ratios for the corporation were 10.78 percent, and 6.10, percent, respectively, which compare favorably to 9.49 percent and 5.82 percent, respectively, at June 30, 1991.
 In addition to First American National Bank, First American Corporation owns First American Trust Company and First American Community Development Corporation. Some 3,000 persons work for First American in 134 banking offices across the state.
 First American's stock is traded in the over-the-counter securities market
and is quoted on the NASDAQ National Market List under the symbol FATN.
 FIRST AMERICAN CORPORATION
 and Subsidiaries
 CONSOLIDATED FINANCIAL HIGHLIGHTS
 (in thousands)
 Quarter Ended Six Months Ended
 June 30 June 30
 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 Per Common
 Share
 Net income $ 0.42 $ 0.10 320 $ 0.78 $ 0.16 388
 Common book
 value 17.19 15.94 8
 Average Balances
 Loans, net of
 unearned
 discount and
 net
 deferred
 loan fees $3,682,191 $3,982,327 (8) $3,725,480 $4,052,767 (8)
 Investment
 securities 1,601,229 1,277,585 25 1,627,132 1,305,121 25
 Earning
 assets 5,879,266 5,603,039 5 5,810,519 5,675,201 2
 Total assets 6,426,411 6,152,687 4 6,367,031 6,200,784 3
 Demand
 deposits 1,019,681 861,064 18 993,601 858,376 16
 Interest-
 bearing
 deposits 4,406,597 4,391,544 -- 4,357,183 4,424,206 (2)
 Total core
 deposits 5,015,117 4,865,203 3 4,974,817 4,877,113 2
 Total
 deposits 5,426,278 5,252,608 3 5,350,784 5,282,582 1
 Shareholders'
 equity 403,310 371,238 9 397,420 370,812 7
 Significant
 Ratios
 Return on
 average
 assets 0.61pct 0.16pct 0.58pct 0.12pct
 Return on
 average
 equity 9.72 2.63 9.25 2.07
 Net interest
 margin 4.22 3.85 4.26 3.88
 Equity to
 assets
 (average) 6.28 6.03 6.24 5.98
 Risk-based
 capital ratio 10.78 9.49
 Leverage ratio 6.10 5.82
 Credit Quality Data
 Nonperforming assets:
 Nonperforming
 loans $ 71,713 $ 109,743 (35)
 Foreclosed
 properties 44,340 62,997 (30)
 Total non-
 performing
 assets 116,053 172,740 (33)
 Nonperforming
 assets to loans
 plus foreclosed
 properties
 (Pct.) 3.14 4.36
 Allowance for
 possible
 loan losses $ 182,768 $ 183,982
 Percent of
 period-end
 loans 5.01 4.72
 Percent of
 nonperforming
 loans 254.86 167.65
 Net
 charge-offs: $ 8,276 $ 12,737 (35) $ 18,763 $ 37,318 (50)
 Percent of
 average loans
 (annualized) 0.90 1.28 1.01 1.86
 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
 (in thousands)
 Quarter Ended Six Months Ended
 June 30 June 30
 1992 1991 Pct. 1992 1991 Pct.
 Change Change
 Interest
 income $ 111,256 $ 125,490 (11) $ 225,366 $257,812 (13)
 Interest
 expense 50,792 73,369 (31) 104,814 152,476 (31)
 Net interest
 income 60,464 52,121 16 120,552 105,336 14
 Provision for
 loans losses 8 300 $ 18,279 $ 3,815 379
 Per common
 share $ 0.42 $ 0.10 320 $ 0.78 $ 0.16 388
 Weighted average
 common shares
 outstanding 23,553 23,337 23,490 23,330
 CONDENSED CONSOLIDATED BALANCE SHEETS
 (in thousands)
 June 30
 1992 1991
 Assets
 Cash and due
 from banks $ 596,429 $ 351,161
 Investment
 securities 2,014,243 1,456,493
 Federal funds
 sold and
 short-term
 investments 202,586 367,847
 Loans, net of
 allowance for
 possible loan
 losses of
 $182,768 and
 $183,982,
 respectively 3,468,040 3,715,728
 Other assets 291,270 320,065
 Total assets $6,572,568 $6,211,294
 Liabilities
 Deposits $5,439,930 $5,227,875
 Borrowed funds 510,891 418,522
 Other
 liabilities 216,363 192,823
 Total lia-
 bilities 6,167,184 5,839,220
 Shareholders'
 equity 405,384 372,074
 Total liabilities
 and shareholders'
 equity $6,572,568 $6,211,294
 -0- 7/16/92
 /CONTACT: Financial - Carroll Kimball, 615-748-2455, or Media - Vicki Kessler or Janeen Gregory, 615-748-2912, both of First American Corporation/
 (FATN) CO: First American Corporation; First American National Bank ST: Tennessee IN: FIN SU: ERN


CM -- CH009 -- 9922 07/16/92 15:59 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:Jul 16, 1992
Words:1219
Previous Article:RICHARDSON ELECTRONICS REPORTS FOURTH QUARTER AND FISCAL 1992 RESULTS AND FIRST QUARTER CASH DIVIDEND
Next Article:MICHAEL FOODS REPORTS SECOND QUARTER RESULTS
Topics:


Related Articles
FIRST AMERICAN REINSTATES A DIVIDEND
FIRST VIRGINIA REPORTS RECORD EARNINGS DURING THE THIRD QUARTER -- UP 43 PERCENT
FEDFIRST BANCSHARES, INC. ANNOUNCES $0.10 PER SHARE DIVIDEND FROM EARNINGS FOR QUARTER ENDED SEPTEMBER 30, 1992
AMERICAN PRECISION INDUSTRIES ANNOUNCES 1ST QTR RESULTS
RECORD FIRST QUARTER EARNINGS FROM OPERATIONS AND A 10% CASH DIVIDEND INCREASE REPORTED
AMERICAN PRECISION INDUSTRIES ANNOUNCES FIRST QUARTER RESULTS
AMERICAN HERITAGE LIFE INVESTMENT CORPORATION ANNOUNCES RECORD FIRST QUARTER EARNINGS FROM OPERATIONS AND A 5.6% CASH DIVIDEND INCREASE REPORTED
Capital City Bank Group Reports Increased 4th Quarter Earnings
American Heritage Life Announces Record First Quarter Earnings From Operations And A 5.3% Cash Dividend Increase
Apria Healthcare Reports 33% Increase in Earnings to $0.24 Per Share, And $58 Million EBITDA for First Quarter of 2000.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters