Printer Friendly

FIRST CHARTER CORPORATION REPORTS EARNINGS; QUARTERLY CASH DIVIDEND DECLARED

 FIRST CHARTER CORPORATION REPORTS EARNINGS;
 QUARTERLY CASH DIVIDEND DECLARED
 CONCORD, N.C., Jan. 16 /PRNewswire/ -- First Charlotte Corporation (NASDAQ-NMS: FCTR), Concord, N.C., the holding company for First Charter National Bank, has announced results for the three month period and year ended Dec. 31, 1991.
 Net income for the year ended Dec. 31, 1991 was $2,097,609 versus $2,560,245 for 1990, for an 18.1 percent decrease. Primary and fully diluted earnings per share for the period were $.72 compared to $.87 for 1990.
 Net income for the three month period ended Dec. 31, 1991 was $517,060 versus $475,583 for the comparable period in 1990, which represents an 8.7 percent increase. Primary and fully diluted earnings per share for the period were $.18 compared to $.16 for the same period in 1990.
 The decrease for the year ended Dec. 31, 1991 is primarily attributable to the increase in the provision for loan losses. The allowance for loan losses as a percentage of gross loans outstanding, excluding loans held for sale, increased to 1.53 percent at Dec. 31, 1991 from 1.42 percent at Dec. 31, 1990.
 Net income represents a return on average assets of .86 percent versus 1.06 percent and a return on average equity of 7.13 percent versus 9.09 percent at Dec. 31, 1991.
 Total assets at Dec. 31, 1991 were $241,636,583, down 1.7 percent from 1990. Total loans decreased 0.9 percent to $156,375,398, while total deposits were down 0.9 percent to $204,353,562 from Dec. 31, 1990. Total shareholders' equity was $29,800,348 at Dec. 31, 1991 which represents a book value per share of $10.18. The equity to asset ratio at Dec. 31, 1991 was 12.3 percent.
 First Charter Corporation has declared its regular quarterly dividend of $.09 per share to be paid on April 14, 1992 to shareholders of record on March 20, 1992.
 First Charter National Bank, the principal subsidiary of First Charter Corporation with headquarters in Concord, N.C., provides a full range of retail and commercial banking services. The Trust Department also offers a broad range of personal and employee benefits services. Markets served by the bank include Cabarrus, northern Mecklenburg and southern Rowan Counties.
 First Charter Corporation Common Stock is traded by the following securities brokers: Dean Witter Reynolds, Inc. (Larry Biggers, 1-800-786-0006), Koonce Securities, Inc. (Lewis Sosnowik, 1-800-368-2802) and Interstate/Johnson Lane Corporation (Connie Bailey, 1-800-444-5911).
 First Charter Corporation and Subsidiary
 Consolidated Balance Sheets
 December 31, December 31,
 1991 1990
 (Dollars in thousands)
 ASSETS:
 Cash and due from banks $15,663 $14,271
 Investment securities 60,587 66,356
 Loans, net 153,841 155,431
 Other assets 11,546 9,817
 Total assets $241,637 $245,875
 LIABILITIES AND
 SHAREHOLDERS EQUITY:
 Total deposits $204,354 $206,168
 Short-term borrowings 5,700 8,672
 Other liabilities 1,783 2,248
 Total liabilities 211,837 217,088
 Total shareholders'
 equity 29,800 28,787
 Total liabilities and
 shareholders' equity $241,637 $245,875
 Consolidated Statements of Income
 (Dollars in thousands, except per share)
 For the 3 Months For the 12 Months
 Ended Ended
 Dec. 31, Dec. 31, Dec. 31, Dec. 31,
 1991 1990 1991 1990
 Total interest income $4,911 $5,682 $20,660 $22,427
 Total interest expense 2,382 3,048 10,379 12,003
 Net interest income 2,529 2,634 10,281 10,424
 Provision for loan losses 215 408 1,470 883
 Net interest income after
 provision for loan losses 2,314 2,226 8,811 9,541
 Total other operating income 760 773 3,052 2,586
 Total other operating expense 2,441 2,327 9,359 8,713
 Income before income taxes 633 672 2,504 3,414
 Income taxes 116 197 406 854
 Net income $517 $475 $2,098 $2,560
 Per share data
 Primary and fully diluted
 Net income $0.18 $0.16 $0.72 $0.87
 Cash dividends declared $0.09 $0.09 $0.36 $0.36
 Book value $10.18 $9.84 $10.18 $9.84
 Average common
 equivalent shares 2,928,745 2,925,040 2,927,150 2,926,896
 Allowance for loan losses
 Dec. 31, Dec. 31,
 1991 1990
 (Dollars in thousands)
 Beginning balance $2,235 $1,807
 Add:
 Provision charged to operations 1,470 883
 3,705 2,690
 Less:
 Loan charge-offs 1,403 529
 Less loan recoveries 75 74
 Net loan charge-offs 1,328 455
 Ending balance $2,377 $2,235
 -0- 1/16/92
 /CONTACT: Lawrence M. Kimbrough, First Charter Corporation, 704-786-3300/
 (FCTR) CO: First Charter Corporation; First Charter National Bank ST: North Carolina IN: FIN SU: ERN DIV


CM-DF -- CH008 -- 0519 01/16/92 12:31 EST
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:Jan 16, 1992
Words:794
Previous Article:FIRST STATEWIDE REPORT ON BIRTH DEFECTS SHOWS NO LINK TO RACE, ECONOMIC STATUS
Next Article:AER LINGUS AGREES TO SELL NEW YORK HOTEL FOR $83.5 MILLION
Topics:


Related Articles
/C O R R E C T I O N -- FIRST VIRGINIA BANKS/
FIRST VIRGINIA INCREASES DIVIDEND FOR SECOND TIME IN 1993
FIRST VIRGINIA INCREASES DIVIDEND IN FOURTH QUARTER
BRIDGEVILLE SAVINGS BANK, FSB ANNOUNCES CASH DIVIDEND
First Security Declares Quarterly Dividend.
First Security Declares Quarterly Dividend.
GSB Financial Corporation Announces Quarterly Dividend.
First Security Declares Quarterly Dividend.
First Security Declares Quarterly Dividend.
GSB Financial Corporation Announces Quarterly Dividend.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters