Printer Friendly

FIRST COLONIAL BANKSHARES REPORTS 17.5 PERCENT INCREASE IN NET INCOME

 CHICAGO, April 13 /PRNewswire/ -- First Colonial Bankshares Corp. (NASDAQ: FCOLA) today reported net income for the first quarter of 1993 of $4.22 million, up 17.5 percent, compared with $3.59 million earned in the first quarter of 1992. Earnings per share for the first quarter were $.37, compared with $.35 in 1992, an increase of 5.7 percent.
 Commenting on First Colonial's results, C. Paul Johnson, chairman and chief executive officer, said, "First Colonial had a strong first quarter in which our net interest income increased significantly from a year ago. Our first quarter results reflect a return to normal profit levels after the special charges taken in the fourth quarter of 1992. We are also encouraged by the decline in nonperforming loans to 1.64 percent of loans at the end of March. We expect these trends to continue in the second quarter of 1993."
 In the first quarter of 1993, net interest income was $17.72 million, up from $15.59 million in the first quarter of last year. The net interest margin in 1993 was 5.03 percent, compared with 4.29 percent in 1992. Average earning assets in the first quarter were $1.41 billion as compared with $1.44 billion in the first quarter of 1992.
 The provision for loan losses during the quarter was $729,000, compared with $848,000 in the first quarter of 1992. Net charge-offs declined to $676,000 from $784,000 in the same quarter of last year. The ratio of net charge-offs to average loans was .28 percent, down from .34 percent in 1992. The allowance for loan losses as a percent of period end loans increased to 1.24 percent at March 31, 1993, from 1.15 percent at March 31, 1992, and 1.22 percent at Dec. 31, 1992.
 Total noninterest income during the quarter was $5.14 milo?n as compared with $5.89 million in 1992. Mortgage banking revenues decreased to $312,000 from $607,000 in the first quarter of 1992. This decrease was largely due to a reduced level of mortgage loans being serviced. Investment securities gains also decreased from $421,000 in the first quarter of 1992 to $236,000 in the first quarter of 1993.
 Total noninterest expense was $14.89 million in the quarter, compared with $14.36 million in 1992, an increase of 3.7 percent. Most of the increase in noninterest expense was attributed to salaries and employee benefits, which increased from $6.52 million in the first quarter of 1992 to $7.02 million in the first quarter of 1993.
 First Colonial's asset quality continued to improve, as indicated by the decrease in nonperforming loans to $16.20 million, or 1.64 percent of outstanding loans as of March 31, 1993. This is a significant decline from $24.28 million, or 2.62 percent of outstanding loans at March 31, 1992, and $20.61 million, or 2.07 percent of outstanding loans, at Dec. 31, 1992. Most of the decline in nonperforming loans during the quarter resulted from the collection of certain nonperforming loans.
 At March 31, 1993, First Colonial reported total assets of $1.55 billion compared with $1.57 billion at March 31, 1992. Loans were $988 million at March 31, 1993, compared with $926 million at March 31, 1992. Total deposits were $1.32 billion compared with $1.37 billion a year earlier. Stockholders' equity totaled $153.3 million, an increase of $28.6 million over $124.7 million in the prior year. At March 31, 1993, common equity per share was $13.17 compared with $12.64 a year earlier. The increase in stockholders' equity was largely due to the issuance of $20.1 million of convertible preference stock in April of 1992. The core leverage ratio for First Colonial at March 31, 1993, was 8.22 percent compared with 6.10 percent at March 31, 1992.
 First Colonial Bankshares Corp. owns 16 banks with 23 locations throughout Chicago and surrounding suburbs. A pending acquisition of two additional banks with five locations in the northern suburbs of Chicago is expected to be consummated in mid-1993. First Colonial is also the parent of First Colonial Trust Co., First Colonial Investment Services, Inc., Mid-States Financial Corp., a commercial leasing firm, and First Colonial Mortgage Corp.
 -0- 4/13/93
 /CONTACT: C. Paul Johnson or Stephen D. Daniels, both of First Colonial Bankshares Corp., 312-419-9891/
 (FCOLA)


CO: First Colonial Bankshares Corp. ST: Illinois IN: FIN SU: ERN

WB -- NY069 -- 5310 04/13/93 15:09 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 13, 1993
Words:762
Previous Article:CROSS-BORDER M&A FALLS IN FIRST QUARTER OF 1993
Next Article:FMC WINS HOWITZER CONTRACT FROM U.S. ARMY
Topics:


Related Articles
FIRST COLONIAL BANKSHARES, CHICAGO, ANNOUNCES INCREASE IN QUARTERLY DIVIDENDS
FIRST COLONIAL ANNOUNCES SEVEN PERCENT INCREASE IN NET INCOME
FIRST COLONIAL ANNOUNCES 13 PERCENT INCREASE IN NET INCOME
FIRST COLONIAL BANKSHARES CORP., CHICAGO, ANNOUNCES INCREASE IN QUARTERLY DIVIDENDS
THE COLONIAL GROUP RELEASES EARNINGS
FIRST COLONIAL REPORTS 8.5 PERCENT INCREASE IN NET INCOME
FIRST COLONIAL BANKSHARES CORP. ANNOUNCES INCREASE IN QUARTERLY DIVIDENDS
Provident Bankshares Reports Higher Earnings
James River Bankshares Announces Higher Second Quarter Earnings.
James River Bankshares Announces Higher Third Quarter Earnings.

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