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FIRST INTERNATIONAL BANK REPORTS 1991 THIRD QUARTER EARNINGS

     FIRST INTERNATIONAL BANK REPORTS 1991 THIRD QUARTER EARNINGS
    CHULA VISTA, Calif., Nov. 7 /PRNewswire/ -- First International Bank (OTC) released its 1991 third quarter earnings report, reflecting a continuance of strong earning trends from all segments of the bank.  Total earnings for this period were $300,000, 77.51 percent higher than the same period in 1990, when earnings were $169,000.  For the nine month period, net earnings increased 71.2 percent to $755,000, up from $441,000 in 1990.
    Additional performance measures for the first nine months of 1991 were as follows:  shareholders' equity and reserves increased 26.2 percent to $5,905,000, up from $4,678,000.  Net loans increased 66 percent to $65 million, up from $39 million.  Deposits increased 55.4 percent to $78 million, up from $50 million.  Primary capital ratio was 7.02 percent and risk-based capital ratio was 8.7 percent. Non-accrual loans totaled $1,258,000 or 1.90 percent of total loans outstanding.  Return on assets stood at 1.45 percent.  Return on equity stood at 21.57 percent.
    "We continue to be pleased with the strong earnings performance coming from all segments of the bank," reported President Norman E. Richins.  "Small business administration guaranteed loans have remained very active along with demand for export financing assistance.  Mortgage banking activities have provided strong gains through purchasing and remarketing of loans.  Deposit growth remained steady through a declining rate market, enabling the bank to maintain existing margins.
    "Reflective of our strong earnings to date, we fully recognize the difficulties in the economy and the impact of the recession on many of our customers.  We anticipate making larger additions to reserves as a buffer for future earnings performance."
    First International Bank was also successful during this period in selling its Money Order division to Travelers Express of Minneapolis, after evaluation of several business plan alternatives. The benefits of this sale will be realized in the fourth quarter of 1991.
    "We continue to take an active role in community activities, and appreciate the fact that our customers' satisfaction remains the best measurement of our efforts," concluded Richins.
                      FIRST INTERNATIONAL BANK
                  Quarterly Statement of Condition
                             Sept. 1991     Sept. 1990       Pct.
                                                           Difference
    Cash and due from banks       5,148          4,263
    Interest bearing deposits         0            396
    Federal funds sold            8,000          5,200
    Investments                     906          1,835
    Loans                        65,737         39,869
    Less allowance for loan
     losses                        (737)          (704)
    Net loans                    65,000         39,165     65.96 pct.
    Bank premises, equipment
     furnitures and fixtures,
     net                          2,456          2,653
    Other assets                  2,618          1,269
    Total assets                 84,128         54,781     53.57 pct.
      Deposits:
    Net-interest bearing         14,814         14,832
    Interest bearing             63,165         35,345
    Total deposits               77,979         50,177     55.41 pct.
    Other liabilities               981            630
    Total liabilities            78,960         50,807     55.41 pct.
    Common stock                  2,107          1,921
    Preferred stock                 460            460
    Retained earnings (loss)      2,601          1,593
    Shareholders' equity          5,168          3,974     30.05 pct.
    Total liabilities and
     shareholders' equity        84,128         54,781     53.57 pct.
                        FIRST INTERNATIONAL BANK
                    (Condensed Statement of Earnings)
                          Nine Months Ended      Three Months Ended
                        Sept.  Sept.  Percent  Sept.  Sept.  Percent
                        1991   1990    Diff.   1991   1990    Diff.
    Interest & fees
     on loans          6,425  3,690     ---    2,295  1,500    ---
    Interest on
     investments         463    435     ---      133    97     ---
     Total interest
      income           6,888  4,125   66.98pct. 2,428 1,597 52.04pct.
    Interest Expense
     on deposits       2,677  1,346   98.89pct.   912   497 83.50pct.
    Net interest
     income            4,211  2,779   51.53pct. 1,516 1,100 37.82pct.
    Provision for
     possible loan
     losses              140    0       ---        60    0      ---
    Net interest income
     after provision
     for possible
     loan losses       4,071  2,779   46.49pct. 1,456 1,100 32.36pct.
    Non interest
     income            1,774    795  123.14pct.   747  272 174.63pct.
    Non-interest
     espense           4,562  2,826   61.43pct. 1,692 1,086 55,80pct.
    Income (loss)
     before income
     taxes             1,283    748   71.52pct.   511   286 78.67pct.
    Income tax
     provision           528    307     ---       211   117   ---
    Net income (loss)    755    441   71.20pct.   300   169 77.51pct.
    Net income (loss)
     per share          0.25   0.15   71.08pct.  0.10  0.06 77.51pct.
    -0-                        11/7/91
    /CONTACT:  Beverly Miller of First International Bank, 619-280-5805/ CO:  First International Bank ST:  California IN:  FIN SU:  ERN SE-AL -- SD008 -- 2441 11/07/91 17:44 EST
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Copyright 1991 Gale, Cengage Learning. All rights reserved.

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Date:Nov 7, 1991
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