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FIRST NATIONAL BANCORP FIRST QUARTER EARNINGS INCREASE 25 PERCENT

 GAINESVILLE, Ga., April 14 /PRNewswire/ -- First National Bancorp, Gainesville, Ga. (NASDAQ-NMS: FBAC), today announced preliminary first quarter 1993 results.
 Earnings for the quarter totaled $5.9 million compared to $4.7 million, an increase of 24.8 percent over last year's comparable quarter. Earnings per share for the quarter were $.40 compared to $.32, an increase of 25.0 percent over last year's comparable quarter.
 Total assets increased 5.3 percent to a record $1.9 billion at March 31 compared to the previous year. The return on average assets for the quarter was 1.27 percent and 1.05 percent for 1993 and 1992, respectively, while the 1993 quarterly return on average equity was 12.89 percent. The first quarter net interest margin of 4.85 percent was up slightly from the comparable 1992 quarter. The company ended the quarter with a strong capital ratio. Primary capital was 10.71 percent of total adjusted assets at quarter-end, substantially above the industry norm.
 Richard McNeece, chairman and CEO, stated that "first quarter performance was in line with management expectations with virtually all measures of performance improving over previous quarters. Particularly encouraging were continued positive trends in the quality of the company's loan portfolio."
 Loans 30 days or more past due totaled a modest 1.36 percent of total loans outstanding. Nonperforming assets continued to decline, reaching a level of $32.6 million, down $4 million from $36.6 million reported as of Dec. 31, 1992. Nonperforming assets as a percent of net loans plus other real estate owned decreased to 2.76 percent comparing favorably to the 3.12 percent reported as of year-end 1992. Importantly, the allowance for loan losses as a percent of nonperforming loans at quarter-end was 101 percent, up from 88.6 percent as of Dec. 31, 1992.
 Improving asset quality and good net charge-off expense supported the lowest provision for loan losses in the past 10 quarters while further improving the allowance for loan losses to a strong 2.08 percent of quarter end loans (excluding mortgage loans held for sale). The first quarter provision for loan losses of $1.0 million was slightly greater than the $837,000 of net charge-offs for the quarter.
 "The company remains one of the most profitable, well capitalized bank holding companies in the country," McNeece said.
 First National Bancorp currently has 13 banks with 40 offices in 26 towns or communities. With a favorable shareholder vote and final regulatory approval, the Bank of Villa Rica, with assets of $57 million, will become the 14th affiliate bank of the company in the second quarter.
 On March 30, the company signed a Letter of Intent to merge with The Community Bank of Carrollton. The Community Bank has total assets of $35 million and it will become the company's 15th affiliate bank following the successful execution of a definitive agreement and subsequent shareholder and regulatory approval.
 FINANCIAL HIGHLIGHTS
 FIRST NATIONAL BANCORP AND SUBSIDIARIES
 (In thousands, except per share data)
 Qtr. ended March 31 1993 1992 Amt. chg. Pct. chg.
 Net income $ 5,852 $ 4,689 $ 1,163 24.8
 Net interest income $ 19,548 $ 18,594 $ 954 5.1
 Net interest income (FTE) $ 20,705 $ 19,814 $ 891 4.5
 Non-interest income $ 7,432 $ 6,707 $ 725 10.8
 Non-interest expense $ 18,010 $ 16,010 $ 2,000 12.5
 Provision for loan losses $ 1,035 $ 3,144 $ (2,109) (67.1)
 Per share data:
 Net income $ .40 $ .32 $ .08 25.0
 Dividends declared $ .17 $ .15 $ .02 13.3
 Book value $12.67 $11.67 $1.00 8.6
 Tangible book value $12.16 $11.13 $1.03 9.3
 Weighted avg. shares
 outstanding 14,658,929 14,473,857
 Shares outstanding at
 quarter-end 14,669,700 14,476,487
 Financial ratios:
 Return on average assets 1.27 pct. 1.05 pct.
 Return on avg. shareholders'
 equity 12.89 pct. 11.25 pct.
 Net interest margin 4.85 pct. 4.82 pct
 Primary capital to adjusted assets:
 Including intangibles 10.71 pct. 10.22 pct.
 Excluding intangibles 10.33 pct. 9.80 pct.
 Allowance for loan losses to loans, net of unearned income:
 Including mortgage loans
 held for sale 1.93 pct. 1.66 pct.
 Excluding mortgage loans
 held for sale 2.08 pct. 1.95 pct.
 Selected Balances as of March 31:
 Total assets $1,923,488 $1,827,065 $ 96,423 5.3
 Earning assets 1,786,042 1,674,016 112,026 6.7
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,174,127 $1,201,846 $(27,719) (2.31)
 Excluding mortgage loans
 held for sale $1,093,061 $1,022,022 $ 71,039 7.0
 Allow. for loan losses $ 22,704 $ 19,894 $ 2,810 14.1
 Securities $ 513,937 $ 371,758 $142,179 38.2
 Deposits $1,592,021 $1,548,276 $ 43,745 2.8
 Other interest bearing
 funds $ 131,118 $ 99,792 $ 31,326 31.4
 Shareholders' equity $ 185,668 $ 168,855 $ 10.0
 Average balances for quarter:
 Total assets $1,863,665 $1,789,951 $ 73,714 4.1
 Earning assets 1,729,744 1,652,093 77,651 4.7
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,137,338 $1,169,192 $(31,854) (2.7)
 Excluding mortgage loans
 held for sale $1,084,329 $1,018,460 $ 65,869 6.5
 Allow. for loan losses $ 22,722 $ 19,799 $ 2,923 14.8
 Securities $ 497,914 $ 372,038 $125,876 33.8
 Deposits $1,572,786 $1,565,249 $ 7,537 0.5
 Other interest bearing
 funds $ 95,365 $ 98,889 $ (3,524) (3.6)
 Shareholders' equity $ 184,099 $ 167,706 $ 16,393 9.8
 1993 Pct. of 1992 Pct. of
 loans outst.(a) loans outst.(a)
 Asset quality:
 Non performing loans:
 Non-accrual loans $22,329 1.90 $29,493 2.45
 Renegotiated loans 257 0.02 189 0.02
 Total non performing
 loans $22,586 1.92 $29,682 2.47
 Other real estate 10,038 0.84 9,167 0.74
 Total non performing
 assets $32,624 2.76 $38,849 3.21
 Loans past due 90 days
 or more $412 0.04 $2,800 0.23
 FTE equals Fully Taxable Equivalent
 (a) Loans, net of unearned income plus ORE, where applicable.
 -0- 4/14/93
 /CONTACT: Peter D. Miller, president and CFO of First National Bancorp, 404-503-2101/
 (FBAC)


CO: First National Bancorp ST: Georgia IN: FIN SU: ERN

RA-BN -- AT005 -- 5758 04/14/93 13:07 EDT
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Date:Apr 14, 1993
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