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FIRST NATIONAL BANCORP REPORTS RECORD FOURTH QUARTER AND FULL YEAR 1993 RESULTS

 GAINESVILLE, Ga., Jan. 14 /PRNewswire/ -- First National Bancorp, Gainesville, Georgia, (NASDAQ-NMS: FBAC) today announced preliminary fourth quarter results. Earnings for the quarter totaled a record $7.711 million or $.50 per share up 35.7% over the $5.684 million or $.37 per share for the fourth quarter 1992.
 For 1993, the company reported record earnings of $25.922 million or $1.69 per share compared to $22.830 million or $1.51 per share in 1992, an increase of 13.5%.
 Period-end assets increased 5.4% to a record $2.088 billion at December, 1993, compared to the previous year. The return on average assets for the quarter and full year was 1.48% and 1.28%, respectively, while the net interest margin of 4.80% was up from the 4.75% reported for 1992. The company ended the quarter with a strong primary capital to adjusted assets ratio of 10.68%, substantially above the industry norm.
 Compared to September 30, 1993, non performing loans fell $2.2 million to $20.9 million, equaling 1.64% of loans. The reserve coverage strengthened to 100.95% of non performing loans. Non performing assets dropped $3.1 million to 2.50% of loans plus other real estate. Net charge offs of $2.3 million or .70% of loans was higher than previous quarter, however, continued progress in problem loan remediation allowed for a fourth quarter provision of $324 thousand, which left the allowance for loan losses as a percent of loans at a strong 1.75%.
 Richard A. McNeece, chairman and CEO, stated that "record fourth quarter operating performance reflected continued improvement in the company's asset quality profile, good overhead control, modest balance sheet growth and strong performance by the company's mortgage lending division."
 McNeece further pointed out that the fourth quarter improvement provided for a solid foundation going into 1994, although it would be unrealistic to anticipate first quarter 1994 results to match fourth quarter 1993 performance.
 First National Bancorp is a 15-bank holding company with 43 banking facilities throughout North Georgia. In October, the company entered into the Definitive Agreement with Metro Bancorp, Inc., the parent company of the $137 million Commercial Bank of Douglasville. Commercial Bank will become the company's 16th affiliate pending shareholder and regulatory approval. The transaction, to be accounted for as a "purchase transaction," is anticipated to close February 28, 1994.
 All previously reported data has been restated for the mergers with Villa Rica Bancorp, Inc. and the Community Bank of Carrollton, both of which were accounted for as poolings-of-interests.
 FINANCIAL HIGHLIGHTS
 FIRST NATIONAL BANCORP AND SUBSIDIARIES(b)
 (In thousands, except per share data)
 Qtr. ended Dec. 31 1993 1992 Change Percent
 Net income $ 7,711 $ 5,684 $ 2,027 35.7%
 Net interest income 21,664 20,614 1,049 5.1
 Net interest income (FTE) 22,825 21,796 1,029 4.7
 Non-interest income 9,597 7,402 2,195 29.7
 Non-interest expense 21,058 17,665 3,393 19.2
 Provision for loan losses 324 2,790 (2,466) (88.4)
 Per share data
 Net income $ .50 $ .37 $ .13 35.1%
 Dividends declared .18 .17 .01 5.9
 Book value 13.69 12.43 1.25 10.1
 Tangible book value 12.58 11.38 1.21 10.6
 Weighted avg. shares
 outstanding 15,432,529 15,194,135
 Shares outstanding at
 quarter end 15,532,855 15,292,839
 Financial ratios:
 Return on average assets 1.48% 1.17%
 Return on average
 shareholders' equity 15.23 12.45
 Net interest margin 4.72 4.82
 Primary capital to adjusted assets:
 Including intangibles 10.68 10.44
 Excluding intangibles 10.33 10.03
 Allowance for loan losses to loans, net of unearned income:
 Including mortgage loans
 held for sale 1.61 1.94
 Excluding mortgage loans
 held for sale 1.75 2.07
 Selected Balances as of Dec. 31
 Total assets $2,087,530 $1,980,770 $106,761 5.4%
 Earning assets 1,909,892 1,830,030 79,862 4.4
 Loans, net of unearned income:
 Including mortgage loans
 held for sale 1,269,747 1,217,694 52,053 4.3
 Excluding mortgage loans
 held for sale 1,204,386 1,139,491 64,895 5.7
 Allow. for loan losses 21,073 23,589 (2,516) (10.7)
 Securities 536,116 492,958 43,158 8.8
 Deposits 1,716,191 1,679,696 36,495 2.2
 Other interest bearing
 funds 134,763 98,538 36,224 36.8
 Shareholders' equity 212,603 190,140 22,463 11.8
 Average balances for quarter
 Total assets $2,067,920 $1,932,377 $135,543 7.0%
 Earning assets 1,918,504 1,797,833 120,670 6.7
 Loans, net of unearned income:
 Including mortgage loans
 held for sale 1,312,030 1,216,953 95,076 7.8
 Excluding mortgage loans
 held for sale 1,196,244 1,124,129 72,115 6.4
 Allow. for loan losses 22,501 22,434 68 0.3
 Securities 531,126 483,799 47,328 9.8
 Deposits 1,701,447 1,649,141 52,307 3.2
 Other interest bearing
 funds 146,619 87,710 58,910 67.2
 Shareholders' equity 200,838 181,624 19,214 10.6
 Year ended Dec. 31
 Net income $ 25,922 $ 22,830 $ 3,092 13.5%

 Earnings per share 1.69 1.51 .18 11.9
 Dividends declared
 per share .7050 .6400 .0650 10.2
 Weighted avg. shares
 outstanding 15,361,244 15,158,805
 Return on avg. assets 1.28% 1.20%
 Return on avg. equity 13.36 13.29
 Net interest margin 4.80 4.75
 1993 Pct. of 1992 Pct. of
 loans outst.(a) loans outst.(a)
 Asset quality
 Nonperforming loans:
 Non-accrual loans $20,509 1.61% $23,316 1.91%
 Renegotiated loans 364 0.03 2,645 0.22
 Total nonperforming
 loans 20,873 1.64 25,961 2.13
 Other real estate 9,532 0.74 11,655 0.93
 Total nonperforming
 assets $30,405 2.38% $37,616 3.06%
 Loans past due 90 days
 or more $224 0.02% $ 669 0.05%
 FTE - Fully Taxable Equivalent
 (a) Loans, net of unearned income plus ORE, where applicable.
 (b) All previously reported figures have been restated for two mergers accounted for as poolings-of-interests.
 -0- 1/14/94
 /CONTACT: Corporate: Peter D. Miller, president and CFO, 404-503-2101, or Media: Ronda S. Rich, Corporate Communications, 404-503-2306, both of First National Bancorp/
 (FBAC)


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

JS-BR -- AT006 -- 2094 01/14/94 14:42 EST
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