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FIRST NATIONAL BANCORP REPORTS THIRD QUARTER 1992 RESULTS

 FIRST NATIONAL BANCORP REPORTS THIRD QUARTER 1992 RESULTS
 GAINESVILLE, Ga., Oct. 9 /PRNewswire/ -- First National Bancorp, Gainesville, Ga. (NASDAQ-NMS: FBAC) today announced preliminary third quarter 1992 results.
 Earnings for the quarter totaled $5.9 million or $.60 per share compared to $5.4 million or $.55 per share, an increase of 9.1 percent on a per share basis over last year's comparable quarter. For the nine months ended Sept. 30, earnings were $16.5 million, or $1.71 per share compared to $16.3 million or $1.69 per share for the 1991 period. These figures do not reflect a previously announced three-for-two stock split, payable to shareholders of record Oct. 20.
 Total assets increased 4.6 percent to $1.8 billion at Sept. 30, compared to the previous year. The return on average assets for the quarter and for the first nine months of the year was 1.30 percent and 1.23 percent, respectively, while the quarterly return on average equity was 13.46 percent. The third quarter net interest margin of 4.85 percent was up slightly from the comparable 1991 quarter. The company ended the quarter with a strong capital ratio. Primary capital was 10.78 percent of total adjusted assets at quarter end -- substantially above the industry norm.
 Asset quality continues to be a high priority for the company, and potential loan problems have been aggressively and conservatively recognized and managed for the last 18 to 24 months. As a result, past due loans have declined from a year ago and since June 30 of this year. Nonperforming assets, at $39.0 million on Sept. 30, showed slight improvement from the level reported at the end of the second quarter 1992 and have remained fairly stable for five consecutive quarters. The third quarter provision for loan losses of $2.9 million reflected an increase over the second quarter 1992, primarily as a result of a chargedown on one large, real estate-based credit. The allowance for loan losses at the end of the quarter was 1.92 percent of loans (excluding mortgage loans held for sale), relatively unchanged from the level at June 30, 1992, and Dec. 31, 1991.
 Chairman and CEO Richard McNeece stated that "third quarter performance was in line with the economic environment. While asset growth for the quarter was modest, reflecting a continued softness in the north Georgia economy, there was improvement in the growth of retail loans in certain of the markets served by the company. A continued improvement in the fundamental economic strength of north Georgia will favorably impact asset quality, margins and core balance sheet growth."
 McNeece further stated that management's confidence in improving conditions is reflected in the recently announced three-for-two stock split to shareholders of record Oct. 20, and the increased fourth quarter dividend declaration. For the full year, dividends declared increased 17.1 percent over 1991.
 First National Bancorp is a 12-bank holding company with 35 banking facilities throughout north Georgia. The Citizens Bank of Ball Ground will become the company's 13th affiliate on Oct. 31, pending final regulatory approval. The shareholders of the Citizens' parent holding company approved the merger transaction on Sept. 29.
 FINANCIAL HIGHLIGHTS
 FIRST NATIONAL BANCORP AND SUBSIDIARIES
 (In thousands, except per share data)
 Qtr. ended Sept. 30 1992 1991 Amt. chg. Pct. chg.
 Net income $ 5,872 $ 5,361 $ 511 9.53
 Net interest income $ 19,225 $ 18,024 $ 1,201 6.66
 Net interest income (FTE) $ 20,350 $ 19,108 $ 1,242 6.50
 Non-interest income $ 9,213 $ 7,210 $ 2,003 27.78
 Non-interest expense $ 17,451 $ 15,451 $ 2,000 12.94
 Provision for loan losses $ 2,920 $ 2,365 $ 555 23.47
 Per share data (b):
 Earnings per weighted
 avg. share $ 0.60 $ 0.55 $0.05 9.09
 Divs. declared per share $0.245 $ 0.21 $0.04 16.67
 Book value per share $18.25 $17.02 $1.23 7.23
 Weighted avg. shares
 outstanding 9,651,923 9,642,491
 Shares outstanding at
 quarter end 9,655,991 9,642,491
 Financial ratios:
 Return on average assets 1.30 pct. 1.25 pct.
 Return on avg. shareholders
 equity 13.46 pct. 13.17 pct.
 Net interest margin 4.85 pct. 4.84 pct
 Primary capital to adjusted
 assets 10.78 pct. 10.49 pct.
 Allowance for loan losses to loans, net of unearned income:
 Including mortgage loans
 held for sale 1.74 pct. 1.67 pct.
 Excluding mortgage loans
 held for sale 1.92 pct. 1.80 pct.
 Selected balances as of Sept. 30:
 Total assets $1,800,498 $1,721,167 $ 79,331 4.61
 Earning assets 1,671,646 1,576,585 95,061 6.03
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,150,511 $1,101,099 $ 49,412 4.49
 Excluding mortgage loans
 held for sale $1,042,487 $1,023,058 $ 19,429 1.90
 Allow. for loan losses $ 20,004 $ 18,436 $ 1,568 8.51
 Investment securities $ 394,903 $ 356,978 $ 37,925 10.62
 Deposits $1,531,683 $1,460,706 $ 70,977 4.86
 Other interest bearing
 funds $ 82,159 $ 82,982 $ (823) (0.99)
 Shareholders' equity $ 176,202 $ 164,088 $ 12,114 7.38
 Average balances for the quarter:
 Total assets $1,799,934 $1,699,535 $100,399 5.91
 Earning assets 1,669,389 1,566,149 103,240 6.59
 Loans, net of unearned income:
 Including mortgage loans
 held for sale $1,149,721 $1,106,080 $ 43,641 3.95
 Excluding mortgage loans
 held for sale $1,037,386 $1,017,204 $ 20,182 1.98
 Allow. for loan losses $ 20,323 $ 18,430 $ 1,893 10.27
 Investment securities $ 433,661 $ 361,575 $ 72,086 19.94
 Deposits $1,531,807 $1,449,315 $ 82,492 5.69
 Other interest bearing
 funds $ 81,878 $ 75,166 $ 6,712 8.93
 Shareholders' equity $ 173,574 $ 161,555 $ 12,019 7.44
 9 month period ended Sept. 30
 Net income $ 16,543 $ 16,322 $ 221 1.35
 Earnings per share (b) $ 1.71 $ 1.69 $ 0.02 1.18
 Dividends declared
 per share (b) $ 0.71 $ 0.60 $ 0.11 17.50
 Weighted avg. shares
 outstanding (b) 9,651,923 9,642,491
 Return on avg. assets 1.23 pct. 1.28 pct.
 Return on avg. equity 12.99 pct. 13.86 pct.
 Net interest margin 4.82 pct. 4.81 pct.
 1992 Pct. of 1991 Pct. of
 loans outst.(a) loans outst.(a)
 Asset quality:
 Non performing loans:
 Non-accrual loans $27,595 2.40 $31,647 2.87
 Renegotiated loans 2,787 0.24 276 0.03
 Total non performing
 loans $30,382 2.64 $31,923 2.90
 Other real estate (ORE) 8,620 0.72 6,277 0.57
 Total non performing
 assets $39,002 3.36 $38,200 3.47
 Loans past due 90 days
 or more $ 347 0.03 $ 1,654 0.15
 (a) Loans, net of unearned income plus ORE, where applicable.
 (b) Does not reflect a 3-for-2 stock split, payable to shareholders of record Oct. 20, 1992.
 -0- 10/9/92
 /CONTACT: Peter D. Miller, president and CFO of First National Bancorp, 706-503-2101/
 (FBAC) CO: First National Bancorp ST: Georgia IN: FIN SU: ERN


BR-BN -- AT012 -- 8556 10/09/92 17:34 EDT
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