Printer Friendly

FIRST NATIONAL BANCORP REPORTS YEAR END AND FOURTH QUARTER RESULTS

 FIRST NATIONAL BANCORP REPORTS YEAR END AND FOURTH QUARTER RESULTS
 GAINESVILLE, Ga., Jan. 10 /PRNewswire/ -- First National Bancorp (NASDAQ: FBAC), Gainesville, Ga., is reporting its second best earnings year in the company's history, with increased earnings per share over 1990 and a record assets level.
 First National Bancorp President and CEO Richard A. McNeece said preliminary operating results for 1991 of $19,669,000, or $2.20 per share, compared to $18,216,000, or $2.04 per share in 1990, an increase in per share earnings of 7.84 percent. Year-end total assets reached a record $1.632 billion, up a moderate 2.48 percent over Dec. 31, 1990. The company's capital position remains strong with a Dec. 31, 1991, capital/asset ratio of 9.64 percent, well above the norm for bank holding companies. This capital ratio is further strengthened by the Dec. 31, 1991, allowance for loan losses/loan ratio (excluding mortgage loans held for sale) of 1.87 percent, up from the Dec. 31, 1990, level of 1.79 percent.
 The return on average assets for the year was 1.24 percent, up from the 1.18 percent reported last year and compares very favorably with Bancorp's peer group and the nation. The net interest margin, the major source of Bancorp's profitability, was 4.83 percent compared to 4.77 percent reported in 1990 and remains strong despite slightly higher average outstandings in non-performing loans. The 1991 return on average equity of 13.05 percent compares to 12.99 percent reported in 1990.
 The company's year-end non-performing loan-to-outstanding loan ratio of 2.75 percent improved from the 3.01 percent reported on Sept. 30, 1991.
 Commenting on 1991, McNeece stated that he was pleased that the company was able to report good results, despite the continued softness in the north Georgia economy. "Our highest priority is asset quality, and the most recent stabilization in non-performing loans is particularly encouraging," added McNeece. "Bancorp management anticipates a stable to improving trend as the economy continues to stabilize and experiences some improvement in economic activity."
 Fourth quarter earnings of $4,157,000 or 46 cents per share compares to $1,476,000, or 17 cents in 1990, an increase in per share earnings of 170.59 percent. The strong earnings comparison was materially impacted by the $6,250,000 extra loan loss provision taken during the fourth quarter 1990.
 The loan loss provision of $2,814,000 for fourth quarter 1991, was up $674,000 over third quarter 1991 as management decided to further strengthen the allowance position. The net interest margin of 4.77 percent dropped slightly from the third quarter 1991, but compared favorably to the 4.74 percent fourth quarter 1990 level.
 First National Bancorp is a Gainesville-based holding company with 11 affiliate banks in north Georgia. The previously announced pending merger with the First National Bank of Paulding County is progressing smoothly and is awaiting shareholder approval on Jan. 28, 1992. The merger should be completed shortly thereafter. First National Bank of Paulding County is the dominant bank in the community and has total assets of $125 million.
 FINANCIAL HIGHLIGHTS
 FIRST NATIONAL BANCORP AND SUBSIDIARIES
 (In thousands, except per share data)
 Quarters ended 12/31 1991 1990 Change Percent
 Net income $ 4,157 $ 1,476 $ 2,681 181.66
 Net interest income $ 16,325 $ 15,957 $ 368 2.30
 Net interest income (FTE) $ 17,454 $ 17,128 $ 326 1.91
 Non interest income $ 6,300 $ 5,361 $ 939 17.51
 Non interest expense $ 14,434 $ 11,885 $ 2,548 21.44
 Loan loss provision $ 2,814 $ 8,325 $ (5,511) (66.20)
 Per share data:
 Earnings per weighted
 avg. share $ .46 $ .17 $ .29 170.59
 Dividend declared per share $ .22 $ .18 $ .04 22.22
 Book value per share $17.64 $16.25 $1.39 8.52
 Weighted avg. shares
 outstanding (a) 8,945,116 8,918,091
 Shares outstanding at
 quarter end 8,918,091 8,918,091
 Financial ratios:
 Return on average assets 1.04 pct. 0.37 pct.
 Return on avg. equity 10.54 pct. 4.03 pct.
 Net interest margin 4.77 pct. 4.74 pct
 Primary capital/assets 10.61 pct. 10.05 pct.
 Loan loss reserve/loans
 Including mortgage loans
 held for sale 1.68 pct. 1.68 pct.
 Excluding mortgage loans
 held for sale 1.87 pct. 1.79 pct.
 Selected Balances as of Dec. 31:
 Total assets $1,632,465 $1,592,974 $ 39,491 2.48
 Loans, net of unearned
 Total $1,059,153 $1,003,226 $ 55,927 5.57
 Excluding mortgage loans
 held for sale $ 950,439 $ 941,069 $ 9,370 1.00
 Allow. for loan losses $ (17,767)$ (16,876) $ (890) 5.28
 Investment securities $ 332,860 $ 363,173 $(30,313) (8.35)
 Deposits $1,361,451 $1,363,957 $ (2,507) (0.18)
 Other interest bearing
 funds $ 104,747 $ 75,125 $ 29,622 39.43
 Shareholders' equity $ 157,296 $ 144,940 $ 12,356 8.52
 Average balances for quarter:
 Total assets $1,591,857 $1,569,145 $ 22,712 1.45
 Loans, net of unearned $1,039,043 $ 984,544 54,499 5.54
 Deposits $1,342,665 $1,342,497 $ 168 0.01
 Other interest bearing
 funds $ 80,068 $ 66,750 $ 13,318 19.95
 Shareholders' equity $ 156,437 $ 145,369 $ 11,068 7.61
 For the 12 month period ended 12/31
 Net income $ 19,669 $ 18,216 $ 1,453 7.98
 Earnings per share $ 2.20 $ 2.04 $ 0.16 7.84
 Dividends declared
 per share $ .82 $ .69 $ 0.13 18.84
 Weighted avg. shares
 outstanding (a) 8,945,116 8,921,175
 Return on avg. assets 1.24 pct. 1.18 pct.
 Return on avg. equity 13.05 pct. 12.99 pct.
 Net interest margin 4.83 pct. 4.77 pct.
 1991 Pct. of loans 1990 Pct. of loans
 outstanding(b) outstanding(b)
 Asset quality:
 Non performing loans
 Non accrual loans $28,942 2.73 $14,506 1.45
 Renegotiated loans 217 0.02 194 0.02
 Total nonperforming
 loans $29,159 2.75 $14,700 1.47
 Other real estate 7,876 0.72 2,637 0.25
 Total nonperforming
 assets $37,035 3.47 $17,337 1.72
 Loans past due 90 days
 or more $ 1,108 0.10 $ 2,838 0.28
 (a) Primary weighted average shares and share equivalents outstanding.
 (b) Loans, net of unearned income plus ORE, where applicable.
 -0- 1/10/92
 /CONTACT: Peter D. Miller, executive vice president of First National Bancorp, 404-535-5566/
 (FBAC) CO: First National Bancorp ST: Georgia IN: FIN SU: ERN


BR-BN -- AT008 -- 8701 01/10/92 15:01 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 10, 1992
Words:1111
Previous Article:PENTAIR INCREASES QUARTERLY COMMON STOCK CASH DIVIDEND
Next Article:NORTH PHILADELPHIA HEALTH SYSTEM ANNOUNCES NEW EMERGENCY SERVICES PROVIDER
Topics:


Related Articles
EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK, REPORTS PROFITABLE 1991
CITIZENS FIRST BANCORP REPORTS PROFITABLE YEAR FOR 1991
UNITED NATIONAL BANCORP REPORTS EARNINGS
EXECUFIRST BANCORP, PARENT OF FIRST EXECUTIVE BANK, REPORTS AUDITED YEAR-END RESULTS
WESTPORT BANCORP NARROWS LOSS IN FIRST QUARTER
FIRST NATIONAL BANCORP FOURTH QUARTER EARNINGS INCREASE 42.8 PERCENT
UNITED NATIONAL BANCORP REPORTS EARNINGS
FIRST NATIONAL BANCORP REPORTS RECORD FOURTH QUARTER AND FULL YEAR 1993 RESULTS
ZIONS BANCORPORATION REPORTS RECORD INCOME
First Maryland Bancorp Reports Record Earnings With 14% Growth Over 1996; Tangible Net Income Up 28%

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters