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INB FINANCIAL CORPORATION COMPLETES MERGER WITH NBD; ANNOUNCES THIRD QUARTER RESULTS

 INB FINANCIAL CORPORATION COMPLETES MERGER WITH NBD;
 ANNOUNCES THIRD QUARTER RESULTS
 INDIANAPOLIS, Oct. 15 /PRNewswire/ -- INB Financial Corporation's (NASDAQ: INBF) merger with NBD Bancorp, Inc. (NYSE: NBD) was completed today. Consistent with previous announcements, INB took merger-related charges which totaled $93,910,000 ($60,069,000 after tax) and resulted in a loss of $45,483,000 or $2.46 per share, for the third quarter. Thomas M. Miller, chairman of INB Financial Corporation, emphasized that core earnings were very strong for the quarter. Excluding merger- related charges, net income would have been $14,586,000 or 78 cents per share, an increase of 29.6 percent over $11,257,000, or 61 cents per share, reported in the third quarter of 1991. Miller also noted that nonperforming assets totaled $92,262,000 on Sept. 30, 1992, a decrease of $27,291,000 from the June 30, 1992 figure. The allowance for credit losses as a percent of nonperforming loans increased to 126.9 percent at the end of the quarter.
 The net loss for the first nine months of 1992 was $16,642,000, or 90 cents per share, compared to net income of $35,687,000, or $1.94 per share, for the comparable period of 1991. Excluding merger-related charges, net income would have been $43,427,000, or $2.34 per share, for the first nine months.
 Net interest income (FTE) increased 6.0 percent or $3.7 million and totaled a record $65.9 million for the 1992 third quarter. Net interest margin was 4.76 percent for third quarter of 1992 compared to 4.48 percent for the 1991 third quarter. For the first nine months of 1992, net interest income (FTE) totaled $195.6 million compared to $183.2 million for the same period of 1991. Net interest margin was 4.76 percent and 4.41 percent for the first nine months of 1992 and 1991, respectively.
 Noninterest income, excluding securities transactions, totaled $28.1 million for the third quarter of 1992 compared to $27.5 million for the same quarter of 1991. Noninterest income, excluding securities transactions, totaled $85.4 million for the first nine months of 1992 compared to $81.9 million for the same period of 1991. There were no investment securities gains in the third quarter of 1992 versus a net gain of $1.1 million for the third quarter of 1991. The investment securities losses were $1,000 for the first nine months of 1992 compared to a net gain of $1.2 million for the same period of 1991.
 Merger-related expense, exclusive of the merger-related provision for credit losses, totaled $52.3 million for the third quarter of 1992. These expenses included $15.4 million of early retirement, severance and other compensation-related costs, $10.6 million for losses on disposal of duplicate facilities, equipment and software, $7.8 million to conform other real estate owned to NBD's valuation and credit policies, $5.5 million for revaluation of intangible assets and $13.0 million for advisory fees and other merger-related costs.
 Noninterest expense, excluding merger-related expense, totaled $58.2 million for the third quarter and $174.5 million for the first nine months of 1992. Noninterest expense for the respective periods of 1991 totaled $58.9 million and $168.0 million.
 The provision for credit losses totaled $52.3 million for the 1992 third quarter, which included a merger-related provision of $41.6 million, while net charge-offs were $44.3 million and included $34.8 million in charge-offs to conform to NBD's valuation and credit policies. The provision for credit losses was $12.9 million for the 1991 third quarter versus net charge-offs of $12.2 million. The provision for credit losses was $74.2 million for the first nine months of 1992 and $37.7 million for the same period of 1991. For the first nine months of 1992 and 1991, respectively, net charge-offs totaled $62.4 million and $29.1 million.
 The allowance for credit losses increased to $97.5 million on Sept. 30, 1992 compared to $89.9 million on June 30, 1992 and $87.1 million on Sept. 30, 1991. As a percent of loans, the allowance for credit losses was 2.27 percent on Sept. 30, 1992, 2.05 percent on June 30, 1992 and 2.03 percent on Sept. 30, 1991. The allowance for credit losses as a percent of nonperforming loans improved to 126.9 percent on Sept. 30, 1992 compared to 114.5 percent of June 30, 1992 and 82.7 percent one year ago.
 Nonperforming assets decreased to $92.3 million on Sept. 30, 1992 versus $119.6 million on June 30, 1992 and $139.4 million on Sept. 30, 1991. Nonperforming assets as a percent of loans and other real estate owned were 2.14 percent on Sept. 30, 1992, 2.72 percent on June 30, 1992 and 3.23 percent on Sept. 30, 1991. On Sept. 30, 1992 nonperforming loans totaled $76.8 million, of which $45.4 million were construction and commercial mortgage loans. On June 30, 1992 nonperforming loans were $78.1 million, of which $46.6 million were construction and commercial mortgage loans. Other real estate owned totaled $15.4 million on Sept. 30, 1992, which included $13.8 million of construction and commercial mortgage properties. On June 30, 1992 other real estate owned totaled $41.4 million, of which $39.8 million resulted from construction and commercial mortgage properties. Accruing loans past due 90 days or more totaled $21.9 million on Sept. 30, 1992 and included $19.2 million of U.S. government-guaranteed student loans. On June 30, 1992 accruing loans past due 90 days or more totaled $19.4 million including U.S. government-guaranteed student loans of $15.6 million.
 Total assets on Sept. 30, 1992 were $6.22 billion compared to $6.56 billion at year-end 1991 and $6.34 billion a year ago.
 Loans totaled $4.29 billion on Sept. 30, 1992 compared to $4.35 billion on Dec. 31, 1991 and $4.28 billion on June 30, 1991.
 Deposits totaled $4.90 billion on June 30, 1992 compared to $5.15 billion at year-end 1991 and $4.94 billion a year ago.
 Shareholders' equity totaled $437.3 million on Sept. 30, 1992 compared to $462.3 million on Dec. 31, 1991 and $454.1 million on June 30, 1991. The corporation's Tier 1 risk-based capital ratio was 8.95 percent on Sept. 30, 1992 and total risk-based capital ratio was 11.15 percent.
 INB Financial Corporation
 Three Months
 Ended September 30
 Financial Highlights 1992 1991
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $65,882 $62,157
 Less tax equivalent adjustment 1,909 2,288
 Net interest income 63,973 59,869
 Provision for credit losses 52,328 (A) 12,865
 Noninterest income
 Trust fees and commissions 6,445 6,168
 Service charges on deposit
 accounts 7,836 7,196
 Credit card fees 5,263 6,396
 Net investment securities
 gains (losses) --- 1,083
 Other 8,598 7,732
 Total noninterest income 28,142 28,575
 Noninterest expense
 Salaries and employee benefits 29,771 28,078
 Occupancy expense, net 4,934 4,951
 Equipment expense 3,300 3,383
 Merger related expense 52,300 ---
 Other 20,236 22,453
 Total noninterest expense 110,541 58,865
 Income (loss) before income
 tax expense (credit) (70,754) 16,714
 Income tax expense (credit) (25,271) 5,457
 Net income (loss) $(45,483) $11,257
 Per Share
 Earnings (loss) $(2.46) $.61
 Cash dividends paid .30 .30
 Ratios
 Performance:
 Return on average assets (2.94) pct. .73 pct.
 Return on average equity (36.78) 9.88
 Net interest margin 4.76 4.48
 Balance Sheet:
 Average equity to average
 assets 7.99 7.36
 Risk-based capital at end of period:
 Tier 1 8.95 9.02
 Total 11.15 10.77
 Allowance for credit losses to
 loans at end of period 2.27 2.03
 Average Balances
 Assets $6,155,774 $6,140,653
 Earning assets 5,524,610 5,536,923
 Loans 4,236,971 4,229,523
 Deposits 4,867,849 4,871,574
 Shareholders' equity 491,909 452,159
 Shares outstanding 18,657,011 18,436,290
 Nine Months
 Ended September 30
 Financial Highlights 1992 1991
 Dollars in thousands,
 except per share
 Income Statement Summary
 Net interest income (FTE) $195,562 $183,248
 Less tax equivalent adjustment 5,777 7,158
 Net interest income 189,785 176,090
 Provision for credit losses 74,192 (A) 37,651
 Noninterest income
 Trust fees and commissions 19,792 19,074
 Service charges on deposit
 accounts 23,777 21,064
 Credit card fees 15,782 18,092
 Net investment securities
 gains (losses) (1) 1,210
 Other 26,015 23,671
 Total noninterest income 85,365 83,111
 Noninterest expense
 Salaries and employee benefits 87,240 82,734
 Occupancy expense, net 14,967 14,441
 Equipment expense 10,166 9,968
 Merger related expense 52,300 ---
 Other 62,105 60,864
 Total noninterest expense 226,778 168,007
 Income (loss) before income
 tax expense (credit) (25,820) 53,543
 Income tax expense (credit) (9,178) 17,856
 Net income (loss) $(16,642) $35,687
 Per Share
 Earnings (loss) $(.90) $1.94
 Cash dividends paid .90 .90
 Ratios
 Performance:
 Return on average assets (.36) pct. .78 pct.
 Return on average equity (4.62) 10.70
 Net interest margin 4.76 4.41
 Balance Sheet:
 Average equity to average
 assets 7.87 7.16
 Risk-based capital at end of period:
 Tier 1 8.95 9.02
 Total 11.15 10.77
 Allowance for credit losses to
 loans at end of period 2.27 2.03
 Average Balances
 Assets $6,123,393 $6,153,362
 Earning assets 5,477,128 5,548,940
 Loans 4,238,877 4,197,496
 Deposits 4,919,690 4,885,245
 Shareholders' equity 481,648 445,748
 Shares outstanding 18,551,195 18,412,122
 On September 30
 Assets $6,219,193 $6,339,665
 Loans 4,287,420 4,281,611
 Allowance for credit losses 97,491 87,091
 Deposits 4,902,442 4,942,098
 Shareholders' equity 437,258 454,079
 Shares outstanding 18,776,663 18,450,104
 (A) Includes $41.6 million in merger related provision.
 -0- 10/15/92
 /CONTACT: Jean M. Smith, Media, 317-266-5271, or Frank A. Shackelford, Investor Relations, 317-266-6824, both of INB Financial Corporation/
 (INBF) CO: INB Financial Corporation ST: Indiana IN: FIN SU: ERN


KK -- CL006 -- 0291 10/15/92 09:59 EDT
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