Printer Friendly

INTEGRA ANNOUNCES 1991 EARNINGS

 INTEGRA ANNOUNCES 1991 EARNINGS
 PITTSBURGH, Jan. 21 /PRNewswire/ -- Integra Financial Corporation


(NASDAQ: ITGR) today announced 1991 net income of $70.2 million or $2.89 per share, versus 1990 net income of $26.1 million or $1.06 per share. For the fourth quarter of 1991, the corporation reported net income of $18.8 million or 77 cents per share, compared to a net loss of $26.3 million or $1.08 per share for the fourth quarter of 1990. The results of the fourth quarter of 1990 were affected by a provision for loan losses of $55.2 million, compared to a $7.1 million provision for the same quarter of 1991.
 Provisions for loan losses totaling $35.2 million were recorded during 1991, compared to $77.6 million for 1990. As of Dec. 31, 1991, the corporation's reserve for possible loan losses was $96.2 million or 2.30 percent of total loans, compared to $102.5 million or 2.43 percent of total loans at Dec. 31, 1990. The reserve's coverage of non- performing loans was 114 percent and 117 percent at Dec. 31, 1991 and 1990, respectively.
 Nonperforming loans at Dec. 31, 1991, were $3.2 million or 4 percent lower than Dec. 31, 1990. Nonperforming assets decreased by $10.7 million or 8 percent compared to year-end 1990. The ratio of nonperforming assets to loans and foreclosed assets was 2.86 percent at Dec. 31, 1991, compared to 3.09 percent at Dec. 31, 1990.
 Commenting on earnings, William F. Roemer, chairman and chief executive officer, said, "We are quite pleased to report strong fourth quarter earnings, which is a continuation of the progressive increase in the quarterly earnings trend that we've shown throughout 1991. Net interest income has improved substantially due to our higher level of earning assets and the downward repricing of the majority of our interest-bearing deposits, consistent with the current declining interest rate environment. Our nonperforming assets declined for the third consecutive quarter. Additionally, earnings for the year reflect one-time charges of over $4 million for realignment and reorganization. In summary, core earnings are on the upswing."
 During the fourth quarter, Integra acquired from the Resolution Trust Corporation (RTC) the insured deposits of ten branch offices of Atlantic Financial Savings, F.A. This amounted to over $350 million in deposits. In early 1992, these offices will be converted into full service Integra bank offices within Integra's Pittsburgh and South banking networks.
 The Landmark Savings Association acquisition, which was announced Oct. 1, 1991, is expected to close in the second quarter of 1992, subject to the approval of Landmark shareholders and various regulatory agencies. "We continue to be very excited about the Landmark acquisition and the combination of that fine organization with our Integra Bank/Pittsburgh. The addition of Landmark's $1.4 billion in assets will greatly enhance our presence in the Pittsburgh market," Roemer remarked.
 Integra currently operates three banks with more than 200 offices throughout 22 counties of western Pennsylvania. The corporation completed the realignment and consolidation of its seven banks into three during 1991, providing service respectively to the northern, southern and metropolitan Pittsburgh regions of western Pennsylvania. "While significant costs were incurred during 1991 in the realignment and formation of three Integra Banks, we believe that future cost savings will outweigh these expenditures due to the operating efficiencies brought about by the realignments and the ability to leverage a common identity throughout our banking network," commented Roemer.
 Integra's total assets at Dec. 31, 1991, were $8.8 billion versus $7.6 billion one year earlier. Deposits totaled $7.2 billion, compared to $6.7 billion one year ago. Loans remained relatively constant between years at approximately $4.2 billion.
 Integra remains a strongly capitalized bank holding company with consolidated shareholders' equity of $556.7 million and core capital and total capital to risk-weighted assert ratios of 10.53 percent and 11.79 percent, respectively. The corporation's leverage ratio was 6.05 percent at Dec. 31, 1991.
 The market value of trust assets under management by the newly formed Integra Trust Company grew from $5.6 billion at Dec. 31, 1990, to $6.8 billion at Dec. 31, 1991. Part of the increase was due to the purchase from Equibank of certain personal and employee-benefit trust accounts comprising $250 million in assets during the fourth quarter of 1991.
 The book value of Integra common stock was $22.94 per share at Dec. 31, 1991, while its market value was $30 per share. The market value of Integra's common stock at Dec. 31, 1991 increased by 88 percent from $16 per share at Dec. 31, 1990.
 The corporation's major affiliates include Integra Bank/North, Integra Bank/Pittsburgh, Integra Bank/South, Integra Trust Company, and Integra Investment Company. Based on assets, Integra is the third largest bank holding company headquartered in Pittsburgh and the fifth largest in Pennsylvania.
 -0- 1/21/92
 /CONTACT: William S. Eiler of Integra, 412-644-8073, or home, 412-921-7620/
 (ITGR) CO: Integra Financial Corporation ST: Pennsylvania IN: FIN SU: ERN


GK-TS -- NY007 -- 1646 01/21/92 09:02 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 21, 1992
Words:851
Previous Article:THE LIPOSOME COMPANY GAINS PATENT FOR LIPOSOMAL PROSTAGLANDIN; TLC C-53 BEING DEVELOPED FOR ARDS, SEPSIS/TRAUMA SYNDROME, AMI AND ANGIOPLASTY
Next Article:EMBREX'S NEW INOVOJECT SYSTEM COMPLETES SECOND PERFORMANCE SERIES
Topics:


Related Articles
EQUIMARK ANNOUNCES THIRD QUARTER AND NINE MONTH 1992 EARNINGS
INTEGRA ANNOUNCES 1992 EARNINGS
INTEGRA TAKES WRITEDOWN ON PITTSBURGH BANKING HEADQUARTERS
INTEGRA ANNOUNCES THIRD QUARTER EARNINGS
INTEGRA ANNOUNCES FIRST QUARTER EARNINGS
INTEGRA ANNOUNCES THIRD QUARTER EARNINGS
INTEGRA ANNOUNCES 1994 EARNINGS
INTEGRA ANNOUNCES FIRST QUARTER EARNINGS
INTEGRA ANNOUNCES THIRD QUARTER EARNINGS
INTEGRA ANNOUNCES FIRST QUARTER EARNINGS

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