INTEGRA ANNOUNCES SECOND QUARTER EARNINGS
INTEGRA ANNOUNCES SECOND QUARTER EARNINGS PITTSBURGH, July 21 /PRNewswire/ -- Integra Financial Corporation
(NASDAQ: ITGR) today announced second quarter 1992 net income of $21.7 million or $.88 per share compared to net income of $17.0 million or $.70 per share for the second quarter 1991.
On a year-to-date basis, 1992 net income was $41.4 million or $1.68 per share compared to earnings for the same period in 1991 of $33.1 million or $1.37 per share. Commenting on earnings, William F. Roemer, chairman and chief executive officer, said, "We are quite pleased to report strong second quarter results which continue the favorable trends of higher net interest income and improved credit quality. Integra's solid performance reflects the improvement in core earnings." On June 30, 1992, Integra completed the acquisition of Landmark Savings Association, a Pennsylvania chartered stock thrift institution. Roemer remarked "Landmark's branch network and mortgage banking operations will complement Integra's existing operations and market presence. This acquisition is expected to have a positive impact on Integra's earnings and will create the opportunity for operating efficiencies throughout the corporation." Integra's total assets at June 30, 1992 were $10.5 billion, including $1.3 billion from the Landmark acquisition. Second quarter earnings do not reflect Landmark's operating results. Integra's net interest income for the second quarter of 1992 increased by 24 percent to $86.4 million from the same quarter a year ago. A higher level of earning assets and downward repricing of interest-bearing deposits in the lower interest rate environment were the primary reasons for the improvement. Deposit service fee income increased while net securities ga ?declined compared to the same quarter last year. Second-quarter 1992 non-interest expense of $68.4 million was higher than second quarter 1991 expense of $63.3 million as a result of higher FDIC premiums, the acquisition of Atlantic Financial branches and expenses relating to the combination of Landmark and Integra. The provision for loan losses was $7.2 million in the second quarter of 1992 and $14.3 million year-to-date compared to $10.1 million and $20.1 million for the second quarter and first six months of 1991. The lower provision for loan losses reflects the continuing trend of improving asset quality. Nonperforming loans have declined, even with the inclusion of Landmark's nonperforming loans at the end of the second quarter, to $78.5 million from $80.3 million at the end of the first quarter. Integra's loan losses reserve at June 30, 1992 was $117.5 million of 2.32 percent of total loans. The reserve provides strong coverage with a ratio of 150 percent of nonperforming loans at June 30, 1992. Nonperforming assets increased slightly with the addition of Landmark's nonperforming assets to $125.5 million at June 30, 1992 compared to $121.0 million at Dec. 31, 1991 and $144.4 million at June 30, 1991. Integra remains well capitalized with consolidated shareholders' equity of $605 million, a core capital to risk weighted assets ration of 9.28 percent and a total capital to risk-weighted assets ration of 12.22 percent. The corporation's leverage capital ratio was 6.14 percent at June 30, 1992. The book value of Integra's common stock was $24.05 per share at June 30, 1992, while the market value was $37.50 per share. The corporation's major affiliates include Integra Bank/North, Integra Bank/Pittsburgh, Integra Bank/South, Integra Trust Company and Integra Investment Company. With the addition of Landmark Savings Association, Integra operates 233 branch offices in 22 counties of western Pennsylvania. The market value of trust assets under management was $6.8 billion at June 30, 1992.
Based on total assets, Integra is the third largest bank holding company headquartered in Pittsburgh and the fifth largest in Pennsylvania.
-0- 7/21/92 /CONTACT: William S. Eiler of Integra, 412-644-8073, or at home, 412-921-7670/ (ITGR) CO: ST: Pennsylvania IN: FIN SU: ERN
ST -- NY012 -- 1121 07/21/92 08:53 EDT
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|Date:||Jul 21, 1992|
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