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INTEGRA ANNOUNCES THIRD QUARTER EARNINGS

 PITTSBURGH, Oct. 19 /PRNewswire/ -- Integra Financial Corporation (NYSE: ITG) today announced third quarter 1993 net income of $37.2 million or $1.10 per common share compared to net income of $42.2 million or $1.26 per common share for the third quarter of 1992.
 Excluding a one-time charge of $14.0 million ($9.1 million after tax) to write down the value of Integra's headquarters complex in downtown Pittsburgh, third quarter 1993 net income totaled $46.3 million or $1.36 per common share.
 For the first nine months of 1993, net income was $175.5 million or $5.18 per common share, including $60.0 million of income relating to the cumulative effects of adopting two Financial Accounting Standards Board Statements during the first quarter. Excluding this non-recurring item, earnings totaled $115.5 million or $3.40 per common share for the first nine months of 1993 compared to $90.9 million or $2.81 per common share for the same period of 1992.
 Commenting on third quarter 1993 earnings, William F. Roemer, chairman and chief executive officer, said, "The efficiencies gained from the merger with Equimark and the continued improvement in our asset quality were key contributors to Integra's strong core earnings."
 During the third quarter of 1993, Integra recorded a one-time charge totaling $14.0 million to reflect a writedown of the carrying value of its 75-year-old headquarters complex located in downtown Pittsburgh. Integra is continuing to develop a comprehensive facilities plan in light of the increased size of the organization and the need for a more efficient work environment. Also included in net income for the third quarter of 1993 was a $2.3 million net tax benefit relating to the recently enacted tax law.
 Integra's third quarter 1993 net interest income (FTE) was $138.8 million, a slight increase from a year ago. The improvement was due to the downward trend of funding costs, which more than offset the repricing of loans and securities in a lower interest rate environment. The net interest margin increased to 4.36 percent for the third quarter of 1993 from 4.28 percent for the third quarter of 1992.
 The provision for loan losses totaled $12.0 million during the third quarter of 1993 compared to $21.5 million for the same period of 1992. The decline in the provision reflects the trend of improving credit quality. Nonperforming assets at Sept. 30, 1993, were $189.8 million, a decline from $201.6 million at June 30, 1993, and $250.1 million at Sept. 30, 1992. Integra's loan loss reserve at Sept. 30, 1993, was $240.2 million or 3.40 percent of total loans compared to 2.93 percent at Sept. 30, 1992. The reserve represents 127 percent of nonperforming assets and 189 percent of nonperforming loans at Sept. 30, 1993, compared to 84 percent of nonperforming assets and 124 percent of nonperforming loans a year ago.
 Net securities gains totaled $9.8 million for the three months ended Sept. 30, 1993, compared to $16.6 million for the same period in 1992. The 1993 gains resulted from sales of securities in the normal course of portfolio management.
 Other income for the third quarter of 1993 decreased to $27.1 million from $30.8 million for the third quarter of 1992, which included a $5.4 million gain on the sale of an investment in a company that operated as a regional processor of automated teller machine transactions.
 Other expense increased to $110.3 million for the third quarter of 1993 from $101.7 million for the same quarter of 1992 due to the $14.0 million one-time provision relating to Integra's headquarters facilities. Excluding this provision, expenses declined during the third quarter of 1993 compared to a year ago due to continued reductions from consolidation activities related to the Equimark merger and reduced foreclosed asset expense.
 The corporation is well capitalized with consolidated shareholders' equity of $866.2 million, a core capital to risk-weighted assets ratio of 10.46 percent and a total capital to risk-weighted assets ratio of 14.18 percent. Integra's leverage capital and tangible leverage capital ratios were 6.34 percent and 6.14 percent, respectively, at Sept. 30, 1993. The book value of Integra's common stock was $25.81 per share at Sept. 30, 1993, while the market value was $48.00 per share.
 Integra, with assets of $14.3 billion as of Sept. 30, 1993, is the third largest bank holding company in western Pennsylvania and the fifth largest in Pennsylvania. Integra operates three banks, Integra Bank/North, Integra Bank/South and Integra Bank/Pittsburgh, with more than 250 offices throughout 22 counties in western Pennsylvania. Other major affiliates include Integra Investment Company with unrealized appreciation in its marketable equities portfolio of $112.7 million, Integra Mortgage Company with a $2.7 billion portfolio of loans serviced for others and Integra Trust Company with trust assets at a market value of $8.1 billion on Sept. 30, 1993.
 /delval/
 -0- 10/19/93
 /CONTACT: William S. Eiler, public relations manager of Integra, 412-644-8073, or home at 412-921-7620/
 (ITG)


CO: Integra Financial Corporation ST: Pennsylvania IN: FIN SU: ERN

PT-CD -- PG005 -- 3734 10/19/93 08:07 EDT
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Publication:PR Newswire
Date:Oct 19, 1993
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