Printer Friendly

MARK TWAIN'S 1992 EARNINGS UP 37.9 PERCENT TO $27.0 MILLION; CONTINUES RECORD-BREAKING TREND

 ST. LOUIS, Jan. 14 /PRNewswire/ -- Mark Twain Bancshares, Inc. (NASDAQ: MTWN) today reported a 37.94 percent increase in 1992 earnings compared to 1991. For the year, net income totaled $27.003 million, a record high for the 29-year-old company. In the past six years, Mark Twain has increased its earnings at a compounded rate of 20.69 percent.
 Primary earnings per share were $2.97, up 27.47 percent compared to 1991. Fully-diluted earnings per share increased by 26.67 percent to total $2.85.
 Return on average assets was 1.24 percent for the year, compared to 0.92 percent in 1991. Return on common shareholders' equity was 17.23 percent in 1992, compared to 15.05 percent in 1991.
 "Our results for 1992 have broken every previous record level in the company, and have continued the very positive trend of accelerated earnings, which we began in 1987," said John P. Dubinsky, president and chief executive officer of Mark Twain Bancshares, Inc.
 Measures of performance in the fourth quarter of 1992 were higher than any previous quarter in Mark Twain history. Earnings were 21.84 percent higher to total $7.259 million, compared to $5,958 million in the fourth quarter 1991.
 Primary earnings per share grew 19.70 percent to total $0.79, compared to $0.66 in the fourth quarter 1991. Fully-diluted earnings per share were $0.76 for the fourth quarter 1992, up 18.75 percent from $0.64 last year. Return on average assets for the quarter was 1.31 percent, up from 1.10 percent last year. Return on common shareholders' equity was 17.61 percent, up from 16.16 percent last year.
 As a result of its higher levels of performance, the board of directors of Mark Twain Bancshares, Inc. announced on January 8, an 11.6 percent increase in the common stock dividend effective with the first quarter payment.
 Dubinsky indicated that Mark Twain's financial performance resulted from the company's continuing of its trends of strong margins, increasing revenues from the fee groups, continuing low loan losses and moderate increases in overhead expenses resulting in higher efficiency levels.
 Revenues from Mark Twain's fee-based divisions - bond, brokerage, mortgage and trust - grew a collective 30.01 percent in 1992, compared to 1991. Principal areas of revenue growth during the year resulted from the one-and-a-half-year-old bond sales office in Chicago, international bond and currency activity, the mortgage refinancing boom and general cross marketing among all divisions. Individually, revenues in Mark Twain's key fee businesses were up as follows during 1992; bond revenues were up 31.05 percent; brokerage revenues grew by 13.09 percent; mortgage revenues were 57.58 percent higher and trust revenues were up 12.11 percent from last year.
 "Our fee divisions have continued to grow and become increasingly important elements of our complete financial product offerings," Dubinsky said.
 On the banking side, Mark Twain continued to benefit from strong margins during 1992. Mark Twain's net interest margin for the year was 4.60 percent, up substantially from 4.34 percent last year. In the fourth quarter, net interest margin was 4.76 percent, up from 4.42 percent in the fourth quarter 1991.
 "Margins are a key element in our business plan going forward," Dubinsky said.
 Asset quality remained strong for Mark Twain in 1992. Non- performing assets were 1.75 percent of loans plus foreclosed real estate at year-end, compared to 2.00 percent last year. During the past year, Mark Twain has maintained a very conservative approach to its reserve level, which represented 1.65 percent of loans at the end of the year and 155.71 percent of non-performing loans. These levels are at or near their most conservative levels in company history.
 "Although we do not anticipate significant problems in the near- term, we have taken this conservative reserve strategy in light of our outstanding earnings performance," Dubinsky said.
 Net charge-offs for the year were 0.46 percent of average loans, down significantly from 0.71 percent last year. Historically, Mark Twain's charge-offs have been in the 0.25-0.50 percent range.
 Increases in Mark Twain's overhead expenses correlate directly with increased revenues in the fee-based divisions. The company's efficiency ratio for the year, 61.96 percent, was its best annual level in history.
 Mark Twain's balance sheet categories at year-end were virtually constant with year-end 1991. Total assets were $2.213 billion, compared to $2.170 billion in 1991. Loans were $1.441 billion, compared to $1.474 billion. Deposits were $1.891 billion, compared to $1.844 billion in 1991. Total shareholders' equity increased considerably during 1992 to $167.4 million, compared to $148.8 million last year.
 "For 1993, we would expect to increase our balance sheet categories at a higher level than the past two years due both to our expansion of our Kansas City operation into Kansas and opportunities arising from industry consolidation," Dubinsky said.
 Mark Twain Bancshares, Inc. is a 29-year-old bank holding company with 28 banking locations; 18 throughout St. Louis, St. Louis County and St. Charles County; as well as five locations in Kansas City, Mo., including a proposed acquisition of two locations in the metro Kansas City are of Johnson County; and five in Belleville and Edwardsville, Ill. Mark Twain also operates 43 brokerage locations in six states. Related financial services include: Mark Twain Bond Department; Mark Twain Brokerage Services, Inc.; Mark Twain Commercial Finance Division; Mark Twain International; Mark Twain Leasing Co.; Mark Twain Mortgage Co.; and Mark Twain Trust Division. Mark Twain stock is traded over the counter under the NASDAQ symbol MTWN.
 MARK TWAIN BANCSHARES, INC.
 AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET
 (in thousands)
 December 31, December 31,
 1992 1991
 Assets
 Cash and due from banks $ 105,464 $ 102,361
 Interest bearing deposits with
 banks 598 575
 Federal funds sold and securities
 purchased under resale agreements 29,400 7,900
 Investment securities 458,834 446,118
 Mortgage loans held for resale 72,030 47,475
 Loans, net of allowance for loan
 losses of $23,794, and $22,412,
 respectively 1,416,951 1,451,262
 Premises and equipment 27,180 26,773
 Accrued income receivable 13,400 16,946
 Other assets 89,272 70,999
 Total Assets $2,213,129 $2,170,409
 Liabilities
 Non-interest bearing deposits $ 345,507 $ 282,364
 Interest bearing deposits 1,545,858 1,561,990
 Total Deposits 1,891,365 1,844,354
 Short-term borrowings 94,408 120,008
 Other liabilities 33,692 29,883
 Long-term debt 26,272 27,369
 Total Liabilities 2,045,737 2,021,614
 Shareholder's Equity
 Common stock, $1.25 par value,
 authorized 14,000,000 shares,
 issued 9,417,176 and 9,405,265,
 respectively 11,772 11,757
 Surplus 49,591 49,303
 Undivided profits 109,380 91,536
 170,743 152,596
 Less common treasury stock at
 cost, 419,869 and 449,062 shares,
 respectively 3,351 3,801
 Total Shareholders' Equity 167,392 148,795
 Total Liabilities and
 Shareholder's Equity $2,213,129 $2,170,409
 MARK TWAIN BANCSHARES, INC. AND SUBSIDIARIES
 CONDENSED CONSOLIDATED STATEMENT OF INCOME
 (in thousands of $ except for per share data)
 For the Year For the Three Months
 Ended December 31, Ended December 31,
 1992 1991 1992 1991
 Interest From Earnings Assets
 Interest and fees on loans $122,496 $149,561 $28,949 $35,339
 Interest on mortgage loans held
 for resale 5,741 3,748 1,436 906
 Interest on investment securities
 Taxable 34,720 33,814 9,129 8,459
 Non-Taxable 460 570 107 128
 Interest on deposits with banks 23 217 6 7
 Interest on federal funds sold and
 securities purchased under resale
 agreements 882 1,279 289 570
 Total Interest Income 164,322 189,189 39,916 45,409
 Interest Expense
 Interest on deposits 67,051 97,284 14,687 22,245
 Interest on short-term
 borrowings 4,643 6,392 949 1,249
 Interest on long-term debt 2,037 2,285 503 527
 Total Interest Expense 73,731 105,961 16,139 24,021
 Net interest income 90,591 83,228 23,777 21,388
 Provision for loan losses 8,150 14,117 1,830 3,543
 Net Interest Income After Provision
 for Loan Losses 82,441 69,111 21,947 17,845
 Other Income
 Service charges on deposit
 accounts 7,558 5,881 1,943 1,882
 Securities gains 1,251 1,296 0 125
 Other 28,684 23,396 7,991 7,209
 Total Other Income 37,493 30,573 9,934 9,216
 Other Expenses
 Salaries 35,098 32,093 9,881 8,367
 Employee benefits 5,675 5,390 1,333 1,334
 Net occupancy expense 7,396 7,052 1,823 1,748
 Furniture and equipment
 expense 3,590 3,716 951 932
 Other 27,724 23,576 7,487 6,384
 Total Other Expenses 79,483 71,827 21,475 18,765
 Income Before Income Taxes 40,451 27,857 10,406 8,296
 Applicable income taxes 13,448 8,281 3,147 2,338
 Net Income $27,003 $19,576 $ 7,259 $ 5,958
 Net Income Per Share:
 Primary $ 2.97 $ 2.33 $ .79 $ .66
 Fully Diluted $ 2.85 $ 2.25 $ .76 $ .64
 Common Dividends Paid
 Per Share $ 1.02 $ .92 $ .26 $ .24
 -0- 1/14/93
 /CONTACT: Keith Miller, 314-889-0799, for Mark Twain Bancshares/
 (MTWN)


CO: Mark Twain Bancshares, Inc. ST: Missouri IN: FIN SU: ERN

LR -- NY061 -- 4977 01/14/93 15:02 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 14, 1993
Words:1581
Previous Article:ARMSTRONG PHARMACEUTICALS INC. AND MEDEVA PLC COMPLETE MERGER
Next Article:LIZ CLAIBORNE, INC. ANNOUNCES CASH DIVIDEND
Topics:


Related Articles
MARK TWAIN BANCSHARES ANNOUNCES FOURTH QUARTER DIVIDEND
MARK TWAIN BANCSHARES RECORD THIRD QUARTER EARNINGS UP 38 PERCENT; YEAR-TO-DATE UP 45 PERCENT
B.A.T INDUSTRIES REPORTS INCREASED PROFITS TO END OF SEPTEMBER
THE EQUITABLE REPORTS STRONG IMPROVEMENT IN RESULTS FROM CONTINUING OPERATIONS FOR 1992 THIRD QUARTER
BANC ONE CORPORATION REPORTS RECORD 1992 EARNINGS
MARK TWAIN BANCSHARES ANNOUNCES SECOND QUARTER DIVIDEND
MERRILL LYNCH $250 MILLION NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
MERRILL LYNCH $25 MIL. CURRENCY PROT. NOTES RATED 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --
THE EQUITABLE REPORTS $100M IMPROVEMENT FOR THE 1993 SECOND QUARTER; PRE-TAX PROFITS ROSE TO $72.0 MILLION
Mark Twain's First Quarter Earnings Increase 17.1 Percent to $14.7 Million, Setting 24th Consecutive Quarterly Record

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters