Printer Friendly

MARK TWAIN REPORTS 19.5 PERCENT INCREASE IN THIRD QUARTER NET INCOME REPRESENTING TENTH CONSECUTIVE RECORD QUARTER

 ST. LOUIS, Oct. 12 /PRNewswire/ -- Mark Twain Bancshares, Inc. (NASDAQ: MTWN) today reported net income of $8.372 million for the third quarter of 1993, an increase of 19.5 percent over third quarter 1992 earnings of $7.004 million. Third quarter earnings represented the 10th consecutive quarter of record earnings levels. Primary earnings per share were $.57 in the third quarter of 1993 compared to $.51 in the third quarter of 1992. Fully diluted earnings per share were $.56, up 14.3 percent over the $.49 earned in the third quarter of 1992.
 Net income for the nine months of 1993 was $24.385 million, up 23.5 percent from $19.744 for the same period in 1992. Primary and fully diluted earnings per share were $1.69 and $1.64, respectively for the nine months of 1993 representing increases of 16.6 percent and 18.0 percent compared to the nine months of 1992.
 Return on average assets was 1.43 percent for the quarter and nine months of 1993 compared to 1.26 percent for the third quarter of 1992 and 1.21 percent for the nine months of 1992. Return on shareholders' equity was 17.6 percent for the third quarter and 18.0 percent for the nine months of 1993 compared to 17.6 percent in the third quarter of 1992 and 17.1 percent for the nine months of 1992.
 "We are very pleased with 1993 results and continuing achievement of record quarterly earnings," said John Dubinsky, president and chief executive officer. "We are encouraged that the growth in earning assets, primarily loans, will continue into the fourth quarter and into 1994. We believe this is an indicator of continuing improvement in the St. Louis and Kansas City economies."
 Total loans were up 8.2 percent at Sept. 30, 1993, reaching $1.574 billion compared to $1.455 billion at Sept. 30, 1992. Total assets were $2.388 billion at Sept. 30, 1993, up 8.6 percent compared to $2.199 billion at Sept. 30, 1992. Total deposits were $1.989 billion, up 6.0 percent compared to $1.877 billion a year ago.
 Average earning assets were $2.142 billion for the third quarter of 1993, up 5.3 percent from $2.033 billion in the third quarter of 1992. Average loans were up 4.9 percent in the third quarter of 1993, at $1.532 billion compared to $1.461 billion in the third quarter of 1992. Average deposits for the third quarter of 1993 were $1.970 billion, up 4.0 percent compared to $1.894 billion in the third quarter of 1992.
 Net interest income was $26.091 million in the third quarter of 1993, up 12.2 percent from $23.264 in the third quarter of 1992. For the nine months, net interest income was $77.015 million compared to $67.899 million last year, an increase of 13.4 percent. Net interest margin was 4.89 percent in the third quarter of 1993 compared to 4.61 percent in the third quarter of 1992. For the nine months of 1993, net interest margin was 4.95 percent compared to 4.57 percent in 1992. The third quarter of 1993 net interest margin of 4.89 percent compares to the second quarter of 1993 net interest margin of 4.99 percent. The primary factor in the margin decline was the prepayment of certain CMO bonds in the subsidiary banks' investment portfolio.
 Asset quality continued to improve with non-performing assets representing 1.41 percent of loans plus other real estate owned, down from 1.55 percent in the second quarter of 1993 and 1.92 percent in the first quarter. Loan loss reserve coverage of non-performing loans again exceeded 200 percent, totaling 228.93 percent at Sept. 30, 1993, compared to 232.29 percent at June 30, 1993. Net charge-offs for the quarter were very low at .04 percent or .16 percent annualized. For the nine months of 1993, net charge-offs were .29 percent or .39 percent annualized. As a result of these measures, the provision for loan losses was $949,000 in the quarter compared to $1.453 million in the similar quarter a year ago.
 Revenues from Mark Twain's fee businesses -- bond, brokerage, trust, and mortgage -- continued to grow substantially. Revenues were up 24.1 percent in the third quarter of 1993 totaling $7.669 million compared to $6.182 million in 1992 and up 16.1 percent to $21.306 million for the comparable nine month period.
 Shareholders' equity at Sept. 30, 1993, was $193.972 million, an increase of 19.5 percent from Sept. 30, 1992. The equity to asset ratio was 8.13 percent for the quarter compared to 7.19 percent a year ago. This increase is the result of both strong earnings and conversion of the company's 7 percent convertible subordinated notes.
 In commenting on the quarter performance, John Dubinsky, president, stated, "We had an extraordinarily strong quarter. Our record level of performance was achieved in spite of additional write-downs of about $700,000 in the value of our mortgage servicing portfolio which has been negatively affected by the rapid reduction in long-term mortgage rates. Interest rates are stabilizing and our true net interest margin continues very strong. Our loan outstandings are showing increasing volumes. We expect to end 1993 on a very high note with a very strong fourth quarter. We are very optimistic."
 Mark Twain Bancshares, Inc. is a 30-year-old bank holding company with 30 banking locations in three states: 22 in the St. Louis metropolitan area (including four in Illinois) and eight in the Kansas City metropolitan area (including three in Kansas). Mark Twain also operates 30 brokerage locations in four states. Related financial services include: Mark Twain Capital Markets Group; Mark Twain Brokerage Services, Inc.; Mark Twain Public Finance Division; Mark Twain Commercial Finance Division; Mark Twain International Division; Mark Twain Leasing Division; Mark Twain Mortgage Division; and Mark Twain Trust Division.
 MARK TWAIN BANCSHARES, INC. AND SUBSIDIARIES
 Condensed Consolidated Statement of Condition
 (In thousands of dollars)
 Sept. 30, Sept. 30, Dec. 31,
 1993 1992 1992
 Assets
 Cash and due from banks $108,017 $82,612 $105,464
 Interest bearing deposits with
 banks -- 588 598
 Federal funds sold and securities
 purchased under resale
 agreements 9,553 40,900 29,400
 Trading account securities 39,185 15,762 23,014
 Debt securities available for
 sale 133,747 -- --
 Mortgage loans held for resale 75,917 70,866 72,030
 Investment securities 369,439 453,683 458,834
 Loans, net of allowance for loan
 losses of $25,201, $24,136 and
 $23,794, respectively 1,549,102 1,430,551 1,416,951
 Premises and equipment 27,301 27,280 27,180
 Accrued income receivable 13,472 13,691 13,400
 Other assets 62,386 62,615 66,258
 Total Assets $2,388,119 $2,198,548 $2,213,129
 Liabilities
 Non-interest bearing
 deposits $384,710 $292,549 $345,507
 Interest bearing deposits 1,604,559 1,584,083 1,545,858
 Total deposits 1,989,269 1,876,632 1,891,365
 Short-term borrowings 151,724 93,109 94,408
 Other liabilities 30,474 40,192 33,692
 Long-term debt 22,680 26,278 26,272
 Total liabilities 2,194,147 2,036,211 2,045,737
 Shareholders' Equity
 Common stock, $1.25 par value,
 authorized 30,000,000 shares,
 issued 15,070,188, 14,125,764
 & 14,125,764 shares,
 respectively 18,838 17,658 17,657
 Surplus 49,868 43,656 43,706
 Undivided profits 127,362 104,458 109,380
 Total 196,068 165,772 170,743
 Less common treasury stock at
 cost, 502,304, 638,145 and
 629,803 shares, respectively 2,096 3,435 3,351
 Total Shareholders' Equity 193,972 162,337 167,392
 Total Liabilities and
 Shareholders' Equity $2,388,119 $2,198,548 $2,213,129
 Condensed Consolidated Statement of Income
 (In thousands of dollars, except for per-share data)
 Nine Months Three Months
 Ended Sept. 30 Ended Sept. 30
 1993 1992 1993 1990
 Interest From Earnings Assets
 Interest and fees on loans $88,658 $93,547 $30,024 $30,092
 Interest on investment securities
 Taxable 25,025 25,591 6,787 8,690
 Non-Taxable 244 353 75 112
 Interest on trading account
 securities 2,041 1,085 739 309
 Interest on debt securities
 available for sale 1,484 -- 1,484 --
 Interest on mortgage loans
 held for resale 3,987 4,305 1,525 1,211
 Interest on deposits with banks 8 17 -- 5
 Interest on federal funds sold
 and securities purchased under
 resale agreements 344 593 151 441
 Total Interest Income 121,791 125,491 40,785 40,860
 Interest Expense
 Interest on deposits 40,110 52,364 13,412 16,217
 Interest on short-term
 borrowings 3,246 3,694 831 876
 Interest on long-term debt 1,420 1,534 451 503
 Total Interest Expense 44,776 57,592 14,694 17,596
 Net interest income 77,015 67,899 26,091 23,264
 Provision for loan losses 4,742 6,320 949 1,453
 Net Interest Income After
 Provision for Loan Losses 72,273 61,579 25,142 21,811
 Other Income
 Service charges on deposit
 accounts 6,042 5,615 1,888 1,890
 Securities transactions -- 1,251 -- --
 Other 25,227 19,608 8,663 6,655
 Total Other Income 31,269 26,474 10,551 8,545
 Other Expenses
 Salaries 28,680 25,217 10,559 8,794
 Employee benefits 4,779 4,342 1,542 1,327
 Net occupancy expense 6,474 5,573 2,132 1,928
 Furniture and equipment
 expense 2,942 2,639 1,015 916
 Other 23,807 20,238 8,176 6,443
 Total Other Expenses 66,682 58,009 23,424 19,408
 Income Before Income Taxes 36,860 30,044 12,269 10,948
 Applicable income taxes 12,475 10,300 3,897 3,944
 Net Income $24,385 $19,744 $ 8,372 $ 7,004
 Net Income Per Share:
 Primary $ 1.69 $ 1.45 $ .57 $ .51
 Fully Diluted $ 1.64 $ 1.39 $ .56 $ .49
 Common Dividends Paid
 Per Share $ .59 $ .51 $ .21 $ .17
 -0- 10/12/93
 /CONTACT: Keith Miller of Mark Twain Bancshares, 314-889-0799/
 (MTWN)


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

CK -- NY112 -- 1384 10/12/93 19:10 EDT
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:Oct 12, 1993
Words:1734
Previous Article:CHEVRON TO EVALUATE EXPLORATION POTENTIAL OF CASPIAN SEA OFFSHORE AZERBAIJAN
Next Article:DENNIS QUAID, MEG RYAN AND JAMES CAAN TO STAR IN PARAMOUNT'S 'FLESH AND BONE'
Topics:

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