Printer Friendly

NBSC ANNOUNCES SECOND QUARTER EARNINGS

 SUMTER, S.C., July 13 /PRNewswire/ -- NBSC Corporation (NASDAQ-NMS: NSCB), parent company of The National Bank of South Carolina, reported net income for the quarter ended June 30, 1993, of $1.573 million compared to $1.340 million in the second quarter of 1992, an increase of 17.4 percent. For the six months ended June 30, 1993, net income was $2.908 million compared to $2.964 million in the corresponding 1992 period. Excluding the effect of a one-time accounting change which added $413 thousand to net income in the 1992 period, net income increased 14.0 percent between the compared year-to- date periods.
 Earnings per share were $.37 in the second quarter of 1993, compared to $.35 in the second quarter of 1992. The earnings per share amount for 1993 was affected by the issuance of an additional 747,500 common shares in a public offering completed on May 20, 1993.
 Robert V. Royall, chairman and chief executive officer of NBSC Corporation, said: "We are pleased with the company's financial performance, which reflects core growth of both earnings and our balance sheet, and look forward to a continuation of those positive trends. Loan demand improved significantly in the second quarter, and deposit growth was strong, both of which contributed to continued increases in net interest income."
 The corporation's total assets grew 15.8 percent to $780.151 million at June 30, 1993, compared to $673.797 million a year earlier. Total deposits increased 16.5 percent to $693.260 million from $594.834 million a year earlier. Total loan growth over this period was 11.2 percent, all of which occurred in the two most recent quarters, with total loans on June 30, 1993, at $539.559 million, compared to $485.232 million at June 30, 1992, and $484.728 million at Dec. 31, 1992.
 Total shareholders' equity increased 35.2 percent to $68.384 million at June 30, 1993, compared to $50.566 million a year earlier. The company's equity-to-assets ratio was 8.77 percent at the end of June compared to 7.50 percent a year earlier. The book value per common share increased to $14.76 at June 30, 1993, compared to $13.34 at June 30, 1992. Royall said: "The additional capital generated by our recent common stock issue and by increased earnings has substantially strengthened our balance sheet. We are now very well positioned to continue our strategic growth objectives and market expansion plan."
 The company's non-performing assets decreased to $10.781 million at June 30, 1993, compared to $11.785 million at Dec. 31, 1992, and $12.258 million at June 30, 1992. Accruing loans past due 90 days or more decreased significantly to $572,000 at June 30, 1993, compared to $903,000 at Dec. 31, 1992, and $4.289 million a year earlier. Royall said, "We are continuing to see a great deal of improvement in our overall asset quality. Net loan charge-offs in the current year period totalled $372,000 or 0.15 percent of total loans on an annualized basis, compared to $1.235 million (.52 percent of total loans) in the comparable 1992 period. Our emphasis on credit quality has shown positive results, and we will continue to devote significant attention to this critical area."
 NBSC paid a regular quarterly dividend of $.13 per share on July 1, 1993. There are currently 4,631,564 shares outstanding.
 NBSC Corporation's common stock is traded over-the-counter and is quoted under the symbol NSCB on the NASDAQ National Market System. NBSC's primary subsidiary, The National Bank of South Carolina, presently operates 35 offices in 23 South Carolina communities, including offices opened in 1993 in Cayce, Greer and Hilton Head Island. Three offices in Greenville, which have received preliminary regulatory approval, will open July 14, 1993.
 NBSC CORPORATION
 FINANCIAL HIGHLIGHTS
 (Dollars in thousands, except per share amounts)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 Pct. 1993 1992 Pct.
 Change Change
 EARNINGS SUMMARY
 Net interest
 income $8,422 $7,456 13.0 $16,216 $14,633 10.8
 Provision for
 loan losses 560 808 -30.7 890 1,548 -42.5
 Non-interest
 income 2,470 2,251 9.7 4,629 4,931 -6.1
 Non-interest
 expense 8,003 6,968 14.9 15,674 14,357 9.2
 Income taxes 756 591 27.9 1,373 1,108 23.9
 Net income before
 accounting
 change 1,573 1,340 17.4 2,908 2,551 14.0
 Cumulative effect
 of change in
 accounting
 principle(A) --- --- --- --- 413 -100.0
 Net income $1,573 $1,340 17.4 $2,908 $2,964 -1.9
 Per share data:
 Net income $.37 $.35 5.7 $.72 $.78 -7.7
 Cash dividends
 declared $.13 $.11 18.2 $.26 $.22 18.2
 Average number of
 shares out-
 standing 4,229,064 3,790,188 11.6 4,057,058 3,789,020 7.1
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 Pct. 1993 1992 Pct.
 Change Change
 BALANCE SHEET DATA
 (DAILY AVERAGES)
 Total assets $738,422 $672,078 9.9 $725,799 $665,187 9.1
 Total investment
 securities 126,656 112,592 12.5 124,794 111,146 12.3
 Total loans 521,313 481,744 8.2 504,139 477,329 5.6
 Total interest-
 earning
 assets 675,896 623,031 8.5 664,205 615,090 8.0
 Total
 deposits 653,313 589,635 10.8 642,127 583,627 10.0
 Total interest-
 bearing
 liabilities 561,950 529,400 6.1 555,662 526,478 5.5
 Total shareholders'
 equity 60,754 49,963 21.6 57,321 49,295 16.3
 RATIOS (AVERAGES)(PCT)
 Return on
 assets 0.85 0.80 --- 0.80 0.89 ---
 Return on
 equity 10.36 10.73 --- 10.15 12.03 ---
 Equity to total
 assets 8.23 7.43 --- 7.90 7.41 ---
 Net yield on
 interest-
 earning assets,
 taxable
 equivalent 5.10 4.93 --- 5.02 4.91 ---
 SELECTED DATA (PERIOD END)
 Total assets $780,151 $673,797 15.8
 Total investment securities 128,279 112,762 13.8
 Total loans 539,559 485,232 11.2
 Total interest-earning assets 708,308 620,969 14.1
 Total deposits 693,260 594,834 16.5
 Total interest-bearing liabilities 590,270 530,808 11.2
 Total shareholders' equity 68,384 50,566 35.2
 Book value per share 14.76 13.34 10.7
 Closing price of common stock 19.00 18.00 5.6
 Common shares outstanding 4,631,564 3,790,188 22.2
 OTHER INFORMATION
 Shareholders of record 1,631 1,519
 Number of offices 35 31
 Number of S.C. citites served 23 18
 NON-PERFORMING ASSETS June 30, Dec. 31, June 30,
 1993 1992 1992
 Non-accrual loans 4,679 8,266 10,272
 Other real estate owned 6,102 3,519 1,981
 Restructured loans 0 0 5
 Total non-perfomring assets 10,781 11,785 12,258
 ACCRUING LOANS PAST DUE 90 DAYS OR MORE 572 903 4,289
 (A) Reflects early adoption of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
 -0- 7/13/93
 /CONTACT: Charl L. Butler, Chief Financial Officer, 803-929-2062, or Billy J. Silver, Director of Marketing, 803-929-2052, both of NBSC Corporation/
 (NSCB)


CO: NBSC Corporation; The National Bank of South Carolina ST: South Carolina IN: FIN SU: ERN

SB-CM -- CH006 -- 0881 07/13/93 12:14 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:Jul 13, 1993
Words:1241
Previous Article:WAHLCO ENVIRONMENTAL EXTENDS PRIMARY BANK FACILITY
Next Article:FIRST BANCORPORATION OF OHIO ANNOUNCES SECOND QUARTER RESULTS
Topics:


Related Articles
NBSC CORPORATION ANNOUNCES EARNINGS
NBSC CORPORATION REPORTS INCREASED THIRD QUARTER EARNINGS AND DECLARES QUARTERLY DIVIDEND
NBSC CORPORATION ANNOUNCES 1992 EARNINGS
NBSC ANNOUNCES PLAN TO OPEN FOUR BANKING OFFICES IN THE GREENVILLE-GREER AREA
NBSC ANNOUNCES FIRST QUARTER EARNINGS
NBSC ANNOUNCES RECORD QUARTERLY EARNINGS
NBSC ANNOUNCES FIRST QUARTER EARNINGS
NBSC ANNOUNCES FIRST QUARTER EARNINGS
SYNOVUS AND NBSC CORP. REACH DEFINITIVE MERGER AGREEMENT
SYNOVUS FINANCIAL CORP. REPORTS RECORD 1994 EARNINGS; ANNOUNCES 1.64% ROA FOR THE FOURTH QUARTER

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