Printer Friendly

PRIME BANCSHARES REPORTS FIRST QUARTER EARNINGS

 PRIME BANCSHARES REPORTS FIRST QUARTER EARNINGS
 DECATUR, Ga., April 21 /PRNewswire/ -- Prime Bancshares, Inc.


(AMEX: PMB), the holding company for Prime Bank, Federal Savings Bank, today announced the results of operations for the first quarter ended March 31.
 For the first quarter, Prime Bancshares reported net earnings of $739,000, or $.45 per share, compared with $690,000, or $.42 per share for the same period in 1991 -- an increase of 7 percent. On March 31, the agreement to acquire First Colony Bancshares expired, which resulted in a charge to pre-tax earnings of $241,000, representing previously deferred acquisition costs. Net interest income was $3.2 million for the quarter, compared with $2.6 million in 1991.
 At March 31, Prime Bancshares had consolidated total assets of $684 million, compared with $665 million at year-end 1991. Deposits were $525 million at the end of the first quarter of 1992, compared with $512 million at year-end 1991. Total loan originations amounted to $159 million for the first three months of 1992, compared with $85 million for the first three months of 1991. Sixty-eight percent of the 1992 originations were residential mortgage loans.
 Non-performing assets totaled $16.4 million at March 31, or 2.4 percent of total assets, compared with $15.8 million at year-end 1991. The bank provided $593,000 for possible loan losses for the quarter, compared with $221,000 for the same period a year ago. At March 31, Prime's allowance for loan losses was $3.2 million, representing 1.8 percent of the total amount of the bank's construction, commercial and consumer loans.
 Prime Bancshares continues to maintain a strong capital position, with stockholders' equity totaling $38.6 million at March 31, representing 5.6 percent of total assets and exceeding all current regulatory requirements, compared with $37.9 million at year-end 1991. Prime Bancshares' book value per share was $23.63 at March 31.
 Prime Bancshares' common stock is listed on the American Stock Exchange under the ticker symbol "PMB."
 PRIME BANCSHARES, INC. AND SUBSIDIARY
 Financial Highlights
 (Dollars in thousands, except per share data)
 3 mos. ended March 31 1992 1991
 (unaudited)
 Net earnings $ 739 $ 690
 Earnings per share .45 .42
 Net interest income 3,175 2,557
 Net interest yield 2.10 pct. 1.93 pct.
 Return on average assets .44 pct. .48 pct.
 At 3/31/92 3/31/91 12/31/91
 (unaudited)
 Total assets $684,032 $602,056 $665,295
 Loans, net 348,676 298,221 314,597
 Mortgage-backed securities 234,974 220,935 226,384
 Deposits 525,401 437,231 512,478
 Non-performing assets 16,417 10,079 15,809
 Stockholders' equity 38,644 35,523 37,949
 Equity to total assets 5.65 pct. 5.90 pct. 5.70 pct.
 Book value per share $ 23.63 $ 21.72 $ 23.20
 PRIME BANCSHARES, INC.
 Consolidated Statements of Earnings
 ($ in thousands)
 3 mos. ended March 31 1992 1991
 Interest income: (unaudited)
 Interest on loans $ 7,759 $ 7,419
 Interest on mortgage-backed securities 4,687 4,281
 Interest and dividends on investments 594 1,188
 Total interest income 13,040 12,888
 Interest expense:
 Interest on deposits 8,053 7,911
 Interest on FHLB advances 1,259 934
 Interest on bonds payable 580 618
 Interest on other borrowed money 385 868
 Less capitalized interest (212) ---
 Total interest expense 9,865 10,331
 Net interest income 3,175 2,557
 Provision for losses on loans 593 221
 Net interest income after provision
 for losses on loans 2,582 2,336
 Other income:
 Loan fees and service charges 259 448
 Loan servicing fees 181 270
 Gain on sales of loans 969 449
 Gain on sale of loan servicing rights 680 ---
 Gain on sales of mortgage-backed
 securities 739 417
 Gain on sales of investment securities 134 39
 Dividends on FHLB stock 56 74
 Deposit service charges 157 168
 Other income 56 75
 Total other income 3,231 1,940
 Operating expense:
 Salaries and employee benefits 2,060 1,519
 Net occupancy expense of premises 792 661
 Federal insurance premium 282 232
 Data processing expense 100 118
 Advertising and promotion 140 144
 Net losses (gains) related to sales of
 real estate 83 (33)
 Professional and supervisory 153 149
 Write-off of deferred acquisition costs 241 ---
 Other 798 571
 Total operating expenses 4,649 3,361
 Earnings before income taxes 1,164 915
 Income tax expense 425 225
 Net earnings $ 739 $ 690
 Earnings per share $ .45 $ .42
 Consolidated Balance Sheet Data
 ($ in thousands, except per share data)
 At 3/31/92 12/31/91
 ASSETS (unaudited)
 Total cash and cash equivalents $ 26,755 $ 28,764
 Investment securities 9,757 17,120
 Loans, net 295,698 274,066
 Mortgage-backed securities 231,253 188,203
 Loans, mortgage-backed securities and
 investments held for sale 67,546 78,712
 Receivable for mortgage-backed securities
 sold --- 27,896
 Real estate 13,358 13,254
 Office properties and equipment, net 25,771 22,532
 FHLB stock 3,252 4,233
 Accrued interest receivable 5,041 5,525
 Other assets 5,601 4,990
 Total $684,032 $665,295
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Liabilities
 Deposits $525,401 $512,478
 FHLB advances 57,071 47,071
 Bonds payable, net of discounts 22,729 23,645
 Securities sold under agreements to
 purchased 25,683 29,536
 Guarantee of indebtedness of ESOP 1,237 1,275
 Advance payments by borrowers for taxes
 and insurance 3,360 2,526
 Deferred income taxes 3,800 3,452
 Accrued expenses and other liabilities 6,107 7,363
 Total liabilities 645,388 627,346
 Stockholders' equity
 Common stock 16 16
 Paid-in capital 15,204 15,204
 Retained earnings 24,661 24,004
 Guarantee of indebtedness of ESOP (1,237) (1,275)
 Total stockholders' equity 38,644 37,949
 Total $684,032 $665,295
 -0- 4/21/92
 /CONTACT: Lynne Van Brocklin of Prime Bancshares, 404-370-8506/
 (PMB) CO: Prime Bancshares, Inc. ST: Georgia IN: FIN SU: ERN


BN-BR -- AT011 -- 0813 04/21/92 15:36 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 21, 1992
Words:991
Previous Article:RAIL UNIT LEADS CSX EARNINGS INCREASE
Next Article:CITIZENS FIRST BANCORP REPORTS HIGHER EARNINGS


Related Articles
CHARTER BANCSHARES REPORTS 1992 FIRST QUARTER EARNINGS OF $1,414,000
PRIME BANCSHARES RESTATES FIRST QUARTER EARNINGS
FIRST CITIZENS BANCSHARES REPORTS EARNINGS FOR FIRST QUARTER
PRIME BANCSHARES REPORTS SECOND QUARTER RESULTS
PRIME BANCSHARES REPORTS SECOND QUARTER RESULTS
PRIME BANCSHARES REPORTS THIRD QUARTER RESULTS
Prime Bancshares Reports Strong Net Earnings.
Wake Forest Bancshares, Inc. Announces First Quarter Results.
Wake Forest Bancshares, Inc. Announces Second Quarter Results.
Wake Forest Bancshares, Inc. Announces Third Quarter Results.

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