Printer Friendly

PROVIDENT BANCORP, INC. REPORTS FIRST QUARTER 1993 EARNINGS

 CINCINNATI, April 14 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ: PRBK) announced today first quarter 1993 results. Net earnings for the quarter ended March 31, 1993 were $12.3 million or $.68 per fully diluted share, as compared to $13.5 million, or $.86 per share, on a pro forma basis, for the comparable period of 1992. First quarter 1992 results included $6.2 million in net non-recurring income.
 Allen L. Davis, president, stated, "We are very pleased with our core operating results for the first quarter of 1993. Core earnings for the quarter ended March 31, 1993 increased 65 percent to $12.3 million, or $.68 per share on a fully diluted basis, as compared to core earnings of $7.4 million or $.46 per share, on a pro forma basis, for the comparable period of 1992. Core returns on equity and on assets were 16.3 percent and 1.30 percent, respectively, for the first quarter of 1993 as compared to 13.4 percent and .82 percent, respectively, for the comparable period of 1992."
 Core earnings exclude non-recurring gains and charges related to accounting changes, acquisitions, securities sales and sales of mortgage instruments acquired in the December 1991 acquisition of Hunter Savings Association.
 In the first quarter of 1992 the company earned $13.5 million, of which $6.2 million represented the net benefit of two non-recurring items. Provident sold approximately $277 million of Hunter Savings Association mortgage instruments and recorded an after tax gain of $8.3 million, reflected as $5.5 million of security gains and $2.8 of gain on sale of loans. Secondly, results included an after tax expense of $2.1 million related to the adoption of FASB Statement No. 106, Employers' Accounting for Postretirement Benefits Other than Pensions.
 Net interest income, on a fully taxable equivalent basis, increased 16 percent to $38.4 million for the quarter ended March 31, 1993, up from $33.2 million for the same period in 1992. Average loans increased 6 percent during the first quarter of 1993 as compared to the 1992 first quarter.
 Provident Bancorp reported that asset quality is excellent and reserves remain strong. At March 31 1993, nonperforming assets were 1.37 percent of total loans and other real estate owned, down from 1.70 percent at March 31, 1992. The ratio of the reserve for possible loan losses to nonperforming loans was 140 percent at March 31, 1993 and the ratio of nonperforming loans to total loans was .88 percent.
 Shareholder's equity increased to $306 million at March 31, 1993. The Tier I leverage ratio was 7.88 percent and the Tier I risk-based capital ratio was 9.22 percent. In March, 1993, The Provident Bank, a wholly-owned banking subsidiary of Provident Bancorp, completed a $75 million public offering of 7 1/8 percent subordinated debt. As a result of the offering, Provident Bancorp's total risk-based capital increased to 13.1 percent at March 31, 1993, up from 10.7 percent at December 31, 1992.
 Provident Bancorp, Inc., is a $3.8 billion bank holding company headquartered in Cincinnati. Its banking subsidiaries are The Provident Bank which has 55 offices, 40 in the greater Cincinnati area, 12 in the greater Dayton region, 2 in Cleveland and 1 in Columbus, and the Provident Bank of Kentucky which has 6 offices in Northern Kentucky.
 Provident Bancorp, Inc. and Subsidiaries
 Financial Highlights
 (unaudited)
 For the Period Ended March 31 Three Months
 (Dollars in Millions Except March 31, Pct
 Per Share Data) 1993 1992 Chg
 RESULTS OF OPERATIONS:
 Net Interest Income (Tax Eqv) $38.4 $33.2 16
 Provision for Pos. Loan Losses 3.0 4.6 (35)
 Earnings Bef. Cumulative Eff.
 of Chgs. in Acct. Prin. 12.3 15.6 (21)
 Cumulative Eff. of Chgs. in
 Accounting Principles (A) - (2.1) NM
 Net Earnings 12.3 13.5 (9)
 FINANCIAL CONDITION AT PERIOD END:
 Assets $3,799 $3,684 3
 Deposits 3,025 3,066 (1)
 Shareholders' Equity 306 229 34
 ASSET QUALITY RATIOS AT PERIOD END:
 Res. Pos. Loan Losses / Tot Lns 1.23 pct 1.25 pct (2)
 Res. for Ln Losses to Nonperf. 139.83 140.97 (1)
 Nonperf. Lns to Total Lns 0.88 0.89 (1)
 Nonper. Assets to Tot Lns & ORE 1.37 1.70 (19)
 SELECTED RATIOS:
 Performance Ratios:
 Return on Average Assets
 Bef Chgs. in Acct. Prin. 1.30 pct 1.71 pct (24)
 Return on Avg. Assets 1.30 1.48 (12)
 Return on Avg. Shareholders' Equity
 Bef Chgs. in Acct. Prin. 16.33 28.05 (42)
 Return on Avg. Shareholders'
 Equity 16.33 24.22 (33)
 Avg. Shareholders' Equity to
 Average Assets 7.96 6.11 30
 Capital Adequacy Ratios (Period End):
 Common Equity to Assets 7.08 5.09 39
 Shareholders' Equity to Total
 Assets 8.05 6.22 29
 Tier I Leverage Ratio 7.88 6.01 31
 Risk-Based Capital Ratios:
 Tier I Capital 9.22 7.20 28
 Total Capital 13.06 8.80 48
 PER COMMON SHARE (B):
 Earnings Bef. Cumulative Eff.
 of Chgs. In Acct. Principles
 Primary $0.74 $1.12 (34)
 Fully Diluted $0.68 $0.99 (31)
 Cumulative Eff. of Chgs. In
 Accounting Principles
 Primary - (0.16) NM
 Fully Diluted - (0.13) NM
 Net Earnings
 Primary 0.74 0.96 (23)
 Fully Diluted 0.68 0.86 (21)
 Dividends 0.20 0.17 18
 Book Value (Period End):
 Primary 17.20 15.29 12
 Fully Diluted 17.02 15.44 10
 (A) In 1992 Bancorp adopted Financial Accounting Standards Board (FASB) Statement No. 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions" and Statement No. 109 "Accounting for Income Taxes". The effect of adopting FASB statement 106 in 1992 was to decrease net earnings $2.3 million, of which $2.1 million is the cumulative effect on prior years. The adoption of FASB 109 did not require an adjustment to net earnings.
 (B) Per common share calculations for 1992 are based upon pooled results of operations which include the entities acquired in July, 1992. Common shares given in the transactions are assumed to have been issued on January 1, 1992. Earnings per share calculations in 1992 include adjustments to earnings associated with the receipt of proceeds from the sale of common stock in the mutuals conversion merger transactions. The 1992 per common share data presented above has been adjusted to reflect the 3-for-2 common stock split effective January 20, 1993.
 Provident Bancorp, Inc. and Subsidiaries
 Consolidated Statements Of Earnings
 (unaudited) Three Months Ended
 (In Thousands) March 31,
 1993 1992
 Int. Income:
 Int. and Fees on Loans:
 Taxable $60,015 $62,493
 Exempt From Income Taxes 244 345
 60,259 62,838
 Int. on Investment Securities:
 Taxable 8,055 8,808
 Exempt From Income Taxes 2 98
 8,057 8,906
 Int. on Federal Funds Sold and
 Reverse Repurchase Agreements 713 1,673
 Total Int. Income 69,029 73,417
 Int. Expense:
 Int. on Deposits:
 Savings Deposits 7,715 9,930
 Time Deposits 18,893 26,322
 Total Int. on Deposits 26,608 36,252
 Int. on Short-Term Debt 3,169 2,921
 Int. on Long-Term Debt 1,024 1,274
 Total Int. Expense 30,801 40,447
 Net Int. Income 38,228 32,970
 Provision for Pos. Loan Losses 3,000 4,607
 Net Int. Income After Provision
 for Pos. Loan Losses 35,228 28,363
 Other Income:
 Service Charges on Dep. Acct. 3,308 2,962
 Other Service Charges and Fees 2,358 1,741
 Gain on Sale of Loans 1,619 5,071
 Security Gains - 8,444
 Other 2,446 1,193
 Total Other Income 9,731 19,411
 Other Expense:
 Compensation:
 Salaries 11,185 9,254
 Benefits 2,135 1,785
 Profit Sharing 743 995
 Charges and Fees 836 938
 Occupancy 1,625 1,860
 Equipment Expense 1,659 1,609
 Deposit Insurance 1,953 1,583
 Professional Services 1,405 1,350
 Other 4,902 4,900
 Total Other Expense 26,443 24,274
 Earnings Before Income Taxes and Cumulative
 Effect of Chgs in Acct. Prin. 18,516 23,500
 Appl. Income Taxes: 6,251 7,806
 Earnings Before Cumulative Effect of
 Changes in Acct. Principles 12,265 15,694
 Cumulative Effect of Changes in
 Accounting Principles - (2,146)
 Net Earnings $12,265 $13,548
 Provident Bancorp, Inc. and Subsidiaries
 Condensed Consolidated Statements Of Earnings
 (unaudited)
 (In Thousands)
 Quarter Ended
 Mar. Dec. Sept June Mar.
 1993 1992 1992 1992 1992
 Total Interest Income $69,029 $71,100 $70,822 $72,283 $73,417
 Taxable Equiv. Adjustment 127 171 172 202 228
 Taxable Equiv. Int. Income 69,156 71,271 70,994 72,485 73,645
 Total Interest Expense 30,801 31,731 32,943 37,241 40,447
 Net Interest Income 38,355 39,540 38,051 35,244 33,198
 Provision for Loan Losses 3,000 3,500 3,499 3,057 4,607
 Net Interest Income After Prov.
 for Loan Losses ome 9,731 9,703 9,015 9,74


0 19,411
 Other Expense 26,443 27,702 27,882 26,309 24,274
 Earnings Before Income Taxes and Cumulative
 Eff of Chgs. in Acct Prin 18,643 18,041 15,685 15,618 23,728
 Applicable Income Taxes(Credit):
 Attributable to Merger Tra- (947) 4,300 - -
 Other 6,251 5,246 4,948 5,182 7,806
 Total Applicable Inc. Ta 6,251 4,299 9,248 5,182 7,806
 Taxable Equiv. Adjustment 127 171 172 202 228
 Earnings Bef. Cumulative Effect of Chgs.
 in Accounting Principle 12,265 13,571 6,265 10,234 15,694
 Cumulative Effect of Chgs. in
 Accounting Principle - - - - (2,146)
 Net Earnings $12,265 $13,571 $6,265 $10,234 $13,548
 Net Earn. Appl. to Comm. St.$11,464 $12,655 $5,521 $9,405 $12,714
 Per Common Share (A):
 Earnings Bef. Cum. Eff. of Accounting Chgs.
 Primary $0.74 $0.83 $0.37 $0.71 $1.12
 Fully Diluted $0.68 $0.76 $0.36 $0.65 $0.99
 Cumulative Eff. of Accounting Chgs.
 Primary - - - - ($0.16)
 Fully Diluted - - - - ($0.13)
 Net Earnings
 Primary $0.74 $0.83 $0.37 $0.71 $0.96
 Fully Diluted $0.68 $0.76 $0.36 $0.65 $0.86
 Dividends $0.20 $0.18 $0.17 $0.17 $0.17
 Net Interest Margin (pct) 4.42 4.63 4.52 4.23 3.96
 Avg Common and Common Equiv. Shares (A):
 ? 15,493 15,327 14,795 13,523 13,484
 Fully Diluted 17,976 17,907 17,354 16,077 16,041
 (A) The per common share and per fully diluted common share calculations for quarters ended prior to July 1992 assume the Mutuals acquisitions had been consummated at the beginning of the quarter. The per common share calculations are based on pro forma net earnings, adjusted for preferred stock dividend requirements, and pro forma common shares. The per fully diluted common share calculations are based on pro forma net earnings and pro forma common shares, assuming conversion of preferred stock. The 1992 quarters presented above have been adjusted to reflect the 3-for-2 common stock split effective January 20, 1993.
 -0- 4/14/93
 /CONTACT: James A. Haas, vice president, investor relations, Provident Bancorp, Inc., 513-345-7102/
 /FIRST ADD -- CONTINUATION OF TABULAR MATERIAL -- TO FOLLOW/
 (PRBK)


CO: Provident Bancorp, Inc. ST: Ohio IN: FIN SU: ERN

BM -- CL012 -- 5818 04/14/93 15:02 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:Apr 14, 1993
Words:1900
Previous Article:VIRGINIA POWER FINISHES RECORD 96-DAY STEAM GENERATOR REPLACEMENT
Next Article:SEGA, TIME WARNER AND TCI JOINT VENTURE TO BRING VIDEO GAMES TO CABLE TV
Topics:


Related Articles
PROVIDENT BANCORP ANNOUNCES 1991 EARNINGS
PROVIDENT BANCORP ANNOUNCES IMPROVED THIRD QUARTER RESULTS BEFORE NON-RECURRING MERGER CHARGES
CAPITAL BANCORP REPORTS RECORD EARNINGS IN FIRST QUARTER 1993
PROVIDENT BANCORP, INC. REPORTS SECOND QUARTER EARNINGS ROSE 24 PERCENT
PROVIDENT BANCORP ANNOUNCES THIRD QUARTER EARNINGS OF $13.1 MILLION
PROVIDENT BANCORP REPORTS RECORD 1993 EARNINGS OF $51.3 MILLION AND FOURTH QUARTER EARNINGS OF $13.3 MILLION
PROVIDENT BANCORP ANNOUNCES FIRST QUARTER EARNINGS UP 12 PERCENT TO $13.7 MILLION
FF BANCORP, INC. REPORTS EARNINGS
FIRST SOUTHERN BANCORP, INC. EARNINGS INCREASE 59% IN FIRST QUARTER
PROVIDENT BANCORP REPORTS RECORD 1994 EARNINGS OF $57.7 MILLION AND FOURTH QUARTER EARNINGS OF $14.9 MILLION

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters