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PROVIDENT BANCORP, INC. REPORTS SECOND QUARTER EARNINGS ROSE 24 PERCENT

    CINCINNATI, July 12 /PRNewswire/ -- Provident Bancorp, Inc. (NASDAQ-NMS: PRBK) announced today that net earnings for the three months ended June 30, 1993, increased 24 percent to $12.6 million or $.70 per fully diluted share as compared to net earnings for the second quarter of 1992 of $10.2 million, or $.65 per share on a pro forma basis.
    Net earnings for the six months ended June 30, 1993, were $24.9 million, or $1.38 per fully diluted share, as compared to $23.8 million, $1.51 per share on a pro forma basis, for the comparable period in 1992. The results for the 1992 six month period included $6.2 million in non- recurring net income.
    Allen L. Davis, president, stated, "We are very pleased with our continued growth in core earnings for 1993.  For the 1993 second quarter core earnings of $12.6 million produced strong returns on equity and assets of 16.3 percent and 1.31 percent, respectively.  Core earnings for the six months ended June 30, 1993, were $24.9 million, or $1.38 per fully diluted share, up significantly from core earnings of $17.6 million, or $1.10 per share on a pro forma basis, 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 Provident's December 1991 acquisition of Hunter Savings Association.
    Net interest income, on a fully taxable equivalent basis, increased 13 percent to $39.7 million for the quarter ended June 30, 1993, as compared to $35.2 million for the same period in 1992.  Average loans totalled approximately $3 billion for the second quarter of 1993, an increase of 8.6 percent over the same period last year.  For the six months ended June 30, 1993, average loans have increased 7.4 percent over the comparable period of 1992.  The net interest margin for the six months ended June 30, 1993, was 4.43 percent, as compared to 4.09 percent for the six months ended June 1992.
    Fee income for the 1993 second quarter totalled $6.0 million, an increase of 19 percent over the comparable period in 1992.  Growth in financial services fees, mortgage loan servicing and deposit account fees were the major contributors to the increase.
    Asset quality and reserves remain strong.  At June 30, 1993, non- performing assets were 1.01 percent of total loans and other real estate owned.  The ratio of the reserves for possible loan losses to non- performing loans was 179 percent at June 30, 1993, and the ratio of non- performing loans to total loans was only .69 percent.
    Provident Bancorp, Inc., is a $4 billion bank holding company headquartered in Cincinnati.  Its banking subsidiaries are The Provident Bank, which has 56 offices, 41 in the greater Cincinnati area, 12 in the greater Dayton, Ohio, region, two in Cleveland and one in Columbus, Ohio, and the Provident Bank of Kentucky, which has six offices in Northern Kentucky.
            PROVIDENT BANCORP, INC. AND SUBSIDIARIES
                       Financial Highlights
                           (unaudited)
    For the Period Ended June 30     Three Months       Six Months
    (Dollars in Millions Except                  Pct                Pct
      Per Share Data)               1993   1992  Chg   1993   1992  Chg
    RESULTS OF OPERATIONS:
     Net Interest Income (Tax Eqv) $39.7  $35.2   13  $78.1  $68.4   14
     Provision for Pos. Loan Losses  3.0    3.1   (3)   6.0    7.7  (22)
     Earnings Bef. Cumulative Eff.
       of Chgs. in Acct. Prin.      12.6   10.2   24   24.9   25.9   (4)
    Cumulative Eff. of Chgs. in
      Accounting Principles (A)      ---    ---  ---    ---   (2.1)  NM
          Net Earnings              12.6   10.2   24   24.9   23.8    5
    FINANCIAL CONDITION AT PERIOD END:
     Assets                                          $3,975 $3,685    8
     Deposits                                         2,960  3,012   (2)
     Shareholders' Equity                               315    235   34
    ASSET QUALITY RATIOS AT PERIOD END:
     Res. Pos. Loan Losses / Tot Lns (pct)             1.24   1.16    7
     Res. for Ln Loss to Nonperf. Ln                 179.45  139.90  28
     Nonperf. Lns to Total Lns                        0.69    0.83  (17)
     Nonper. Assets to Tot Lns & ORE                  1.01    1.50  (33)
    SELECTED RATIOS:
     Performance Ratios:
      Return on Average Assets
        Bef Chgs. in Acct. Prin.
          (percent)                 1.31   1.12   17   1.30   1.42   (8)
      Return on Avg. Assets         1.31   1.12   17   1.30   1.30    0
      Return on Avg. Shareholders' Equity
        Bef Chgs. in Acct. Prin.   16.31  17.56   (7) 16.32  22.81  (28)
      Return on Avg. Shareholders'
        Equity                     16.31  17.56   (7) 16.32  20.92  (22)
      Avg. Shareholders' Equity to
         Average Assets             8.01   6.40   25   7.99   6.23   28
     Capital Adequacy Ratios (Period End):
      Common Equity to Assets                          6.99   5.24   33
      Shareholders' Equity to Total
       Assets                                          7.92   6.37   24
      Tier I Leverage Ratio                            7.94   6.21   28
      Risk-Based Capital Ratios:
        Tier I Capital                                 9.16   7.28   26
        Total Capital                                 12.79   8.69   47
    PER COMMON SHARE (B):
     Earnings Bef. Cumulative Eff.
       of Chgs. In Acct. Principles
         Primary                   $0.76  $0.71    7  $1.50  $1.83  (18)
         Fully Diluted              0.70   0.65    8   1.38   1.64  (16)
      Cumulative Eff. of Chgs. In
        Accounting Principles
         Primary                     ---    ---  ---    ---  (0.16)  NM
         Fully Diluted               ---    ---  ---    ---  (0.13)  NM
    Net Earnings
         Primary                    0.76   0.71    7   1.50   1.67  (10)
         Fully Diluted              0.70   0.65    8   1.38   1.51   (9)
     Dividends                      0.20   0.17   18   0.40   0.34   18
     Book Value (Period End):
      Primary                                         17.76  15.68   13
      Fully Diluted                                   17.51  15.77   11
    (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 Jan. 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 Jan. 20, 1993.
               PROVIDENT BANCORP, INC. AND SUBSIDIARIES
                  Consolidated Statements Of Earnings
    (unaudited)                   Three Months Ended  Six Months Ended
    (In Thousands)                     June 30,           June 30,
                                     1993     1992      1993     1992
    Int. Income:
     Int. and Fees on Loans:
      Taxable                       $61,695  $62,625  $121,710 $125,118
      Exempt From Fed Inc Taxes         200      325       444      670
        Total                        61,895   62,950   122,154  125,788
     Int. on Investment Securities:
      Taxable                         8,066    9,046    16,121   17,854
      Exempt From Fed Inc Taxes           2       68         4      166
        Total                         8,068    9,114    16,125   18,020
     Int. on Federal Funds Sold and
      Reverse Repurchase Agreements     463      219     1,176    1,892
        Total Int. Income            70,426   72,283   139,455  145,700
    Int. Expense:
     Int. on Deposits:
      Savings Deposits                7,277    9,787    14,992   19,717
      Time Deposits                  18,811   23,169    37,704   49,491
        Total Int. on Deposits       26,088   32,956    52,696   69,208
     Int. on Short-Term Debt          3,122    3,063     6,291    5,984
     Int. on Long-Term Debt           1,571    1,222     2,595    2,496
        Total Int. Expense           30,781   37,241    61,582   77,688
          Net Int. Income            39,645   35,042    77,873   68,012
    Provision for Pos. Loan Losses    3,000    3,057     6,000    7,664
          Net Int. Income After Provision
            for Pos. Loan Losses     36,645   31,985    71,873   60,348
    Other Income:
     Service Charges on Dep. Acct.    3,470    3,081     6,778    6,043
     Other Service Charges and Fees   2,559    1,979     4,917    3,720
     Gain on Sale of Loans            1,514      979     3,133    6,050
     Security Gains                     ---      188       ---    8,632
     Other   ?                        2,126    3,076     4,198    4,088
       Total Other Income             9,669    9,303    19,026   28,533
    Other Expense:
     Compensation:
      Salaries                       11,204   10,512    22,389   19,766
      Benefits                        2,052    1,746     4,187    3,531
      Profit Sharing                    902      774     1,645    1,769
     Charges and Fees                   571    1,281     1,033    2,038
     Occupancy                        1,626    1,696     3,251    3,556
     Equipment Expense                1,918    1,587     3,577    3,196
     Deposit Insurance                1,525    1,583     3,478    3,166
     Professional Services            1,625    1,341     3,030    2,691
     Merger Related                     ---      342       ---      342
     Other                            5,479    5,010    10,381    9,910
       Total Other Expense           26,902   25,872    52,971   49,965
    Earnings Before Income Taxes and Cumulative
     Effect of Chgs in Acct. Prin.   19,412   15,416    37,928   38,916
    Appl. Income Taxes                6,804    5,182    13,055   12,988
      Earnings Before Cumulative Effect of
        Changes in Acct. Principles  12,608   10,234    24,873   25,928
    Cumulative Effect of Changes in
       Accounting Principles            ---      ---       ---   (2,146)
          Net Earnings              $12,608  $10,234   $24,873  $23,782
               PROVIDENT BANCORP, INC. AND SUBSIDIARIES
            Condensed Consolidated Statements Of Earnings
                              (unaudited)
                             (In Thousands)
                                                   Quarter Ended
                                   Jun.   March    Dec.    Sept    June
                                   1993    1993    1992    1992    1992
    Total Interest Income       $70,426 $69,029 $71,100 $70,822 $72,283
    Taxable Equiv. Adjustment       104     127     171     172     202
    Taxable Equiv. Int. Income   70,530  69,156  71,271  70,994  72,485
    Total Interest Expense       30,781  30,801  31,731  32,943  37,241
    Net Interest Income          39,749  38,355  39,540  38,051  35,244
    Provision for Loan Losses     3,000   3,000   3,500   3,499   3,057
    Net Interest Income After Prov.
        for Loan Losses          36,749  35,355  36,040  34,552  32,187
    Other Income                  9,669   9,357   9,558   8,745   9,303
    Other Expense                26,902  26,069  27,557  27,612  25,872
    Earnings Before Income Taxes and Cumulative
       Eff of Chgs. in Acct Prin 19,516  18,643  18,041  15,685  15,618
    Applicable Income Taxes(Credit):
      Attributable to Merger Tra    ---     ---    (947)  4,300     ---
      Other                       6,804   6,251   5,246   4,948   5,182
        Total Applicable Inc. Ta  6,804   6,251   4,299   9,248   5,182
    Taxable Equiv. Adjustment       104     127     171     172     202
    Earnings Bef. Cumulative Effect of Chgs.
       in Accounting Principle   12,608  12,265  13,571   6,265  10,234
    Cumulative Effect of Chgs. in
       Accounting Principle         ---     ---     ---     ---     ---
          Net Earnings          $12,608 $12,265 $13,571  $6,265 $10,234
    Net Earn. Appl. to Comm. St.$11,865 $11,464 $12,655  $5,521  $9,405
    Per Common Share (A):
      Earnings Bef. Cum. Eff. of Accounting Chgs.
        Primary                   $0.76   $0.74   $0.83   $0.37   $0.71
        Fully Diluted             $0.70   $0.68   $0.76   $0.36   $0.65
      Cumulative Eff. of Accounting Chgs.
        Primary                     ---     ---     ---     ---     ---
        Fully Diluted               ---     ---     ---     ---     ---
      Net Earnings
        Primary                   $0.76   $0.74   $0.83   $0.37   $0.71
        Fully Diluted             $0.70   $0.68   $0.76   $0.36   $0.65
    Dividends                     $0.20   $0.20   $0.18   $0.17   $0.17
    Net Interest Margin (pct)      4.43    4.42    4.63    4.52    4.23
    Avg Common and Common Equiv. Shares (A):
       Primary                   15,636  15,493  15,327  14,795  13,523
       Fully Diluted             17,965  17,976  17,907  17,354  16,077
    (A) The per common share and per fully diluted common share
    calculations for quarters ended prior to July 1992 assume
    the Mutuals acqusitions 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 Jan. 20, 1993.
                  PROVIDENT BANCORP, INC. AND SUBSIDIARIES
                Condensed Consolidated Statements Of Earnings
                               (unaudited)
                              (In Thousands)
                                                  Six Months End June 30
                                                   1993           1992
    Total Interest Income                       $139,455       $145,700
    Taxable Equiv. Adjustment                        231            431
    Taxable Equiv. Interest Income               139,686        146,131
    Total Interest Expense                        61,582         77,688
    Net Interest Income                           78,104         68,443
    Provision for Loan Losses                      6,000          7,664
    Net Interest Income After Prov.
        for Loan Losses                           72,104         60,779
    Other Income                                  19,026         28,533
    Other Expense                                 52,971         49,965
    Earnings Before Income Taxes and Cumulative
      Effect of Chgs. in Accounting Princi        38,159         39,347
    Applicable Income Taxes(Credit):
      Attributable to Merger Trans                   ---            ---
      Other                                       13,055         12,988
        Total Applicable Inc. Tax                 13,055         12,988
    Taxable Equiv. Adjustment                        231            431
    Net Earnings Bef. Cumulative Effect of
      Chgs. in Accounting Principle               24,873         25,928
    Cumulative Effect of Chgs. in
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