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SHAWMUT NATIONAL CORPORATION REPORTS NET INCOME OF $75 MILLION, OR $.81 A SHARE, FOR 1992

 BOSTON AND HARTFORD, Conn., Jan. 21 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) reported net income for 1992 of $75.2 million, or $.81 per common share, compared to a net loss of $170.6 million, or $2.35 per common share, for the prior year.
 For the fourth quarter of 1992, the Corporation reported net income of $10.3 million, or $.08 per common share, versus net income of $2.4 million, or $.02 per common share, in the previous year's fourth quarter.
 Nonaccruing loans plus foreclosed properties declined to $862.4 million at Dec. 31, 1992, a decline of 19 percent, or $205.6 million, from $1.068 billion at Sept. 30, 1992. Nonaccruing loans plus foreclosed properties were $1.398 billion at Dec. 31, 1991.
 Joel B. Alvord, chairman and chief executive officer, said, "1992 was a watershed year in Shawmut National's recovery. We returned to profitability with core earnings increasing 30 percent to $293 million from $226 million in 1991, chiefly due to an increase in net interest income. The resolution of problem assets accelerated in the second half of the year with a 38 percent decline relative to year end 1991. In addition, we strengthened our balance sheet, adding about $440 million in equity capital."
 "In the fourth quarter of 1992, we saw the continuation of positive trends that were evident throughout the first nine months of the year. The decline in nonaccruing loans represents the eighth consecutive quarterly decrease in nonaccruing loans, while the drop in problem assets was the seventh consecutive quarterly decline. Reserve coverage of nonaccruing loans improved to 140 percent."
 Nonaccruing loans declined by $117.3 million, or 16 percent, during the fourth quarter to $618.0 million at Dec. 31, 1992 from $735.3 million at Sept. 30, 1992. Nonaccruing loans declined by 40 percent from $1.037 billion at December 31, 1991.
 Foreclosed properties declined by $88.3 million, or 27 percent, to $244.4 million at Dec. 31, 1992 from $332.7 million at Sept. 30, 1992, by 39 percent from the peak of $400.8 million at June 30, 1992, and by 32 percent from $360.9 million at Dec. 31, 1991.
 The provision to reduce the carrying value of foreclosed properties was $43.8 million during the fourth quarter of 1992, compared with $36.6 million for the comparable period a year ago and $30.4 million during the third quarter of 1992. The fourth quarter provision included three special charges totaling $20.9 million: $2.8 million related to the bulk sale of $8.9 million of properties, $9.4 million related to a pool of properties aggregating approximately $34 million subject to auction, and $8.7 million to reduce the carrying value of the remaining foreclosed properties for estimated selling costs. The Corporation has accepted offers to sell approximately $14 million of the properties subject to auction, which was canceled due to severe weather conditions, and plans to reschedule the auction during 1993. The provision for foreclosed properties for the third quarter of 1992 included a $2.7 million charge related to a bulk sale of properties which occurred during the third quarter.
 Nonaccruing loans plus foreclosed properties at year-end 1992 were 5.69 percent of total loans plus foreclosed properties, compared with 7.63 percent at Sept. 30, 1992 and 9.54 percent at Dec. 31, 1991.
 Alvord said, "Inflows of problem assets were $140 million in the fourth quarter, continuing the trend of slower inflows relative to the first half of 1992."
 The provision for loan losses was $28.7 million during the fourth quarter compared with $43.6 million for the three-month period ending Sept. 30, 1992 and $73.8 million for the fourth quarter of 1991. The provision for 1992 was $189.5 million, compared with $466.4 million in the prior year. Loan charge-offs in the fourth quarter of 1992 were $72.6 million compared with $116.0 million for the previous quarter and $98.2 million in the fourth quarter of 1991. Recoveries in the fourth quarter were $13.9 million versus $10.4 million in the third quarter of 1992 and $17.4 million in the fourth quarter of 1991. Net charge-offs were $58.7 million in the fourth quarter compared with $105.6 million in the third quarter of 1992 and $80.8 million in the fourth quarter of the prior year.
 The Corporation's reserve for loan losses at December 31, 1992 was $863.0 million, compared with $893.0 million at the end of the third quarter of 1992 and $1 billion at December 31, 1991. The reserve for loan losses was 5.79 percent of total loans at Dec. 31, 1992, compared with 6.54 percent at Sept. 30, 1992 and 6.99 percent at Dec. 31, 1991. The ratio of the reserve for loan losses to nonaccruing loans increased to 140 percent from the prior quarter's 121 percent and from the 96 percent level at Dec. 31, 1991.
 Income before an extraordinary credit for 1992 was $56.8 million, or $.60 per common share, compared to a loss of $170.6 million, or $2.35 per common share, a year ago. The extraordinary credit of $18.4 million for 1992 represents the realization of a net operating loss carryforward. Securities gains were $85.9 million for 1992, compared with $78.2 million for 1991. The results for 1992 also included gains of $22.3 million from the sale of automobile and home equity loan pass-through certificates. Income for 1991 included gains of $71.5 million from the sale of the Corporation's credit card portfolio and merchant card business and $5.0 million from the repurchase of long-term debt obligations. The Corporation incurred $6.4 million in 1991 related to terminated merger discussions.
 Income before extraordinary credit for the fourth quarter of 1992 was $7.1 million, or 4 cents per common share, compared with $2.4 million, or 2 cents per common share, for the year ago fourth quarter. The extraordinary credit of $3.2 million for the 1992 fourth quarter was attributable to the realization of a net operating loss carryforward. The results for the fourth quarters of 1992 and 1991 included securities gains of $6.3 million and $58.0 million, respectively, and the 1991 fourth quarter included a one-time charge of $6.4 million related to terminated merger discussions.
 Core earnings (income before securities transactions and provisions for loan losses and foreclosed properties, adjusted for significant nonrecurring items) were $76.8 million during the fourth quarter of 1992. Core earnings were $61.7 million in the fourth quarter of 1991 and $76.4 million in the third quarter of 1992.
 Net interest income during the fourth quarter of 1992 rose to $225.8 million, up 9 percent from $207.4 million in the third quarter of 1992 and an increase of 19 percent, from $190.2 million in the fourth quarter of 1991. Net interest income for 1992 was $825.3 million versus $737.3 million for 1991, an increase of 12 percent.
 Total loans at December 31, 1992 increased 9 percent to $14.9 billion from $13.7 billion at Sept. 30, 1992, reflecting growth in residential mortgages generated principally by the Corporation's mortgage subsidiary, commercial and industrial loans, and money-market loans.
 The tax-equivalent net interest margin for the fourth quarter of 1992 was 4.32 percent, compared with 4.16 percent in the third quarter of 1992 and 3.89 percent in the fourth quarter of 1991. For the full years 1992 and 1991, the tax-equivalent net interest margin was 4.16 percent and 3.77 percent, respectively.
 Noninterest income for the fourth quarter of 1992 was $93.1 million versus $105.5 million in the third quarter of 1992 and $149.0 million in the fourth quarter of 1991. For the full years 1992 and 1991, noninterest income was $478.1 million and $529.7 million, respectively.
 Noninterest expenses (exclusive of foreclosed properties provision and expenses and FDIC insurance premiums) during the fourth quarter of 1992 were $216.8 million. For the third quarter of 1992 and the fourth quarter of 1991, comparable noninterest expenses were $208.1 million and $206.8 million, respectively. The increase of $8.7 million in noninterest expenses during the fourth quarter of 1992 is attributable to higher levels of compensation and benefits and certain other noninterest expenses. The Corporation increased its efforts during the fourth quarter of 1992 to reduce the level of nonaccruing loans and foreclosed properties which resulted in increased compensation and benefits and loan collection and workout expenses. In addition, the increased level of mortgage refinancings resulted in a corresponding increase in compensation and benefits related to higher levels of temporary staff and bonus awards related to mortgage loan production and new business development. Comparable noninterest expenses were $832.5 million for the year ended Dec. 31, 1992, compared with $821.5 million in the previous year. Total noninterest expenses were $1.036 billion and $969.7 million for the years ended Dec. 31, 1992, and 1991, respectively.
 The Corporation's leverage ratio was 5.90 percent at Dec. 31, 1992, compared with 5.51 percent at Sept. 30, 1992 and 4.22 percent at Dec. 31, 1991. The Tier 1 capital ratio(preliminary) was 7.53 percent at Dec. 31, 1992, compared with 7.38 percent at Sept. 30, 1992 and 5.49 percent at Dec. 31,1991. The Total capital ratios were 11.89 percent (preliminary) at Dec. 31, 1992; 11.30 percent at Sept. 30, 1992; and 9.79 percent at Dec. 31, 1991. These ratios, both at the individual banks and the holding company level, continue to exceed regulatory minimums. Under the new regulatory definitions for capital that became effective Dec. 19, 1992, the capital ratios for both of the Corporation's banks would exceed the definition of a well-capitalized bank. At Dec. 31, 1992, the Corporation had total assets of 25.3 billion, core deposits of $15.7 billion, and total loans of $14.9 billion, compared with $22.8 billion in total assets, $15.7 billion in core deposits, and $14.3 billion in total loans at Dec. 31, 1991.
 Shawmut National Corporation is the leading provider of financial services in southern New England serving consumers and small-to medium-sized businesses through a network of 311 branches. The Corporation is also the largest residential mortgage originator in the region and a regional leader in the trust business. The Corporation also provides financial services to corporate customers, correspondent banks and governmental units in New England and select national markets.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 (in millions, except Quarter Ended
 per share and
 ratio data) DEC 92 SEP 92 JUN 92 MAR 92 DEC 91
 EARNINGS
 Inc. before extra.
 credit $7.1 $10.0 $6.4 $33.3 $2.4
 Extraordinary credit 3.2 3.0 2.2 10.0
 Net income 10.3 13.0 8.6 43.3 2.4
 Preferred dividend 3.2 0.5 0.6 0.5 0.6
 Net income applicable
 to common shares $7.1 $12.5 $8.0 $42.8 $1.8
 PER COMMON SHARE DATA
 Inc. before extra.
 credit $0.04 $0.10 $0.07 $0.44 $0.02
 Net income 0.08 0.14 0.09 0.58 0.02
 Book value 14.09 14.11 13.90 14.26 13.62
 Average shares 92.1 91.3 88.8 73.9 73.8
 End of period shares 92.5 91.6 91.3 74.0 73.8
 AVERAGE BALANCES
 Loans $14,072 $13,290 $13,595 $13,830 $13,863
 Interest-earning
 assets 21,129 20,162 19,944 19,715 19,921
 Total assets 23,365 22,174 22,035 21,736 21,968
 Core deposits 15,203 14,991 15,241 14,985 15,167
 Interest-bearing liab. 17,611 16,871 16,696 16,760 17,084
 Common equity 1,287 1,281 1,221 1,071 1,017
 Total equity 1,411 1,316 1,256 1,106 1,052
 END OF PERIOD BALANCES
 Total assets $25,288 $23,229 $22,639 $22,692 $22,816
 Core deposits 15,724 15,058 15,352 15,172 15,734
 Common equity 1,304 1,292 1,269 1,055 1,005
 Total equity 1,482 1,327 1,304 1,090 1,040
 Tier 1 capital-(a) 1,371 1,215 1,190 974 923
 Total capital-(a) 2,164 1,859 1,836 1,659 1,646
 RATIOS
 Net income to:
 Average total assets 0.17pct. 0.23pct. 0.16pct. 0.80pct. 0.04
 Average total equity 2.89 3.94 2.75 15.76 0.92
 Net income applicable to
 common equity to average
 common equity 2.18 3.88 2.65 16.08 0.74
 Average total equity
 to average total assets 6.04 5.94 5.71 5.09 4.79
 Risk-based capital ratios:
 Tier 1 capital-(a) 7.53 7.38 7.24 5.72 5.49
 Total capital-(a) 11.89 11.30 11.17 9.74 9.79
 Leverage ratio 5.90 5.51 5.43 4.50 4.22
 Net interest margin
 (tax-equivalent basis) 4.32 4.16 4.10 4.02 3.89
 ----
 NOTE: (a) Based on 1992 rules and December 1992 data are preliminary.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
(in millions, except YEAR ENDED DECEMBER
per share and ratio data) 1992 1991 1990
 EARNINGS
 Inc. (loss) before extra. cr. $56.8 $(170.6) $(133.0)
 Extraordinary credit 18.4
 Net income (loss) 75.2 (170.6) (133.0)
 Preferred dividend 4.8 2.3 2.3
 Net inc (loss) applicable
 to common shares $70.4 $(172.9) $(135.3)
 PER COMMON SHARE DATA
 Inc (loss) before extra. cr. $0.60 $(2.35) $(1.84)
 Net income (loss) 0.81 (2.35) (1.84)
 Book value 14.09 13.62 15.70
 Average shares 86.6 73.7 73.4
 End of period shares 92.5 73.8 73.7
 AVERAGE BALANCES
 Loans $13,696 $14,215 $16,852
 Interest-earning assets 20,212 20,170 23,042
 Total assets 22,450 22,391 25,461
 Core deposits 15,237 15,804 16,697
 Interest-bearing liab. 16,994 17,295 19,921
 Common equity 1,199 1,057 1,359
 Total equity 1,256 1,092 1,394
 END OF PERIOD BALANCES
 Total assets $25,288 $22,816 $703
 Core deposits 15,724 15,734 17,647
 Common equity 1,304 1,005 1,157
 Total equity 1,482 1,040 1,192
 Tier 1 capital-(a) 1,371 923 1,068
 Total capital-(a) 2,164 1,646 1,881
 RATIOS
 Net income (loss) to:
 Average total assets 0.34pct (0.76)pct (0.52)pct
 Average total equity 5.99 (15.62) (9.54)
 Net inc (loss) applicable to
 common equity to average
 common equity 5.87 (16.35) (9.96)
 Average total equity
 to average total assets 5.60 4.88 5.47
 Risk-based capital ratios:
 Tier 1 capital-(a) 7.53 5.49 5.82
 Total capital-(a) 11.89 9.79 10.25
 Leverage ratio 5.90 4.22 4.53
 Net interest margin
 (tax-equivalent basis) 4.16 3.77 3.47
 ----
 NOTE: (a) Based on 1992 rules and December 1992 data are preliminary.
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 QUARTER ENDED
 (in millions) DEC 92 SEP 92 JUN 92 MAR 92 DEC 91
 INTEREST INCOME
 AND EXPENSES
 Tax-equivalent interest
 and dividend income $393.8 $378.8 $388.1 $400.3 $432.6
 Interest expense 164.3 167.9 184.9 203.3 237.4
 Tax-equivalent net
 interest income 229.5 210.9 203.2 197.0 195.2
 Tax-equivalent
 adjustment 3.7 3.5 3.9 4.2 5.0
 Net interest income 225.8 207.4 199.3 192.8 190.2
 Provision for loan
 losses 28.7 43.6 48.7 68.5 73.8
 Net interest income
 after provision for
 loan losses 197.1 163.8 150.6 124.3 116.4
 NONINTEREST INCOME
 Customer service fees 35.6 37.5 38.6 39.1 36.0
 Trust and agency fees 29.8 28.2 30.5 29.5 29.1
 Investment securities
 gains 6.3 11.2 68.4 58.0
 Loan servicing 3.1 5.1 7.5 4.2 6.4
 Trading account profits 1.7 1.6 1.9 1.4 1.8
 Other 16.6 21.9 30.6 27.8 17.7
 Total 93.1 105.5 109.1 170.4 149.0
 NONINTEREST EXPENSES
 Compensation 94.5 91.5 91.2 89.3 90.8
 Employee benefits 15.5 14.7 16.8 16.9 14.6
 Occupancy 25.2 23.9 24.6 25.7 18.7
 Equipment 15.2 16.5 15.2 14.9 17.2
 Foreclosed properties
 Provision 43.8 30.4 29.2 30.8 36.6
 Expenses 9.9 8.1 7.7 7.2 9.1
 Communication 10.1 11.3 10.2 11.0 10.4
 Other 65.4 59.3 55.9 54.5 65.1
 Total 279.6 255.7 250.8 250.3 262.5
 Income taxes 3.5 3.6 2.5 11.1 0.5
 Extraordinary credit 3.2 3.0 2.2 10.0
 Net income $10.3 $13.0 $8.6 $43.3 $2.4
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 YEAR ENDED DECEMBER
 (in millions) 1992 1991 1990
 INTEREST INCOME
 AND EXPENSES
 Tax-equivalent interest
 and dividend income $1,561.0 $1,836.6 $2,315.0
 Interest expense 720.4 1,076.6 1,515.7
 Tax-equivalent net
 interest income 840.6 760.0 799.3
 Tax-equivalent adjustment 15.3 22.7 39.8
 Net interest income 825.3 737.3 759.5
 Provision for loan losses 189.5 466.4 434.3
 Net interest income after
 provision for loan losses 635.8 270.9 325.2
 NONINTEREST INCOME
 Customer service fees 150.8 151.6 137.6
 Trust and agency fees 118.0 120.6 113.0
 Investment securities
 gains 85.9 78.2 26.2
 Loan servicing 19.9 33.8 23.3
 Trading account profits 6.6 7.1 6.4
 Other 96.9 138.4 159.3
 Total 478.1 529.7 465.8
 NONINTEREST EXPENSES
 Compensation 366.5 364.3 386.8
 Employee benefits 63.9 62.0 63.4
 Occupancy 99.4 94.2 100.8
 Equipment 61.8 63.0 67.3
 Foreclosed properties
 Provision 134.2 77.1 18.0
 Expenses 32.9 32.9 9.4
 Communication 42.6 43.5 50.0
 Other 235.1 232.7 222.6
 Total 1036.4 969.7 918.3
 Income taxes 20.7 1.5 5.7
 Extraordinary credit 18.4
 Net income (loss) $75.2 $(170.6) $(133.0)
 SHAWMUT NATIONAL CORPORATION
 FINANCIAL HIGHLIGHTS
 QUARTER ENDED
 (in millions) DEC 92 SEP 92 JUN 92 MAR 92 DEC 91
 LOANS BY TYPE
 Commercial/indust. $5,819.3 $5,158.7 $5,131.6 $5,226.6 $4,890.8
 Owner-occupied
 commercial
 real estate 1,601.7 1,646.8 1,671.6 1,730.8 1,794.1
 Real estate
 investor/developer
 Construction and other 346.2 407.9 497.4 555.9 593.1
 Commercial mortgage 1,390.4 1,418.8 1,427.4 1,467.0 1,563.5
 Consumer
 Residential
 mortgage 3,886.9 3,250.9 3,154.6 2,998.6 3,104.0
 Home equity 1,199.0 1,155.9 1,110.6 1,069.1 1,203.7
 Installment/other 653.2 616.4 573.2 958.6 1,142.3
 Foreign 3.1 5.2 8.4 8.5 9.2
 Total $14,899.8 $13,660.6 $13,574.8 $14,015.1 $14,300.7
 NONACCRUING LOANS
 BY TYPE-(a)
 Commercial/industrial $152.8 $197.8 $220.1 $222.3 $222.3
 Owner-occupied
 commercial real
 estate 140.6 153.6 169.2 166.0 182.2
 Real estate investor/
 developer
 Construction and other 69.0 93.1 128.1 164.2 159.6
 Commercial mortgage 164.1 189.9 239.6 245.5 281.3
 Consumer
 Residential mortgage 73.0 80.4 144.3 145.5 141.9
 Home equity 6.7 8.5 8.9 11.3 13.4
 Installment/other 11.8 11.9 13.5 19.7 34.1
 Foreign 0.1 2.5 2.7 2.7
 Total $618.0 $735.3 $926.2 $977.2 $1,037.5
 FORECLOSED PROPERTIES
 BY TYPE-(a)
 Real estate investor/
 developer $231.9 $309.2 $360.3 $345.5 $315.6
 Residential mortgage 12.5 23.5 40.5 45.5 45.3
 Total $244.4 $332.7 $400.8 $391.0


FINANCIAL HIGHLIGHTS
 (in millions, except QUARTER ENDED
 ratio data) DEC 92 SEP 92 JUN 92 MAR 92 DEC 91
 ASSET QUALITY -(a)
 Nonaccruing loans
 Less than 90 days
 past due $263.0 $300.6 $381.6 $325.2 $261.9
 More than 90 days
 past due 355.0 434.7 544.6 652.0 775.6
 Total nonaccruing
 loans 618.0 735.3 926.2 977.2 1,037.5
 Foreclosed properties
 In-substance
 foreclosures 134.7 169.8 219.0 204.0 188.6
 Title-owned properties 109.7 162.9 181.8 187.0 172.3
 Total foreclosed
 properties 244.4 332.7 400.8 391.0 360.9
 Total nonaccruing loans
 plus foreclosed
 properties $862.4 $1,068.0 $1,327.0 $1,368.2 $1,398.4
 Restructured loans $165.0 $130.2 $118.9 $107.5 $98.5
 Accruing loans past
 due 90 days or more 42.6 64.8 59.8 65.8 82.5
 Nonaccruing loans to
 total loans 4.15pct 5.38pct 6.82pct 6.97pct 7.25pct
 Nonaccruing loans plus
 foreclosed properties
 to total loans plus
 foreclosed properties 5.69 7.63 9.50 9.50 9.54
 Reserve for loan losses
 to nonaccruing loans 140.00 121.00 103.00 101.00 96.00
 RESERVE FOR LOAN LOSSES
 Beginning balance $893.0 $955.0 $985.0 $1,000.0 $1,007.0
 Provision 28.7 43.6 48.7 68.5 73.8
 Loan charge-offs (72.6) (116.0) (89.9) (93.3) (98.2)
 Recoveries 13.9 10.4 11.2 9.8 17.4
 Net charge-offs (58.7) (105.6) (78.7) (83.5) (80.8)
 Ending balance $863.0 $893.0 $955.0 $985.0 $1,000.0
 Net charge-offs
 (annualized) to average
 loans outstanding 1.67pct 3.18pct 2.32pct 2.42pct 2.33pct
 Reserve for loan losses
 to loans outstanding 5.79 6.54 7.04 7.03 6.99
 Reserve for loan losses
 to net charge-offs
 (annualized) 3.67 X 2.11 X 3.03 X 2.95 X 3.09 X
 ----
 NOTE (a): December 1992 data are preliminary.
 -0- 1/21/93
 /CONTACT: Robert L. Guenther, 203-240-1267, or Thomas R. Rice, 203-728-4872, both of Shawmut National Corporation/
 (SNC)


CO: Shawmut National Corporation ST: Rhode Island, Massachusetts IN: FIN SU: ERN

CH -- NE006 -- 7469 01/21/93 13:49 EST
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