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SHAWMUT NATIONAL CORPORATION REPORTS RECORD QUARTERLY EARNINGS OF $71.1 MILLION OF NET INCOME, OR 72 CENTS PER COMMON SHARE

 HARTFORD, Conn., and BOSTON, Oct. 13 /PRNewswire/ -- Shawmut National Corporation (NYSE: SNC) reported record net income for the third quarter of 1993 of $71.1 million, or 72 cents per common share, an increase of $14.8 million, or 26 percent, from the $56.3 million reported in 1993's second quarter, and an increase of $58.1 million from the $13.0 million of net income reported in the third quarter of last year.
 EARNINGS SUMMARY
 1993 1992
 3Q 2Q 1Q 4Q 3Q
 Net income ($mm) $71.1 $56.3 $36.3 $10.3 $13.0
 Earnings per
 common share ($) 72 cents 56 cents 35 cents 8 cents 14 cents
 Return on average
 common equity (pct.) 18.62 15.36 9.62 2.18 3.88
 Return on average
 assets (pct.) 1.09 .89 .62 .17 .23
 Net income for the third quarter of 1993 reflects a lower effective income tax rate due to the recent enactment of new tax legislation. The corporation's net deferred tax asset, representing the tax benefits of future tax deductions, increased due to the new higher corporate tax rates, resulting in a tax benefit of $7.9 million. In addition, tax benefits of $5.6 million were also recognized due to the reduction of the deferred tax asset valuation allowance. The reduction in the deferred tax asset valuation allowance is accompanied by the reduction in the deferred tax asset. Net income for the third quarter of 1992 included securities gains of $11.2 million and an extraordinary credit of $3.0 million from the realization of net operating loss carryforwards.
 Joel B. Alvord, Shawmut's chairman and chief executive officer, said, "The third quarter results set a new record for Shawmut, as expense savings and declining credit costs allow revenues to hit the bottom line. The results demonstrate further progress toward our goal of rejoining the ranks of high-performing regional banking companies." The results for the third quarter are in line with preliminary estimates that the corporation issued on September 23.
 Core earnings were $99.2 million in the third quarter of 1993, compared with $94.4 million in the second quarter of 1993, an increase of 5 percent, and $76.4 million during the third quarter of 1992, an increase of 30 percent. Core earnings are defined as earnings before credit costs, taxes and special items.
 Noninterest expenses, excluding provision for foreclosed properties, for the third quarter of 1993 declined by $4.2 million from the $229.6 million reported in the second quarter. This improvement in the cost structure of the corporation resulted in an efficiency ratio (the relationship of noninterest expenses to total revenues) of 68.7 percent in the third quarter. The decline in noninterest expenses is attributable to savings initiated under a restructuring program which Shawmut announced in the first quarter of 1993 as well as declining expenses related to the resolution of problem assets. Continued reductions in noninterest expenses are expected as further progress in implementing the restructuring program is achieved.
 Asset quality improved as problem assets (nonaccruing loans plus foreclosed properties) declined by $76.2 million or 15 percent to $436.9 million at September 30, 1993 from $513.1 million at June 30, 1993. Credit costs also remained low. Provisions for loan losses and for foreclosed properties were $5.0 million and $8.6 million, respectively, down $2.0 million and $2.9 million, respectively, from $7.0 million and $11.5 million, respectively, reported in the second quarter of 1993.
 INCOME STATEMENT HIGHLIGHTS
 ($ in millions) 1993 1992
 3Q 2Q 1Q 4Q 3Q
 Net interest income (T-E) $240.1 $236.4 $215.5 $229.5 $210.9
 Tax equivalent adjustment (3.4) (3.3) (3.3) (3.7) (3.5)
 Net interest income 236.7 233.1 212.2 225.8 207.4
 Noninterest income (a) 87.9 90.9 95.5 86.8 94.3
 Noninterest expenses (b) 225.4 229.6 230.0 235.8 225.3
 Core earnings 99.2 94.4 77.7 76.8 76.4
 Credit costs
 Provision for loan losses 5.0 7.0 12.2 28.7 43.6
 Provision for foreclosed
 properties 8.6 11.5 43.1 43.8 30.4
 Total credit costs 13.6 18.5 55.3 72.5 74.0
 Securities gains .1 .1 5.1 6.3 11.2
 Special expenses --- --- 50.4 --- ---
 Pre-tax income (loss) 85.7 76.0 (22.9) 10.6 13.6
 Income taxes (benefit) 14.6 19.7 (6.4) 3.5 3.6
 Income (loss) before
 accounting change &
 extraordinary credit 71.1 56.3 (16.5) 7.1 10.0
 Cumulative effect of
 accounting change --- --- 52.8 --- ---
 Extraordinary credit --- --- --- 3.2 3.0
 Net income $71.1 $56.3 $36.3 $10.3 $13.0
 Net interest margin (pct) 4.05 4.10 4.01 4.32 4.16
 Efficiency ratio (pct) 68.7 70.2 73.9 74.5 73.8
 COMMON SHARE DATA:
 Income (loss) before
 accounting change &
 extraordinary credit ($) .72 .56 (.22) .04 .10
 Net income ($) .72 .56 .35 .08 .14
 (a) Excludes securities gains.
 (b) Excludes provision for foreclosed properties and special
 expenses.
 Nine Month Results
 Net income for the first nine months of 1993 totaled $163.7 million, or $1.63 per common share, compared with $64.9 million, or 75 cents per common share, during the comparable period of 1992. Net income for the first nine months of 1993 included securities gains of $5.3 million and a $53.0 million income tax benefit attributable to the cumulative effect of adopting a change related to accounting for income taxes and nonrecurring expenses which included $36.0 million in restructuring charges, $20.0 million in provision for foreclosed properties related to a bulk sale of real estate assets and a $14.0
million writedown in the value of excess servicing rights. Net income for the first nine months of 1992 included securities gains of $79.6 million, $22.3 million in gains from the sale of consumer loan pass-through certificates and an extraordinary credit of $15.2 million from the realization of net operating loss carryforwards.
 CORE EARNINGS ANALYSIS
 Net Interest Income Up $4 Million from Prior Quarter
 Net interest income, on a tax-equivalent basis for the third quarter of 1993, was $240.1 million, an increase of $3.7 million, or 2 percent from the second quarter of 1993 and an increase of $29.2 million, or 14 percent, from the third quarter of 1992. Average interest-earning assets were $23.7 billion during the third quarter of 1993, up $0.6 billion from the second quarter of 1993 and up $3.5 billion from the third quarter a year ago. The increase in net interest income reflects higher levels of interest-earning assets and improvement in funding costs generated by the lower rates paid on interest-bearing liabilities. Net interest margin fell by 5 basis points to 4.05 percent in the third quarter relative to the 4.10 percent reported for the second quarter of 1993 and 4.16 percent for the third quarter of 1992. Tax-equivalent net interest income for the nine months ended September 30, 1993 was $692.0 million, an increase of 13 percent from $611.1 million for the first nine months of 1992.
 Noninterest Income (Excluding Securities Gains) Declined by
 $3.0 Million from Second Quarter
 Noninterest income, excluding securities gains, declined to $87.9 million for the 1993 third quarter, a drop of $3.0 million, or 3 percent, from the second quarter of 1993. This decline resulted principally from a $3.0 million decline in gains on residential mortgage loan sales reflecting a more stable mortgage interest rate environment. Partially offsetting this decline were improvements of $.8 million and $1.1 million, respectively, in Customer Service and Trust and Agency fees.
 NONINTEREST INCOME
 ($ in millions) 1993 1992
 3Q 2Q 1Q 4Q 3Q
 Customer service fees $43.5 $42.7 $43.5 $39.0 $41.4
 Trust and agency fees 29.9 28.8 28.6 29.0 28.4
 Loan servicing 3.0 3.2 3.5 4.6 4.5
 Foreign exchange .2 (.1) .1 2.7 2.6
 Trading account profits 1.5 1.8 1.8 1.7 1.6
 Residential mortgage sales 3.6 6.6 11.5 1.2 3.1
 Other 6.2 7.9 6.5 8.6 12.7
 Subtotal 87.9 90.9 95.5 86.8 94.3
 Securities gains .1 .1 5.1 6.3 11.2
 Total noninterest income $88.0 $91.0 $100.6 $93.1 $105.5
 Noninterest income, excluding securities gains, was $94.3 million in the third quarter a year ago. Comparable noninterest income for the first nine months of 1993 totalled $274.3 million, compared with $283.1 million during the 1992 nine-month period.
 Noninterest Expenses Decline $4.2 Million from Second Quarter of
 1993
 Noninterest expenses, excluding provision for foreclosed properties, were $225.4 million for the 1993 third quarter, down $4.2 million from the $229.6 million amount reported in 1993's second quarter, and virtually level with the $225.3 million reported in the third quarter a year ago. The favorable effect on noninterest expense levels derives principally from actions taken under the restructuring program announced in the first quarter of 1993 as well as from declining problem asset resolution expenses. Offsetting these reductions in noninterest expenses was an increase in compensation principally due to a problem asset workout incentive program implemented during the quarter. Comparable noninterest expenses totaled $685.0 million for the nine- month period of 1993, vs. $666.4 million during the first nine months of 1992.
 NONINTEREST EXPENSES
 ($ in millions) 1993 1992
 3Q 2Q 1Q 4Q 3Q
 Compensation $95.9 $93.0 $92.4 $94.5 $91.5
 Employee benefits 19.5 20.3 19.2 15.4 14.7
 Occupancy 22.7 22.8 24.4 23.6 23.5
 Equipment 12.0 13.5 15.1 15.2 15.0
 Foreclosed properties
 expense 4.8 9.7 9.9 9.9 8.1
 Communication 9.9 10.3 10.4 9.6 10.0
 FDIC insurance 10.4 11.1 11.6 9.1 9.1
 Advertising 4.6 4.3 6.4 3.6 3.8
 Other 45.6 44.6 40.6 54.9 49.6
 Subtotal 225.4 229.6 230.0 235.8 225.3
 Special expenses --- --- 50.4 --- ---
 Provision for foreclosed
 properties 8.6 11.5 43.1 43.8 30.4
 Total noninterest
 expenses $234.0 $241.1 $323.5 $279.6 $255.7
 No. of employees (FTE) 10,198 10,482 10,477 10,609 10,648
 Shawmut's efficiency ratio, the ratio of noninterest expenses (excluding the provision for foreclosed properties) to total revenues, improved to 68.7 percent, down from 70.2 percent in the second quarter of 1993 and from 73.8 percent for last year's third quarter.
 CREDIT COSTS
 Provisions for Loan Losses and Foreclosed Properties Continue to Decline
 The provision for loan losses was $5.0 million in the third quarter of 1993, down $2.0 million, or 29 percent, from $7.0 million in the second quarter of 1993 and down $38.6 million, or 89 percent, from $43.6 million in the third quarter of 1992. Net charge-offs were $32.0 million during the third quarter of 1993. This compares with $39.9 million during the second quarter of 1993, and $72.5 million during the same quarter a year ago (excluding charge-offs of $108.6 million and $33.1 million, respectively, related to the bulk sale of real estate loans).
 The provision for foreclosed properties, excluding special provisions, declined to $8.6 million in the third quarter, from $11.5 million in the second quarter of 1993 and $27.7 million during the third quarter of 1992.
 INCOME TAXES
 The provision for income taxes in the third quarter of 1993 was $14.6 million compared with $3.6 million for the same quarter a year ago. The provision for the nine months ended Sept. 30, 1993 was $27.9 million compared with $17.2 million for the same period a year ago. The net deferred tax asset and valuation allowance were $166.1 million and $70.2 million at Sept. 30, 1993, respectively, and $178.5 million and $75.8 million at June 30, 1993, respectively.
 BALANCE SHEET
 Average Interest-Earning Assets Up $563 Million, or 2 Percent, in Third Quarter 1993
 Shawmut's average total assets increased by $626 million from the second quarter of 1993 reflecting a 10 percent growth in the securities portfolio during the third quarter to $8.2 billion. The growth in the securities portfolio of $717 million contributed to Shawmut's increase in net interest income as previously discussed. Average loans decreased $132 million, or 1 percent, during the quarter.
 ASSET SUMMARY
 ($ in millions)
 1993 1992
 Average Balances Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
 Cash and Due $1,439 $1,394 $1,453 $1,473 $1,288
 Loans 14,746 14,878 14,696 14,072 13,290
 Reserve for
 Loan losses (684) (816) (860) (899) (953)
 Net Loans 14,062 14,062 13,836 13,173 12,337
 Securities 8,200 7,483 6,042 6,221 6,086
 Other Earning
 Assets 737 759 841 836 786
 Total Earning
 Assets 23,683 23,120 21,579 21,129 20,162
 Other Assets 1,422 1,536 1,631 1,662 1,677
 Total Assets $25,860 $25,234 $23,803 $23,365 $22,174
 End of Period Balances
 Cash and Due $1,026 $1,042 $1,230 $1,368 $1,417
 Loans 15,273 15,056 14,996 14,900 13,661
 Reserve for
 Loan Losses (658) (685) (826) (863) (893)
 Net Loans 14,615 14,371 14,170 14,037 12,768
 Securities 8,825 7,851 7,307 6,078 6,325
 Other Earning
 Assets 1,059 1,002 756 1,176 964
 Total Earning
 Assets 25,157 23,909 23,059 22,154 20,950
 Other Assets 1,432 1,511 1,610 2,629 1,755
 Total Assets $26,957 $25,778 $25,073 $25,288 $23,229
 Modest Loan Growth Reported For Third Quarter
 Total loans rose $217.5 million or 1.4 percent from June 30, 1993 levels and $59.5 million or 0.4 percent for the period of March 31, through June 30, 1993. Loan mix remained relatively unchanged.
 LOANS BY TYPE
 ($ in millions) 1993 1992
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
 Commercial/
 industrial $6,067.4 $6,028.8 $5,923.0 $5,822.4 $5,163.9
 Owner-occupied
 commercial
 real estate 1,425.6 1,449.5 1,560.3 1,601.7 1,646.8
 Real estate
 investor/developer
 Commercial mortgage 1,241.6 1,184.3 1,357.8 1,390.4 1,418.8
 Construction & other 169.6 247.9 321.1 346.2 407.9
 Total investor/
 developer 1,411.2 1,432.2 1,678.9 1,736.6 1,826.7
 Consumer
 Residential
 mortgage 4,123.2 4,067.0 3,929.3 3,886.9 3,250.9
 Home equity 1,426.8 1,310.5 1,236.0 1,199.0 1,155.9
 Installment/other 819.1 767.8 668.8 653.2 616.4
 Total Consumer 6,369.1 6,145.3 5,834.1 5,739.1 5,023.2
 Total $15,273.3 $15,055.8 $14,996.3 $14,899.8 $13,660.6
 Consumer and Commercial/Industrial Lending grew by 3.6 percent, or $223.8 million, and 0.6 percent, or $38.6 million, respectively, during the third quarter of 1993. Investor/Developer real estate lending continued to decline, falling by $21.0 million or 1.5 percent during the quarter.
 Problem Assets Ratio Falls Below 3 Percent
 ASSET QUALITY
 ($ in millions) 1993 1992
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
 Nonaccruing Loans $361.9 $399.7 $595.7 $618.0 $735.3
 Foreclosed Properties 75.0 113.4 181.4 244.4 332.7
 Total Problem Assets $436.9 $513.1 $777.1 $862.4 $1,068.0
 Restructured Loans $72.5 $70.5 $145.2 $165.0 $130.2
 Accruing Loans Past Due
 90 days or More $51.3 $54.7 $51.0 $42.6 $64.8
 Problem Assets as a
 Percent of Loans plus
 Foreclosed Properties 2.85pct 3.38pct 5.12pct 5.69pct 7.63pct
 Reserve as a Percent of
 Nonaccruing Loans 182pct 171pct 139pct 140pct 121pct
 Problem Asset Flows
 3Q93 2Q93 1Q93 4Q92 3Q92
 Inflows $66.1 $105.2 $135.8 $139.7 $117.7
 Outflows (a) $135.5 $261.6 $143.2 $244.4 $230.9
 (a) Outflows are cash payments, transfers to accruing or to restructured, or sales.
 Total problem assets at Sept. 30, 1993 declined to $436.9 million, down $76.2 million, or 15 percent, from June 30, 1993 and down $631.1 million, or 59 percent, from $1.068 billion a year ago. The ratio of nonaccruing loans and foreclosed properties to total loans and foreclosed properties was 2.85 percent at Sept. 30, 1993 as compared to 3.38 percent at June 30, 1993 and 7.63 percent at Sept. 30, 1992. Foreclosed properties declined by $38.4 million, or 34 percent, to $75.0 million from the June 30, 1993 post bulk sale level of $113.4 million. In addition, problem asset inflows were down by $38.2 million or 36 percent to $67.0 million for the third quarter of 1993 as compared with the second quarter of 1993.
 Reserve Coverage of Nonaccruing Loans Rises to 182 Percent
 The reserve for loan losses was $657.5 million at Sept. 30, 1993, compared with $684.5 million at June 30, 1993 and $893.0 million at Sept. 30, 1992. Reserve coverage remained strong as the ratio of the reserve for loan losses to nonaccruing loans was 182 percent at the end of the third quarter of 1993, compared with 121 percent a year earlier. The reserve coverage was 171 percent at June 30, 1993.
 RESERVE FOR LOAN LOSSES SUMMARY
 ($ in millions) 1993 1992
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
 Balance at Beginning
 of Period $684.5 $826.0 $863.0 $893.0 $955.0
 Net Charge-offs 32.0 39.9 49.2 58.7 72.5
 Bulk Sale Charge-offs --- 108.6 --- --- 33.1
 Provision for
 Loan Losses 5.0 7.0 12.2 28.7 43.6
 Balance at End
 of Period $657.5 $684.5 $826.0 $863.0 $893.0
 Provision for Foreclosed Properties
 3Q93 2Q93 1Q93 4Q92 3Q92
 Total $8.6 $11.5 $43.1 $43.8 $30.4
 Excluding Special
 Provisions (a) $8.6 $11.5 $15.5 $22.9 $27.7
 (a)Special provisions include charges for bulk sales, auctions and
 estimated selling costs.
 Book Value Rises To $15.76 Per Share
 Shawmut's Tier 1 and Total capital ratios were 7.76 percent and 12.01 percent at Sept. 30, 1993, respectively, compared with 7.48 percent and 11.80 percent at June 30, 1993, respectively. The Leverage ratio, a measure of Tier 1 capital to quarterly average assets, improved to 6.05 percent at Sept. 30, 1993 from 5.87 percent at June 30, 1993.
 CAPITAL
 ($ in millions, except per share data)
 1993 1992
 Sep 30 Jun 30 Mar 31 Dec 31 Sep 30
 Common Equity $1,487 $1,403 $1,346 $1,304 $1,292
 Tangible Common Equity (a) 1,380 1,295 1,236 1,193 1,179
 Total Shareholders' Equity 1,666 1,582 1,525 1,482 1,327
 Tier 1 Capital 1,559 1,474 1,415 1,371 1,215
 Total Capital 2,414 2,325 2,174 2,164 1,859
 Common Equity Ratio 5.52 pct 5.44 pct 5.37 pct 5.16 pct 5.56 pct
 Tangible Common Ratio 5.12 5.02 4.93 4.74 5.10
 Tier 1 Capital Ratio (b) 7.76 7.48 7.55 7.52 7.38
 Total Capital Ratio (b) 12.01 11.80 11.59 11.87 11.30
 Leverage Ratio 6.05 5.87 5.97 5.90 5.51
 Book Value Per Share $15.76 $14.99 $14.45 $14.09 $14.11
 Goodwill 107 108 110 111 113
 Total Assets 26,956 25,778 25,073 25,288 23,229
 Average Common
 Shares Outstanding 94.0 93.5 92.9 92.1 91.3
 (a) Defined as common equity less goowill.
 (b) As a percent of preliminary risk adjusted assets. Third quarter
 1993 data are preliminary.
 The corporation's and principal banking subsidiaries' risk-based capital and leverage ratios continue to exceed the ratios for a well capitalized institution.
 SHAWMUT NATIONAL CORPORATION FINANCIAL HIGHLIGHTS
 (in millions, except QUARTER ENDED
 per share data) SEP 93 JUN 93 MAR 93 DEC 92 SEP 92
 INTEREST INCOME
 AND EXPENSES
 Tax-equivalent interest
 and dividend income $399.1 $397.2 $377.5 $393.8 $378.8
 Interest expense 159.0 160.8 162.0 164.3 167.9
 Tax-equivalent net
 interest income 240.1 236.4 215.5 229.5 210.9
 Tax-equivalent adjustment 3.4 3.3 3.3 3.7 3.5
 Net interest income 236.7 233.1 212.2 225.8 207.4
 Prov. for loan losses 5.0 7.0 12.2 28.7 43.6
 Net interest inc. after
 prov. for loan losses 231.7 226.1 200.0 197.1 163.8
 NONINTEREST INCOME
 Customer service fees 43.5 42.7 43.5 39.0 41.4
 Trust and agency fees 29.9 28.8 28.6 29.0 28.4
 Securities gains, net 0.1 0.1 5.1 6.3 11.2
 Other 14.5 19.4 23.4 18.8 24.5
 Total 88.0 91.0 100.6 93.1 105.5
 NONINTEREST EXPENSES
 Comp. and benefits 115.4 113.3 111.6 109.9 106.2
 Occupancy and equipment 34.7 36.3 39.5 38.8 38.5
 Foreclosed properties
 Provision 8.6 11.5 43.1 43.8 30.4
 Expenses 4.8 9.7 9.9 9.9 8.1
 Other 70.5 70.3 119.4 77.2 72.5
 Total 234.0 241.1 323.5 279.6 255.7
 Inc. (loss) before
 inc. taxes, extra.
 credit and acct. cng. 85.7 76.0 (22.9) 10.6 13.6
 Income taxes (benefit) 14.6 19.7 (6.4) 3.5 3.6
 Inc. (loss) before extra.
 credit and acct. cng. 71.1 56.3 (16.5) 7.1 10.0
 Extraordinary credit --- --- --- 3.2 3.0
 Cumulative effect of
 accounting change --- --- 52.8 --- ---
 Net income $71.1 $56.3 $36.3 $10.3 $13.0
 COMMON SHARE DATA
 Inc. (loss) before
 extra. and acct.
 change 72 cents 56 cents (22 cents) 4 cents 10 cents
 Net income 72 cents 56 cents 35 cents 8 cents 14 cents
 Dividends declared 10 cents 10 cents 10 cents --- ---
 Book value 15.76 14.99 14.45 14.09 14.11
 Average shares 94.0 93.5 92.9 92.1 91.3
 End of period shares 94.3 93.6 93.1 92.5 91.6
 Preferred div. decld. $3.9 $3.9 $3.9 $3.2 $0.5
 SHAWMUT NATIONAL CORPORATION FINANCIAL HIGHLIGHTS
 (in millions, except NINE MONTHS ENDED
 per share data) SEP 93 SEP 92
 INTEREST INCOME
 AND EXPENSES
 Tax-equivalent interest
 and dividend inc. $ 1,173.8 $ 1,167.2
 Interest expense 481.8 556.1
 Tax-equivalent net
 interest income 692.0 611.1
 Tax-equivalent adjust. 10.0 11.6
 Net interest income 682.0 599.5
 Prov. for loan losses 24.2 160.8
 Net interest inc. after
 prov. for loan losses 657.8 438.7
 NONINTEREST INCOME
 Customer service fees 129.7 128.8
 Trust and agency fees 87.3 86.1
 Securities gains, net 5.3 79.6
 Other 57.3 90.5
 Total 279.6 385.0
 NONINTEREST EXPENSES
 Comp. and benefits 340.3 320.5
 Occupancy and equipment 110.5 117.6
 Foreclosed properties:
 Provision 63.2 90.4
 Expenses 24.4 23.0
 Other 260.2 205.3
 Total 798.6 756.8
 Income before inc.
 taxes, extra. credit
 and acct. cng. 138.8 66.9
 Income taxes 27.9 17.2
 Income before extra.
 credit and acct. cng. 110.9 49.7
 Extraordinary credit --- 15.2
 Cumulative effect of
 accounting change 52.8 ---
 Net income $163.7 $64.9
 COMMON SHARE DATA
 Income before extra.
 credit and acct. cng. $1.06 57 cents
 Net income 1.63 75 cents
 Dividends declared 30 cents
 Book value 15.76 14.11
 Average shares 93.5 84.7
 End of period shares 94.3 91.6
 Preferred div. decld. $11.7 $1.6
 SHAWMUT NATIONAL CORPORATION FINANCIAL HIGHLIGHTS
 QUARTER ENDED
 (in millions) SEP 93 JUN 93 MAR 93 DEC 92 SEP 92
 AVERAGE BALANCES
 Loans $14,746 $14,878 $14,696 $14,072 $13,290
 Securities 8,200 7,483 6,042 6,221 6,086
 Interest-earning
 assets 23,683 23,120 21,579 21,129 20,162
 Total assets 25,860 25,234 23,803 23,365 22,174
 Core deposits 14,760 15,024 15,039 15,203 14,991
 Other borrowings 7,721 6,989 5,441 5,224 4,298
 Notes and debentures 874 859 809 676 664
 Interest-bearing
 liab. 19,752 19,252 17,829 17,611 16,871
 Common equity 1,433 1,368 1,369 1,287 1,281
 Total equity 1,612 1,547 1,548 1,411 1,316
 END OF PERIOD
 BALANCES
 Loans $15,273 $15,056 $14,996 $14,900 $13,661
 Securities 8,825 7,851 7,307 6,078 6,325
 Interest-earning
 assets 25,157 23,909 23,059 22,154 20,950
 Total assets 26,957 25,778 25,073 25,288 23,229
 Core deposits 14,588 14,894 14,779 15,724 15,058
 Other borrowings 8,790 7,662 6,974 5,328 5,206
 Notes and debentures 874 874 809 810 664
 Interest-bearing
 liab. 20,829 19,740 19,378 17,976 17,719
 Common equity 1,487 1,403 1,346 1,304 1,292
 Total equity 1,666 1,582 1,525 1,482 1,327
 Tier 1 capital (a) 1,559 1,474 1,415 1,371 1,215
 Total capital (a) 2,414 2,325 2,174 2,164 1,859
 (a) September 1993 data are preliminary.
 SHAWMUT NATIONAL CORPORATION FINANCIAL HIGHLIGHTS
 QUARTER ENDED
 (in millions) SEP 93 JUN 93 MAR 93 DEC 92 SEP 92
 LOANS BY TYPE
 Commercial/
 industrial $6,067.4 $6,028.8 $5,923.0 $5,822.4 $5,163.9
 Owner-occupied
 commcl.real
 estate 1,425.6 1,449.5 1,560.3 1,601.7 1,646.8
 Real estate
 investor/developer:
 Commercial
 mortgage 1,241.6 1,184.3 1,357.8 1,390.4 1,418.8
 Construc. and
 other 169.6 247.9 321.1 346.2 407.9
 Consumer:
 Residential
 mortg. 4,123.2 4,067.0 3,929.3 3,886.9 3,250.9
 Home equity 1,426.8 1,310.5 1,236.0 1,199.0 1,155.9
 Installment/
 other 819.1 767.8 668.8 653.2 616.4
 Total $15,273.3 $15,055.8 $14,996.3 $14,899.8 $13,660.6
 NONACCRUING LOANS
 BY TYPE
 Commercial/
 industrial $81.6 $111.2 $137.6 $152.8 $197.9
 Owner-occupied
 commcl. real
 estate 90.2 97.5 142.4 140.6 153.6
 Real estate
 investor/developer:
 Commercial
 mortgage 92.0 95.7 161.1 164.1 189.9
 Construc. and
 other 41.2 36.1 66.5 69.0 93.1
 Consumer:
 Residential mortg. 45.3 46.4 71.9 73.0 80.4
 Home equity 5.2 5.1 5.7 6.7 8.5
 Installment/other 6.4 7.7 10.5 11.8 11.9
 Total $361.9 $399.7 $595.7 $618.0 $735.3
 FORECLOSED PROPERTIES
 BY TYPE
 Real estate
 investor/developer $67.2 $102.2 $169.4 $231.9 $309.2
 Residential mortgage 7.8 11.2 12.0 12.5 23.5
 Total $75.0 $113.4 $181.4 $244.4 $332.7
 SHAWMUT NATIONAL CORPORATION FINANCIAL HIGHLIGHTS
 (in millions, except QUARTER ENDED
 ratio data) SEP 93 JUN 93 MAR 93 DEC 92 SEP 92
 ASSET QUALITY
 Nonaccruing loans:
 Less than 90 days
 past due $123.0 $154.0 $235.5 $263.0 $300.6
 More than 90 days
 past due 238.9 245.7 360.2 355.0 434.7
 Total nonaccruing
 loans 361.9 399.7 595.7 618.0 735.3
 Foreclosed properties:
 In-substance
 foreclosures 20.2 42.4 90.3 134.7 169.8
 Title-owned 54.8 71.0 91.1 109.7 162.9
 Total foreclosed
 properties 75.0 113.4 181.4 244.4 332.7
 Total nonaccruing loans
 plus foreclosed
 properties $436.9 $513.1 $777.1 $862.4 $1,068.0
 Restructured loans $72.5 $70.5 $145.2 $165.0 $130.2
 Accruing loans past
 due 90 days or more $51.3 $54.7 $51.0 $42.6 $64.8
 Nonaccruing loans
 to loans 2.37 pct 2.65 pct 3.97 pct 4.15 pct 5.38 pct
 Nonaccruing loans
 plus foreclosed
 properties to loans
 plus foreclosed
 properties 2.85 3.38 5.12 5.69 7.63
 Reserve for loan
 losses to
 nonaccruing loans 182.00 171.00 139.00 140.00 121.00
 RESERVE FOR LOAN LOSSES
 Beginning balance $684.5 $826.0 $863.0 $893.0 $955.0
 Provision 5.0 7.0 12.2 28.7 43.6
 Loan charge-offs (42.4) (160.8) (59.8) (72.6) (116.0)
 Recoveries 10.4 12.3 10.6 13.9 10.4
 Net charge-offs (32.0) (148.5) (49.2) (58.7) (105.6)
 Ending balance $657.5 $684.5 $826.0 $863.0 $893.0
 Net charge-offs
 (annualized) to avg.
 loans outstanding (a) 0.87 pct 1.07 pct 1.34 pct 1.67 pct 2.18 pct
 Reserve for loan losses
 to loans outstanding 4.30 4.55 5.51 5.79 6.54
 Reserve for loan losses
 to net charge-offs
 (annualized) (a) 5.13 X 4.29 X 4.20 X 3.67 X 3.08 X
 (a) The ratios for the quarters ended June 30, 1993 and September 30, 1992 exclude $108.6 million and $33.1 million, respectively, of charge-offs related to the bulk sales of nonaccruing loans.
 -0- 10/13/93
 /CONTACT: Robert L. Guenther, 203-240-1267 (news media), or Thomas R. Rice, 203-728-4872 (investor), both of Shawmut/
 (SNC)


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

DJ -- NE003 -- 1644 10/13/93 11:54 EDT
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Date:Oct 13, 1993
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