Printer Friendly

SOUTHERN NATIONAL REPORTS RECORD EARNINGS FOR 1992

 LUMBERTON, N.C., Jan. 13 /PRNewswire/ -- Southern National Corporation (NYSE: SNB) today announced its earnings for 1992.
 FINANCIAL HIGHLIGHTS
 -- Net income for the year was $50.1 million
 - A 63 percent increase over the $30.8 million earned in 1991
 -- Fully-diluted 1992 EPS was $1.73
 - A 28 percent increase over $1.35 in 1991
 - A 16 percent compound growth rate for the period 1985 - 1992
 -- Fully-diluted EPS for the quarter was $.46
 ? - A 24 percent increase over the 4th Qtr. 1991 results of $.37
 -- Net yield on earning assets for 1992 was 4.99 percent
 - Compared to a net interest margin of 4.75 percent in 1991
 -- Net yield on earning assets for 4th Qtr. 1992 was 5.06 percent
 - Fourth consecutive quarterly increase
 -- Nonperforming assets at year-end were $29.6 million
 - 1.04 percent of loan-related assets
 - Declined for the seventh consecutive quarter
 -- Charge-offs for 1992 were $12.5 million
 - A 22 percent decrease compared to $15.9 million in 1991
 - A .47 percent annualized rate in 1992, compared to .68
 percent in 1991 and .65 percent in 1990
 -- Allowance for losses at December 31, 1992 was 1.25 percent of
 loans and leases
 - Equals 400 percent of nonaccrual loans at year-end
 -- Key performance ratios for the year
 - Return on average assets was 1.16 percent
 - Return on average common equity was 16.38 percent
 -- Average loan growth in 4th Qtr. over 3rd Qtr. 1992
 - $64 million, or 9 percent annualized
 -- No significant securities gains reflected in 1992 earnings
 -- Common stock closed the year at $19.625
 - 52 week high
 - A 41 percent increase over 1991's closing price of $13.875
 -- Additional financial data are contained in accompanying tables
 "Southern National has just completed the most successful year in its history," said Chairman Glenn Orr. "Continuing improvement in margins, good loan growth in spite of a recessionary economy, decreases in problem assets and outstanding teamwork were principal factors contributing to our success this year. We are committed to extending this success into 1993 and beyond."
 Book value per common share was $12.01, compared to $10.38 in 1991, a 16 percent increase. Assuming full conversion of the preferred stock, book value at December 31, 1992 would have been $12.67.
 Southern National's risk-based capital ratios were significantly higher than the minimums prescribed by the regulatory agencies. Tier 1 and total capital ratios at December 31, 1992 were approximately 13.5 percent and 14.9 percent, respectively, compared to the year-end 1992 requirements of 4.0 percent and 8.0 percent. The leverage ratio was approximately 8.0 percent, compared to 6.2 percent at December 31, 1991.
 Several non-recurring items, totaling approximately $1.8 million, contributed to the net increase in noninterest expense in 4th quarter compared to the previous quarters. Southern National offered an early retirement program with a cost of approximately $1,100,000. Early termination of a processing contract and expenses related to the merger with FedFirst also contributed $500,000 to the fourth quarter increase. A $927,000 decline in foreclosed property expense offset part of these increases. Even with these increases in noninterest expense, the full year ratio of such expenses to the sum of net interest income plus noninterest income improved to 62 percent in 1992 from 67 percent in 1991.
 The Board of Directors recently approved an increase in the quarterly dividend rate, from $.13 to $.15 per share, payable February 1, 1993 to shareholders of record as of January 15, 1993. This marks the 21st consecutive year that Southern National has increased its dividend rate. The dividend rate was last increased in July 1992, from $.12 to $.13 per share.
 Southern National recently received regulatory approval for its proposed acquisition of FedFirst Bancshares, Inc. of Winston-Salem. The transaction is scheduled to be completed on January 29, 1993.
 Southern National operates 149 offices in 81 cities and towns in the Carolinas.
 SOUTHERN NATIONAL CORPORATION FINANCIAL SUMMARY
 (Unaudited)
 Years Ended
 (Dollars in thousands December 31, Percent
 except per share data) 1992 1991 Change
 RESULTS OF OPERATIONS
 Interest income:
 Interest and fees on
 loans and leases $ 244,180 $ 246,950 (1)
 Interest and dividends
 on securities 92,611 70,193 32
 Interest on temporary
 investments 1,772 2,341 (24)
 Total interest income 338,563 319,484 6
 Interest expense:
 Interest on deposits 128,675 153,898 (16)
 Interest on short-term
 borrowings 14,210 15,618 (9)
 Interest on long-term debt 2,247 2,390 (6)
 Total interest expense 145,132 171,906 (16)
 Net interest income 193,431 $ 147,578 31
 Provision for loan
 and lease losses 14,380 18,767 (23)
 Noninterest income:
 Service charges on
 deposit accounts 23,986 21,599 11
 Nondeposit fees and
 commissions 14,728 12,625 17
 Securities gains, net 1 4,368 (100)
 Other income 4,344 4,488 (3)
 Total noninterest income 43,059 43,080 (0)
 Noninterest expense:
 Personnel expense 74,278 63,409 17
 Occupancy and
 equipment expense 20,031 17,782 13
 Federal deposit
 insurance expense 7,688 5,881 31
 Foreclosed property expense 7,591 6,331 20
 Other expense 36,728 33,461 10
 Total noninterest expense 146,316 126,864 15
 Provision for income taxes 25,646 14,248 80
 Net income $ 50,148 $ 30,779 63
 FTE adjustment 7,654 4,841
 Net income available
 to common shares 45,543 30,779
 PER SHARE
 Net income
 Primary $ 1.84 $ 1.35 36
 Fully-diluted 1.73 1.35 28
 Weighted average
 shares outstanding
 Primary 24,800,596 22,725,342
 Fully-diluted 28,981,041 22,752,360
 Cash dividends $ 0.50 $ 0.46 9
 PERFORMANCE RATIOS
 Return on average assets 1.16 pct. 0.88 pct.
 Return on average common
 shareholders' equity 16.38 13.71
 Net yield on earning assets
 (fully taxable equivalent) 4.99 4.75
 Three Months Ended
 (Dollars in thousands December 31, Percent
 except per share data) 1992 1991 Change
 RESULTS OF OPERATIONS
 Interest income:
 Interest and fees on
 loans and leases $ 61,476 $ 61,533 (0)
 Interest and dividends
 on securities 23,841 19,126 25
 Interest on temporary
 investments (20) 690 (103)
 Total interest income 85,297 81,349 5
 Interest expense:
 Interest on deposits 30,225 38,652 (22)
 Interest on short-term
 borrowings 3,110 2,556 22
 Interest on long-term debt 594 509 17
 Total interest expense 33,929 41,717 (19)
 Net interest income 51,368 $ 39,632 30
 Provision for loan
 and lease losses 3,124 4,172 (25)
 Noninterest income:
 Service charges on
 deposit accounts 6,277 5,701 10
 Nondeposit fees and
 commissions 3,864 3,136 23
 Securities gains (losses), 0 2,909 (100)
 Other income 1,182 764 55
 Total noninterest income 11,323 12,510 (9)
 Noninterest expense:
 Personnel expense 20,098 16,324 23
 Occupancy and
 equipment expense 4,961 4,568 9
 Federal deposit
 insurance expense 1,971 1,619 22
 Foreclosed property expense 999 2,357 (58)
 Other expense 10,723 10,493 2
 Total noninterest expense 38,752 35,361 10
 Provision for income taxes 6,990 4,098 71
 Net income $ 13,825 $ 8,511 62
 FTE adjustment 1,904 1,774
 Net income available
 to common shares 12,526 8,511
 PER SHARE
 Net income
 Primary $ 0.49 $ 0.37 32
 Fully-diluted 0.46 0.37 24
 Weighted average
 shares outstanding
 Primary 25,409,933 22,756,356
 Fully-diluted 29,989,296 22,756,356
 Cash dividends $ 0.13 $ 0.12 8
 PERFORMANCE RATIOS
 Return on average assets 1.22 pct. 0.92 pct.
 Return on average common
 shareholders' equity 16.84 14.59
 Net yield on earning assets
 (fully taxable equivalent) 5.06 4.82
 As of/For the
 Quarter Ended
 (Dollars in thousands
 except per share data) 12/31/1992 12/31/1991
 ASSET QUALITY RATIOS
 Nonaccrual loans and leases as
 percent of loans and leases 0.31 pct. 0.71 pct.
 Nonperforming assets as
 percent of:
 Total assets 0.64 1.14
 Loans and leases plus
 foreclosed property 1.04 1.76
 Net charge-offs as percent of
 average loans and leases 0.44 0.63
 Allowance for losses as percent
 of loans and leases 1.25 1.27
 Ratio of allowance for losses to:
 Net charge-offs 2.82 x 2.03 x
 Nonaccrual loans and leases 4.00 1.80
 AVERAGE BALANCES
 Securities $1,392,187 $ 970,556
 Loans and leases 2,822,362 2,395,481
 Earning assets 4,239,635 3,418,300
 Total assets 4,543,073 3,695,909
 Deposits 3,706,998 3,205,061
 Short-term borrowings 397,363 196,546
 Interest-bearing liabilities 3,677,070 3,046,594
 Shareholders' equity 371,669 233,404
 NOTE: All line items referring to loans and leases reflect loans
 and leases, net of unearned income.
 -0- 1/13/93
 /CONTACT: (Media) Bob Denham, 919-671-2427, or (Analysts) John R. Spruill, 919-671-2530, both of Southern National Corporation/
 (SNB)


CO: Southern National Corporation ST: North Carolina IN: FIN SU: ERN

SB -- CH001 -- 4315 01/13/93 07:33 EST
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:Jan 13, 1993
Words:1505
Previous Article:INTERDIGITAL RECEIVES $7.98 MILLION ORDER FROM INDONESIA
Next Article:DEKALB GENETICS REPORTS LOWER EARNINGS IN FIRST QUARTER DUE TO ACCOUNTING CHANGE; ARGENTINA DRIVES SALES INCREASE
Topics:


Related Articles
SOUTHERN NATIONAL REPORTS QUARTERLY EARNINGS UP 69 PERCENT
FIRST COMMONWEALTH REPORTS EARNINGS RECORDS FOR SECOND QUARTER AND FIRST HALF
KEY CENTURION CONTINUES EARNINGS INCREASE MOMENTUM IN SECOND QUARTER
SOUTHERN NATIONAL REPORTS QUARTERLY EARNINGS UP 68 PERCENT
BSD BANCORP REPORTS THIRD QUARTER RESULTS
EARNINGS, DIVIDENDS INCREASE AT HARLEYSVILLE NATIONAL CORPORATION
SOUTHERN NATIONAL REPORTS FIRST QUARTER EARNINGS UP 58 PERCENT
SOUTHERN NATIONAL REPORTS SIX MONTHS EARNINGS UP 44 PERCENT
FIRST SOUTHERN BANCORP'S EARNINGS INCREASE IN THIRD QUARTER ASSETS REACH $300 MILLION
/C O R R E C T I O N -- FIRSTFED FINANCIAL CORP./

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