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U.S. BANCORP ANNOUNCES FIRST-QUARTER 1992 EARNINGS

 U.S. BANCORP ANNOUNCES FIRST-QUARTER 1992 EARNINGS
 PORTLAND, Ore., April 14 /PRNewswire/ -- U.S. Bancorp


(NASDAQ: USBC) today reported first-quarter 1992 income of $51.1 million, or 52 cents per share, prior to a one-time after-tax expense of $4 million, or 4 cents per share, for early redemption of long-term debt. This one-time expense will be recovered over the next 18 months by lower funding costs. Net income in the quarter was $47.1 million, or 48 cents per share, compared to net income of $49.3 million, or 51 cents per share, in the first quarter of 1991. For first quarter 1992 return on assets was 1.02 percent and return on equity was 13.28 percent.
 "First-quarter noninterest revenues increased 31 percent over the same quarter of 1991, with significant strength in residential real estate activities. Credit reporting and mortgage banking revenues each grew 62 percent, reflecting the favorable interest rate environment and active housing markets," stated Roger L. Breezley, chairman and chief executive officer.
 "While this quarter's loan losses were the lowest in over a year, nonperforming assets crept up $14 million since year end to $399.6 million, or 2.91 percent of loans plus other real estate and equipment owned. We expect resolution of several problem credits in coming months which will lower total nonperforming assets," he added.
 "The economy in our markets continued to show modest growth during the early part of the year, but customers have been cautious about borrowing. While we continue to see new account relationships being established, loan demand remains weak. We anticipate an upward trend as our nation's economy rebounds from the recent recession," Breezley added. "U.S. Bancorp remains one of the strongest capitalized banking institutions in the country and well positioned as a leader in the markets we serve."
 U.S. Bancorp is the largest financial services company headquartered in the Pacific Northwest, with assets of $18.9 billion at March 31, 1992. Subsidiaries include U.S. Bank of Oregon, U.S. Bank of Washington and U.S. Bank of California.
 U. S. BANCORP AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEET
 (In thousands)
 March 31: 1992 1991
 ASSETS
 Interest earning assets:
 Money market investments:
 Time deposits with other banks $ 23,168 $ 33,341
 Federal funds sold and security
 resell agreements 487,920 476,609
 Other money market investments 5,088 46,445
 Total money market investments 516,176 556,395
 Investment securities 1,828,096 1,650,192
 Trading account securities 155,762 202,988
 Loans held for sale 544,057 225,683
 Loans (net of unearned income):
 Commercial 6,291,826 6,698,109
 Real estate construction 882,432 920,800
 Real estate mortgage 2,858,943 3,024,030
 Consumer 2,697,594 2,532,197
 Foreign 59,748 40,830
 Lease financing 840,407 766,295
 Total loans 13,630,950 13,982,261
 Total interest earning assets 16,675,041 16,617,519
 Allowance for loan losses (242,105) (201,057)
 Cash and due from banks 1,072,486 831,131
 Premises, furniture and equipment 409,352 327,181
 Other real estate and equipment owned 86,439 106,994
 Customers' liability on acceptances 232,082 187,551
 Other assets 627,049 599,335
 Total $18,860,344 $18,468,654
 LIABILITIES
 Interest bearing liabilities:
 Deposits $10,615,207 $10,905,084
 Federal funds purchased and security
 repurchase agreements 2,022,536 2,210,541
 Commercial paper 190,794 269,681
 Other short-term borrowings 245,985 329,853
 Long-term debt 1,107,251 829,989
 Total interest bearing liabilities 14,181,773 14,545,148
 Noninterest bearing deposits 2,715,557 2,119,987
 Accrued income taxes 85,609 93,787
 Acceptances outstanding 232,082 187,551
 Other liabilities 201,815 218,839
 Total liabilities 17,416,836 17,165,312
 SHAREHOLDERS' EQUITY
 Common stock 492,172 325,127
 Capital surplus 377,765 528,592
 Retained earnings 573,571 451,691
 Less treasury stock -- (2,068)
 Total shareholders' equity 1,443,508 1,303,342
 Total $18,860,344 $18,468,654
 U. S. BANCORP AND SUBSIDIARIES
 CONSOLIDATED STATEMENT OF INCOME
 (In Thousands, Except Per-Share Data)
 Three Months Ended March 31: 1992 1991
 INTEREST INCOME
 Loans, including fees $325,234 $368,513
 Loans held for sale 9,818 3,845
 Investment securities:
 U.S. Treasury obligations 6,336 3,638
 State and municipal bonds 5,497 6,709
 U.S. government agency
 and other securities 22,100 24,826
 Trading account securities 1,869 3,761
 Money market investments 4,550 9,709
 Total interest income 375,404 421,001
 INTEREST EXPENSE
 Deposits 121,228 167,868
 Short-term borrowings 26,316 51,175
 Long-term debt 23,061 16,180
 Total interest expense 170,605 235,223
 NET INTEREST INCOME 204,799 185,778
 Provision for loan losses 32,101 21,589
 Net interest income after
 provision for loan losses 172,698 164,189
 NONINTEREST REVENUE
 Service charges on deposit accounts 26,840 25,662
 Trust and investment administration 9,893 9,129
 Bank card revenue 10,517 7,367
 Credit reporting revenue 9,370 5,770
 Equity investment income 2,715 4,504
 Exchange fees 5,019 4,212
 Mortgage banking income 16,753 10,322
 Securities transactions 111 (30)
 Other operating revenue 28,743 16,779
 Total noninterest revenue 109,961 83,715
 NONINTEREST EXPENSE
 Employee compensation and benefits 107,853 93,971
 Net occupancy expense 13,099 12,868
 Equipment rentals, depreciation
 and maintenance 16,970 14,975
 FDIC assessment 7,392 6,346
 Long-term debt redemption expense 6,668 --
 Other operating expense 63,621 48,132
 Total noninterest expense 215,603 176,292
 Income before income taxes 67,056 71,612
 Provision for income taxes 19,964 22,269
 Net income $ 47,092 $ 49,343
 (In thousands except per share data)
 Three Months Ended March 31: 1992 1991
 Average shares outstanding 98,357 96,975
 Earnings per share $ 0.48 $ 0.51
 Book value per share $ 14.66 $ 13.43
 Risk-based capital (1992 estimated):
 Tier 1 (percents) 7.77 6.98
 Total capital (percents) 10.04 9.90
 TAX-EQUIVALENT NET INTEREST MARGIN
 Average rate earned on
 interest earning assets (percents) 9.35 10.51
 Cost of funds supporting earning
 assets (percents) 4.15 5.73
 Net interest margin (percents) 5.20 4.78
 Tax-equivalent adjustment $ 9,863 $ 12,026
 Net interest income-fully taxable 214,662 197,804
 (In millions)
 Average loans $ 13,762 $ 14,025
 Average earning assets 16,551 16,642
 Average assets 18,646 18,552
 Average deposits 13,158 12,999
 Average shareholders' equity 1,427 1,288
 Allowance for loan losses,
 beginning of period $230,101 $202,787
 Acquisitions -- 1,092
 Provision for loan losses 32,101 21,589
 Loans charged off (25,590) (30,231)
 Recovery of loans previously
 charged off 5,493 5,820
 Net loan charge-offs (20,097) (24,411)
 Allowance for loan losses,
 end of period $242,105 $201,057
 Nonaccrual loans $307,137 $227,635
 Restructured loans 5,974 5,247
 Other real estate and
 equipment owned 86,439 106,994
 Total nonperforming assets $399,550 $339,876
 Accruing loans past due 90
 days or more $ 42,484 $ 32,906
 Ratios:
 Net loan charge-offs to
 average loans(A) (percents) 0.59 0.71
 Allowance for loan losses
 to end of period loans (percents) 1.78 1.44
 Total nonperforming assets
 as a percent of outstanding
 loans and other real
 estate and equipment owned (percents) 2.91 2.41
 NOTE (A): Net loan charge-offs were annualized.
 -0- 4/14/92
 /CONTACT: Donald F. Bowler, 503-275-5702, or Kimberly Strand, 503-275-5773, both of U.S. Bancorp/
 (USBC) CO: U.S. Bancorp ST: Oregon IN: FIN SU: ERN


SC -- SE005 -- 8054 04/14/92 08:05 EDT
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