ATLANTA, July 14 /PRNewswire/ -- Premier Bancshares, Inc. (Amex: PMB)
announces their preliminary results for the second quarter 1998. The Company
reported record net income of $4,140,000 or $.24 per share for the quarter.
This compares to net income of $3,008,000 or $.18 per share for the same
period in 1997; an increase of approximately 33.3% in per share income. All
financial results have been restated for the acquisition of Lanier Bank and
Trust which closed in the second quarter.
Year to date the Company reported earnings of $7,874,000 or $.45 per
share, compared to $5,533,000 or $.33 per share for the six months ended
June 30, 1997. This is an increase of 36.4% in per share income over the
comparable period.
Included in the net earnings for the quarter was an after tax gain of
$600,000 on the sale of Premier Bank's Wade Green Road branch. Also in the
net earnings were merger related expenses of $360,000 associated with recent
acquisitions.
Premier's Chairman and Chief Executive Officer, Darrell Pittard, said, "We
are extremely pleased with the growth in loans outstanding of $126,000,000 or
24.3% over the past twelve months. All of our lending divisions are
experiencing record volumes. This is evidence of the excellent economic
environment in our markets and our customers desire to bank with a locally
focused financial institution."
The Company recently announced the pending merger of Frederica Bank &
Trust (Frederica), operating in St. Simons Island, Georgia. The acquisition,
which is subject to regulatory approval and the approval of Frederica's
shareholders, is expected to close in the fourth quarter of this year.
Following this transaction, and those discussed below, Premier will have
assets of approximately $1.4 billion.
On July 2, 1998 Premier Bancshares, Inc. announced that it had completed
the acquisition of The Bank Holding Company (BHC). First Community Bank of
Henry County, and The Bank of Spalding County, former subsidiaries of BHC,
became subsidiaries of Premier Bancshares, Inc. On July 1, 1998, Premier
Bancshares, Inc. announced that it had completed the acquisition of Button
Gwinnett Financial Corporation (Button Gwinnett). Button Gwinnett's former
subsidiary, The Bank of Gwinnett, will operate as a subsidiary of Premier
Bancshares until it is merged into Premier Bank later this year. The results
of these acquisitions are not included in the June 30, 1998, financial
results.
Darrell Pittard, continued, "All the Premier shareholders will benefit
substantially from the financial contribution these three high performing
organizations bring to Premier."
On June 12, 1998, Premier Bancshares, Inc. declared a $.08 per share
dividend payable today, July 14, 1998, to shareholders of record as of
June 30, 1998.
Premier Bancshares, Inc. is the third largest bank holding company
headquartered in Georgia; and, after pending consolidations, will have the
following subsidiaries operating 42 offices: Premier Bank in metro Atlanta
and St. Simons Island; Central and Southern Bank in Milledgeville and
Greensboro, Georgia; and Premier Lending Corporation, a provider of
residential mortgage loans and asset-based commercial finance loans to the
metro Atlanta area, Mobile, Alabama; Charleston, South Carolina; and
Jacksonville, Florida.
Both the common stock of Premier Bancshares, Inc. and the preferred
securities of Premier Capital Trust I are traded on the American Stock
Exchange under the symbols PMB and PMB.PR, respectively. Additional financial
information regarding Premier Bancshares, Inc. is available from Michael E.
Ricketson, Executive Vice President and Chief Financial Officer of Premier
Bancshares, Inc. at 770-476-3209.
PREMIER BANCSHARES, INC.
(preliminary results)
(dollars in thousands except per share data)
QUARTER ENDED JUNE 30
(dollars in thousands except
per share data) 1998 1997 Change Percent
Net income $4,140 $3,008 1,132 37.6%
Net interest income (FTE) 10,362 9,154 1,208 13.2%
Net interest income 10,216 9,052 1,164 12.9%
Noninterest income 9,020 5,193 3,827 73.7%
Noninterest expense 13,409 9,661 3,748 38.8%
Provision for income taxes 1,537 1,528 9 0.6%
Provision for loan losses 150 48 102 212.5%
PER SHARE DATA
Net income, diluted 0.24 0.18 0.06 33.3%
Book Value, diluted 4.92 4.28 0.64 15.0%
FINANCIAL RATIOS
Return on average assets 1.78% 1.55%
Return on average equity 19.98% 17.64%
Net interest margin (FTE) 4.76% 5.06%
Total shareholders equity
to assets 9.24% 8.69%
Allowance for loan losses
to loans, net of unearned
and loans held for sale 1.50% 1.73%
Allowance for loan losses to
loans, net of unearned 1.39% 1.60%
ENDING BALANCES AS OF JUNE 30
Total assets 926,317 814,909 111,408 13.7%
Earning assets 856,592 756,131 100,461 13.3%
Loans, net of unearned &
loans held for sale 644,759 518,638 126,121 24.3%
Loans held for sale 49,003 40,333 8,670 21.5%
Allowance for loan losses 9,648 8,971 677 7.5%
Investments and federal funds
sold 162,831 197,160 (34,329) (17.4%)
Deposits 733,844 674,445 59,399 8.8%
Shareholders' equity 85,569 70,816 14,753 20.8%
Intangible Assets 2,119 2,699 (580) (21.5%)
AVERAGE BALANCES FOR THE QUARTER
Total assets 934,348 778,645 155,703 20.0%
Earnings assets 873,835 725,304 148,531 20.5%
Loans, net of unearned 700,725 528,751 171,974 32.5%
Allowance for loan losses 9,604 8,900 704 7.9%
Investments and federal funds
sold 173,110 193,744 (20,634) (10.7%)
Deposits 736,827 653,363 83,464 12.8%
Shareholders' equity 83,117 68,380 14,737 21.6%
SIX MONTHS ENDED JUNE 30
Net income 7,874 5,533 2,341 42.3%
Net income per share diluted 0.45 0.33 0.12 36.4%
Return on average assets 1.74% 1.46%
Return on average equity 19.67% 16.42%
Net interest margin (FTE) 4.67% 4.95%
SOURCE Premier Bancshares
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Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 283325
CONTACT:
Darrell D. Pittard, Chairman and Chief
Executive Officer, Premier Bancshares, Inc., 404-814-3090
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