National City Bancorporation Announces First Quarter Earnings

Apr 18, 2001, 01:00 ET from National City Bancorporation

    MINNEAPOLIS, April 18 /PRNewswire/ --
     National City Bancorporation (Nasdaq:   NCBM) today announced net earnings
 of $4,153,000 for the first quarter of 2001, compared with $4,270,000 in the
 first quarter of 2000.  Basic earnings per share were unchanged at $0.49 per
 share.
     Net interest income was $12,413,000 for the first quarter compared with
 $12,779,000 for the same period last year.  The tax equivalent net interest
 margin was 4.60 percent, compared with 4.90 percent in the first quarter of
 2000.
     Net loan charge-offs were $2,005,000 in the first quarter of 2001 compared
 with $220,000 for the same period last year.  The 2001 first quarter loss
 provision was $830,000 compared with $520,000 in the first quarter of 2000.
 The Company's reserve for loan losses at March 31, 2001 was $12,906,000 or
 1.47 percent of loans outstanding compared with $14,081,000 and 1.55 percent
 at December 31, 2000.  Nonperforming assets were $15.8 million or 1.8 percent
 of loans outstanding at March 31, 2001, compared with $25.7 million and
 2.8 percent at December 31, 2000.  The decrease in nonperforming assets
 occurred at the Company's commercial finance subsidiary, Diversified Business
 Credit, Inc.
     National City Bancorporation is a bank holding company, which owns
 National City Bank of Minneapolis, a business bank founded in 1964 to serve
 the broad financial needs of businesses from growth to maturity and their
 owners, executives and employees ( http://www.nationalcitybank.com ) and
 Diversified Business Credit, Inc., a commercial finance company
 ( http://www.businesscredit.com ).  The Company's stock is traded on the
 NASDAQ Stock Market(SM) under the symbol NCBM.
 
     Earnings Summary                                       Three Months
     (in thousands except per share)                       Ended March 31
                                                       2001              2000
     Net income                                      $4,153            $4,270
     Basic earnings per share                           .49               .49
     Dividends declared per share                       .14               .12
 
 
     National City Bancorporation Quarterly Statistical Data (in thousands)
 
                                                        Three months ended
                                                              March 31
     Income Statement Highlights                      2001              2000
     Net interest income                            $12,413           $12,779
     Provision for loan losses                          830               520
     Gain on sale of securities                         499
     Total noninterest income                         2,474             2,477
     Total noninterest expense                        7,833             7,664
     Taxable-equivalent adjustment                      228                84
     Earnings before taxes                            6,723             7,072
     Applicable income taxes                          2,570             2,802
     Net Earnings                                    $4,153            $4,270
     Basic earnings per share                         $0.49             $0.49
     Average shares outstanding                   8,473,401         8,681,168
     Key Ratios
     Return on average assets                          1.43%             1.56%
     Return on average equity                         10.29%            11.18%
     Efficiency ratio                                 50.91%            50.24%
     Net Interest Margin (tax equivalent basis)        4.60%             4.90%
 
 
     Balance Sheet Highlights                   March 31 2001  December 31 2000
     Total securities                              $199,337          $207,946
     Loans                                          880,591           910,828
     Less allowance for loan losses                 (12,906)          (14,081)
     Net loans                                      867,685           896,747
     Other assets                                   136,750            87,913
     Total assets                                $1,203,772        $1,192,606
     Total deposits                                $652,804          $643,724
     Short-term borrowed funds                      181,852           190,062
     Long-term debt                                 181,702           176,000
     Other liabilities                               18,801            18,061
     Total Liabilities                            1,035,159         1,027,847
     Total stockholders' equity                     168,613           164,759
     Total liabilities and stockholders' equity  $1,203,772        $1,192,606
 
     Credit Quality
     Non-accrual loans                               $3,180           $17,871
     Renegotiated loans                                 203               209
     Past due 90 days or more                         1,127               106
     Other Real Estate Owned                          3,842                42
                                                      8,352            18,228
     Percent of total loans                              .9%              2.0%
     Impaired accruing loans                          7,431             7,504
     Total nonperforming assets                      15,783            25,732
     Percent of total loans                            1.78%             2.82%
     Loan charge-offs net of recoveries              $2,005            $2,757
     Reserve for losses to total loans                 1.47%             1.55%
 
     First Quarter Averages                      March 2001        March 2000
     Investment securities                         $200,908          $187,950
     Loans                                          899,704           841,357
     Other assets                                    80,460            70,338
     Total assets                                $1,181,072        $1,099,645
 
     Noninterest bearing deposits                  $135,659          $131,853
     Interest bearing deposits                      487,618           457,786
     Short-term borrowed funds                      194,012           163,839
     Long-term debt                                 179,497           178,527
     Other liabilities                               18,852            16,283
                                                  1,015,638           948,288
     Stockholders' equity                           165,434           151,357
     Total liabilities & stockholders' equity    $1,181,072        $1,099,645
 
 

SOURCE National City Bancorporation
    MINNEAPOLIS, April 18 /PRNewswire/ --
     National City Bancorporation (Nasdaq:   NCBM) today announced net earnings
 of $4,153,000 for the first quarter of 2001, compared with $4,270,000 in the
 first quarter of 2000.  Basic earnings per share were unchanged at $0.49 per
 share.
     Net interest income was $12,413,000 for the first quarter compared with
 $12,779,000 for the same period last year.  The tax equivalent net interest
 margin was 4.60 percent, compared with 4.90 percent in the first quarter of
 2000.
     Net loan charge-offs were $2,005,000 in the first quarter of 2001 compared
 with $220,000 for the same period last year.  The 2001 first quarter loss
 provision was $830,000 compared with $520,000 in the first quarter of 2000.
 The Company's reserve for loan losses at March 31, 2001 was $12,906,000 or
 1.47 percent of loans outstanding compared with $14,081,000 and 1.55 percent
 at December 31, 2000.  Nonperforming assets were $15.8 million or 1.8 percent
 of loans outstanding at March 31, 2001, compared with $25.7 million and
 2.8 percent at December 31, 2000.  The decrease in nonperforming assets
 occurred at the Company's commercial finance subsidiary, Diversified Business
 Credit, Inc.
     National City Bancorporation is a bank holding company, which owns
 National City Bank of Minneapolis, a business bank founded in 1964 to serve
 the broad financial needs of businesses from growth to maturity and their
 owners, executives and employees ( http://www.nationalcitybank.com ) and
 Diversified Business Credit, Inc., a commercial finance company
 ( http://www.businesscredit.com ).  The Company's stock is traded on the
 NASDAQ Stock Market(SM) under the symbol NCBM.
 
     Earnings Summary                                       Three Months
     (in thousands except per share)                       Ended March 31
                                                       2001              2000
     Net income                                      $4,153            $4,270
     Basic earnings per share                           .49               .49
     Dividends declared per share                       .14               .12
 
 
     National City Bancorporation Quarterly Statistical Data (in thousands)
 
                                                        Three months ended
                                                              March 31
     Income Statement Highlights                      2001              2000
     Net interest income                            $12,413           $12,779
     Provision for loan losses                          830               520
     Gain on sale of securities                         499
     Total noninterest income                         2,474             2,477
     Total noninterest expense                        7,833             7,664
     Taxable-equivalent adjustment                      228                84
     Earnings before taxes                            6,723             7,072
     Applicable income taxes                          2,570             2,802
     Net Earnings                                    $4,153            $4,270
     Basic earnings per share                         $0.49             $0.49
     Average shares outstanding                   8,473,401         8,681,168
     Key Ratios
     Return on average assets                          1.43%             1.56%
     Return on average equity                         10.29%            11.18%
     Efficiency ratio                                 50.91%            50.24%
     Net Interest Margin (tax equivalent basis)        4.60%             4.90%
 
 
     Balance Sheet Highlights                   March 31 2001  December 31 2000
     Total securities                              $199,337          $207,946
     Loans                                          880,591           910,828
     Less allowance for loan losses                 (12,906)          (14,081)
     Net loans                                      867,685           896,747
     Other assets                                   136,750            87,913
     Total assets                                $1,203,772        $1,192,606
     Total deposits                                $652,804          $643,724
     Short-term borrowed funds                      181,852           190,062
     Long-term debt                                 181,702           176,000
     Other liabilities                               18,801            18,061
     Total Liabilities                            1,035,159         1,027,847
     Total stockholders' equity                     168,613           164,759
     Total liabilities and stockholders' equity  $1,203,772        $1,192,606
 
     Credit Quality
     Non-accrual loans                               $3,180           $17,871
     Renegotiated loans                                 203               209
     Past due 90 days or more                         1,127               106
     Other Real Estate Owned                          3,842                42
                                                      8,352            18,228
     Percent of total loans                              .9%              2.0%
     Impaired accruing loans                          7,431             7,504
     Total nonperforming assets                      15,783            25,732
     Percent of total loans                            1.78%             2.82%
     Loan charge-offs net of recoveries              $2,005            $2,757
     Reserve for losses to total loans                 1.47%             1.55%
 
     First Quarter Averages                      March 2001        March 2000
     Investment securities                         $200,908          $187,950
     Loans                                          899,704           841,357
     Other assets                                    80,460            70,338
     Total assets                                $1,181,072        $1,099,645
 
     Noninterest bearing deposits                  $135,659          $131,853
     Interest bearing deposits                      487,618           457,786
     Short-term borrowed funds                      194,012           163,839
     Long-term debt                                 179,497           178,527
     Other liabilities                               18,852            16,283
                                                  1,015,638           948,288
     Stockholders' equity                           165,434           151,357
     Total liabilities & stockholders' equity    $1,181,072        $1,099,645
 
 SOURCE  National City Bancorporation