-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, Oz48e4fW8VJEL5KDrGZ3PHPLUf8lGWs+mo3ZXPd1rmY6hUoCBCNTWR2xWJCFjYdG wktBBAEpRNH7DMQxnjYm3Q== 0000710507-97-000001.txt : 19970123 0000710507-97-000001.hdr.sgml : 19970123 ACCESSION NUMBER: 0000710507-97-000001 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19960121 ITEM INFORMATION: Other events FILED AS OF DATE: 19970122 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIRST BANKS INC CENTRAL INDEX KEY: 0000710507 STANDARD INDUSTRIAL CLASSIFICATION: NATIONAL COMMERCIAL BANKS [6021] IRS NUMBER: 431175538 STATE OF INCORPORATION: MO FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-20632 FILM NUMBER: 97508669 BUSINESS ADDRESS: STREET 1: 135 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 BUSINESS PHONE: 3148544600 MAIL ADDRESS: STREET 1: 135 N MERAMEC AVE CITY: ST LOUIS STATE: MO ZIP: 63105 8-K 1 FORM 8-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 - -------------------------------------------------------------------------------- January 22, 1997 Date of Report (Date of earliest event reported): (January 21, 1997) ---------------------------- FIRST BANKS, INC. ----------------- (Exact name of registrant as specified in its charter) MISSOURI -------- (State or other jurisdiction of incorporation) 0-20632 43-1175538 ------- ---------- (Commission File Number) (IRS Employer Identification No.) 135 NORTH MERAMEC AVENUE, ST. LOUIS, MISSOURI 63105 --------------------------------------------------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (314) 854-4600 Not Applicable -------------- (Former name or former address, if changed since last report) Items 1-4. Not applicable Item 5. Other Events. On January 21, 1997, First Banks, Inc. issued a Press Release announcing its fourth quarter and full year 1996 financial results. A copy of the Press Release is attached hereto as Exhibit 99(a). Item 6. Not applicable Item 7. Financial Statements Pro Forma Financial Statements and Exhibits. (a)-(b) Not applicable. (c) Exhibits Required by Item 601 of Regulation S-K: 99(a) Press Release issued by First Banks, Inc. on January 21, 1997. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Dated: January 22, 1997. FIRST BANKS, INC. By: /s/ Allen H. Blake ------------------ Allen H. Blake Executive Vice President and Chief Financial Officer EXHIBIT INDEX Exhibit No. Description 99(a) Press Release issued by First Banks, Inc. on January 21, 1997. First Banks, Inc. St. Louis, Missouri Contact: Allen Blake Traded: NASDAQ/NMS Executive Vice President Symbol: FBNKP & Chief Financial Officer (314) 995-8700 FOR IMMEDIATE RELEASE: First Banks, Inc. Announces Fourth Quarter and Year End 1996 Results St. Louis, Missouri, January 21, 1997. First Banks, Inc. has reported earnings of $8.78 million for the fourth quarter of 1996 in comparison to $4.88 million for the same period in 1995, representing an increase of 80%. Mr. James F. Dierberg, Chairman and President of First Banks stated, "The improved earnings for the fourth quarter of 1996 reflect the culmination of our external growth during 1995 and 1994 and assimilation of those banking entities into First Banks' systems and operating culture." During 1995 and 1994, First Banks experienced substantial growth through the acquisition of twelve banks and thrifts, providing assets of $1.96 billion and 43 banking locations. These acquisitions, and the acquisition of Sunrise Bank of California, which was completed on November 1, 1996, provided three locations in Missouri, 13 locations in Illinois, six locations in Texas and 24 locations in California. Mr. Dierberg added, "While the acquisitions provided First Banks access into several new major market areas and, accordingly, an attractive opportunity for future growth and profitability, they also presented several immediate challenges. The most immediate challenge being the asset quality problems of certain acquired entities, particularly those in California. While the asset quality problems had been identified and considered in the acquisition pricing, these problems led to a substantial increase in the level of First Banks' nonperforming assets and continue to require substantial dedication of management and other resources to control." Nonperforming assets were $41.3 million and $47.1 million at December 31, 1996 and 1995, respectively. This compares to historical levels of nonperforming assets of $22.9 million and $14.8 million at December 31, 1994 and 1993, respectively. First Banks' return on average stockholders' equity and return on average assets ratios for the fourth quarter of 1996 were 14.3% and .98%, respectively. This compares to a return on average stockholders' equity and average assets for the nine months ended September 30, 1996 of 6.40% and .43%, respectively. Mr. Dierberg reported, "The improved operating ratios substantiate our progress in managing the recent growth. While improvement is apparent, much work remains in improving the net interest income, particularly within First Banks' thrift subsidiary, lowering the overall costs of operations, and reducing the level of nonperforming assets." For the year ended December 31, 1996, net income was $20.2 million, after payment of the one-time Savings Association Insurance Fund ("SAIF") special assessment of $8.2 million, which represented a return on average stockholders' equity and a return on average assets of 8.4% and .57%, respectively. Excluding the one-time SAIF special assessment, net income for the year ended December 31, 1996, would have been $25.5 million, which represents a return on average stockholders' equity and a return on average assets of 10.6% and .72%, respectively. This compares to net income of $24.5 million for 1995, which represented a return on average stockholders' equity and average assets of 10.79% and .70%, respectively. In addition to the SAIF recapitalization charge during 1996, which affected all financial institutions with deposits insured by the SAIF, the operating results for 1996 and 1995 were adversely affected by the loss of interest income and additional costs associated with the level of nonperforming assets, various expenses attributable to the amalgamation of the 13 acquisitions into First Banks' systems and operating culture, and other non-recurring items. Mr. Dierberg stated, "As a result of this one-time special assessment, First Banks' deposit insurance cost for SAIF deposits is expected to decrease by approximately $2.0 million for 1997 in comparison to 1996, excluding the special assessment." Mr. Dierberg concluded by stating, "As we begin 1997, we remain committed to the interests of our customers and stockholders. To this end, First Banks reiterates its unconditional guarantee that the organization is "Not For Sale" and will continue as an independent bank for the benefit of our customers, communities, stockholders and employees." First Banks currently has assets of $3.7 billion and operates 126 banking locations in Missouri, Illinois, Texas and California. FIRST BANKS, INC. Condensed Consolidated Statements of Income December 31, 1996 and 1995 (dollars expressed in thousands, except earnings per share) (unaudited)
Three months ended For the year ended December 31, December 31, 1996 1995 1996 1995 ---- ---- ---- ---- Interest Income.................................... $ 69,013 69,570 266,021 261,621 Interest Expense................................... 35,090 38,595 141,670 144,945 ------ -------- ------- ------- Net interest income........................... 33,923 30,975 124,351 116,676 Provision for possible loan losses................. 2,720 1,912 11,494 10,361 ------- ------- -------- --------- Net interest income after provision for loan losses..................... 31,203 29,063 112,857 106,315 Noninterest income................................. 4,923 1,765 20,721 19,407 Noninterest expense................................ 24,504 24,865 105,741 91,566 ------ -------- ------- --------- Income before provision for income taxes and minority interest in loss (income) of subsidiaries.............. 11,622 5,963 27,837 34,156 Provision for income taxes......................... 2,656 1,624 6,960 11,038 ------- ------- ------- --------- Income before minority interest in loss (income) of subsidiaries................... 8,966 4,339 20,877 23,118 Minority interest in (income) loss of subsidiaries.......................... (187) 537 (659) 1,353 -------- --------- -------- -------- Net income.................................... $ 8,779 4,876 20,218 24,471 ====== ======== ======= ====== Earnings per common share: Primary....................................... $ 308.07 142.74 612.46 791.82 Fully diluted................................. 295.74 141.31 598.54 758.66 ======= ======= ====== =======
FIRST BANKS, INC. Condensed Consolidated Balance Sheet Information December 31, 1996 and 1995 (dollars expressed in thousands) (unaudited) 1996 1995 ------------- ---------- Net Loans...................................... $ 2,721,188 2,691,554 Total Assets................................... 3,689,154 3,622,962 Total Deposits................................. 3,238,567 3,183,691 Total Stockholders' Equity..................... 251,389 234,605 Reserves to Nonperforming Loans 152.27% 133.70% Nonperforming Assets to Loans and Foreclosed Assets..................... 1.49% 1.71% -----END PRIVACY-ENHANCED MESSAGE-----