ROANOKE TIMES
Copyright (c) 1996, Roanoke Times
DATE: Saturday, January 20, 1996 TAG: 9601200011
SECTION: BUUSINESS PAGE: A-8 EDITION: METRO
SOURCE: MAG POFF STAFF WRITER
First American Corp. of Nashville, Tenn., on Friday reported 1995 income of $103.1 million, or $3.64 a share, compared with $97.2 million, or $3.39 a share, in 1994.
If the effect of a one-time charge related to the Nov. 1 acquisition of Heritage Federal Bancshares of Tennessee were excluded, earnings would have been $110.6 million, or $3.90 a share.
Another merger was First American's acquisition on Dec. 1 of Charter Federal Savings Bank of Bristol. First American operates its Virginia branches from Roanoke.
Directors of the bank also declared a quarterly dividend of 28 cents a share payable Feb. 29 to shareholders of record Feb. 15.
Nonperforming assets, those which produce no income for the bank, remained at 0.46 percent of total loans and foreclosed properties.
The bank's productivity ratio improved: The company now spends about $2 less to generate $100 of revenue than it did in 1994.
For the fourth quarter, income was $24.3 million, or 86 cents a share, including the 26-cent a share effect of merger charges. Excluding the charges, fourth-quarter income would have been $31.8 million, or $1.12 per share, a 26 percent increase from the $25.5 million, or 89 cents a share, earned in the fourth quarter of 1994. First American had assets of $9.7 billion, loans of $6.4 billion and deposits of $7.4 billion.
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