First Financial Corp. reports record 1999 earnings
First Financial Corp. parent company of First Bank and Trust Company reported record earnings for the year ended December 31. The company also reported record fourth quarter earnings for the period ended December 31. Net income for the year ended December 31 reached more than $1.8 million as compared to the $1.45 million earned during 1998, a 25.4 percent increase. Net income reached $479,322 for the quarter ended December 31; an increase of 22 percent over the $392,755 earned in the fourth quarter of 1998.
Diluted earnings per share for the year ended December 31 amounted to $1.47, as compared to $1.15 for 1998. Diluted earnings per share for the fourth quarter ended December 31 amounted to $.39 as compared to $.31 for the prior year’s fourth quarter.
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Total assets reached $144.8 million and total retail deposits increased to $104.6 million at December 31. Shareholders’ equity rose to $15.5 million and the tangible book value per share rose to $12.63 at December 31.
Textron posts record earnings
Surpassing 10 years of continuous quarter-over-year-ago-quarter earnings growth, Textron Inc. reported a fourth quarter diluted earnings per share from continuing operations of $1.12 up 51 percent from $.74 in 1998. Led by outstanding performance at Cessna Aircraft, Textron posted record growth in revenue and income from continuing operations of 24 percent and 42 percent respectively. For the year, diluted earnings per share from continuing operations rose 51 percent to $4.05 per share from $2 .68 in 1998 also led by record growth in revenue and income from continuing operations.
For the fourth quarter, income from continuing operations of $170 million increase 42 percent from $120 million in 1998. Revenues rose a record 25 percent to $3.2 billion compared to $2.6 billion in 1998. Net income, including an additional gain of $31 million from the sale of discontinued operation, was $2.23 billion compared with $608 million in 1998, which included $165 million from discontinued operation.
Washington Trust reports earnings
The Washington Trust Company reported a fourth quarter 1999 net income of $3.0 million, or 27 cents per diluted share, a 9.5 percent increase from the fourth quarter of 1998. For the quarters ended December 31 199 and 1998, rates or return on average assets were 1.10 percent and 1.13 percent respectively, and rates of return on average equity were 15.10 percent and 14.70 percent respectively.
Net income for the year ended December 31 amounted to $10.6 million, or 96 cents per diluted share. As previously reported, the corporation recorded one-time acquisition related expenses of $1.3 million, net of tax, resulting from the third quarter 1999 acquisition of PierBank. Also in 1999 the corporation sold its $4.6 million portfolio of credit cards at a gain, net of expenses and related income taxes, of $285,000.
Excluding these non-recurring items, operating earnings were $11.6 million for the year ended December 31. a 10.4 percent increase from operating earnings in 1998.
Bank Rhode Island reports record 1999 earnings
Bank Rhode Island reported record earnings of $4.4 million for the year ended December 31, a 14 percent jump over the previous years.
Earnings for the fourth quarter also rose sharply, up 19 percent over the same period in 1998. Fourth quarter earnings reached $1.3 million as a record. It was the third straight quarter Bank Rhode Island posted a double-digit earning increase.
Due to the strong earning performance of the Bank, the Board of Directors voted to double the cash dividend to $.10 per share. The dividend will be paid on March 7 to shareholders of record as of the close of business February 15.
Fleet Financial announces increase in operating earnings
FleetBoston Financial reported fourth quarter operating earnings of $726 million, or $.76 per share, up 17 percent compared to net income of $622 million, of $.65 per share in the fourth quarter of 1998. Return on assets and return on equity, on an operating basis were 1.5 percent and 19.61 percent respectively, compared with 1.40 percent and 18.19 percent for the fourth quarter of 1998.
Operating earnings for 1999 were $2.8 billion, or $2.91 per share, a 14 percent increase compared with $2.5 billion or $2.25 per share in 1998. Return on assets and return on equity for the year, on an operating basis were 1.48 percent and 19.52 percent respectively compared to 1.44 percent and 18.69 percent in 1998.
During the quarter, the corporation recorded merger and related expenses of $760 million (after tax) in connection with the merger of BankBoston Corporation and Fleet Financial Group that closed on October 1, 1999.
Including the impact of these charges, net income was $2.0 billion in 1999, while a net loss of $34 million was realized in the fourth quarter of 1999.
