C&S/Sovran Corp.The parent of Sovran Bank/Maryland posted...

BY THE NUMBERS

January 16, 1991

C&S/Sovran Corp.

The parent of Sovran Bank/Maryland posted a profit of $7.1 million in the fourth quarter after setting aside $237.5 million for possible loan losses. In the same period of 1989, the company earned $132.9 million.

For all of 1990, Sovran reported earnings of $229 million, or $1.60 a common share, compared with $507.2 million, or $3.67 a common share, in 1989.

Despite the decline in earnings, directors met and declared a regular quarterly dividend of $.39 a common share, payable March 15 to shareholders of record Feb. 28.

"Earnings declined in 1990 due to management's decision to add substantially to our reserve for loan losses as a result of a higher level of non-performing assets and as a result of restructuring costs associated with integrating the Citizens and Southern Corp. and Sovran Financial Corp. into one company," Bennett A. Brown, chairman and chief executive, said in a prepared statement.

Mr. Brown said the bank's increase in non-performing assets reflects the continued deterioration of the real estate market, particularly in the Washington area.

"We will be taking a very aggressive approach to get these problem assets off our books, wherever feasible," Mr. Brown said. `As we previously indicated, if the economy and the Washington real estate market continue to worsen, we could see further increases."

Mr. Brown said that "the company is well capitalized, and the resolution of these problems is a high priority matter for us. The dividend declared today reflects the board's, and management's, confidence in our future performance."

"We believe 1991 will be another difficult year for our industry, and our plans reflect that concern. In this uncertain economic and regulatory environment our approach is very straightforward in addition to resolving the asset quality issues, we are 'N concentrating on decreasing the rate of our expense growth, completing our integration plans and continuing to fully serve the communities in our seven-state franchise."

Three months ended 12/31/90

.. .. .. .. .. .. Income.. .. .. .. .. .. Share

'90.. .. .. .. .. 7,086,000.. .. .. .. . 0.01

'89.. .. .. .. 132,857,000.. .. .. .. . 0.96

% change.. .. .... .. . 94.7.. .. .. .. .. 98.9

.. .. .. .. .. .. Assets.. .. .. .. .. Deposits

'90.. .. .. .51,237,000,000.. .$38,904,000,000

'89.. .. .. 48,755,000,000.. 36,803,000,000

% change.. .. .. .. .. +5.1.. .. .. .. .. +5.7

Year ended 12/31/90

.. .. .. .. .. ..Income.. .. .. .. .. .. .Share

'90.. .. .. .. 229,016,000.. .. .. .. . 1.60

'89.. .. .. .. .507,224,000.. .. .. .. . 3.67

% change.. .. .. .. . --54.8.. .. .. .. -- 56.4

Loan portfolio

Three months ended 12/31/90

Loans outstanding Net charge-offs

'90.. .. .. .. . 33,785,000.. .. . 92,503,000

'89.. .. .. .. . 31,951,000.. .. . 53,974,000

% change.. .. .. .. .. .+5.7.. .. ... .. +71.4

.. ....Addition to allowance.. .. .. Allowance

.. .. .. .. .for loan losses.. for loan losses

'90.. .. .. .. 237,460,000.. .. 651,651,000

'89.. .. .. .. . 48,530,000.. .. 412,870,000

change.. .. .. .. . +389.3.. .. .. .. . +57.8

First Maryland Bancorp

This subsidiary of Ireland's AIB Group said yesterday that though earnings for the final quarter of 1990 fell 93 percent, the company was glad it could report a profit during a recession.

The Baltimore-based bank, which accounts for about one-third othe Irish company's assets, said it was storing away more capital than the federal government requires and was building its deposits and assets while keeping its loan portfolio steady.

Though the bank said its total loan portfolio was smaller at the end of 1990 than on the same day of 1989, bank spokeswoman Carole Dunsworth said the average amount of loans for 1990 was 11 percent higher than the 1989 figure.

Three months ended 12/31/90

.. .. . .. .. Income.. .. .. .. .. .. .. .. Share

'90.. .. .. .. 1,500,000

'89.. .. .. .. $22,700,000

% change .. .. .. ..--93.4

.. .. .. .. .. Assets.. .. .. .. .. .. ...Deposits

'90.. .. .. . 8,176,000,000.. .. . 5,992,000,000

.. .. . 7,187,000,000.. .. . 4,944,000,000

change.. .. .. .. .. +13.8.. .. .. .. .. . +21.2

Year ended 12/31/90

.. .. .. .. .. Income.. ... .. .. .. .. .. ..Share

'90.. .. .. .. 43,500,000

'89.. .. .. .. 73,400,000

% change.. .. .. .. --40.7

Loan portfolio

Three months ended 12/31/90

.. .. .. .. .. .Loans outstanding.. Net charge-offs

'90.. .. .. ..4,963,000,000.. .. .. .. 28,787,000

.. .. . 4,965,000,000.. .. .. .. 6,146,000

% change.. .. .. .. .. +0.0.. .. .. .. .. . +368.4

... .. .. .Addition to allowance.. .. .. Allowance

.. .. .. .. .. ..for loan losses.. for loan losses

'90.. .. .. .. .. .. 40,423,000.. .. 155,089,000

'89.. .. .. .. .. .. .7,903,000.. .. 117,222,000

% change.. .. .. .. .. .. +411.5.. .. .. .. . +32.3

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