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Article: Southeast Banking Corp. reports earnings and related financial data for its 1987 first quarter.
- Article from:
- PR Newswire
- Article date:
- April 6, 1987
CopyrightCOPYRIGHT 1987 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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MIAMI, April 6 /PRNewswire/ -- Southeast Banking Corporation (NYSE: STB) today reported 1987 first quarter net income of $24.6 million, a 25 percent increase over the $19.6 million for the same quarter last year.
Primary earnings per common share for the quarter ended March 31, 1987 were 83 cents a 17 percent increase over the 71 cents for the same quarter last year.
"Our record earnings show the strong fundamentals underlying our performance," said Southeast Chairman and Chief Executive Officer Charles J. Zwick. "Our profit improvement is due to growth in earning assets and higher fee-based income."
Return on average assets reached .83 ...