Ameritrust Profit Up 9% for Quarter, to $15 Million
CLEVELAND -- Ameritrust Corp. earnings rose to $15.2 million in the third quarter, 9% above the year-earlier level.
Per-share earnings rose to 36 cents, from 33 cents, the company said Friday.
Ameritrust, whose merger with Society Corp., also of Cleveland, is pending, reported nine-month income of $41.4 million, or 98 cents a share. It lost $19.2 million, or 60 cents a share, in the 1990 period.
Expenses, Interest Income Decline
Craig R. Smith, chairman and chief executive, said the results reflect previously initiated restructuring and asset-quality improvements.
Third-quarter expenses of $111.1 million were down $19.2 million, or 15%, from year-earlier.
A $20.8 million restructuring charge was taken in the 1990 period.
Net interest income of $97.5 million fell 11% from the fully taxable-equivalent figure of a year earlier. The company cited a decline in earning assets and net interest margin.
Total assets fell 4.5% in the year through Sept. 30, to $10.6 billion; earning assets fell 3.2%, to $9.8 billion. The stock price rose 12.5 cents Friday afternoon, to $27.875.