DES MOINES - Brenton Banks Inc. reported 1994 net income of $10.1 million, down from $14.2 million for 1993.
The 1994 figure includes a one-time, after-tax restructuring charge of $1.6 million related to the company's new strategic plan.
The $1.6 billion-asset company's earnings per common share before the one-time charge were $1.48, down from $1.80 a year earlier. The charge totaled 21 cents a share.
The primary factors contributing to the company's earnings decline were a lower net interest margin, less noninterest income, and growth of noninterest expenses.