BOWLING GREEN, Ky. -- Trans Financial Bancorp's firstquarter earnings fell 27% from a year earlier, to $2.4 million.
The banking company earned 27 cents a share, compared with 37 cents a share in the first quarter of 1993.
For the same time a year ago, the company reported net income of $3.3 million. But the bank had to restate earnings to reflect a $1 million gain on sales of securities, compared with $102,000 in gains in 1994.
Excluding the impact of gains on sales of securities from both periods, first-quarter net income decreased 11% from the prior year.
Trans Financial, which has $1.3 billion in assets, returned 0.73% on average assets, and 10.87% on equity, compared with a return on average assets of 1.22% and a return on average equity 16.32% in 1993.
Jobs Being Cut
The company said that since the beginning of the second quarter it has eliminated 25 full-time equivalent positions and expects to cut another 30 jobs by consolidating backroom operations and through "more appropriate branch staffing."
Noninterest expenses were $12.6 million during the first quarter, a 29% increase from a year ago. Trans Financial Bank, Pikeville, Ky., which was acquired last July, accounted for $1.4 million of the increase.
