Due to Tax Benefit Accrued Year Before
A tax benefit accrued in 1993 caused Shawmut National Corp.'s fourth- quarter 1994 earnings to drop 36% to $93.5 million from the year-earlier period, the bank said Tuesday.
The Hartford and Boston-based bank also saw full-year net income decline 28% to $237.4 million from $329 million in 1993.
The bank said the earnings drop resulted from a $140.7 million tax benefit in 1993. The bank also took a $25.9 million restructuring charge in the second quarter for cost-cutting initiatives it began two years ago.
In addition, the $30.6 billion-asset bank incurred $73.9 million in second-quarter charges related to three acquisitions.