Shareholders of Moore Financial Group Inc. this week approved changing the name of the bank holding company to West One Bancorp. The names of the holding company's subsidiaries, including Continental Bank & Trust Co. in Salt Lake City, were changed earlier this month.
At its annual meeting, West One Group reported first quarter earnings of $7.7 million or 95 cents per share, a $2.4 million or 44 percent increase over the $5.4 million or 67 cents per share reported for first quarter 1988.Directors also declared a cash dividend of 30 cents per share on common stock outstanding to shareholders of record June 30. The dividend is payable July 19.
"The record first quarter performance represents improvement in net interest margin, substantial improvement in the quality of the loan portfolio, progress in increasing fee income and continuing good control of noninterest expense," said Daniel R. Nelson, chairman and chief executive officer.
"Our recent acquisitions in Utah and Washington were also contributors to earnings this quarter," Nelson said. Continental Bank last December acquired Tracy Collins Bank and Trust Co. in Salt Lake City.
Net interest income for first quarter 1989, adjusted for tax-exempt income of commercial loans and state and municipal bonds, increased $6.5 million or 22 percent over first quarter 1988. Tax-equivalent net interest margin increased 40 basis points during the same period to 4.25 percent.
Total assets were $3.9 billion at March 31, 1989, compared with $3.4 billion at March 31, 1988, a 12 percent increase. Loans net of unearned income were $2.2 billion at March 31, 1989, a 13 percent increase over first quarter 1988.
Shareholders' equity increased to $250.0 million as of March 31, a $21.1 million or 9.2 percent gain over last year.