First Interstate Bancorp. Puts Loans on Non-Accrual Status/will Reduce Earnings $4.6 Million

THE JOURNAL RECORD, April 10, 1987 | Go to article overview

First Interstate Bancorp. Puts Loans on Non-Accrual Status/will Reduce Earnings $4.6 Million


LOS ANGELES - First Interstate Bancorp, the nation's ninth-largest bank holding company, said Thursday it had placed $334.5 million in loans to Brazil and Ecuador on non-accrual status.

The action will reduce First Interstate's earnings by $4.6 million in the first quarter. The reduction in profits will reach $15.4 million for all of 1987 if the two countries don't resume payments this year.

First Interstate reported net income of $337.9 million, or $7.19 per share, in 1986.

In Oklahoma, First Interstate owns First Interstate Bank of Oklahoma NA in Oklahoma City. That bank is the successor to The First National Bank and Trust Co. of Oklahoma City, which failed in July.

Affected are $320 million in loans to Brazil and $14.5 million in loans to Ecuador.

When loans are placed on non-accrual status, banks are able to record interest income only when it actually is received, not when it is due. As a result, the banks must subtract from earnings interest previously recorded but not actually received.

In addition Thursday, it was announced that franchise agreements have been signed with by First Interstate Bancorp with banks in Louisiana and Washington, D.C., that will move First Interstate simultaneously into the East and South for the first time.

Citizens Bank and Trust Co. of Thibodaux, La., and National Enterprise Bank of Washington will change their names to First Interstate this summer. Citizens Bank, with assets of $267 million, has eight offices in Lafourche Parish. …

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