Shawmut National lists surge in profits Shawmut National lists gain in profits A Edition

The fourth-quarter results included income tax benefits of $70.2 million tied to new accounting guidelines. During the same time in 1992, Shawmut recorded $6.3 million in securities gains and a $3.2 million extraordinary credit stemming from net operating loss carryforwards. "The re-emergence o...

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Bibliographic Details
Published inThe Hartford courant
Main Authors Johnson, Joanne, Courant Staff Writer
Format Newspaper Article
LanguageEnglish
Published Hartford, Conn Tribune Publishing Company, LLC 20.01.1994
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Summary:The fourth-quarter results included income tax benefits of $70.2 million tied to new accounting guidelines. During the same time in 1992, Shawmut recorded $6.3 million in securities gains and a $3.2 million extraordinary credit stemming from net operating loss carryforwards. "The re-emergence of Shawmut's earnings power in 1993 shows gratifying, tangible results of the aggressive actions taken over the last two years to re-establish Shawmut's presence in the New England economy," said Joel B. Alvord, Shawmut's chairman and chief executive officer. Throughout 1993, Shawmut added $29.2 million to loan-loss reserves, compared with $189.5 million for 1992. That brought total reserves, which help absorb bad credit, to $659 million on Dec. 31, 1993, compared with $899 million a year earlier.
ISSN:1047-4153