Peoples group posts record ’94 earnings

PORTLAND — Peoples Heritage Financial Group on Wednesday posted an 11 percent increase in net income for the fourth quarter and said its performance for all of 1994 surpassed its best years during the booming 1980s.

The Portland-based parent of Peoples Heritage Bank said earnings for the three months ended Dec. 31 totaled $7.2 million or 43 cents per share, up from $6.5 million or 39 cents a share in the same period a year ago.

The company reported earnings of $25.4 million or $1.52 a share for the full year, a 58 percent increase over the $16.1 million or 97 cents a share in 1993.

The 1994 results were roughly $1 million higher than the previous record year of 1989, which preceded the collapse of the region’s banking industry under the weight of bad real estate loans.

“We achieved record earnings in 1994 through sound fundamental banking typified by a strong margin, loan growth and customer growth in our core businesses in Maine and New Hampshire,” said William J. Ryan, chief executive officer.

“We take great pride in surpassing even our best years in the late 1980s in the face of a slow growth economy in northern New England. The record year is a tribute to our employees’ ability to make us a very competitive company,” he said.

Peoples Heritage, with $2.8 billion in assets, has 57 offices in Maine and 10 in the New Hampshire Seacoast region.