Printer Friendly

/FIRST AND FINAL ADD -- NY098 -- CB BANCSHARES EARNINGS/

 CB BANCSHARES, INC. AND SUBSIDIARIES (unaudited)
 CONSOLIDATED BALANCE SHEETS
 (in thousands, except shares and per share data)
 Sept. 30, Dec. 31, Sept. 30,
 1994 1993 1993
 ASSETS
 Cash and due from banks $51,423 $51,199 $43,947
 Federal funds sold and
 securities purchased
 under agreement to resell 2,905 25,005 5
 Investment securities:
 Held-to-maturity (market value
 of $220,713 in 1994,
 $146,269 on December 31, 1993
 and $143,717 on
 September 30, 1993) 227,656 141,218 136,998
 Available-for-sale 32,673 -- --
 Gross loans 1,013,496 549,111 549,621
 Less allowance for loan
 losses (13,806) (9,816) (9,106)
 Net loans 999,690 539,295 540,515
 Premises and equipment 13,953 10,241 10,105
 Customers' acceptance liability 282 407 258
 Other assets 40,949 22,176 28,503
 Goodwill 12,348 -- --
 Total assets 1,381,879 789,541 760,331
 Liabilities and Stockholders' Equity
 Deposits:
 Non-interest bearing 125,241 117,838 106,062
 Interest bearing 788,645 504,246 480,480
 Total deposits 913,886 622,084 586,542
 Short-term borrowings 172,997 7,337 11,252
 Acceptances outstanding 282 407 258
 Other liabilities 75,117 9,348 12,717
 Long-term debt 103,381 65,000 65,000
 Total liabilities 1,265,663 704,176 675,769
 Deferred gain 6,444 6,779 6,893
 Commitments and contingencies
 Stockholders' equity
 Common stock $1 par value
 Authorized - 50,000,000 shares
 Issued and outstanding -
 3,551,228 shares in
 1994 and 2,706,000
 shares in 1993 3,551 2,706 2,706
 Surplus 65,080 39,723 39,723
 Retained earnings 41,331 36,157 35,240
 Unrealized valuation adjustment (190) -- --
 Total stockholders' equity 109,772 78,586 77,669
 Total liabilities and
 stockholders' equity 1,381,879 789,541 760,331
 CB BANCSHARES, INC. AND SUBSIDIARIES (unaudited)
 CONSOLIDATED STATEMENT OF INCOME
 (in thousands, except per share data)
 Quarter ended Nine months ended
 Sept. 30, Sept. 30,
 1994 1993 1994 1993
 Interest income
 Interest on fees and
 loans $20,307 $11,672 $50,605 $35,342
 Interest and dividends on
 investment securities:
 Taxable interest income 4,465 2,335 10,416 7,085
 Non-taxable 71 98 283 301
 Dividends 132 230 594 835
 Other interest income 18 10 226 69
 Total interest income 24,993 14,345 62,124 43,632
 Interest expense
 Deposits 6,081 3,416 15,120 10,877
 Borrowings 4,213 732 7,895 2,166
 Total interest expense 10,294 4,148 23,015 13,043
 Net interest income 14,699 10,197 39,109 30,589
 Provision for loan losses 375 534 1,125 1,559
 Net interest income
 after provision
 for loan losses 14,324 9,663 37,984 29,030
 Other income
 Service charges and fees 1,584 1,593 6,704 4,732
 Securities gains 5 0 498 0
 Gain on sale of other real
 estate -- 0 0 246
 Gain on sale of premises 112 111 335 333
 Total other income 1,701 1,704 7,537 5,311
 Other expenses
 Salaries and employees
 benefits 4,369 3,170 13,607 9,510
 Net occupancy expenses 2,436 1,660 6,552 4,809
 Other 4,378 2,871 12,058 8,788
 Total other expenses 11,183 7,701 32,217 23,107
 Income before income taxes 4,842 3,666 13,304 11,234
 Income tax expense 1,729 1,568 4,942 4,534
 Net income before
 cumulative effect of
 accounting change 3,113 2,098 8,362 6,700
 Cumulative effect of
 accounting change -- 0 -- (580)
 Net Income 3,113 2,098 8,362 6,120
 Per common share:
 Income before cumulative
 effect of accounting change 0.88 0.78 2.56 2.70
 Cumulative effect of
 accounting change -- -- -- (0.23)
 Net income 0.88 0.78 2.56 2.47
 CB BANCSHARES, INC. AND SUBSIDIARIES (unaudited)
 SELECTED RATIOS AND OTHER DATA
 (in thousands, except per share data)
 Quarter Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1994 1993 1994 1993
 Operating Ratios:
 Return on Average Assets 0.92% 1.10% 0.95% 1.10%
 Return on Average Equity 11.44 10.80 11.38 11.80
 Net Interest Margin 4.67 5.93 5.00 6.04
 Efficiency Ratio 67.01 63.21 67.17 63.30
 Capital Ratios:
 Leverage Ratio 7.05% 10.21% 7.05% 10.21%
 Tier I Capital
 to risk-adjusted assets 11.57 13.88 11.57 13.88
 Total Capital
 to risk-adjusted assets 12.80 15.13 12.80 15.13
 Per Share Information:
 Earnings per share $0.88 $0.78 $2.56 $2.47
 Dividends per share 0.325 0.325 0.975 0.975
 Stated Book Value 30.91 28.70 30.91 28.70
 Tangible Book Value 27.43 28.70 27.43 28.70
 Shares outstanding 3,551,228 2,706,000 3,551,228 2,706,000
 Credit Quality Data:
 Non-performing loans $14,976 $8,039 $14,976 $8,039
 Non-performing assets 16,211 8,781 16,211 8,781
 Loan loss reserve 13,806 9,106 13,806 9,106
 Loan loss reserve/
 Non-performing loans 92.19% 113.27% 92.19% 113.27%
 Average Balances:
 Loans, net $983,249 $546,843 $825,161 $543,076
 Earning assets 1,249,746 688,964 1,045,696 682,090
 Total assets 1,350,502 756,170 1,175,051 742,511
 Deposits 913,398 485,374 926,040 487,226
 Equity 108,817 77,055 98,267 69,305
 -0- 10/26/94 AA NY098
 /PRNewswire -- Oct. 26/
 /END FIRST AND FINAL ADD/


CO: CB Bancshares, Inc. ST: Hawaii IN: FIN SU: ERN

GK-SP -- NY098A -- 8181 10/26/94 17:30 EDT
COPYRIGHT 1994 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1994 Gale, Cengage Learning. All rights reserved.

 Reader Opinion

Title:

Comment:



 

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Oct 26, 1994
Words:953
Previous Article:CHICK-FIL-A'S AGGRESSIVE GROWTH STRATEGY LANDS IT IN CANADA
Next Article:FETZER VINEYARDS ANNOUNCES WINNER OF THE 'GREAT SALAD TOSS' RECIPE CONTEST
Topics:

Terms of use | Copyright © 2014 Farlex, Inc. | Feedback | For webmasters