Americorp Releases Semiannual Earnings Report.VENTURA, Calif.--(BUSINESS WIRE)--Aug. 25, 1999-- Ventura County- based Americorp (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). BB:AICA AICA Agencia Informativa Católica Argentina AICA Associazione Italiana per l'Informatica e il Calcolo Automatico AICA Anterior Inferior Cerebellar Artery AICA Australian Infection Control Association AICA Associazione Italiana Catene Alberghiere ), the holding company for its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , American Commercial Bank American Commercial Bank was formed in 1957 from the merger of Commercial Financial Bank and American Trust Co., in Charlotte, North Carolina. A predecessor to North Carolina National Bank (NCNB). , reported an increase in earnings for the first six months of 1999, ended June 30. Gerald J. Lukiewski, Americorp's president and chief executive officer, announced that net income through June 30, 1999, totaled $1,077,000, or 52 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. , an increase of 25.2 percent over the $860,000, or 44 cents per share, reported for the six months ended June 30, 1998. Lukiewski stated that the growth in earnings is a direct result of an expanding loan portfolio combined with improved operating efficiencies. Total loans at June 30, 1999, grew to $169,270,000, a 20.1 percent increase over total loans at June 30, 1998. The corporation also reported an 8.0 percent decline in the ratio of noninterest expense to average assets on an annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. basis. Americorp's chairman, Allen W. Jue, stated that the board of directors was pleased by the results achieved to date and by the progress made in consolidating the operations of American Commercial Bank and the former Channel Islands Bank. For the same period, shareholders' equity increased to $21,207,000, and the annualized returns on average assets and equity at June 30, 1999, were .9 percent and 10.3 percent, respectively. The corporation also added $360,000 to its allowance for the provision of loan losses. For further financial information, refer to the company's June 30, 1999, 10-Q report, available online at www.sec.gov. American Commercial Bank, with total assets of $240,965,000, operates six full-service branches and is the largest community bank with headquarters in Ventura County. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion