Bank Completes Loan Review, Reports 3rd Quarter Financial Data.ST. CLAIRSVILLE St. Clairsville may refer to:
In announcing losses for the third quarter ending Sept. 30, 1999, Belmont Bancorp. today revealed that its primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Belmont National Bank, has completed an exhaustive review of its loan portfolio and believes it has identified substantially all of the troubled loans currently in its loan portfolio. The Bank took additional loan loss provisions of $5.78 million ($3.82 million net of tax) and charged off $2.75 million of loans during the quarter, creating a loss of $3.87 million, or 74 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. , for the quarter. For the nine months ended Sept. 30, 1999, Belmont Bancorp.'s net loss was $7.42 million, or $1.42 per share. The Bank now holds $10 million of reserves to protect itself against potential loan problems. On Oct. 13, the Bank filed claims in the Court of Common Pleas COURT OF COMMON PLEAS. The name of an English court which was established on the breaking up of the aula regis, for the determination of pleas merely civil. It was at first ambulatory, but was afterwards located. of Tuscarawas County, Ohio Tuscarawas County is a county located in the eastern part of the state of Ohio. As of the 2000 census, the population was 90,914. Its county seat is New Philadelphia6. Its name is a Delaware Indian word variously translated as "old town" or "open mouth". , against individuals in an attempt to recover losses incurred by the Bank. In mid-September, because of the alleged misconduct of a bonded bank officer, the Bank filed a proof of loss with Progressive Insurance, its fidelity bond An insurance device in the form of a personal guaranty that protects against loss resulting from disreputable or disloyal employees or other individuals who possess positions of confidence. carrier. If the Bank prevails on its bond claim, then the Bank can expect to recover a significant amount of these losses. "Aside from losses that occur in the normal course of the banking business," states W. Quay QUAY, estates. A wharf at which to load or land goods, sometimes spelled key. 2. In its enlarged sense the word quay, means the whole space between the first row of houses of a city, and the sea or river 5 L. R. 152, 215. Mull, Belmont Bancorp.'s chairman of the board and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , "we believe the current loan portfolio is properly reserved for potential losses. We contend that improper loans made by a former officer of the bank acting in concert with a customer of the bank caused financial stress to Belmont Bancorp. and Belmont National Bank. We will continue to actively and aggressively pursue all avenues of recovery." Belmont National Bank, established in 1846, serves the people of eastern Ohio with offices in Bellaire, Bridgeport, Cadiz, Lansing, New Philadelphia New Philadelphia, city (1990 pop. 15,698), seat of Tuscarawas co., E Ohio, on the Tuscarawas River, in a coal and clay area; founded 1804, inc. 1833. Foundry products, machinery, and pottery are made. The Tuscarawas Campus of Kent State Univ. is there. , the Ohio Valley Mall Valley Mall may refer to:
Certain sections of this release contain forward looking statements and can be identified by the use of such words as "anticipates," "expects," "believes," "estimates," and similar expressions. These statements are subject to certain risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the current statements. Summary financial information follows. -0- ($000s except per share amounts) Sept. 30 1999 1998 % change Total assets $ 376,239 $ 428,456 - 12.19% Total loans 184,343 221,716 - 16.86% Total deposits $ 278,292 $ 298,830 - 6.87% Allowance for possible loan losses 10,016 4,466 124.27% Nonperforming assets as a % of total assets 3.21% 0.11% Capital Ratios Tier 1 capital ratio 6.49% 11.97% Total risk-based capital ratio 7.74% 13.22% Leverage ratio 4.20% 7.81% For the three months ended Sept. 30 1999 1998 Net income (loss) $ (3,866) $ 1,604 - 341.02% Securities gains (losses) (65) 675 - 109.63% Provision for loan losses 5,784 185 3026.49% Net interest margin 2.76% 3.80% Earnings (loss) per share (1) $ (0.74) $ 0.31 - 338.71% Cash dividends per share (1) -- 0.100 -100.00% For the nine months ended Sept. 30 1999 1998 Net income (loss) $ (7,420) $ 4,609 - 260.99% Securities gains (losses) (82) 1,261 - 106.50% Provision for loan losses 13,390 460 2810.87% Net interest margin 3.07% 4.03% Earnings per share (1) $ (1.42) $ 0.88 - 261.36% Cash dividends per share (1) $ 0.120 $ 0.285 -57.89% (1) Per share amounts have been restated to reflect the effect of a 2-for-1 stock split paid May 22, 1998. |
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