Bank of Coronado Reports Second Quarter Results.Business Editors CORONADO, Calif.--(BUSINESS WIRE)--July 30, 2002 This week Bank of Coronado's (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :BCDO) President 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. William R. McLaurin reported year to date second quarter 2002 earnings were $141,000 compared to $197,000 for the same period of 2001. This represents a decrease of approximately 28% in earnings from the same period last year. McLaurin indicated the decrease in net income was primarily attributable to a decrease in the bank's net interest income of $48,000 and an increase in other non-interest operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. . The bank reported the decrease in net interest income is the result of the continued decline in the yield on earning assets Earning Assets Any income-earning asset owned by a company. Notes: These assets are generally interest-bearing accounts, bonds, and securities available for sale. See also: Asset, Asset Valuation, Earnings, Net Interest Margin and the pressure on the cost of funds Cost of Funds The interest rate paid on an outstanding loan. Notes: Money isn't free! Cost of funds is the cost of borrowing money. See also: Interest Rate Cost of funds Interest rate associated with borrowing money. as the bank competes for core deposits. The increase in operating expenses is directly related to the opening of the bank's newest location in San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. . After tax earnings were reported by the bank to be $0.17 per share based upon 806,255 shares outstanding, compared to $0.24 per share on 802,255 shares outstanding June 30, 2001. Total assets increased to $77,251,000 as of June 30, 2002 compared to $72,560,000 on June 30, 2001, a 6% increase. Net loans outstanding increased from $52,224,000 to $60,584,000 June 30, 2002, a 16% increase. Deposits increased from $66,463,000 June 30, 2001 to $70,865,000 June 30, 2002. Capital ratios were 7.55% for leverage capital, 9.88% Tier 1 risk-based capital and 10.85% total risk-based capital. All are above the regulatory definition for well-capitalized banks. |
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