Belmont Bancorp. Anticipates Fourth Quarter Loss.Business Editors ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Belmont (bĕl`mŏnt). 1 City (1990 pop. 24,127), San Mateo co., W Calif., a residential suburb midway between San Francisco and San Jose; laid out 1851, inc. 1926. There is light manufacturing, and the College of Notre Dame (est. Bancorp., parent company of Belmont National Bank, has announced it expects to incur To become subject to and liable for; to have liabilities imposed by act or operation of law. Expenses are incurred, for example, when the legal obligation to pay them arises. An individual incurs a liability when a money judgment is rendered against him or her by a court. a loss of $2.4 million to $2.6 million for the fourth quarter of 1999 despite measures taken to address operational and financial issues previously reported. The estimated loss of 45 cents to 50 cents per common share is attributed to three factors. During the fourth quarter, the company recorded a loss of approximately $1.1 million in connection with the sale of investment securities and debt repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan . The company also estimates a loan loss provision of approximately $850,000 for the fourth quarter for reserves and credit downgrades on a variety of loans. The company established a valuation allowance for deferred tax assets which reduced its tax benefit by $1 million for the quarter. Based on the estimated fourth quarter loss, the book value of Belmont Bancorp's common stock is estimated in the range of $2.02 to $2.07 per share at Dec. 31, 1999. The company's final results for the fourth quarter and year will be reported in its annual report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. , which is expected to be filed with the SEC near the end of the first quarter of 2000. Belmont Bancorp's common stock trades on the Nasdaq SmallCap Market under the symbol &uot;BLMT.&uot; Although we believe our estimates of results will be consistent with our actual results when published, our estimates may be considered to be forward looking statements since our year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. audit is not yet complete. Factors which could cause our actual results to differ from our estimates include any determination made by management on its own initiative or upon the recommendation of our outside accountants following their review and audit of our books. |
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