Belmont Bancorp. Reports 2nd Quarter Financial Data.BRIDGEPORT Bridgeport, city (1990 pop. 141,686), Fairfield co., SW Conn., on Long Island Sound; inc. 1836. Long a chief industrial city in Connecticut, it makes electrical appliances, transportation equipment, clothing, ammunition, metal products, wiring devices, machinery, , Ohio--(BUSINESS WIRE)--July 26, 1999-- Belmont Bancorp., the Ohio-based holding company that operates Belmont National Bank, today reported a $945 thousand loss (18 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 ended June 30, 1999. This loss resulted from an additional loan loss provision of $1.871 million taken during the second quarter, due in part to the previously announced default of a large commercial customer. The bank continues to pursue all legal means to recover all losses sustained in its lending operations. In spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite these recent loan losses, Belmont Bancorp. remains adequately capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. and is ranked as "well capitalized" in two of the three measurements of capital used by bank regulators. In a statement released today, 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, chairman and chief executive officer, observed, "Belmont National Bank enjoys a financially sound position and our deposits are safe and secure. We are committed to maintaining high standards of service to our customers and the communities that we call home. We are dedicated to our employees. Moreover, we are excited about building the value of this institution for the benefit of those who have enabled our existence -- our stockholders and customers. "While we face certain challenges," Mull continued, "we are aggressively addressing the loan issues that have adversely impacted us." In early August, the company and the bank anticipate entering into agreements with regulatory agencies regulatory agency Independent government commission charged by the legislature with setting and enforcing standards for specific industries in the private sector. The concept was invented by the U.S. that will call for additional reporting and operating standards. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Mull, the company has anticipated these changes and is preparing to meet them. In June 1999, Belmont Bancorp. retained FiCap Strategic Partners, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control to provide interim management services for Belmont National Bank. The board elected David G. Brewick, a principal of FiCap, to serve as Interim President while the Bank's Chairman, W. Quay Mull, II, became chief executive officer. The board of directors, working with the staff of the Bank and the team of managers associated with FiCap, have confirmed the bank's commitment to maintaining and enhancing its financial stability while continuing to offer excellent service to bank customers. During the last two months, Belmont National Bank has conducted an exhaustive review of its lending operations, offered new products, and launched a campaign to strengthen communications with customers and shareholders. Also, the board of directors of Belmont Bancorp. has suspended sus·pend v. sus·pend·ed, sus·pend·ing, sus·pends v.tr. 1. To bar for a period from a privilege, office, or position, usually as a punishment: suspend a student from school. the payment of dividends and directors' fees until a clear indication of a positive earnings stream emerges. Mull added, "We believe that the underlying strength of our institution coupled with the quick and decisive actions taken to address the current challenges have positioned us to continue building toward a strong financial future." Belmont National Bank has Ohio 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:
Belmont Bancorp. and Subsidiaries
Consolidated Condensed Financial Statements
June 30, 1999
(Unaudited)($000s except per share amounts)
Condensed Balance Sheet $
Total Assets 398,955
Total Deposits 279,682
Other Liabilities 99,684
Total Shareholder's Equity 19,589
Three Months Ending Six Months Ending
June 30, 1999 June 30, 1999
Condensed Income Statement $ $
Total interest income 6,621 14,089
Total interest expense 4,099 8,346
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Net interest income 2,522 5,743
Provision for possible loan
losses 1,871 7,606
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Net interest income after
provision 651 (1,863)
Total non-interest income 537 1,057
Total non-interest expense 2,632 4,904
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Income before income taxes (1,444) (5,710)
Income taxes (Credit) (499) (2,156)
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Net income (Loss) (945) (3,554)
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Per Common Share Data
Net income (Loss) per share ($0.18) ($0.68)
Book value per share $3.74
Weighted average shares
outstanding 5,236,534 5,234,309
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