Belmont Bancorp. Reports Earnings.ST. CLAIRSVILLE St. Clairsville may refer to:
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. National Bank, has reported earnings of $1,578,000, of 60 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 first quarter of 1998, an increase of 11.05 percent compared to earnings of $1,421,000, or 54 cents per share, for the comparative period last year. Earnings before taxes and securities gains totaled $1,849,000 for the three month period ended March 31, 1998, up 0.93 percent from $1,832,000 for the comparative period last year. Returns on average common equity were 18.97 percent and 20.42 percent for the three months ended March 31, 1998 and 1997, respectively. J. Vincent Ciroli Jr., president and chief executive officer of Belmont Bancorp. and Belmont National Bank, said, "We are extremely pleased with our excellent performance for the first quarter and look forward to a rewarding 1998. Our continued investment in people and community has been very rewarding to our organization and to our shareholders." Belmont Bancorp. declared a 17 cents per share cash dividend for the first quarter payable on March 27, 1998, to shareholders of record as of March 16, 1998. In addition, the board of directors approved a 2-for-1 common stock split to shareholders of record on May 1, 1998, payable on May 22, 1998, subject to shareholder approval at the annual meeting of shareholders on April 20, 1998. Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. as a percentage of total assets were 0.21 percent at March 31, 1998 compared to 0.08 percent at March 31, 1997. The ratio of nonperforming assets as a percentage of the allowance for loan losses was 20.19 percent at March 31, 1998, compared to 8.55 percent at March 31, 1997. Total assets increased from $372.0 million at March 31, 1997 to $394.0 million at March 31, 1998, an increase of 5.88 percent. Total deposits increased 6.47 percent from $266.3 million at March 31, 1997 to $283.5 million at March 31, 1998. Belmont Bancorp. is a $394 million holding company with Belmont National Bank offices in Bellaire Bellaire is the name of several places in the United States of America:
Shadyside is a village in Belmont County, Ohio, United States, along the Ohio River. It is part of the Wheeling, West Virginia Metropolitan Statistical Area. , and in the Woodsdale and Elm Grove Elm Grove may refer to:
in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on under the symbol BLMT. Information about Belmont National Bank can be accessed on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at http://www.belmontbank.com. -0-
Belmont Bancorp.
($000s except per share amounts)
March 31 1998 1997 % change
Total assets $ 393,846 $ 371,963 5.88%
Total loans 224,130 199,085 12.58%
Allowance for possible
loan losses 4,186 3,263 28.29%
Nonperforming assets 845 279 202.87%
Total deposits 283,546 266,310 6.47%
For the three months ended
March 31 1998 1997
Net income $ 1,578 $ 1,421 11.05%
Operating income 1,849 1,832 0.93%
Securities gains 320 155 106.45%
Provision for loan losses 150 105 42.86%
Earnings per share (1) $ 0.60 $ 0.54 11.11%
Cash dividends per share (1) 0.170 0.136 25.00%
Book value per share (1) 12.33 10.47 17.77%
Performance and Asset Quality
Ratios
Return on average common
equity 18.97% 20.42%
Return on average assets 1.60% 1.68%
Net interest margin 4.27% 4.65%
Nonperforming assets as
a % of total assets 0.21% 0.08%
Nonperforming assets as
a % of allowance for loan
losses 20.19% 8.55%
Capital Ratios
Tier 1 capital ratio 11.81% 11.81%
Total risk-based capital ratio 13.06% 13.06%
Leverage ratio 8.12% 7.41%
(1) Per share amounts have been restated to reflect the effect of a
25% common stock dividend paid on July 1, 1997.
CONTACT: Belmont Bancorp. Jane R. Marsh, 740/695-3323 |
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