Belmont Bancorp. Reports First Quarter 2003 Earnings.Business Editors ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Bancorp. (the "Company") (Nasdaq:BLMT), parent company of Belmont National Bank (the "Bank"), reported net income of $470,000, or $0.04 per common share for the three months ended March 31, 2003, compared to $2,084,000, or $0.19 per common share, for the three months ended March 31, 2002. Included in earnings for the first quarter of 2002 were net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from settlements of legal matters; exclusive of settlement proceeds and related expenses, the Company would have reported net earnings of $161,000 for the first quarter of 2002. President and Chief Executive Officer Wilbur R. Roat said, "We are gratified grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. to have returned to a more normal operating environment In computing, an operating environment is the environment in which users run programs, whether in a command line interface, such as in MS-DOS or the Unix shell, or in a graphical user interface, such as in the Macintosh operating system. during recent months with the conclusion of various legal matters during 2002. All of our employees are prepared to make our customers' banking experience better with improved service and the introduction of new products during 2003." Net interest income increased to $2,210,000 for the three months ended March 31, 2003, up $145,000 from $2,065,000 for the comparative period of 2002. The net interest margin improved modestly to 3.45% for first quarter of 2003 compared to 3.43% for the first quarter of 2002 and 3.42% for the fourth quarter of 2002. Low interest rates continue to generate strong refinancing Refinancing An extension and/or increase in amount of existing debt. activity in the mortgage lending business. Mortgage loan sales to the secondary market contributed $137,000 in gains on sales of loans during the first quarter of 2003, up from $60,000 for the first quarter of 2002. The Company also realized $168,000 in securities gains during the first quarter of 2003 compared to securities losses of $63,000 recorded during the first quarter of 2002. 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. declined to $2.5 million for the three months ended March 31, 2003 compared to $3.6 million for the three months ended March 31, 2002. This reduction principally resulted from the elimination of litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. and legal settlement expenses incurred during the first quarter of 2002. Total assets at March 31, 2003 were $288.4 million compared to $289.5 million at year-end 2002. Total loans increased to $133.9 million at March 31, 2003, up from $130.8 million at December 31, 2002. The Company did not record a provision for loan losses during the first quarter of 2003 or the comparative quarter of 2002. Belmont Bancorp. is a holding company with total assets of $288 million and Belmont National Bank 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. , St. Clairsville, Schoenbrunn and Shadyside, Ohio “Shadyside” redirects here. For other uses, see Shadyside (disambiguation). 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:
Forward-looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. In addition to historic information, this press release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Forward-looking statements are statements other than statements of historical fact, including statements regarding the Company's expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as "may," "will," "expects," "should," "believes," "plans," "anticipates," "estimates," "predicts," "potential," "continue," or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in, or implied by, the forward looking statements. Readers should not place undue reliance on forward-looking statements, which reflect management's opinion only as of the date on which they were made. Except as required by law, the Company disclaims any obligation to review or update these forward-looking statements to reflect events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or as they occur. Readers should also carefully review any risk factors described in Company reports filed with the Securities and Exchange Commission.
Belmont Bancorp.
($000s except share and per share amounts)
March 31,
2003 2002
Total assets $288,439 $285,224
Total loans 133,886 114,809
Allowance for loan losses 4,337 5,217
Nonperforming assets 3,119 2,536
Nonperforming assets as a % of total assets 1.08% 0.89%
Nonperforming assets as a % of allowance for
loan losses 71.92% 48.61%
Total deposits $229,212 $233,702
Capital Ratios
Tier 1 risk-based capital ratio 16.4% 13.8%
Total risk-based capital ratio 17.7% 15.1%
Tier 1 leverage ratio 9.9% 8.2%
For the three months ended March 31 2003 2002
Net income $470 $2,084
Provision for loan losses - -
Basic and diluted earnings per common share $0.04 $0.19
Weighted average shares outstanding:
Basic 11,108,403 11,101,403
Diluted 11,176,404 11,140,729
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