Belmont Bancorp. Revises Earnings Estimates.Business Editors ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Bancorp.(Nasdaq:BLMT), parent company of Belmont National Bank, announced on Jan. 27, 2000 that it expected 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 ($0.45 to $0.50 per share). Belmont attributed the estimated loss to three factors, including its plan to record a loan loss provision of approximately $850,000 for the fourth quarter for reserves and credit downgrades on a variety of loans. The Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. (OCC OCC See: Options Clearing Corporation OCC See Options Clearing Corporation (OCC). ), following completion of its review of Belmont's loan portfolio, advised the bank that it would require the bank to increase this loan loss provision to $2.5 million, which will result in Belmont incurring in·cur tr.v. in·curred, in·cur·ring, in·curs 1. To acquire or come into (something usually undesirable); sustain: incurred substantial losses during the stock market crash. 2. a loss for the fourth quarter now estimated to be from $3.5 million to $3.7 million ($0.66 to $0.71 per share). Belmont's previous estimate of book value of $2.02 to $2.07 per share at Dec. 31, 1999 has also been revised to $1.80 to $1.85 per share. Wilbur R. Roat, Belmont's president and chief executive officer, stated, "Although we provided for additional reserves at the end of the fourth quarter based on our own internal review, we understand the concerns of the OCC and appreciate the thoroughness of its review. None of these loans involved the Schwartz Homes matters." Mr. Roat further observed, "As we have previously reported, the bank has undertaken a thorough assessment of all of its operations, personnel, policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental , with particular emphasis on the loan portfolio. The loans which were the subject of the additional allocation request A message used to provide an estimate of the total air effort, to identify any excess and joint force general support aircraft sorties, and to identify unfilled air requirements. This message is used only for preplanned missions and is transmitted on a daily basis, normally 24 hours prior by the OCC were made well before the new policies were implemented. We look forward to much improved performance of our loan portfolio in the current year." 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 "BLMT." 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 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 that additional changes are required. |
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