Branford Savings Bank Reports 1996 Earnings and Declares Dividend.BRANFORD, Conn.--(BUSINESS WIRE)--Jan. 23, 1997--Branford Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. reported net income for 1996 of $1.84 million, or $.27 per weighted average share (fully diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. ), as compared to $1.15 million, or $.17 per weighted average share (fully diluted) for the year ended December 31, 1995. Income for the fourth quarter of 1996 was $515,000 or $.07 per weighted average share (fully diluted), as compared to $361,000, or $.05 per weighted average share (fully diluted), for the same period in 1995. The provision for loan losses totalled $625,000 for the twelve months ended December 31, 1996 as compared to $1,200,000 for the same period in 1995. After the provision for loan losses and net charegoffs for the year of $358,000, the balance in the allowance for loan losses on December 31, 1996 was $3.9 million, as compared to $3.6 million at December 31, 1995. 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. at December 31, 1996 totaled $3.5 million consisting of $2.8 million in non-accrual loans and $684,000 in foreclosed real estate. Nonperforming assets at December 31, 1995 totaled $5.1 million consisting of $4.5 million in non-accrual loans and $621,000 in foreclosed real estate. The bank's leverage capital ratio is 9.19% which is above the regulatory requirement Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Shareholder's equity as of December 31, 1996 was $16.5 million for a book value per share of $2.51. The Board of Directors at their monthly meeting declared a regular quarterly dividend of $.02 per share to stockholders of record on February 7, 1997, payable February 24, 1997. Branford Savings Bank is an FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured, state chartered savings bank founded in 1889. The bank's stock is traded in the NASDAQ NASDAQ 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 National Market System under the symbol BSBC BSBC Bromeliad Society of Broward County BSBC Bedford School Boat Club (UK) BSBC Bad Saarow Bridge Club . Five offices are located in Branford (2), North Branford North Branford, town (1990 pop. 12,996), New Haven co., S Conn., on the Branford River; settled c.1680, inc. 1831. A large traprock quarry is there, as is some light industry. (1) and East Haven East Haven, town (1990 pop. 26,144), New Haven co., S Conn., on Long Island Sound, a residential suburb of New Haven, in a farm area; inc. 1785. Light industry, distribution and warehousing, electronics, and insurance and investment firms are important. (2). -0-
(In thousands, except per share)
Quarter ended December 31: 1996 1995
Assets $183,511 $173,934
Net Loans 122,658 125,774
Deposits 159,353 153,749
Net Income 515 361
Per Share (a)
Primary .08 .06
Fully Diluted .07 .05
Weighted Average Shares
Outstanding
Primary 6,559 6,559
Fully Diluted 6,898 6,777
Twelve Months ended December 31:
Net Income $ 1,841 $ 1,154
Per Share (a)
Primary .28 .18
Fully Diluted .27 .17
Weighed Average Shares
Outstanding
Primary 6,559 6,559
Fully Diluted 6,898 6,772
(a) Fully diluted per share data includes the incremental shares
attributed to the assumed conversion of an outstanding warrant to
purchase 700,000 shares of common stock.
CONTACT: Branford Savings Bank, Branford Gregory R. Shook, 203/481-3471 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion