Branford Savings Bank reports year end results.BRANFORD Branford, town (1990 pop. 27,603), New Haven co., S Conn., on Long Island Sound; settled 1644, inc. as a town 1930. Branford is mainly residential. Tourism and the manufacture of electrical products and marine equipment are central to the economy. , Ct.--(BUSINESS WIRE)--Jan. 26, 1995--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 a net loss of $115,000 or $.02 per weighted average share for the fourth quarter ended Dec. 31, 1994 compared to a net loss of $476,000 or $.46 per weighted average share for the corresponding period of 1993. Year to date results for the twelve months ended Dec. 31, 1994 reflected a net loss of $854,000 or $.43 per weighted average share compared to a net loss of $3,536,000 or $3.40 per weighted average share during the same period in 1993. The fourth quarter provision for loan losses was $500,000 compared to $150,000 in the fourth quarter of 1993. The total provision for the year was $1,517,000 compared to $801,000 for the preceding year. The fourth quarter provision brings the Bank's loan loss reserve at year end 1994 to $3.4 million, after charging off $46,000 (net of recoveries) during the quarter. The fourth quarter chargeoff resulted in total chargeoffs for the year of $1,556,000 (net of recoveries). The loan loss reserve at year end 1993 was $3.5 million. Writedowns on foreclosed real estate during 1994 were $1,131,000 as compared to $3,023,000 in 1993. 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 the end of the year totaled $8.2 million consisting of $7.1 million in non-accrual loans and $1.1 million in foreclosed real estate. At Dec. 31, 1993, nonperforming assets totaled $15.9 million consisting of $10.4 million of non-accrual loans and $5.5 million in foreclosed real estate. The Bank's leverage capital ratio is 8.07 percent which is above the Bank's stated 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. of 6.00 percent. Shareholder's equity as of Dec. 31, 1994 was $13.6 million or the equivalent of a $2.08 book value per share. As previously announced, on Nov. 2, 1994 the Bank completed a rights offering of shares of common stock and non-voting common stock which raised $11 million prior to expenses. 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: 1994 1993
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Assets $170,464 $172,818 Net Loans 135,723 148,976 Deposits 151,715 159,715 Net Income (Loss) (115) (476) Per Share (a) (.02) (.46) Weighted Average Shares 4,722 1,041 Twelve Months Ended December 31: -------------------------------- Net Income (Loss) $ (854) $ (3,536) Per Share (a) (.43) (3.40) Weighted Average Shares 1,966 1,047 (a) Includes stock options outstanding, the effect of which is not material. Per share amounts for 1993 have been adjusted to reflect the 10 for 1 reverse stock split on October 20, 1994. CONTACT: Branford Savings Bank Gregory R. Shook, Senior Vice President and Secretary, 203/481-3471 |
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