CAPE COD BANK AND TRUST COMPANY REPORTS DIVIDEND, EARNINGS, DIRECTOR.HYANNIS Hyannis (hīăn`ĭs), resort village (1990 pop. 14,120), Barnstable co., SE Mass., on Cape Cod; inc. 1639. It is the business center and shipping point of the area; major industries are tourism and home construction. , Mass.--(BUSINESS WIRE)--July 13, 1995--The Cape Cod Cape Cod, narrow peninsula of glacial origin, 399 sq mi (1,033 sq km), SE Mass., extending 65 mi (105 km) E and N into the Atlantic Ocean. It is generally flat, with sand dunes, low hills, and numerous lakes. Bank and Trust Company (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 symbol CCBT CCBT Comprehensive Cognitive Behavioral Therapy ) Board of Directors today declared a quarterly dividend of 28 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. payable July July: see month. 31, 1995 to stockholders of record at the close of business July 24, 1995. This is 12% greater than the dividend of 25 cents per share paid the previous quarter. The bank also reported earnings for the first six months of 1995 of $1.68 per share, a 40% increase over the $1.20 per share reported for the first six months of 1994. Net income was $.91 per share for the quarter ended June 30, 1995, compared to $.80 per share reported for the second quarter of 1994. Earnings for the quarter were negatively affected by the opening of five of the six planned branches in Stop & Shop supermarkets during the quarter and increased interest rates on deposits. For the quarter, the Cape Cod Bank and Trust Company again made no provision for loan losses, with a reserve of $11.5 million. Nonaccrual loans totaled $4.8 million. Property from defaulted loans totaled $0.8 million. Total non-performing assets were 43% lower than the year before. Total loans of $391 million were 16% higher than the year before. Deposits were 5% higher at $495 million. Stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $55.8 million was 9.9% of total assets of $563 million. Also at today's meeting, John J. Holland was elected to the bank's Board of Directors. Mr. Holland, 63, is the owner of a McDonald's franchise in Mashpee. He lives in New Seabury.
CAPE COD BANK AND TRUST COMPANY
Quarter ended June 30 1995 1994 Net Income $2,068,523 $1,800,955 Loan Loss Provision 0 300,000 Average Shares 2,260,563 2,258,149 Share Earnings: $.91 $.80 Six months ended June 30 1995 1994 Net Income $3,801,142 $2,711,476 Loan Loss Provision 0 1,200,000 Average Shares 2,260,569 2,258,152 Share Earnings: $1.68 $1.20 CONTACT: Noal D. Reid of Cape Cod Bank and Trust Company, 508-394-2904 |
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