CAPE COD BANK AND TRUST COMPANY REPORTS EARNINGS.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)-- Jan. 27, 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 ) reported earnings for the year ended December December: see month. 31, 1994, of $3.41 per share, compared to $1.78 per share reported for 1993. For the fourth quarter, Cape Cod Bank and Trust Company earned $1.14 per share, compared to $.20 per share in the fourth quarter of 1993. Management stated that the strong earnings resulted from improved asset quality, excellent interest rate spread, expense control and a low tax rate resulting from the ongoing implementation of S.F.A.S. No. 109 (Accounting for Income Taxes). The Bank provided $1.2 million for loan losses in 1994 resulting in a reserve totaling $11.0 million at year end. Non-performing assets were 73% lower than a year earlier. Nonaccrual loans totaled $ 4.5 million and other loans past due 90 days or more totaled $0.1 million. Property from defaulted loans totaled $1.7 million. Total loans of $347.3 million were 7% higher. Total deposits were 2% higher at $468.3 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 $53.1 million was 10% of assets which totaled $528.4 million at year end.
CAPE COD BANK AND TRUST COMPANY
Quarter ended Dec.31 1994 1993 Net Income $2,571,749 $ 454,008 Loan Loss Provison - 1,500,000 Average Shares 2,258,782 2,255,745 Share Earnings $1.14 $.20 Year ended Dec.31 1993 1993 Net Income $7,702,762 $4,020,615 Loan Loss Provison 1,200,000 6,000,000 Average Shares 2,258,309 2,255,729 Share Earnings $3.41 $1.78 CONTACT: Noal D. Reid Cape Cod Bank and Trust Company, 508/394-2904 |
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