CBT Passes $100 Million in Assets; Strong Growth in Loans.HARTFORD Hartford, city (1990 pop. 139,739), state capital, Hartford co., central Conn., on the west bank of the Connecticut River; settled as Newtown 1635–36 on the site of a Dutch trading post (1633; abandoned 1654), inc. 1784. , Conn. -- The Connecticut Connecticut, state, United States Connecticut (kənĕt`ĭkət), southernmost of the New England states of the NE United States. It is bordered by Massachusetts (N), Rhode Island (E), Long Island Sound (S), and New York (W). Bank and Trust Company, (Nasdaq: CTBC CTBC Computer Take Back Campaign CTBC Cape Town Bridge Club (South Africa) ), reported total assets reached $112 million at June June: see month. 30, 2006, an increase of $26 million or 30% compared to $86 million a year ago. Loans outstanding increased $45.2 million or 119% to $83 million at June 30, 2006 compared to $38 million one year ago. President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. David A. Lentini Lentini (also known under its historical name, Leontini) is a town in the south-east of Sicily, part of the province of Syracuse (Italy). History The ancient city was founded as Leontini (Greek: stated "To pass the $100 million mark in assets in just nine quarters of operation is very gratifying grat·i·fy tr.v. grat·i·fied, grat·i·fy·ing, grat·i·fies 1. To please or satisfy: His achievement gratified his father. See Synonyms at please. 2. and indicates our acceptance into the marketplace. Loan growth remains strong with more and more commercial firms choosing CBT (Computer-Based Training) Using the computer for training and instruction. CBT programs are called "courseware" and provide interactive training sessions for all disciplines. as their financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. partner." The results for the quarter ended June 30, 2006 improved $213,000 or 19% to a loss of $908,000 or $0.25 per share, compared to a loss of $1,121,000 or $0.59 per share for the same period in 2005. For the six months ended June 30, 2006, the net loss was $1,784,000 or $.50 per share compared to a loss of $2,085,000 or $1.10 per share for same period in 2005. The per-share results for the second quarter of 2006 reflect the issuance of 1.65 million shares of CBT common stock issued in September September: see month. 2005. Results of Operations. The results for the second quarter of 2006 were impacted by significant growth in net interest income. Net interest income rose $416,000, or 76%, to $965,000 for the quarter ended June 30, 2006 compared to $549,000 for the quarter ended June 30, 2005. For the six months ended June 30, 2006, net interest income amounted to $1,903,000, an increase of $885,000 or 87% compared to $1,018,000 in the first half of 2005. The growth in loans and an increase in the net interest margin to 3.86% in this quarter from 2.95% in the same period last year, were the main drivers of this performance. The operating results also reflect an increase of $181,000 in noninterest expenses to $1,720,000 for the quarter ended June 30, 2006 compared to $1,539,000 in the second quarter of 2005. For the first half of 2006, noninterest expenses were $3,470,000 compared to $2,863,000 in the first half of 2005. This increase includes costs related to the opening and operation of the new banking centers in Vernon Vernon, city, Canada Vernon, city (1991 pop. 23,514), S British Columbia, Canada, near the north end of Okanagan Lake. The center of a fruit-growing and dairying area, it has packing and dehydrating plants. and Newington Newington, town (1990 pop. 29,208), Hartford co., central Conn., a residential suburb of Hartford; settled 1670, inc. 1871. Its industries include milk processing and the manufacture of airplane parts, ball bearings, tools, and plumbing supplies. and staff additions in Lending, Operations and Administration. Balance Sheet Performance. Loans outstanding increased $26.0 million to $83.0 million at June 30, 2006 in connection with our most successful quarter of loan production to date. Total assets were $112.0 million at the end of the quarter compared to $96.9 million at December December: see month. 31, 2005. Total deposits were $75.8 million at June 30, 2006, increasing $5.1 million or 7.3% from $70.7 million at December 31, 2005. 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. at June 30, 2006 was $23.0 million compared to $25.0 million at December 31, 2005 primarily reflecting the second quarter 2006 operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. and a decrease in the estimated market value of the Bank's available for sale securities portfolio. Asset Quality. The allowance for loan losses at June 30, 2006 was $1,136,000 compared to $876,000 at December 31, 2005 and represented 1.37% and 1.53% of loans outstanding for the respective dates. The loans classified as nonaccrual amounted to $9,000 and there were no loans past due 30 days or more at June 30, 2006. Recent News. Following our successful opening in Vernon at the start of this year, in June work was completed on renovations for CBT's fifth Banking Center. It is located at 66 Cedar cedar, common name for a number of trees, mostly coniferous evergreens. The true cedars belong to the small genus Cedrus of the family Pinaceae (pine family). Street, in Newington, CT, and opened July July: see month. 10th. During the quarter, Management began finalizing plans to renovate the space formally occupied oc·cu·py tr.v. oc·cu·pied, oc·cu·py·ing, oc·cu·pies 1. To fill up (time or space): a lecture that occupied three hours. 2. To dwell or reside in. 3. by Arthur's Drug in Windsor Windsor, British royal family Windsor (wĭn`zər), family name of the royal house of Great Britain. The name Wettin, family name of Albert of Saxe-Coburg-Gotha, consort of Queen Victoria, was changed to Windsor by George V in 1917. , CT. This office is expected to open in January January: see month. 2007. Also during the quarter, CBT established an office of Raymond James  This article or section is written like an .Please help [ rewrite this article] from a neutral point of view. Mark blatant advertising for , using . Financial Services, Inc, ("RJFS RJFS Raymond James Financial Services, Inc. (St. Petersburg, FL) ") in the Glastonbury Glastonbury, town, England Glastonbury (glăs`tənbərē), town (1991 pop. 6,751), Somerset, SW England. It has a leather industry, but Glastonbury is famous for its religious associations and many legends. Banking Center. Through this facility CBT customers have easy access to a full range of non-deposit investments such as bonds, stocks and annuities. CEO Lentini noted, "At CBT we know the importance of providing choices to both our business and personal customers in reaching their financial objectives. Additional RJFS locations are planned in the year ahead."
Selected Performance Data
----------------------------------------------------------------------
Three months ended
----------------------------------------------------------------------
Dollar values in March June Sept. Dec. March June
thousands 31, 30, 30, 31, 31, 30,
except per share 2005 2005 2005 2005 2006 2006
----------------------------------------------------------------------
Total assets (EOP) $77,357 $86,132 $99,589 $96,875 $99,016 $112,462
Net operating loss $(964)$(1,121) $(861) $(622) $(877) $(908)
Net interest margin 2.62% 2.95% 2.97% 3.69% 4.19% 3.86%
Ratio of total
stockholders'
equity to total
assets (EOP) 16.70% 14.12% 25.84% 25.85% 24.25% 20.47%
Average shares
outstanding 1,889 1,905 1,968 3,567 3,567 3,567
Loss per share (1) $(0.51) $(0.59) $(0.44) $(0.17) $(0.25) $(0.25)
Book value per share
(EOP) $6.84 $6.35 $7.21 $7.02 $6.73 $6.45
Allowance for loan
losses to
total loans (EOP) 1.17% 1.33% 1.45% 1.53% 1.36% 1.37%
(1) Issuance of Shares in Sept. 2005.
----------------------------------------------------------------------
Selected Performance Data
----------------------------------------------------------------------
Year ended
----------------------------------------------------------------------
Dollar values in thousands June 30, June 30,
except per share 2005 2006
----------------------------------------------------------------------
Total assets (EOP) $86,132 $112,462
Net operating loss $(2,085) $(1,784)
Net interest margin 2.77% 4.02%
Ratio of total stockholders'
equity to total assets (EOP) 14.12% 20.47%
Average shares outstanding 1,897 3,567
Loss per share (1) $(1.10) $(0.50)
Book value per share (EOP) $6.35 $6.45
Allowance for loan losses to
total loans (EOP) 1.33% 1.37%
(1) Issuance of Shares in Sept. 2005.
----------------------------------------------------------------------
Statements contained in this release, which are not historical facts, may be considered forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. as defined in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Such forward-looking statements are subject to risks and uncertainties which could cause actual results to differ materially from those currently anticipated, due to a number of factors which include without limitation the effects of future economic conditions, governmental fiscal and monetary policies, legislative and regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. changes, changes in the interest rates, the effects of competition, and other factors that could cause actual results to differ materially from those provided in any such forward-looking statements. See financial statements accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. this release for additional data.
THE CONNECTICUT BANK AND TRUST COMPANY
BALANCE SHEETS
June 30, 2006
(Dollars in Thousands)
ASSETS
June December June
30, 31, 30,
2006 2005 2005
(Unaudited) (Unaudited)
----------- -------- -----------
Cash and due from banks $4,596 $1,406 $2,296
Interest bearing asset 25 - -
Federal funds sold 50 11,027 13,939
----------- -------- -----------
Cash and cash equivalents 4,671 12,433 16,235
Securities available for sale 21,083 23,908 29,502
Federal Reserve Bank stock, at cost 770 766 529
Federal Home Loan Bank stock, at cost 533 125 -
Loans 83,069 57,140 37,919
Less: allowance for loan losses (1,136) (876) (506)
----------- -------- -----------
Loans, net 81,933 56,264 37,413
Premises and equipment, net 2,036 2,079 1,796
Accrued interest receivable 497 390 322
Other assets 939 910 335
----------- -------- -----------
Total Assets $112,462 $96,875 $86,132
=========== ======== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Deposits $75,877 $70,740 $73,113
Short term borrowings 10,591 442 286
Long term debt 2,450 - -
Other liabilities 525 648 573
----------- -------- -----------
Total liabilities 89,443 71,830 73,972
----------- -------- -----------
Stockholders' equity;
Common stock, $1.00 par value;
10,000,000 shares authorized;
3,567,450 shares issued and
outstanding at June 30, 2006 and
December 31, 2005, 1,913,250 as
of June 30, 2005 3,567 3,567 1,914
Common stock warrants 853 853 853
Additional paid-in capital 29,553 29,536 16,478
Restricted stock unearned
compensation (523) (618) (666)
Retained deficit (9,540) (7,756) (6,273)
Accumulated other comprehensive loss (891) (537) (146)
----------- -------- -----------
Total stockholders' equity 23,019 25,045 12,160
----------- -------- -----------
Total Liabilities and Stockholders'
Equity $112,462 $96,875 $86,132
=========== ======== ===========
THE CONNECTICUT BANK AND TRUST COMPANY
Consolidated Statements of Operations
Three Months Ended Six Months Ended
June 30, June 30,
------------------ -----------------
2006 2005 2006 2005
--------- -------- -------- --------
(Dollars in thousands except (Unaudited) (Unaudited)
share data)
Interest and dividend income:
Interest and fees on loans $1,386 $539 $2,534 $928
Debt securities 239 317 499 676
Dividends 11 8 29 16
Federal funds sold 1 63 16 110
--------- -------- -------- --------
Total interest and
dividend income 1,637 927 3,078 1,730
--------- -------- -------- --------
Interest expense:
Deposits 530 377 948 710
Borrowed funds 142 1 227 2
--------- -------- -------- --------
Total interest expense 672 378 1,175 712
--------- -------- -------- --------
Net interest income 965 549 1,903 1,018
Provision for loan losses 178 147 260 267
--------- -------- -------- --------
Net interest income,
after provision for
loan losses 787 402 1,643 751
--------- -------- -------- --------
Non-interest income:
Service charges and fees 25 19 43 30
Net losses from sales of
available-for-sale
securities - (3) - (3)
--------- -------- -------- --------
Total non-interest income 25 16 43 27
--------- -------- -------- --------
Non-interest expenses:
Salaries and benefits 928 657 1,834 1,295
Occupancy and equipment 287 216 563 410
Data processing 40 37 82 73
Marketing 158 283 430 503
Professional services 146 191 253 305
Other general and
administrative 161 155 308 277
--------- -------- -------- --------
Total non-interest expenses 1,720 1,539 3,470 2,863
--------- -------- -------- --------
Net loss $(908) $(1,121) $(1,784) $(2,085)
========= ======== ======== ========
Net loss per share:
Basic $(0.25) $(0.59) $(0.50) $(1.10)
Diluted $(0.25) $(0.59) $(0.50) $(1.10)
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