CCBT Financial Companies, Inc. Reports Earnings.Business Editors SOUTH YARMOUTH Yarmouth, city, Canada Yarmouth (yär`məth), city (1991 pop. 7,781), SW N.S., Canada, on the Atlantic Ocean. It is a port, with exports of lumber, fish, berries, and Irish moss. , Mass.--(BUSINESS WIRE)--July 19, 2002 CCBT CCBT Comprehensive Cognitive Behavioral Therapy Financial Companies, Inc. (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 : CCBT) Chief Executive Officer and President Stephen Stephen, 1097?–1154, king of England (1135–54). The son of Stephen, count of Blois and Chartres, and Adela, daughter of William I of England, he was brought up by his uncle, Henry I of England, who presented him with estates in England and France and B. Lawson The name Lawson can refer to a number of different things: People
tr.v. im·ped·ed, im·ped·ing, im·pedes To retard or obstruct the progress of. See Synonyms at hinder1. [Latin imped by the stock market decline even though new business remains solid. Non-interest expenses increased $1.291 million or 11.3% over last years second quarter due to the opening of 5 new locations, normal year to year operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. increases and a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. expense of $506 thousand to fund an early retirement program. Non-interest income for the quarter was $5.817 million compared to $4.954 million, excluding gains from sales of securities, for an increase of 17.4%. As noted above fee income increased in several areas including insurance, electronic banking fees and residential mortgage operations and at the end of the quarter was 22.0% of the Bank's total income. The return on average equity for the quarter was 15.5% for the second quarter of 2002 compared to 17.1% for the same quarter in 2001. The average return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). was 1.31% compared to 1.18% for the same period. For the year to date earnings increased from $1.07 per share to $1.11 an increase of 3.7%. Non-interest income net of securities gains increased to $10.847 million from $9.409 million for a 15.3% increase while non-interest expense increased to $23.899 million from $22.075 million, an 8.3% increase. The return on average equity (ROE A fictitious surname used for an unknown or anonymous person or for a hypothetical person in an illustration. A lawsuit is generally named for the persons who are parties to it. ) year to date was 16.5% compared with 18.4% in the same period of 2001. The return on average assets for year to date was 1.37%, up from 1.26% for the same period of 2001. The allowance for possible loan losses was $12.387 million on June June: see month. 30, 2002, up from $12.222 million a year ago. Non-performing assets were $2.766 million on June 30, 2002, down from $3.302 million a year ago. Capital on June 30, 2002 was $121.642 million as compared to $107.506 million a year ago. Total loans were $895.750 million, down 2.5% from the $918.591 million reported one year ago. Deposits were $923.358 million, down 0.4% from the $927.016 million reported a year ago. Mr. Lawson commented, "The lower interest rates which we are experiencing cause our net interest income to decline because a large portion of our liabilities have very little repricing Repricing To change the price of an asset. In derivatives, it sometimes refers to the exchange of options of with different strike prices. repricing capacity. While some loan growth has helped to offset this we are working diligently dil·i·gent adj. Marked by persevering, painstaking effort. See Synonyms at busy. [Middle English, from Old French, from Latin d to increase non- non- word element [L.]not . non- pref. Not: noninvasive. interest income and to operate more efficiently in order to move away from the dependency dependency In international relations, a weak state dominated by or under the jurisdiction of a more powerful state but not formally annexed by it. Examples include American Samoa (U.S.) and Greenland (Denmark). on interest income to increase earnings." CCBT Financial Companies, Inc. is a bank holding company with total assets of $1.449 billion on June 30, 2002. Its subsidiary is 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, N. A., which owns CCBT Brokerage BROKERAGE, contracts. The trade or occupation of a broker; the commissions paid to a broker for his services. Direct and a 51% interest in Murray Murray, river, Australia Murray, principal river of Australia, 1,609 mi (2,589 km) long, rising in the Australian Alps, SE New South Wales, and flowing westward to form the New South Wales–Victoria boundary. & MacDonald Mac·don·ald , Sir John Alexander 1815-1891. Canadian politician and the first prime minister of the Dominion of Canada (1867-1873 and 1878-1891). He is considered the organizer of the Canadian confederation, established in 1867. Insurance Services, Inc. The Company offers a complete range of financial products and services including deposit services, loans, municipal services This article or section deals primarily with the United Kingdom and does not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , insurance, trust, investments and retirement services to individuals, municipalities and businesses. To find out more about CCBT Financial Companies, Inc. and our services, please visit our web site at www.ccbt.com or better yet, stop in for a visit. Our Form 10Q filing with the SEC on 8/14/2002 will contain more detailed financial information and will be available on our web site at www.ccbt.com. This report may contain "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. ." These statements relate to, among other things, future financial results of the Company. Reference is made to the Company's filings on Forms 10-K and 10-Q with the Securities and Exchange Commission for factors that could cause actual results to differ materially from those anticipated, including without limitation changes in economic conditions and equity and fixed income market fluctuations.
CCBT FINANCIAL COMPANIES, INC.
Quarter ended June 30 2002 2001
Net Income $4,535,153 $4,385,672
Average Shares 8,630,478 8,608,048
Share Earnings: $.52 $.51
Six months ended June 30 2002 2001
Net Income $9,582,351 $9,215,656
Average Shares 8,626,313 8,608,048
Share Earnings: $1.11 $1.07
ASSETS ($000) 06/30/2002
Cash & cash equivalents 54,068
Securities available for sale 431,144
Other securities 24,738
Construction loans 100,581
Commercial mortgages 276,285
Commercial loans 93,835
Residential mortgages 356,339
Home equity loans 62,600
Other consumer loans 6,110
Total portfolio loans 895,750
Loans held for sale 2,567
Loan loss reserve (12,387)
Goodwill 1,056
Other intangibles 7,172
Total intangible assets 7,172
Mortgage servicing rights 1,627
Real estate owned 1,500
Other assets 43,233
Total assets 1,450,468
LIABILITIES ($000)
Savings/NOW accounts 239,612
Money market deposits 278,768
Other consumer time 131,703
Time deposits over $100,000 40,089
Short-term borrowings 231,919
Long-term borrowings 152,149
Total interest-bearing liab. 1,074,240
Demand deposits 233,186
Minority interest 293
Other liabilities 20,051
Total liabilities 1,327,770
EQUITY ($000)
Common equity 121,642
Net unrealized gain
on AFS securities 2,579
Book value per share 14.09
Common shares issued 9,061,064
Treasury shares (425,016)
Common shares outstanding 8,636,048
INCOME STATEMENT ($000) 2nd Quarter 02 YTD 02
Interest income 19,717 38,914
Interest expense 6,630 13,815
Net interest income 13,087 25,099
Net interest income (FTE) 13,160 25,281
Loan loss provision 0 0
Gain on sale of securities 962 2,641
Trust revenue 1,746 3,466
Service charge on deposits 567 1,126
Gain on sale of loans 500 1,076
Other noninterest income 3,004 5,179
Total noninterest income 6,779 13,488
Employee comp and benefits 7,025 13,164
Occupancy and equipment 1,598 3,062
Foreclosed property expense 36 65
Amortization of intangibles 324 649
Deposit insurance expense 41 82
Other noninterest expense 3,848 7,022
Total noninterest expense 12,872 24,044
Net income before taxes 6,994 14,543
Tax provision 2,459 4,961
Net income 4,535 9,582
Basic EPS 0.52 1.11
Diluted EPS 0.52 1.11
Dividends per common share 0.19 0.38
Avg shares for basic EPS 8,630,478 8,626,313
Avg shares for diluted EPS 8,670,676 8,664,207
AVE. BALANCE SHEET ($000) 2nd Quarter 02 YTD
Taxable securities 418,411 429,804
Tax-exempt securities 13,488 18,466
Total portfolio loans 885,046 880,420
Loans held for sale 3,254 4,478
Other earning assets 0 0
Total earning assets 1,320,199 1,333,168
Total assets 1,384,828 1,400,396
Savings/NOW accounts 230,586 226,443
Money market deposits 277,711 274,689
Other consumer time 136,803 141,498
Time deposits over $100,000 41,619 44,959
Total interest-bearing deposits 686,719 687,589
Short-term borrowings 207,507 222,859
Long-term borrowings 148,761 156,495
Total interest-bearing liab. 1,042,987 1,066,943
Demand deposits 215,478 207,483
Minority interest 106 53
Other liabilities 9,066 9,766
Total liabilities 1,267,637 1,284,245
Common equity 117,191 116,151
Return on average assets 1.31% 1.37%
Return on average equity 15.48% 16.50%
CHARGEOFFS ($000) 2nd Quarter 02 YTD 02
Loan chargeoffs (26) (53)
Recoveries 77 188
Net loan charge-offs (51) (135)
ASSET QUALITY ($000) 06/30/2002
Nonaccrual loans 1,266
Renegotiated loans 220
Other real estate owned 1,500
Total nonperforming assets 2,766
SUPPLEMENTAL DATA 06/30/2002
Loans serviced f/others ($000) 230,389
FTE employees 401
Number of full service offices 31
Number of subsidiaries 2
Number of ATM's 38
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