CCF Holding Co. announces quarterly earnings for quarter ended March 31, 1996.JONESBORO, Ga.--(BUSINESS WIRE)--April 16, 1996--CCF Holding Co., the holding company of Clayton County Clayton County is the name of two counties in the United States:
An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , is pleased to report earnings for the second quarter of fiscal year ending Sept. 30, 1996. The quarter ended March 31, 1996 is the third period that CCF CCF abbr. Cooperative Commonwealth Federation of Canada Holding Co. has operated as a public company. The public offering of its common stock ended on June 28, 1995 with the closing on July 11, 1995. Net income for the quarter was $189,242, up 12.2% from 1995 second quarter earnings of $168,671. Earnings were $0.17 per share. Per share earnings for the 1995 period were not applicable since Clayton County Federal did not convert from mutual to stock ownership until July 11, 1995. The increase in net income for the quarter is the result of gains recognized from the sale of mortgage loans and mortgage backed securities and an increase in net interest income. Net income for the six months ended March 31, 1996, was $373,417, or $.34 per share, compared to $305,630 for the same period in 1995. Again, per share earnings for the 1995 period were not applicable since Clayton County Federal did not convert from mutual to stock ownership until July 11, 1995. Total assets increased $10.4 million or 15.1%, from $68.4 million at March 31, 1995 to $78.8 million at March 31, 1996, due primarily to net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). obtained from mutual to stock conversion. Shareholder's Equity stood at $16.7 million or 21.2% of total assets compared to $6.5 million or 9.5% of total assets a year earlier, an increase of 11.7%. At March 31, 1996, net loans outstanding were $46,790,738, compared to $44,392,551 at March 31, 1995. The Company's allowance for general loan losses was $423,848 at March 31, 1996, compared to $408,848 at March 31, 1995. Also at March 31, 1996 non-performing loans were $500,555 compared to $252,572 at March 31, 1995. CCF Holding Co. is the parent company of Clayton County Federal, a federally chartered savings and loan association savings and loan association, type of financial institution that was originally created to accept savings from private investors and to provide home mortgage services for the public. The first U.S. savings and loan association was founded in 1831. serving the southern market area of greater Atlanta. The association has three full-service branches in addition to the main office, which are located in Clayton County, Ga. The company's common stock is traded on 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 , small caps market under the symbol CCFH CCFH Codex Committee on Food Hygiene . CONTACT: CCF Holding Co. David B. Turner/Thomas L. Sawyer, 770/478-8881 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion