CENTRAL AND SOUTHERN HOLDING CO. ANNOUNCE SECOND QUARTER RESULTS.MILLEDGEVILLE Milledgeville, city (1990 pop. 17,727), seat of Baldwin co., central Ga., on the Oconee River, in a fertile farm area; inc. 1836. Among its industries are the manufacture of clothing, carpets, and aircraft parts. , Ga.--(BUSINESS WIRE)--July 10, 1995--Central and Southern Holding Company (NASDAQ-CSBC) of Milledgeville, Georgia Milledgeville is a city in Baldwin County in the U.S. state of Georgia. It is the county seat of Baldwin County. It is northeast of Macon, between Eatonton and Hardwick along U.S. Highway 441 on the banks of the Oconee River. announced their preliminary results for the second quarter 1995. The Company reported net earnings of $631,000, or $.17 per share for the quarter. This compares to net earnings of $365,000, or $.10 per share for the same period in 1994. The change in net earnings for the three months ended June June: see month. 30, 1995, compared to the same period in 1994 was primarily due to the decrease in noninterest expense of $319,000. During the quarter the Company made a $300,000 negative provision for loan losses. Net recoveries on previously charged off loans amounted to $293,000 during the quarter which enabled the Company to make this negative provision. The Company's allowance for loan losses stood at 4.02% of outstanding loans at June 30, 1995. The Company's nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. at June 30, 1995 totaled $1,465,000, or .73% of total assets compared to $2,375,000, or 1.16% of total assets at December December: see month. 31, 1994. Nonperforming loans at June 30, 1995 were $594,000, or .56% of total loans net of unearned interest Unearned interest Interest that has been received on a loan, but that cannot be treated as a part of earnings yet, because the principal of the loan has not been outstanding long enough. compared to $1,265,000, or 1.17% of total loans net of unearned interest at December 31, 1994. The Company's total loans net of unearned interest were $105,613,000 at June 30, 1995 compared to $107,730,000 at December 31, 1994. The allowance for loan losses was $4,250,000 at June 30, 1995 compared to $4,313,000 at December 31, 1994. Central and Southern Holding Company is a multi-bank holding company with assets of $199,000,000 and has three offices located in Milledgeville and Greensboro, Georgia Greensboro is a city in Greene County, Georgia, United States. The population was 3,238 at the 2000 census. The city is the county seat of Greene CountyGR6. Geography Greensboro is located at (33. . -0- CENTRAL & SOUTHERN HOLDING COMPANY (nasdaq:CSBC) QUARTER ENDED JUNE 30 1995 1994 Change Percent (dollars in thousands except per share data) Net income (loss) 631 365 266 72.9% Net interest income (FTE) 1,970 2,138 (168) -7.9% Net interest income 1,887 2,001 (114) -5.7% Noninterest income 291 400 (109) -27.3% Noninterest expense 1,672 1,991 (319) -16.0% Provision for loan losses (300) -- (300) PER SHARE DATA Net income 0.17 0.10 0.07 72.9% Book Value 5.75 5.06 0.69 13.6% Dividends 0.0425 -- 0.04 N/A Weighted average shares outstanding 3,777,017 3,777,017 FINANCIAL RATIOS Return on average assets 1.26% 0.61% Return on average equity 12.03% 7.49% Net interest margin (FTE) 4.10% 3.78% Total shareholders equity to assets (Note 1) 10.97% 8.44% Total shareholders equity to assets 10.89% 8.08% Allowance for loan losses to loans, net of unearned 4.02% 4.08% ENDING BALANCES AS OF JUNE 30 Total assets 199,351 236,556 (37,205) -15.7% Earning assets 189,567 222,546 (32,979) -14.8% Loans, net of unearned 105,613 113,570 (7,957) -7.0% Allowance for loan losses 4,250 4,633 (383) -8.3% Investments and federal funds sold 83,954 108,976 (25,022) -23.0% Deposits 176,348 216,377 (40,029) -18.5% Shareholders' equity 21,713 19,108 2,605 13.6% Shareholders' equity (Note 1) 21,865 19,960 1,905 9.5% Intangible Assets 625 1,210 (585) -48.3% AVERAGE BALANCES FOR THE QUARTER Total assets 200,394 240,111 (39,717) -16.5% Earning assets 192,589 226,695 (34,106) -15.0% Loans, net of unearned 107,131 116,096 (8,965) -7.7% Allowance for loan losses 4,324 4,778 (454) -9.5% Investments and federal funds sold 86,934 110,599 (23,665) -21.4% Deposits 177,519 219,622 (42,103) -19.2% Shareholders' equity 21,033 19,553 1,480 7.6% SIX MONTHS ENDED JUNE 30 Net income 1,238 586 652 111.3% Net income per share 0.33 0.16 0.17 106.3% Dividends per share 0.0825 -- Weighted average shares outstanding 3,777,017 3,777,017 Return on average assets 1.25% 0.49% Return on average equity 12.18% 6.11% Net interest margin (FTE) 4.21% 3.70%
ASSET QUALITY
(in thousands) 6/30/95 12/31/94 Change Percent
------- -------- ------ -------
Loans past due 90 days
or more $0 $205 (205) -100.0%
Nonaccrual loans 594 1,060 (466) -44.0%
Total nonperforming loans 594 1,265 (671) -53.0%
Other real estate owned 871 1,110 (239) -21.5% Total nonperforming assets $1,465 $2,375 (910) -38.3% Nonperforming loans/Total loans 0.56% 1.17% Nonperforming assets/Total assets 0.73% 1.16% Note 1: Excludes unrealized losses on securities available for sale. CONTACT: Central and Southern Holding Company Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. E. Ricketson, 912/452-5541 |
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