CENTRAL AND SOUTHERN HOLDING COMPANY ANNOUNCES FIRST QUARTER RESULTS.ATLANTA--(BUSINESS WIRE)--April 10, 1995--Central and Southern Holding 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 : CSBC CSBC California Southern Baptist Convention CSBC Canadian Safe Boating Council CSBC China Shipbuilding Corporation CSBC Center for the Study of Biological Complexity CSBC Conference of State Bank Supervisors ) 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 first quarter 1995. The Company reported net income of $608,000, or $.16 per share for the quarter. This compares to net income of $222,000, or $.06 per share for the same period in 1994. The change in the operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. for the three months ended March 31, 1995, compared to the same period in 1994 was primarily due to the decrease in noninterest expense of $608,000. The Company took losses on the sale of securities of $232,000 during the quarter. The Company also made a $200,000 negative provision for loan losses for the quarter due to the level of net recoveries from prior period charge offs and the position of the allowance for loan losses to loans which stood at 3.96% of loans outstanding at March 31, 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 March 31, 1995 totaled $1,802,000, or 90% of total assets compared to $2,375,000, or 1.16% of total assets at December December: see month. 31, 1994. Nonperforming loans at March 31, 1995 were $603,000, 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 $107,545,000 at March 31, 1995 compared to $107,730,000 at December 31, 1994. The allowance for loan losses was $4,256,000 at March 31, 1995 compared to $4,313,000 at December 31, 1994. Central and Southern Holding Company is a multi-bank holding company with assets of $200,000,000 and has three offices located in 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. 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 MARCH 31 1995 1994 CHANGE PERCENT (dollars in thousands except per share data) Net income (loss) 608 222 386 173.8% Net interest income (FTE) 2,041 2,081 (39) -1.9% Net interest income 1,957 1,942 15 0.8% Noninterest income 66 341 (275) -80.7% Noninterest expense 1,433 2,041 (608) -29.8% Provision for loan losses (200) (200) PER SHARE DATA Net income 0.16 0.06 0.10 173.8% Book value 5.50 5.21 0.29 5.6% Tangible book value 5.33 4.88 0.45 9.2% Weighted average shares outstanding 3,777,017 3,777,017 FINANCIAL RATIOS Return on average assets 1.24% 0.37% Return on average equity 12.38% 4.69% Net interest margin (FTE) 4.32% 3.65% Total shareholders equity to assets (Note 1) 10.58% 8.03% Total shareholders equity to assets 10.38% 8.03% Allowance for loan losses to loans, net of unearned 3.96% 3.88% ENDING BALANCES AS OF MARCH 31 Total assets 200,152 244,955 (44,803) -18.3% Earning assets 192,236 231,100 (38,864) -16.8% Loans, net of unearned 107,545 119,022 (11,477) -9.6% Allowance for loan losses 4,246 4,619 (363) -7.9% Investments and federal funds sold 83,651 112,078 (28,427) -25.4% Deposits 175,768 224,334 (48,566) -21.6% Shareholders' equity 20,773 19,668 1,104 5.6% Shareholders' equity (Note 1) 21,179 19,668 1,510 7.7% Intangible Assets 638 1,222 (584) -47.8% AVERAGE BALANCE FOR THE QUARTER Total assets 199,384 243,494 (44,110) -18.1% Earning assets 191,587 231,135 (39,549) -17.1% Loans, net of unearned 107,424 120,712 (13,288) -11.0% Allowance for loan losses 4,306 4,964 (658) -13.3% Investments and federal funds sold 84,163 110,422 (26,260) -23.8% Deposits 175,420 223,340 (47,920) -21.5% Shareholders' equity 19,906 19,182 725 3.8% ASSET QUALITY 3-31-95 12-31-94 CHANGE PERCENT (in thousands)
Loans past due 90 days
or more $2 $205 (203) -99.0%
Nonaccrual loans 601 1,060 (459) -43.3%
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Total nonperforming loans 603 1,265 (662) -52.3%
Other real estate owned 1,199 1,110 89 8.0%
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Total nonperforming assets $1,802 $2,375 (573) -24.1%
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Nonperforming loans/
Total loans 0.56% 1.17%
Nonperforming assets/
Total assets 0.90% 1.16%
(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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