Central Bancorp Reports Improved Earnings for Its June 30, 2000 Quarter.Business/Banking Editors SOMERVILLE Somerville. 1 City (1990 pop. 76,210), Middlesex co., E Mass., a residential and industrial suburb of Boston, on the Mystic River; settled 1630, set off from Charlestown 1842, inc. as a city 1871. , Mass.--(BUSINESS WIRE)--July 20, 2000 Central Bancorp, 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 National Market:CEBK) today reported net income of $765,000, or 43 cents per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share, for the three months ended June June: see month. 30, 2000, compared to net income of $479,000, or 25 cents per diluted share, for the June 30, 1999, quarter. Contributing to the earnings improvement for the June 30, 2000 quarter as compared to the year earlier quarter was a $307,000 increase in net interest and dividend income - primarily attributable to a $938,000 increase in interest income from mortgage loans, which was partially offset by a $696,000 increase in interest expense. During the June 30, 1999 quarter, the Company incurred a non-recurring charge of $234,000 as a result of a change in accounting principle requiring the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of unamortized organization costs relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the establishment of Central Bancorp, Inc., as the holding company for Central Bank in January January: see month. 1999. In addition, the Company's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased by $343,000 during the June 30, 2000 quarter over the June 30, 1999 quarter, principally due to higher marketing and advertising expenses to promote deposit and other products. This additional spending contributed to the higher volume of certificates of deposit issued during the June 30, 2000 quarter as well as an increase in mortgage loans. John D. Doherty
Between March 31, 2000 and June 30, 2000, Central Bancorp's total loans, deposits and assets grew to $342,846,000, $268,096,000 and $419,219,000, representing increases of 7.1%, 3.8% and 2.4%, respectively. In addition, during the quarter ended June 30, 2000, the Company repurchased 38,583 shares under the previously announced third buyback Buyback The buying back of outstanding shares (repurchase) by a company in order to reduce the number of shares on the market. Companies will buyback shares either to increase the value of shares still available (reducing supply), or to eliminate any threats by shareholders who may program authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: by the Board of Directors. The shares repurchased since the first buyback program was adopted in April 1999 total 198,133, at an average cost of $18.56 per share, representing 10.06% of the common stock issued prior to the adoption of the first buyback program. The Company plans to acquire additional shares in the months ahead in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the announced buyback program. Central Bancorp, Inc., is the holding company for Central Bank, whose legal name is Central Co-operative Bank The Co-operative Bank is a co-operative bank trading in the United Kingdom with headquarters in Manchester, UK. It is an ethical bank, and refuses to invest in companies involved in the arms trade, genetic engineering, animal testing and use of sweated labour as stated in its , a Massachusetts-chartered co-operative bank operating eight full-service banking offices in suburban Boston.
Central Bancorp, Inc.
Consolidated Operating Data
(In Thousands, Except Per-Share Data)
Quarter Ended
June 30,
2000 1999
(Unaudited)
Net interest and dividend income $ 3,437 $ 3,130
Non-interest income 338 278
Operating expenses 2,576 2,233
Income before income taxes 1,199 1,175
Income tax expense 434 462
Net income before cumulative effect
of change in accounting principle 765 713
Cumulative effect of change in
accounting principle, net of taxes -- (234)
Net income $ 765 $ 479
Earnings per common share:
Before cumulative effect of change in
accounting principle $ 0.43 $ 0.37
Before cumulative effect of change in
accounting principle - assuming dilution $ 0.43 $ 0.37
After cumulative effect of change in
accounting principle $ 0.43 $ 0.25
After cumulative effect of change in
accounting principle - assuming dilution $ 0.43 $ 0.25
Central Bancorp, Inc.
Consolidated Balance Sheet Data
(In Thousands)
June 30, March 31,
2000 2000
(Unaudited)
Total assets $ 419,219 $ 409,557
Total loans 342,846 320,013
Allowance for loan losses 3,030 2,993
Deposits 268,096 258,339
Borrowings 110,250 111,000
Stockholders' equity 37,363 37,397
|
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion