Central Bank reports fiscal 1996 first quarter earnings.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 19, 1995--Central Bank (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 : CEBK) today reported net income of $368,000, or 19 cents a share, for the three months ended June 30, 1995, compared to net income of $167,000, or 9 cents a share, for the corresponding quarter of last year. The bank also announced that due to its improved financial condition, the Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ) and the Commissioner of Banks of the Commonwealth of Massachusetts Massachusetts (măsəch  `sĭts), most populous of the New England states of the NE United States. have removed the Memorandum of
Understanding A Memorandum of Understanding (MoU) is a legal document describing a bilateral or multilateral agreement between parties. It expresses a convergence of will between the parties, indicating an intended common line of action and may not imply a legal commitment. into which the bank entered in 1992. Central Bank agreed
in the memorandum to, among other things, improve its earnings and
reduce its level of non-performing assets.Contributing to the increase in earnings for the quarter ended June 30, 1995, compared to the same quarter a year earlier were improvements of $416,000 in net interest and dividend income and $76,000 in deposit service charges, and decreases of $120,000 in the provision for possible loan losses and $92,000 in foreclosure-related expenses. 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. exclusive of foreclosure-related costs increased $561,000, primarily as a result of the acquisition of Metro Bancorp Inc., in December 1994. Reflecting the downward trend in interest rates, the bank had a $13,000 unrealized gain Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. on securities available for sale at June 30, 1995, compared to a $572,000 unrealized loss Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. on securities available for sale at March 31, 1995. The Bank's capital-to-assets ratio of 9.41 percent at June 30, 1995, remained well above regulatory requirements Regulatory requirements are part of the process of drug discovery and drug development. Regulatory requirements describe what is necessary for a new drug to be approved for marketing in any particular country. . Central Bank is a Massachusetts-chartered 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 operating 11 full-service offices in metropolitan Boston.
CENTRAL BANK
Statements of Operations
(In Thousands, Except Per Share Data)
Three Months Ended
June 30,
1995 1994
(Unaudited)
Net interest and dividend income $ 2,742 $ 2,326 Provision for possible loan losses 30 150 Net income $ 368 $ 167
Earnings per common and
common equivalent
share $ 0.19 $ 0.09
Average common and
common share equivalents
outstanding 1,927 1,916
-0-
CENTRAL BANK
Balance Sheets
(In Thousands)
June 30, March 31,
1995 1995
(Unaudited)
Total assets $ 321,158 $ 320,921 Non-performing assets 8,368 9,617 Total loans 212,973 212,438 Allowance for possible loan losses 3,034 2,954 Deposits 262,386 261,121 Borrowings 26,000 28,000 Stockholders' equity 30,207 29,106 CONTACT: Central Bank, Somerville Gladys N. Partamian, 617/628-4000 |
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