Central Bank reports fiscal 1996 third quarter earnings.Bank today reported net income for the quarter and nine months ended Dec. 31, 1995 of $601 thousand or 31 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. and $1.4 million or $.72 per share, respectively. This compares to net income of $522 thousand or $.27 per share and $926 thousand or $.48 per share for the quarter and nine months ended Dec. 31, 1994. The improvements in the earnings for the quarter and nine month periods of fiscal 1996 compared to the same fiscal 1995 periods were primarily attributable to the acquisition of Metro Bancorp Inc., in Dec. 1994, which increased net interest and dividend income as well as noninterest income; a reduction in the provision for possible loan losses; and a decrease in the deposit insurance premium the bank paid to the Federal Deposit Insurance Corp. (FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). ). These items were partially offset by increased 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. attributable to the acquisition of Metro Bancorp Inc. To give management more flexibility in managing the investment portfolio, the bank reclassified approximately $43 million of the portfolio from the held to maturity category to the available for sale category as allowed by a special report issued by the Financial Accounting Standards Board Financial Accounting Standards Board (FASB) Board composed of independent members who create and interpret Generally Accepted Accounting Principles (GAAP). 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 SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 115. Central Bank is a Massachusetts-chartered cooperative bank Cooperative bank may refer to:
adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. offices in metropolitan Boston Boston, town, England Boston, town (1991 pop. 26,495), E central England, on the Witham River. Boston's fame as a port dates from the 13th cent., when it was a Hanseatic port trading wool and wine. Having recovered from a decline in the 18th and 19th cent. . -0-
CENTRAL BANK
Statements of Income
(In Thousands, Except Per Share Data)
Three Months Ended Nine Months Ended
Dec. 31, Dec. 31,
1995 1994 1995 1994
(Unaudited)
Net interest and dividend income $ 2,869 $ 2,434 $ 8,266 $ 7,106 Provision for possible loan losses 30 75 90 325 Non-interest income 297 194 902 490 Operating expenses 2,334 2,024 7,210 6,035 Net income $ 601 $ 522 $ 1,401 $ 926
Earnings per common and
common equivalent
share $ 0.31 $ 0.27 $ 0.72 $ 0.48
Average common and
common equivalent
shares outstanding 1,938 1,907 1,934 1,911
-0-
CENTRAL BANK
Balance Sheets
(In Thousands)
Dec. 31, March 31,
1995 1995
(Unaudited)
Total assets $ 318,191 $ 320,921 Non-performing assets 7,339 9,617 Total loans 220,039 212,438 Allowance for possible loan losses 3,059 2,954 Deposits 265,504 261,121 Borrowings 18,000 28,000 Stockholders' equity 31,667 29,106 CONTACT: Central Bank Gladys Gladys is a feminine name from the Welsh name Gwladus, which bears the meaning of royalty (princess) or the gladiolus flower. It has been sometimes used as a Welsh form of Claudia. . N. Partamian, 617/628-4000 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion