Central and Southern Holding Co. announce third-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)--Oct. 9, 1995--Central and Southern Holding Co. (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, Ga., announced its preliminary results for the third quarter 1995. The company reported net earnings of $668,000, or 18 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. , for the quarter. This compares to net earnings of $609,000, or 16 cents per share, for the same period in 1994. Included in the net income for the third quarter 1994 were the pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern gain of $110,000 on the sale of the Company's south Georgia South Georgia, island, c.1,450 sq mi (3,760 sq km), S Atlantic Ocean, c.1,200 mi (1,930 km) E of Cape Horn. A dependency of the Falkland Islands from 1908 to 1985 (along with the South Sandwich Islands, a group of nine small, volcanic islets c. branches and a $239,000 pretax gain on securities sold. The change in net earnings for the three months ended Sept. 30, 1995, compared to the same period in 1994, was primarily due to the decrease in noninterest expense of $354,000. The Company continues to experience substantial net recoveries of previously charged-off loans. Net recoveries totaled $246,000 during the quarter that enabled the Company to make a $250,000 negative provision for loan losses. The Company's allowance for loan losses stood at 3.87 percent of outstanding loans at Sept. 30, 1995. The Company's 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. , were $108,565,000 at Sept. 30, 1995, compared to $107,730,000 at Dec. 31, 1994. The allowance for loan losses was $4,203,000 at Sept. 30, 1995, compared to $4,313,000 at Dec. 31, 1994. 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 Sept. 30, 1995 totaled $1,708,000, or .85% of total assets, compared to $2,375,000, or 1.16% of total assets, at Dec. 31, 1994. Nonperforming loans at Sept. 30, 1995, were $1,014,000, or .93% of total loans net of unearned interest, compared to $1,265,000, or 1.17% of total loans net of unearned interest at Dec. 31, 1994. Central and Southern Holding Co. is a multibank holding company Noun 1. multibank holding company - a bank holding company owning several banks bank holding company - a holding company owning or controlling one or more banks with assets of $200 million and has three offices located in Milledgeville and Greensboro Greensboro, city (1990 pop. 183,521), seat of Guilford co., N central N.C.; inc. 1829. The city is a financial, insurance, and distribution center for the region. , Ga. -0- CENTRAL & SOUTHERN HOLDING COMPANY (nasdaq:CSBC) QUARTER ENDED SEPT 30 1995 1994 Change Percent (dollars in thousands except per share data) Net income (loss) 668 609 59 9.6% Net interest income (FTE) 2,070 2,113 (43) -2.0% Net interest income 1,990 1,997 (7) -0.4% Noninterest income 205 652 (447) -68.5% Noninterest expense 1,517 1,871 (354) -18.9% Provision for loan losses (250) -- (250) PER SHARE DATA Net income 0.18 0.16 0.02 9.6% Book Value 5.86 5.26 0.60 11.5% Dividends 0.0450 -- 0.05 N/A Weighted average shares outstanding 3,777,017 3,777,017 FINANCIAL RATIOS Return on average assets 1.33% 1.09% Return on average equity 12.02% 12.02% Net interest margin (FTE) 4.30% 3.94% Total shareholders equity to assets 11.06% 9.54% Allowance for loan losses to loans, net of unearned 3.87% 4.08% ENDING BALANCES AS OF SEPT 30 Total assets 200,209 208,214 (8,005) -3.8% Earning assets 192,094 198,663 (6,569) -3.3% Loans, net of unearned 108,565 107,140 1,425 1.3% Allowance for loan losses 4,203 4,374 (171) -3.9% Investments and federal funds sold 83,529 91,523 (7,994) -8.7% Deposits 176,490 171,160 5,330 3.1% Shareholders' equity 22,141 19,859 2,282 11.5% Intangible Assets 613 663 (50) -7.6% AVERAGE BALANCES FOR THE QUARTER Total assets 199,614 222,621 (23,007) -10.3% Earning assets 190,853 212,711 (21,858) -10.3% Loans, net of unearned 106,858 116,797 (9,939) -8.5% Allowance for loan losses 4,243 4,638 (395) -8.5% Investments and federal funds sold 83,994 95,913 (11,919) -12.4% Deposits 176,008 188,475 (12,467) -6.6% Shareholders' equity 22,047 20,096 1,951 9.7% NINE MONTHS ENDED SEPT 30 Net income 1,905 1,196 709 59.3% Net income per share 0.51 0.32 0.19 59.4% Dividends per share 0.1275 -- Weighted average shares outstanding 3,777,017 3,777,017 Return on average assets 1.28% 0.68% Return on average equity 12.11% 8.13% Net interest margin (FTE) 4.24% 3.79% 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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