Central and Southern Holding Co. announces second 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)--July 8, 1996--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 their preliminary results for the second quarter 1996. The Company reported record net earnings of $782,000, or $.21 per share for the quarter. This compares to net earnings of $631,000, or $.17 per share for the same period in 1995, an increase of 28% over the comparable period. Year to date the Company reported record earnings of $1,524,000, or $.41 per share, compared to $1,238,000, or $.33 per share for the six months ended June June: see month. 30, 1995, an increase of 24% over the comparable period. The Company continues to experience substantial net recoveries of previously charged off loans. Net recoveries of $267,000 during the quarter enabled the Company to make a $260,000 negative provision for loan losses. The Company's allowance for loan losses stood at 3.62% of outstanding loans at June 30, 1996. 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 $117,000,000 at June 30, 1996 compared to $114,000,000 at Dec. 31, 1995. The allowance for loan losses was $4,232,000 at June 30, 1996 compared to $4,190,000 at Dec. 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 June 30, 1996 totaled $488,000, or .24% of total assets compared to $1,402,000, or .67% of total assets at Dec. 31, 1995. Nonperforming loans at June 30, 1996 were $187,000, or .16% of total loans net of unearned interest compared to $808,000, or .71% of total loans net of unearned interest at Dec. 31, 1995. Central and Southern Holding Co. is a multi-bank holding company with assets of $213,000,000 and has four offices located in Milledgeville, 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. and Winder, Ga. -0-
CENTRAL & SOUTHERN HOLDING COMPANY
(nasdaq CSBC)
QUARTER ENDED JUNE 30 (dollars in thousands except per share data)
1996 1995 Change Percent
---- ---- ------ -------
Net Income (loss) 782 631 151 23.9%
Net Interest Income (FTE) 2,051 1,970 81 4.1%
Net Interest Income 1,974 1,887 87 4.6%
Noninterest Income 294 291 3 1.0%
Noninterest expense 1,563 1,672 (109) -6.5%
Provision for loan losses (260) (300) 40
PER SHARE DATA Net Income 0.21 0.17 0.05 27.7% Book Value 6.12 5.75 0.37 6.5% Dividends 0.0525 0.0425 0.01 23.5% Weighted average shares outstanding 3,664,739 3,777,017 FINANCIAL RATIOS Return on average assets 1.50% 1.26% Return on average equity 14.07% 12.03% Net Interest margin (FTE) 4.09% 4.10% Total shareholders equity to assets 10.52% 10.89% Allowance for loan losses to loans, net of unearned 3.62% 4.02% ENDING BALANCES AS OF JUNE 30 Total assets 213,409 199,351 14,058 7.1% Earnings assets 202,398 189,567 12,831 6.8% Loans, net of unearned 116,968 105,613 11,355 10.8% Allowance for loan losses 4,232 4,250 (18) -0.4% Investments and federal funds sold 85,430 83,954 1,476 1.8% Deposits 187,559 176,348 11,211 6.4% Shareholders' equity 22,440 21,713 727 3.3% Intangible Assets 575 625 (50) -7.9% AVERAGE BALANCES FOR THE QUARTER Total assets 209,935 200,394 9,541 4.8% Earning assets 201,524 192,589 8,935 4.6% Loans, net of unearned 111,801 107,131 4,670 4.4% Allowance for loan losses 4,285 4,324 (39) -0.9% Investments and federal funds sold 89,723 86,934 2,789 3.2% Deposits 184,394 177,519 6,875 3.9% Shareholders' equity 22,355 21,033 1,322 6.3% SIX MONTHS ENDED JUNE 30 Net Income 1,524 1,238 286 23.1% Net Income per share 0.41 0.33 0.08 24.2% Dividends per share 0.1025 0.08 0.02 24.2% Weighed average shares outstanding 3,674,318 3,777,017 Return on average assets 1.47% 1.25% Return on average equity 13.47% 12.18% Net interest margin (FTE) 4.19% 4.21% CONTACT: Central and Southern Holding Co. 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, Sr. Vice President 912/452-5541 |
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