Circle Financial Corp. reports third quarter fiscal 1996 results.CINCINNATI--(BUSINESS WIRE)--April 29, 1996--Circle Financial Corp. (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 :CRCL CRCL Creatinine Clearance CRCL Circle CRCL Coalition to Restore Coastal Louisiana CRCL Center for Research in Computational Linguistics CRCL Columbia River Conservation League ), parent company of People's Savings Association, today reported net income of $284,748, or 39 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 ended March 31, 1996 and $782,774 or $1.08 per share, for the nine month period ended March 31, 1996, compared to net income of $304,688, or 42 cents per share, for the quarter ended March 31, 1995 and $664,781, or 87 cents per share for the nine month period ended March 31, 1995. Net interest income increased $162,744 or 11.7 percent to $1,553,153 for the three month period ended March 31, 1996 as compared to the same period ended March 31, 1995 and $245,557 or 5.9 percent to $4,419,473 for the nine month period ended March 31, 1996 as compared to the same period ended March 31, 1995. (Financial information attached) -0-
CIRCLE FINANCIAL CORP.
CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited)
THREE MONTHS ENDED NINE MONTHS ENDED
March 31, March 31,
1996 1995 1996 1995
__________________ _________________
(dollars in thousands,
except per share amounts)
Interest income:
Loans and mortgage-
backed securities $3,494 2,642 9,947 7,240
Investments and deposits 397 434 1,275 1,566
______ ______ ______ ______
Total interest income 3,891 3,076 11,222 8,806
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Interest expense 2,338 1,686 6,802 4,632
______ ______ ______ ______
Net interest income 1,553 1,390 4,420 4,174
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Non-interest income 138 111 611 337
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Non-interest expense:
Salaries and employee
benefits 470 461 1,525 1,430
Net occupancy expense 295 215 837 620
Federal insurance
premiums 108 85 293 254
Branch closing - - - 350
Amortization of intangible
assets 88 - 221 -
Other 299 279 918 850
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Total non-interest
expense 1,260 1,040 3,794 3,504
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Income before income
tax expense 431 461 1,237 1,007
Provision for income tax 146 156 454 342
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Net income $ 285 $ 305 $ 783 $ 665
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Earnings per share $0.39 $0.42 $1.08 $0.87
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Average outstanding common
and common equivalent
shares 724,857 733,343 725,219 764,905
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BALANCE SHEET HIGHLIGHTS
March 31, June 30,
1996 1995
_____________________
(dollars in thousands) Total assets $229,406 189,850 Loans (net) 144,903 116,200 Mortgage-backed securities 46,700 33,231 Other investments and interest bearing deposits 25,763 33,248 Deposits 201,303 151,661 FHLB advances 2,500 13,500 Stockholders' equity 24,436 23,821 CONTACT: Circle Financial Corp., Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. Donald Donald (Domnall, Domhnall, Dumhnuil, Dónall) is an anglicized version of a Scottish or Irish Gaelic personal name, containing the elements dumno "world" and val "rule", viz. "ruler of the world". Compare Dumnorix. H. Rolf Rolf See Rollo. Noun 1. Rolf - Norse chieftain who became the first duke of Normandy (860-931) Hrolf, Rollo Jr., 513/563-1245 |
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