CoBancorp Inc. Announces Cash Dividend and Earnings.ELYRIA Elyria (ēlēr`ēə), city (1990 pop. 56,746), seat of Lorain co., N Ohio, on the Black River; inc. 1833. It is an industrial center in a farm region. , Ohio--(BUSINESS WIRE)--Nov. 4, 1997--The Board of Directors of CoBancorp Inc. (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 :COBI), the Holding Company of PremierBank & Trust and Jefferson Jefferson, uninc. city (1990 pop. 25,782), Fairfax co., N Va. It is a residential suburb of Washington, D.C. Savings Bank savings bank, financial institution that, until recently, performed only the following functions: receiving savings deposits of individuals, investing them, and providing a modest return to its depositors in the form of interest. , has declared a cash dividend of $0.18 per share, payable December December: see month. 1, 1997, to shareholders of record November November: see month. 14, 1997. This payment represents an increase of approximately 12.5 percent over the same quarter last year. CoBancorp Inc. also reported today consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: net income of $4,273,013 or $1.24 per share for the nine months ended September September: see month. 30, 1997. Net income increased 1.04 percent over the same period in 1996. Pretax pre·tax adj. Existing before tax deductions: pretax income. pretax adj [profit] → vor (Abzug der) Steuern operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. increased 9.9 percent to $5,409,848 as contrasted with $4,922,725 at September 30, 1996. Income tax expense increased approximately 64 percent from $693,716 at September 30, 1996, to $1,136,835 at the end of the third quarter 1997 and is expected to contrast more favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. as the year progresses. Earnings-per-share for the quarter ended September 30, 1997, was $0.38, the same as for the period ended September 30, 1996. Strong performance of commercial loan activity in the Corporation's Cleveland Cleveland, former county, England Cleveland, former county, NE England, created under the Local Government Act of 1972 (effective 1974). It was composed of the county boroughs of Hartlepool and Teeside and parts of the former counties of Durham and and Columbus Columbus. 1 City (1990 pop. 178,681), seat of Muscogee co., W Ga., at the head of navigation on the Chattahoochee River; settled and inc. 1828 on the site of a Creek village. markets was complementary of a strengthening margin. Consolidated loan outstandings were $420,832,262 at September 30, 1997, an increase of 26.10 percent over the previous year -- consistent with the Corporation's development strategies designed to assure top quality loans. CoBancorp Inc. is a bank holding company incorporated in Ohio with headquarters in Elyria. CoBancorp Inc.'s wholly-owned subsidiaries, PremierBank & Trust and Jefferson Savings Bank, are based in Elyria and West Jefferson, Ohio West Jefferson is a village located along the National Road in Madison County, Ohio, United States. As of the 2000 census, the village had a total population of 4,331. The village has a fairly close relationship with the surrounding township which include various , respectively. The Corporation operates 39 banking offices and 46 ATMs located in Lorain Lorain (lôrān`), city (1990 pop. 71,245), Lorain co., N Ohio, on Lake Erie at the mouth of the Black River; inc. 1834. Once an important ore-shipping point, Lorain has shipyards, steelworks, automobile-assembly plants, and commercial , Crawford, Cuyahoga Cuyahoga (kī'əhō`gə), river, c.80 mi (130 km) long, flowing SW through Cuyahoga Falls, then N to Lake Erie, NE Ohio, forming part of Cleveland harbor. , Delaware Delaware, state, United States Delaware (dĕl`əwâr, –wər), one of the Middle Atlantic states of the United States, the country's second smallest state (after Rhode Island). , Erie Erie, indigenous people of North America Erie (ĭr`ē), indigenous people of North America of the Iroquoian branch of the Hokan-Siouan linguistic stock (see Native American languages). , Franklin, Huron, Madison Madison, cities, United States Madison. 1 City (1990 pop. 12,006), seat of Jefferson co., SE Ind., on the Ohio River; settled c.1806, inc. 1838. It is a port of entry and a tobacco marketing center. and Richland Counties Richland County is the name of several counties in the United States:
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COBANCORP INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
September 30, December 31,
1997 1996
____________ ____________
ASSETS
Cash and due from banks $ 31,807,517 $ 30,555,396
Investment securities
available-for-sale 116,448,592 162,460,918
Investment securities
held-to-maturity 22,067,717 26,324,836
(market value $22,429,771 and
$26,847,437)
Federal funds sold 38,300,000 4,300,000
Loans 420,832,262 340,454,390
Less allowance for loan losses 4,384,579 4,091,592
____________ ____________
Net loans 416,447,683 336,362,798
Bank premises and equipment, net 19,658,262 18,787,316
Accrued income and prepaid expenses 5,683,673 4,840,787
Other assets 15,772,299 15,285,663
____________ ____________
TOTAL ASSETS $666,185,743 $598,917,714
____________ ____________
____________ ____________
LIABILITIES AND SHAREHOLDERS' EQUITY
Liabilities
Deposits
Demand-noninterest bearing $ 84,366,512 $ 82,842,548
Demand-interest bearing 72,342,732 63,196,979
Savings and other time 423,807,154 368,706,984
____________ ____________
Total deposits 580,516,398 514,746,511
Short-term funds 19,137,153 25,520,820
Other liabilities 8,437,446 4,005,766
____________ ____________
Total liabilities 608,090,997 544,273,097
Shareholders' equity
Capital stock, no par value
5,000,000 shares authorized
3,453,824 shares issued and
outstanding 5,975,066 5,975,066
Capital surplus 18,553,553 18,553,553
Retained earnings 32,738,955 30,296,473
Net unrealized gains (losses) on
available-for-sale investment
securities (net of income tax) 827,172 (180,475)
____________ ____________
Total shareholders' equity 58,094,746 54,644,617
____________ ____________
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $666,185,743 $598,917,714
____________ ____________
____________ ____________
See accompanying notes to consolidated financial statements.
COBANCORP INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
SEPTEMBER 30, 1997
Three months ended Nine months ended
September 30, September 30,
1997 1996 1997 1996
___________ ___________ ___________ ___________
INTEREST INCOME
Loans (including fees)
Taxable $10,050,871 $ 7,707,210 $28,039,545 $22,530,741
Tax-exempt 31,669 35,815 98,505 88,469
Investment securities
Taxable 1,419,006 2,313,507 5,124,560 6,519,094
Tax-exempt 749,457 800,155 2,303,313 2,730,830
Federal funds sold 223,917 36,393 286,079 324,006
___________ ___________ ___________ ___________
Total interest
income 12,474,920 10,893,080 35,852,002 32,193,140
INTEREST EXPENSE
Deposits 4,974,090 4,062,533 13,679,697 12,208,000
Short-term borrowed
funds 116,014 165,448 490,928 484,987
___________ ___________ ___________ ___________
Total interest
expense 5,090,104 4,227,981 14,170,625 12,692,987
___________ ___________ ___________ ___________
Net interest
income 7,384,816 6,665,099 21,681,377 19,500,153
PROVISION FOR LOAN
LOSSES 0 0 150,000 100,000
___________ ___________ ___________ ___________
Net interest
income after
provision for
loan losses 7,384,816 6,665,099 21,531,377 19,400,153
OTHER INCOME
Service charges on
deposit accounts 743,828 756,742 2,215,227 2,179,387
Trust fees 413,751 359,000 1,241,252 1,061,000
Other 840,833 361,688 2,018,394 1,295,310
Securities gains
(losses) 64,203 (5,304) 238,319 294,290
___________ ___________ ___________ ___________
Total other
income 2,062,615 1,472,126 5,713,192 4,829,987
OTHER EXPENSES
Salaries, wages and
benefits 3,170,489 2,806,366 9,237,766 8,247,753
Occupancy--net 709,316 460,922 1,937,506 1,324,414
Furniture and
equipment 315,810 234,000 879,805 702,000
Taxes, other than
income and payroll 167,689 143,127 492,945 504,046
FDIC insurance 27,204 265,479 78,650 308,216
Other 3,346,518 2,635,415 9,208,049 8,220,986
___________ ___________ ___________ ___________
Total other
expenses 7,737,026 6,545,309 21,834,721 19,307,415
___________ ___________ ___________ ___________
Income before
income taxes 1,710,405 1,591,916 5,409,848 4,922,725
INCOME TAX EXPENSE 400,198 282,716 1,136,835 693,716
___________ ___________ ___________ ___________
NET INCOME $ 1,310,207 $ 1,309,200 $ 4,273,013 $ 4,229,009
___________ ___________ ___________ ___________
___________ ___________ ___________ ___________
NET INCOME PER SHARE $0.38 $0.38 $1.24 $1.23
DIVIDENDS PER SHARE $0.18 $0.16 $0.53 $0.47
See notes to consolidated financial statements.
CONTACT: CoBancorp Inc., Elyria Lois E. Gunning, 216/284-6422 |
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