Community Bankshares, holding company for Concord Savings Bank, reports quarterly and six month profits.CONCORD, N.H.--(BUSINESS WIRE)--Jan. 22, 1996--Community Bankshares 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 NMS See NetWare Management System. : CBNH), parent company for Concord 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. , today announced net income of $525,000, or $0.29 per share, for the quarter ended Dec. 31, 1995, and net income of $1,371,000, or $0.77 per share, for the six months then ended. Amounts for the same periods of the prior year were $748,000, or $0.42 per share, and $1,545,000, or $0.86 per share, respectively. However, the Dec. 31, 1995 quarter includes a non-recurring charge amounting to $0.18 per share for expenses incurred during the quarter relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc the proposed acquisition of Centerpoint Centerpoint is used in several senses:
In making today's announcement, Douglas Douglas, city, Isle of Man Douglas, city (1991 pop. 19,950), capital of the Isle of Man, Great Britain. It is a popular resort, connected by rail to Ramsey and Port Erin, on the Irish Sea. Tourism is the chief industry. Crichfield, president and chief executive officer, stated, "Absent the non-recurring merger expenses and the expenses associated with changing our fiscal year end to December 31, net income this quarter would have totaled $0.50 per share, an increase of 19 percent over the same quarter of last year. Earnings per share would total $1.05, an increase of 22 percent over the prior year, if six months results are normalized by eliminating non-recurring items. Additionally, net interest income and non-interest income, exclusively of security gains, are both showing meaningful improvement over last year's results." Net interest and dividend income for the quarter just ended increased by 5 percent over last year and totaled $3,645,000, producing a net interest margin of 3.71 percent, as compared with $3,477,000 and 4.01 percent, respectively, for the same period of the prior year. Although net interest margin decreased as a result of higher interest rates, total net interest income increased as a result of higher volume of loan originations The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. and earning asset Earning asset An asset that generates income, e.g., income from rental property. growth. Consequently, six month net interest and dividend income and net interest margin equaled $7,222,000 and 3.66 percent, respectively, vs. $6,824,000 and 4.02 percent, respectively, for the comparable period of the prior year. Exclusive of loan sale and security gains, non-interest increased by 18 percent for the quarter and by 26 percent for the six months over the same periods of the prior year. Non-interest income for the quarter ended Dec. 31, 1995 totaled $822,000 and included loan sale gains of $212,000 and security gains of $228,000. Non-interest income for the six month period totaled $1,497,000 and included loan sale gains of $456,000 and security gains of $228,000. Non-interest income for the comparable periods of the prior year were $427,000 and $939,000, respectively, and included loan sale gains of $104,000 and $265,000, and security gains of zero and $30,000, respectively. Loan sale and security gains in future periods may be expected to vary with future changes in market interest rates. During the quarter ended Dec. 31, 1995, the company provided $200,00 into the allowance for possible loan losses, bringing the allowance to $3,007,000, after net charge-offs of $180,000 for the quarter. The allowance for possible loan losses totaled $3,095,000 at Dec. 31, 1994. A total of $375,000 has been provided to the allowance for possible loan losses during the current six month period compared with $200,000 for the six months ended Dec. 31, 1994. At Dec. 31, 1995, the allowance for possible loan losses represented 226 percent of non-performing loans A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms. and 1.1 percent of total loans. Total non-performing assets at Dec. 31, 1995 equaled $2,230,000, or 0.5 percent of total assets, a decrease of $176,000, from Dec. 31, 1994. Non-interest expense for the quarter ended Dec. 31, 1995 increased by $617,000 over the same quarter of last year and by $829,000 for the six month period then ended. Merger related expenses and expenses associated with the change in the company's fiscal year end during these periods amounted to $405,000 and $530,000, respectively. Adjusted for these merger related expenses and expenses associated with the change in the company's fiscal year end, non-interest expense increased by $212,000, or 7.8 percent for the quarter and by $299,000, or 5.7 percent, for the six month period vs. the same periods of the prior year. These increases in "core" non-interest expense relate primarily to the expansion of the company's business lines and product distribution system. At Dec. 31, 1995, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. totaled $30,790,000, including tax-affected unrealized gains Unrealized Gain A profit that results from holding on to an asset rather than cashing it in and using the funds. Notes: Let's say you own a stock that has doubled, but you haven't sold it yet. This is said to be an unrealized gain. in the investment portfolio of $711,000. The company's tangible Possessing a physical form that can be touched or felt. Tangible refers to that which can be seen, weighed, measured, or apprehended by the senses. A tangible object is something that is real and substantial. An automobile is an example of tangible Personal Property. book value per share and leverage ratio equaled $17.71 and 7.02 percent, respectively. The company's capital ratios exceed all published regulatory reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. minimums. On Aug. 29,1995, the company entered into a definitive merger agreement to acquire Centerpoint Bank by exchanging 1.073 of the company's common shares for each Centerpoint common share outstanding in what is expected to be a tax free transaction. This merger agreement is subject to shareholder and regulatory approvals. Community Bankshares Inc. is traded on the NASDAQ National Market System under the symbol "CBNH." Deposits in the company's principal subsidiary, Concord Savings Bank, are insured The person who obtains or is otherwise covered by insurance on his or her health, life, or property. The insured in a policy is not limited to the insured named in the policy but applies to anyone who is insured under the policy. insured n. up to applicable limits by the Federal Deposit Insurance Corp. The Concord Savings Bank subsidiary offers a wide range of financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. to businesses, consumers and municipalities throughout New Hampshire New Hampshire, one of the New England states of the NE United States. It is bordered by Massachusetts (S), Vermont, with the Connecticut R. forming the boundary (W), the Canadian province of Quebec (NW), and Maine and a short strip of the Atlantic Ocean (E). with six offices in central New Hampshire. Detailed financial information on Community Bankshares Inc. is available on the Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the at www.cbnh.nh.com, and the company can be reached via e-mail at bankshares@cbnh.nh.com.
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(dollars in thousands except per share data)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 1995 1994
Interest and dividend income $ 8,069 $ 6,700 $ 16,124 $ 13,004 Interest expense 4,424 3,223 8,902 6,180 Net interest and dividend income 3,645 3,477 7,222 6,824 Provision for possible loan losses 200 100 375 200 Net interest and dividend income after provision for possible loan losses 3,445 3,377 6,847 6,624 Gains on sales of investment securities 228 -- 228 30 Gains on sales of loans 212 104 456 265 Other non-interest income 382 323 813 644 Proposed acquisition expense 325 -- 450 -- Other non-interest expense 2,999 2,707 5,669 5,290 Income before income taxes 943 1,097 2,225 2,273 Income tax expense 418 349 854 728 Net income $ 525 $ 748 $ 1,371 $ 1,545 -0-
CONSOLIDATED BALANCE SHEETS
December 31,
1995 1994
Cash and cash equivalents $ 22,092 $ 8,192 Securities available for sale 54,141 58,816 Securities held to maturity 43,529 39,414 Federal Home Loan Bank stock 3,803 2,264 Mortgage loans held for sale 2,940 1,887
Loans 266,695 256,323
Allowance for possible loan losses (3,007) (3,095)
Net loans 263,688 253,228
Premises and equipment 8,247 7,480
Real estate acquired by foreclosure 566 1,258
Other assets 10,492 7,013
Total assets $ 409,498 $ 379,552
Non-interest bearing deposits $ 18,566 $ 12,800 Interest bearing deposits 296,972 289,742 Total deposits 315,538 302,542 Borrowed funds 59,534 43,519 Other liabilities 3,636 6,681 Stockholders' equity 30,790 26,810 Total liabilities and stockholders' equity $ 409,498 $ 379,552 -0-
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(dollars in thousands except per share data)
OTHER SELECTED DATA
Three Months Ended Six Months Ended
December 31, December 31,
1995 1994 1995 1994
STOCK INFORMATION: Average common and common equivalent shares 1,787,273 1,798,387 1,785,009 1,800,768 Earnings per common and common equivalent shares (EPS) (1) $ 0.29 $ 0.42 $ 0.77 $ 0.86 Dividends paid per share 0.15 0.13 0.29 0.25 Book value per share 17.70 15.43 -- -- Closing price per share 18.88 12.88 -- -- Closing price to book 106.67% 83.47% -- -- Share volume traded (as reported by NASDAQ) 340,591 178,656 518,095 471,054 KEY RATIOS: Return on average assets (ROA) (2) 0.50% 0.82% 0.65% 0.87% Return on average stockholders' equity (ROE) (3) 6.83 11.05 9.07 11.42 Net interest margin 3.71 4.01 3.66 4.02 Equity-to-assets at period end 7.52 7.06 -- -- Regulatory leverage ratio 7.02 7.68 -- -- ASSET QUALITY DATA: Net loan charge-offs $ 180 $ 221 $ 338 $ 456 Non-performing assets as a percent of total assets 0.54% 0.63% -- --
Allowance for possible
loan losses at period
end as a percent of:
Total loans 1.13% 1.21% -- --
Non-performing
loans 225.92 402.99
Non-performing assets at period end:
Non-performing
loans $ 1,331 $ 768 -- --
Real estate
acquired
by foreclosure 566 1,258
Other assets
acquired 333 380
Total non-
performing
assets $ 2,230 $ 2,406
(1) Excluding non-recurring expenses, EPS would have been $0.50 per share and $1.05 per share, respectively, for the three and six months ended Dec. 31, 1995. (2) Excluding non-recurring expenses, ROA would have been 0.86% and 0.89%, respectively, for the three months and six months ended Dec. 31, 1995. (3) Excluding non-recurring expenses, ROE would have been 11.75% and 12.40%, respectively, for the three months and six months ended Dec. 31, 1995. CONTACT: Community Bankshares Inc. Richard Ri·chard , Joseph Henri Maurice Known as "Rocket." 1921-2000. Canadian hockey player. A right wing for the Montreal Canadiens (1942-1960), he led his team to eight Stanley Cup championships and was the first player to score 50 goals in a Kamp KAMP Known As Male Prostitute , 603/224-1100 |
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