Community Bankshares, parent company of Concord Savings Bank and Centerpoint Bank, announces record first quarter net income.CONCORD, N.H.--(BUSINESS WIRE)--April 17, 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 :CBNH), parent company of 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. and Centerpoint Centerpoint is used in several senses:
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 $1,154,000 for the first quarter ended March 31, 1996, representing earnings per share of $0.47. This compares to net income of $1,027,000, or $0.42, earned during the same period of last year. On March 20, 1996, the company completed its acquisition of Centerpoint Bank through the issuance of 657,857 shares of common stock. The acquisition was accounted for as a pooling-of-interests and, accordingly, the accounts and results of operations of Centerpoint have been combined with that of the company for all periods presented. 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, "We are pleased to report that the acquisition of Centerpoint Bank, a commerical bank headquartered in Bedford Bedford, town, England Bedford, town (1991 pop. 75,632), county seat of Bedfordshire, central England, on the Ouse River. It is an important industrial center; diesel engines, pumps, turbines, agricultural machinery, electrical equipment, and transistors , N.H., has been completed successfully. We now expect to begin realizing the expense savings and revenue enhancements revenue enhancement An increase in revenues, especially by way of increased taxes. Revenue enhancement includes reducing taxpayer deductions and eliminating tax credits. which are expected to result from this transaction, and believe the combined company is well positioned for the future. On a consolidated basis, net interest and dividend income for the quarter just ended increased by 6.5 percent to $4,900,000, producing a net interest margin of 4.22 percent, as compared to $4,602,000 and 4.25 percent respectively, for the same period of the prior year. Exclusive of security gains, non-interest income increased by $201,000, or 40.4 percent, for the quarter over the same period of the prior year. During the quarter, loan sale gains increased by $95,000, or 94.1 percent, over the prior year due to increased volume of residential mortgage loans originated for sale. Security gains during the quarter increased by 816.7 percent, and totaled $220,000 versus $24,000 realized during the quarter ended March 31, 1995. Loan sale and security gains in future periods may be expected to vary with future changes in market conditions and interest rates. Non-interest expense for the quarter ended March 31, 1996 increased by $355,000 over the same quarter of the prior year, and includes, as a result of the Centerpoint acquisition, some necessary duplication duplication /du·pli·ca·tion/ (doo-pli-ka´shun) 1. the act or process of doubling, or the state of being doubled. 2. of doing business which is expected to be eliminated in future periods. The company provided $275,000 into the allowance for possible loan losses during the quarter, bringing the allowance to $3,766,000 after net charge-offs of $176,000 for the quarter. The company's provision into the allowance and net charge-offs for the quarter ended March 31, 1995 were $200,000 and $97,000 respectively. At March 31, 1996, the allowance for possible loan losses represented 243.9 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 March 31, 1996 equaled $2,283,000, or 0.4 percent of total assets, a decrease of $697,000, or 23.4 percent, from March 31, 1995. At March 31, 1996, 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 $37,358,000 adjusted to reflect tax-effected unrealized losses Unrealized Loss A loss that results from holding onto an asset rather than cashing it in and officially taking the loss. Notes: Let's say you own a stock that is down 50%, but you haven't sold it to realize the loss yet. This is said to be an unrealized loss. in the investment portfolio of $72,000. 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 $15.47 and 7.46 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. Community Bankshares, Inc. is traded on the NASDAQ National Market System under the symbol "CBNH". Deposits in the company's banking subsidiaries, Concord Saving Bank and Centerpoint 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 Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. . The company offers a wide range of financial service to consumers, businesses 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 nine offices in central and southern New Hampshire. The company originates residential mortgage loans in New Hampshire and Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. through its subsidiary Community Mortgage Inc. Detailed financial information on the company can be viewed 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. 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
March 31,
1996 1995
Interest and dividend income $ 9,642 $ 8,754 Interest expense 4,742 4,152 Net interest and dividend income 4,900 4,602 Provision for possible loan losses 275 200 Net interest and dividend income after provision for possible loan losses 4,625 4,402 Gains on sales of investment securities 220 24 Gains on sales of loans 196 101 Other non-interest income 502 396 Other non-interest expense 3,760 3,405 Income before income taxes 1,783 1,518 Income tax expense 629 491 Net income $ 1,154 $ 1,027 -0-
CONSOLIDATED BALANCE SHEETS
March 31,
1996 1995
Cash and cash equivalents $ 27,599 $ 12,531 Securities available for sale 78,060 60,975 Securities held to maturity 45,069 61,633 Federal Home Loan Bank stock 4,547 3,422 Mortgage loans held for sale 3,914 2,211
Loans 341,786 318,556
Allowance for possible loan losses (3,766) (3,620)
Net loans 338,020 314,936
Premises and equipment 8,983 8,163
Real estate acquired by foreclosure 349 807
Other assets 10,296 7,689
Total assets $ 516,837 $ 472,367
Non-interest bearing deposits $ 45,371 $ 31,062 Interest bearing deposits 344,996 333,946 Total deposits 390,367 365,008 Borrowed funds 83,769 69,897 Other liabilities 5,343 3,901 Stockholders' equity 37,358 33,561 Total liabilities and stockholders' equity $ 516,837 $ 472,367 -0-
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(dollars in thousands except per share data)
OTHER SELECTED DATA
Three Months Ended
March 31,
1996 1995
STOCK INFORMATION: Average common and common equivalent shares 2,478,160 2,423,347 Earnings per common and common equivalent shares $ 0.47 $ 0.42 Dividends paid per share 0.15 0.13 Book value per share 15.47 14.08 Closing price per share 17.75 15.25 Closing price to book 114.74% 108.31% Share volume traded (as reported by NASDAQ) 303,958 226,676 KEY RATIOS: Return on average assets 0.93% 0.90% Return on average stockholders' equity 12.28% 12.56% Net interest margin 4.22 4.25 Equity-to-assets at period end 7.23 7.10 Regulatory leverage ratio 7.46 7.48 ASSET QUALITY DATA: Net loan charge-offs $176 $97 Non-performing assets as a percent of total assets 0.44% 0.63%
Allowance for possible
loan losses at period
end as a percent of:
Total loans 1.10% 1.14%
Non-performing
loans 243.91 205.57
Non-performing assets at period end:
Non-performing
loans $ 1,544 $ 1,761
Real estate
acquired
by foreclosure 349 807
Other assets
acquired 390 412
Total non-
performing
assets $ 2,283 $ 2,980
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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