Community Bankshares reports record quarterly earnings, declares common stock dividend.CONCORD, N.H.--(BUSINESS WIRE)--April 16, 1997--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 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 Bank, today reported that net income for the quarter ended March 31, 1997 rose 15 percent to $1,323,000 or $0.53 per share compared to $1,154,000 or $0.47 for the same period in 1996. "The quarter reflected strong growth in loan volumes, both commercial and consumer, which increased by 20 percent and 25 percent, respectively, from the prior year's comparable growth period," said Douglas Crichfield, president and chief executive officer. "That growth is being funded in part through the continued generation of deposits from our relationship and money market account products." The company's return on assets Return on assets (ROA) Indicator of profitability. Determined by dividing net income for the past 12 months by total average assets. Result is shown as a percentage. ROA can be decomposed into return on sales (net income/sales) multiplied by asset utilization (sales/assets). , return on equity and net interest margin increased to .96 percent, 13.0 percent and 4.42 percent, up from .93 percent, 12.28 percent and 4.22 percent, respectively for the comparable period in the prior year. These ratios improved due to higher yields on interest bearing assets and growth in other non-interest income of 17 percent (excluding the pre-tax gain of $209,000 on the sale of servicing rights.) The company also announced today that its Board of Directors had declared a regular quarterly dividend of $0.16 per share of common stock outstanding, payable on May 9, 1997 to shareholders of record as of April 30, 1997. Community Bankshares Inc. is traded on the NASDAQ National Market System under the symbol "CBNH." The company 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 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 eleven offices in central, eastern and southern New Hampshire. The company originates consumer automobile, recreational vehicle and boat loans throughout the state through its subsidiary Bancredit Corp. and originates residential mortgage loans in New Hampshire, Vermont Vermont (vərmŏnt`) [Fr.,=green mountain], New England state of the NE United States. It is bordered by New Hampshire, across the Connecticut R. and Maine Maine, ship Maine, U.S. battleship destroyed (Feb. 15, 1898) in Havana harbor by an explosion that killed 260 men. The incident helped precipitate the Spanish-American War (Apr., 1898). Commanded by Capt. Charles Sigsbee, the ship had been sent (Jan. through its subsidiary Community Mortgage Inc. Deposits in the company's banking subsidiaries, Concord Savings Bank and Centerpoint Bank, are insured up to applicable limits by the Federal Deposit Insurance Corp. 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.com . The company can be reached via e-mail at bankshares@cbnh.com .
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(Unaudited)
CONSOLIDATED STATEMENTS OF INCOME
Three Months Ended
(Dollars in thousands except March 31,
per share data) 1997 1996
Interest and
dividend income $ 10,914 $ 9,642
Interest expense 5,201 4,742
Net interest and
dividend income 5,713 4,900
Provision for possible
loan losses 240 275
Net interest and dividend
income after provision
for possible loan losses 5,473 4,625
Gains on sales of investment
securities 101 220
Gains on sales of loans 201 196
Other non-interest income 996 671
Non-interest expense 4,670 3,929
Income before income taxes 2,101 1,783
Income tax expense 778 629
Net income $ 1,323 $ 1,154
Diluted earnings per share $ 0.53 $ 0.47
-0-
CONSOLIDATED BALANCE SHEETS
March 31,
(Dollars in thousands except 1997 1996
per share data)
Cash and cash equivalents $ 26,936 $ 27,599
Securities available for sale 83,502 78,060
Securities held to maturity 43,806 45,069
Federal Home Loan Bank stock 4,579 4,547
Mortgage loans held for sale 4,352 3,914
Loans 400,503 341,786
Allowance for possible loan losses (4,088) (3,766)
Net loans 396,415 338,020
Premises and equipment 9,923 8,983
Real estate acquired by foreclosure 1,112 349
Other assets 10,020 10,296
Total assets $ 580,645 $ 516,837
Non-interest bearing deposits $ 54,193 $ 45,371
Interest bearing deposits 356,492 344,996
Total deposits 410,685 390,367
Borrowed funds 118,366 83,769
Other liabilities 10,177 5,343
Stockholders' equity 41,417 37,358
Total liabilities and
stockholders' equity $ 580,645 $ 516,837
Book value per share $ 16.80 $ 15.47
-0-
COMMUNITY BANKSHARES INC.
SUMMARY FINANCIAL INFORMATION
(Unaudited)
OTHER SELECTED DATA: Three Months Ended
March 31,
(Dollars in thousands except
per share data) 1997 1996
STOCK INFORMATION:
Average common and common
equivalent shares 2,518 2,478
Diluted earnings per share $ 0.53 $ 0.47
Dividends paid per share 0.16 0.15
Book value per share 16.80 15.47
Closing price per share 33.00 17.75
Closing price to earnings 15.57 9.44
Closing price to book 196.43 114.74
Total share volume traded
(as reported by NASDAQ) 707,196 303,958
KEY RATIOS:
Return on average assets 0.96% 0.93%
Return on average stockholders' equity 13.00 12.28
Net interest margin 4.42 4.22
Equity-to-assets at period end 7.13 7.23
Regulatory leverage ratio 7.46 7.46
ASSET QUALITY DATA:
Net loan charge-offs $ 57 $ 176
Non-performing assets as a percent
of total assets 0.59% 0.44%
Allowance for possible loan losses
at period end as a percent of:
Total loans 1.02% 1.10%
Non-performing loans 195.79 243.91
Non-performing assets at period end:
Non-performing loans $ 2,088 $ 1,544
Real estate acquired by foreclosure 1,112 349
Other assets acquired 209 390
Total non-performing assets $ 3,409 $ 2,283
Community Bankshares Inc. Special Announcements Visit our Web site @ www.cbnh.com for current information 3/97 Company announces definitive agreement to merge with CFX CFX Command Field Exercise CFX Combined Field Exercise CFX Congregationum Fratrorum Xaverianorum (Latin: Congregation of Xaverian Brothers (Roman Catholic religious order) CFX China France Express CFX Compact Form Factor Corp. 12/96 Our eleventh In music or music theory an eleventh is the note eleven scale degrees from the root of a chord and also the interval between the root and the eleventh. Since there are only seven degrees in a diatonic scale the eleventh degree is the same as the subdominant and the interval New Hampshire banking office opened in Hooksett. 10/96 Company forms alliance to originate o·rig·i·nate v. 1. To bring into being; create. 2. To come into being; start. for immediate resale resale n. selling again, particularly at retail. In many states a "resale license" or "resale number" is required so that the state can monitor the collection of sales tax on retail sales. RESALE. without recourse A phrase used by an endorser (a signer other than the original maker) of a negotiable instrument (for example, a check or promissory note) to mean that if payment of the instrument is refused, the endorser will not be responsible. lesser quality auto loans on behalf of a nationally recognized originator Originator A bank, savings and loan, or mortgage banker that initially made a mortgage loan that is part of a pool. Also, an investment bank that has worked with the issuer of a new securities offering from the beginning and is usually appointed manager of the underwriting and servicer of this product. 10/96 Company launched telephone and P.C. bill payment service. 9/96 Introduction of Money Market Account tied to IBC/Donahue Index of money market returns. 8/96 Company's Community Mortgage unit became licensed in the State of Maine in addition to New Hampshire and Vermont. 6/96 The company announced its entry into New Hamphshire's seacoast region with the opening of an office at historic 22 Market Square, Portsmouth. It houses a Centerpoint Bank business to business office as well as staff of Community Mortgage. 5/96 The company began operation of automated teller machines automated teller machine (ATM), device used by bank customers to process account transactions. Typically, a user inserts into the ATM a special plastic card that is encoded with information on a magnetic strip. in 16 Wal-Mart and Sam's Club Sam's Club is a membership-only warehouse club owned and operated by Wal-Mart Stores, Inc. History The first Sam's Club opened in April 1983 in Midwest City, Oklahoma in the United States.[1] Sam's Club is named after Sam Walton. stores throughout New Hampshire. 4/96 Company introduces InTouch24 automated au·to·mate v. au·to·mat·ed, au·to·mat·ing, au·to·mates v.tr. 1. To convert to automatic operation: automate a factory. 2. telephone banking. 3/96 Company completed its acquisition of Centerpoint Bank, a commercial bank focused on business banking services with offices in Manchester, Bedford and Nashua, New Hampshire Nashua is a city in Hillsborough County, New Hampshire, USA. As of the 2000 census, Nashua had a total population of 86,605[1], making it the second largest city in the state after Manchester. As of 2005, the population is estimated to be 87,986. . CONTACT: Community Bankshares Inc. Investor Relations Investor relations The process by which the corporation communicates with its investors. , 1-800-224-BANK (2265) |
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