Community Financial Group, Inc. Announces First Quarter 1998 Earnings Increase of 112 Percent and Declares Dividend.NASHVILLE Nashville, city (1990 pop. 487,969), state capital, coextensive with Davidson co., central Tenn., on the Cumberland River, in a fertile farm area; inc. as a city 1806, merged with Davidson co. 1963. , Tenn.--(BUSINESS WIRE)--April 14, 1998--The Board of Directors of Community Financial Group, 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 : CFGI CFGI Comité Français de Géologie de l'Ingénieur et de l'Environnement CFGI Confidential Foreign Government Information ), the parent company of The Bank of Nashville, today announced first quarter net income of $640,000 and basic earnings per share of $.29 compared with earnings of $302,000 and basic earnings per share of $.14 in the first quarter of 1997, which reflect increases of 112 and 107 percent, respectively. Additionally, the Board of Directors declared de·clare v. de·clared, de·clar·ing, de·clares v.tr. 1. To make known formally or officially. See Synonyms at announce. 2. To state emphatically or authoritatively; affirm. 3. a dividend of $.06 per share for shareholders of record on April 30, 1998, payable May 15, 1998. "We are very pleased to report increased earnings for the first quarter of 1998 even though a portion of the increase was a reflection of higher costs attributed to marketing and opening expenses of our Green Hills office during the first quarter of 1997," said Mack S. Linebaugh, Jr., President & CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . Annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. return on average assets was 1.29 percent for the current period compared to .70 percent for the first quarter of 1997. Annualized return on average equity for the first quarter of 1998 was 10.80 percent compared to 5.52 percent for the same period in 1997. Book value per share (excluding the SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System No. 115 adjustment) was $10.97 at March 31, 1998, up $.89 from the previous year. The Company's allowance for loan losses at March 31, 1998 was $3.2 million, or 2.54 percent of outstanding loans. Assets totaled $207.2 million at March 31, 1998, while loans and deposits were $126.3 million and $166.1 million, respectively, at the end of the quarter. "We are pleased to announce three other significant developments during the first quarter," said Linebaugh. "In February February: see month. we welcomed David M. Resha, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Sirrom Capital Corporation, to the Board of Directors of Community Financial Group, Inc. A twenty-five year banking veteran, Resha joined Sirrom Capital in July July: see month. 1995 and is responsible for the day-to-day day-to-day adj. 1. Occurring on a routine or daily basis: the day-to-day movements of the stock market. 2. operations of the company. "Additionally, we are pleased that construction is underway on The Bank's Brentwood Brentwood, city and district, England Brentwood, city (1991 pop. 51,212) and district, Essex, SE England. Brentwood is mainly residential but produces some agricultural equipment, film, and prefabricated concrete. office, with the opening planned for late summer. Located adjacent to the Maryland Maryland (mâr`ələnd), one of the Middle Atlantic states of the United States. It is bounded by Delaware and the Atlantic Ocean (E), the District of Columbia (S), Virginia and West Virginia (S, W), and Pennsylvania (N). Farms Racquet and Country Club, the new office will include drive-up drive-up adj. Designed to permit customers to remain in their motor vehicles while being accommodated: a drive-up window at the bank. windows, a full-service full-ser·vice adj. Associated with or offering complete service: full-service gasoline pumps; full-service banks. ATM and commercial depository The place where a deposit is placed and kept, e.g., a bank, savings and loan institution, credit union, or trust company. A place where something is deposited or stored as for safekeeping or convenience, e.g., a safety deposit box. . Emily EMILY Early Money Is Like Yeast EMILY Electronic Membrane-Information Library EMILY Every Moment I Love You Chiles Chiles is a surname, and may refer to:
"Finally, a contract has also been signed for the purchase of property in Hendersonville Hen·der·son·ville A city of northern Tennessee northeast of Nashville. It is a popular resort. Population: 42,200. for the site of a third branch office. Pending 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. approval, construction should begin in 1998 on the Hendersonville office." "Opening two new branch offices will significantly enhance our service delivery capability," said Linebaugh. "The locations of our four offices and the flexibility our mobile branches provide give us excellent geographic geographic /geo·graph·ic/ (je?o-graf´ik) in pathology, of or referring to a pattern that is well demarcated, resembling outlines on a map. geographic pertaining to geography. coverage of our existing customer base and creates an opportunity to service additional individuals and companies in those areas." -0-
COMMUNITY FINANCIAL GROUP, INC.
Condensed Consolidated
Statement of Income Quarter Ended %
March 31 Change
----------------
(in thousands except
per share amounts) 1998 1997
------------------------------------------------------------------
Interest income $4,046 $3,449 17.31
Interest expense 2,018 1,781 13.31
---------------------------------------------------------
Net interest income $2,028 $1,668 21.58
---------------------------------------------------------
Provision for loan losses 39 25 56.00
---------------------------------------------------------
Non-interest income 296 286 3.50
---------------------------------------------------------
Non-interest expense 1,245 1,432 (13.06)
---------------------------------------------------------
Income before income
tax expense $1,040 $ 497 109.26
---------------------------------------------------------
Income tax expense 400 195 105.13
---------------------------------------------------------
Net Income $ 640 $ 302 111.92
---------------------------------------------------------
Per common share:
Net Income:
---------------------------------------------------------
Basic 0.29 0.14 107.14
---------------------------------------------------------
Diluted 0.22 0.14 57.14
---------------------------------------------------------
Cash Dividends 0.06 0.05 20.00
---------------------------------------------------------
Average common shares
outstanding:
---------------------------------------------------------
Basic 2,214 2,203 0.50
---------------------------------------------------------
Diluted 2,867 2,231 28.51
---------------------------------------------------------
Condensed Consolidated Balance Sheets
(in thousands)
Assets
Cash and due
from banks $ 9,010 6,402 40.74
----------------------------------------------------------
Federal funds sold 9,000 -- N/A
----------------------------------------------------------
Securities 63,607 68,096 (6.59)
----------------------------------------------------------
Loans 126,272 111,692 13.05
----------------------------------------------------------
Allowance for
loan losses (3,207) (2,963) 8.23
----------------------------------------------------------
Net loans $ 123,065 $ 108,729 13.19
----------------------------------------------------------
Other assets 2,479 2,538 (2.32)
----------------------------------------------------------
Total assets $ 207,161 $ 185,765 11.52
----------------------------------------------------------
Liabilities and
shareholders' equity
Deposits $ 166,057 $ 150,938 10.02
Borrowed funds 14,500 11,100 30.63
Other liabilities 2,008 1,631 23.11
----------------------------------------------------------
Total liabilities $ 182,565 $ 163,669 11.55
----------------------------------------------------------
Total shareholders'
equity 24,596 22,096 11.31
----------------------------------------------------------
Total liabilities
and shareholders'
equity $ 207,161 $ 185,765 11.52
----------------------------------------------------------
CONSOLIDATED FINANCIAL
HIGHLIGHTS Quarter Ended
----------------------------
March 31
(in thousands except per share data) 1998 1997
Per Common Share
Net income:
Basic 0.29 0.14
Diluted 0.22 0.14
Cash dividends 0.06 0.05
Common book value (excludes SFAS No. 115) 10.97 10.08
Average Balances
Loans, net of unearned discount
and net deferred loan fees 123,390 108,072
Securities 65,214 52,015
Earning assets 194,540 169,940
Total assets 201,108 175,628
Demand deposits 12,832 13,121
Interest-bearing deposits 146,814 128,412
Total core deposits 129,389 112,551
Total deposits 159,646 141,533
Shareholders' equity 24,391 22,285
Return on average assets (annualized) 1.29% 0.70%
Return on average equity (annualized) 10.80% 5.52%
Net interest margin 4.17% 3.93%
Equity to assets (average) 11.95% 12.63%
Tier I capital ratio 11.73% 11.97%
Credit Quality Data:
Nonperforming loans 559 616
Foreclosed properties 0 0
Total nonperforming assets 559 616
Nonperforming assets as a percent of
loans and foreclosed properties 0.44% 0.55%
Allowance for loan losses 3,207 2,963
Percent of period-end loans 2.54% 2.65%
Net charge-offs (recoveries) ( 41) ( 60)
Percent of average loans (annualized) -0.13% -0.22%
CONTACT: Community Financial Group, Nashville Anne Anne, British princess Anne (Anne Elizabeth Alice Louise), 1950–, British princess, only daughter of Queen Elizabeth II and Prince Philip, duke of Edinburgh. She was educated at Benenden School. Bannister, 615/271-2049 |
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