Community Financial Group, Inc. Reports Third Quarter Earnings 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)--Oct. 16, 1996--Mack S. Linebaugh, Jr., Chairman and President 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 third quarter 1996 earnings of $570,000 which compared with $598,000 reported by The Bank of Nashville (formerly NASDAQ: TBON TBON Tennessee Board of Nursing ) for the comparable quarter of 1995. Although the company benefited from the utilization of a tax loss carryforward tax loss carryforward See carryforward. during both 1996 and 1995, expense of $62,000 for income taxes was recorded in the third quarter of 1996. Earnings per share for the third quarter of 1996 and 1995 were $.26 and $.27, respectively. The Board of Directors also declared a dividend of $.04 per share for shareholders of record on October October: see month. 31, 1996, payable November November: see month. 15, 1996. During the third quarter of 1996, the implementation of expansion plans was evidenced by the establishment of the bank's new mobile branch which provides the convenience of "at-your-door" banking services. Also during this quarter, the bank received approval to open a branch in Green Hills at the Glendale Glendale. 1 City (1990 pop. 148,134), Maricopa co., S central Ariz., adjacent to Phoenix; inc. 1910. It is located in a rich agricultural region irrigated by the Salt River project. Glendale has become one of the fastest-growing U.S. Center. Although plans are for the branch to open in the fourth quarter of 1996, staffing, architectural design This article or section may contain original research or unverified claims. Please help Wikipedia by adding references. See the for details. This article has been tagged since September 2007. , equipment purchases and marketing plans were well underway by the middle of the third quarter. "Both of these exciting events caused increased expenses during the third quarter. However, they are key strategies and very important to the bank's long term growth plans," said Linebaugh. The company has continued to experience growth in assets and loans since year-end year-end also year·end n. The end of a year. adj. Occurring or done at the end of the year: a year-end audit. Noun 1. 1995, with assets of $160 million and loans of $105 million at September 30, 1996. Deposits at quarter-end were $128 million. Results for the first nine months of 1996 reflected net income of $1,950,000 and earnings per share of $.88. Net income during the same period of 1995 benefited from a $520,000 negative loan loss provision and was reported at $1,991,000 with earnings per share of $.90. Exclusive of this negative loan loss provision, 1995 earnings would have been $1,471,000 with earnings per share of $.67. The company's 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 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). was 1.67%, and return on equity was 12.62% for the first nine months of 1996. "We are very pleased with the growth in earnings experienced in 1996 compared to 1995 earnings exclusive of last year's negative provision for possible loan losses. We believe this reflects the positive progress that has been made and recognition of the bank by our target market as one that truly provides solutions and quality service in a very personal manner," stated Linebaugh. "Our plans are to continue to find new and better ways to serve our present and future customers."
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COMMUNITY FINANCIAL GROUP INC.
SELECTED FINANCIAL HIGHLIGHTS
September 30, 1996
(in thousands, except per share amounts and shares outstanding)
1996 1995
Quarter ended September 30
Net income $ 570 $ 598
Earnings per share .26 .27
Net interest income 1,588 1,384
Non-interest income 217 207
Non-interest expense 1,173 993
Provision for possible loan losses -- --
Net charge-offs (recoveries) 205 (143)
Book value per share 9.77 8.77
(Excluding SFAS No. 115 Adjustment)
September 30
Total assets $ 160,106 $ 149,263
Total loans, net of unearned income 104,653 92,861
Total deposits 127,719 128,102
Allowance for possible loan losses 2,971 2,809
Non-performing assets, net 857 739
Shareholders' equity 21,321 19,265
Common shares outstanding 2,201,514 2,191,097
Nine months ended September 30
Net income $ 1,950 $ 1,991
Earnings per share .88 .90
Provision charged (credited)
to operations -- (520)
Net charge-offs (recoveries) 63 (488)
CONTACT: Community Financial Group, Inc. Anne Bannister, 615/271-2049 or Lovell Communications Susan Tracy, 615/297-7766 |
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