Company Reports Record Second Quarter Earnings.PHILADELPHIA--(BUSINESS WIRE)--July 30, 1997--USABancShares (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 :USAB USAB United States Activities Board (IEEE) USAB USA Bowling USAB United States Army, Berlin USAB United States Army barracks (US DoD) USAB United States Airforce Base (less common) ) Wednesday announced consolidated second quarter earnings of $165,588 (pre-tax), an increase of 180% compared to 1996 results for the same period. At June 30, the bank's loan portfolio grew to $20,764,935, an 80% jump from the same period a year prior. For the first six months of 1997, pre-tax earnings increased more than 270% over last year's results to $249,597 (41 cents/share vs. 11 cents/share), while total assets grew more than 75% (or $21 million) to $48,286,172. Consolidated total capital at June 30, 1997 rose 9.88% to $5,240,739, compared to $4,769,472 a year prior. "I'm pleased with our progress, as both earnings and assets continue to grow," stated Kenneth L. Tepper, president & chief executive officer of the company. "New lending and loan acquisition opportunities will remain a priority throughout the year -- as will maintaining our high level of asset quality," he concluded. The company recently paid a 33% stock dividend to shareholders of record as of July 1, 1997. USABancShares is a community bank holding company regulated by the Federal Reserve Board; its operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. , Peoples Thrift 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. , is a state chartered FDIC FDIC See: Federal Deposit Insurance Corporation FDIC See Federal Deposit Insurance Corporation (FDIC). insured savings bank engaged in commercial, consumer & residential lending in the Delaware Valley. CONTACT: USABancShares Inc. Kenneth L. Tepper, 215/569-4200, fax: 215/569-4214 |
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