Cumberland Mountain Bancshares, Inc. Reports Net Earnings for the Twelve and Three Months Ended June 30, 2000.Business Editors MIDDLESBORO Middlesboro may refer to:
Cumberland Cumberland, former county, England Cumberland, former county, N England. In 1974, Cumberland became part of the nonmetropolitan county of Cumbria. Cumberland, river, United States Cumberland, Mountain Bancshares, Inc. ("Company") (OTC/BB:CMBN CMBN Center for Molecular and Behavioral Neuroscience ), the holding company for Middlesboro Federal Bank, Federal Savings Bank Noun 1. federal savings bank - a federally chartered savings bank FSB savings bank - a thrift institution in the northeastern United States; since deregulation in the 1980s they offer services competitive with many commercial banks , Middlesboro, Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. , announces results for the fourth quarter and twelve months ended June June: see month. 30, 2000. Fourth Quarter Highlights: Provision for losses on loans declined $705,000, or 98% -- Nonaccrual loans declined $736,000, or 48%. -- Loans past due over 29 days as a percentage of loans outstanding declined from 4.31% at June 30, 1999 to 1.59% at June 30, 2000. Net income increased $351,000 -- Diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased $.56 to $.06 per share. Twelve Month Highlights: Provision for losses on loans declined $1.3 million, or 86% Non-interest expense declined $224,000 or 5.48% -- Management continues to implement cost-cutting strategies. Net income increased $804,000 -- Diluted earnings per share increased $1.28 to $.71 per share. The Company reported net earnings for the twelve months ended June 30, 2000 of $449,000, or $.71 diluted earnings per share, compared to a loss of $355,000, or ($.57) diluted earnings per share, for the twelve months ended June 30, 1999. Net earnings for the three months ended June 30, 2000 totaled $41,000, or $.06 diluted earnings per share, compared to a loss of $310,000, or ($.50) diluted earnings per share, for the three months ended June 30, 1999. Cumberland Mountain Bancshares, Inc. reported total assets of $128.2 million, total liabilities of $119.1 million, including deposits of $106.1 million and shareholders' equity Shareholders' Equity A firms' total assets minus its total liabilities. Equivalently, it is share capital plus retained earnings minus treasury shares. Shareholders' equity is the amount by which a company is financed through common and preferred shares. of $9.1 million. Commenting on the twelve month results, Chief Financial Officer John D. Howard John D. Howard is CEO of Bear Stearns Merchant Banking Group and Senior Managing Director of Bear Stearns and Company. He is the manager of the $3 billion Bear Stearns Merchant Banking Fund III. Howard has more than 20 years of experience in the private equity business. , stated, "We are pleased that we were able to meet our revised earnings expectations in fiscal 2000 of $0.65 to $0.75 per diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. share and are optimistic op·ti·mist n. 1. One who usually expects a favorable outcome. 2. A believer in philosophical optimism. op that fiscal 2001 will reflect the steps we have taken to improve the consistency of our earnings." Mr. Howard added, "Except for some additional expenses uncovered Uncovered may refer to:
See: Employee Stock Ownership Plan ESOP See Employee Stock Ownership Plan (ESOP). , professional fees and property taxes, we would have easily exceeded our earnings expectations." President and Chief Executive Officer, James J. Shoffner, stated "The continued improvement in our asset quality has been and will remain our primary focus. As the Fed continues to take steps to take action; to move in a matter. See also: Step to slow the economy, we believe asset quality will be key. We are continuing to build the infrastructure necessary to accelerate growth and are pleased with our progress, as demonstrated by our improving asset quality numbers. We cannot continue to grow the Bank, as we have over the past four years, without first firmly establishing this common credit culture." Mr. Shoffner added, "We expect to resume the implementation of our business initiatives early in the third quarter of this fiscal year." Middlesboro Federal Bank has served the Middlesboro area since 1915 and currently has office locations in Pineville and Cumberland, Kentucky
Cumberland is a city in Harlan County, Kentucky, United States. The population was 2,611 at the 2000 census. and Fountain City, Tennessee Fountain City, Tennessee, is a neighborhood in northern Knoxville, Tennessee, including zip codes 37918 and 37912. The community is named for a large fountain at its center. . -0-
CUMBERLAND MOUNTAIN BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands)
June 30, June 30,
2000 1999
-------- --------
ASSETS
Cash and cash equivalents $1,581 $1,317
Investment securities 3,787 3,497
Mortgage-backed securities 2,626 3,579
Net loans 109,610 111,612
Other assets 10,565 10,086
------ ------
Total assets $128,169 $130,091
======== ========
LIABILITIES AND
SHAREHOLDERS' EQUITY
Deposits 106,078 106,905
Borrowed funds 11,984 13,674
Other liabilities 992 804
--- ---
Total liabilities 119,054 121,383
Shareholders' Equity 9,115 8,708
----- -----
Total liabilites and
shareholder's equity $128,169 $130,091
======== ========
CUMBERLAND MOUNTAIN BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except share data)
Three Months Twelve Months
Ended June 30, Ended June 30,
2000 1999 2000 1999
-------- -------- -------- --------
Total interest income $2,465 $2,556 $9,824 $10,568
Total interest expense 1,494 1,461 5,859 6,320
----- ----- ----- -----
Net interest income 971 1,095 3,965 4,248
Provision for losses on loans 12 717 206 1,524
-- --- --- -----
Net interest income after
provision for losses on loans 959 378 3,759 2,724
Non-interest income 227 221 824 884
Non-interest expense 1,073 1,088 3,863 4,087
----- ----- ----- -----
Earnings before income taxes 113 (489) 720 (479)
Income tax expense 72 (179) 271 (124)
-- ---- --- ----
NET EARNINGS $ 41 $ (310) $449 $(355)
==== ====== ==== =====
EARNINGS PER SHARE
Basic $ 0.07 $(0.55) $ 0.79 $ (0.62)
Diluted $ 0.06 $(0.50) $ 0.71 $ (0.57)
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