Cumberland Mountain Bancshares, Inc. Reports Net Earnings for the Nine and Three Months Ended March 31, 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. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :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. , reported net earnings for the nine months ended March 31, 2000 of $408,000, or $.65 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 , compared to a loss of $47,000, or ($.07) diluted earnings per share, for the nine months ended March 31, 1999. Net earnings for the three months ended March 31, 2000 totaled $134,000, or $.22 diluted earnings per share, compared to $193,000, or $.28 diluted earnings per share, for the three months ended March 31, 1999. Cumberland Mountain Bancshares, Inc. reported total assets of $130.1 million, total liabilities of $121.1 million, including deposits of $105.2 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 $9.0 million. Commenting on the third quarter results, 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. , chief financial officer, stated, "We are excited that we are already in range for our revised expectations for earnings per share for fiscal 2000. This has been accomplished through the continued improvement of asset quality during the quarter." Middlesboro Federal Bank has served the Middlesboro area since 1915 and currently has office locations in Pineville There are several places named Pineville in the United States.
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. .
CUMBERLAND MOUNTAIN BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL CONDITION
(in thousands)
March 31, June 30,
2000 1999
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ASSETS
Cash and cash equivalents $ 1,948 $ 1,317
Investment securities 3,786 3,497
Mortgage-backed securities 2,778 3,579
Net loans 110,936 111,612
Other assets 10,638 9,589
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Total assets $130,086 $129,594
LIABILITIES AND SHAREHOLDERS' EQUITY
Deposits 105,155 106,905
Borrowed funds 14,578 13,674
Other liabilities 1,328 307
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Total liabilities 121,061 120,886
Shareholders' Equity 9,025 8,708
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Total liabilities and shareholders' equity $130,086 $129,594
CUMBERLAND MOUNTAIN BANCSHARES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
(in thousands, except share data)
Three Months Nine Months
Ended March 31, Ended March 31,
2000 1999 2000 1999
------- ------- ------- -------
Total interest income $ 2,475 $ 2,594 $ 7,359 $ 8,012
Total interest expense 1,453 1,540 4,370 4,859
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Net interest income 1,022 1,054 2,989 3,153
Provision for losses on loans 34 87 194 807
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Net interest income after
Provision for losses
on loans 988 967 2,795 2,346
Non-interest income 161 301 563 653
Non-interest expense 947 973 2,751 2,991
------- ------- ------- -------
Earnings before income
taxes 202 295 607 8
Income tax expense 68 102 199 55
------- ------- ------- -------
NET EARNINGS $ 134 $ 193 $ 408 ($ 47)
EARNINGS PER SHARE
Basic $ 0.24 $ 0.28 $ 0.72 ($ 0.07)
Diluted $ 0.22 $ 0.28 $ 0.65 ($ 0.07)
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