Enterprise Federal Bancorp Inc. reports quarterly earnings of $625,000.CINCINNATI--(BUSINESS WIRE)--Jan. 26, 1996--Enterprise Federal Bancorp Inc., parent of Enterprise 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 , announced its net earnings of $625,000 or 29 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. as compared to $402,000 for the same period in 1994. The 55 percent increase in net income was due partially to gains on sales of securities which, along with increased net interest income, were partially offset by increased operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. associated with being a public company. The initial public offering was completed Oct. 14, 1994. On Jan. 25, 1996, Enterprise Federal Bancorp Inc. submitted a filing requesting permission from the Office of Thrift Supervision The Office of Thrift Supervision (OTS) was established as a bureau of the Treasury Department in August 1989 as part of a major Reorganization Plan of the thrift regulatory structure mandated by the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (FIRREA) (12 U.S.C.A. to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. an additional five percent of its outstanding shares of common stock for the period ending Sept. 30, 1996. Subject to Office of Thrift Supervision approval, repurchases will be made by the company from time to time in open market transactions as, in the opinion of management, market conditions warrant. Enterprise Federal Bancorp Inc., whose common stock is traded on the 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 National Market System under the symbol "EFBI," had $208 million in assets at Dec. 31, 1995. Its subsidiary, Enterprise Federal Savings Bank, is a Federally Chartered 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. operating five offices located in three counties of southwestern south·west n. 1. Abbr. SW The direction or point on the mariner's compass halfway between due south and due west, or 135° west of due north. 2. An area or region lying in the southwest. 3. Ohio. -0-
ENTERPRISE FEDERAL BANCORP INC.
SUMMARY OF FINANCIAL HIGHLIGHTS
CONSOLIDATED STATEMENT OF FINANCIAL CONDITION
(Dollars in Thousands)
December 31, 1995 September 30, 1995
ASSETS
Cash and cash equivalents $ 6,682 $ 10,670
Investments 75,883 73,567
Loans receivable - net 121,714 110,830
Other assets 3,400 2,871
__________________ __________________
TOTAL ASSETS $ 207,679 $ 197,938
__________________ __________________
__________________ __________________
LIABILITIES
Deposits $ 133,400 $ 127,687
Borrowings 40,000 30,000
Other liabilities 1,916 1,777
__________________ __________________
TOTAL LIABILITIES $ 175,316 $ 159,464
STOCKHOLDERS' EQUITY
Common stock and paid in
capital $ 17,541 $ 24,179
Retained earnings 14,822 14,295
__________________ __________________
TOTAL STOCKHOLDERS' EQUITY $ 32,363 $ 38,474
__________________ __________________
TOTAL LIAB. &
STOCKHOLDERS' EQUITY $ 207,679 $ 197,938
__________________ __________________
__________________ __________________
CONSOLIDATED STATEMENT OF EARNINGS
(Dollars in Thousands)
THREE MONTHS ENDED
December 31, 1995 December 31, 1994
__________________ __________________
Interest income $ 3,734 $ 2,781
Interest expense 2,283 1,374
__________________ __________________
NET INTEREST INCOME 1,451 1,407
Provision for loan losses -0- -0-
__________________ __________________
Net interest income after
provision for loan losses 1,451 1,407
Other income 657 19
Operating expense 1,113 809
__________________ __________________
Income before income taxes 995 617
Federal income taxes 370 215
__________________ __________________
NET EARNINGS $ 625 $ 402
__________________ __________________
__________________ __________________
Earnings per share .29 N/A Non performing assets to total assets .08% .22% CONTACT: Enterprise Federal Bancorp Inc., Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. Thomas (language) Thomas - A language compatible with the language Dylan(TM). Thomas is NOT Dylan(TM). The first public release of a translator to Scheme by Matt Birkholz, Jim Miller, and Ron Weiss, written at Digital Equipment Corporation's Cambridge Research Laboratory runs J. Noe Noe (nō`ē), variant of Noah. , 513/821-1297 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion