Fulton Bancorp Inc. announces second quarter earnings.FULTON Fulton, city (1990 pop. 10,033), seat of Callaway co., central Mo., in an agricultural and farm area; inc. 1859. It has printing plants and factories that make food products, textiles, and industrial equipment. Firebricks from nearby clay beds are also produced. , Mo.--(BUSINESS WIRE)--Feb. 14, 1997--Fulton Bancorp Inc. (Nasdaq SmallCap:FTNB FTNB First Texoma National Bank (Texas/Oklahoma) ), the holding company for Fulton 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. , FSB (FrontSide Bus) See system bus. FSB - front side bus , Friday Friday: see Sabbath; week. Friday young Indian rescued by Crusoe and kept as servant and companion. [Br. Lit.: Robinson Crusoe] See : Servant reported a net income of $285,000 for the quarter ended Dec. 31, 1996, compared to net income of $95,000 for the quarter ended Dec. 31, 1995. Net income for the six months ended Dec. 31, 1996, was $198,000, compared to net income of $285,000 for the six months ended Dec. 31, 1995. The results for the six months ended Dec. 31, 1996, were significantly affected by a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. charge of $427,000 which represented the Bank's share of an industry-wide special assessment to recapitalize re·cap·i·tal·ize tr.v. re·cap·i·tal·ized, re·cap·i·tal·iz·ing, re·cap·i·tal·iz·es To change the capital structure of (a corporation). re·cap the Savings Association Insurance Fund Savings Association Insurance Fund (SAIF) A government organization that replaced the Federal Savings and Loan Insurance Corporation as the provider of deposit insurance for thrift institutions. (SAIF). Without this one-time assessment, the company would have reported net income of $467,000 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. for the six months ended Dec. 31, 1996. The company completed its initial public offering of 1,719,250 shares of common stock for $16.5 million on Oct. 17, 1996, in connection with the conversion of the Bank from the mutual to stock form of ownership. The company had no operations or outstanding common stock prior to Oct. 17, 1996. Accordingly, the results of operations prior to that date reflect only the operations of the Bank. Total assets rose to $99.5 million at Dec. 31, 1996, from $88.8 million at June 30, 1996, while net loans receivable rose to $84.1 million from $78.5 million. Deposits were $67.7 million at Dec. 31, 1996, compared to $71.3 million at June 30, 1996. "We experienced strong loan demand during the six months ended Dec. 31, 1996," said Gohring, "and have been able to deploy a significant portion of the proceeds of the public offering." Nonperforming assets Nonperforming asset An asset that is not effectively producing income, such as an overdue loan. nonperforming asset An asset that produces no income. totalled $730,000, or .73% of total assets, at Dec. 31, 1996, compared to $396,000 or 0.45% of total assets at June 30, 1996. Net interest income for the quarter ended Dec. 31, 1996 rose to $921,000 compared to $552,000 for the same period last year. Interest income increased as a result of growth in the loan portfolio and upward adjustments on ARM loans. Investment of the public offering proceeds also contributed to greater interest income. Interest expense also increased as a result of increased deposits during the mutual to stock conversion, increased rates and additional borrowing from the Federal Home Loan Bank of Des Moines Des Moines, city, United States Des Moines (dĭ moin`), city (1990 pop. 193,187), state capital and seat of Polk co., S central Iowa, at the junction of the Des Moines and Raccoon rivers; inc. to meet liquidity and loan demands. On Nov. 13, 1996, the board of directors of the company changed the company's fiscal year-end Fiscal Year-End The completion of a one-year, or 12-month, accounting period. Notes: The reason that a company's fiscal year often differs from the calendar year and does not close on Dec 31, is due to the nature of company's needs. from April 30 to June 30. The company began reporting on the basis of its new fiscal year-end beginning with the quarter ending Dec. 31, 1996. Established in 1912, Fulton Savings Bank operates from offices in Fulton and Holts Summit, Mo. At Dec. 31, 1996, the company had total assets of $99.5 million and total 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 $24.7 million. On Feb. 12, 1997, the company's stock closed at $16.375 per share. -0-
Fulton Bancorp Inc.
Consolidated Financial Highlights
(unaudited)
(Dollars in thousands)
Three Months Ended Six months ended
Dec. 31, Dec. 31,
1996 1995 1996 1995
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Operating Data:
Total interest income $ 1,942 $ 1,512 $ 3,618 $ 3,038
Total interest expense 1,021 960 2,063 1,934
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Net interest income 921 552 1,555 1,104
Provision for loan losses -- 25 -- 25
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Net interest income after
provision for loan losses 921 527 1,555 1,079
Non-interest income 114 103 251 265
Non-interest expense 586 472 1,497 884
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Income before
income taxes 449 158 309 460
Income tax expense 164 63 111 175
------- ------ ------- -------
Net income $ 285 $ 95 $ 198 $ 285
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Earnings per share $ 0.18 N/A $ 0.13 N/A
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Earnings per share, excluding
SAIF special assessment N/A N/A $ 0.29 N/A
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Dec. 31, June 30,
1996 1996
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Financial Condition Data:
Total assets $ 99,462 $ 88,771
Cash and cash equivalents,
including interest-bearing
accounts 7,344 3,154
Loans receivable, net 84,141 78,541
Investment securities 3,405 3,207
Deposits 67,726 71,288
Federal Home Loan Bank
advances 6,500 7,000
Stockholders' equity 24,685 9,274
CONTACT: Fulton Bancorp Inc. Kermit D. Gohring, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , 573/642-2787 |
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