Joachim Bancorp Inc. reports six months earnings.DE SOTO de So·to , Hernando or Fernando 1496?-1542. Spanish explorer who landed in Florida in 1539 with 600 men and set out to search for the fabled riches of the north. , Mo.--(BUSINESS WIRE)--Nov. 5, 1996--Joachim Bancorp Inc., parent of Joachim Federal Savings and Loan Association Federal Savings and Loan Association An institution chartered by the federal government whose primary function is to collect savings deposits and to provide mortgage loans. , incurred a net loss of $50,000, or 7 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 three months ended Sept. 30, 1996. The company earned $50,000, or 7 cents per share, for the six months ended Sept. 30, 1996. Joachim Federal earned $55,000 and $112,000 for the three and six months ended Sept. 30, 1995, respectively. Joachim Federal converted from mutual to stock form and became a wholly-owned subsidiary of Joachim Bancorp Inc. on Dec. 27, 1995. Net interest income for the three months ended Sept. 30, 1996 increased to $366,000 from $269,000 in the three months ended Sept. 30, 1995. Net interest income for the six months ended Sept. 30, 1996 increased to $732,000 from $543,000 in 1995. The primary reason for the increases in net interest income was the completion of the conversion to stock form and the investment of the net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of $6.5 million. Net earnings for the three and six months ended Sept. 30, 1996 includes a non-recurring, special assessment of $167,000 for SAIF deposit insurance premium. Net earnings for the six months ended Sept. 30, 1996 includes $13,000 in non-recurring income. The company has $36.1 million in assets, stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $10.7 million and has 760,000 shares outstanding. -0-
JOACHIM BANCORP INC.
Symbol: JOAC Exchange: NASDAQ Small Cap Market
3 mos. to 3 mos. to Pct.
9/30/96 9/30/95 chg.
Net interest income $366,000 $269,000 36
Net earnings (loss) $(51,000) $ 55,000 (193)
Per share $(.07) N/A N/A
6 mos. to 6 mos. to Pct.
9/30/96 9/30/95 chg.
Net interest income $732,000 $543,000 35
Net earnings $50,000 $112,000 (55)
Per share $.07 N/A N/A
CONTACT: Joachim Bancorp Inc. Bernard Ber·nard , Claude 1813-1878. French physiologist noted for his study of the digestive and nervous systems. Westhoff Westhoff may refer to
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