Marathon Bancorp Reports Second Quarter Profits Up 142%.Business Editors LOS LOS Length of stay, see there ANGELES--(BUSINESS WIRE)--July 18, 2000 Marathon Marathon (mâr`əthŏn), village and plain, ancient Greece, 20 mi (32 km) NE of Athens. Here the Athenians and Plataeans under Miltiades defeated a Persian army in 490 B.C. (see Persian Wars). Bancorp (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MARB MARB March Air Reserve Base (California) MARB Marine Assistance Request Broadcast MARB Metropolitan Area Rover Ball (Australia) MARB Thomas L Martin Building ), parent company of Marathon National Bank, today announced second quarter 2000 earnings of $218,000 versus $90,000 for the second quarter of 1999, an increase of 142%. The basic and 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. per share earnings were $0.06 for 2000 versus $0.02 per share for the same period in 1999. The six-month earnings were $363,000, up 139% over the $152,000 reported for the six months ended June June: see month. 30, 1999. The basic and diluted per share earnings were $0.09 versus $0.04 per share for the same period in 1999. Craig Craig , Edward Gordon 1872-1966. British theatrical producer, director, and designer whose innovative productions and simplified stage designs influenced modern theater. Collette Collette is a surname or given name, and may refer to:
Assets increased 23% to $92,560,000 when compared to the $75,341,000 reported at June 30, 1999. Deposits increased to $82,315,000 from $66,178,000 at June 30, 1999 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. is $9,494,000, a 9% increase over the $8,691,000 reported for June 30, 1999.
Consolidated Balance Sheets
(unaudited)
(in thousands)
June 30,
2000 1999
Assets:
Cash and due from banks $ 5,090 $ 5,997
Investments and Fed funds sold 31,741 20,395
Loans and leases 51,704 46,997
Allowance for loan losses (921) (615)
Net loans 50,784 46,382
Other real estate owned 0 0
Cash surrender value of life insurance 3,576 1,313
Other assets 1,370 1,254
Total assets 92,560 75,341
Liabilities:
Deposits 82,315 66,178
Other liabilities 751 472
Stockholders' equity 9,494 8,691
Total liabilities and stockholders' equity $ 92,560 $ 75,341
-0-
Consolidated Statements of Income
(unaudited)
(in thousands)
Three Months Ended Six Months Ended
June 30 June 30
2000 1999 2000 1999
Interest income $ 1,667 $ 1,221 $ 3,183 $ 2,409
Interest expense 535 342 1,026 680
Provision for loan
losses 30 0 60 0
Net interest income after
provision 1,102 879 2,097 1,729
Noninterest income 146 104 275 222
Noninterest expense 1,031 896 2,012 1,807
Income before income
taxes 217 87 360 144
Income taxes (benefit) (1) (3) (3) (8)
Net income $ 218 $ 90 $ 363 $ 152
Net Income Per Share
(Basic) $ 0.06 $ 0.02 $ 0.09 $ 0.04
Average Shares
Outstanding 3,837,019 3,826,964 3,835,183 3,825,301
Net Income Per Share
(Diluted) $ 0.06 $ 0.02 $ 0.09 $ 0.04
Average Shares
Outstanding 3,837,019 3,826,964 3,835,183 3,825,301
Book value per share $ 2.47 $ 2.27
Actual Shares
Outstanding 3,837,019 3,827,019
Return on Average
Assets (ROA) 0.98% 0.48% 0.83% 0.41%
Return on Average
Equity (ROE) 9.39% 4.15% 7.85% 3.53%
Marathon Bancorp trades on the OTCBB under the symbol MARB. |
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