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SEABOARD BANCORP, INC. ANNOUNCES SIX MONTHS OPERATING RESULTS

 VIRGINIA BEACH, Va., July 29 /PRNewswire/ -- Clarence W, Keel, president and chief executive officer of Seaboard Bancorp, Inc. (NASDAQ: SEAB), announced today the consolidated earnings of $103,000 or $.04 per share for the six months ended June 30, 1993. This compares to earnings of $140,000 or $.16 per share for the comparable six months of 1992. The earnings per share for the 1993 period is based on an average of 2,521,903 shares which includes the new shares issued in the Rights/Community Offering completed in April 1993. Profit for the second quarter of 1993 was $52,000 compared to a profit of $51,000 for the first quarter of 1993 and a profit of $75,000 for the second quarter of 1992.
 Net interest income for the six months ended June 30, 1993 was $1,010,000 compared with $1,183,000 during the same period in 1992. During the first quarter of 1992, net interest income was benefitted by a recovery of previously charged-off interest of approximately $36,000. The remaining decrease in net interest income was attributed to a decline in long-term interest rates causing prepayments of the Savings Bank's higher yielding mortgage loans.
 Total assets at June 30, 1993 were $86.2 million as compared to $94.1 million at June 30, 1992 and $86.8 million at Dec. 31,1992. Assets remained relatively constant for the six months ended June 30, 1993 as compared to Dec. 31, 1992. Loans decreased by $2.9 million, and real estate acquired in settlement of loans decreased by $1.0 million, while cash and other liquid investments and mortgage-backed securities increased by $3.4 million.
 Nonperforming assets decreased 32 percent during the six months from $6.6 million at Dec. 31, 1992 to $4.5 million at June 30, 1993.
 Due to a successful Rights-Community Offering which closed on April 20, 1993, the Savings Bank met all of its capital requirements at June 30, 1993. The required levels of tangible, core and risk-based capital for the Savings Bank were $1.3 million, $2.6 million and $4.9 million, respectively, while the actual levels were $6.6 million, $6.6 million and $7.4 million, respectively.
 Seaboard Bancorp, Inc. is a thrift holding company based in Virginia Beach which owns Seaboard Savings Bank, FSB. Through its network of full-service branches in Chesapeake, Portsmouth, and Virginia Beach, Va., Seaboard offers mortgage loans, consumer credit, and various deposit accounts. At June 30, 1993, the thrift holding company had approximately 820 stockholders and 4,990,630 shares of stock outstanding.
 SEABOARD BANCORP, INC.
 CONSOLIDATED STATEMENT OF CONDITION
 (Unaudited)
 June 30, 1993 and 1992
 ASSETS: 1993 1992
 Loans:
 Conventional first mortgage (net) $60,815,061 $65,968,072
 Construction (net) 1,980,036 3,581,725
 Consumer and installment (net) 3,194,908 4,494,647
 Commercial (net) 1,906,275 2,305,019
 Savings account loans 217,842 409,969
 Accrued interest on loans 792,738 812,527
 Loans receivable (net) 68,906,860 77,571,959
 Cash and other liquid investments 6,484,687 4,884,552
 Mortgage-backed securities 5,815,196 4,365,982
 Federal Home Loan Bank stock 749,600 706,400
 Property and equipment (net) 1,247,890 1,303,726
 Real estate acquired through foreclosure (net) 2,631,094 4,757,356
 Other assets 345,446 504,906
 Total assets $86,180,773 $94,094,881
 LIABILITIES:
 Deposits (demand and time) $73,063,458 $80,534,093
 Borrowed money 6,160,000 9,660,000
 Other liabilities 253,808 300,819
 a?bilities 79,477,266 90,494,912
 STOCKHOLDERS' EQUITY:
 Capital stock 49,906 8,912
 Paid-in capital 10,622,652 6,946,646
 Retained earnings (3,969,051) (3,355,589)
 Total stockholders' equity 6,703,507 3,599,969
 Total liabilities and
 stockholders' equity $86,180,773 $94,094,881
 CONSOLIDATED STATEMENT OF EARNINGS
 (Unaudited)
 Six Months Ended
 June 30,
 1993 1992
 Interest income $3,047,549 $3,958,950
 Interest expense 2,037,326 2,776,110
 Net interest income 1,010,223 1,182,840
 Provision for (recovery of) loan losses (45,887) 39,304
 Other operating income 404,424 500,340
 Provision for losses on foreclosed real estate 423,612 93,780
 Operating expense 1,210,039 1,410,014
 Net income (loss) before income taxes and
 cumulative effect of accounting change (173,117) 140,082
 Provision for income taxes -- --
 Cumulative effect of a change in method of
 accounting for income tax purposes (275,686) --
 Net income $102,569 $140,082
 Net income per share
 (1993 based upon 2,521,903 shares;
 (1992 based upon 891,184 shares) $.04 $.16
 -0- 7/29/93
 /CONTACT: Clarence W. Keel of Seaboard Bancorp, Inc., 804-490-3181/
 (SEAB)


CO: Seaboard Bancorp, Inc. ST: Virginia IN: FIN SU: ERN

MM-DF -- CH012 -- 7502 07/29/93 18:09 EDT
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Date:Jul 29, 1993
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