CHATTAHOOCHEE BANCORP POSTS SECOND-QUARTER EARNINGS
CHATTAHOOCHEE BANCORP POSTS SECOND-QUARTER EARNINGS ATLANTA, July 28 /PRNewswire/ -- Chattahoochee Bancorp, Inc.
reported net income of $372,000 for the three-month period ending June 30, an increase of 31 percent from net income of $285,000 for the same period in 1991, according to Rodney Knowles III, chairman.
Total income for the six months ended June 30 was $678,000, as compared with net income of $630,000 during the same period one year earlier. Earnings per share for the quarter ending June 30 were $.10 on a fully diluted basis, up $.03 from the $.07 figure reported for the quarter in 1991. Earnings per share on a fully diluted basis for the six months ended June 30 were $.17, as compared to $.15 reported for the period in 1991. Chattahoochee Bancorp is a metropolitan Atlanta bank holding company with The Chattahoochee Bank as its principal subsidiary. The company had total assets at June 30 of $246,271,000, a 3 percent increase from total assets of $239,801,000 a year earlier. Deposits at June 30 totaled $213,209,000, up 1 percent over total deposits of $210,240,000 at June 30, 1991. Outstanding loans for Chattahoochee Bancorp at June 30 were $164,132,000, a decrease of 4 percent over the total at June 30, 1991 of $170,940,000. At June 30, the allowance for loan losses was $2,532,000, or 1.54 percent of total loans, compared with $2,420,000, or 1.42 percent of total loans at June 30, 1991. "During the second quarter the company made significant progress in reducing non-accrual loans and loans greater than 90 days past due," Knowles said. Non-accrual loans and loans greater than 90 days past due totaled $2,838,000, or 1.71 percent of total loans at June 30, compared with $3,752,000, or 2.64 percent of total loans at March 31. Non- accrual loans and loans greater than 90 days past due at June 30, 1991 totaled $4,516,000, or 2.64 percent of total loans. The Chattahoochee Bank is the sixth-largest non-affiliated bank headquartered in Georgia with six locations in Cobb, Fulton and DeKalb counties. Additional financial information is available from Paul E. McLaughlin, executive vice president, Chattahoochee Bancorp, Inc., 404-952-7750. -0- 7/28/92 /CONTACT: Mike Turnbull of Ketchum Public Relations, 404-873-1711, for Chattahoochee Bancorp/ CO: Chattahoochee Bancorp, Inc. ST: Georgia IN: FIN SU: ERN
BR-BN -- AT001 -- 3857 07/28/92 08:51 EDT
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|Date:||Jul 28, 1992|
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